Directional Bias For The Day:

• S&P Futures are higher at 8:30 AM;
• The odds are for an up day with  a good chance of sideways move from pre-open levels around 4560.00 – watch for a break below 4545.25 for a change of sentiments
• Key economic data report due during the day:
  • Advanced GDP ( 2.0% vs. 2.6% est.; prev. 6.7%) at 8:30 AM
  • Advance GDP Price Index ( 5.7% vs. 5.3% est.; prev. 6.1%) at 8:30 AM
  • Unemployment Claims ( 281K vs. 290K est.; prev. 291K) at 8:30 AM
  • Pending Home Sales ( 0.4% est.; 8.1%) at 10:00 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4551.95, 4537.36, and 4524.00
• Critical resistance levels for S&P 500 are 4584.31, 4587.57, and 4598.53
• Key levels for E-mini futures: break above 4562.50, the high of 8:15 AM and break below 4545.25, the low of 2:30 AM

Pre-Open

• On Wednesday at 4:00 PM, S&P futures (December 2021) closed at 4544.00 and the index closed at 4551.68 – a spread of about -7.75 points; futures closed at 4544.50 for the day; the fair value is -0.50
• Pre-NYSE session open, futures are higher – at 8:15 AM, S&P 500 futures were up by +13.75; Dow by +70; and NASDAQ by +84.50

Markets Around The World

• Markets in the East closed lower
• European markets are mostly higher – Germany and the UK are down
• Currencies (Compared to two weeks ago):
  

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

• Commodities (Compared to two weeks ago):
  • Energy futures are higher
  • Precious metals are higher
  • Industrial metals are mostly lower
  • Soft commodities are mixed
• Treasuries (Compared to two weeks ago)
  • 10-years yield closed at 1.529%, down -2.0 basis points from two weeks ago;
  • 30-years is at 1.942%, down -9.9 basis points;
  • 2-years yield is at 0.504%, up +13.8 basis points;
  • The 10-Year-&-2-Year spread is at 1.025, down from 1.283
  • The 30-Year-&-10-Year spread is at 0.413, down from 0.492
• VIX
  • At 16.69 @ 7:45 AM; down from the last close; above 5-day SMA;
  • Recent high = 24.89 on October 1; low =  14.84 on October 22
  • Sentiment: Risk-On-Neutral

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

Previous Session

Major U.S. indices closed mostly lower on Wednesday, October 27, in mixed volume. NASDAQ Composite closed higher. Dow Jones Industrial Average, S&P 500, and Russell 2000 traded in higher volume. Indices opened lower but then rose a little till afternoon before tumbling down and closing near the lows. The down pressure of the prices persisted throughout the day.

From Briefing.com:

The S&P 500 fell 0.5% on Wednesday, pressured by growth concerns, profit-taking activity, and a flush of selling interest into the close. Microsoft (MSFT 323.17, +13.06, +4.2%) and Alphabet (GOOG 2928.55, +135.11, +4.8%) mitigated the decline with strong gains following their earnings reports. The Nasdaq Composite (unch) was relatively unchanged, while the Dow Jones Industrial Average (-0.7%) and Russell 2000 (-1.9%) closed lower. For a more accurate representation of the market, the Invesco S&P 500 Equal Weight ETF (RSP 156.45, -2.11) fell 1.3%, nine of the 11 S&P 500 sectors closed lower with energy (-2.9%) being the weakest link, and declining issues outpaced advancing issues by more than a 2:1 margin at the NYSE and Nasdaq. […] Total durable goods orders declined 0.4% month-over-month in September (Briefing.com consensus -0.8%) and orders, excluding transportation, rose 0.4% (Briefing.com consensus +0.5%). On a year-over-year basis, total durable goods orders were up 23.4%. Excluding transportation, they were up 17.3%. […] The Advance report for International Trade in Goods for August showed a deficit of $96.3 billion, versus a revised $88.2 billion (from $87.6 billion) in August. The Advance report for Retail Inventories for September decreased 0.2%, while the Advance report for Wholesale Inventories for September increased 1.1%. Weekly crude oil inventories increased by 4.27 mln barrels after decreasing by 431,000 barrels during the previous week. […] S&P 500 +21.2% YTD Nasdaq Composite +18.2% YTD Dow Jones Industrial Average +16.0% YTD Russell 2000 +14.1% YTD Overseas:  Europe: DAX -0.3%, FTSE -0.3%, CAC -0.2% Asia: Nikkei flat, Hang Seng -1.6%, Shanghai -1.0% Commodities:  Crude Oil -2.41 @ 82.18 Nat Gas +0.35 @ 6.22 Gold +5.80 @ 1800.20 Silver +0.04 @ 24.24 Copper -0.09 @ 4.40