Markets in the East were mixed – Shanghai, Hong Kong and Mumbai were down; Tokyo, Sydney and Seoul were up
European markets are mostly down – Only Switzerland is up
Dollar index, EUR/USD, USD/JPY, GBP/USD are up
Commodities are down
Key Levels:
Critical support levels for S&P 500 are 2173.98, 2166.38 and 2156.08
Critical resistance levels for S&P 500 are 2182.30, 2187.71 and 2193.42
Key levels for eMini futures: break above 2178.00, the 4:30 AM high, and break below 2170.75, the low of 2:30 PM on November 15
Pre-Open
Pre-NYSE session open, futures price action is to the downside – at 7:00 AM, S&P 500 futures were down by -5.25, Dow by -46.00 and NASDAQ by -15.50
On Tuesday, at 4:00 PM, S&P future (Dec contract) closed at 2177.50 and the index closed at 2180.39 – a spread of about 3.00 points; futures closed at 2179.25 for the day
The trend and patterns on various time frames for S&P 500 are:
Current uptrend under pressure; recent price action may relieve the pressure for uptrend to resume; closer to uptrend resumption than reversal
Above an up trend since Feb 08, 2016 with one pullback; broke out of a 2-year trading range in July, 2016
Last swing low, 1991.68, was reached on June 27, 2016
Broke below a small bearish ABCD pattern with a downside target near 2105.30 (100% – met), 2076.77 (138.2%), 2067.96 (150%), 2059.14 (161.8%)
Broken below 2015 high, which was acting as a resistance
Crossed above 39-week SMA after falling below it; above 89-week SMA
Daily
Above 100-day, 200-day, 50-day and 20-day SMA
Down trend line broken to the upside; at the broken line from below, may act as a resistance
Sequence of lower highs and lower lows broken but reverse sequence hasn’t started; high above 2182.30 will begin it
Price above EMA-10 since November 7; EMA-10 crossed above EMA-20
2-Hour (e-mini future)
Tested the high of 2180.50 at 2:00 AM on November 10, near the high of September 22
Retracing since making a high of 2185.00 at 7:00 PM on November 15
Broken the emerging descending triangle to the upside; which is turning into a rectangle trading box
At 20-bar EMA from above
30-Minute (e-mini future)
Broken the emerging triangle – symmetrical or almost descending – to the upside
Retracing after testing the high of November 10
About to breach the uptrend line from the low of 12:30 PM on November 14
Previous Session
U.S. market advanced on Tuesday. NASDAQ Composite was the biggest gainer with +1.1% gain. Wilshire 5000 Total Market index advanced for the seventh day in a row. Last time it gained for seven days was on 26 Dec 2014. That streak extended to eight days. The index then declined for ten days in next 12 days.
Dow Jones Industrial Average, S&P 500 and Russell 2000 are challenging the high made in last three days. NYSE Composite, Dow Transportation Average and Wilshire 5000 made the November high on Tuesday. NASDAQ is still below November 10 high.
