OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in overnight/early morning trading today. Crude oil is firmer, stock indexes are mixed and Treasuries are firmer early. The U.S. dollar is weaker early today.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is import prices, weekly jobless claims, retail sales, business inventories, the weekly DOE natural gas stocks report, and weekly USDA export sales.
U.S. STOCK INDEXES
The stock indexes are narrowly mixed in early morning electronic trading. Bulls still have 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 and is above the 18-day moving average. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral for today. Today, shorter-term technical support comes in at Wednesday’s low of 1,322.60. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,318.00. Upside resistance for active traders today is located at Wednesday’s high of 1,331.90. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,338.00. Wyckoff’s Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:———— 1,327.90
1st Support:—— 1,323.85
2nd Support:—— 1,318.57
1st Resistance:— 1,333.15
2nd Resistance:— 1,337.20
December Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish today. The 4-day moving average is above the 9-day today and is above the 18-day moving average. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical support is located at Wednesday’s low of 730.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 723.00. On the upside, short-term resistance is seen at Wednesday’s high of 738.25. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 742.30. Wyckoff’s Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:———— 735.00
1st Support:—— 731.75
2nd Support:—— 726.75
1st Resistance:— 738.00
2nd Resistance:— 743.25
December Dow: For today, sell stops likely reside just below support at 11,600 and then more stops just below support at Wednesday’s low of 11,563. Buy stops likely reside just above shorter-term technical resistance at Wednesday’s high of 11,665 and then more buy stops just above resistance at 11,700. Shorter-term moving averages are bullish today, as the 4-day moving average is above the 9-day and is above the 18-day. The 9-day moving average is still above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bullish for today. Wyckoff’s Intra-Day Market Rating: 8.5
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:———— 11,619
1st Support:—— 11,572
2nd Support:—— 11,517
1st Resistance:— 11,674
2nd Resistance:— 11,721
U.S. TREASURY BONDS AND NOTES
Prices are firmer in early trading in Chicago. The bulls still have near-term technical momentum on their side.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day and is above the 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish for today. Shorter-term technical resistance lies at Wednesday’s high of 111 3/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at the September high of 111 8/32. Shorter-term technical support lies at the overnight low of 110 24/32. 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: 7.5
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:———– 110 27/32
1st Support:—– 110 19/32
2nd Support:—– 110 13/32
1st Resistance:– 111 1/32
2nd Resistance:– 111 9/32
December U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bullish for today. Buy stops likely reside just above shorter-term technical resistance at Wednesday’s high of 107.12.0, and more buy stops are likely located just above resistance at the September high of 107.14.5. Shorter-term moving averages are bullish for today. The 4-day moving average is above the 9-day and is above the 18-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 107.06.0, and then more sell stops just below support at 107.00.0. Wyckoff’s Intra Day Market Rating: 7.5
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:———— 107.08.0
1st Support:—— 107.03.0
2nd Support:—— 107.00.0
1st Resistance:— 107.11.0
2nd Resistance:— 107.16.0
