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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. |
« September 2006 |
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| November 2006 »
October 2006 Archives
Tuesday, October 31--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is weaker crude oil prices that have fallen to 15-month lows below $58.00 a barrel.
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading. Bulls are losing some upside technical momentum. The indexes are due for some more profit-taking pressure.
December S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are turning slightly 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. Short-term oscillators (RSI, slow stochastics) are bearish today. Today, shorter-term technical support comes in at Monday's low of 1,379.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,375.00. Upside resistance for active traders today is located at Monday's high of 1,386.80. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,390.00. Wyckoff's Intra-day Market Rating: 6
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,383.00
1st Support:------ 1,379.20
2nd Support:------ 1,375.20
1st Resistance:--- 1,387.00
2nd Resistance:--- 1,390.80
December Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish today. The 4-day moving average is back 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 770.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Monday's low of 764.00. On the upside, short-term resistance is seen at Monday's high of 775.75. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at last week's high of 780.00. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 771.10
1st Support:------ 766.50
2nd Support:------ 759.35
1st Resistance:--- 778.25
2nd Resistance:--- 782.90
December Dow: For today, sell stops likely reside just below support at Monday's low of 12,081 and then more stops just below support at 12,000. Buy stops likely reside just above shorter-term technical resistance at Monday's high of 12,154 and then more buy stops just above resistance at the contract high of 12,213. Shorter-term moving averages are turning slightly bearish, as the 4-day moving average is above the 9-day, but 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: 6.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 12,119
1st Support:------ 12,084
2nd Support:------ 12,046
1st Resistance:--- 12,157
2nd Resistance:--- 12,192
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer early today, on follow-through strength from recent good gains. Bulls still have 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 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 Monday's high of 112 2/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 112 8/32. Shorter-term technical support lies at Monday's low of 111 22/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 16/32. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 111 29/32
1st Support:----- 111 24/32
2nd Support:----- 111 17/32
1st Resistance:-- 112 4/32
2nd Resistance:-- 112 9/32
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 107.28.5, and more buy stops are likely located just above resistance at 108.00.0. Shorter-term moving averages are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average today. Sell stop orders are likely located just below support at Monday's low of 107.21.5, and then more sell stops just below support at 107.16.0. Wyckoff's Intra Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 107.25.0
1st Support:------ 107.22.0
2nd Support:------ 107.18.0
1st Resistance:--- 107.29.0
2nd Resistance:--- 108.00.0
Monday, October 30--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. Stock indexes are weaker and Treasuries are slightly higher. The U.S. dollar is slightly higher today.
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading. Bulls are losing some upside technical momentum. The indexes are due for some more profit-taking soon.
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 bearish today. Today, shorter-term technical support comes in at the overnight low of 1,380.30. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,375.00. Upside resistance for active traders today is located at the overnight high of 1,384.30. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,390.00. Wyckoff's Intra-day Market Rating: 5
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,386.50
1st Support:------ 1,379.55
2nd Support:------ 1,374.25
1st Resistance:--- 1,391.75
2nd Resistance:--- 1,398.70
December Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish today. The 4-day moving average is back above 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 765.00. 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 761.25. On the upside, short-term resistance is seen at 773.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at last week's high of 780.00. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 772.60
1st Support:------ 766.00
2nd Support:------ 762.00
1st Resistance:--- 776.65
2nd Resistance:--- 783.27
December Dow: For today, sell stops likely reside just below support at Friday's low of 12,110 and then more stops just below support at 12,050. Buy stops likely reside just above shorter-term technical resistance at Friday's high of 12,190 and then more buy stops just above resistance at the contract high of 12,213. 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 bearish for today. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 12,146
1st Support:------ 12,101
2nd Support:------ 12,066
1st Resistance:--- 12,181
2nd Resistance:--- 12,226
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer early today, on follow-through strength from good gains late last week. Bulls have solid near-term technical momentum to start the week.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are turning bullish today. The 4-day moving average is above the 9-day today. The 9-day is poised today to move above below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish for today. Shorter-term technical resistance lies at 112 8/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 112 16/32. Shorter-term technical support lies at the overnight low of 111 26/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 16/32. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 111 22/32
