Name: Jim Wyckoff 
Gold, Crude Oil Solidly Higher in Early Trading
Monday, October 29--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today are higher raw commodity futures prices, including another fresh all-time high in the price of crude oil futures and multi-month highs in gold.
* JIM'S MARKET THOUGHT OF THE DAY *
It appears that the commodity bulls want to run some more today, amid a weaker U.S. dollar versus the other major currencies. The U.S. dollar index hit another fresh contract and all-time low in overnight trading. For all commodity traders, the crude oil and gold futures markets will likely be the leader, and will remain the key "outside markets" to monitor.--Jim
U.S. STOCK INDEXES
The stock indexes are higher in early morning electronic trading. Bulls are regaining near-term technical momentum after producing bullish weekly high closes on Friday.
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 bullish early today. Today, shorter-term technical support comes in at the overnight low of 1,541.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,530.00. Upside resistance for active traders today is located at 1,550.00 and then at 1,555.00. 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: 1,551.00.
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,535.90
1st Support:------ 1,528.55
2nd Support:------ 1,514.50
1st Resistance:--- 1,549.95
2nd Resistance:--- 1,557.30
Nasdaq Index: Prices poked to 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 and 18-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 the overnight low of 2,206.75. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Friday's low of 2,188.00. On the upside, short-term resistance is seen at the overnight contract high of 2,229.00 and then at 2,250.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 7.0
Today's key near-term Fibonacci support/resistance level: 2,190.00
PIVOT POINT LEVELS FOR DECEMBER NASDAQ:
Pivot:------------ 2,205.10
1st Support:------ 2,190.20
2nd Support:------ 2,173.10
1st Resistance:--- 2,222.20
2nd Resistance:--- 2,237.10
December Dow: Sell stops likely reside just below support at 13,800 and then more stops just below support at Friday's low of 13,733. Buy stops likely reside just above shorter-term technical resistance at 13,900 and then just above resistance at 14,000. Shorter-term moving averages are bearish early today, as the 4-day moving average is below 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 early today. Wyckoff's Intra-Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 13,961
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 13,812
1st Support:------ 13,769
2nd Support:------ 13,690
1st Resistance:--- 13,891
2nd Resistance:--- 13,934
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are lower early today. Bulls are fading and need to show power soon.
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 15/32. 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 113 even. Sell stops likely reside just below that level. More sell stops are likely located below support at 112 28/32. Wyckoff's Intra-Day Market Rating: 4.0
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 5/32
2nd Support:----- 112 26/32
1st Resistance:-- 113 28/32
2nd Resistance:-- 114 8/32
December 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 110.19.5 and then just above resistance at 110.24.0. 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 110.08.0 and then more sell stops just below support at 110.00.0. Wyckoff's Intra Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 110.02.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 110.21.0
1st Support:------ 110.14.0
2nd Support:------ 110.06.0
1st Resistance:--- 110.29.0
2nd Resistance:--- 111.04.0
