Odds are for an up – watch for break below 2579.25 for change of fortunes
Key economic data due:
ADP Non-Farm Employment Change (235K vs. 202K est.) at 8:15 AM
ISM Manufacturing PMI (est. 59.5) at 10:00 AM
FOMC Statement and Fed Funds Rate at 2:00 PM
Markets Around The World
Markets in the East closed higher
European markets are higher
Currencies:
Up
Down
Dollar index
GBP/USD
USD/JPY
USD/CHF
AUD/USD
NZD/USD
USD/CAD
EUR/USD
Commodities are mostly down
Up
Down
Crude Oil
Gold
Silver
Copper
Platinum
Palladium
Cotton
Cocoa
NatGas
Sugar
Coffee
10-yrs yield is at 2.385% up from October 31 close of 2.376%; 30-years is at 2.864% down from 2.875%
Key Levels:
Critical support levels for S&P 500 are 2574.98, 2568.25 and 2565.94
Critical resistance levels for S&P 500 are 2580.03, 2582.98 and 2585.48
Key levels for eMini futures: break above 2584.00, the high of 6:30 AM and break below 2579.75, the low of 5:00 AM
Pre-Open
On Tuesday, at 4:00 PM, S&P future (December contract) closed at 2572.00 and the index closed at 2575.26 – a spread of about 3.25 points; futures closed at 2572.75 for the day; the fair value is -0.75
Pre-NYSE session open, futures price action is to the upside – at 8:30 AM, S&P 500 futures were up by +10.00; Dow by +128.00; and NASDAQ by +28.00
Directional Bias Before Open
Weekly: Up
Daily: Up
120-Min: Up-to-Side
30-Min: Up-to-Side
The trend and patterns on various time frames for S&P 500 are:
Last week’s pivot point 2569.35; R1=2594.70, R2=2608.33; S1=2555.72, S2=2530.37; S1 was breached after three weeks
An up week – seventh in last five weeks; ninth 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 doji haram candle within another harami 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=2575.23; R1=2578.32, R2=2581.37; S1=2572.18, S2=2569.09; No levels were breached
Confirmed Uptrend
2-Hour (e-mini future)
Breaking above a horizontal channel – high of 2577.25 and low near 2542.50; first target is near 2596.00
Sequence of lower highs and lower lows since 6:00 PM October 22 has broken; a new reverse sequence is being established
Above recently rising 20-bar EMA, which is above recently rising 50-bar EMA
30-Minute (e-mini future)
Moving higher since 8:30 PM on October 30; breaking above a rounding bottom pattern or a descending triangle; target near 2596.00
Above a rising 20-bar EMA, which is above a rising 50-bar EMA
Previous Session
Most major U.S. indices advanced on Tuesday October 31. Dow Jones Transportation Average declined. Most indices also made a harami pattern. S&P 500, Dow Jones Industrial Average, NYSE Composite and Wilshire 5000 Total Market Index made doji harami candles. NASDAQ Composite made a small bordied spinning top candle that was completely above previous day’s real body. Russell 2000 made large body harami candle that was more like a piercing pattern. DJT is breaking down.
