Odds are for a sideways to down day – watch for break above 2551.00 and below 2542.75 for change of fortunes
Key economic data due:
PPI (est. 0.4%) at 8:30 AM
Core PPI (est. 0.2%) at 8:30 AM
Unemployment Claims (est. 251K) at 8:30 AM
Markets Around The World
Markets in the East closed mostly higher – Shanghai was down
European markets are mostly down – U.K. is up
Currencies:
Up
Down
Dollar index
USD/CHF
AUD/USD
NZD/USD
USD/CAD
EUR/USD
GBP/USD
USD/JPY
Commodities are mostly down
Up
Down
NatGas
Gold
Silver
Copper
Palladium
Sugar
Crude Oil
Platinum
Coffee
Cotton
Cocoa
10-yrs yield closed at 2.345% on October 11 unch. from October 10 close of 2.345%; 30-years closed at 2.875% down from 2.881%
Key Levels:
Critical support levels for S&P 500 are 2551.03, 2544.86 and 2540.02
Critical resistance levels for S&P 500 are 2557.67, 2560.10 and 2564.96
Key levels for eMini futures: break above 2551.00, the high of 6:30 AM and break below 2547.25, the low of 7:00 AM
Pre-Open
On Wednesday, at 4:00 PM, S&P future (December contract) closed at 2553.25 and the index closed at 2555.24 – a spread of about 2.00 points; futures closed at 2553.00 for the day; the fair value is +0.25
Pre-NYSE session open, futures price action is to the downside – at 7:30 AM, S&P 500 futures were down by -5.25; Dow by -26.00; and NASDAQ by -8.50
Directional Bias Before Open
Weekly: Up
Daily: Up
120-Min: Side
30-Min: Side
The trend and patterns on various time frames for S&P 500 are:
A green candle hat is breaking away from previous one
Last week’s pivot point 2540.75; R1=2561.09, R2=2572.86; S1=2528.98, S2=2508.64; R1/R2 ere breached; R1 has been breached for four weeks and R2 for two; support levels were breached only once in seven weeks, which was during the week ending on September 29
An up week – fourth in last five weeks; seventh in last ten weeks
Broke above a down sloping flag (2378.36) on April 24, which has bullish implications; first target is near 2520.00 and the second target is near 2640.00
Broke above a down-sloping flag on November 14, 2016; first target of 2285.92 is achieved; second target is near 2467.50
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 bullish engulfing candle
Last pattern, a down-sloping flag in June that was broken to the upside on July 13, is re-asserted
Above 20-day EMA, which is above 50-day EMA; Above 100-day SMA and 200-day SMA
Pivot Point=2552.81; R1=2557.67, R2=2560.10; S1=2550.38, S2=2545.52; No levels were breached
Confirmed Uptrend
2-Hour (e-mini future)
At the upper limit of a horizontal channel – high 2550.75/2553.75 and low 2541.50 – after briefly breaching the upper limit following
At 10:00 AM on September 29, broke above a horizontal channel – high 2506.00 and low 2487.50 – 100% extension target near 2524.50 is achieved; 161.8% extension target, near 2536.00, is also achieved; 200% extension, near 2544.00, is also achieved; 261.8% extension is near 2555.00
Sequence of higher high and higher low since 12:00 PM September 5
At/below rising 20-bar EMA, which is above rising 50-bar EMA
30-Minute (e-mini future)
Drifting mostly sideways to down since 4:00 PM on October 11
Up trend since the of low of 2485.00 at 11:00 AM on September 25;
Below a flattening 20-bar EMA, which is above a flattening 50-bar EMA
Previous Session
Most major U.S. indices advanced on Wednesday October 11. Russell 2000 declined. Most also made all time highs. NASDAQ Composite and Dow Jones Transportation Average did not make all time highs but closed at one.
