Summary
The Dow Future is trending higher 159 points to 24901. The US Dollar Index moved higher by 0.022 points to 97.387. Gold has slipped 0.260 dollars to 1214.420. Silver is up 0.0090 dollars to 14.1695. The Dow Industrials climbed 108.49 points, at 24748.73, while the S&P 500 gained 8.72 points, last seen at 2682.17. The Nasdaq Composite edged lower 2.50 points to 7079.35. Streaming charts of these markets are available at MarketClub
Key Events for Wednesday
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index Chain Store Sales, W/W% (previous +2.0%) Chain Store Sales, M/M% (previous +2.6%) 8:55 AM ET. Johnson Redbook Retail Sales Index Ret Sales Mo-to-Date, M/M% (previous +0.2%) Ret Sales Mo-to-Date, Y/Y% (previous +6.2%) Latest Wk, Y/Y% (previous +6.2%) 9:00 AM ET. September S&P CoreLogic Case-Shiller Indices 10-City Idx, M/M% (previous +0%) 10-City Idx, Y/Y% (previous +5.1%) 20-City Idx, M/M% (previous +0%) 20-City Idx, Y/Y% (previous +5.5%) National Idx, M/M% (previous +0.2%) National Idx, Y/Y% (previous +5.8%) 9:00 AM ET. 3rd Quarter U.S. Quarterly House Price Index 9:00 AM ET. September U.S. Monthly House Price Index 10:00 AM ET. November Consumer Confidence Index Cons Conf Idx (expected 135.8; previous 137.9) Expectation Idx (previous 114.6) Present Situation Idx (previous 172.8) 4:30 PM ET. API Weekly Statistical Bulletin Crude Stocks, Net Chg (Bbls) (previous -1.5M) Gasoline Stocks, Net Chg (Bbls) (previous +0.7M) Distillate Stocks, Net Chg (Bbls) (previous 7:00 AM ET. MBA Weekly Mortgage Applications Survey Composite Idx (previous 316.4) Composite Idx, W/W% (previous -0.1%) Purchase Idx-SA (previous 227.7) Purchase Idx-SA, W/W% (previous +3.1%) Refinance Idx (previous 783.7) Refinance Idx, W/W% (previous -5.0%) 8:30 AM ET. October Advance Economic Indicators Report 8:30 AM ET. 3rd Quarter Preliminary Corporate Profits 8:30 AM ET. 3rd Quarter 2nd estimate GDP Annual Rate, Q/Q% (expected +3.5%; previous +3.5%) Chain-Weighted Price Idx, Q/Q% (expected +1.7%; previous +1.7%) Corporate Profits, Q/Q% (previous +3.3%) PCE Price Idx, Q/Q% (previous +1.6%) Purchase Price Idx, Q/Q% (previous +1.7%) Real Final Sales, Q/Q% (previous +1.4%) Core PCE Price Idx, Q/Q% (previous +1.6%) Consumer Spending, Q/Q% (previous +4.0%) 10:00 AM ET. October New Residential Sales New Home Sales (expected 575K; previous 553K) New Home Sales, M/M% (expected +4.0%; previous -5.5%) New Home Sales Months Supply (previous 7.1) 10:00 AM ET. November Richmond Fed Business Activity Survey Mfg Idx (previous 15) Shipments Idx (previous 7) 10:30 AM ET. EIA Weekly Petroleum Status Report Crude Oil Stocks (Bbl) (previous 446.908M) Crude Oil Stocks, Net Chg (Bbl) (previous +4.851M) Gasoline Stocks (Bbl) (previous 225.315M) Gasoline Stocks, Net Chg (Bbl) (previous -1.295M) Distillate Stocks (Bbl) (previous 119.191M) Distillate Stocks, Net Chg (Bbl) (previous -0.077M) Refinery Usage (previous 92.7%) Total Prod Supplied (Bbl/day) (previous 21.264M) Total Prod Supplied, Net Chg (Bbl/day) (previous -1.123M)
U.S. DOLLAR INDEX The March U.S. dollar index is near steady in early U.S. trading. Bulls have the solid overall near-term technical advantage. The shorter-term moving averages for the dollar index are bullish early today, as the 4-day is above the 9- day. The 9-day is above the 18-day moving average. Short- term oscillators for the dollar index are neutral to bullish early today. The dollar index finds shorter-term technical resistance at the November high of 96.930 and then at 97.500. Shorter-term support is seen at the Tuesday's low of 96.330 and then at this week's low of 96.040. Wyckoff's Intra Day Market Rating: 5.0
NYMEX CRUDE OIL January Nymex crude oil prices are near steady after hitting a 13-month low of $50.10 Monday. Bears are in solid near- term technical control. There are no early clues that a market bottom is close at hand. The shorter-term moving averages are bearish early today as the 4-day is below the 9-day and 18-day. The 9-day is below 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 $52.56 and then at $53.00. Look for sell stops just below technical support at $51.00 and then at $50.10. Wyckoff's Intra-Day Market Rating: 5.0
SOFTS: March sugar closed down 14 points at 12.34 cents today. Prices closed nearer the session low and hit a seven-week low. The sugar bears have the overall near-term technical advantage. Prices are in a steep four-week-old downtrend on the daily bar chart. March coffee closed up 235 points at 113.15 cents today. Prices closed nearer the session high on short covering after hitting a seven-week low on Monday. Bears have the overall near-term technical advantage. Prices are in a five-week-old downtrend on the daily bar chart and have seen a downside breakout from a bearish symmetrical triangle pattern on the daily chart. March cocoa closed up $22 at $2,138 a ton today. Prices closed near mid-range on short covering after hitting a six-week low on Monday. The cocoa bears have the solid overall near-term technical advantage. March cotton closed down 102 points at 77.56 cents today. Prices closed near the session low today. Prices Monday hit a seven-week low. The cotton bears have the firm overall near-term technical advantage. January orange juice closed down 95 points at $1.3910 today. Prices closed nearer the session low and scored a bearish "outside day" down on the daily bar chart. Bears have the overall near-term technical advantage. January lumber futures closed down $4.20 at $351.50 today. Prices closed near the session low today. The bears have the overall near-term technical advantage, but a price uptrend still in place suggests a market bottom is in place.
