Name: Jim Wyckoff 
U.S. Stock Indexes Firmer; Awaiting FOMC
Wednesday, October 31--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is firmer U.S. stock index prices.
* JIM'S MARKET THOUGHT OF THE DAY *
I would not be surprised at some point in the coming weeks to see the crude oil futures market make a very sharp downside "correction" that could even include prices trading down the daily limit of $10.00 a barrel. It's also my bias that at present the risk in the crude oil market is for a bigger price move on the downside than for a bigger price move on the upside.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading. Bulls still have some slight near-term technical momentum on their side. Trading should be more active this afternoon, after the FOMC announcement on U.S. interest rates.
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 the overnight low of 1,534.60. 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 this week's high of 1,550.70 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:------------ 1,539.60
1st Support:------ 1,531.40
2nd Support:------ 1,526.80
1st Resistance:--- 1,544.20
2nd Resistance:--- 1,552.40
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 bullish early today. Shorter-term technical support is located at the overnight low of 2,216.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 2,200.00. On the upside, short-term resistance is seen at the contract high of 2,233.00 and then at 2,250.00. 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: 2,190.00
PIVOT POINT LEVELS FOR DECEMBER NASDAQ:
Pivot:------------ 2,218.90
1st Support:------ 2,204.85
2nd Support:------ 2,191.90
1st Resistance:--- 2,231.85
2nd Resistance:--- 2,245.90
December Dow: Sell stops likely reside just below support at Tuesday's low of 13,810 and then more stops just below support at 13,700. Buy stops likely reside just above shorter-term technical resistance at Tuesday's high of 13,885 and then just above resistance at this week's high of 13,934. 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 neutral early today. Wyckoff's Intra-Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 13,957
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 13,839
1st Support:------ 13,793
2nd Support:------ 13,764
1st Resistance:--- 13,868
2nd Resistance:--- 13,914
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are weaker early today. Prices are still pausing at present, and that is not yet bearish. Look for more active trading this afternoon, following the FOMC announcement.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is even with 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 113 20/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Tuesday's high of 113 26/32. Shorter-term technical support lies at Tuesday'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: 4.0
Today's key near-term Fibonacci support/resistance level:112 19/32
PIVOT POINT LEVELS FOR DCEMBER T-BONDS:
Pivot:----------- 113 18/32
1st Support:----- 113 9/32
2nd Support:----- 112 31/32
1st Resistance:-- 113 28/32
2nd Resistance:-- 114 5/32
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 110.22.0 and then just above resistance at 111.00.0. Shorter-term moving averages are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at this week's low of 110.11.0 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:------------ 110.20.0
1st Support:------ 110.17.0
2nd Support:------ 110.12.0
1st Resistance:--- 110.25.0
2nd Resistance:--- 110.28.0
