Jim's Morning Markets Report--Nov. 26

November 26, 2013 12:46 AM
 

Tuesday, November 26--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

It’s a quiet and uneventful market place Tuesday. Overseas
stock markets saw some mild profit taking from Monday’s
rallies. Trading activity and market volumes may continue to
dwindle as the week progresses, due to the U.S. Thanksgiving
holiday on Thursday.

U.S. economic data due for release Tuesday includes the
weekly Goldman Sachs and Johnson Redbook retail sales
reports, new residential construction, the Richmond Fed
business survey, and the S&P/Case-Shiller home price index.

Wyckoff’s Daily Risk Rating: 5.0 (It’s a quieter world
market place Tuesday.)

(Wyckoff’s Daily Risk Rating is your way to quickly gauge
investor risk appetite in the world market place each day.
Each day I assess the "risk-on" or "risk-off" trader
mentality in the market place with a numerical reading of 1
to 10, with 1 being least risk-averse (most risk-on) and 10
being the most risk-averse (risk-off).

--Jim
   
U.S. STOCK INDEXES

S&P 500 futures: Prices are slightly lower in early U.S.
trading on mild profit taking after hitting a record high on
Monday. 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 is above the 18-day moving average.
Short-term oscillators (RSI, slow stochastics) are neutral
early today. Today, shorter-term technical resistance comes
in at Monday’s record high of 1,808.80 and then at 1,825.00.
Buy stops likely reside just above those levels. Downside
support for active traders today is located at Monday’s low
of 1,799.00 and then at 1,792.20. Sell stops are likely
located just below those levels. Wyckoff's Intra-day Market
Rating: 5.0

Nasdaq index futures: Prices are slightly lower early today
on mild profit taking after hitting a 13-year high on
Monday. 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 early today.
Shorter-term technical resistance is located at Monday’s
high of 3,437.25 and then at 3,450.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at Monday’s low of 3,320.25 and then at
3,400.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-Day Market Rating: 5.0.

Dow futures: Prices are slightly lower early today on mild
profit taking after hitting a record high Monday. Buy stops
likely reside just above technical resistance at 16,100 and
then at 16,150. Sell stops likely reside just below
technical support at 16,000 and then at 15,950. Shorter-term
moving averages are bullish early today, as the 4-day moving
average is above the 9-day and 18-day. The 9-day moving
average is above the 18-day moving average. Shorter-term
oscillators (RSI, slow stochastics) are neutral early today.
Wyckoff's Intra-Day Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Prices are firmer early today on short
covering. The bears still have the overall near-term
technical advantage as prices are in a choppy, four-week-old
downtrend on the daily bar chart. Shorter-term moving
averages (4- 9- 18-day) are bearish early today. The 4-day
moving average is below the 9-day. The 9-day is below the
18-day moving average. Oscillators (RSI, slow stochastics)
are bullish early today. Shorter-term resistance lies at the
overnight high of 131 4/32 and then at 131 16/32. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 130 23/32 and
then at Monday’s low of 130 6/32. Sell stops likely reside
just below those levels. Wyckoff's Intra-Day Market Rating:
5.5
 
March U.S. T-Notes: Prices are firmer early today on short
covering. Shorter-term moving averages (4- 9- 18-day) are
neutral early today. The 4-day moving average is below the
9-day. The 9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are bullish early
today. Shorter-term resistance lies at the overnight high
of 125.22.5 and then at last week’s high of 125.26.5. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at 125.10.0 and then at Monday’s low
of 125.04.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The March U.S. dollar index is lower early today. The
greenback bears have the overall near-term technical
advantage amid recent choppy trading. Slow stochastics for
the dollar index are bearish early today. The dollar index
finds shorter-term technical resistance at Monday’s high of
81.240 and then at last week’s high of 81.505. Shorter-term
support is seen at the overnight low of 80.860 and then at
Monday’s low of 80.700. Wyckoff's Intra Day Market Rating:
4.0

NYMEX CRUDE OIL

January Nymex crude oil prices are slightly higher early
today, on tepid short covering. Bears still have the overall
near-term technical advantage. Prices are in a three-month-
old downtrend on the daily bar chart. In January Nymex
crude, look for buy stops to reside just above resistance at
the overnight high of $94.69 and then at $95.00. Look for
sell stops just below technical support at $94.00 and then
at $93.50. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Markets were mostly weaker overnight, on a corrective
pullback from modest gains scored Monday. Focus of the
market place is on the demand side of the equation. Monday’s
weekly USDA export inspections report was deemed neutral to
bearish. Technically, corn bears are in firm command.
Soybean bulls have the near-term technical advantage, and
wheat bears remain in full technical control.
 

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