1st Support:----- 111 13/32
2nd Support:----- 110 31/32
1st Resistance:-- 112 4/32
2nd Resistance:-- 112 13/32
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 108.00.0, and more buy stops are likely located just above resistance at 108.08.0. Shorter-term moving averages are turning bullish today. The 4-day moving average is above the 9-day. The 9-day is poised to move above the 18-day moving average today. Sell stop orders are likely located just below support at the overnight low of 107.23.5, and then more sell stops just below support at 107.16.0. Wyckoff's Intra Day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 107.21.0
1st Support:------ 107.16.0
2nd Support:------ 107.08.0
1st Resistance:--- 107.29.0
2nd Resistance:--- 108.02.0
CURRENCIES
The December U.S. dollar index is steady in early trading. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.88 and then at 86.00. Shorter-term support is seen at Thursday's low of 85.61 and then at 85.50. Wyckoff's Intra Day Market Rating: 3.0
The December Euro is slightly lower in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.2697 and then more stops just below support at 1.2650. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2747 and then at 1.2800. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff's Intra Day Market Rating: 7.0
METALS
Gold is trading lower early today. In December gold, shorter-term technical support is seen at the overnight low of $594.50 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 $600.30 and then more buy stops just above technical resistance at $605.00. Wyckoff's Intra-Day Market Rating: 5.0
ENERGIES
Crude oil prices are slightly higher in early electronic dealings. In December crude, look for buy stops to reside just above resistance at $61.00 and then just above resistance at $61.50. Look for sell stops just below technical support at the overnight low of $59.85, and then more sell stops just below support at $59.50. Wyckoff's Intra-Day Market Rating: 2.5
GRAINS
Prices were solidly higher overnight. Don't be surprised, however, to see some profit-taking pressure heading into the weekend. But make not mistake: The grain market bulls are stampeding and any weakness is still seen as a buying opportunity among the bulls. Wheat will likely continue to be the leader. Look for continued volatile trading conditions in the near term.
Friday, October 27--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 slightly lower and Treasuries are slightly higher. The U.S. dollar is slightly higher today and crude oil is slightly higher. Traders were awaiting this morning's GDP report.
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading. Bulls still have upside technical momentum on their side following recent gains to multi-month and contract highs. But the indexes are due for a profit-taking pullback soon.
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 1,385.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Wednesday's low of 1,381.40. Upside resistance for active traders today is located at Thursday's contract high of 1,395.20. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,400.00. Wyckoff's Intra-day Market Rating: 8
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,391.05
1st Support:------ 1,386.85
2nd Support:------ 1,380.85
1st Resistance:--- 1,397.07
2nd Resistance:--- 1,401.25
December Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish today. The 4-day moving average is back above 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 775.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Thursday's low of 767.75. On the upside, short-term resistance is seen at Thursday's high of 780.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 785.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 775.68
1st Support:------ 771.37
2nd Support:------ 763.43
1st Resistance:--- 783.62
2nd Resistance:--- 787.95
December Dow: For today, sell stops likely reside just below support at Thursday's low of 12,135 and then more stops just below support at 12,100. Buy stops likely reside just above shorter-term technical resistance at Thursday's contract high of 12,213 and then more buy stops just above resistance at 12,250. 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:------------ 12,179
1st Support:------ 12,145
2nd Support:------ 12,101
1st Resistance:--- 12,223
2nd Resistance:--- 12,257
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer early today, on follow-through strength from good gains Wednesday and Thursday. Bulls have regained near-term technical momentum this week.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are turning bullish today. The 4-day moving average is above the 9-day today. The 9-day is turning up but is still below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish for today. Shorter-term technical resistance lies at 111 19/32. 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 the overnight low of 111 8/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 even. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 111 5/32
1st Support:----- 110 30/32
2nd Support:----- 110 15/32
1st Resistance:-- 111 20/32
2nd Resistance:-- 111 27/32
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 107.20.0, and more buy stops are likely located just above resistance at 107.28.0. Shorter-term moving averages are turning bullish today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average, but is turning up. Sell stop orders are likely located just below support at the overnight low of 107.12.5, and then more sell stops just below support at 107.08.0. Wyckoff's Intra Day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 107.12.0
1st Support:------ 107.06.0
2nd Support:------ 106.30.0
1st Resistance:--- 107.20.0
2nd Resistance:--- 107.26.0
Thursday, October 26--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is firmer stock indexes and Treasuries. The U.S. dollar is slightly lower today and crude oil is weaker.
