Moving sideways 6:00 PM on October 24 with a slight up bias since 1:00AM
Odds are for a sideways day – watch for break above 2570.25 and below 2460.50 for change of fortunes
Key economic data due:
Durable Goods (2.2% vs. 1.0% est.) and Core Durable Goods (0.7% vs. 0.5% est.) at 8:30 AM
New Home Sales (est. 0.4%) at 10:00 AM
Markets Around The World
Markets in the East closed mostly higher – Tokyo was down
European markets are mostly higher – U.K. and Switzerland are down
Currencies:
Up
Down
Dollar index
EUR/USD
GBP/USD
USD/JPY
USD/CHF
USD/CAD
AUD/USD
NZD/USD
Commodities are mostly down
Up
Down
Coffee
Cocoa
Crude Oil
NatGas
Gold
Silver
Copper
Platinum
Palladium
Sugar
Cotton (unch.)
10-yrs yield closed at 2.406% on October 24 up from October 23 close of 2.376%; 30-years closed at 2.922% up from 2.890%
Key Levels:
Critical support levels for S&P 500 are 2567.37, 2564.33 and 2558.14
Critical resistance levels for S&P 500 are 2569.84, 2572.23 and 2574.75
Key levels for eMini futures: break above 2566.25, the high of 7:00 AM and break below 2562.25, the low of 5:00 AM
Pre-Open
On Tuesday, at 4:00 PM, S&P future (December contract) closed at 2567.50 and the index closed at 2569.13 – a spread of about 2.50 points; futures closed at 2567.25 for the day; the fair value is +0.25
Pre-NYSE session open, futures price action is to the downside – at 7:30 AM, S&P 500 futures were down by -4.00; Dow by -19.00; and NASDAQ by -10.00
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:
A large green candle with small lower shadow and no upper shadow; breaking away from previous candle
Last week’s pivot point 2566.19; R1=2584.46, R2=2593.71; S1=2556.94, S2=2538.67; R1/R2 were breached
An up week – sixth in last five weeks; eight in last ten weeks
Broke above a down sloping flag (2378.36) on April 24, which has bullish implications; first target is near 2520.00 and the second target is near 2640.00
Broke above a down-sloping flag on November 14, 2016; first target of 2285.92 is achieved; second target is near 2467.50
Last swing low, 2322.25, was the low on March 27, 2017
Above 10-week EM; above 39-week SMA and 89-week SMA
Confirmed uptrend
Daily
A harami doji within Monday’s large red candle engulfing candle
Last pattern, a down-sloping flag in June that was broken to the upside on July 13, is re-asserted
Above 20-day EMA, which is above 50-day EMA; Above 100-day SMA and 200-day SMA
Pivot Point=2568.96; R1=2572.35, R2=2575.56; S1=2565.75, S2=2562.36; No levels were breached
Confirmed Uptrend
2-Hour (e-mini future)
Mostly sideways move since 4:00 PM on October between 2570.25 and 2560.50
Rose above the 50-bar EMA on October 19 after closing below it for the first time since 10:00 PM on September 26; five bars closed below it
Sequence of higher high and higher low since 12:00 PM September 5 was broken but again reasserted
At/below flattening 20-bar EMA, which is at/above flattening 50-bar EMA
30-Minute (e-mini future)
Sideways move since 6:00 PM on October 24 – between 2566.25 and 2560.50
Made a double top at 5:30 AM on October 23; broke below the intermediate low and achieved 200% extension target
At/below flat 20-bar EMA, which is below flat 50-bar EMA
Previous Session
Major U.S. indices advanced on Tuesday October 24, however, most made red harami candles within a large red candle. Dow Jones Industrial Average gapped up and made a large green candle and also made all time highs.
