Directional Bias for the Day:

• S&P Futures are lower at 9:00 AM – moving sideways to 2:00 AM on Monday
• The odds are for a down day – watch for a break above 4560.50 for a change of sentiments.
• The major economic data reports due during the day:
  • S&P/CS Composite-20 HPI (3.9% vs. 4.0% est.; prev. 2.1%) at 9:00 AM
  • HPI (0.6% vs. 0.4% est.; prev. 0.7%) at 9:00 AM.
  • CB Consumer Confidence (101.0 est.; prev. 102.6) at 10:00 AM
  • Richmond Manufacturing PMI (1 est.; prev. 3) at 10:00 AM

Weekly: Up Daily: Up 120-Min: Up-Side

30-Min: Side-Down 15-Min: Down-Side 6-Min: Down-Side

Key Levels:

• Critical support levels for the S&P 500 are 4545.78, 4526.51, and 4508.22.
• Critical resistance levels for the S&P 500 are 4560.52, 4568.43, and 4582.35.
• The key levels for E-mini futures are 4560.50, the high at 5:00 AM and 4547.00, the low at 8:00 AM

Pre-Open

• On Monday at 4:00 PM, S&P futures (December 2023) closed at 4560.25, and the index closed at 4550.43 – a spread of about +10.25 points; the futures closed at 4561.00; the fair value is -0.75
• Pre-NYSE session open, futures were lower – at 9:00 AM, S&P 500 futures were down by -8.25, Dow by -21, and NASDAQ by -26.75

Markets Around the World

• Markets in the East closed mixed – Shanghai, Sydney, Mumbai, and Seoul closed higher; Hong Kong, Tokyo, and Singapore closed lower.
• European markets are mostly lower – Spain is higher.
• Currencies (Compared to two weeks ago):

Up	Down
EUR/USD GBP/USD AUD/USD NZD/USD INR/USD	Dollar index USD/JPY USD/CHF USD/CAD

• Commodities (Compared to two weeks ago):
  • Energy futures are lower.
  • Precious metals are higher.
  • Industrial metals are higher.
  • Soft commodities are mostly lower.
• Treasuries (Compared to two weeks ago)
  • The 10-year yield closed at 4.392, down -24.0 basis points from two weeks ago.
  • The 30-year is at 4.543%, down -20.1 basis points.
  • The 2-year yield is at 4.855%, down -19.0 basis points.
  • The 10-Year-&-2-Year spread is at -0.463, down from -0.413
  • The 30-Year-&-10-Year spread is at 0.151, up from +0.112
• VIX
  • At 12.87 @ 8:00 AM; up from the last close; above the 5-day SMA
  • Recent high = 15.57 on November 9; low = 12.64 on November 27; Sentiment: Risk-Off

The trend and patterns in various time frames for the S&P 500:

Weekly:	The week ending on November 24 was a green candle with almost no upper and lower shadows. Stochastic (9,1, 3): %K is above the %D and near 100 RSI-9 is above 60. The week was up +45.32 or +1.0%; the 5-week ATR is 134.2 Fourth up week in the last five weeks and sixth in the previous ten weeks The weekly pivot point=4546.73, R1=4581.73, R2=4604.11; S1=4523.66, S2=4487.97; R1 pivot level was breached Above 10-week EMA, 39-week SMA, and 89-week SMA Uptrend
Daily	A red spinning top candle, 1.2% below a resistance level around 4607.07 Broke above a down-sloping Flag on November 14 – the 61.8% extension target is 4597.07, the 100% extension target is around 4901.99, and the 161.8% extension target is near 5395.00. Stochastic (9, 1, 3): %K has crossed below %D from above 90. RSI-9 has turned down to 75; above 8-day EMA. Above 20-day EMA, 50-day EMA, 100-day SMA, and 200-day SMA – in sequence. Uptrend
2-Hour (E-mini futures)	Moving sideways at the top around 4560.00, since 12:00 PM on November 20 RSI-21 has been drifting down in a zigzag move; below 50. At/below EMA20, which is at/above EMA10 of EMA50 Bias: Up-Side
30-Minute (E-mini futures)	Drifting Sideways to down since 5:00 Am on November 22. RSI-21 has declined to below 40. Below EMA20, which is below EMA10 of EMA50 Bias: Side-Down
15-Minute (E-mini futures)	The Bollinger Band (20, 2.0) has been moving down to sideways since 4:45 PM on Monday. The Bollinger Band has expanded since 2:00 AM Bias: Down-Side

Previous Session

Major U.S. indices closed down on Monday, November 27, in higher volume. Since last Monday, November 20, the indices have mostly moved sideways.

The S&P 500, Dow Jones Industrial Average, and NASDAQ Composite are off by less than 1.5% from the 2023 highs levels. The Russell 2000 and Dow Jones Transportation Average are off by approximately 10.00% from their 2023 highs, whereas broader indices – NYSE Composite and Wilshire 5000 Total Marlet Index – are off by around 3.00% from their respective highs.

All but three S&P sectors – Consumer Discretionary, Utilities, and Real Estate – closed down. Crude oil closed down, gold closed up, copper closed down, and the US Treasury Yields closed down.