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 and contract highs. The indexes are due for a profit-taking pullback soon.
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 bullish today. Today, shorter-term technical support comes in at the overnight low of 1,388.80. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Wednesday's low of 1,381.40. Upside resistance for active traders today is located at 1,395.00. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,400.00. Wyckoff's Intra-day Market Rating: 8
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,386.70
1st Support:------ 1,383.90
2nd Support:------ 1,378.60
1st Resistance:--- 1,392.00
2nd Resistance:--- 1,394.80
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 768.00. 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 764.75. On the upside, short-term resistance is seen at the October 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: 7.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 770.35
1st Support:------ 767.40
2nd Support:------ 761.85
1st Resistance:--- 775.95
2nd Resistance:--- 778.85
December Dow: For today, sell stops likely reside just below support at Wednesday's low of 12,120 and then more stops just below support at 12,100. Buy stops likely reside just above shorter-term technical resistance at 12,200 and then more buy stops just above resistance at 12,250. 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:------------ 12,168
1st Support:------ 12,141
2nd Support:------ 12,093
1st Resistance:--- 12,216
2nd Resistance:--- 12,243
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer early today, on follow-through strength from good gains Wednesday. Bulls have regained some near-term technical momentum in the wake of the FOMC meeting, the results of which were deemed friendly for Treasuries.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still bearish today. The 4-day moving average is below the 9-day today. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish for today. Shorter-term technical resistance lies at 111 even. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 6/32. Shorter-term technical support lies at the overnight low of 110 23/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 16/32. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 110 17/32
1st Support:----- 110 8/32
2nd Support:----- 109 21/32
1st Resistance:-- 111 4/32
2nd Resistance:-- 111 13/32
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 107.08.0, and more buy stops are likely located just above resistance at 107.14.0. Shorter-term moving averages are still bearish for today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at 107.00.0, and then more sell stops just below support at 106.25.5. Wyckoff's Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 106.31.0
1st Support:------ 106.26.0
2nd Support:------ 106.15.0
1st Resistance:--- 107.10.0
2nd Resistance:--- 107.15.0
Wednesday, October 25--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
NOTE: I want to make my blog reports as useful as possible to you, my valued reader. Please email me at jim@jimwyckoff.com if you have any suggestions on how to make my blog reports even more valuable to you. Thanks.--Jim
There was no real feature in overnight/early morning trading today. Treasuries are weaker and stock indexes are firmer. The U.S. dollar is slightly lower today and crude oil is firmer.
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading. Bulls still have some upside technical momentum on their side following recent gains to multi-month highs. Trading may become more active this afternoon, following the release of the FOMC meeting's results.
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 to bearish today. Today, shorter-term technical support comes in at Tuesday's low of 1,378.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,375.00. Upside resistance for active traders today is located at 1,390.00. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,395.00. Wyckoff's Intra-day Market Rating: 7
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,382.85
1st Support:------ 1,380.05
2nd Support:------ 1,375.25
1st Resistance:--- 1,387.65
2nd Resistance:--- 1,390.50
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 this week's low of 761.25. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 755.00. On the upside, short-term resistance is seen at 770.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the October high of 777.30. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 766.40
1st Support:------ 764.50
2nd Support:------ 761.65
1st Resistance:--- 769.25
2nd Resistance:--- 771.15
December Dow: For today, sell stops likely reside just below support at Tuesday's low of 12,130 and then more stops just below support at 12,100. Buy stops likely reside just above shorter-term technical resistance at 12,200 and then more buy stops just above resistance at 12,250. 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:------------ 12,163
1st Support:------ 12,143
2nd Support:------ 12,111
1st Resistance:--- 12,195
2nd Resistance:--- 12,215
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are weaker early today. Bears have taken near-term technical control of the markets, as downtrend lines are in place from the recent highs. Trading should be quieter up to the early-afternoon release of the FOMC meeting results. Then, look for more active trading into the close.
