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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. |
« November 2006 |
Main
| January 2007 »
December 2006 Archives
Friday, December 22--Jim Wyckoff's Early Morning Web Log
*** NOTE: I will be out of the office next week (Dec. 26-29). I will be vacationing with my family in the mountains of Colorado. My friend and fellow trader/analyst Ken Seehusen will produce my Early Morning Blog reports next week. The format of the blog will be different, but the information will still be valuable to you. I will be back in the office on Monday morning, Jan. 2. Happy Holidays to all of you, my valued readers.--Jim
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is lower U.S. Treasury prices. As the Christmas and New Year's holidays approach, look for quieter trading.
U.S. STOCK INDEXES
The stock indexes are slightly higher in quiet early morning electronic trading. Bulls still have the near-term technical advantage heading into the end of the year.
March 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 bearish today. Today, shorter-term technical support comes in at this week's low of 1,426.60. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,420.00. Upside resistance for active traders today is located at 1,435.00 and then at Thursday's high of 1,439.50. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,432.05
1st Support:------ 1,424.60
2nd Support:------ 1,419.35
1st Resistance:--- 1,437.30
2nd Resistance:--- 1,444.75
March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bearish today. The 4-day moving average is below the 9-day. The 9-day moving average is below 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 786.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at this week's low of 781.50. On the upside, short-term resistance is seen at Thursday's high of 796.75. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at this week's high of 802.50. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 790.85
1st Support:------ 784.95
2nd Support:------ 780.60
1st Resistance:--- 795.20
2nd Resistance:--- 801.10
March Dow: For today, sell stops likely reside just below support at Thursday's low of 12,475 and then more stops just below support at 12,450. Buy stops likely reside just above shorter-term technical resistance at the contract high of 12,579 and then more buy stops just above resistance at 12,600. Shorter-term moving averages are bullish today, as the 4-day moving average is moving 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 bearish today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,513
1st Support:------ 12,463
2nd Support:------ 12,424
1st Resistance:--- 12,552
2nd Resistance:--- 12,602
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are lower early today. Bears have some near-term technical momentum on their side.
March 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 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early 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 Thursday's high of 113 6/32. Shorter-term technical support lies at Thursday's 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 7/32. Wyckoff's Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 112 29/32
1st Support:----- 112 19/32
2nd Support:----- 112 7/32
1st Resistance:-- 113 9/32
2nd Resistance:-- 113 19/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Buy stops likely reside just above shorter-term technical resistance at Thursday's high of 108.23.0, and more buy stops are likely located just above resistance at 109.00.0. Shorter-term moving averages are bearish 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 108.13.0, and then more sell stops just below support at Thursday's low of 108.09.0. Wyckoff's Intra Day Market Rating: 4.0
PIVOT POINT LEVELS FOR MARCH 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
Thursday, December 21--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is firmer stock index prices and U.S. Treasuries. As the Christmas and New Year's holidays approach, look for quieter trading.
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading. Bulls still have the near-term technical advantage heading into the end of the year.
March 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 the overnight low of 1,434.80. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,430.00. Upside resistance for active traders today is located at Wednesday's high of 1,440.50 and then at the contract high of 1,444.90. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,436.65
1st Support:------ 1,432.75
2nd Support:------ 1,430.25
1st Resistance:--- 1,439.20
2nd Resistance:--- 1,443.05
March 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 neutral to bearish early today. Today, shorter-term technical support is located at Wednesday's low of 789.25. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at this week's low of 781.50. On the upside, short-term resistance is seen at Wednesday's high of 795.50. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at this week's high of 802.50. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 792.60
1st Support:------ 789.65
2nd Support:------ 786.35
1st Resistance:--- 795.90
2nd Resistance:--- 798.85
March Dow: For today, sell stops likely reside just below support at 12,500 and then more stops just below support at this week's low of 12,482. Buy stops likely reside just above shorter-term technical resistance at Monday's contract high of 12,579 and then more buy stops just above resistance at 12,600. Shorter-term moving averages are bullish today, as the 4-day moving average is moving 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 today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,552
1st Support:------ 12,526
2nd Support:------ 12,508
1st Resistance:--- 12,570
2nd Resistance:--- 12,596
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer early today. Bears still have some near-term technical momentum on their side.
March 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 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at Wednesday's high of 112 25/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at this week's high of 113 1/32. Shorter-term technical support lies at Wednesday's low of 112 15/32. Sell stops likely reside just below that level. More sell stops are likely located below support at this week's low of 112 7/32. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 112 19/32
1st Support:----- 112 13/32
2nd Support:----- 112 9/32
1st Resistance:-- 112 23/32
2nd Resistance:-- 112 29/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Buy stops likely reside just above shorter-term technical resistance at the Wednesday's high of 108.15.0, and more buy stops are likely located just above resistance at this week's high of 108.19.0. Shorter-term moving averages are bearish 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 108.08.0, and then more sell stops just below support at this week's low of 108.02.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 108.12.0
1st Support:------ 108.08.0
2nd Support:------ 108.06.0
1st Resistance:--- 108.14.0
2nd Resistance:--- 108.18.0
Wednesday, December 20--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is firmer stock index prices and steady to firmer U.S. Treasuries. As the Christmas and New Year's holidays approach, look for quieter trading.
