Directional Bias For The Day:

• S&P Futures are lower at 8:45 AM, declining since 7:15 AM from 4006.00 after bouncing up from 3992.00 at 5:00 AM, just below 4000.00
• The odds are for a down day with elevated volatility – watch for a break above 4006.75 and 4018.50 for a change of sentiments;
• No key economic data report is due during the day:

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 3998.66, 3986.77, and 3970.84
• Critical resistance levels for S&P 500 are 4007.98, 4018.17, and 4028.85
• Key levels for E-mini futures: break above 4006.00, the high at 7:15 AM, and a break below 3992.25, the low of 5:00 AM

Pre-Open

• On Friday at 1:00 PM, S&P futures (December 2022) closed at 4033.00, and the index closed at 4026.12 – a spread of about +6.75 points; the futures closed at 4032.50; the fair value is +0.50
• Pre-NYSE session open, futures are lower – at 8:45 AM, S&P 500 futures were down by -30.25, Dow by -198, and NASDAQ by -78.50

Markets Around The World

• Markets in the East closed mostly lower – Mumbai closed up
• European markets are lower
• Currencies (Compared to two weeks ago):

• Commodities (Compared to two weeks ago):
  • Energy futures are mixed
  • Precious metals are lower
  • Industrial metals are lower
  • Soft commodities are mostly lower
• Treasuries (Compared to two weeks ago)
  • The 10-year yield closed at 3.672%, down -14.1 basis points from two weeks ago;
  • The 30-year is at 3.710%, down -34.8 basis points;
  • The 2-year yield is at 4.509%, up +18.5 basis points;
  • The 10-Year-&-2-Year spread is at -0.837, down from -0.511
  • The 30-Year-&-10-Year spread is at 0.038, down from 0.245
• VIX
  • At 22.23 @ 8:00 AM; up from the last close; above the 5-day SMA;
  • Recent high = 26.59 on November 10; low = 20.31 on November 24
  • Sentiment: Risk-Off

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

Previous Session

Major U.S. indices closed mostly higher on the shortened trading day of Friday, November 25, following the Thanksgiving Holiday. The major indices opened higher and then mostly traded sideways for the rest of the day.

For the week, the major indices rose on only three-half-day trading. The exchanges n the Ais were mixed, and the European markets were up. The dollar index was down for the week. The energy commodities, metals, and soft commodities were mixed. The US Treasury yields closed down for the week, and all S&P sectors were up.

From Briefing.com:

[…] The stock market ended this holiday-shortened session on a mixed note, but overall, things held up pretty well. […] None of the 11 sectors moved more than 0.7% in either direction. […] On the flip side, the real estate (+0.6%) and utilities (+0.6%) sectors sat atop the leaderboard. Treasury yields climbed off overnight lows today. The 10-yr note yield, which hit 3.65% overnight, sits at 3.71% now. The 2-yr note yield, which hit 4.43% overnight, sits at 4.48% now. […] Dow Jones Industrial Average: -5.5% YTD S&P Midcap 400: -10.4% YTD Russell 2000: -17.1% YTD S&P 500: -15.5% YTD Nasdaq Composite: -28.2% YTD