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 today. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish for today. Shorter-term technical resistance lies at 110 8/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at this week's high of 110 19/32. Shorter-term technical support lies at this week's low of 109 27/32. Sell stops likely reside just below that level. More sell stops are likely located below support at the September low of 109 25/32. Wyckoff's Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 110 4/32
1st Support:----- 109 31/32
2nd Support:----- 109 27/32
1st Resistance:-- 110 8/32
2nd Resistance:-- 110 13/32
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 this week's high of 107.00.0, and more buy stops are likely located just above resistance at 107.08.0. Shorter-term moving averages are bearish for today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at this week's low of 106.19.0, and then more sell stops just below support at the September low of 106.17.5. Wyckoff's Intra Day Market Rating: 4.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 106.24.0
1st Support:------ 106.22.0
2nd Support:------ 106.20.0
1st Resistance:--- 106.26.0
2nd Resistance:--- 106.28.0
CURRENCIES
The December U.S. dollar index is firmer in early trading. Bulls are regaining upside technical momentum. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the overnight high of 86.72 and then at 86.90. Shorter-term support is seen at the overnight low of 86.55 and then at 86.25. Wyckoff's Intra Day Market Rating: 7.0
The December Euro is slightly lower in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.2562 and then more stops just below support at 1.2550. Shorter-term technical resistance for the Euro is seen at 1.2600 and then at Monday's high of 1.2658. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff's Intra Day Market Rating: 3.5
METALS
Gold is trading near steady early today. In December gold, shorter-term technical support is seen at the overnight low of $580.50 and then at $576.50. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $584.90 and then more buy stops just above technical resistance at $600.00. Wyckoff's Intra-Day Market Rating: 4.0
ENERGIES
Crude oil prices are near steady in early electronic dealings. In December crude, look for buy stops to reside just above resistance at Monday's high of $59.47 and then just above resistance at $60.00. Look for sell stops just below technical support at the Monday's low of $58.12, and then more sell stops just below support at $58.00. Wyckoff's Intra-Day Market Rating: 2.0
GRAINS
Prices were mostly higher overnight following solid gains on Monday. A pattern has developed in the grains: Solid buying on any dips in prices. As long as that patterns continues, bulls will have their way. When this pattern changes, and we see some good follow-through selling pressure after a pullback, that will be a warning signal that the bulls are losing power. Wheat will likely continue to be the leader. Look for more volatile trading conditions in the near term.
Tuesday, October 24--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The features in overnight/early morning trading today are lower Treasuries and stock indexes. The U.S. dollar is higher today and crude oil is weaker.
U.S. STOCK INDEXES
The stock indexes are lower in early morning electronic trading. Bulls still have some upside technical momentum on their side following recent gains to multi-month highs. However, the markets are due for a corrective, profit-taking pullback soon.
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 bearish today. Today, shorter-term technical support comes in at 1,375.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Monday's low of 1,369.90. Upside resistance for active traders today is located at Tuesday's contract high of 1,384.20. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,390.00. Wyckoff's Intra-day Market Rating: 6
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,378.35
1st Support:------ 1,372.50
2nd Support:------ 1,364.25
1st Resistance:--- 1,386.60
2nd Resistance:--- 1,392.46
December Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are still bullish today. However, 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 Monday's low of 761.25. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 755.00. On the upside, short-term resistance is seen at 770.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at last week's high of 777.30. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 768.40
1st Support:------ 759.65
2nd Support:------ 752.50
1st Resistance:--- 775.60
2nd Resistance:--- 784.35
December Dow: For today, sell stops likely reside just below support at 12,100 and then more stops just below support at Monday's low of 11,025. Buy stops likely reside just above shorter-term technical resistance at the contract high of 12,170 and then more buy stops just above resistance at 12,200. 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: 7.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 12,113
1st Support:------ 12,055
2nd Support:------ 11,968
1st Resistance:--- 12,200
2nd Resistance:--- 12,258
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are weaker early today. Bears have taken near-term technical control of the markets, as downtrend lines are in place from the recent highs.
