OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading is still-lower crude oil prices. Gold is lower. U.S. stock indexes and Treasuries are weaker in early dealings. The U.S. dollar is firmer early.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is the MBA refinancing index, the ICSC store sales index, non-farm labor productivity data, Redbook retail sales, the ISM non-manufacturing index and the Fed’s beige book.
U.S. STOCK INDEXES
The stock indexes are weaker 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 still bullish today. The 4-day moving average is above the 9-day moving average. The 9-day is still above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish for today. Today, shorter-term technical support comes in at Tuesday’s low of 1,321.70. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,318.00. Upside resistance for active traders today is located at Tuesday’s high of 1,327.50. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,330.00. Wyckoff’s Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:———— 1,325.00
1st Support:—— 1,322.60
2nd Support:—— 1,319.25
1st Resistance:— 1,328.50
2nd Resistance:— 1,331.00
December Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are still bullish today. The 4-day moving average is above the 9-day moving average. The 9-day moving average is still above the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish for today. Today, shorter-term technical support is located at Tuesday’s low of 1,603.50. Sell stops likely reside just below that level, and then more sell stops likely reside below support at 1,588.00. On the upside, short-term resistance is seen at Tuesday’s high of 1,625.50. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 1,650.00. Wyckoff’s Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER NASDAQ:
Pivot:———— 1,617.50
1st Support:—— 1,609.75
2nd Support:—— 1,595.50
1st Resistance:— 1,631.75
2nd Resistance:— 1,639.50
December Dow: For today, sell stops likely reside just below support at Tuesday’s low of 11,539 and then more stops just below support at 11,500. Buy stops likely reside just above shorter-term technical resistance at Tuesday’s high of 11,585 and then more buy stops just above resistance at 11,600. Shorter-term moving averages are bullish today, as the 4-day moving average is moving above the 9-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: 7.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:———— 11,563
1st Support:—— 11,541
2nd Support:—— 11,517
1st Resistance:— 11,587
2nd Resistance:— 11,609
U.S. TREASURY BONDS AND NOTES
Prices are weaker in early trading in Chicago. More profit-taking pressure is seen early today. The bulls are fading a bit but still have the near-term technical advantage.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are turning bearish today. The 4-day moving average is still above the 9-day, but just barely and is turning down. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish for today. Shorter-term technical resistance lies at the overnight high of 110 17/32. Buy stops likely lie just above that level. More buy stops likely reside just above technical resistance at 110 24/32. Shorter-term technical support lies at the overnight low of 110 5/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 even. Wyckoff’s Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:———– 110 21/32
1st Support:—– 110 8/32
2nd Support:—– 110 even
1st Resistance:– 110 29/32
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 107.04.0, and more buy stops are likely located just above resistance at last week’s high of 107.14.5. Shorter-term moving averages are turning bearish today. The 4-day moving average is above the 9-day, but is turning down. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 106.28.0, and then more sell stops just below support at 106.22.0. Wyckoff’s Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:———— 107.06.0
1st Support:—— 106.31.0
2nd Support:—— 106.28.0
1st Resistance:— 107.09.0
2nd Resistance:— 107.16.0
