Name: Jim Wyckoff 
Crude Oil Solidly Lower, Below $90 a Barrel
Friday, November 30--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today is solid losses in crude oil futures prices, which have fallen below $90.00 a barrel.
* JIM'S MARKET THOUGHT OF THE DAY *
The crude oil market bulls' push for prices cracking $100.00 a barrel to a big hit this week--at least for now. Prices have dropped sharply from the recent all-time high above $99.00 a barrel scored last week. Importantly, a major U.S. oil pipeline fire late Wednesday could not push crude past the century mark. Granted, the damage from that fire was not as extensive as initially feared. However, that was a major fundamentally bullish shock, at least initially, to the crude oil market, and prices still could not reach the century mark.--Jim
U.S. STOCK INDEXES
The stock indexes are higher in early morning electronic trading. Bulls have fresh near-term technical momentum on their side, and bullish weekly high closes on Friday would give the bulls added technical strength.
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 and 18-day. The 9-day is below the 18-day moving average, but is turning up. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical support comes in at the overnight low of 1,468.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Thursday's low of 1,461.00. Upside resistance for active traders today is located at 1,490.00 and then at 1,500.00. 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: 1,496.00.
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,469.80
1st Support:------ 1,462.60
2nd Support:------ 1,453.80
1st Resistance:--- 1,478.60
2nd Resistance:--- 1,485.80
Nasdaq Index: The shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is below the 18-day, but has turned up. Short-term oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical support is located at the overnight low of 2,095.75. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Thursday's low of 2,085.00. On the upside, short-term resistance is seen at 2,128.50 and then at 2,150.00. 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: 2,153.00
PIVOT POINT LEVELS FOR DECEMBER NASDAQ:
Pivot:------------ 2,100.00
1st Support:------ 2,085.70
2nd Support:------ 2,070.85
1st Resistance:--- 2,114.70
2nd Resistance:--- 2,128.85
December Dow: Sell stops likely reside just below support at 13,300 and then more stops just below support at Thursday's low of 13,240. Buy stops likely reside just above shorter-term technical resistance at 13,450 and then just above resistance at 13,500. 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: 7.0
Today's key near-term Fibonacci support/resistance level: 13,366
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 13,314
1st Support:------ 12,259
2nd Support:------ 13,184
1st Resistance:--- 13,389
2nd Resistance:--- 13,444
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are near steady early today. Bulls still have near-term technical momentum on their side.
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. 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 118 5/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Thursday's high of 118 11/32. Shorter-term technical support lies at the overnight low of 117 14/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 117 even. Wyckoff's Intra-Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level:116 19/32
PIVOT POINT LEVELS FOR DCEMBER T-BONDS:
Pivot:----------- 117 17/32
1st Support:----- 116 34/32
2nd Support:----- 115 19/32
1st Resistance:-- 118 22/32
2nd Resistance:-- 119 15/32
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 114.00.0 and then just above resistance at Thursday's high of 114.10.0. 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 the overnight low of 113.23.5 and then more sell stops just below support at the overnight low of 113.16.0. Wyckoff's Intra Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 113.05.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 113.27.0
1st Support:------ 113.12.0
2nd Support:------ 112.22.0
1st Resistance:--- 114.17.0
2nd Resistance:--- 115.00.0