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 today. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral for today. Shorter-term technical resistance lies at 110 8/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Monday's high of 110 19/32. Shorter-term technical support lies at Monday's low of 109 27/32. Sell stops likely reside just below that level. More sell stops are likely located below support at the September low of 109 25/32. Wyckoff's Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 110 5/32
1st Support:----- 109 23/32
2nd Support:----- 109 13/32
1st Resistance:-- 110 15/32
2nd Resistance:-- 110 29/32
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 107.00.0, and more buy stops are likely located just above resistance at 107.08.0. Shorter-term moving averages are bearish for today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at Monday's low of 106.19.0, and then more sell stops just below support at the September low of 106.17.5. Wyckoff's Intra Day Market Rating: 4.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 106.25.0
1st Support:------ 106.17.0
2nd Support:------ 106.12.0
1st Resistance:--- 106.30.0
2nd Resistance:--- 107.06.0
CURRENCIES
The December U.S. dollar index is solidly higher in early trading. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 86.54 and then at 86.75. Shorter-term support is seen at 86.25 and then at the overnight low of 86.08. Wyckoff's Intra Day Market Rating: 6.5
The December Euro is solidly lower in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.2582 and then more stops just below support at 1.2550. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2658 and then at last week's high of 1.2681. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff's Intra Day Market Rating: 3.5
METALS
Gold is trading lower early today. In December gold, shorter-term technical support is seen at last week's low of $589.00 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 $596.00 and then more buy stops just above technical resistance at $600.00. Wyckoff's Intra-Day Market Rating: 4.0
ENERGIES
Crude oil prices are lower in early electronic dealings. Prices overnight hit a fresh 16-month low. In December crude, look for buy stops to reside just above resistance at the overnight high of $59.47 and then just above resistance at $60.00. Look for sell stops just below technical support at the overnight low of $58.26, and then more sell stops just below support at $58.00. Wyckoff's Intra-Day Market Rating: 2.0
GRAINS
Prices were mostly lower overnight on a corrective pullback from recent strong gains. Wheat did show slight gains. If the funds decide to take profits or even let up a bit on buying interest in the grains, then the markets are susceptible to a decent downside correction. Wheat will likely continue to be the leader. Look for more volatile trading conditions in the near term.
Monday, October 23--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The features in overnight/early morning trading today are solid losses in Treasuries, gold and crude oil. The U.S. dollar is solidly higher today and stock indexes are weaker.
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading. Bulls still have some 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 Friday's low of 1,369.80. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at last week's low of 1,364.10. Upside resistance for active traders today is located at 1,375.00. 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: 6
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,373.85
1st Support:------ 1,370.85
2nd Support:------ 1,366.85
1st Resistance:--- 1,377.85
2nd Resistance:--- 1,380.85
December Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are still bullish today. However, 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 neutral to bearish early today. Today, shorter-term technical support is located at Friday's low of 764.40. 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 Friday's high of 773.30. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at last week's high of 777.30. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 767.60
1st Support:------ 761.90
2nd Support:------ 758.70
1st Resistance:--- 770.80
2nd Resistance:--- 776.50
December Dow: For today, sell stops likely reside just below support at Friday's low of 12,000 and then more stops just below support at last 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 to bearish for today. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 12,036
1st Support:------ 12,012
2nd Support:------ 11,976
1st Resistance:--- 12,072
2nd Resistance:--- 12,096
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are solidly lower early today. Bears appear on the verge of taking near-term technical control of the markets today.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bearish today. The 4-day moving average is poised to move below the 9-day today. 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 19/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Friday's high of 110 25/32. 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 110 even. Wyckoff's Intra-Day Market Rating: 3.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 110 20/32
1st Support:----- 110 16/32
2nd Support:----- 110 11/32
1st Resistance:-- 110 25/32
2nd Resistance:-- 110 29/32
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 107.00.0, and more buy stops are likely located just above resistance at Friday's high of 107.04.5. Shorter-term moving averages are bearish for today. The 4-day moving average is below the 9-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 106.22.0, and then more sell stops just below support at 106.16.0. Wyckoff's Intra Day Market Rating: 3.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 107.01.0
1st Support:------ 106.30.0
2nd Support:------ 106.26.0
1st Resistance:--- 107.05.0
2nd Resistance:--- 107.08.0
CURRENCIES
The December U.S. dollar index is near steady in early trading. Bears have some fresh downside near-term technical momentum. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at 86.25 and then at Thursday's high of 86.68. Shorter-term support is seen at Thursday's low of 85.96 and then at 85.75. Wyckoff's Intra Day Market Rating: 4.5
The December Euro is weaker in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.2639 and then more stops just below support at 1.2600. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2678 and then at 1.2692. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff's Intra Day Market Rating: 5.5
