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Name: Jim Wyckoff
Location: Iowa
Hobbies: Boating, Camping, Hiking, and anything else outdoors
I am a Senior Market Analyst for
www.TradingEducation.com
a FREE educational website. I
have been involved with the stock, financial and futures
markets for more than 20 years. I became a financial
journalist with Futures World News for many years, where
I covered every futures market traded in the United
States at one time or another. Not long after I began my
career in financial journalism, I began studying
technical analysis. My extensive studies of technical
analysis and knowledge of markets led to several
positions, including chief technical analyst at several
reputable companies.
You can also read additional FREE
daily commentary at
www.TradingEducation.com.
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The mission of my morning web log, or "blog" is to provide you with
the very latest perspective and opinion on selected key markets.
I will help you start your trading day by providing you with concise
and valuable trading "nuggets" to help you in your daily trading plans. |
« August 2006 |
Main
| October 2006 »
September 2006 Archives
CURRENCIES
The December U.S. dollar index is higher in early morning dealings. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the September high of 85.82 and then at 86.00. Shorter-term support is seen at 85.50 and then at Thursday's low of 85.25. Wyckoff's Intra Day Market Rating: 7.0
The December Euro is lower in early trading. The Euro today finds heavier sell stop orders are likely located just below solid technical support at the September low of 1.2695 and then more sell stops just below support at 1.2650. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2767 and then at 1.2800. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff's Intra Day Market Rating: 4.0
METALS
Gold is trading lower in early morning dealings, following weaker crude. In December gold, shorter-term technical support is seen at the overnight low of $604.50 and then at $600.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $610.00 and then more buy stops just above shorter-term resistance at Thursday's high of $612.40. Wyckoff's Intra-Day Market Rating: 4.0
ENERGIES
Crude oil prices are lower in early electronic dealings. In November crude, look for buy stops to reside just above resistance at the overnight high of $62.78 and then just above resistance at $63.00. Look for sell stops just below technical support at $62.00, and then more sell stops just below support at $61.50. Wyckoff's Intra-Day Market Rating: 4.0
GRAINS
Prices were mostly higher in overnight electronic trading, on follow-through buying from solid gains Thursday. Traders are awaiting this morning's USDA quarterly grain stocks report. Bulls now have near-term technical momentum in the grains, as it appears the funds have taken an interest on the long side of these markets again. A weekly high close in the grains today would be significantly bullish to suggest harvest lows are in place.
September 29--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is higher stock indexes and bond prices. Crude oil and gold are lower. The U.S. dollar is higher in early trading.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is personal income and spending, the Chicago purchasing managers index, and the University of Michigan consumer sentiment index. St. Louis Fed president Poole speaks today.
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading. Today is the last day of the quarter, and bulls look to be in a buying mood to end it.
December S&P 500: 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 is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral for today. Today, shorter-term technical support comes in at Thursday's low of 1,343.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,340.00. Upside resistance for active traders today is located at Thursday's high of 1,350.30. 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 1,352.00. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,346.90
1st Support:------ 1,343.50
2nd Support:------ 1,339.70
1st Resistance:--- 1,350.70
2nd Resistance:--- 1,354.10
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. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support is located at Thursday's low of 733.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 725.00. On the upside, short-term resistance is seen at Thursday's high of 741.70. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at last week's high of 747.20. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 737.50
1st Support:------ 733.40
2nd Support:------ 729.35
1st Resistance:--- 741.60
2nd Resistance:--- 745.70
December Dow: For today, sell stops likely reside just below support at Thursday's low of 11,726 and then more stops just below support at 11,680. Buy stops likely reside just above shorter-term technical resistance at Thursday's high of 11,796 and then more buy stops just above resistance at the contract high of 11,830. 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 to bullish for today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 11,764
1st Support:------ 11,731
2nd Support:------ 11,694
1st Resistance:--- 11,801
2nd Resistance:--- 11,834
U.S. TREASURY BONDS AND NOTES
Prices are higher in early trading in Chicago. Bulls have faded a bit and need to show power today.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day and is above the 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish for today. Shorter-term technical resistance lies at 113 even. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at this week's high of 113 11/32. Shorter-term technical support lies at the overnigth low of 112 16/32. Sell stops likely reside just below that level. More sell stops are likely located below support at this week's low of 112 8/32. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 112 16/32
1st Support:----- 112 6/32
2nd Support:----- 111 31/32
1st Resistance:-- 112 23/32
2nd Resistance:-- 113 1/32
December U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bullish for today. Buy stops likely reside just above shorter-term technical resistance at 108.16.0, and more buy stops are likely located just above resistance at this week's high of 108.24.0. Shorter-term moving averages are bullish for today. The 4-day moving average is above the 9-day and the 18-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at Thursday's low of 108.03.0, and then more sell stops just below support at 108.00.0. Wyckoff's Intra Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 108.08.0
1st Support:------ 108.02.0
2nd Support:------ 107.30.0
1st Resistance:--- 108.12.0
2nd Resistance:--- 108.18.0
CURRENCIES
The December U.S. dollar index is near steady in early morning dealings. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at Wednesday's high of 85.54 and then at the September high of 85.82. Shorter-term support is seen at the overnight low of 85.25 and then at Tuesday's low of 84.96. Wyckoff's Intra Day Market Rating: 5.0
The December Euro is slightly higher in early trading. The Euro today finds sell stop orders are likely located just below technical support at this week's low of 1.2718 and then more sell stops just below solid support at last week's low of 1.2695. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2788 and then at 1.2800. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff's Intra Day Market Rating: 5.0
METALS
Gold is trading solidly higher in early morning dealings, a rebound in crude oil prices. In December gold, shorter-term technical support is seen at the overnight low of $604.00 and then at $600.00. Sell stops likely reside just below those levels. Buy stops likely reside just above solid resistance at the overnight high of $610.30 and then more buy stops just above shorter-term resistance at $615.00. Wyckoff's Intra-Day Market Rating: 8.0
ENERGIES
Crude oil prices are slightly higher in early electronic dealings, following strong gains Wednesday. In November crude, look for buy stops to reside just above resistance at the overnight high of $63.35 and then just above resistance at $64.00. Look for sell stops just below technical support at the overnight low of $62.55, and then more sell stops just below support at $62.00. Wyckoff's Intra-Day Market Rating: 5.0
GRAINS
Prices were mostly higher in overnight electronic trading. Trading has turned choppy in the grains. Bears still have the near-term technical advantage in soybeans, and bulls had gained some momentum in corn and wheat this week. My bias is still that there is not strong upside potential in corn and beans in the coming weeks, and wheat will be a follower of corn.
