Breaking above a horizontal channel on 30-min chart
Odds are for an up to sideways day – watch for break below 2623.25
Also watch NASDAQ Composite
Key economic data due:
Prelim GDP (3.3% vs. 3.3% est.) at 8:30 AM
Pending Home Sales (est. 1.1%) at 10:00 AM
Markets Around The World
Markets in the East closed mixed – Shanghai, Tokyo and Sydney closed higher; Hong Kong, Mumbai and Seoul closed lower
European markets are mostly higher – U.K. is lower
Currencies:
Up
Down
EUR/USD
GBP/USD
USD/JPY
USD/CHF
USD/CAD
Dollar index
AUD/USD
NZD/USD
Commodities:
Up
Down
Cocoa
Crude Oil
NatGas
Gold
Silver
Copper
Palladium
Sugar (unch.)
Coffee
Cotton
10-yrs yield is 2.392% up from November 28 close of 2.338%; 30-years is at 2.832% up from 2.766%
Key Levels:
Critical support levels for S&P 500 are 2610.48, 2605.44 and 2598.87
Critical resistance levels for S&P 500 are 2634.67, 2642.31 and 2656.92
Key levels for eMini futures: break above 2629.75, the high of 6:30 AM and break below 2623.25, the low of 10:00 PM on November 28
Pre-Open
On Tuesday, at 4:00 PM, S&P future (December contract) closed at 2626.75 and the index closed at 2627.04- a spread of about 0.25 points; futures closed at 2626.00 for the day; the fair value is +0.75
Pre-NYSE session open, futures price action is to the upside – at 8:30 AM, S&P 500 futures were up by +2.00; Dow by +73.00; and NASDAQ by +0.75
Directional Bias Before Open
Weekly: Up
Daily: Up
120-Min: Up
30-Min: Up
15-Min: Up
The trend and patterns on various time frames for S&P 500 are:
A large green candle with almost no upper and lower shadow; three day pattern is a morning star one, albeit, without any decline
Last week’s pivot point 2594.96; R1=2611.67, R2=2620.93; S1=2585.70, S2=2568.99; R1 was breached
An up week after two down weeks; third up week in last five weeks and eight in last ten weeks
Broke above a down sloping flag on April 24 2017;
flag-low was 2322.25 during 27-Mar-17 week; shorter flag-pole length is 317.19 and longer flag-pole length is 590.88;
100% extension target of shorter flag-pole is near 2639.41; and
61.8% extension target of longer flag-pole is near 2687.41
Broke above a down-sloping flag on November 14, 2016;
the flag low was 2083.79 during 31-Oct-16 week; the shorter flag-pole length is 202.13 and the longer flag-pole length is 383.71;
261.8% extension target of shorter flag-pole is near 2612.97; and
the 161.8% extension target of longer flag-pole is near 2704.63
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 large green candle with shaved top and bottom
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; the index is higher but the RSI-14 is in 60’s
Last pattern, a down-sloping flag in June that was broken to the upside on July 13; in August the index declined and tested the broken upper limit of the flag
Above 20-day EMA but above 50-day EMA; Above 100-day SMA and 200-day SMA
Pivot Point=2620.06; R1=2634.67, R2=2642.31; S1=2612.42; S2=2597.81; R1/R2/R3 were breached
Confirmed Uptrend
2-Hour (e-mini future)
Trending up since 8:00 Am on November 15 with higher highs and higher lows;
14-bar RSI is flashing divergence – on November 21 the index was at 2600.50 and the RSI was at 75.8, on Sunday the index was at 2603.50 and the RSI at 64.47; the RSI is rising may make a new high and thus nullify the divergence signal
Sequence of higher highs and higher lows since 10:00 AM on November 2 and since August 29 with few exceptions is reasserted on November 21
Above rising 20-bar EMA, which is above a rising 50-bar EMA
30-Minute (e-mini future)
A horizontal channel is emerging with upper bound near 2627.00 and lower bound near 2623.25; the 100% extension target is near 2630.75 and the 161.8% extension target is near 2633.00
Breaking above a rounding bottom pattern at an elevated level that futures were making since 3:00 PM high on Tuesday
Above a rising 20-bar EMA, which is above a rising 50-bar EMA
15-Minute (e-mini future)
Envelop and Bollinger Band are mostly moving side ways since last night after an upward move during the day
The Bollinger Band is expanding since 6:00 AM
The Stochastic (9, 1, 3) has been declining since 5:45 AM and nearing oversold territory at 8:00 AM
Above 20-bar EMA and 50-bar EMA
Previous Session
Major U.S. indices closed higher on Tuesday November 28. The day’s range was largest since October 25. Most indices made all time high. Dow Jones Transportation Average is the only laggard. The 14-Day RSI for all is flashing divergence, however, the RSI is still climbing.
