Daily Morning Report

Friday, September 8–Jim Wyckoff’s morning markets report

Asian and European stock markets were mostly weaker overnight. U.S. stock indexes are pointed to slightly weaker openings when the New York day session begins. Traders and investors are waiting for the next major U.S. data point, which will likely be the consumer price index report for August, out next Wednesday. Trading may remain quieter until that time.

The key outside markets today see the U.S. dollar index near steady. Nymex crude oil prices are firmer and trading around $87.50 a barrel. The benchmark U.S. Treasury 10-year note yield is presently fetching 4.24%.

U.S. economic data due for release Friday includes monthly wholesale trade inventories and consumer credit.

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are slightly weaker in early U.S. trading. The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical resistance comes in at Wednesday’s high of 4,553.25 and then at last week’s high of 4,597.50. Support for active traders is seen at this week’s low of 4,483.25 and then at 4,450.00. Wyckoff’s Intra-day Market Rating: 4.5

December Nasdaq index futures: Prices are slightly lower in early U.S. trading. Shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at Thursday’s high of 15,590.00 and then at Wednesday’s high of 15,730.00. On the downside, shorter-term support is seen at this week’s low of 15,352.00 and then at 15,200.00. Wyckoff’s Intra-Day Market Rating: 4.5.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are slightly firmer in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below 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 is seen at this week’s high of 120 8/32 and then at 121 even. Shorter-term support lies at this week’s low of 118 25/32 and then at 118 even. Wyckoff’s Intra-Day Market Rating: 5.5

December U.S. T-Notes: Prices are firmer in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at this week’s high of 110.17.0 and then at 110.24.0. Shorter-term technical support is seen at this week’s low of 109.19.0 and then at 109.10.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

EURO CURRENCY

The December Euro currency futures are slightly up in early U.S. trading. Prices are trending lower and bears are in solid control. The shorter-term moving averages for the Euro are bearish early today, as the 4-day is below the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators for the Euro are neutral to bearish early today. The Euro currency finds shorter-term technical resistance at Wednesday’s high of 1.0801 and then at this week’s high of 1.0863. Shorter-term support is seen at this week’s low of 1.0747 and then at 1.0700. Wyckoff’s Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

October Nymex crude oil prices are slightly up in early U.S. trading. The shorter-term moving averages are bullish early today as the 4-day is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral early today. Look for buy stops to reside just above technical resistance at this week’s high of $88.08 and then at $89.00. Look for sell stops just below technical support at $86.00 and then at $85.00. Wyckoff’s Intra-Day Market Rating: 5.5

GRAINS

Grain futures prices were mostly slightly lower in overnight trading. On tap today is the weekly USDA export sales report. Traders await next Tuesday’s USDA monthly supply and demand report, which will provide fresh production estimates. Weather in the Midwest leans slightly bullish for soybean prices but that has mostly been factored into prices. Technicals are bearish for corn and wheat, and bullish for soybeans.

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%):

1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff

Thursday, September 7–Jim Wyckoff’s morning markets report

U.S. stock indexes are pointed to weaker openings when the New York day session begins.

The key outside markets today see the U.S. dollar index firmer. Nymex crude oil prices are weaker and trading around $87.00 a barrel. The benchmark U.S. Treasury 10-year note yield is presently fetching 4.27%.

In overnight news, China got more downbeat economic news as the world’s second-largest economy’s exports dropped 8.8% in August, year-on-year and contracting for a fourth consecutive month. China’s imports fell 7.3% in August, year-on-year. However, these numbers were slightly better than market expectations.

Meantime, the Euro zone second-quarter GDP came in at 0.1% from the first quarter and up a revised 0.5%, year-on-year. Those numbers were weaker than expected.

U.S. economic data due for release Thursday includes the weekly jobless claims report, revised productivity and costs, and the weekly DOE liquid energy stocks report. Several Federal Reserve officials are scheduled to give speeches today.

