Directional Bias For The Day:

• S&P Futures are higher at 9:00 AM; moving up since 8:45 PM on Sunday
• The odds are for an up day – watch for a break below 4690.00 for a change of sentiments
• No key economic data report due during the day:

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4692.25, 4681.32, and 4667.78
• Critical resistance levels for S&P 500 are 4718.50, 4736.30, and 4754.09
• Key levels for E-mini futures: break above 4709.00, the high of 11:45 AM on Friday and break below 4690.00, the low of 5:00 AM

Pre-Open

• On Friday at 4:00 PM, S&P futures (December 2021) closed at 4690.00 and the index closed at 4697.53 – a spread of about -7.50 points; futures closed at 4690.25 for the day; the fair value is -0.25
• Pre-NYSE session open, futures are higher – at 8:45 AM, S&P 500 futures were up by +8.25; Dow by +134; and NASDAQ by +2.00

Markets Around The World

• Markets in the East closed mixed – Shanghai, Mumbai, and Singapore closed higher; Hong Kong, Tokyo, Sydney, and Seoul closed lower
• European markets are mixed – Germany, the UK, Spain, and Italy are down; France, Switzerland, and STOXX 600 are up
• Currencies (Compared to two weeks ago):
  

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

• Commodities (Compared to two weeks ago):
  • Energy futures are mixed
  • Precious metals are mixed
  • Industrial metals are lower
  • Soft commodities are mostly higher
• Treasuries (Compared to two weeks ago)
  • 10-years yield closed at 1.483%, down -17.2 basis points from two weeks ago;
  • 30-years is at 1.906%, down -18.5 basis points;
  • 2-years yield is at 0.399%, down -5.8 basis points;
  • The 10-Year-&-2-Year spread is at 1.084, down from 1.198
  • The 30-Year-&-10-Year spread is at 0.423, down from 0.436
• VIX
  • At 16.59 @ 8:00 AM; up from the last close; above 5-day SMA;
  • Recent high = 24.89 on October 1; low =  14.73 on November 4
  • Sentiment: Risk-On

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

Previous Session

Major U.S. indices closed higher on Friday, November 5, in higher volume. Major indices gapped up at the open but then they retreated before advancing again in the afternoon. S&P 500, Dow Jones Industrial Average, NASDAQ Composite, Russell 2000, NYSE Composite, and Wilshire 5000 Total Market Index made all-time closing and intraday highs. 

For the week, major US indices closed higher in mixed volume. Markets in Asia were mixed but the European markets closed higher. The dollar index was up, energy futures were mixed, most metals were up and soft commodities were mixed. The US Treasury yields inched lower. All but two S&P sectors – Financials and Healthcare – closed higher.

From Briefing.com:

Each of the major indices set intraday and closing record highs on Friday, […] The market, however, closed off session highs. The S&P 500 (+0.4%), Nasdaq Composite (+0.2%), and Dow Jones Industrial Average (+0.6%) rose between 0.2-0.6% after being up 0.7-1.0% early in the session. The Russell 2000 outperformed with a 1.4% gain. Ten of the 11 S&P 500 sectors contributed to the advance. The energy (+1.4%) and industrials (+1.0%) sectors finished atop the standings with gains of at least 1.0%, while the health care sector (-1.0%) fell 1%, ironically due to the success of Pfizer. […] As for the jobs data, nonfarm payrolls increased by 531,000 (Briefing.com consensus 400,000), the unemployment rate improved to 4.6% (Briefing.com consensus 4.7%) from 4.8% in September, and average hourly earnings increased 0.4% m/m (Briefing.com consensus 0.4%). Despite the wage inflation, the 10-yr yield fell seven basis points to 1.45% in a move that signaled easing inflation concerns. The 2-yr yield decreased two basis points to 0.39%. The U.S. Dollar Index decreased 0.2% to 94.20. […] S&P 500 +25.1% YTD Nasdaq Composite +23.9% YTD Russell 2000 +23.4% YTD Dow Jones Industrial Average +18.7% YTD