Name: Jim Wyckoff 
Raw Commodity Markets Starting Out Strong Thursday
Thursday, September 27--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is higher commodity prices virtually across the board, led by crude oil.
* JIM'S MARKET THOUGHT OF THE DAY *
Commodity traders should still keep a close eye on the crude oil and gold futures markets. Bigger moves in those markets will provide a spillover impact on other commodity futures markets. The Continuous Commodity Index (CCI) is still in a fully near-term bullish technical posture, suggesting the major bull run in commodity markets can continue.--Jim
U.S. STOCK INDEXES
The stock indexes are slightly higher in early morning electronic trading.
December S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at the overnight low of 1,536.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Wednesday's low of 1,528.50. Upside resistance for active traders today is located at the overnight high of 1,544.40 and then at the September high of 1,552.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 1,525.50.
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,535.45
1st Support:------ 1,529.30
2nd Support:------ 1,522.35
1st Resistance:--- 1,542.40
2nd Resistance:--- 1,548.55
Nasdaq Index: Prices hit another fresh contract high overnight. The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at Wednesday's low of 2,098.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 2,080.00. On the upside, short-term resistance is seen at the overnight contract high of 2,120.75 and then at 2,130.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 8.0
Today's key near-term Fibonacci support/resistance level: 2,076.00
PIVOT POINT LEVELS FOR DECEMBER NASDAQ:
Pivot:------------ 2,108.50
1st Support:------ 2,099.00
2nd Support:------ 2,088.50
1st Resistance:--- 2,119.00
2nd Resistance:--- 2,128.50
December Dow: Sell stops likely reside just below support at Wednesday's low of 13,900 and then more stops just below support at this week's low of 13,785. Buy stops likely reside just above shorter-term technical resistance at Wednesday's high of 13,999 and then just above resistance at 14,100. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Wyckoff's Intra-Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 13,672
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 13,952
1st Support:------ 13,906
2nd Support:------ 13,853
1st Resistance:--- 14,005
2nd Resistance:--- 14,051
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer early today.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bearish early 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 110 29/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 even. Shorter-term technical support lies at the overnight low of 110 12/32. Sell stops likely reside just below that level. More sell stops are likely located below support at this week's low of 110 6/32. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level:111 17/32
PIVOT POINT LEVELS FOR DCEMBER T-BONDS:
Pivot:----------- 110 18/32
1st Support:----- 110 7/32
2nd Support:----- 109 27/32
1st Resistance:-- 110 30/32
2nd Resistance:-- 111 9/32
December 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 overnight high of 109.04.0 and then just above resistance at this week's high of 109.13.0. Shorter-term moving averages are bearish early 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 the overnight low of 108.25.5 and then more sell stops just below support at the this week's low of 108.19.5. Wyckoff's Intra Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 109.11.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 108.30.0
1st Support:------ 108.24.0
2nd Support:------ 108.16.0
1st Resistance:--- 109.06.0
2nd Resistance:--- 109.12.0