September 28--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in overnight/early morning trading today. Stock indexes are firmer and bond prices are weaker. Crude oil and gold are firmer. The U.S. dollar is near unchanged in early traing.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is the GDP report, weekly jobless claims, the Conference Board's help-wanted index, the Kansas City Fed manufacturing index, and the weekly DOE natural gas report. Also today, Boston Fed president Minehan speaks, as does Philadelphia Fed president Plosser.
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading. Bulls still have near-term technical momentum on their side.
December S&P 500: 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 is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish for today. Today, shorter-term technical support comes in at Wednesday's low of 1,343.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,340.00. Upside resistance for active traders today is located at Wednesday's high of 1,350.20. 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 1,352.00. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,347.00
1st Support:------ 1,343.90
2nd Support:------ 1,340.00
1st Resistance:--- 1,350.90
2nd Resistance:--- 1,354.00
December Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral today. The 4-day moving average is below the 9-day. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical support is located at Wednesday's low of 732.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 725.00. On the upside, short-term resistance is seen at last week's high of 747.20. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 750.00. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 737.40
1st Support:------ 734.70
2nd Support:------ 729.30
1st Resistance:--- 742.80
2nd Resistance:--- 745.50
December Dow: For today, sell stops likely reside just below support at Wednesday's low of 11,724 and then more stops just below support at 11,680. Buy stops likely reside just above shorter-term technical resistance at Wednesday's high of 11,790 and then more buy stops just above resistance at the contract high of 11,830. 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: 7.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 11,763
1st Support:------ 11,735
2nd Support:------ 11,697
1st Resistance:--- 11,801
2nd Resistance:--- 11,829
U.S. TREASURY BONDS AND NOTES
Prices are slightly lower in early trading in Chicago. Bulls still have some near-term technical momentum on their side.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day and is above the 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish for today. Shorter-term technical resistance lies at 113 even. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at this week's high of 113 11/32. Shorter-term technical support lies at this week's low of 112 18/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 112 8/32. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 112 27/32
1st Support:----- 112 14/32
2nd Support:----- 112 5/32
1st Resistance:-- 113 4/32
2nd Resistance:-- 113 17/32
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 108.16.0, and more buy stops are likely located just above resistance at this week's high of 108.24.0. Shorter-term moving averages are bullish for today. The 4-day moving average is above the 9-day and the 18-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at Wednesday's low of 108.08.0, and then more sell stops just below support at 108.00.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 108.14.0
1st Support:------ 108.04.0
2nd Support:------ 107.31.0
1st Resistance:--- 108.19.0
2nd Resistance:--- 108.29.0
CURRENCIES
The December U.S. dollar index is firmer in early morning dealings. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at Tuesday's high of 85.53 and then at the September high of 85.82. Shorter-term support is seen at 85.25 and then at Tuesday's low of 84.96. Wyckoff's Intra Day Market Rating: 6.0
The December Euro is slightly lower in early trading. The Euro today finds sell stop orders are likely located just below technical support at Tuesday's low of 1.2718 and then more sell stops just below solid support at last week's low of 1.2695. Shorter-term technical resistance for the Euro is seen at 1.2800 and then at 1.2850. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff's Intra Day Market Rating: 4.0
METALS
Gold is trading higher in early morning dealings, amid higher crude oil prices. In December gold, shorter-term technical support is seen at the overnight low of $595.40 and then at $590.00. Sell stops likely reside just below those levels. Buy stops likely reside just above solid resistance at the overnight high of $602.70 and then more buy stops just above shorter-term resistance at $605.00. Wyckoff's Intra-Day Market Rating: 6.0
ENERGIES
Crude oil prices are higher in early electronic dealings, on short covering. Bears are still in near-term technical command. In November crude, look for buy stops to reside just above resistance at $62.00 and then just above resistance at $62.50. Look for sell stops just below technical support at the overnight low of $61.10, and then more sell stops just below support at $60.50. Wyckoff's Intra-Day Market Rating: 3.0
GRAINS
Prices were mixed in overnight electronic trading. Bears still have the near-term technical advantage in soybeans, and bulls have gained some momentum in corn and wheat this week. The strength in corn recently has been surprising, coming right during harvest. But my bias is still that there is not strong upside potential in corn and beans in the coming weeks.
