Directional Bias For The Day:
S&P Futures are higher;- The odds are for an up day with a good chance to sideways to up move from pre-open levels around 3615.00 – watch for the break above 3623.25 and the break below 3585.75 for clarity
- Key economic data report:
- Building Permits ( 1.55M vs. 1.57M est.; prev. 1.55M) at 8:30 AM
- Housing Starts ( 1.53M vs. 1.45M est.; prev. 1.42M ) at 8:30 AM
Directional Bias Before Open:
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Key Levels:
- Critical support levels for S&P 500 are 3603.40, 3588.68, and 3569.52
- Critical resistance levels for S&P 500 are 3628.51, 3645.99, and 3665.24
- Key levels for E-mini futures: break above 3623.25, the high of 7:30 AM and break below 3585.75, the low of 1:30 AM
Pre-Open
- On Tuesday at 4:00 PM, S&P futures (December 2020) closed at 3607.50 and the index closed at 3609.53 – a spread of about -2.00 points; futures closed at 3606.75 for the day; the fair value is +1.25
- Pre-NYSE session open, futures are higher – at 8:15 AM, S&P 500 futures were up by +8.75; Dow by +120, and NASDAQ by +19.50
Markets Around The World
- Markets in the East closed mostly higher – Tokyo closed down
- European markets are mostly higher – Switzerland is lower
- Currencies:
Up Down - EUR/USD
- GBP/USD
- AUD/USD
- NZD/USD
- Dollar index
- USD/JPY
- USD/CHF
- USD/CAD
- INR/USD
- Commodities:
- Energy is higher
- Precious metals are down
- Industrial metals are mostly up – copper is down
- Most soft commodities are up
- Treasuries
- 10-years yield closed at 0.872, down the last close of 0.906%;
- 30-years is at 1.626% down from 1.660%
- 2-years yield is at 0.185% up from 0.189%
- The 10-Year-&-2-Year spread is at 0.687 down from 0.717
- VIX
- At 22.13 @ 6:30 AM; down -0.58 from the last close; below 5-day SMA;
- Recent high = 41.16 on October 16; low = 22.41 on November 9
- Sentiment: Risk-On-to-Neutral
The trend and patterns on various time frames for S&P 500:
Monthly |
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Weekly: |
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Daily |
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2-Hour (E-mini futures) |
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30-Minute (E-mini futures) |
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15-Minute (E-mini futures) |
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Previous Session
From Briefing.com:
The S&P 500 declined 0.5% on Tuesday in a cool-down session following its recent record-setting run. The Nasdaq Composite (-0.2%) and Dow Jones Industrial Average (-0.6%) also closed modestly lower, while the Russell 2000 (+0.4%) closed at a fresh record high. […] For the most part, losses were kept in check. The S&P 500 utilities sector strayed from the pack with a 2.0% decline, but no other sector fell more than 0.8%. The energy (+0.5%) and real estate (+0.1%) sectors eked out gains.
[…]U.S. Treasuries ended the session with small gains, pushing yields lower. The 2-yr yield decreased two basis points to 0.16%, and the 10-yr yield decreased three basis points to 0.87%. The U.S. Dollar Index decreased 0.2% to 92.44. WTI crude futures increased 0.2% to $41.43/bbl.
[…][…]
- October Retail Sales were softer than expected with total retail sales up 0.3% m/m (Briefing.com consensus +0.5%) and sales, excluding autos, up 0.2% (Briefing.com consensus +0.6%). September retail sales growth was revised down to 1.6% from 1.9%. Excluding autos, it was revised to 1.2% from 1.5%.
[…]
- Industrial production increased 1.1% m/m in October (Briefing.com consensus +0.9%) on top of an upwardly revised 0.4% decline (from -0.6%) in September. The capacity utilization rate hit 72.8% (Briefing.com consensus 72.3%) following an upwardly revised 72.0% (from 71.5%) in September.
[…]
- The NAHB Housing Market Index increased to a new all-time high of 90 in November (Briefing.com consensus 85) following the previous all-time high of 85 in October.
- Business inventories increased 0.7% in September (Briefing.com consensus +0.5%) following an unrevised 0.3% increase in August.
- Import prices decreased 0.1% in October; and prices excluding oil increased 0.1%. Export prices increased 0.2% in October; and prices excluding agriculture were unchanged.
- Nasdaq Composite +32.6% YTD
- S&P 500 +11.7% YTD
- Russell 2000 +7.4% YTD
- Dow Jones Industrial Average +4.4% YTD