Moving mostly higher since 12:30 on October 25 with recent leg starting at 3:00 AM
Near a resistance zone – high of 2570.25 at 2:30 PM on October 24
Odds are for an up to sideways day – watch for break above 2569.25 and below 2464.00 for change of fortunes
Key economic data due:
Advance GDP (3.0% vs. 2.6% est.) at 8:30 AM
Advanced GDP Price Index (2.2% vs. 1.7% est.) at 8:30 AM
Revised UoM Consumer Sentiment (est. 100.8) at 10:00 AM
Markets Around The World
Markets in the East closed mostly higher – Sydney was down
European markets are mostly higher – Spain and Italy are down; Germany and France rising since 11:00 AM on October 25; Spain , Italy and Switzerland are rifting lower since 3:00 AM
Currencies:
Up
Down
Dollar index
USD/JPY
USD/CHF
NZD/USD
USD/CAD
EUR/USD
GBP/USD
AUD/USD
Commodities are mostly down
Up
Down
Sugar
Coffee
Cotton
Crude Oil
NatGas
Gold
Silver
Copper
Platinum
Palladium
Cocoa
10-yrs yield is at 2.459% up from October 26 close of 2.452%; 30-years is at 2.958% down from 2.960%
Key Levels:
Critical support levels for S&P 500 are 2559.80, 2553.34 and 2544.00
Critical resistance levels for S&P 500 are 2567.07, 2572.18 and 2578.29
Key levels for eMini futures: break above 2569.25, the high of 5:30 AM and break below 2564.50, the low of 4:00 AM
Pre-Open
On Thursday, at 4:00 PM, S&P future (December contract) closed at 2557.50 and the index closed at 2560.50 – a spread of about 3.00 points; futures closed at 2561.50 for the day; the fair value is -4.00
Pre-NYSE session open, futures price action is to the upside – at 8:30 AM, S&P 500 futures were up by +5.00; Dow by +15.00; and NASDAQ by +52.00
Directional Bias Before Open
Weekly: Up
Daily: Up
120-Min: Up-to-Side
30-Min: Side-to-up
The trend and patterns on various time frames for S&P 500 are:
A large green candle with small lower shadow and no upper shadow; breaking away from previous candle
Last week’s pivot point 2566.19; R1=2584.46, R2=2593.71; S1=2556.94, S2=2538.67; R1/R2 were breached
An up week – sixth in last five weeks; eight 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 small body harami candle, like a gravestone doji; bouncing off 20-Day EMA on October 26
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=2562.42; R1=2565.05, R2=2569.69; S1=2557.78, S2=2555.15; No levels were breached
Confirmed Uptrend
2-Hour (e-mini future)
Moving higher since 12:00 PM On October 25; nearing the resistance made by the high of 2570.25 at 2:00 PM on October 24
Broke below the 50-bar EMA and now back above it
Sequence of lower highs and lower lows since 6:00 PM October 22 is in danger of breaking
Above recently rising 20-bar EMA, which is at/below recently rising 50-bar EMA
30-Minute (e-mini future)
Drifting up since 8:30 PM on October 26; breaking above a congestion zone near 2560.00; facing near 2569.25 and 2570.25
Above rising 20-bar EMA, which is above rising 50-bar EMA
Previous Session
Major U.S. indices mostly advanced on Thursday October 26. NASDAQ Composite declined. Most made a doji candle near the lows of the day with small lower shadow and larger upper shadow. The market gave most of their gains in the final hour of trading. However, the S&P futures rose immediately following the close of NYSE session.