September 27--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The real feature in overnight/early morning trading today is firmer stock and bond prices. Crude oil and gold are also higher. The U.S. dollar is slightly higher early today.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is the MBA refinancing index, durable goods orders, new home sales, weekly DOE liquid energy stocks data, and the Chicago Fed midwest manufacturing index. Fed governor Krozny speaks in New York today and Kansas City Fed president Hoenig speaks in Nebraska.
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading, following good gains Tuesday. Bulls have near-term technical momentum on their side.
December S&P 500: Prices poked to a fresh 4.5-month high overnight. 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 is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish for today. Today, shorter-term technical support comes in at 1,340.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Tuesday's low of 1,333.50. Upside resistance for active traders today is located at the overnight high of 1,348.40. 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 1,352.00. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,342.50
1st Support:------ 1,337.75
2nd Support:------ 1,328.85
1st Resistance:--- 1,351.40
2nd Resistance:--- 1,356.00
December Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral today. The 4-day moving average is below the 9-day. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical support is located at Tuesday's low of 731.25. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 725.00. On the upside, short-term resistance is seen at the overnight high of 739.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the September high of 747.20. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 734.65
1st Support:------ 731.50
2nd Support:------ 728.15
1st Resistance:--- 738.00
2nd Resistance:--- 741.15
December Dow: For today, sell stops likely reside just below support at 11,700 and then more stops just below support at Tuesday's low of 11,640. Buy stops likely reside just above shorter-term technical resistance at 11,800 and then more buy stops just above resistance at the contract high of 11,830. 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 bullish for today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 11,714
1st Support:------ 11,674
2nd Support:------ 11,601
1st Resistance:--- 11,787
2nd Resistance:--- 11,827
U.S. TREASURY BONDS AND NOTES
Prices are slightly higher in early trading in Chicago. Bulls still have near-term technical momentum.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day and is above the 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish for today. Shorter-term technical resistance lies at 113 even. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at this week's high of 113 11/32. Shorter-term technical support lies at Tuesday's low of 112 22/32. Sell stops likely reside just below that level. More sell stops are likely located below support at this week's low of 112 18/32. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 112 30/32
1st Support:----- 112 20/32
2nd Support:----- 112 11/32
1st Resistance:-- 113 7/32
2nd Resistance:-- 113 17/32
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 Monday's high of 108.16.0, and more buy stops are likely located just above resistance at this week's high of 108.24.0. Shorter-term moving averages are bullish for today. The 4-day moving average is above the 9-day and the 18-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 108.09.0, and then more sell stops just below support at 108.00.0. Wyckoff's Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 108.15.0
1st Support:------ 108.08.0
2nd Support:------ 108.02.0
1st Resistance:--- 108.21.0
2nd Resistance:--- 108.28.0
CURRENCIES
The December U.S. dollar index is higher in early morning dealings. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.35 and then at 85.50. Shorter-term support is seen at the overnight low of 84.96 and then at 84.80. Wyckoff's Intra Day Market Rating: 6.0
The December Euro is lower in early trading. The Euro today finds sell stop orders are likely located just below technical support at the overnight low of 1.2741 and then more sell stops just below solid support at 1.2700. Shorter-term technical resistance for the Euro is seen at 1.2800 and then at the overnight high of 1.2820. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff's Intra Day Market Rating: 4.0
METALS
Gold is trading lower in early morning dealings, amid lower crude oil prices. In December gold, shorter-term technical support is seen at $590.00 and then at $585.00. Sell stops likely reside just below those levels. Buy stops likely reside just above solid resistance at $600.00 and then more buy stops just above shorter-term resistance at $605.00. Wyckoff's Intra-Day Market Rating: 4.0
ENERGIES
Crude oil prices are modestly lower in early electronic dealings. Bears are still in firm near-term technical command. In November crude, look for buy stops to reside just above resistance at $62.00 and then just above resistance at $62.50. Look for sell stops just below technical support at the overnight low of $60.82, and then more sell stops just below support at $60.00. Wyckoff's Intra-Day Market Rating: 2.5
GRAINS
Prices were higher in overnight electronic trading, on some short covering following losses Monday. Bears still have the near-term technical advantage in soybeans, and bulls have lost some momentum in corn and wheat, amid a lack of fresh bullish fundamental news, and amid U.S. corn and soybean harvest moving into full swing. Corn appears to have put in a harvest low. My bias is that there is not strong upside potential in corn and beans in the coming weeks.
September 26--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in overnight/early morning trading today. Treasuries are weaker and U.S. stock index prices are narrowly mixed. Crude oil and gold are slightly lower. The U.S. dollar is higher early today.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is the weekly ICSC store sales index, Redbook retail sales, the Richmond Fed manufacturing index and the Conference Board's consumer confidence index. Fed governor Bies speaks today in Washington.
U.S. STOCK INDEXES
The stock indexes are narrowly mixed in early morning electronic trading, following good gains Monday. Bulls have some near-term technical momentum on their side following Monday's strength.
