In the lower half of a horizontal channel with high of 2585.50 and low of 2571.50
Odds are for a sideways to down day – watch for break above 2580.50 and break below 2571.50 for change of fortunes
Key economic data due:
Core PPI (0.4% vs. 0.2% est.) at 8:30 AM
PPI (0.4% vs. 0.1% est.) at 8:30 AM
Markets Around The World
Markets in the East closed lower
European markets are mostly lower – U.K is up
Currencies:
Up
Down
EUR/USD
AUD/USD
Dollar index
GBP/USD
USD/JPY
USD/CHF
NZD/USD
USD/CAD
Commodities:
Up
Down
Palladium
Coffee
Crude Oil
NatGas
Gold
Silver
Copper
Platinum (unch.)
Sugar
Cotton
Cocoa
10-yrs yield is at 2.390% down from November 13 close of 2.400%; 30-years is at 2.851% down from 2.869%
Key Levels:
Critical support levels for S&P 500 are 2580.73, 2574.48 and 2566.33
Critical resistance levels for S&P 500 are 2587.66, 2592.33 and 2597.02
Key levels for eMini futures: break above 2580.50, the high of 6:30 AM and break below 2575.25, the low of 7:30 AM
Pre-Open
On Monday, at 4:00 PM, S&P future (December contract) closed at 2583.00 and the index closed at 2584.84 – a spread of about 1.75 points; futures closed at 2582.00 for the day; the fair value is +1.00
Pre-NYSE session open, futures price action is to the down side – at 8:30 AM, S&P 500 futures were down by -5.00; Dow by -40.00; and NASDAQ by -4.75
Directional Bias Before Open
Weekly: Up
Daily: Up
120-Min: Side
30-Min: Side
15-Min: Down-to-Side
The trend and patterns on various time frames for S&P 500 are:
A spinning top candle with almost equal length upper and lower shadows
Last week’s pivot point 2581.88; R1=2597.44, R2=2612.57; S1=2566.75, S2=2551.19; R1/ and S1 were breached
A down week – first in last five weeks; second 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 bullish engulfing candle; the gap created on November 9 still exists;
RSI-14 divergence – on October 20 the RSI was 79.65 and the 2578,29, on November 8 the high was 2595.47 and the RSI was 72.50
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=2582.33; R1=2590.17, R2=2595.51; S1=2576.99, S2=2569.15; R1 and S1 were breached
Confirmed Uptrend
2-Hour (e-mini future)
Moving sideways around 20-Bar EMA; Drifting down since 10:00 PM on Sunday; the descending triangle has morphed into a channel
Broken below an uptrend line since the low of 2541.50 at 12:00 PM on October 25; Sunday’s high was rejected at the broken trend line; the price has moved sideways since then
Sequence of higher highs and higher lows since 10:00 AM on November 2 and since August 29 with few exceptions; another break below occurred
At/below 50-bar EMA, which is at/below 20-bar EMA
30-Minute (e-mini future)
Near the middle of a horizontal channel – high near 2585.50 and low near 2571.50; within a higher channel between 2593.50 and 2563.25
Broken below the lower limit of a horizontal channel / double top – high 2593.50 and low 2579.75; 100% extension is near 2566.00 is achieved, it was also near an intermediate support zone; the 161.8% extension is near 2557.50, which is the next target and near a support zone around 2550.50; getting rejected after breaking above the intermediate low of the double-top
At/below a falling 20-bar EMA, which is at/below a falling 50-bar EMA
15-Minute (e-mini future)
Downtrend since 10:30 PM n November 12; sideways since 6:00 PM on November 13
Near the lower bounds of the envelop (20 – 0.21%) and Bollinger Band (20 – 2 std dev); Bollinger band is flat
At/below 20-bar EMA, which is at/below 50-bar EMA
Previous Session
Major U.S. indices closed mostly higher on Monday November 13. Russell 2000 and NYSE Composite closed down. Most also made a bullish engulfing candlestick pattern. Russell 2000 made a doji and NYSE Composite made a large green candle with small upper and lower shadows. The down gap opened on November 9 hasn’t yet been filled for S&P 500.
