Crude oil prices are weaker early today and trading has turned choppy. In November crude, look for buy stops to reside just above resistance at $69.00 and then just above resistance at $70.00. Look for sell stops just below technical support at $68.00 and then more sell stops just below support at the September low of $67.66. Today's key near term Fibonacci support/resistance level: $69.90. Wyckoff's Intra-Day Market Rating: 4.5 Thursday's pivot point for crude oil is 69.39
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The U.S. dollar index is slightly higher in early trading today. Bears still have the solid overall near-term technical advantage. Slow stochastics for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at the overnight high of 76.63 and then at 76.95. Shorter-term support is seen at the contract low of 76.04 and then at 75.75. Today's key near-term Fibonacci support/resistance level: 76.89. Wyckoff's Intra Day Market Rating: 5.0
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December S&P 500: The shorter term moving averages (4, 9 and 18 day) are still 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. Short term oscillators (RSI, slow stochastics) are neutral to bearish early today.
Today, shorter term technical support comes in at this week's low of 1,051.80 and then at 1,040.00. Sell stops likely reside just under those levels. Upside resistance for active traders today is located at last week's and last week's high of 1,070.50 and then at Wednesday's high of 1,075.50. 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: 1,056.00.
Pivot:--------------- 1,063.30
1st Support:-------- 1,051.10
2nd Support:-------- 1,043.30
1st Resistance:----- 1,071.10
2nd Resistance:----- 1,083.30
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