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GRAINS Grain futures prices are set to open firmer today, on short covering and some bargain hunting. Not much new. The grain market bears still have the overall near-term technical advantage.
U.S. STOCK INDEXES March S&P 500 e-mini futures: Prices are slightly higher in early U.S. trading. Bears still have the overall near-term technical advantage. 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. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical resistance comes in at 2,700.00 and then at 2,725.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at 2,675.00 and then at Tuesday's low of 2,660.00. Sell stops are likely located just below those levels. Wyckoff's Intra-day Market Rating: 5.5 March Nasdaq index December futures: Prices are firmer in early U.S. trading today. Shorter-term moving averages (4- 9-and 18-day) are still bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at 6,800.00 and then at 6,850.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at the overnight low of 6,738.50 and then at 6,700.00. Sell stops are likely located just below those levels. Wyckoff's Intra- Day Market Rating: 5.5.
U.S. TREASURY BONDS AND NOTES March U.S. T-Bonds: Prices are slightly higher in early U.S. trading today. 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 bullish early today. Shorter-term technical resistance is seen at this week's high of 139 18/32 and then at last week's high of 139 29/32. Buy stops likely reside just above those levels. Shorter-term support lies at this week's low of 139 even and then at 138 26/32. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 5.5 March U.S. T-Notes: Prices are near steady in early U.S. trading today. 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 resistance lies at this week's high of 119.06.0 and then at last week's high of 119.09.5. Buy stops likely reside just above those levels. Shorter- term technical support lies at this week's low of 118.29.5 and then at 118.24.0. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 5.0
LIVESTOCK: February live cattle closed down $0.05 at $120.60 today. Prices closed nearer the session high today. Bulls still have the firm overall near-term technical advantage. January feeder cattle closed down $0.40 at $148.75 today. Prices closed near mid-range today. The feeder cattle market bulls and bears are on a level overall near-term technical playing field. February lean hogs closed down $0.125 at $65.425 today. Prices closed nearer the session high. The hog market bulls still have the firm overall near-term technical advantage as the African swine fever epidemic spreads in China.
METALS: February gold futures closed down $9.50 at $1,219.20 today. Prices closed nearer the session low today. The bears have the overall near-term technical advantage and gained downside momentum today. March silver futures closed down $0.143 at $14.20 today. Prices closed near the session low today. The silver bears have the solid overall near-term technical advantage. March N.Y. copper closed down 420 points at 273.10 cents today. Prices closed near the session low and hit a two- week low today. The copper bears have the overall near-term technical advantage.
| | | Top Stocks | | # | symbol | name | last | net | % | volume | score | triangles | | | 1. | ASNS | ARSANIS | 4.1283 | +2.9683 | +72.05% | 43,152,759 | +100 |    | Entry Signal | | 2. | GM | GENERAL MOTORS | 36.73 | -0.92 | -2.51% | 23,931,479 | +90 | | Entry Signal | | 3. | S | SPRINT | 6.180 | -0.010 | -0.16% | 9,516,749 | +90 | | Entry Signal | | 4. | ARRS | ARRIS INTL PLC ORDINARY SHARES | 30.795 | -0.125 | -0.41% | 9,159,709 | +90 | | Entry Signal | | 5. | NIO | NIO INC | 7.479 | +0.109 | +1.46% | 8,809,405 | +90 | | Entry Signal | | 6. | SAVE | SPIRIT AIRLINES | 58.75 | +7.77 | +13.22% | 7,748,762 | +90 | | Entry Signal | | 7. | COL | ROCKWELL COLLINS | 141.37 | -0.26 | -0.18% | 6,496,369 | +90 | | Entry Signal | | 8. | MDLZ | MONDELEZ INTL | 44.515 | +0.565 | +1.27% | 5,553,902 | +100 | | Entry Signal | | 9. | MITL | MITEL NETWORKS | 11.08 | +0.01 | +0.09% | 5,191,385 | +100 | | Entry Signal | | 10. | CAH | CARDINAL HEALTH | 54.30 | +0.92 | +1.69% | 4,586,631 | +100 | | Entry Signal | |
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