METALS
Gold is trading near steady early today. Prices hit a fresh three-week high overnight. In December gold, shorter-term technical support is seen at $600.00 and then at $595.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $606.00 and then more buy stops just above technical resistance at $610.00. Wyckoff's Intra-Day Market Rating: 5.5
ENERGIES
Crude oil prices are slightly higher in early electronic dealings. In December crude, look for buy stops to reside just above resistance at the overnight high of $61.34 and then just above resistance at $62.00. Look for sell stops just below technical support at the overnight low of $60.34, and then more sell stops just below support at $60.00. Wyckoff's Intra-Day Market Rating: 3.0
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
CURRENCIES
The December U.S. dollar index is lower in early trading. Bulls are fading. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 86.68 and then at Wednesday's high of 86.88. Shorter-term support is seen at the overnight low of 86.40 and then at 86.00. Wyckoff's Intra Day Market Rating: 4.5
The December Euro is higher in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.2571 and then more stops just below support at 1.2550. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2616 and then at 1.2621. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff's Intra Day Market Rating: 5.5
METALS
Gold is trading near steady early today. In December gold, shorter-term technical support is seen at the overnight low of $590.20 and then at this week's low of $589.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $595.40 and then more buy stops just above technical resistance at $600.00. Wyckoff's Intra-Day Market Rating: 5.0
ENERGIES
Crude oil prices are slightly higher in early electronic dealings. In December crude, look for buy stops to reside just above resistance at $60.00 and then just above resistance at $60.50. Look for sell stops just below technical support at Wednesday's low of $59.03, and then more sell stops just below support at $58.50. Wyckoff's Intra-Day Market Rating: 2.0
Thursday, October 19--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There was no major feature in overnight/early morning trading today. Treasury futures are weaker and stock indexes are narrowly mixed. The U.S. dollar is lower and crude oil is firmer.
U.S. STOCK INDEXES
The stock indexes are narrowly mixed in early morning electronic trading. Bulls still have upside technical momentum on their side following recent gains to multi-month highs. But some more profit-taking pressure could set in today.
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 to bearish today. Today, shorter-term technical support comes in at the overnight low of 1,369.70. 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 1,375.00. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at Wednesday's contract high of 1,380.20. Wyckoff's Intra-day Market Rating: 7
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,373.50
1st Support:------ 1,366.80
2nd Support:------ 1,361.10
1st Resistance:--- 1,379.20
2nd Resistance:--- 1,385.90
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 bearish early today. Today, shorter-term technical support is located at Tuesday'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 Wednesday'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:------------ 770.70
1st Support:------ 764.10
2nd Support:------ 759.40
1st Resistance:--- 775.40
2nd Resistance:--- 782.00
December Dow: For today, sell stops likely reside just below support at Wednesday's low of 11,996 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 Wednesday's 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: 7.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 12,045
1st Support:------ 11,991
2nd Support:------ 11,943
1st Resistance:--- 12,093
2nd Resistance:--- 12,147
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are slightly lower early today. Bulls still have a bit of near-term upside technical momentum.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral today. The 4-day moving average is moving above the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish for today. Shorter-term technical resistance lies at the overnight 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 Wednesday's low of 110 14/32. Sell stops likely reside just below that level. More sell stops are likely located below support at last week's low of 110 7/32. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 110 23/32
1st Support:----- 110 16/32
2nd Support:----- 110 6/32
1st Resistance:-- 111 1/32
2nd Resistance:-- 111 8/32
December U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish for today. Buy stops likely reside just above shorter-term technical resistance at the overnight 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 Wednesday's low of 106.29.5, 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:------------ 107.04.0
1st Support:------ 106.31.0
2nd Support:------ 106.26.0
1st Resistance:--- 107.09.0
2nd Resistance:--- 107.14.0
CURRENCIES
The December U.S. dollar index is slightly lower in early trading. Bulls are fading. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 86.64 and then at Tuesday's high of 86.75. Shorter-term support is seen at the overnight low of 86.49 and then at Tuesday's low of 86.42. Wyckoff's Intra Day Market Rating: 5.0
The December Euro is steady in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at 1.2550 and then more stops just below support at last week's low of 1.2526. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2600 and then at 1.2621. 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 modestly higher early today. In December gold, shorter-term technical support is seen at the overnight low of $591.70 and then at Tuesday's low of $589.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $598.80 and then more buy stops just above technical resistance at $600.00. Wyckoff's Intra-Day Market Rating: 7.0
ENERGIES
Crude oil prices are slightly higher in early electronic dealings. In December crude, look for buy stops to reside just above resistance at $61.00 and then just above resistance at $61.50. Look for sell stops just below technical support at $60.00, and then more sell stops just below support at $59.50. Wyckoff's Intra-Day Market Rating: 2.5
October 17--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. The U.S. dollar and crude oil are weaker, and gold is firmer today. Traders are awaiting the key Consumer Price Index report today.
