Directional Bias For The Day:

• S&P Futures are higher at 8:30 AM;
• The odds are for an up day – watch for a break below 4680.50 for a change of sentiments
• Key economic data report due during the day:
  • Non-Farm Employment Change (531K vs. 455K est.; prev. 312K) at 8:30 AM
  • Unemployment Rate ( 4.6% vs. 4.7% est.; prev. 4.8%) at 8:30 AM
  • Average Hourly Earnings ( 0.4% vs. 0.4% est.; prev. 0.6%) at 8:30 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4680.56, 4664.29, and 4650.50
• Critical resistance levels for S&P 500 are 4695.63, 4708.25, and 4720.00
• Key levels for E-mini futures: break above 4696.75, the high of 8:30 AM and break below 4682.75, the low of 8:30 AM

Pre-Open

• On Thursday at 4:00 PM, S&P futures (December 2021) closed at 4674.00 and the index closed at 4680.06 – a spread of about -6.00 points; futures closed at 4673.25 for the day; the fair value is +0.75
• Pre-NYSE session open, futures are higher – at 8:15 AM, S&P 500 futures were up by +11.25; Dow by +55; and NASDAQ by +27.75

Markets Around The World

• Markets in the East closed mostly lower – Sydney and Singapore closed higher; Mumbai was closed for trading
• European markets are mostly higher – Switzerland is down
• Currencies (Compared to two weeks ago):
  

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

• Commodities (Compared to two weeks ago):
  • Energy futures are mixed
  • Precious metals are mixed
  • Industrial metals are lower
  • Soft commodities are mostly higher
• Treasuries (Compared to two weeks ago)
  • 10-years yield closed at 1.535%, down -14.1 basis points from two weeks ago;
  • 30-years is at 1.962%, down -16.6 basis points;
  • 2-years yield is at 0.419%, down -4.2 basis points;
  • The 10-Year-&-2-Year spread is at 1.116, down from 1.215
  • The 30-Year-&-10-Year spread is at 0.427, down from 0.452
• VIX
  • At 15.39 @ 6:30 AM; down from the last close; below 5-day SMA;
  • Recent high = 24.89 on October 1; low =  14.73 on November 4
  • Sentiment: Risk-On

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

Previous Session

Major U.S. indices closed mixed on Thursday, November 4, in mostly higher volume. S&P 500, NASDAQ Composite, and Wilshire 5000 Total Market Index closed higher. Dow Jones Transportation Average and Russell 2000 traded in lower volume.

S&P 500, NASDAQ Composite, and Wilshire 5000 Total Market Index made all-time closing and intraday highs. Russell 2000 and NYSE Composite made all-time intraday highs.

From Briefing.com:

The S&P 500 gained 0.4% on Thursday, setting intraday and closing record highs, as strength in the large growth stocks outweighed weakness in the value stocks. The Nasdaq 100, which is heavily exposed to mega-cap growth, rallied 1.3% to outdo the record-setting advance in the Nasdaq Composite (+0.8%). The Dow Jones Industrial Average (-0.1%) and Russell 2000 (-0.1%) closed slightly lower, burdened by the losses in value stocks. The Russell 1000 Value Index fell 0.4%. […] The broader market, however, didn’t look so hot with the ratio of advancing to declining issues favoring the latter at the NYSE and Nasdaq. Laggards were found in the financials (-1.3%), real estate (-1.1%), and health care (-0.8%) sectors. […] Initial jobless claims for the week ending October 30 decreased by 14,000 to 269,000 (Briefing.com consensus 277,000). Continuing claims for the week ending October 23 decreased by 134,000 to 2.105 million. […] Third quarter productivity decreased 5.0% (Briefing.com consensus -1.5%) after increasing an upwardly revised 2.4% (from 2.1%) in the second quarter. Unit labor costs surged at an annual rate of 8.3% (Briefing.com consensus +5.8%) after increasing a downwardly revised 1.1% (from 1.3%) in the second quarter. […] The September trade deficit was worse than expected, hitting a record high $80.9 billion (Briefing.com consensus $71.0 billion) after an upwardly revised $72.8 billion deficit (from $73.3 billion) in August. […] S&P 500 +24.6% YTD Nasdaq Composite +23.7% YTD Russell 2000 +21.7% YTD Dow Jones Industrial Average +18.0% YTD Overseas:  Europe: DAX +0.4, FTSE +0.4%, CAC +0.5% Asia: Nikkei +0.9%, Hang Seng +0.8%, Shanghai +0.8% Commodities:  Crude Oil -2.14 @ 78.67 Nat Gas +0.18 @ 5.80 Gold +27.10 @ 1794.00 Silver +0.52 @ 23.85 Copper unch @ 4.31