December S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are neutral 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 for today. Today, shorter-term technical support comes in at 1,330.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,325.00. Upside resistance for active traders today is located at Monday's high of 1,340.00. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,345.00. Wyckoff's Intra-day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,332.50
1st Support:------ 1,324.87
2nd Support:------ 1,314.00
1st Resistance:--- 1,343.25
2nd Resistance:--- 1,350.85
December Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are turning bearish today. The 4-day moving average is below the 9-day. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support is located at 725.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at last week's low of 719.00. On the upside, short-term resistance is seen at Monday's high of 734.50. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 740.00. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 729.00
1st Support:------ 723.65
2nd Support:------ 714.60
1st Resistance:--- 738.15
2nd Resistance:--- 743.60
December Dow: For today, sell stops likely reside just below support at 11,600 and then more stops just below support at Monday's low of 11,560. Buy stops likely reside just above shorter-term technical resistance at Monday's high of 11,698 and then more buy stops just above resistance at last week's high of 11,720. 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: 6.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 11,635
1st Support:------ 11,573
2nd Support:------ 11,497
1st Resistance:--- 11,711
2nd Resistance:--- 11,773
U.S. TREASURY BONDS AND NOTES
Prices are weaker in early trading in Chicago, on mild profit-taking pressure from recent strong gains. Bulls still have near-term technical momentum after strong recent gains.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day and is above the 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish for today. Shorter-term technical resistance lies at Monday's high of 113 11/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 113 16/32. Shorter-term technical support lies at Monday's low of 112 18/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 112 8/32. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 113 even
1st Support:----- 112 22/32
2nd Support:----- 112 7/32
1st Resistance:-- 113 15/32
2nd Resistance:-- 113 25/32
December U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bullish for today. Buy stops likely reside just above shorter-term technical resistance at Monday's high of 108.22.5, and more buy stops are likely located just above resistance at 109.00.0. Shorter-term moving averages are bullish for today. The 4-day moving average is above the 9-day and the 18-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at Monday's low of 108.09.5, and then more sell stops just below support at 108.00.0. Wyckoff's Intra Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 108.18.0
1st Support:------ 108.12.0
2nd Support:------ 108.04.0
1st Resistance:--- 108.26.0
2nd Resistance:--- 109.00.0
CURRENCIES
The December U.S. dollar index is firmer in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 84.98 and then at 85.25. Shorter-term support is seen at the overnight low of 84.68 and then at last week's low of 84.56. Wyckoff's Intra Day Market Rating: 4.0
The December Euro is weaker in early trading. The Euro today finds sell stop orders are likely located just below technical support at the overnight low of 1.2820 and then more sell stops just below solid support at 1.2800. Shorter-term technical resistance for the Euro is seen at 1.2900 and then at 1.2950. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff's Intra Day Market Rating: 5.0
METALS
Gold is trading weaker in early morning dealings, amid lower crude oil prices. In December gold, shorter-term technical support is seen at $590.00 and then at $585.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $596.80 and then heavier buy stops just above solid shorter-term resistance at $600.00. Wyckoff's Intra-Day Market Rating: 5.0
ENERGIES
Crude oil prices are lower in early electronic dealings. Prices dropped below major psychological support at $60.00 overnight. Bears are still in firm near-term technical command. In November crude, look for buy stops to reside just above resistance at the overnight high of $60.40 and then just above resistance at $61.00. Look for sell stops just below technical support at the overnight low of $59.52, and then more sell stops just below support at $59.00. Wyckoff's Intra-Day Market Rating: 2.5
GRAINS
Prices were mostly lower in overnight electronic trading, amid a lack of fresh bullish fundamental news, and amid U.S. corn and soybean harvest moving into full swing. Corn appears to have put in a harvest low. Wheat bulls had a good week last week and are looking for more on the upside. My bias is that there is not strong upside potential in corn and beans in the coming weeks.
September 25--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is firmer Treasury and U.S. stock index prices. Crude oil and gold are lower, with crude below $60. The U.S. dollar is slightly firmer early today.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is existing home sales and the Dallas Fed manufacturing index. Dallas Fed president Fisher speaks today, as does New York Fed president Geithner. President Bush also speaks on the economy today.
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading, on a corrective bounce from losses sustained late last week. Bulls are fading and need to step up and show some power today.
December S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are turning bearish 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 for today. Today, shorter-term technical support comes in at Friday's low of 1,321.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,315.00. Upside resistance for active traders today is located at Friday's high of 1,331.40. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,335.00. Wyckoff's Intra-day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,326.20
1st Support:------ 1,321.00
2nd Support:------ 1,316.00
1st Resistance:--- 1,331.15
2nd Resistance:--- 1,336.35
December Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are turning bearish today. The 4-day moving average is below the 9-day. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support is located at Friday's low of 719.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Wednesday's low of 715.00. On the upside, short-term resistance is seen at 730.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at Friday's high of 734.70. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 725.85
1st Support:------ 717.00
2nd Support:------ 710.15
1st Resistance:--- 732.65
2nd Resistance:--- 741.53
December Dow: For today, sell stops likely reside just below support at Friday's low of 11,553 and then more stops just below support at 11,500. Buy stops likely reside just above shorter-term technical resistance at Friday's high of 11,615 and then heavier buy stops just above resistance at Thursday's high of 11,650. Shorter-term moving averages are turning bearish, as the 4-day moving average is turning down. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bearish for today. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 11,587
1st Support:------ 11,559
2nd Support:------ 11,525
1st Resistance:--- 11,621
2nd Resistance:--- 11,649
U.S. TREASURY BONDS AND NOTES
Prices are higher in early trading in Chicago, and have hit multi-month highs again. Bulls have solid near-term technical momentum after strong recent gains.