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading. Bulls still have the near-term technical advantage heading into the end of the year.
March 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 the overnight low of 1,436.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,430.00. Upside resistance for active traders today is located at the overnight high of 1,440.50 and then at the contract high of 1,444.90. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,434.45
1st Support:------ 1,428.40
2nd Support:------ 1,420.55
1st Resistance:--- 1,442.30
2nd Resistance:--- 1,448.35
March 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 neutral to bearish early today. Today, shorter-term technical support is located at 785.00. 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 781.50. On the upside, short-term resistance is seen at Tuesday's high of 791.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 795.00. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 787.20
1st Support:------ 783.40
2nd Support:------ 777.70
1st Resistance:--- 792.90
2nd Resistance:--- 796.70
March Dow: For today, sell stops likely reside just below support at 12,500 and then more stops just below support at Tuesday's low of 12,482. Buy stops likely reside just above shorter-term technical resistance at Monday's contract high of 12,579 and then more buy stops just above resistance at 12,600. Shorter-term moving averages are bullish today, as the 4-day moving average is moving 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 today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,537
1st Support:------ 12,496
2nd Support:------ 12,441
1st Resistance:--- 12,592
2nd Resistance:--- 12,633
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are steady to firmer early today. Bears are gaining some near-term technical momentum.
March 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 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance lies at Tuesday's high of 113 1/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 113 8/32. Shorter-term technical support lies at 112 16/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Tuesday's low of 112 7/32. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 112 20/32
1st Support:----- 112 6/32
2nd Support:----- 111 26/32
1st Resistance:-- 113 even
2nd Resistance:-- 113 4/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Buy stops likely reside just above shorter-term technical resistance at the Tuesday's high of 108.19.0, and more buy stops are likely located just above resistance at 108.24.0. Shorter-term moving averages are bearish 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 108.08.0, and then more sell stops just below support at Tuesday's low of 108.02.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 108.11.0
1st Support:------ 108.02.0
2nd Support:------ 107.26.0
1st Resistance:--- 108.19.0
2nd Resistance:--- 108.28.0
CURRENCIES
The March U.S. dollar index is lower in early trading. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at 83.50 and then at the overnight high of 83.69. Shorter-term support is seen at the overnight low of 83.30 and then at 83.00. Wyckoff's Intra Day Market Rating: 5.0
The March Euro is higher in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at 1.3200 and then more stops just below support at the overnight low of 1.3137. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.3230 and then at 1.3250. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Wyckoff's Intra Day Market Rating: 5.0
METALS
Gold is slightly higher in quiet trading early today. In February gold, shorter-term technical support is seen at Monday's low of $615.10 and then at $610.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at Monday's high of $621.90 and then more buy stops just above technical resistance at $625.00. Wyckoff's Intra-Day Market Rating: 4.0
CRUDE OIL
Crude oil prices are weaker in early electronic dealings, on more profit-taking pressure from recent gains. Bulls are fading. In January crude, look for buy stops to reside just above resistance at the overnight high of $62.32 and then just above resistance at $63.00. Look for sell stops just below technical support at $61.50, and then more sell stops just below support at $61.00. Wyckoff's Intra-Day Market Rating: 4.0
GRAINS
Prices were narrowly mixed overnight. Trading has become choppier heading into the end of the year, which is not surprising. However, bulls have faded. It's not likely the funds are going to want to establish fresh long positions as the end of the year nears. Grain traders will also watch the gold and crude oil markets closely, for some guidance.
Tuesday, December 19--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is firmer Treasuries and weaker stock index prices.
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading. Bulls still have the near-term technical advantage heading into the end of the year.
March 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 the overnight low of 1,429.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,425.00. Upside resistance for active traders today is located at the overnight high of 1,435.60 and then at 1,440.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,436.85
1st Support:------ 1,430.00
2nd Support:------ 1,425.15
1st Resistance:--- 1,441.70
2nd Resistance:--- 1,448.55
March 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 bearish early today. Today, shorter-term technical support is located at Monday's low of 786.75. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 780.00. On the upside, short-term resistance is seen at 795.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at Monday's high of 802.50. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 792.90
1st Support:------ 783.30
2nd Support:------ 777.20
1st Resistance:--- 799.00
2nd Resistance:--- 808.70
March Dow: For today, sell stops likely reside just below support at 12,500 and then more stops just below support at 12,450. Buy stops likely reside just above shorter-term technical resistance at Monday's contract high of 12,579 and then more buy stops just above resistance at 12,600. Shorter-term moving averages are bullish today, as the 4-day moving average is moving 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 today. Wyckoff's Intra-Day Market Rating: 7.5
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,544
1st Support:------ 12,510
2nd Support:------ 12,483
1st Resistance:--- 12,571
2nd Resistance:--- 12,605
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer early today. Bulls and bears are struggling for near-term technical control, at present.