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are slightly weaker in early U.S. trading. The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is even with the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical resistance comes in at Wednesday’s high of 4,553.25 and then at last week’s high of 4,597.50. Support for active traders is seen at this week’s low of 4,495.75 and then at 4,450.00. Wyckoff’s Intra-day Market Rating: 4.5

December Nasdaq index futures: Prices are lower in early U.S. trading. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at the overnight high of 15,590.00 and then at Wednesday’s high of 15,730.00. On the downside, shorter-term support is seen at 15,400.00 and then at 15,300.00. Wyckoff’s Intra-Day Market Rating: 4.0.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are slightly firmer in early U.S. trading. 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 neutral to bearish early today. Shorter-term technical resistance is seen at Wednesday’s high of 119 19/32 and then at 120 even. Shorter-term support lies at this week’s low of 118 25/32 and then at 118 even. Wyckoff’s Intra-Day Market Rating: 5.0

December U.S. T-Notes: Prices are firmer in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at Wednesday’s high of 110.05.0 and then at 110.17.0. Shorter-term technical support is seen at this week’s low of 109.19.5 and then at 109.10.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

EURO CURRENCY

The December Euro currency futures are weaker and hit a six-month low in early U.S. trading. The shorter-term moving averages for the Euro are bearish early today, as the 4-day is below the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators for the Euro are bearish early today. The Euro currency finds shorter-term technical resistance at Wednesday’s high of 1.0801 and then at this week’s high of 1.0863. Shorter-term support is seen at 1.0750 and then at 1.0700. Wyckoff’s Intra Day Market Rating: 4.0

NYMEX CRUDE OIL

October Nymex crude oil prices are a bit weaker in early U.S. trading. The shorter-term moving averages are bullish early today as the 4-day is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral to bearish early today. Look for buy stops to reside just above technical resistance at this week’s high of $88.08 and then at $89.00. Look for sell stops just below technical support at $85.00 and then at $84.00. Wyckoff’s Intra-Day Market Rating: 4.5

GRAINS

Grain futures prices were mixed in overnight trading. Not much new as traders await next week’s USDA monthly supply and demand report. Weather in the Midwest leans slightly bullish for soybean prices. Scorching heat and wind the past couple weeks have stopped soybean and corn plant growth to end the growing season early and likely crimp yields. Technicals are bearish for corn and wheat, and bullish for soybeans.

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%):

1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff

Wednesday, September 6–Jim Wyckoff’s morning markets report

Asian stock markets were mixed in overnight trading. U.S. stock indexes are pointed to weaker openings when the New York day session begins.

A feature in the marketplace at mid-week is rising crude oil prices after Saudi Arabia and Russia decided to extend their oil-production cuts. Nymex crude oil futures prices are modestly down and trading around $86.25 a barrel, after hitting a 10-month high on Tuesday. Brent crude oil futures this week pushed above $90 a barrel.

The other key outside market today sees the U.S. dollar index a bit lower after hitting a six-month high on Tuesday. The benchmark U.S. Treasury 10-year note yield is presently fetching 4.24%.

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the international trade report, the Johnson Redbook weekly retail sales report, the U.S. services PMI, the ISM report on business services, the IDB/TIPP economic optimism index, the global services PMI and the Federal Reserve’s beige book.

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are slightly weaker in early U.S. trading. The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical resistance comes in at last week’s high of 4,597.50 and then at 4,625.00. Support for active traders is seen at 4,525.00 and then at 4,500.00. Wyckoff’s Intra-day Market Rating: 4.5

December Nasdaq index futures: Prices are weaker in early U.S. trading. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-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 resistance is seen at Tuesday’s high of 15,784.25 and then at last week’s high of 15,855.50. On the downside, shorter-term support is seen at Tuesday’s low of 15,613.00 and then at 15,500.00. Wyckoff’s Intra-Day Market Rating: 4.5.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are firmer in early U.S. trading. 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 neutral early today. Shorter-term technical resistance is seen at Tuesday’s high of 120 8/32 and then at 121 even. Shorter-term support lies at this week’s low of 118 30/32 and then at 118 16/32. Wyckoff’s Intra-Day Market Rating: 5.5

December U.S. T-Notes: Prices are firmer in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is even with the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at Tuesday’s high of 110.17.0 and then at 110.28.0. Shorter-term technical support is seen at 110.00.0 and then at 109.20.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