December U.S. T-Bonds: Prices hit a fresh 7.5-month high overnight. Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day and is above the 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish for today. Shorter-term technical resistance lies at the overnight high of 112 30/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 113 even. Shorter-term technical support lies at the overnight low of 112 18/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 112 8/32. Wyckoff's Intra-Day Market Rating: 9.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 112 14/32
1st Support:----- 112 7/32
2nd Support:----- 111 26/32
1st Resistance:-- 112 27/32
2nd Resistance:-- 113 2/32
December U.S. T-Notes: Prices hit a fresh eight-month high overight. Shorter-term oscillators (RSI, slow stochastics) are bullish for today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 108.17.0, and more buy stops are likely located just above resistance at 108.24.0. Shorter-term moving averages are bullish for today. The 4-day moving average is above the 9-day and the 18-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 108.09.5, and then more sell stops just below support at 108.00.0. Wyckoff's Intra Day Market Rating: 9.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 108.08.0
1st Support:------ 108.03.0
2nd Support:------ 107.27.0
1st Resistance:--- 108.16.0
2nd Resistance:--- 108.21.0
CURRENCIES
The December U.S. dollar index is lower in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 84.86 and then at 85.00. Shorter-term support is seen at the overnight low of 84.60 and then at 84.28. Wyckoff's Intra Day Market Rating: 2.5
The December Euro is higher in early trading. The Euro today finds sell stop orders are likely located just below technical support at the overnight low of 1.2838 and then more sell stops just below solid support at 1.2800. Shorter-term technical resistance for the Euro is seen at 1.2900 and then at 1.2950. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff's Intra Day Market Rating: 8.0
METALS
Gold is trading solidly higher in early morning dealings, amid the weaker dollar. In December gold, shorter-term technical support is seen at $595.00 and then at $590.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $598.20 and then heavier buy stops just above solid shorter-term resistance at $600.00. Wyckoff's Intra-Day Market Rating: 6.0
ENERGIES
Crude oil prices are modestly higher in early electronic dealings. Short covering is featured. Bears are still in firm near-term technical command. It still looks like prices will push below major psychological support at $60.00 a barrel soon. In November crude, look for buy stops to reside just above resistance at the overnight high of $62.26 and then just above resistance at $62.50. Look for sell stops just below technical support at the overnight low of $61.71, and then more sell stops just below support at $61.50. Wyckoff's Intra-Day Market Rating: 3.5
GRAINS
Prices were mostly lower in overnight electronic trading, following strong gains Thursday. Corn appears to have put in a harvest low, and a weekly high close in soybeans today would also begin to suggest a market low being in place. Wheat bulls have had a good week and are looking for more on the upside. My bias is that there is not strong upside potential in corn and beans heading into the teeth of harvest, when most farmers sell their crops right off the combines.
September 22--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is stronger Treasury prices. Stock indexes are weaker. Gold is solidly higher and crude oil prices are firmer. The U.S. dollar is slightly lower early today.
U.S. ECONOMIC REPORTS/EVENTS
There are no major reports on tap for today.
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading, on follow-through from solid losses Thursday. Bulls are fading a bit and need to step up and show some power today.
December S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are turning bearish today. The 4-day moving average is turning down. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish for today. Today, shorter-term technical support comes in at Thursday's low of 1,325.60. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this week's low of 1,323.00. Upside resistance for active traders today is located at the overnight high of 1,331.40. Buy stops are likely located just above that price level, and then heavier buy stops are likely located just above chart resistance at Thursday's high of 1,339.90. Wyckoff's Intra-day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,331.95
1st Support:------ 1,324.00
2nd Support:------ 1,317.65
1st Resistance:--- 1,338.25
2nd Resistance:--- 1,346.25
December Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are turning bearish today. The 4-day moving average is turning down. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support is located at Thursday's low of 730.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Wednesday's low of 725.00. On the upside, short-term resistance is seen at 740.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at Thursday's high of 747.20. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 736.90
1st Support:------ 726.70
2nd Support:------ 719.75
1st Resistance:--- 743.90
2nd Resistance:--- 754.15
December Dow: For today, sell stops likely reside just below support at Thursday's low of 11,583 and then more stops just below support at this week's low of 11,565. Buy stops likely reside just above shorter-term technical resistance at 11,665 and then heavier buy stops just above resistance at Thursday's high of 11,720. Shorter-term moving averages are turning bearish, as the 4-day moving average is turning down. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bearish for today. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 11,642
1st Support:------ 11,564
2nd Support:------ 11,505
1st Resistance:--- 11,701
2nd Resistance:--- 11,779
U.S. TREASURY BONDS AND NOTES
Prices are solidly higher in early trading in Chicago. Bulls have solid near-term technical momentum after strong gains to fresh multi-month highs overnight.
