Directional Bias For The Day:

• S&P Futures are a bit higher at 8:30 AM;
• The odds are for an up day – watch for a break below 4598.00 for clarity
• Key economic data report due during the day:
  • Day one of a two-day FOMC meeting

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4606.92, 4595.06, and 4589.00
• Critical resistance levels for S&P 500 are 4620.34, 4624.32, and 4634.97
• Key levels for E-mini futures: break above 4612.00, the high of 9:30 AM on Monday and break below 4598.50, the low of 5:00 AM

Pre-Open

• On Monday at 4:00 PM, S&P futures (December 2021) closed at 4606.00 and the index closed at 4613.67 – a spread of about -7.75 points; futures closed at 4605.75 for the day; the fair value is +0.25
• Pre-NYSE session open, futures are mixed – at 8:30 AM, S&P 500 futures were up by +2.50; Dow up by +41; and NASDAQ down by -24.25

Markets Around The World

• Markets in the East closed mostly lower – Seoul and Singapore closed higher
• European markets are mixed – Germany, France, and Switzerland are up; the U.K., Spain, Italy, and STOXX 600 are down
• Currencies (Compared to two weeks ago):
  

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

• Commodities (Compared to two weeks ago):
  • Energy futures are higher
  • Precious metals are higher
  • Industrial metals are mostly higher
  • Soft commodities are mostly higher
• Treasuries (Compared to two weeks ago)
  • 10-years yield closed at 1.588%, down -2.6 basis points from two weeks ago;
  • 30-years is at 1.968%, down -4.9 basis points;
  • 2-years yield is at 0.488%, up +5.7 basis points;
  • The 10-Year-&-2-Year spread is at 1.070, down from 1.153
  • The 30-Year-&-10-Year spread is at 0.410, down from 0.433
• VIX
  • At 16.46 @ 8:00 AM; up from the last close; below 5-day SMA;
  • Recent high = 24.89 on October 1; low =  14.84 on October 22
  • Sentiment: Risk-Neutral

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

Previous Session

Major U.S. indices closed higher on Monday, November 1, in mixed volume. Dow Jones Transportation Average and Russell 2000 traded in higher volume. The indices opened higher but then turned down and went negative before turning around in the afternoon session.

S&P 500, Dow Jones Industrial Average, NASDAQ Composite, and Wilshire 5000 Total Market Index made all-time closing and intraday highs.

From Briefing.com:

The S&P 500 (+0.2%), Nasdaq Composite (+0.6%), and Dow Jones Industrial Average (+0.3%) rose modestly on Monday and each set intraday and closing record highs. The small-cap Russell 2000 (+2.7%) and iShares Micro-Cap ETF (IWC 151.65, +4.11, +2.8%) played catch-up with gains over 2.5%. […] The 2-yr yield increased two basis points to 0.51%, and the 10-yr yield increased two basis points to 1.58%. The U.S. Dollar Index fell 0.3% to 93.86. […] The October ISM Manufacturing Index checked in at 60.8% (Briefing.com consensus 60.5%), down from 61.1% in September. A number above 50.0% is indicative of expansion. October marked the 17th straight month of expansion for the manufacturing sector. […] Total construction spending declined 0.5% month-over-month in September (Briefing.com consensus +0.5%) following an upwardly revised 0.1% increase (from 0.0%) in August. Total private construction declined 0.5% month-over-month while total public construction spending decreased 0.7%. […] The final IHS Market Manufacturing PMI for September checked in at 58.4, down from 60.7 in the preliminary reading. […] S&P 500 +22.8% YTD Nasdaq Composite +21.0% YTD Russell 2000 +19.4% YTD Dow Jones Industrial Average +17.3% YTD Overseas:  Europe: DAX +0.8%, FTSE +0.7%, CAC +0.9% Asia: Nikkei +2.6%, Hang Seng -0.9%, Shanghai -0.1% Commodities:  Crude Oil +0.55 @ 83.91 Nat Gas -0.26 @ 5.31 Gold +12.00 @ 1795.40 Silver +0.18 @ 24.12 Copper +0.01 @ 4.38