* LATEST MARKET DEVELOPMENTS *

In overnight news, China’s third-quarter gross domestic product came in at 7.4% growth, on an annual basis–the lowest growth rate since 2009 and the seventh quarter in a row of a decreasing growth rate. The second-quarter GDP number came in at 7.6%, on an annual basis. The latest figure was in line with market expectations. Asian stock markets showed a muted but slightly positive reaction to the latest China economic news, as market watchers there reckoned the Chinese economy is now on a good trajectory following recent stimulus efforts by the Chinese central bank. Market attention is also on a two-day European Union leaders summit that began Thursday. Focus regarding the EU debt crisis is on when or if Spain will formally ask for more EU financial assistance. Falling Spanish bond yields this week, amid good demand at their debt auctions, hint that Spanish officials may not be in a hurry to seek financial assistance from the EU. U.S. economic data due for release Thursday includes the weekly jobless claims report, leading economic indicators index and the Philadelphia Fed business survey.–Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are weaker early today. Bulls have regained upside momentum this week. 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 neutral early today. Today, shorter-term technical resistance comes in at the September high of 1,467.50 and then at 1,475.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at Wednesday’s 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: 5.0

Nasdaq index futures: Prices are slightly lower early today. 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 average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is located at this week’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 Wednesday’s low of 2,753.50 and then at 2,740.00. 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 Wednesday’s low of 13,440 and then at 13,400. Buy stops likely reside just above technical resistance at Wednesday’s high of 13,500 and then at 13,550. Shorter-term moving averages are still 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 near steady and hit a fresh four-week low early today. Bears have gained fresh downside technical momentum this week. 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 neutral to bearish early today. Shorter-term resistance lies at 147 even and then at 147 16/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 146 10/32 and then at 146 even. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

December U.S. T-Notes: Prices are near steady and hit a fresh four-week low overnight. 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 neutral to bearish early today. Shorter-term resistance lies at the overnight high of 132.07.0 and then at 132.16.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 131.31.0 and then at 131.23.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

U.S. DOLLAR INDEX

The December U.S. dollar index is firmer in early U.S. trading today, on short covering. Bears still have some downside momentum. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at Wednesday’s high of 79.27 and then at 79.50. Shorter-term support is seen at the overnight low of 79.03 and then at the September low of 78.72. Wyckoff’s Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

Crude oil prices are slightly lower early today. Bulls and bears are on a level near-term technical playing field, amid choppy trading. In November Nymex crude, look for buy stops to reside just above resistance at the overnight high of $92.24 and then at this week’s high of $92.85. Look for sell stops just below technical support at $91.30 and then at $90.00. Wyckoff’s Intra-Day Market Rating: 5.0

GRAINS

Markets were higher in overnight trading, on more short covering and perceived bargain hunting. Traders will scrutinize this morning’s weekly USDA export sales report.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.