Directional Bias For The Day:

• S&P Futures are higher
• Drifting up since 4:30 PM on October 23; new leg since 4:30 AM
• Odds are for an up to sideways day – watch for break below 2462.50 for change of fortunes
• No key economic data due

Markets Around The World

• Markets in the East closed mostly higher –  Hong Kong was down
• European markets are mostly higher – Switzerland and STOXX 600 are down
• Currencies:
  

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

• Commodities are mostly down
  

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

• 10-yrs yield is at 2.410% up from October 23 close of 2.376%; 30-years is at 2.928% up from 2.890%

Key Levels:

• Critical support levels for S&P 500 are 2564.33, 2558.14 and 2547.92
• Critical resistance levels for S&P 500 are 2572.23, 2574.75 and 2578.29
• Key levels for eMini futures: break above 2569.75, the low of 3:30 PM on October 20 and break below 2562.50, the low of 4:30 AM

Pre-Open

• On Monday, at 4:00 PM, S&P future (December contract) closed at 2563.50 and the index closed at 2564.98 – a spread of about 2.50 points; futures closed at 2563.50 for the day; the fair value is 0.00
• Pre-NYSE session open, futures price action is to the upside – at 9:00 AM, S&P 500 futures were up by +4.50; Dow by +141.00; and NASDAQ by +15.25

Directional Bias Before Open

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

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

Previous Session

Major U.S. indices declined on Monday October 23 after gapping up at the open. S&P 500, NASDAQ Composite, Russell 2000, NYSE Composite and Wilshire 5000 Total Market Index made bearish engulfing candle with almost no upper and lower shadows. Dow Jones Industrial Average and Dow Jones Transportation Average made Dark Cloud Cover candlestick patter, with no upper and lower shadows.

• S&P 500 Sectors