Friday, October 20–Jim Wyckoff’s Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There was no major feature in overnight/early morning trading today. Treasury futures and stock indexes are firmer today. The U.S. dollar is steady and crude oil is firmer.
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading. Bulls still have upside technical momentum on their side following recent gains to multi-month highs.
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 today. Today, shorter-term technical support comes in at Thursday’s low of 1,369.00. 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 the overnight high of 1,376.80. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at the contract high of 1,380.20. Wyckoff’s Intra-day Market Rating: 7
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:———— 1,372.85
1st Support:—— 1,370.50
2nd Support:—— 1,366.65
1st Resistance:— 1,376.70
2nd Resistance:— 1,379.00
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 neutral to bullish early today. Today, shorter-term technical support is located at this week’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 this week’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:———— 771.10
1st Support:—— 768.65
2nd Support:—— 764.07
1st Resistance:— 775.65
2nd Resistance:— 778.10
December Dow: For today, sell stops likely reside just below support at Thursday’s low of 12,012 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 the 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: 8.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:———— 12,050
1st Support:—— 12,021
2nd Support:—— 11,982
1st Resistance:— 12,089
2nd Resistance:— 12,118
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are slightly higher early today. Bulls and bears are fighting for near-term technical control, at present.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral 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 neutral for today. Shorter-term technical resistance lies at Thursday’s 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 Thursday’s low of 110 10/32. Sell stops likely reside just below that level. More sell stops are likely located below support at the October low of 110 7/32. Wyckoff’s Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:———– 110 19/32
1st Support:—– 110 9/32
2nd Support:—– 109 31/32
1st Resistance:– 110 29/32
2nd Resistance:– 111 7/32
December U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral for today. Buy stops likely reside just above shorter-term technical resistance at Thursday’s 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 Thursday’s low of 106.28.0, 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:———— 107.02.0
1st Support:—— 106.27.0
2nd Support:—— 106.22.0
1st Resistance:— 107.07.0
2nd Resistance:— 107.14.0