EURO CURRENCY

The December Euro currency futures are slightly higher in early U.S. trading. The shorter-term moving averages for the Euro are bearish early today, as the 4-day is below the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators for the Euro are neutral early today. The Euro currency finds shorter-term technical resistance at Tuesday’s high of 1.0863 and then at 1.0900. Shorter-term support is seen at Tuesday’s low of 1.0760 and then at 1.0700. Wyckoff’s Intra Day Market Rating: 5.0

NYMEX CRUDE OIL

October Nymex crude oil prices are a bit weaker in early U.S. trading. The shorter-term moving averages are bullish early today as the 4-day is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral to bearish early today. Look for buy stops to reside just above technical resistance at Tuesday’s high of $88.07 and then at $89.00. Look for sell stops just below technical support at $85.00 and then at $84.00. Wyckoff’s Intra-Day Market Rating: 5.0

GRAINS

Grain futures prices were firmer in overnight trading. Not much new as traders await next week’s USDA monthly supply and demand report. Weather in the Midwest leans slightly bullish for soybean prices. Scorching heat and wind the past couple weeks have stopped soybean and corn plant growth to end the growing season early and likely crimp yields. Technicals are bearish for corn and wheat, and bullish for soybeans.

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%):

1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff

Tuesday, September 5–Jim Wyckoff’s morning markets report

Asian stock markets were mostly lower in overnight trading. U.S. stock indexes are pointed to lower openings when the New York day session begins. History shows the months of September and October can be rocky for the stock and financial markets.

Trader and investor risk appetite is downbeat to start a U.S.-holiday-shortened trading week as China reported some more downbeat economic data. Its Caixin services purchasing managers index (PMI) came in at 51.8 is August versus 54.1 July and was below expectations of 53.5. The Caixin composite PMI was 51.7 versus 51.9 July.

Meantime, the Australia’s central bank kept its monetary policy unchanged but said further interest rate hikes may be necessary.

The key outside markets today see the U.S. dollar solidly up and at a six-month high. Nymex crude oil futures prices are a bit weaker and trading around $85.25 a barrel. The benchmark U.S. Treasury 10-year note yield is presently fetching around 4.22%.

U.S. economic data due for release Tuesday includes the employment trends index, the IDB/TIPP economic optimism index, and manufacturers’ shipments and inventories.

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are weaker in early U.S. trading. The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical resistance comes in at last week’s high of 4,597.50 and then at 4,625.00. Support for active traders is seen at Wednesday’s low of 4,525.00 and then at 4,500.00. Wyckoff’s Intra-day Market Rating: 4.5

December Nasdaq index futures: Prices are weaker in early U.S. trading. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-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 resistance is seen at the overnight high of 15,771.75 and then at last week’s high of 15,855.50. On the downside, shorter-term support is seen at 15,500.00 and then at 15,400.00. Wyckoff’s Intra-Day Market Rating: 4.5.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are lower in early U.S. trading. 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 bearish early today. Shorter-term technical resistance is seen at the overnight high of 120 8/32 and then at 121 even. Shorter-term support lies at 119 even and then at 118 16/32. Wyckoff’s Intra-Day Market Rating: 4.0

December U.S. T-Notes: Prices are lower in early U.S. trading. 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 bearish early today. Shorter-term resistance lies at the overnight high of 110.17.0 and then at 110.28.0. Shorter-term technical support is seen at 110.00.0 and then at 109.20.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

EURO CURRENCY

The December Euro currency futures are near lower and hit a three-month low in early U.S. trading. The shorter-term moving averages for the Euro are bearish early today, as the 4-day is below the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators for the Euro are bearish early today. The Euro currency finds shorter-term technical resistance at the overnight high of 1.0863 and then at 1.0900. Shorter-term support is seen at the overnight low of 1.0783 and then at 1.0750. Wyckoff’s Intra Day Market Rating: 4.0

NYMEX CRUDE OIL

October Nymex crude oil prices are a bit weaker but hit a 10-month high overnight. The shorter-term moving averages are bullish early today as the 4-day is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral early today. Look for buy stops to reside just above technical resistance at the overnight high of $86.14 and then at $87.50. Look for sell stops just below technical support at $84.00 and then at $83.00. Wyckoff’s Intra-Day Market Rating: 5.0

GRAINS

Grain futures prices were mixed in overnight trading. On tap today is the weekly USDA export inspections report and the weekly crop progress reports. Weather in the Midwest leans slightly bullish for soybean prices. Much of soybean crop needs rain to finish out the growing season. Technicals are bearish for corn and wheat, and bullish for soybeans.