March 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 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance lies at the overnight high of 113 1/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 113 8/32. Shorter-term technical support lies at the overnight low of 112 21/32. Sell stops likely reside just below that level. More sell stops are likely located below support at last week's low of 112 15/32. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 112 24/32
1st Support:----- 112 17/32
2nd Support:----- 112 11/32
1st Resistance:-- 112 30/32
2nd Resistance:-- 113 5/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 108.19.0, and more buy stops are likely located just above resistance at 108.24.0. Shorter-term moving averages are bearish 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 108.11.5, and then more sell stops just below support at last week's low of 108.07.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 108.12.0
1st Support:------ 108.08.0
2nd Support:------ 108.04.0
1st Resistance:--- 108.16.0
2nd Resistance:--- 108.20.0
Monday, December 18--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is firmer financial and stock index prices.
U.S. STOCK INDEXES
The stock indexes are slightly higher in early morning electronic trading. Bulls still have the solid near-term technical advantage heading into the end of the year.
March 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 bullish today. Today, shorter-term technical support comes in at the overnight low of 1,437.80. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,4320.00. Upside resistance for active traders today is located at Friday's contract high of 1,444.90 and then at 1,450.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.5
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,440.20
1st Support:------ 1,435.50
2nd Support:------ 1,432.80
1st Resistance:--- 1,442.90
2nd Resistance:--- 1,447.60
March 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 neutral early today. Today, shorter-term technical support is located at Friday's low of 799.00. 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 791.25. On the upside, short-term resistance is seen at Friday's high of 805.50. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the contract high of 809.00. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 801.00
1st Support:------ 798.00
2nd Support:------ 796.00
1st Resistance:--- 803.00
2nd Resistance:--- 806.00
March Dow: For today, sell stops likely reside just below support at Friday's low of 12,503 and then more stops just below support at 12,450. Buy stops likely reside just above shorter-term technical resistance at Friday's contract high of 12,576 and then more buy stops just above resistance at 12,600. Shorter-term moving averages are bullish today, as the 4-day moving average is moving 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 today. Wyckoff's Intra-Day Market Rating: 8.5
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,538
1st Support:------ 12,500
2nd Support:------ 12,465
1st Resistance:--- 12,573
2nd Resistance:--- 12,611
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer early today. But bears have regained some downside technical momentum recently.
March 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 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at the overnight high of 113 even. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 113 8/32. Shorter-term technical support lies at Friday's low of 112 15/32. 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: 4.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 112 31/32
1st Support:----- 112 6/32
2nd Support:----- 111 22/32
1st Resistance:-- 113 15/32
2nd Resistance:-- 114 8/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Buy stops likely reside just above shorter-term technical resistance at 108.19.0, and more buy stops are likely located just above resistance at 108.24.0. Shorter-term moving averages are bearish 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 108.10.5, and then more sell stops just below support at Friday's low of 108.07.0. Wyckoff's Intra Day Market Rating: 4.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 108.17.0
1st Support:------ 108.01.0
2nd Support:------ 107.24.0
1st Resistance:--- 108.26.0
2nd Resistance:--- 109.10.0
Friday, December 15--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in overnight/early morning trading today. Financial and stock index traders are awaiting this morning's key Consumer Price Index report for direction.
U.S. STOCK INDEXES
The stock indexes are slightly higher in early morning electronic trading. But bulls still have the solid near-term technical advantage.
March 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 today. Today, shorter-term technical support comes in at 1,432.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Thursday's low of 1,424.40. Upside resistance for active traders today is located at Thursday's contract high of 1,439.90 and then at 1,445.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.5
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,434.20
1st Support:------ 1,428.45
2nd Support:------ 1,418.70
1st Resistance:--- 1,443.95
2nd Resistance:--- 1,449.70
March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are turning bullish today. The 4-day moving average is below the 9-day, but is turning up. 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 797.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at this week's low of 791.25. On the upside, short-term resistance is seen at Thursday's high of 807.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the contract high of 809.00. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 801.85
1st Support:------ 796.75
2nd Support:------ 792.40
1st Resistance:--- 806.25
2nd Resistance:--- 811.40
March Dow: For today, sell stops likely reside just below support at 12,460 and then more stops just below support at Thursday's low of 12,405. Buy stops likely reside just above shorter-term technical resistance at Thursday's contract high of 12,527 and then more buy stops just above resistance at 12,550. Shorter-term moving averages are bullish today, as the 4-day moving average is moving 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 today. Wyckoff's Intra-Day Market Rating: 8.5
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,480
1st Support:------ 12,434
2nd Support:------ 12,358
1st Resistance:--- 12,556
2nd Resistance:--- 12,602
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are weaker early today. Bears have regained downside technical momentum this week.