December U.S. T-Bonds: Prices hit a fresh 6.5-month high overnight. Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day and is above the 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish for today. Shorter-term technical resistance lies at the overnight high of 112 17/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 112 24/32. Shorter-term technical support lies at the overnight low of 112 2/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 24/32. Wyckoff's Intra-Day Market Rating: 9.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 111 25/32
1st Support:----- 111 12/32
2nd Support:----- 110 21/32
1st Resistance:-- 112 16/32
2nd Resistance:-- 112 29/32
December U.S. T-Notes: Prices hit a fresh eight-month high overight. Shorter-term oscillators (RSI, slow stochastics) are bullish for today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 108.10.5, and more buy stops are likely located just above resistance at 108.16.0. Shorter-term moving averages are bullish for today. The 4-day moving average is above the 9-day and the 18-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 107.31.5, and then more sell stops just below support at 107.24.0. Wyckoff's Intra Day Market Rating: 9.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 107.26.0
1st Support:------ 107.18.0
2nd Support:------ 107.01.0
1st Resistance:--- 108.11.0
2nd Resistance:--- 108.19.0
CURRENCIES
The December U.S. dollar index is lower in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.34 and then at 85.50. Shorter-term support is seen at the overnight low of 85.10 and then at 85.00. Wyckoff's Intra Day Market Rating: 4.0
The December Euro is higher in early trading. The Euro today finds sell stop orders are likely located just below technical support at the overnight low of 1.2745 and then heavier sell stops just below solid support at last week's low of 1.2695. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2824 and then at 1.2850. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff's Intra Day Market Rating: 6.0
METALS
Gold is trading slightly higher in early morning dealings. In December gold, shorter-term technical support is seen at $585.00 and then at the overnight low of $580.40. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $590.00 and then more buy stops just above shorter-term resistance at $595.00. Wyckoff's Intra-Day Market Rating: 4.0
ENERGIES
Crude oil prices are higher in early electronic dealings. Bears are still in firm near-term technical command. It now looks like prices will push below major psychological support at $60.00 a barrel soon. In November crude, look for buy stops to reside just above resistance at $61.50 and then just above resistance at $62.00. Look for sell stops just below technical support at the overnight low of $60.80, and then more sell stops just below support at Wednesday's low of $60.61. Wyckoff's Intra-Day Market Rating: 2.5
GRAINS
Prices were mostly firmer in overnight electronic trading. Traders are awaiting today's weekly USDA export sales report. Early harvest reports are suggesting bigger yields than expected for beans in the Corn Belt, and that's a negative for bean futures. My bias is that there is not strong downside price potential in the grains, but not strong upside price potential, either. That means more "trading range" type of activity in the coming weeks.
September 21--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is higher stock index prices. Gold is near steady and crude oil prices are firmer. Treasuries are slightly weaker early. The U.S. dollar is lower early today.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is weekly jobless claims, the Chicago Fed national activity index, leading economic indicators, weekly DOE natural gas stocks, the Philadelphia Fed business index, and weekly USDA export sales.
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading. Bulls have near-term technical momentum on their side, after multi-month highs were scored Wednesday.
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 is above the 18-day moving average. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish for today. Today, shorter-term technical support comes in at the overnight low of 1,335.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Wednesday's low of 1,329.70. Upside resistance for active traders today is located at Wednesday's high of 1,339.50. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,345.00. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,335.25
1st Support:------ 1,331.00
2nd Support:------ 1,325.50
1st Resistance:--- 1,340.75
2nd Resistance:--- 1,345.00
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 today and is above the 18-day moving average. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical support is located at the overnight low of 741.55. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Wednesday's low of 735.85. On the upside, short-term resistance is seen at 750.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 760.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 740.50
1st Support:------ 737.25
2nd Support:------ 732.60
1st Resistance:--- 745.15
2nd Resistance:--- 748.40
December Dow: For today, sell stops likely reside just below support at Wednesday's low of 11,655 and then more stops just below support at 11,600. Buy stops likely reside just above shorter-term technical resistance at Wednesday's high of 11,715 and then more buy stops just above resistance at 11,750. Shorter-term moving averages are bullish today, as the 4-day moving average is above the 9-day and is above the 18-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bullish for today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 11,689
1st Support:------ 11,663
2nd Support:------ 11,629
1st Resistance:--- 11,723
2nd Resistance:--- 11,749
U.S. TREASURY BONDS AND NOTES
Prices are weaker in early trading in Chicago. Bulls still have near-term technical momentum after solid gains to fresh multi-month highs this week.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day and is above the 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish for today. Shorter-term technical resistance lies at Wednesday's high of 111 13/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 24/32. Shorter-term technical support lies at Wednesday's low of 110 31/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 24/32. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 111 6/32
1st Support:----- 111 even
2nd Support:----- 110 24/32
1st Resistance:-- 111 14/32
2nd Resistance:-- 111 20/32
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 Wednesday's high of 107.18.5, and more buy stops are likely located just above resistance at 107.24.0. Shorter-term moving averages are bullish for today. The 4-day moving average is above the 9-day and the 18-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at 107.08.0, and then more sell stops just below support at 107.00.0. Wyckoff's Intra Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 107.14.0
1st Support:------ 107.09.0
2nd Support:------ 107.05.0
1st Resistance:--- 107.18.0
2nd Resistance:--- 107.23.0
CURRENCIES
The December U.S. dollar index is steady in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at Tuesday's high of 85.68 and then at the September high of 85.82. Shorter-term support is seen at the overnight low of 85.50 and then at Tuesday's low of 85.25. Wyckoff's Intra Day Market Rating: 6.0
