Name: Jim Wyckoff 
Gold, Crude, Dollar Still Powerful "Axis"
Monday, November 26--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is higher gold and crude oil prices. Crude oil is at record highs and nearing the $100 a barrel level, while gold is nearing its all-time high set 27 years ago.
* JIM'S MARKET THOUGHT OF THE DAY *
I've said it before but it's worth repeating: Crude oil, gold and the value of the U.S. dollar versus the other major currencies are still a powerful axis that is impacting most other commodity and financial markets.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading. 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: 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 neutral to bullish early today. Today, shorter-term technical support comes in at the overnight low of 1,441.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,430.00. Upside resistance for active traders today is located at the overnight high of 1,454.20 and then at 1,460.00. 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: 1,458.00.
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,434.45
1st Support:------ 1,425.00
2nd Support:------ 1,408.05
1st Resistance:--- 1,451.40
2nd Resistance:--- 1,460.85
Nasdaq Index: 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 average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical support is located at the overnight low of 2,033.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 2,014.00. On the upside, short-term resistance is seen at the overnight high of 2,049.00 and then at last week's high of 2,072.00. 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: 2,060.00
PIVOT POINT LEVELS FOR DECEMBER NASDAQ:
Pivot:------------ 2,025.35
1st Support:------ 2,013.70
2nd Support:------ 1,994.85
1st Resistance:--- 2,044.20
2nd Resistance:--- 2,055.85
December Dow: Sell stops likely reside just below support at Friday's low of 12,890 and then more stops just below support at last week's low of 12,810. Buy stops likely reside just above shorter-term technical resistance at 13,085 and then just above resistance at 13,175. 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 today. Wyckoff's Intra-Day Market Rating: 5.5
Today's key near-term Fibonacci support/resistance level: 13,045
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 12,958
1st Support:------ 12,918
2nd Support:------ 12,851
1st Resistance:--- 13,025
2nd Resistance:--- 13,065
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are weaker early today. 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 neutral to bearish early today. Shorter-term technical resistance lies at the contract high of 116 31/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 117 8/32. Shorter-term technical support lies at Friday's low of 116 11/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 116 even. Wyckoff's Intra-Day Market Rating: 6.5
Today's key near-term Fibonacci support/resistance level:115 25/32
PIVOT POINT LEVELS FOR DCEMBER T-BONDS:
Pivot:----------- 116 23/32
1st Support:----- 116 16/32
2nd Support:----- 116 3/32
1st Resistance:-- 117 4/32
2nd Resistance:-- 117 11/32
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 113.12.0 and then just above resistance at the contract high of 113.23.5. 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 113.00.0 and then more sell stops just below support at 112.27.5. Wyckoff's Intra Day Market Rating: 6.5
Today's key near-term Fibonacci support/resistance level: 112.25.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 113.14.0
1st Support:------ 113.07.0
2nd Support:------ 113.00.0
1st Resistance:--- 113.21.0
2nd Resistance:--- 113.28.0