March 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 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at the overnight high of 112 25/32. 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 17/32. 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: 4.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 112 26/32
1st Support:----- 112 15/32
2nd Support:----- 112 9/32
1st Resistance:-- 113 even
2nd Resistance:-- 113 11/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 108.12.5, and more buy stops are likely located just above resistance at Thursday's high of 108.19.0. Shorter-term moving averages are bearish 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 108.07.5, and then more sell stops just below support at 108.00.0. Wyckoff's Intra Day Market Rating: 4.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 108.13.0
1st Support:------ 108.07.0
2nd Support:------ 108.03.0
1st Resistance:--- 108.17.0
2nd Resistance:--- 108.23.0
Thursday, December 14--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is sharply higher crude oil prices, on reports that OPEC will cut production by 500,000 barrels a day beginning in February.
U.S. STOCK INDEXES
The stock indexes are slightly lower in early morning electronic trading. But bulls still have the near-term technical advantage.
March 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 Wednesday's low of 1,423.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this week's low of 1,417.30. Upside resistance for active traders today is located at Wednesday's high of 1,430.90 and then at the contract high of 1,432.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,426.90
1st Support:------ 1,422.90
2nd Support:------ 1,419.20
1st Resistance:--- 1,430.60
2nd Resistance:--- 1,434.60
March 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 neutral to bearish early today. Today, shorter-term technical support is located at Wednesday's low of 793.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at this week's low of 791.25. On the upside, short-term resistance is seen at Wednesday's high of 800.75. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 805.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 797.25
1st Support:------ 793.70
2nd Support:------ 789.50
1st Resistance:--- 801.45
2nd Resistance:--- 805.00
March Dow: For today, sell stops likely reside just below support at Wednesday's low of 12,395 and then more stops just below support at this week's low of 12,345. Buy stops likely reside just above shorter-term technical resistance at the contract high of 12,460 and then more buy stops just above resistance at 12,500. Shorter-term moving averages are bullish today, as the 4-day moving average is moving 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 today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,426
1st Support:------ 12,392
2nd Support:------ 12,361
1st Resistance:--- 12,457
2nd Resistance:--- 12,491
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are slightly higher early today. Bears have regained some downside technical momentum, after solid losses Wednesday. A strong recovery in prices today would repair Wednesday's near-term chart damage.
March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are turning bearish today. The 4-day moving average is below the 9-day and 18-day. The 9-day is above the 18-day moving average, but is turning down. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at the overnight high of 113 4/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 113 8/32. Shorter-term technical support lies at Wednesday's low of 112 25/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 112 16/32. Wyckoff's Intra-Day Market Rating: 5.5
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 113 10/32
1st Support:----- 112 15/32
2nd Support:----- 111 29/32
1st Resistance:-- 113 28/32
2nd Resistance:-- 114 23/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 108.19.0, and more buy stops are likely located just above resistance at 108.24.0. Shorter-term moving averages are turning bearish today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average, but is turning down. Sell stop orders are likely located just below support at the overnight low of 108.13.0, and then more sell stops just below support at 108.08.0. Wyckoff's Intra Day Market Rating: 5.5
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 108.23.0
1st Support:------ 108.06.0
2nd Support:------ 107.29.0
1st Resistance:--- 109.00.0
2nd Resistance:--- 109.17.0
Wednesday, December 13--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is higher U.S. Treasuries in the wake of the Federal Reserve's FOMC meeting Tuesday, in which the Fed left U.S. interest rates unchanged.
U.S. STOCK INDEXES
The stock indexes are mostly firmer in early morning electronic trading. Bulls still have the near-term technical advantage.
