Directional Bias for the Day:
S&P Futures are a little changed at 8:45 AM. Moving sideways since 2:00 PM on Monday around 5910.00 levels.- Odds are for a sideways to a down day. Watch for a break above 5918.50 or a break below 5904.75 for clarity.
- The notable economic data due during the day:
- Empire State Manufacturing Index (-11.9 vs. 3.4 est.; prev. 11.5) at 8:30 AM..
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Key Levels:
- Critical support levels for the S&P 500 are 5853.04, 5843.28, and 5829.57.
- Critical resistance levels for the S&P 500 are 5871.41, 5877.65, and 5895.45.
- The key levels for E-mini futures are 5918.50, the high at 3:45 PM on Monday and 5904.75, the low at 2:00 PM on Monday.
Pre-Open
- On Monday at 4:00 PM, S&P futures (December 2024) closed at 5009.25, and the index closed at 5859.85 – a spread of about +49.50 points; the futures closed at 5908.25; the fair value is +1.00.
- Pre-NYSE session open, futures were mixed – at 8:15AM, the S&P 500 futures were up by +0.50, Dow down by -12, and NASDAQ down by -2.50.
Markets Around the World
- Markets in the East closed mixed – Shanghai, Hong Kong, Mumbai, and Singapore closed down. Sydney, Tokyo, and Seoul closed up.
- European markets are mixed – Germany, Spain and Switzerland are higher; the UK, France, and STOXX 600 are lower.
- Currencies (Compared to two weeks ago):
Up | Down |
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- Commodities (Compared to two weeks ago):
- Energy futures are mixed.
- Precious metals are mixed.
- Industrial metals are mixed.
- Soft commodities are mostly lower.
- Treasuries (Compared to two weeks ago)
- The 10-year yield closed at 4.105, up +31.8 basis points from two weeks ago.
- The 30-year is at 4.414%, up +29.1 basis points.
- The 2-year yield is at 3.966%, up +31.9 basis points.
- The 10-Year-&-2-Year spread is at 0.139, down from 0.140.
- The 30-Year-&-10-Year spread is at 0.309, down from 0.336.
- VIX
- At 19.68 @ 8:15 AM; down from the last close; below the 5-day SMA
- Recent high = 23.14 on October 8; low = 14.90 on September 26; Sentiment: Risk-Neutral-to-Off
The trend and patterns in various time frames for the S&P 500:
Weekly: |
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Daily |
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2-Hour (E-mini futures) |
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30-Minute (E-mini futures) |
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15-Minute (E-mini futures) |
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Previous Session
All but one S&P sectors – Energy – closed higher. The dollar index closed higher at 103.03. The energy and precious metals closed down; the industrial and the soft commodities closed mixed. The US treasury yields were up, and bonds down.
From Briefing.com
Today’s session featured a broad rally on below-average volume at the NYSE. The S&P 500 (+0.8%) and Dow Jones Industrial Average (+0.5%) extended further into record territory and the Nasdaq Composite (+0.9%) closed about 170 points below its all-time high.
[…]The Treasury market was closed for Columbus Day and there was no US economic data of note today.