Directional Bias For The Day:

• S&P Futures are higher at 8:15 AM; moving up since 8:15 AM; up more than 40 points from around 3915.00 to near 3955.00
• The odds are for an up day with elevated volatility – watch for a break below 3937.50  for a change of sentiments
• The key economic data report is due during the day:
  • Unemployment Claims ( 230K est.; prev. 225K) at 8:30 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 3936.27, 3923.00, and 3918.39
• Critical resistance levels for S&P 500 are 3957.57, 3975.97, and 4001.51
• The key levels for E-mini futures: break above 3961.00, the high at 11:00 AM on Wednesday, and a break below 3937.50, the low of 5:45 AM

Pre-Open

• On Wednesday at 4:00 PM, S&P futures (December 2022) closed at 3936.25, and the index closed at 3933.92 – a spread of about +2.25 points; the futures closed at 3936.75; the fair value is -0.50
• Pre-NYSE session open, futures are higher – at 8:00 AM, S&P 500 futures were up by +15.00, Dow by +109, and NASDAQ by +47.00

Markets Around The World

• Markets in the East closed mixed
• European markets are closed lower
• Currencies (Compared to two weeks ago):

• Commodities (Compared to two weeks ago):
  • Energy futures are lower
  • Precious metals are higher
  • Industrial metals are mostly lower
  • Soft commodities are mixed
• Treasuries (Compared to two weeks ago)
  • The 10-year yield closed at 3.408%, down -29.8 basis points from two weeks ago;
  • The 30-year is at 3.415%, down -32.4 basis points;
  • The 2-year yield is at 4.270%, down -23.9 basis points;
  • The 10-Year-&-2-Year spread is at -0.862, down from -0.803
  • The 30-Year-&-10-Year spread is at 0.007, down from 0.033
• VIX
  • At 22.84 @ 6:30 AM; up from the last close; above the 5-day SMA;
  • Recent high = 26.59 on November 10; low = 18.95 on December 2
  • Sentiment: Risk-On

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

Previous Session

Major U.S. indices closed mainly lower on Wednesday, December 7, in mostly lower volume. Dow Jones Industrial Average closed up, and Dow Jones Transportation Average traded in higher volume.

Most indices made Doji or similarly indecisive candles with the real body within their previous day’s lower shadows.

From Briefing.com:

[…] The 2-yr note yield fell 11 basis points to 4.24% and the 10-yr note yield fell 11 basis points to 3.41%. […] S&P 500 sector performance reflected the sluggish nature of today’s trade. There wasn’t a single sector that finished the day up or down more than 0.9%. Health care (+0.9%) and consumer staples (+0.4%) led the outperformers while communication services (-0.9%), information technology (-0.5%), and consumer discretionary (-0.5%) brought up the rear, weighed down by their lagging mega cap components. […] Dow Jones Industrial Average: -7.5% YTD S&P Midcap 400: -12.8% YTD Russell 2000: -19.5% YTD S&P 500: -17.5% YTD Nasdaq Composite: -30.0% YTD […] Weekly MBA Mortgage Application Index fell 1.9% versus a 0.8% decline last week Nonfarm business sector labor productivity increased 0.8% in the third quarter (Briefing.com consensus +0.3%) versus the preliminary estimate of 0.3%. Unit labor costs, meanwhile, were up 2.4% versus the preliminary estimate of 3.5%. […] Overseas:  Europe: DAX -0.6%, FTSE -0.4%, CAC -0.4% Asia: Nikkei -0.7%, Hang Seng -3.2%, Shanghai -0.4% Commodities:  Crude Oil -2.15 @ 72.29 Nat Gas +0.31 @ 5.74 Gold +19.40 @ 1800.10 Silver +0.66 @ 22.89 Copper +0.05 @ 3.86