March 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 today. Today, shorter-term technical support comes in at the overnight low of 1,423.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Tuesday's low of 1,417.30. Upside resistance for active traders today is located at this week's high of 1,429.10 and then at the contract high of 1,432.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,423.10
1st Support:------ 1,419.20
2nd Support:------ 1,413.40
1st Resistance:--- 1,428.90
2nd Resistance:--- 1,432.80
March 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 bearish early today. Today, shorter-term technical support is located at Tuesday's low of 791.25. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 785.00. On the upside, short-term resistance is seen at Tuesday's high of 801.25. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 805.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 796.25
1st Support:------ 791.30
2nd Support:------ 786.25
1st Resistance:--- 801.25
2nd Resistance:--- 806.25
March Dow: For today, sell stops likely reside just below support at 12,400 and then more stops just below support at Tuesday's low of 12,345. Buy stops likely reside just above shorter-term technical resistance at the contract high of 12,460 and then more buy stops just above resistance at 12,500. Shorter-term moving averages are bullish today, as the 4-day moving average is moving 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 today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,394
1st Support:------ 12,363
2nd Support:------ 12,314
1st Resistance:--- 12,443
2nd Resistance:--- 12,474
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are higher early today. Bulls have regained some upside technical momentum this week. Traders appear to have shrugged off the Wednesday's FOMC meeting results.
March U.S. T-Bonds: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance lies at the overnight high of 114 6/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 114 16/32. Shorter-term technical support lies at the overnight low of 113 29/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Tuesday's low of 113 14/32. Wyckoff's Intra-Day Market Rating: 7.5
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 113 27/32
1st Support:----- 113 20/32
2nd Support:----- 113 6/32
1st Resistance:-- 114 9/32
2nd Resistance:-- 114 16/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bullish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 109.07.0, and more buy stops are likely located just above resistance at 109.16.0. Shorter-term moving averages are neutral today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average today. Sell stop orders are likely located just below support at the overnight low of 109.01.5, and then more sell stops just below support at Tuesday's low of 108.24.0. Wyckoff's Intra Day Market Rating: 7.5
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 109.00.0
1st Support:------ 108.27.0
2nd Support:------ 108.19.0
1st Resistance:--- 109.08.0
2nd Resistance:--- 109.13.0
Tuesday, December 12--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is steady and quiet markets ahead of this afternoon's outcome of the Federal Reserve's FOMC meeting, in which the Fed is expected to leave U.S. interest rates unchanged.
U.S. STOCK INDEXES
The stock indexes are slightly lower in quiet early morning electronic trading. Bulls still have the near-term technical advantage.
March 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 Monday's low of 1,421.80. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,416.50. Upside resistance for active traders today is located at Monday's high of 1,429.10 and then at the contract high of 1,432.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,425.90
1st Support:------ 1,422.70
2nd Support:------ 1,418.60
1st Resistance:--- 1,430.00
2nd Resistance:--- 1,433.20
March 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 early today. Today, shorter-term technical support is located at Monday's low of 797.25. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 793.25. On the upside, short-term resistance is seen at Mondday's high of 803.25. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the contract high of 809.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 800.65
1st Support:------ 798.00
2nd Support:------ 794.65
1st Resistance:--- 804.00
2nd Resistance:--- 806.65
March Dow: For today, sell stops likely reside just below support at Monday's low of 12,400 and then more stops just below support at 12,350. Buy stops likely reside just above shorter-term technical resistance at the contract high of 12,460 and then more buy stops just above resistance at 12,500. Shorter-term moving averages are neutral today, as the 4-day moving average is moving above the 9-day and 18-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bullish today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,426
1st Support:------ 12,404
2nd Support:------ 12,377
1st Resistance:--- 12,453
2nd Resistance:--- 12,475
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are slightly higher early today. Bulls have regained some upside technical momentum this week.
March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at the overnight high of 113 29/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 114 even. Shorter-term technical support lies at the overnight low of 113 19/32. Sell stops likely reside just below that level. More sell stops are likely located below support at last week's low of 113 7/32. Wyckoff's Intra-Day Market Rating: 6.5
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 113 19/32
1st Support:----- 113 11/32
2nd Support:----- 112 31/32
1st Resistance:-- 113 31/32
2nd Resistance:-- 114 7/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Buy stops likely reside just above shorter-term technical resistance at 109.00.0, and more buy stops are likely located just above resistance at 109.08.0. Shorter-term moving averages are neutral today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average today. Sell stop orders are likely located just below support at last week's low of 108.18.0, and then more sell stops just below support at 108.08.0. Wyckoff's Intra Day Market Rating: 6.5
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 108.25.0
1st Support:------ 108.20.0
2nd Support:------ 108.14.0
1st Resistance:--- 108.31.0
2nd Resistance:--- 109.04.0
Monday, December 11--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in quiet overnight/early morning trading today is firmer stock index and U.S. Treasury prices.
U.S. STOCK INDEXES
The stock indexes are slightly higher in quiet early morning electronic trading. Bulls still have the near-term technical advantage.