The December Euro is near steady in early trading. The Euro today finds heavier sell stop orders are likely located just below solid technical support at last week's low of 1.2695 and then just below support at 1.2670. Shorter-term technical resistance for the Euro is seen at Tuesday's high of 1.2790 and then at last week's high of 1.2820. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff's Intra Day Market Rating: 5.0
METALS
Gold is trading slightly lower in early morning dealings. In December gold, shorter-term technical support is seen at the overnight low of $578.30 and then at last week's low of $576.60. Sell stops likely reside just below those levels, with heavier stops just below last week's low. Buy stops likely reside just above resistance at the overnight high of $582.60 and then more buy stops just above shorter-term resistance at $585.00. Wyckoff's Intra-Day Market Rating: 3.0
ENERGIES
Crude oil prices are solidly lower in early electronic dealings. Crude oil hit another fresh nine-month low overnight. Bears are still in firm near-term technical command. It now looks like prices will push below major psychological support at $60.00 a barrel soon. In November crude, look for buy stops to reside just above resistance at $62.00 and then just above resistance at the overnight high of $62.34. Look for sell stops just below technical support at the overnight low of $61.10, and then more sell stops just below support at $60.50. Wyckoff's Intra-Day Market Rating: 2.0
GRAINS
Prices were mostly firmer in overnight electronic trading, on some short covering in corn and beans following losses Tueseday. Wheat saw follow-through strength from strong gains Tuesday. Bears are regaining some momentum in beans, and that could drag corn lower soon, too. My bias is that there is not strong downside price potential in the grains, but not strong upside price potential, either. That means more "trading range" type of activity in the coming weeks.
September 20--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is solidly lower crude oil prices. Gold is also lower. Stock indexes are firmer and Treasuries are weaker early. The U.S. dollar is steady early today.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is the MBA refinancing index, DOE liquid energy stocks weekly data, and the Fed's FOMC meeting is today, in which the Fed is not expected to raise U.S. interest rates.
U.S. STOCK INDEXES
The stock indexes are firmer 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 and is above the 18-day moving average. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral for today. Today, shorter-term technical support comes in at the overnight low of 1,329.70. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Tuesday's low of 1,323.00. Upside resistance for active traders today is located at the September high of 1,336.50. Heavier buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,340.00. Wyckoff's Intra-day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,329.25
1st Support:------ 1,324.25
2nd Support:------ 1,318.00
1st Resistance:--- 1,335.50
2nd Resistance:--- 1,340.50
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 today and is above the 18-day moving average. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support is located at 725.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Tuesday's low of 720.50. On the upside, short-term resistance is seen at Tuesday's high of 737.25. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the July high of 742.30. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 730.00
1st Support:------ 722.50
2nd Support:------ 713.25
1st Resistance:--- 739.25
2nd Resistance:--- 746.50
December Dow: For today, sell stops likely reside just below support at 11,600 and then more stops just below support at Tuesday's low of 11,565. Buy stops likely reside just above shorter-term technical resistance at Tuesday's high of 11,660 and then more buy stops just above resistance at last week's high of 11,704. Shorter-term moving averages are bullish today, as the 4-day moving average is above the 9-day and is above the 18-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bearish for today. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 11,617
1st Support:------ 11,573
2nd Support:------ 11,522
1st Resistance:--- 11,668
2nd Resistance:--- 11,712
U.S. TREASURY BONDS AND NOTES
Prices are steady to slightly weaker in early trading in Chicago. Bulls do have fresh near-term technical momentum after strong gains Tuesday.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day and is above the 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish for today. Shorter-term technical resistance lies at the September high of 111 8/32. Heavier buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 16/32. Shorter-term technical support lies at the overnight low of 111 even. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 24/32. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 110 26/32
1st Support:----- 110 14/32
2nd Support:----- 109 23/32
1st Resistance:-- 111 17/32
2nd Resistance:-- 111 29/32
December U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral for today. Heavier buy stops likely reside just above shorter-term technical resistance at the September high of 107.16.0, and more buy stops are likely located just above resistance at 107.24.0. Shorter-term moving averages are bullish for today. The 4-day moving average is above the 9-day and the 18-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at 107.08.8, and then more sell stops just below support at 107.00.0. Wyckoff's Intra Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 107.06.0
1st Support:------ 106.30.0
2nd Support:------ 106.15.0
1st Resistance:--- 107.21.0
2nd Resistance:--- 107.29.0
CURRENCIES
The December U.S. dollar index is firmer in early morning dealings. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.65 and then at Monday's high of 85.76. Shorter-term support is seen at the overnight low of 85.37 and then at 85.26. Wyckoff's Intra Day Market Rating: 7.0
The December Euro is lower in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at the overnight low of 1.2714 and then just below support at last week's low of 1.2695. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2790 and then at last week's high of 1.2820. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff's Intra Day Market Rating: 3.0
METALS
Gold is trading lower in early morning dealings. In December gold, shorter-term technical support is seen at the overnight low of $587.40 and then at $585.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $595.20 and then heavier buy stops just above major resistance at $600.00. Wyckoff's Intra-Day Market Rating: 3.5
ENERGIES
Crude oil prices are trading firmer in early electronic dealings, on more tepid short covering in a bear market. Bears are still in firm near-term technical command. In October crude, look for buy stops to reside just above resistance at $65.00 and then just above resistance at $65.50. Look for sell stops just below technical support at $64.00, and then more sell stops just below support at $63.50. Wyckoff's Intra-Day Market Rating: 3.0
GRAINS
Prices were mostly higher in overnight electronic trading, on follow-through strength from good gains Monday. There are now some early clues that harvest lows could be in place. But my bias is that there is not strong downside price potential in the grains, but not strong upside price potential, either. That means more "trading range" type of activity in the coming weeks.
