Directional Bias For The Day:

• S&P Futures are higher; rising since making a near double bottom at 8:30 PM
• The odds are for an up to sideways day; watch for break below 3098.25 for change of fortune
• Key economic data due:
  • Philly Fed Manufacturing Index ( 10.4 vs. 7.0 est.; prev. 5.6) at 8:30 AM
  • Unemployment Claims (227K vs. 215K est. ; prev. 225K) at 8:30 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 3102.45, 3091.41 and 3082.26
• Critical resistance levels for S&P 500 are 3111.56, 3118.97 and 3125.16
• Key levels for eMini futures: break above 3118.50, the high of 10:30 AM on November 20 and break below 3105.50, the low of 7:00 AM

Pre-Open

• On Wednesday, at 4:00 PM, S&P future closed at 3108.25 and the index closed at 3108.46 – a spread of about -0.25 points; futures closed at 3109.00 for the day; the fair value is -0.75
• Pre-NYSE session open, futures are higher – at 8:15 AM, S&P 500 futures were up by +4.00; Dow by +33 and NASDAQ by +9.00

Markets Around The World

• Markets in the East closed lower;
• European markets are mostly lower – Italy is up
• Currencies:
  

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

• Commodities:
  

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

• Bonds
  • 10-yrs yield closed at 1.738%, down from November 19 close of 1.786%;
  • 30-years is at 2.203%, down from 2.255%
  • 2-years yield is at 1.577%, down from 1.590%
  • The 10-Year-&-2-Year spread is at 0.161 down from 0.196
• VIX
  • Is at 12.81 up from November 20 close of 12.78; above 5-day SMA
  • Recent high was 13.95 on October 31; recent low was 11.92 on November 15

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

Previous Session

Major U.S. indices closed lower on Wednesday, November 20 in higher volume. Indices were under pressure from the get go and then declined sharply mid-day before bouncing from the lows in the afternoon. Most made small red real body with almost no upper shadow and long lower shadow.

From Briefing.com:

The S&P 500 declined as much as 0.9% on Wednesday after Reuters reported that a Phase One trade deal may not get completed this year. Stocks cut losses throughout the afternoon, leaving the benchmark index down 0.4% for the session — comparable to the losses in the Dow Jones Industrial Average (-0.4%), Nasdaq Composite (-0.5%), and Russell 2000 (-0.4%).

[…]

The trade-sensitive areas of the market like the S&P 500 materials (-1.2%), industrials (-0.8%), and information technology (-0.7%) sectors led the decline. The communication services sector (-0.8%), which contains many growth-oriented stocks, also underperformed.

[…]

Leading the afternoon comeback was the energy sector (+1.0%), which found reprieve amid a 3% rebound in oil prices ($56.91, +1.70, +3.1%). The defensive-oriented utilities (+0.6%), consumer staples (+0.2%), and real estate (+0.03%) sectors also finished in positive territory.

[…]

U.S. Treasuries continued to benefit from a defensive mindset, which sent yields lower in a curve-flattening trade. The 2-yr yield declined two basis points to 1.57%, and the 10-yr yield declined five basis points to 1.74%. The U.S. Dollar Index increased 0.1% to 97.91.

[…]