March 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 bearish today. Today, shorter-term technical support comes in at the overnight low of 1,421.90. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Friday's low of 1,416.50. Upside resistance for active traders today is located at Friday's high of 1,427.70 and then at the contract high of 1,432.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,422.15
1st Support:------ 1,416.60
2nd Support:------ 1,410.95
1st Resistance:--- 1,427.80
2nd Resistance:--- 1,433.35
March 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 bearish early today. Today, shorter-term technical support is located at Friday's low of 793.25. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 790.00. On the upside, short-term resistance is seen at Friday's high of 804.25. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the contract high of 809.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 798.90
1st Support:------ 793.55
2nd Support:------ 787.90
1st Resistance:--- 804.55
2nd Resistance:--- 809.90
March Dow: For today, sell stops likely reside just below support at Friday's low of 12,336 and then more stops just below support at 12,300. Buy stops likely reside just above shorter-term technical resistance at Friday's high of 12,432 and then more buy stops just above resistance at the contract high of 12,460. Shorter-term moving averages are neutral today, as the 4-day moving average is moving above the 9-day and 18-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,388
1st Support:------ 12,344
2nd Support:------ 12,292
1st Resistance:--- 12,440
2nd Resistance:--- 12,484
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are slightly higher early today. Bulls are fading in the wake of a bearish U.S. jobs report on Friday.
March U.S. T-Bonds: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance lies at the overnight high of 113 17/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 113 24/32. Shorter-term technical support lies at Friday's low of 113 7/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 113 even. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 113 18/32
1st Support:----- 112 31/32
2nd Support:----- 112 20/32
1st Resistance:-- 113 29/32
2nd Resistance:-- 114 16/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Buy stops likely reside just above shorter-term technical resistance at 108.24.0, and more buy stops are likely located just above resistance at 109.00.0. Shorter-term moving averages are neutral today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average today. Sell stop orders are likely located just below support at Friday's low of 108.18.0, and then more sell stops just below support at 108.08.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 108.30.0
1st Support:------ 108.08.0
2nd Support:------ 107.29.0
1st Resistance:--- 109.09.0
2nd Resistance:--- 109.31.0
CURRENCIES
The March U.S. dollar index is near steady in early trading, ahead of the jobs report. Bears still have near-term technical control of the index. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the overnight high of 82.58 and then at 82.75. Shorter-term support is seen at the overnight low of 82.41 and then at Thursday's low of 82.22. Wyckoff's Intra Day Market Rating: 2.5
The March Euro is near steady in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at this week's low of 1.3319 and then more stops just below support at 1.3300. Shorter-term technical resistance for the Euro is seen at Thursday's high of 1.3385 and then at 1.3404. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish early today. Wyckoff's Intra Day Market Rating: 6.5
METALS
Gold is trading slightly lower in trading early today. In February gold, shorter-term technical support is seen at the overnight low of $634.50 and then at $630.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $638.70 and then more buy stops just above technical resistance at $640.00. Wyckoff's Intra-Day Market Rating: 5.0
CRUDE OIL
Crude oil prices are higher in early electronic dealings. In January crude, look for buy stops to reside just above resistance at $63.50 and then just above resistance at $64.00. Look for sell stops just below technical support at the overnight low of $62.63, and then more sell stops just below support at $62.00. Wyckoff's Intra-Day Market Rating: 3.5
GRAINS
Prices were mostly lower overnight. The bulls are still on shaky ground at present. It's not likely the funds are going to want to establish fresh long positions as the end of the year nears. Some near-term technical damage has occurred recently in the grains. Today, the grains may look to "outside markets" like gold and crude oil for direction.
Friday, December 8--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in quiet overnight/early morning trading today. Traders are awaiting today's U.S. jobs report for market direction. Look for a more active trading day in the financial markets today, following the jobs data.
U.S. STOCK INDEXES
The stock indexes are near steady in quiet early morning electronic trading. Bulls still have the near-term technical advantage.
March 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 bearish today. Today, shorter-term technical support comes in at 1,415.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this week's low of 1,412.00. Upside resistance for active traders today is located at 1,425.00 and then at the contract high of 1,432.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,424.25
1st Support:------ 1,416.55
2nd Support:------ 1,412.25
1st Resistance:--- 1,428.55
2nd Resistance:--- 1,436.30
March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral today. The 4-day moving average is above the 9-day and 18-day. The 9-day moving average is just below 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 798.75. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 795.00. On the upside, short-term resistance is seen at Thursday's high of 806.50. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the contract high of 809.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 801.60
1st Support:------ 796.75
2nd Support:------ 793.90
1st Resistance:--- 804.50
2nd Resistance:--- 809.35
March Dow: For today, sell stops likely reside just below support at Thursday's low of 12,361 and then more stops just below support at 12,300. Buy stops likely reside just above shorter-term technical resistance at 12,400 and then more buy stops just above resistance at Thursday's contract high of 12,460. Shorter-term moving averages are neutral today, as the 4-day moving average is moving above the 9-day and 18-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,398
1st Support:------ 12,337
2nd Support:------ 12,299
1st Resistance:--- 12,436
2nd Resistance:--- 12,497
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are slightly lower early today. Look for more active trading just following this morning's U.S. jobs report.
