Directional Bias For The Day:

• S&P Futures are higher
• Drifting down after making all time high of 2523.75 at the weekly open
• Odds are for an up to a sideways move – watch for break above 2521.25 and below 2513.50 for change of fortunes
• Key economic data due:
  • ISM Manufacturing PMI (est. 57.9) at 10:00 AM

Markets Around The World

• Markets in the East closed up – Shanghai, Hong Kong, Mumbai and Seoul were closed for the day;
• European markets are mostly up – Spain is down
• Currencies:
  

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

• Commodities are mostly down
  

  Up	Down
  Silver	Crude Oil NatGas Gold Copper Platinum Palladium Sugar Coffee Cotton Cocoa

• 10-yrs yield is at 2.327% up from September 29 close of 2.326%; 30-years is at 2.851% down from 2.857%

Key Levels:

• Critical support levels for S&P 500 are 2515.24, 2507.35 and 2502.93
• Critical resistance levels for S&P 500 are 2523.20, 2527.05 and 2534.65
• Key levels for eMini futures: break above 2521.25, the high of 7:30 AM and break below 2517.50, the low of 4:30 AM

Pre-Open

• On Friday, at 4:00 PM, S&P future (December contract) closed at 2515.75 and the index closed at 2519.36 – a spread of about 3.50 points; futures closed at 2516.00 for the day; the fair value is -0.25
• Pre-NYSE session open, futures price action is to the upside – at 8:45 AM, S&P 500 futures were up by +2.50; Dow down by +27.00; and NASDAQ up by +7.75

Directional Bias Before Open

• Weekly: Up
• Daily: Up
• 120-Min: Up
• 30-Min: Up

The trend and patterns on various time frames for S&P 500 are:

Previous Session

Major U.S. indices advanced on Friday September 29 adding the to gains of last two days and making all time highs. All closed the day at the highs.

For the week, all indices mad large green candle with small lower shadow and almost no upper shadow. NASDAQ Composite and S&P 500 made bullish engulfing weekly candles.

• S&P 500 Sectors