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%):

1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff

Friday, September 1–Jim Wyckoff’s morning markets report

Asian stock markets were mixed and European stock markets mostly up in overnight trading. U.S. stock indexes are pointed to firmer openings when the New York day session begins. The U.S. stock indexes have posted good rebounds recently. However, veteran market watchers know history shows the months of September and October can be turbulent ones for the stock and financial markets.

In overnight news, China got some upbeat economic data, as its Caixin manufacturing purchasing managers index (PMI) that came in stronger than expected at 51.0 in August versus 49.2 in July. A reading above 50.0 suggests growth in the sector.  China’s central bank announced it is cutting foreign exchange reserve requirements for local banks in an effort to support the depreciating Chinese yuan that has lost more than 5% against the U.S. dollar. FOREX reserve requirements for banks will be lowered to 4% from 6% in order to improve the capacity of Chinese financial institutions to use foreign exchange funds.

Meantime, the Euro zone reported its August manufacturing PMI was 43.5 versus expectations for a reading of 43.7, and compares with the July reading of 42.7.

A busy U.S. data week will be highlighted by Friday morning’s employment situation report for August from the Labor Department. The key non-farm payrolls number is expected to come in at up 170,000, compared to a rise of 187,000 in the July report. Mostly downbeat U.S. data released so far this week has many thinking today’s jobs report will be in line with market expectations, or a bit weaker.

The key outside markets today see the U.S. dollar index near steady. Nymex crude oil futures prices are higher and trading around $84.75 a barrel. The benchmark U.S. Treasury 10-year note is presently fetching around 4.114%.

Other U.S. economic data due for release Friday includes the U.S. manufacturing PMI, the ISM report on business manufacturing, the global manufacturing PMI, domestic auto industry sales and construction spending.

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are firmer in early U.S. trading. The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical resistance comes in at 4,600.00 and then at 4,625.00. Support for active traders is seen at Wednesday’s low of 4,546.25 and then at 4,500.00. Wyckoff’s Intra-day Market Rating: 5.5

December Nasdaq index futures: Prices are slightly higher in early U.S. trading. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at this week’s high of 15,801.00 and then at 15,900.00. On the downside, shorter-term support is seen at Wednesday’s low of 15,556.25 and then at 15,400.00. Wyckoff’s Intra-Day Market Rating: 5.5.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are weaker in early U.S. trading. 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 early today. Shorter-term technical resistance is seen at this week’s high of 121 31/32 and then at 123 even. Shorter-term support lies at Wednesday’s low of 120 23/32 and then at 120 even. Wyckoff’s Intra-Day Market Rating: 4.5

December U.S. T-Notes: Prices are a bit weaker in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term resistance lies at this week’s high of 111.03.5 and then at 111.16.0. Shorter-term technical support is seen at Wednesday’s low of 110.18.0 and then at 110.08.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

EURO CURRENCY

The December Euro currency futures are near steady in early U.S. trading. The shorter-term moving averages for the Euro are bearish early today, as the 4-day is below the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators for the Euro are neutral early today. The Euro currency finds shorter-term technical resistance at 1.0950 and then at this week’s high of 1.1002. Shorter-term support is seen at this week’s low of 1.0843 and then at the August low of 1.0827. Wyckoff’s Intra Day Market Rating: 5.0

NYMEX CRUDE OIL

October Nymex crude oil prices are firmer and hit a three-week high in early U.S. trading. The shorter-term moving averages are neutral early today as the 4-day is above the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are bullish early today. Look for buy stops to reside just above technical resistance at $85.00 and then at $86.00. Look for sell stops just below technical support at the overnight low of $83.46 and then at $82.00. Wyckoff’s Intra-Day Market Rating: 6.0

GRAINS

Grain futures prices were firmer in overnight trading. Not much new this week. Weather in the Midwest leans slightly bullish for soybean prices. Much of soybean crop needs rain to finish out the growing season. However, little to no rain and hotter temps are in the forecasts. Technicals are bearish for corn and wheat, and bullish for soybeans.

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%):

1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff