OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in overnight/early morning trading today. Crude oil is firmer and stock indexes and Treasuries are weaker early. The U.S. dollar is near steady early today.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is the ICSC store sales index, U.S. trade data and Redbook retail sales. San Francisco Fed president Yellen speaks today.
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading. Bulls are fading as the historically unfriendly month of September moves ahead.
December S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are turning bearish today. The 4-day moving average is below the 9-day and 18-day moving average. The 9-day is still above the 18-day moving average, but is turning down. Short-term oscillators (RSI, slow stochastics) are neutral for today. Today, shorter-term technical support comes in at the overnight low of 1,308.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Monday’s low of 1,302.70. Upside resistance for active traders today is located at Monday’s high of 1,314.60. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,318.40. Wyckoff’s Intra-day Market Rating: 4.0
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:———— 1,309.60
1st Support:—— 1,304.65
2nd Support:—— 1,297.75
1st Resistance:— 1,316.50
2nd Resistance:— 1,321.50
December Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral today. The 4-day moving average is below the 9-day today and 18-day moving average. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support is located at 710.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Monday’s low of 705.75. On the upside, short-term resistance is seen at Monday’s high of 717.50. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 720.00. Wyckoff’s Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:———— 715.50
1st Support:—— 707.50
2nd Support:—— 700.75
1st Resistance:— 719.25
2nd Resistance:— 724.25
December Dow: For today, sell stops likely reside just below support at Monday’s low of 11,425 and then more stops just below support at last week’s low of 11,410. Buy stops likely reside just above shorter-term technical resistance at Monday’s high of 11,510 and then more buy stops just above resistance at last week’s high of 11,585. Shorter-term moving averages are turning bearish today, as the 4-day moving average is below the 9-day. The 9-day moving average is still above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish for today. Wyckoff’s Intra-Day Market Rating: 5.5
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:———— 11,473
1st Support:—— 11,435
2nd Support:—— 11,388
1st Resistance:— 11,520
2nd Resistance:— 11,558
U.S. TREASURY BONDS AND NOTES
Prices are weaker in early trading in Chicago. The bulls are fading need to show some fresh power soon.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are turning bearish today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average, but is turning down. Oscillators (RSI, slow stochastics) are bearish for today. Shorter-term technical resistance lies at Monday’s high of 110 21/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 110 26/32. Shorter-term technical support lies at last week’s low of 109 29/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 109 19/32. Wyckoff’s Intra-Day Market Rating: 4.5
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:———– 110 11/32
1st Support:—– 110 1/32
2nd Support:—– 109 24/32
1st Resistance:– 110 20/32
2nd Resistance:– 110 30/32
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 107.00.0, and more buy stops are likely located just above resistance at Monday’s high of 107.00.0. Shorter-term moving averages are turning bearish today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average, but is turning down. Sell stop orders are likely located just below support at last week’s low of 106.24.0, and then more sell stops just below support at 106.13.5. Wyckoff’s Intra Day Market Rating: 4.5
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:———— 107.01.0
1st Support:—— 106.26.0
2nd Support:—— 106.21.0
1st Resistance:— 107.06.0
2nd Resistance:— 107.13.0