U.S. STOCK INDEXES
The stock indexes are slightly higher in early morning electronic trading. Bulls still have upside technical momentum on their side following recent gains to multi-month highs. But some more profit-taking pressure could set in today.
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 today. Today, shorter-term technical support comes in at 1,370.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Tuesday's low of 1,364.10. Upside resistance for active traders today is located at Tuesday's high of 1,376.00. 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 1,378.10. Wyckoff's Intra-day Market Rating: 7
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,370.60
1st Support:------ 1,365.20
2nd Support:------ 1,358.70
1st Resistance:--- 1,377.10
2nd Resistance:--- 1,382.50
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 and 18-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 Tuesday's low of 764.00. 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 Tuesday's high of 772.10. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at this week's high of 775.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 768.80
1st Support:------ 765.50
2nd Support:------ 760.70
1st Resistance:--- 773.60
2nd Resistance:--- 776.90
December Dow: For today, sell stops likely reside just below support at 12,000 and then more stops just below support at Tuesday's low of 11,937. Buy stops likely reside just above shorter-term technical resistance at Monday's contract high of 12,050 and then more buy stops just above resistance at 12,100. 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 bearish for today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 11,994
1st Support:------ 11,957
2nd Support:------ 11,901
1st Resistance:--- 12,050
2nd Resistance:--- 12,087
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are slightly higher early today. Bulls are regaining some near-term upside technical momentum.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still bearish today. The 4-day moving average is below the 9-day and 18-day, but is turning up. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish for today. Shorter-term technical resistance lies at 111 even. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Tuesday's high of 111 6/32. Shorter-term technical support lies at Tuesday's low of 110 15/32. Sell stops likely reside just below that level. More sell stops are likely located below support at last week's low of 110 7/32. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 110 25/32
1st Support:----- 110 13/32
2nd Support:----- 110 2/32
1st Resistance:-- 111 4/32
2nd Resistance:-- 111 16/32
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 107.10.0, and more buy stops are likely located just above resistance at Tuesday's high of 107.14.0. Shorter-term moving averages are still bearish for today. The 4-day moving average is below the 9-day and 18-day, but is turning higher. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at 107.00.0, and then more sell stops just below support at last week's low of 106.25.5. Wyckoff's Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 107.06.0
1st Support:------ 106.31.0
2nd Support:------ 106.24.0
1st Resistance:--- 107.13.0
2nd Resistance:--- 107.20.0
CURRENCIES
The December U.S. dollar index is weaker in early trading. Bulls are fading a bit. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 86.72 and then at 87.00. Shorter-term support is seen at the overnight low of 86.58 and then at 86.50. Wyckoff's Intra Day Market Rating: 6.0
The December Euro is slightly higher in early electronic trading. Bears still have the slight near-term technical edge. The Euro finds sell stop orders are likely located just below technical support at 1.2550 and then more stops just below support at last week's low of 1.2526. Shorter-term technical resistance for the Euro is seen at 1.2600 and then at 1.2621. Buy stops likely reside just above those levels. Slow stochastics for the Euro are neutral for today. Wyckoff's Intra Day Market Rating: 4.5
METALS
Gold is trading slightly higher early today. Prices hit a fresh two-week high again overnight. In December gold, shorter-term technical support is seen at the overnight low of $598.20 and then at $595.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $601.60 and then more buy stops just above technical resistance at $605.00. Wyckoff's Intra-Day Market Rating: 8.0
ENERGIES
Crude oil prices are slightly higher in early electronic dealings. In November crude, look for buy stops to reside just above resistance at the overnight high of $60.54 and then just above resistance at $61.00. Look for sell stops just below technical support at $60.00, and then more sell stops just below support at $59.50. Wyckoff's Intra-Day Market Rating: 3.5
October 17--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is higher Treasury futures prices. The U.S. dollar and stock indexes are weaker, and gold and crude oil are firmer today.
