Name: Jim Wyckoff 
Gold and Crude Oil Lower in Early Trading
Tuesday, November 27--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today are lower gold and crude oil prices, and a rebound in the U.S. dollar.
* JIM'S MARKET THOUGHT OF THE DAY *
Sentiment among stock market investors has turned overall bearish amid worries about a U.S. economic recession. My bias is that rallies in the U.S. stock indexes will be selling opportunities. At the same time, weakness in U.S. Treasury prices will be buying opportunities.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading, on a corrective bounce from solid losses on Monday. The bears still have the slight near-term technical advantage as prices are still in a downtrend from the October highs.
December S&P 500: Prices dipped to a fresh 3.5-month low overnight. The shorter-term moving averages (4-, 9- and 18-day) are still 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 1,406.30. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,400.00. Upside resistance for active traders today is located at the overnight high of 1,428.60 and then at 1,437.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.5
Today's key near-term Fibonacci support/resistance level: 1,441.00.
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,423.50
1st Support:------ 1,392.80
2nd Support:------ 1,376.30
1st Resistance:--- 1,440.00
2nd Resistance:--- 1,470.70
Nasdaq Index: The shorter-term moving averages (4- 9-and 18-day) are still bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at Monday's low of 1,993.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support a the November low of 1,983.00. On the upside, short-term resistance is seen at the overnight high of 2,021.00 and then at 2,037.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 5.5
Today's key near-term Fibonacci support/resistance level: 2,060.00
PIVOT POINT LEVELS FOR DECEMBER NASDAQ:
Pivot:------------ 2,015.35
1st Support:------ 1,977.70
2nd Support:------ 1,955.35
1st Resistance:--- 2,037.70
2nd Resistance:--- 2,075.35
December Dow: Sell stops likely reside just below support at Monday's low of 12,750 and then more stops just below support at the August low of 12,680. Buy stops likely reside just above shorter-term technical resistance at 12,900 and then just above resistance at 13,000. 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 neutral early today. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 12,999
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 12,881
1st Support:------ 12,661
2nd Support:------ 12,551
1st Resistance:--- 12,971
2nd Resistance:--- 13,171
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are weaker early today, on a corrective pullback from huge gains on Monday. But the bulls remain technically strong, amid no early clues of market tops being close at hand.
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 25/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 119 even. Shorter-term technical support lies at the overnight low of 118 2/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 117 24/32. Wyckoff's Intra-Day Market Rating: 6.5
Today's key near-term Fibonacci support/resistance level:117 10/32
PIVOT POINT LEVELS FOR DCEMBER T-BONDS:
Pivot:----------- 118 9/32
1st Support:----- 117 6/32
2nd Support:----- 115 14/32
1st Resistance:-- 120 7/32
2nd Resistance:-- 121 4/32
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 114.22.5 and then just above resistance at the contract high of 114.31.0. 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 114.01.5 and then more sell stops just below support at 113.24.0. Wyckoff's Intra Day Market Rating: 6.5
Today's key near-term Fibonacci support/resistance level: 113.18.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 114.08.0
1st Support:------ 113.18.0
2nd Support:------ 112.11.0
1st Resistance:--- 115.15.0
2nd Resistance:--- 116.05.0
