Directional Bias For The Day:

• S&P Futures are lower at 8:30 AM; mostly moving down since 3:40 AM on Tuesday
• The odds are for a down day – watch for a break above 4680.25  for a change of sentiments
• Key economic data report due during the day:
  • CPI ( 0.9% vs. 0.6% est.; prev. 0.4%) at 8:30 AM
  • Core CPI ( 0.6% vs. 0.4% est.; prev. 0.2%) at 8:30 AM
  • Unemployment Claims ( 267k vs. 257K est.; prev. 271K) at 8:30 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4664.29, 4650.50, and 4633.63
• Critical resistance levels for S&P 500 are 4671.30, 4691.32, and 4708.53
• Key levels for E-mini futures: break above 4670.75, the high of 8:00 AM and break below 4658.25, the low of 10:45 PM

Pre-Open

• On Tuesday at 4:00 PM, S&P futures (December 2021) closed at 4678.75 and the index closed at 4685.25 – a spread of about -6.75 points; futures closed at 4678.25 for the day; the fair value is +0.50
• Pre-NYSE session open, futures are lower – at 8:15 AM, S&P 500 futures were down by -8.25; Dow down by -46; and NASDAQ by -59.25

Markets Around The World

• Markets in the East closed mixed – Shanghai, Hong Kong, and Seoul closed higher; Tokyo, Sydney, Mumbai, and Singapore closed lower
• European markets are mostly higher – Italy is down;
• Currencies (Compared to two weeks ago):
  

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

• Commodities (Compared to two weeks ago):
  • Energy futures are lower
  • Precious metals are mixed
  • Industrial metals are mostly lower
  • Soft commodities are mixed
• Treasuries (Compared to two weeks ago)
  • 10-years yield closed at 1.497%, down -13.8 basis points from two weeks ago;
  • 30-years is at 1.887%, down -19.8 basis points;
  • 2-years yield is at 0.443%, up +0.2 basis points;
  • The 10-Year-&-2-Year spread is at 1.054, down from 1.194
  • The 30-Year-&-10-Year spread is at 0.390, down from 0.450
• VIX
  • At 18.21 @ 8:00 AM; up from the last close; above 5-day SMA;
  • Recent high = 24.89 on October 1; low =  14.73 on November 4
  • Sentiment: Risk-Off

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

Previous Session

Major U.S. indices closed higher on Tuesday, November 9, in mixed volume. S&P 500 and NASDAQ Composite traded in lower volume. Major indices declined at the open and then mostly traded sideways to down after 10:00 AM.

From Briefing.com:

The S&P 500 declined 0.4% on Tuesday, snapping an eight-session winning streak amid profit-taking interest and another decline in Treasury yields. The Nasdaq Composite snapped an 11-session winning streak with a 0.6% decline. The Russell 2000 also fell 0.6% while the Dow Jones Industrial Average fell 0.3%. […] The information technology (-0.4%), financials (-0.6%), health care (-0.4%), and communication services (-0.3%) sectors closed modestly lower, while the six other sectors in the S&P 500 provided offsetting support with 0.3-0.4% gains. The utilities sector (+0.4%) eked out the top spot. […] The 2-yr yield fell five basis points to 0.40%, and the 10-yr yield fell seven basis points to 1.43%. The U.S. Dollar Index declined 0.1% to 93.97. WTI crude futures rose 2.7%, or $2.20, to $84.16/bbl. […] The Producer Price Index for final demand increased 0.6% month-over-month in October (Briefing.com consensus +0.6%) and the index for final demand, less foods and energy, increased 0.4% (Briefing.com consensus +0.4%). […] The NFIB Small Business Optimism Index for October decreased to 98.2 from 99.1 in September. […] S&P 500 +24.7% YTD Nasdaq Composite +23.3% YTD Russell 2000 +22.9% YTD Dow Jones Industrial Average +18.7% YTD Overseas:  Europe: DAX flat, FTSE -0.4%, CAC -0.1% Asia: Nikkei -0.8%, Hang Seng +0.2%, Shanghai +0.2% Commodities:  Crude Oil +1.99 @ 84.15 Nat Gas -0.44 @ 5.06 Gold +3.10 @ 1830.60 Silver -0.24 @ 24.30 Copper -0.04 @ 4.37