Directional Bias For The Day:
- The futures are lower but rising since 4:00 AM
- Below a downtrend line on 30-min chart
- European stocks are drifting higher after opening with a gap down
- Break of near term resistance level is critical for an upside move day
- Odds are for a down to sideways day
Markets Around The World
- Markets in the East were down
- European markets are down but higher from early session lows
- Dollar index, EUR/USD and USD/JPY are down; GBP/USD is up
- Commodities are mixed – crude, gold and silver are up; NatGas and copper are down
- 10-yrs yield is at 2.441% and 30-years at 3.080%
Key Levels:
- Critical support levels for S&P 500 are 2186.43, 2178.55 and 2169.65
- Critical resistance levels for S&P 500 are 2196.67, 2199.97 and 2208.87
- Key levels for eMini futures: break above 2193.00, high at 4:00 PM on Dec 1, and break below 2186.75, the low of 8:48 AM
Pre-Open
- Pre-NYSE session open, futures price action is to the downside – at 9:00 AM, S&P 500 futures were down by -2.25, Dow down by -14.00 and NASDAQ by -3.00
- On Thursday, at 4:00 PM, S&P future (Dec contract) closed at 2189.75 and the index closed at 2191.08 – a spread of about 1.25 points; futures closed at 2192.00 for the day
The trend and patterns on various time frames for S&P 500 are:
Monthly |
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Weekly: |
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Daily |
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2-Hour (e-mini future) |
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30-Minute (e-mini future) |
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Previous Session
U.S. indices were mostly down on Thursday, December 1 2016. Dow Jones Industrial Average and Dow Transportation Average were the only indices to advance.
S&P 500 opened near the lows of Wednesday and then traded down for most of the day. The support for it seems to be 2179.99, the high point reached on September 22 and 2163.85, the 38.2% Fibonacci retracement of the rally from the low of November 4.
NASDAQ Composite has already retraced by more than 38.% Fibonacci level. The next level, 61.8%, is at 5175.54.
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