Drifting mostly sideways since 4:00 PM on November 2
Odds are for a sideways day – watch for break above 2581.25 and below 2576.00 for change of fortunes
Key economic data due:
Average Hourly Earnings (0.0% vs. 0.2%) at 8:30 AM
Non-Farm Employment Change (261K vs. 312K est.) at 8:30 AM
Unemployment Rate (4.1% vs. 4.2%) at 8:30 AM
Trade Balances (-43.5B vs. -43.3B est.) at 8:30 AM
Markets Around The World
Markets in the East closed mostly higher – Shanghai was down; Tokyo was closed
European markets are mostly lower – Germany, U.K. and STOXX 600 are up
Currencies:
Up
Down
GBP/USD
NZD/USD
USD/CAD
Dollar index
EUR/USD
USD/JPY
USD/CHF
AUD/USD
Commodities are mostly down
Up
Down
Crude Oil
NatGas
Silver
Sugar
Cotton
Cocoa
Gold
Copper
Platinum
Palladium
Coffee
10-yrs yield is at 2.343% down from November 2 close of 2.347%; 30-years is at 2.822% down from 2.829%
Key Levels:
Critical support levels for S&P 500 are 2574.29, 2566.17 and 2560.23
Critical resistance levels for S&P 500 are 2581.51, 2588.40 and 2590.65
Key levels for eMini futures: break above 2581.25, the high of 8:30 AM and break below 2576.00, the low of 4:00 AM
Pre-Open
On Thursday, at 4:00 PM, S&P future (December contract) closed at 2576.75 and the index closed at 2579.85 – a spread of about 3.25 points; futures closed at 2576.75 for the day; the fair value is 0.00
Pre-NYSE session open, futures price action is to the upside – at 8:30 AM, S&P 500 futures were up by +2.25; Dow up by +38.00; and NASDAQ up by +31.25
Directional Bias Before Open
Weekly: Up
Daily: Up
120-Min: Up-to-Side
30-Min: Side
The trend and patterns on various time frames for S&P 500 are:
Last week’s pivot point 2569.35; R1=2594.70, R2=2608.33; S1=2555.72, S2=2530.37; S1 was breached after three weeks
An up week – seventh in last five weeks; ninth 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 dragonfly doji pattern following a small bodied red candle that had gapped up at the open
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=2575.71; R1=2585.25, R2=2590.65; S1=2570.31, S2=2560.77; S1/S2 were breached
Confirmed Uptrend
2-Hour (e-mini future)
Sideways move since 2:00 PM on November 2; near a prior resistance level around 2578.00
Sequence of lower highs and lower lows since 6:00 PM October 22 has broken; a new reverse sequence is being established
Above flat 20-bar EMA, which is above flat 50-bar EMA
30-Minute (e-mini future)
Sideways move since 7:00 PM on November 2 after rising from the low s of 2562.50 at 10:00 AM
At/above flattening 20-bar EMA, which is above 50-bar EMA
Previous Session
Major U.S. indices closed mixed on Thursday November 2. NASDAQ Composite, Dow Jones Transportation Average and Wilshire 5000 Total Market Index were down. Market opened near the lows and then mostly moved higher during the day. S&P 500, NASDAQ Composite, NYSE Composite and Wilshire 5000 Total Market Index made doji patterns with very small or non-existent upper shadow.