U.S. STOCK INDEXES
The stock indexes are slightly lower in early morning electronic trading. Bulls still have upside technical momentum on their side following recent gains to multi-month highs. But some profit-taking pressure could set in very soon, including today.
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 bearish today. Today, shorter-term technical support comes in at Monday's low of 1,371.70. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,368.00. Upside resistance for active traders today is located at Monday's contract high of 1,378.10. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,380.00. Wyckoff's Intra-day Market Rating: 7
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,375.30
1st Support:------ 1,372.50
2nd Support:------ 1,368.90
1st Resistance:--- 1,378.90
2nd Resistance:--- 1,381.70
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 bearish early today. Today, shorter-term technical support is located at Monday's low of 767.10. 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 Monday's high of 775.00. 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: 7.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 771.95
1st Support:------ 768.90
2nd Support:------ 764.05
1st Resistance:--- 776.80
2nd Resistance:--- 779.85
December Dow: For today, sell stops likely reside just below support at Monday's low of 11,995 and then more stops just below support at Friday's low of 11,963. Buy stops likely reside just above shorter-term technical resistance at Monday's contract high of 12,050 and then more buy stops just above resistance at 12,100. 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:------------ 12,026
1st Support:------ 12,001
2nd Support:------ 11,971
1st Resistance:--- 12,056
2nd Resistance:--- 12,081
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are higher early today. Bulls are regaining some near-term upside technical momentum.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still bearish today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish for today. Shorter-term technical resistance lies at 111 even. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 9/32. Shorter-term technical support lies at Friday's low of 110 20/32. Sell stops likely reside just below that level. More sell stops are likely located below support at last week's low of 110 7/32. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 110 16/32
1st Support:----- 110 12/32
2nd Support:----- 110 4/32
1st Resistance:-- 110 24/32
2nd Resistance:-- 110 28/32
December U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are still neutral to bullish for today. Buy stops likely reside just above shorter-term technical resistance at 107.10.0, and more buy stops are likely located just above resistance at 107.16.0. Shorter-term moving averages are still bearish for today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at 107.00.0, and then more sell stops just below support at last week's low of 106.25.5. Wyckoff's Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 107.00.0
1st Support:------ 106.29.0
2nd Support:------ 106.24.0
1st Resistance:--- 107.05.0
2nd Resistance:--- 107.08.0
CURRENCIES
The December U.S. dollar index is steady in early trading, following recent strong gains. Bulls still have near-term technical momentum on their side. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 87.02 and then at Friday's high of 87.08. Shorter-term support is seen at the overnight low of 86.73 and then at Friday's low of 86.53 Wyckoff's Intra Day Market Rating: 7.0
The December Euro is slightly lower in early electronic trading. Bears still have the near-term technical edge. The Euro finds sell stop orders are likely located just below technical support at Friday's low of 1.2526 and then more stops just below support at 1.2500. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2571 and then at 1.2600. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff's Intra Day Market Rating: 4.0
METALS
Gold is trading higher early today. Prices hit a fresh two-week high overnight. In December gold, shorter-term technical support is seen at the overnight low of $593.60 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 $597.30 and then heavier buy stops just above solid technical resistance at $600.00. Wyckoff's Intra-Day Market Rating: 8.0
ENERGIES
Crude oil prices are lower in early electronic dealings. In November crude, look for buy stops to reside just above resistance at $59.00 and then just above resistance at the overnight high of $59.26. Look for sell stops just below technical support at $58.00, and then more sell stops just below support at last week's low of $57.22. Wyckoff's Intra-Day Market Rating: 3.0
GRAINS
Prices were mostly lower in overnight electronic trading, on a corrective pullback from strong gains Friday. Wheat was higher overnight, continuing its strong bull run. Look for some profit-taking pressure to emerge in the grains soon. Bulls still have solid near-term technical momentum in the grains, with wheat leading the way. I look for more volatile price action in the near term. Soybeans remain the least powerful market in the grains.
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