Crude Oil and Gold Post Sharp Gains Early
Friday, October 26--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today are solidly higher crude oil prices that pushed above $92 a barrel overnight, and sharply higher gold prices that hit a fresh 11-month high.
* JIM'S MARKET THOUGHT OF THE DAY *
With crude oil and gold prices soaring today, these two key “outside markets” will likely pull many other commodity futures markets higher today, inviting fresh speculative interest on the long side of the these markets.--Jim
U.S. STOCK INDEXES
The stock indexes are slightly higher in early morning electronic trading.
December S&P 500: 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, but is turning up. 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 1,521.80. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,510.00. Upside resistance for active traders today is located at the overnight high of 1,529.20 and then at 1,535.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 1,540.00.
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,520.05
1st Support:------ 1,510.60
2nd Support:------ 1,496.05
1st Resistance:--- 1,534.60
2nd Resistance:--- 1,544.05
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. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical support is located at 2,180.00. 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 2,159.00. On the upside, short-term resistance is seen at the contract high of 2,221.00 and then at 2,235.00. 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: 2,187.00
PIVOT POINT LEVELS FOR DECEMBER NASDAQ:
Pivot:------------ 2,190.70
1st Support:------ 2,161.60
2nd Support:------ 2,129.95
1st Resistance:--- 2,222.35
2nd Resistance:--- 2,251.40
December Dow: Sell stops likely reside just below support at 13,700 and then more stops just below support at Thursday’s low of 13,585. Buy stops likely reside just above shorter-term technical resistance at Thursday’s high of 13,775 and then just above resistance at 13,900. Shorter-term moving averages are bearish early today, as the 4-day moving average is below the 9-day and 18-day, but is turning up. 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: 6.0
Today's key near-term Fibonacci support/resistance level: 13,763
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 13,700
1st Support:------ 13,624
2nd Support:------ 13,510
1st Resistance:--- 13,814
2nd Resistance:--- 13,890
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are lower early today. However, bulls still have some near-term technical momentum on their side after early-week gains.
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 and 18-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 113 24/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 114 even. Shorter-term technical support lies at the overnight low of 113 13/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 113 5/32. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level:112 21/32
PIVOT POINT LEVELS FOR DCEMBER T-BONDS:
Pivot:----------- 113 25/32
1st Support:----- 113 16/32
2nd Support:----- 113 9/32
1st Resistance:-- 114 even
2nd Resistance:-- 114 9/32
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 110.25.0 and then just above resistance at 111.00.0. 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 110.19.5 and then more sell stops just below support at 110.10.0. Wyckoff's Intra Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 110.02.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 110.28.0
1st Support:------ 110.21.0
2nd Support:------ 110.16.0
1st Resistance:--- 111.01.0
2nd Resistance:--- 111.08.0
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