Name: Jim Wyckoff 
U.S. Dollar Holding Solid Gains Early
Wednesday, November 28--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today are solidly lower gold oil prices and a strong rebound in the U.S. dollar.
* JIM'S MARKET THOUGHT OF THE DAY *
A strong performance by the U.S. dollar this week, as shown by the U.S. dollar index, would be an early clue that the greenback is finally bottoming out and ready to regain some strength versus the other major currencies. Today, the dollar index is showing the most strength its been able to muster in weeks. This week's trading action will be extra important for the dollar and for other markets like gold, which track the dollar closely.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading.
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 bullish early today. Today, shorter-term technical support comes in at the overnight low of 1,420.60. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this week's low of 1,406.30. Upside resistance for active traders today is located at 1,440.00 and then at 1,450.00. 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: 1,440.00.
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,421.75
1st Support:------ 1,411.00
2nd Support:------ 1,395.55
1st Resistance:--- 1,437.20
2nd Resistance:--- 1,447.95
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. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical support is located at the overnight low of 2,024.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 2,000.00. On the upside, short-term resistance is seen at 2,072.00 and then at 2,100.00. 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:------------ 2,022.70
1st Support:------ 2,005.35
2nd Support:------ 1,978.20
1st Resistance:--- 2,049.85
2nd Resistance:--- 2,067.20
December Dow: Sell stops likely reside just below support at 12,900 and then more stops just below support at 12,800. Buy stops likely reside just above shorter-term technical resistance at Tuesday's high of 13,015 and then just above resistance at this week's high of 13,060. 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: 13,085
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 12,920
1st Support:------ 12,825
2nd Support:------ 12,695
1st Resistance:--- 13,050
2nd Resistance:--- 13,145
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are lower early today. Bulls are fading, technically, after a strong performance Monday. No serious near-term chart damage has occurred, however.
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 117 24/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 118 even. Shorter-term technical support lies at the overnight low of 116 29/32. Sell stops likely reside just below that level. More sell stops are likely located below support at this week's low of 116 17/32. Wyckoff's Intra-Day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level:116 19/32
PIVOT POINT LEVELS FOR DCEMBER T-BONDS:
Pivot:----------- 117 24/32
1st Support:----- 116 21/32
2nd Support:----- 115 25/32
1st Resistance:-- 118 20/32
2nd Resistance:-- 119 23/32
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 114.00.5 and then just above resistance at 114.08.0. 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 113.15.0 and then more sell stops just below support at 113.08.0. Wyckoff's Intra Day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 113.05.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 114.01.0
1st Support:------ 113.11.0
2nd Support:------ 112.25.0
1st Resistance:--- 114.19.0
2nd Resistance:--- 115.09.0
