Directional Bias For The Day:
S&P Futures are lower;- The odds are for a sideways to down day; the daily bias since October 30 is up; elevated volatility – watch for the break above 3559.00 and break below 3520.00 for clarity; NASDAQ is driving the market
- Key economic data report:
- JOLTS Job opening ( 6.50M est.; prev. 6.49M ) at 11:00 AM
- IBD/TIPP Economic Survey at TBD
Directional Bias Before Open:
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Key Levels:
- Critical support levels for S&P 500 are 3547.48, 3529.05 and 3505.50
- Critical resistance levels for S&P 500 are 3564.34, 3596.13, and 3609.45
- Key levels for E-mini futures: break above 3559.00, the high of 3:00 AM and break below 3520.00, the low of 6:00 AM
Pre-Open
- On Monday at 4:00 PM, S&P futures (December 2020) closed at 3546.50 and the index closed at 3550.50 – a spread of about -4.00 points; futures closed at 3544.00 for the day; the fair value is +2.50
- Pre-NYSE session open, futures are mixed – at 8:00 AM, S&P 500 futures were down by -7.75; Dow up by +189, and NASDAQ down by -199.25
Markets Around The World
- Markets in the East closed mostly higher – Shanghai closed down
- European markets are mostly higher – Italy and STOXX 600 are lower
- Currencies:
Up Down - Dollar index
- GBP/USD
- USD/CHF
- USD/CAD
- INR/USD
- AUD/USD
- NZD/USD
- EUR/USD
- USD/JPY
- Commodities:
Up Down - Crude Oil
- NatGas
- Gold
- Silver
- Platinum
- Sugar (Unch.)
- Copper
- Palladium
- Coffee
- Cotton
- Cocoa
- Bond
- 10-years yield closed at 0.958%, up from November 6 close of 0.820%;
- 30-years is at 1.7521% up from 1.599%
- 2-years yield is at 0.157% up from 0.165%
- The 10-Year-&-2-Year spread is at 0.801 up from 0.655
- VIX
- At 24.62 @ 7:00 AM; down -1.13 from the last close; below 5-day SMA;
- Recent high = 41.16 on October 16; low = 22.41 on November 9
- Sentiment: Risk-Off-to-Neutral
The trend and patterns on various time frames for S&P 500:
Monthly |
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Weekly: |
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Daily |
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2-Hour (E-mini futures) |
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30-Minute (E-mini futures) |
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15-Minute (E-mini futures) |
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Previous Session
S&P 500, Dow Jones Industrial Average, Dow Jones Transportation Average, NASDAQ Composite, and Wilshire 5000 Total Market Index made all-time intraday highs but not the closing highs. Russell 2000 made both highs and NYSE Composite made neither highs.
From Briefing.com:
The S&P 500 advanced as much as 3.9% on Monday after Pfizer (PFE 39.20, +2.80, +7.7%) and BioNTech (BNTX 104.80, +12.80, +13.9%) announced that their collaborative COVID-19 vaccine was more than 90% effective in patients without evidence of prior infection. Investors took profits, though, leaving the benchmark index up 1.2% for the session. Investors also rotated out of growth stocks and into value/cyclical/small-cap stocks, which benefited the Dow Jones Industrial Average (+3.0%) and Russell 2000 (+3.7%) at the expense of the Nasdaq Composite (-1.5%). Each index set new intraday highs shortly after the open, but gradually retraced gains throughout the day and into the close.
[…]The energy (+14.2%) and financials (+8.2%) sectors finished comfortably atop the leaderboard, aided by noticeably higher oil prices ($40.31, +3.17, +8.5%) and curve-steepening activity caused by selling in longer-dated Treasuries. The consumer discretionary (-1.6%), information technology (-0.7%), consumer staples (-0.5%), and communication services (-0.3%) sectors closed lower.
The 2-yr yield increased two basis points to 0.18%, while the 10-yr yield increased 11 basis points to 0.96%. The U.S. Dollar Index advanced 0.6% to 92.82.
[…]
- Nasdaq Composite +30.6% YTD
- S&P 500 +9.9% YTD
- Dow Jones Industrial Average +2.2% YTD
- Russell 2000 +2.2% YTD