OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in overnight/early morning trading today. Gold is higher. Crude oil is firmer, stock indexes are firmer and Treasuries are lower early. The U.S. dollar is near steady early today.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is the U.S. current account deficit, Treasury international capital inflows data, and the NAHB housing index.
U.S. STOCK INDEXES
The stock indexes are firmer 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 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 Friday’s low of 1,328.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,323.00. Upside resistance for active traders today is located at Friday’s high of 1,356.50. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,360.00. Wyckoff’s Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:———— 1,332.25
1st Support:—— 1,328.00
2nd Support:—— 1,324.00
1st Resistance:— 1,336.50
2nd Resistance:— 1,340.75
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 neutral early today. Today, shorter-term technical support is located at Friday’s low of 731.50. 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 Friday’s high of 739.20. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the July high of 742.30. Wyckoff’s Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:———— 735.25
1st Support:—— 731.00
2nd Support:—— 727.50
1st Resistance:— 738.75
2nd Resistance:— 742.75
December Dow: For today, sell stops likely reside just below support at Friday’s low of 11,630 and then more stops just below support at 11,600. Buy stops likely reside just above shorter-term technical resistance at Friday’s high of 11,704 and then more buy stops just above resistance at 11,750. 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 above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish for today. Wyckoff’s Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:———— 11,665
1st Support:—— 11,625
2nd Support:—— 11,591
1st Resistance:— 11,699
2nd Resistance:— 11,739
U.S. TREASURY BONDS AND NOTES
Prices are weaker in early trading in Chicago. Bulls are fading and need to show power very soon.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are turning bearish today. The 4-day moving average is above the 9-day and is above the 18-day, but is turning down. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish for today. Shorter-term technical resistance lies at the overnight high of 110 18/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at of 110 24/32. Shorter-term technical support lies at the overnight low of 110 7/32. Sell stops likely reside just below that level. More sell stops are likely located below support at last week’s low of 110 1/32. Wyckoff’s Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:———– 110 21/32
1st Support:—– 110 7/32
2nd Support:—– 110 even
1st Resistance:– 110 28/32
2nd Resistance:– 111 10/32
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 107.00.0, and more buy stops are likely located just above resistance at 107.10.0. Shorter-term moving averages are bearish for today. The 4-day moving average is below the 9-day and is below the 18-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 106.25.0, and then more sell stops just below support at 106.20.0. Wyckoff’s Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:———— 107.02.0
1st Support:—— 106.26.0
2nd Support:—— 106.21.0
1st Resistance:— 107.07.0
2nd Resistance:— 107.15.0
