Markets Quiet in Early Trading Today

Thursday, October 19--Jim Wyckoff's Early Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

There was no major feature in overnight/early morning trading today. Treasury futures are weaker and stock indexes are narrowly mixed. The U.S. dollar is lower and crude oil is firmer.

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U.S. STOCK INDEXES

The stock indexes are narrowly mixed in early morning electronic trading. Bulls still have upside technical momentum on their side following recent gains to multi-month highs. But some more profit-taking pressure could set in today.

December S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still bullish today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bearish today. Today, shorter-term technical support comes in at the overnight low of 1,369.70. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this week's low of 1,364.10. Upside resistance for active traders today is located at 1,375.00. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at Wednesday's contract high of 1,380.20. Wyckoff's Intra-day Market Rating: 7

PIVOT POINT LEVELS FOR DECEMBER S&P 500:

Pivot:------------ 1,373.50 1st Support:------ 1,366.80 2nd Support:------ 1,361.10 1st Resistance:--- 1,379.20 2nd Resistance:--- 1,385.90

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 and 18-day. 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 Tuesday's low of 766.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 760.00. On the upside, short-term resistance is seen at Wednesday's high of 777.30. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 780.00. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:

Pivot:------------ 770.70 1st Support:------ 764.10 2nd Support:------ 759.40 1st Resistance:--- 775.40 2nd Resistance:--- 782.00

December Dow: For today, sell stops likely reside just below support at Wednesday's low of 11,996 and then more stops just below support at this week's low of 11,937. Buy stops likely reside just above shorter-term technical resistance at Wednesday's contract high of 12,098 and then more buy stops just above resistance at 12,150. Shorter-term moving averages are bullish, as the 4-day moving average is above the 9-day and 18-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral for today. Wyckoff's Intra-Day Market Rating: 7.0

PIVOT POINT LEVELS FOR DECEMBER DOW:

Pivot:------------ 12,045 1st Support:------ 11,991 2nd Support:------ 11,943 1st Resistance:--- 12,093 2nd Resistance:--- 12,147

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are slightly lower early today. Bulls still have a bit of near-term upside technical momentum.

December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral today. The 4-day moving average is moving above the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish for today. Shorter-term technical resistance lies at the overnight high of 110 30/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at this week's high of 111 6/32. Shorter-term technical support lies at Wednesday's low of 110 14/32. Sell stops likely reside just below that level. More sell stops are likely located below support at last week's low of 110 7/32. Wyckoff's Intra-Day Market Rating: 5.0

PIVOT POINT LEVELS FOR DECEMBER T-BONDS:

Pivot:----------- 110 23/32 1st Support:----- 110 16/32 2nd Support:----- 110 6/32 1st Resistance:-- 111 1/32 2nd Resistance:-- 111 8/32

December U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish for today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 107.07.5, and more buy stops are likely located just above resistance at this week's high of 107.14.0. Shorter-term moving averages are neutral for today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at Wednesday's low of 106.29.5, and then more sell stops just below support at last week's low of 106.25.5. Wyckoff's Intra Day Market Rating: 5.0

PIVOT POINT LEVELS FOR DECEMBER T-NOTES:

Pivot:------------ 107.04.0 1st Support:------ 106.31.0 2nd Support:------ 106.26.0 1st Resistance:--- 107.09.0 2nd Resistance:--- 107.14.0