Name: Jim Wyckoff 
Crude, Gold Lead Commodities Lower in Early Trading
Tuesday, October 30--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today are lower raw commodity futures prices, with crude oil and gold futures leading on the downside.
* JIM'S MARKET THOUGHT OF THE DAY *
Trading in the stock, financial and currency markets may be more subdued today, ahead of Wednesday afternoon's Federal Reserve decision on U.S. interest rates, in which the FOMC is expected to cut rates by 0.25%. Another thought: At present, most traders expect crude oil futures prices to hit $100.00 a barrel soon. That makes me suspect crude prices will move closer to the century mark, but not hit it--at least not during this present uptrend. Remember that the majority of the futures trading public is wrong in their thought process most of the time.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading. Bulls still have some near-term technical momentum on their side.
December S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at 1,530.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,520.00. Upside resistance for active traders today is located at Monday's high of 1,547.80 and then at 1,555.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 1,551.00.
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,546.25
1st Support:------ 1,541.80
2nd Support:------ 1,546.55
1st Resistance:--- 1,551.50
2nd Resistance:--- 1,555.95
Nasdaq Index: The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical support is located at 2,188.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 2,175.00. On the upside, short-term resistance is seen at the overnight contract high of 2,215.50 and then at the contract high of 2,229.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 2,190.00
PIVOT POINT LEVELS FOR DECEMBER NASDAQ:
Pivot:------------ 2,216.35
1st Support:------ 2,203.70
2nd Support:------ 2,191.85
1st Resistance:--- 2,228.20
2nd Resistance:--- 2,240.85
December Dow: Sell stops likely reside just below support at Monday's low of 13,860 and then more stops just below support at 13,800. Buy stops likely reside just above shorter-term technical resistance at Monday's high of 13,934 and then just above resistance at 14,000. Shorter-term moving averages are neutral early today, as the 4-day moving average is above the 9-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bullish early today. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 13,858
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 13,900
1st Support:------ 13,867
2nd Support:------ 13,826
1st Resistance:--- 13,941
2nd Resistance:--- 13,974
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are weaker early today. Prices are pausing at present, and that is not bearish.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish early 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 bearish early today. Shorter-term technical resistance lies at the overnight high of 113 22/32. 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 Monday's low of 113 4/32. 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
Today's key near-term Fibonacci support/resistance level:112 19/32
PIVOT POINT LEVELS FOR DCEMBER T-BONDS:
Pivot:----------- 113 17/32
1st Support:----- 113 8/32
2nd Support:----- 112 27/32
1st Resistance:-- 113 30/32
2nd Resistance:-- 114 7/32
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 Monday's high of 110.25.0 and then just above resistance at 111.00.0. Shorter-term moving averages are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at Monday's low of 110.11.0 and then more sell stops just below support at 110.00.0. Wyckoff's Intra Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 110.02.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 110.19.0
1st Support:------ 110.13.0
2nd Support:------ 110.05.0
1st Resistance:--- 110.27.0
2nd Resistance:--- 111.01.0