March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are turning bearish today. The 4-day moving average is now below the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at the overnight high of 114 3/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Thursday's high of 114 11/32. Shorter-term technical support lies at Wednesday's low of 113 25/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 113 16/32. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 114 2/32
1st Support:----- 113 25/32
2nd Support:----- 113 16/32
1st Resistance:-- 114 11/32
2nd Resistance:-- 114 20/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at Thursday's high of 109.09.5, and more buy stops are likely located just above resistance at 109.13.0. Shorter-term moving averages are neutral today. The 4-day moving average is turning down. The 9-day is above the 18-day moving average today. Sell stop orders are likely located just below support at Thursday's low of 108.31.5, and then more sell stops just below support at 108.24.0. Wyckoff's Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 109.05.0
1st Support:------ 109.00.0
2nd Support:------ 108.27.0
1st Resistance:--- 109.10.0
2nd Resistance:--- 109.15.0
Thursday, December 7--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in quiet overnight/early morning trading today. Traders are awaiting Friday's U.S. jobs report for market direction. Look for a more active trading day in the financial markets Friday.
U.S. STOCK INDEXES
The stock indexes are firmer in quiet early morning electronic trading. Bulls still have the near-term technical advantage.
March 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 Wednesday's low of 1,424.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,418.00. Upside resistance for active traders today is located at Wednesday's contract high of 1,429.50 and then at 1,435.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,426.80
1st Support:------ 1,424.05
2nd Support:------ 1,421.25
1st Resistance:--- 1,429.55
2nd Resistance:--- 1,432.30
March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral today. The 4-day moving average is above the 9-day and 18-day. The 9-day moving average is just below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support is located at Wednesday's low of 800.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 795.00. On the upside, short-term resistance is seen at Wednesday's high of 806.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the contract high of 809.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 803.10
1st Support:------ 800.20
2nd Support:------ 797.60
1st Resistance:--- 805.70
2nd Resistance:--- 808.60
March Dow: For today, sell stops likely reside just below support at Wednesday's low of 12,398 and then more stops just below support at 12,350. Buy stops likely reside just above shorter-term technical resistance at Wednesday's high of 12,430 and then more buy stops just above resistance at the contract high of 12,458. Shorter-term moving averages are neutral today, as the 4-day moving average is moving above the 9-day and 18-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,414
1st Support:------ 12,398
2nd Support:------ 12,382
1st Resistance:--- 12,430
2nd Resistance:--- 12,446
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer early today. Look for quieter trading today, ahead of Friday morning's jobs report.
March 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. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at the overnight high of 114 11/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Wednesday's high of 114 16/32. Shorter-term technical support lies at 114 even. Sell stops likely reside just below that level. More sell stops are likely located below support at 113 24/32. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 114 6/32
1st Support:----- 113 29/32
2nd Support:----- 113 22/32
1st Resistance:-- 114 13/32
2nd Resistance:-- 114 22/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Buy stops likely reside just above shorter-term technical resistance at Wednesday's high of 109.13.0, and more buy stops are likely located just above resistance at the contract high of 109.21.0. 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 the overnight low of 109.03.0, and then more sell stops just below support at 109.00.0. Wyckoff's Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 109.06.0
1st Support:------ 109.00.0
2nd Support:------ 108.27.0
1st Resistance:--- 109.11.0
2nd Resistance:--- 109.17.0
CURRENCIES
The March U.S. dollar index is modestly higher in early trading, on short covering in a bear market. Bears still have near-term technical control of the index. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the overnight high of 82.45 and then at 82.75. Shorter-term support is seen at the overnight low of 82.21 and then at the contract low of 81.90. Wyckoff's Intra Day Market Rating: 2.5
The March Euro is lower in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.3321 and then more stops just below support at 1.3300. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.3404 and then at the contract high of 1.3427. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish early today. Wyckoff's Intra Day Market Rating: 6.5
METALS
Gold is trading solidly lower in trading early today. In February gold, shorter-term technical support is seen at $638.00 and then at $635.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $645.00 and then more buy stops just above technical resistance at $650.00. Wyckoff's Intra-Day Market Rating: 4.0
CRUDE OIL
Crude oil prices are slightly lower in early electronic dealings. In January crude, look for buy stops to reside just above resistance at the overnight high of $62.72 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: 3.0
GRAINS
Prices were lower overnight. While the bulls still have the technical advantage in the grains, they are a bit rattled at present. Solid losses today could begin to inflict some near-term technical damage in some markets. The corn and soybean markets still have not experienced any significant price "correction" since the runup began earlier this fall. That significant correction may be under way, however.
