Monday, November 10–Jim Wyckoff’s Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today are higher U.S. stock index futures prices and sharply higher crude oil prices.
* JIM’S MARKET THOUGHT OF THE DAY *
One of the many interesting aspects of the business of trading and markets is some of the terminology and arcane sayings used by traders. If you’d like to hear and read about some of those terms and sayings, I’ve written a feature story called “Trading Lingo.” Just send me an email at jim@jimwyckoff.com and I’ll attach it and email it back to you.–Jim
U.S. STOCK INDEXES
The U.S. stock indexes are higher in early morning trading today, on short covering. Trading has again turned choppy and non-trending.
December S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at the overnight low of 941.00 and then at 925.00. Sell stops likely reside just under those levels. Upside resistance for active traders today is located at the overnight high of 962.30 and then at 975.00. Buy stops are likely located just above those levels. Wyckoff’s Intra-day Market Rating: 6.0
Today’s key near-term Fibonacci support/resistance level: 947.00.
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:————- 925.10
1st Support:——– 912.20
2nd Support:——– 888.20
1st Resistance:—– 949.10
2nd Resistance:—– 962.00
December Nasdaq Index: The shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at the overnight low of 1,297.75. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 1,275.00. On the upside, short-term resistance is seen at 1,330.00 and then at 1,350.00. Buy stops are likely located just above those levels. Wyckoff’s Intra-Day Market Rating: 6.0
Today’s key near-term Fibonacci support/resistance level: 1,275.00
PIVOT POINT LEVELS FOR DECEMBER NASDAQ:
Pivot:———— 1,273.85
1st Support:—— 1,257.70
2nd Support:—— 1,226.85
1st Resistance:— 1,304.70
2nd Resistance:— 1,320.85
December Dow: Sell stops likely reside just below support at 9,100 and then more stops just below support at 9,000. Buy stops likely reside just above shorter-term technical resistance at 9,250 and then just above resistance at 9,300. Shorter-term moving averages are neutral early today, as the 4-day moving average is below the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish today. Wyckoff’s Intra-Day Market Rating: 6.0
Today’s key near-term Fibonacci support/resistance level: 8,908
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:———— 8,902
1st Support:—— 8,804
2nd Support:—— 8,612
1st Resistance:— 9,094
2nd Resistance:— 9,192
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures are lower early today, amid the solid gains in the U.S. stock indexes in early trading.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical support lies at the overnight low of 115 8/32 and then at 115 even. Sell stops likely reside just below those levels. Shorter-term technical resistance lies at the overnight high of 115 25/32 and then at 116 even. Buy stops likely reside just above those levels. Wyckoff’s Intra-Day Market Rating: 4.0
Today’s key near-term Fibonacci support/resistance level: 115 7/32
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:———– 116 20/32
1st Support:—– 115 13/32 2nd Support:—– 114 14/32
1st Resistance:– 117 19/32
2nd Resistance:– 118 26/32
December U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 114.25.0 and then at 115.00.0. Shorter-term moving averages are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 114.12.5 and then at 114.00.0. Wyckoff’s Intra Day Market Rating: 4.0
Today’s key near-term Fibonacci support/resistance level: 114.12.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:———– 115 9/32
1st Support:—– 114 19/32 2nd Support:—– 114 5/32
1st Resistance:– 115 23/32
2nd Resistance:– 116 13/32
CURRENCIES
The December U.S. dollar index is lower in early trading today. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at 86.00 and then at the overnight high of 86.23. Shorter-term support is seen at the overnight low of 85.54 and then at 85.41. Today’s key near-term Fibonacci support/resistance level: 85.59. Wyckoff’s Intra Day Market Rating: 4.0
The December Euro is higher in early electronic trading. Euro finds sell stop orders are likely located just below technical support at 1.2800 and then just below support at the overnight low of 1.2755. Shorter-term technical resistance for the Euro is seen at 1.2950 and then at 1.3000. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Today’s key near-term Fibonacci support/resistance level: 1.2818. Wyckoff’s Intra Day Market Rating: 6.0
GOLD
Gold is higher in early dealings today. For December gold, shorter-term technical resistance is seen at the overnight high of $755.00 and then at $761.30. Buy stops likely reside just above those levels. Sell stops likely reside just below support at $750.00 and then at $745.00. Today’s key near-term Fibonacci support/resistance level: $741.00. Wyckoff’s Intra-Day Market Rating: 6.0
CRUDE OIL
Crude oil prices are solidly higher early today, on a corrective bounce from losses scored last week. In December crude, look for buy stops to reside just above resistance at $65.00 and then just above resistance at $66.00. Look for sell stops just below technical support at $62.50 and then more sell stops just below support at the overnight low of $61.79. Today’s key near-term Fibonacci support/resistance level: $64.51. Wyckoff’s Intra-Day Market Rating: 6.5
GRAINS
Prices were higher in overnight trading, on short covering and amid bullish key “outside markets”–crude oil prices are sharply higher and the U.S. dollar is weaker. The U.S. stock indexes are also higher, which is supportive for grains, too. Traders are awaiting this morning’s monthly USDA crop production and supply and demand reports.
