Name: Jim Wyckoff 
U.S. Stock Indexes, Crude Oil Higher Early
Thursday, October 25--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today are higher U.S. stock indexes, weaker Treasuries and a solid gains in crude oil prices.
* JIM'S MARKET THOUGHT OF THE DAY *
Trading in the stock indexes has become more volatile in recent days. My bias is that this higher volatility is favoring the bearish camp and that there may still be some rough sailing for the stock index bulls in the near term.--Jim
U.S. STOCK INDEXES
The stock indexes are higher in early morning electronic trading.
December S&P 500: The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical support comes in at the overnight low of 1,517.80. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,500.00. Upside resistance for active traders today is located at the overnight high of 1,529.10 and then at 1,535.00. 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: 1,540.00.
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,514.00
1st Support:------ 1,498.20
2nd Support:------ 1,503.60
1st Resistance:--- 1,532.30
2nd Resistance:--- 1,542.70
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. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical support is located at the overnight low of 2,200.75. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 2,185.00. On the upside, short-term resistance is seen at the contract high of 2,221.00 and then at 2,235.00. 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: 2,187.00
PIVOT POINT LEVELS FOR DECEMBER NASDAQ:
Pivot:------------ 2,189.00
1st Support:------ 2,168.00
2nd Support:------ 2,133.00
1st Resistance:--- 2,224.00
2nd Resistance:--- 2,245.00
December Dow: Sell stops likely reside just below support at 13,600 and then more stops just below support at Wednesday's low of 13,505. Buy stops likely reside just above shorter-term technical resistance at 13,800 and then just above resistance at 13,900. 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 neutral to bullish early today. Wyckoff's Intra-Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 13,763
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 13,645
1st Support:------ 13,566
2nd Support:------ 13,425
1st Resistance:--- 13,786
2nd Resistance:--- 13,865
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are lower early today. However, bulls still have some near-term technical momentum on their side after recent gains.
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 neutral to bearish early today. Shorter-term technical resistance lies at the overnight high of 114 2/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Wednesday’s high of 114 5/32. Shorter-term technical support lies at the overnight low of 113 20/32. 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
Today's key near-term Fibonacci support/resistance level:112 21/32
PIVOT POINT LEVELS FOR DCEMBER T-BONDS:
Pivot:----------- 113 24/32
1st Support:----- 113 11/32
2nd Support:----- 112 24/32
1st Resistance:-- 114 11/32
2nd Resistance:-- 114 24/32
December 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 111.02.5 and then just above resistance at Wednesday’s contract high of 111.06.5. 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 the overnight low of 110.24.0 and then more sell stops just below support at 110.16.0. Wyckoff's Intra Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 110.02.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 110.29.0
1st Support:------ 110.20.0
2nd Support:------ 110.06.0
1st Resistance:--- 111.11.0
2nd Resistance:--- 111.20.0