September 19--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in overnight/early morning trading today. Gold is lower. Crude oil is firmer, stock indexes are weaker and Treasuries are also weaker early. The U.S. dollar is firmer early today.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is the ISCS store sales index, housing starts, the producer price index, and Redbook retail sales.
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 and is above the 18-day moving average. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish for today. Today, shorter-term technical support comes in at the overnight low of 1,327.60. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,323.00. Upside resistance for active traders today is located at the overnight high of 1,333.80. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at last week's high of 1,336.50. Wyckoff's Intra-day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,333.20
1st Support:------ 1,330.00
2nd Support:------ 1,325.80
1st Resistance:--- 1,337.40
2nd Resistance:--- 1,340.60
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 today and is above the 18-day moving average. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support is located at Monday's low of 731.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 723.00. On the upside, short-term resistance is seen at Monday's high of 740.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the July high of 742.30. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 735.60
1st Support:------ 731.20
2nd Support:------ 726.60
1st Resistance:--- 740.20
2nd Resistance:--- 744.60
December Dow: For today, sell stops likely reside just below support at Monday's low of 11,612 and then more stops just below support at 11,600. Buy stops likely reside just above shorter-term technical resistance at Monday's high of 11,680 and then more buy stops just above resistance at last week's high of 11,704. Shorter-term moving averages are bullish today, as the 4-day moving average is above the 9-day and is above the 18-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish for today. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 11,647
1st Support:------ 11,614
2nd Support:------ 11,579
1st Resistance:--- 11,682
2nd Resistance:--- 11,715
U.S. TREASURY BONDS AND NOTES
Prices are weaker in early trading in Chicago. Bulls are fading and need to show power very soon.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bearish today. The 4-day moving average is below the 9-day and is above the 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish for today. Shorter-term technical resistance lies at the overnight high of 110 10/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Monday's high of 110 18/32. Shorter-term technical support lies at the overnight low of 110 3/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Monday's low of 109 25/32. Wyckoff's Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 110 7/32
1st Support:----- 109 27/32
2nd Support:----- 109 14/32
1st Resistance:-- 110 20/32
2nd Resistance:-- 111 even
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 106.27.0, and more buy stops are likely located just above resistance at Monday's high of 107.00.0. Shorter-term moving averages are bearish for today. The 4-day moving average is below the 9-day and below the 18-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 106.22.5, and then more sell stops just below support at Monday's low of 106.17.5. Wyckoff's Intra Day Market Rating: 4.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 106.26.0
1st Support:------ 106.20.0
2nd Support:------ 106.12.0
1st Resistance:--- 107.02.0
2nd Resistance:--- 107.08.0
CURRENCIES
The December U.S. dollar index is steady in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at Friday's high of 85.82 and then at 86.00. Shorter-term support is seen at the overnight low of 85.52 and then at this week's low of 85.26. Wyckoff's Intra Day Market Rating: 7.0
The December Euro is near steady in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at last week's low of 1.2695 and then just below support at 1.2650. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2749 and then at 1.2800. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff's Intra Day Market Rating: 4.0
METALS
Gold is trading higher in early morning dealings, on short covering from recent losses. Prices hit a fresh three-month low Friday. In December gold, shorter-term technical support is seen at $585.00 and then at $580.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $590.60 and then more buy stops just above resistance at $595.00. Wyckoff's Intra-Day Market Rating: 4.5
ENERGIES
Crude oil prices are trading firmer in early electronic dealings, on tepid short covering in a bear market. Bears are still in firm near-term technical command. In October crude, look for buy stops to reside just above resistance at $64.00 and then just above resistance at $64.50. Look for sell stops just below technical support at the overnight low of $63.20, and then more sell stops just below support at $63.00. Wyckoff's Intra-Day Market Rating: 3.0
GRAINS
Prices were mostly higher in overnight electronic trading, some more short covering following decent gains Friday. Seasonal studies still favor the corn and bean bears this time of year, as harvest is under way for those crops. But my bias is that there is not strong downside price potential in the grains, with prices at present levels. Strong closes Monday would be an early clue that harvest lows could be in place.
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in overnight/early morning trading today. Gold is higher. Crude oil is firmer, stock indexes are firmer and Treasuries are lower early. The U.S. dollar is near steady early today.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is the U.S. current account deficit, Treasury international capital inflows data, and the NAHB housing index.
U.S. STOCK INDEXES
The stock indexes are firmer 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 bullish today. The 4-day moving average is above the 9-day and is above the 18-day moving average. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral for today. Today, shorter-term technical support comes in at Friday's low of 1,328.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,323.00. Upside resistance for active traders today is located at Friday's high of 1,356.50. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,360.00. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,332.25
1st Support:------ 1,328.00
2nd Support:------ 1,324.00
1st Resistance:--- 1,336.50
2nd Resistance:--- 1,340.75
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 today and is above the 18-day moving average. The 9-day moving aver |
