GENERAL STOCK MARKET COMMENTS
The U.S. stock indexes closed mixed to slightly lower today on profit-taking pressure from recent gains. Recent price action had seen a solid rebound from the October lows. The stock index bulls still have the overall near-term technical advantage.
The December Nasdaq futures index closed down 1.25 at 1,726.50 today. Prices closed near mid-range today. Bulls' next upside price objective is closing prices above solid resistance at the September high of 1,754.00. The bears' next downside price objective is closing prices below solid technical support at the September low of 1,590.50.
First resistance is seen at today's high of 1,736.00 and then at this week's of 1,741.00. First support is seen at today's low of 1,720.00 and then at 1,700.00. Wyckoff's Market Rating: 7.0.
The December S&P 500 futures index closed up 0.90 at 1,072.40. Prices closed near the session high today. Bulls' next upside price objective is closing prices above solid resistance at 1,100.00. The next downside price objective for the bears is closing prices below solid support at the October low of 1,015.00.
First support is seen at today's low of 1,063.10 and then at 1,050.00. First resistance is seen at the September high of 1,075.50 and then at 1,085.00. Wyckoff's Market Rating: 7.0.
The December Dow futures closed down 4 points at 9,815 today. Prices closed nearer the session high today. The next upside price objective for the bulls is closing prices above major psychological resistance at 10,000.
The next downside price objective for the bears is closing prices below solid technical support at the October low of 9,360. First resistance in the Dow lies at today's high of 9,846 and then at Monday's contract high of 9,875. First support is seen at today's low of 9,755 and then at 9,700. Wyckoff's Market Rating: 7.5.
November crude oil closed higher on Tuesday as it extends this month's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. The mid-range close sets the stage for a steady opening on Wednesday. If November extends this month's rally, August's high crossing at 75.89 is the next upside target. Closes below the 20-day moving average crossing at 70.35 would confirm that a short-term top has been posted. First resistance is today's high crossing at 74.47. Second resistance is August's high crossing at 75.89. First support is the 10-day moving average crossing at 71.28. Second support is the 20-day moving average crossing at 70.36.
November heating oil closed higher on Tuesday as it extended the rally off September's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off September's low, the reaction high crossing at 198.13 is the next upside target. Closes below the 20-day moving average crossing at 181.14 would confirm that a short-term top has been posted. First resistance is today's high crossing at 192.96. Second resistance is the reaction high crossing at 198.13. First support is the 10-day moving average crossing at 183.57. Second support is the 20-day moving average crossing at 181.14.
November unleaded gas closed higher on Tuesday as it extends the rally off September's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If November extends the current rally, September's high crossing at 187.36 is the next upside target. Closes below last Monday's low crossing at 168.85 would temper the near-term friendly outlook. First resistance is today's high crossing at 183.10. Second resistance is September's high crossing at 187.36. First support is the 10-day moving average crossing at 176.73. Second support is last Monday's low crossing at 168.85.
November Henry natural gas closed sharply lower on Tuesday and below the 20-day moving average crossing at 4.751. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 4.351 are needed to confirm that a short-term top has been posted. If November renews the rally off September's low, August's high crossing at 5.133 is the next upside target. First resistance is last Tuesday's high crossing at 5.120. Second resistance the August's high crossing at 5.133. First support is today's low crossing at 4.513. Second support is the reaction low crossing at 4.351. CURRENCIES
The December Dollar closed lower on Tuesday and the mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this year's decline, monthly support crossing at 73.39 is the next downside target. Closes above the reaction high crossing at 77.73 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 76.73. Second resistance is the reaction high crossing at 77.73. First support is last Thursday's low crossing at 75.68. Second resistance is monthly support crossing at 73.39.
The December Euro closed higher on Tuesday as it extends last week's rally. Profit taking tempered early session gains and the mid-range close sets the stage for a steady opening on Wednesday.
Stochastics and the RSI are diverging but remain bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the 87% retracement level of he 2008-2009-decline crossing at 151.492 is the next upside target. Closes below the reaction low crossing at 144.790 are needed to confirm that a top has been posted.
First resistance is today's high crossing at 148.740. Second resistance is the 87% retracement level of he 2008-2009-decline crossing at 151.492. First support is the 20-day moving average crossing at 146.906. Second support is the reaction low crossing at 144.790.
The December British Pound close higher due to short covering on Tuesday as it consolidated some of Monday's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, the 50% retracement level of this year's rally crossing at 1.5394 is the next downside target. Closes above the 20-day moving average crossing at 1.6059 would temper the near-term bearish outlook in the market. First resistance is the 20-day moving average crossing at 1.6059. Second resistance is last Thursday's high crossing at 1.6117.
First support is today's low crossing at 1.5702. Second support is the 50% retracement level crossing at 1.5394.
The December Swiss Franc closed higher on Tuesday as it consolidates above the 20-day moving average crossing at .9708.
The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off last month's low, September's high crossing at .9920 is the next upside target. Closes below the reaction low crossing at .9522 would confirm that a short-term top has been posted.
First resistance is today's high crossing at .9814. Second resistance is September's high crossing at .9920. First support is the reaction low crossing at .9522. Second support is September's low crossing at .9348.
The December Canadian Dollar closed slightly higher on Tuesday as it consolidates below the 87% retracement level of the 2008-decline crossing at 96.84.
The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are overbought but remain neutral bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the 2008 rally crossing at 99.65 is the next upside target.
Closes below the 20-day moving average crossing at 93.65 would confirm that a short-term top has been posted. First resistance is today's high crossing at 97.41. Second resistance is the 2008 high crossing at 99.65. First support is the 10-day moving average crossing at 94.43. Second support is the 20-day crossing at 93.65.
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