Wednesday, December 6--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is a firmer U.S. dollar and lower gold prices. Traders are awaiting Friday's U.S. jobs report for market direction.
U.S. STOCK INDEXES
The stock indexes are firmer in quiet early morning electronic trading. Bulls still have the near-term technical advantage.
March 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 bullish today. Today, shorter-term technical support comes in at Tuesday's low of 1,422.80. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,418.00. Upside resistance for active traders today is located at Tuesday's contract high of 1,429.00 and then at 1,435.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,426.90
1st Support:------ 1,424.75
2nd Support:------ 1,420.70
1st Resistance:--- 1,430.95
2nd Resistance:--- 1,433.10
March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral today. The 4-day moving average is above the 9-day and 18-day. The 9-day moving average is just below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical support is located at 800.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 795.00. On the upside, short-term resistance is seen at Tuesday's contract high of 809.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 815.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 805.90
1st Support:------ 802.80
2nd Support:------ 800.15
1st Resistance:--- 808.50
2nd Resistance:--- 811.65
March Dow: For today, sell stops likely reside just below support at Tuesday's low of 12,390 and then more stops just below support at 12,350. Buy stops likely reside just above shorter-term technical resistance at Tuesday's high of 12,435 and then more buy stops just above resistance at the contract high of 12,458. Shorter-term moving averages are neutral today, as the 4-day moving average is moving above the 9-day and 18-day. The 9-day moving average is just below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bullish today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,420
1st Support:------ 12,405
2nd Support:------ 12,375
1st Resistance:--- 12,450
2nd Resistance:--- 12,465
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are lower early today. A bearish ADP pre-jobs report non-farm payrolls estimate, issued this morning, spooked the bulls today.
March 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. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at the overnight high of 114 16/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 114 24/32. Shorter-term technical support lies at 114 even. Sell stops likely reside just below that level. More sell stops are likely located below support at 113 24/32. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 114 16/32
1st Support:----- 114 4/32
2nd Support:----- 113 23/32
1st Resistance:-- 114 29/32
2nd Resistance:-- 115 9/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 109.13.0, and more buy stops are likely located just above resistance at the contract high of 109.21.0. 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 109.00.0, and then more sell stops just below support at 108.24.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 109.14.0
1st Support:------ 109.07.0
2nd Support:------ 109.00.0
1st Resistance:--- 109.21.0
2nd Resistance:--- 109.28.0
Tuesday, December 5--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in quieter overnight/early morning trading today. Traders are awaiting Friday's U.S. jobs report for market direction.
U.S. STOCK INDEXES
The stock indexes are firmer in quiet early morning electronic trading. Bulls still have the near-term technical advantage.
March 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 bullish today. Today, shorter-term technical support comes in at 1,418.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Monday's low of 1,412.00. Upside resistance for active traders today is located at Monday's contract high of 1,425.20 and then at 1,430.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,420.00
1st Support:------ 1,414.75
2nd Support:------ 1,406.80
1st Resistance:--- 1,427.95
2nd Resistance:--- 1,433.17
March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are turning bullish today. The 4-day moving average is above the 9-day and 18-day. The 9-day moving average is just below the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical support is located at 800.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 795.00. On the upside, short-term resistance is seen at Monday's contract high of 804.90. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 810.00. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 803.60
1st Support:------ 802.30
2nd Support:------ 799.70
1st Resistance:--- 806.20
2nd Resistance:--- 807.50
March Dow: For today, sell stops likely reside just below support at 12,350 and then more stops just below support at Monday's low of 12,295. Buy stops likely reside just above shorter-term technical resistance at Monday's high of 12,410 and then more buy stops just above resistance at the contract high of 12,458. Shorter-term moving averages are turning bullish, as the 4-day moving average is moving 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 today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,363
1st Support:------ 12,315
2nd Support:------ 12,248
1st Resistance:--- 12,430
2nd Resistance:--- 12,478
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are slightly higher early today. Bulls still have near-term technical momentum on their side.
March 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. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at the overnight high of 114 24/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at last week's high of 114 30/32. Shorter-term technical support lies at 114 16/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Monday's low of 114 8/32. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 114 18/32
1st Support:----- 114 12/32
2nd Support:----- 114 2/32
1st Resistance:-- 114 28/32
2nd Resistance:-- 115 2/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Buy stops likely reside just above shorter-term technical resistance at the contract high of 109.21.0, and more buy stops are likely located just above resistance at 110.00.0. 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 109.08.0, and then more sell stops just below support at 109.00.0. Wyckoff's Intra Day Market Rating: 7.5
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 109.13.0
1st Support:------ 109.11.0
2nd Support:------ 109.05.0
1st Resistance:--- 109.19.0
2nd Resistance:--- 109.21.0
Monday, December 4--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is weaker stock index futures and lower |
