Directional Bias For The Day:
S&P Futures are higher at 8:45 AM, broke above a Horizontal Channel at 8:00 AM – the 61.8% extension target near 3983.96 is achieved, and the 100% extension target is near 3992.75;- The odds are for an up day with elevated volatility – watch for a break below 3964.75 and 3956.50 for clarity;
- The key economic data report is due during the day:
- Richmond Manufacturing Index ( -9 est.; prev -10) at 10:00 AM
Directional Bias Before Open:
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Key Levels:
- Critical support levels for S&P 500 are 3960.36, 3945.24, and 3933.34
- Critical resistance levels for S&P 500 are 3974.87, 3979.89 and 3983.09
- Key levels for E-mini futures: break above 3975.75, the high at 8:15 AM, and a break below 3964.75, the low of 7:15 AM
Pre-Open
- On Monday at 4:00 PM, S&P futures (December 2022) closed at 3958.00, and the index closed at 3949.94 – a spread of about +8.00 points; the futures closed at 3958.00; the fair value is +0.00
- Pre-NYSE session open, futures are higher – at 8:30 AM, S&P 500 futures were up by +13.75, Dow by +115, and NASDAQ by +28.75
Markets Around The World
- Markets in the East closed mostly higher – Hong Kong and Seoul closed lower
- European markets are mostly higher – Switzerland is lower
- Currencies (Compared to two weeks ago):
Up | Down |
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- Commodities (Compared to two weeks ago):
- Energy futures are lower
- Precious metals are mixed
- Industrial metals are lower
- Soft commodities are mostly lower
- Treasuries (Compared to two weeks ago)
- The 10-year yield closed at 3.810%, down -40.4 basis points from two weeks ago;
- The 30-year is at 3.895%, down -41.8 basis points;
- The 2-year yield is at 4.521%, down -18.4 basis points;
- The 10-Year-&-2-Year spread is at -0.711, down from -0.491
- The 30-Year-&-10-Year spread is at 0.085, up from 0.099
- VIX
- At 22.26 @ 8:00 AM; down from the last close; below the 5-day SMA;
- Recent high = 26.59 on November 10; low = 22.37 on November 11
- Sentiment: Risk-On
The trend and patterns in various time frames for S&P 500:
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
The day’s price action was subdued and mostly sideways after the initial decline. The equities have mostly moved sideways to down over the past few days.
From Briefing.com:
[…] The stock market kicked off this holiday-shortened week on a softer note. The major indices were able to recover from heavier losses, but still closed in negative territory.
[…]Mega cap stocks and semiconductor names were among today’s biggest laggards. The PHLX Semiconductor closed down 1.8% and the Vanguard Mega Cap Growth ETF (MGK) closed down 1.1% while the S&P 500 sported a more modest 0.4% loss.
[…]Four of the 11 S&P 500 sectors closed in the red. Consumer discretionary (-1.4%) and energy (-1.4%) showed the steepest losses while consumer staples (+1.0%) and real estate (+0.7%) led the outperformers.
[…]
- Dow Jones Industrial Average: -7.3% YTD
- S&P Midcap 400: -11.9% YTD
- Russell 2000: -18.1% YTD
- S&P 500: -17.1% YTD
- Nasdaq Composite: -29.5% YTD
Overseas:
- Europe: DAX -0.4%, FTSE -0.1%, CAC -0.2%
- Asia: Nikkei +0.2%, Hang Seng -1.9%, Shanghai -0.4%
Commodities:
- Crude Oil -0.01 @ 80.12
- Nat Gas +0.46 @ 7.22
- Gold -10.40 @ 1739.70
- Silver -0.07 @ 20.82
- Copper -0.06 @ 3.57