* LATEST MARKET DEVELOPMENTS *

It’s a bit more of a “risk-on” trading day in the market place early Wednesday. In overnight news, Asian and European stock markets rose, partly due to Moody’s latest announcement that it has left Spain’s credit rating unchanged. Many had feared the ratings agency would lower Spain’s credit rating to junk status. Meantime, reports said Spain is moving closer to formally asking the European Union for further financial assistance. Spanish bond yields fell to six-month lows overnight. The Euro currency on Wednesday was boosted following those developments. Also overnight the German government cut its economic growth forecast for 2013, while slightly raising its projection for growth this year. Germany’s economy minister said the European Union debt crisis is dampening economic growth in Europe. He forecast German economic growth at 1% in 2013, a downward revision from the 1.6% growth forecast the government had issued earlier. Germany’s 2012 economic growth rate was pegged at 0.8%, from a 0.7% rate predicted earlier. The market place is awaiting key events on Thursday. China is expected to issue its third-quarter gross domestic product data, while the EU leaders summit begins Thursday.–Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are firmer early today. Bulls are regaining momentum. The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical resistance comes in at 1,460.00 and then at the September high of 1,467.50. Buy stops likely reside just above those levels. Downside support for active traders today is located at the overnight low of 1,446.30 and then at Tuesday’s low of 1,435.20. Sell stops are likely located just below those levels. Wyckoff’s Intra-day Market Rating: 5.5

Nasdaq index futures: Prices are slightly firmer early today. The shorter-term moving averages (4- 9-and 18-day) are still bearish early today. The 4-day moving average is below the 9-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is located at Tuesday’s high of 2,777.25 and then at 2,800.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at 2,750.00 and then at Tuesday’s low of 2,729.75. Sell stops are likely located just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0

Dow futures: Sell stops likely reside just below technical support at Tuesday’s low of 13,415 and then at 13,365. Buy stops likely reside just above technical resistance at Tuesday’s high of 13,485 and then at 13,500. Shorter-term moving averages are bearish early today, as the 4-day moving average is below the 9-day and 18-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bullish early today. Wyckoff’s Intra-Day Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices are lower early today. Bulls are fading again. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at 148 even and then at the overnight high of 148 6/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 147 13/32 and then at 147 even. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

December U.S. T-Notes: Prices are weaker early today. Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at the overnight high of 132.26.5 and then at 133.00.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 132.17.0 and then at 132.10.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

U.S. DOLLAR INDEX

The December U.S. dollar index is lower in early U.S. trading today. Bears have regained downside momentum. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 79.27 and then at 79.50. Shorter-term support is seen at the September low of 78.72 and then at 78.50. Wyckoff’s Intra Day Market Rating: 3.5

NYMEX CRUDE OIL

Crude oil prices are slightly higher early today. Bulls and bears are on a level near-term technical playing field.In November Nymex crude, look for buy stops to reside just above resistance at $92.00 and then at $92.50. Look for sell stops just below technical support at the overnight low of $91.96 and then at Tuesday’s low of $91.30. Wyckoff’s Intra-Day Market Rating: 5.0

GRAINS

Markets were mostly higher in overnight trading, on more short covering and perceived bargain hunting. The weaker U.S. dollar index is supportive for the grains again today. All three grains are on the verge of technical breakdowns, should more selling pressure occur soon. Such would suggest a fresh leg down in prices. If the grains can rebound from present price levels then more serious chart damage would be avoided and traders would become more confident harvest lows are in place.