OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no big feature in overnight/early morning trading, as U.S. traders come back from a long holiday weekend. Crude oil and gold are firmer early. U.S. stock indexes and Treasuries are weaker in early dealings. The U.S. dollar is firmer early.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is the monthly Challenger layoffs survey. It’s a light report day today.
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading. Bulls still have some near-term technical momentum on their side.
December S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish today. The 4-day moving average is above the 9-day moving average. The 9-day is still above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral for today. Today, shorter-term technical support comes in at Friday’s low of 1,318.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,310.00. Upside resistance for active traders today is located at Friday’s high of 1,325.00. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,330.00. Wyckoff’s Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:———— 1,322.25
1st Support:—— 1,319.50
2nd Support:—— 1,315.25
1st Resistance:— 1,326.75
2nd Resistance:— 1,329.25
December Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are bullish today. The 4-day moving average is above the 9-day moving average. The 9-day moving average is still above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral for today. Today, shorter-term technical support is located at 1,600.00. Sell stops likely reside just below that level, and then more sell stops likely reside below support at 1,588.00. On the upside, short-term resistance is seen at last Friday’s high of 1,616.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 1,625.00. Wyckoff’s Intra-Day Market Rating: 7.5
PIVOT POINT LEVELS FOR DECEMBER NASDAQ:
Pivot:———— 1,609.50
1st Support:—— 1,603.25
2nd Support:—— 1,597.50
1st Resistance:— 1,615.50
2nd Resistance:— 1,622.00
December Dow: For today, sell stops likely reside just below support at 11,500 and then more stops just below support at Friday’s low of 11,480. Buy stops likely reside just above shorter-term technical resistance at Friday’s high of 11,575 and then more buy stops just above resistance at 11,600. Shorter-term moving averages are bullish today, as the 4-day moving average is moving above the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bullish for today. Wyckoff’s Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:———— 11,537
1st Support:—— 11,500
2nd Support:—— 11,442
1st Resistance:— 11,595
2nd Resistance:— 11,632
U.S. TREASURY BONDS AND NOTES
Prices are weaker in early trading in Chicago. Some profit-taking pressure is seen early today. But the bulls still have some near-term technical momentum and are still looking for more on the upside in the near term.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are fully bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish for today. Shorter-term technical resistance lies at the overnight high of 111 3/32. Buy stops likely lie just above that level. More buy stops likely reside just above technical resistance at last week’s high of 111 8/32. Shorter-term technical support lies at the overnight low of 110 25/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 16/32. Wyckoff’s Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:———– 111 1/32
1st Support:—– 110 25/32
2nd Support:—– 110 15/32
1st Resistance:– 111 11/32
2nd Resistance:– 111 19/32
December U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish for today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 107.11.5, and more buy stops are likely located just above resistance at Friday’s high of 107.14.5. Shorter-term moving averages are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 107.07.0, and then more sell stops just below support at 107.00.0. Wyckoff’s Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:———— 107.11.0
1st Support:—— 107.06.0
2nd Support:—— 106.31.0
1st Resistance:— 107.18.0
2nd Resistance:— 107.23.0
