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Name: Jim Wyckoff
Location: Iowa
Hobbies: Boating, Camping, Hiking, and anything else outdoors
I am a Senior Market Analyst for
www.TradingEducation.com
a FREE educational website. I
have been involved with the stock, financial and futures
markets for more than 20 years. I became a financial
journalist with Futures World News for many years, where
I covered every futures market traded in the United
States at one time or another. Not long after I began my
career in financial journalism, I began studying
technical analysis. My extensive studies of technical
analysis and knowledge of markets led to several
positions, including chief technical analyst at several
reputable companies.
You can also read additional FREE
daily commentary at
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The mission of my morning web log, or "blog" is to provide you with
the very latest perspective and opinion on selected key markets.
I will help you start your trading day by providing you with concise
and valuable trading "nuggets" to help you in your daily trading plans. |
« July 2006 |
Main
| September 2006 »
August 2006 Archives
CURRENCIES
The September U.S. dollar index is weaker in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at 85.00 and then at 85.20. Shorter-term support is seen at the overnight low of 84.73 and then at 84.50. Wyckoff's Intra Day Market Rating: 4.0
The September Euro is firmer in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at the overnight low of 1.2831 and then just below support at 1.2800. Shorter-term technical resistance for the Euro is seen at 1.2900 and then at 1.2925. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff's Intra Day Market Rating: 6.0
METALS
Gold is trading higher in early morning dealings, on more short covering from recent losses. In December gold, shorter-term technical support is seen at the overnight low of $626.00 and then at $619.50. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $632.00 and then more buy stops just above resistance at $635.00. Wyckoff's Intra-Day Market Rating: 6.5
ENERGIES
Crude oil prices are trading firmer in early electronic dealings, on more short covering following recent sharp losses. I don't look for much more downside in crude oil below the $70.00 level. In October crude, look for buy stops to reside just above resistance at $71.00 and then just above resistance at $71.50. Look for sell stops just below technical support at $70.00, and then more sell stops just below support at $69.30. Wyckoff's Intra-Day Market Rating: 5.0
GRAINS
Prices were firmer in quiet overnight electronic trading, on follow-through strength from good gains Wednesday, led by wheat. Wheat has made a strong rebound as it appears near-term lows are in place. Corn bulls are trying to put in a near-term low, and showed good power Wednesday to suggest a near-term low is in place. Soybeans are still the weak sister of the complex, and more downside is likely in the near term. Seasonal studies do favor the corn and bean bears this time of year, as harvest is set to begin for those crops.
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in overnight/early morning trading. Crude oil and gold are higher. U.S. stock indexes are slightly higher and so are Treasuries. The U.S. dollar is weaker early.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is weekly jobless claims, weekly USDA export sales data, personal income and spending, the Chicago PMI index, the Conference Board's help-wanted index, factory orders, the weekly DOE natural gas stocks report and the Kansas City Fed manufacturing index. Fed chairman Bernanke speaks in South Carolina and St. Louis Fed president Poole speaks in Tennessee. The big report this week is Friday's U.S. jobs report.
U.S. STOCK INDEXES
The stock indexes are slightly higher in early morning electronic trading. Bulls this week have regained near-term technical momentum.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish today. The 4-day moving average is above the 9-day moving average. The 9-day is still above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral for today. Today, key shorter-term technical support comes in at 1,300.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this week's low of 1,294.70. Upside resistance for active traders today is located at Wednesday's high of 1,308.70. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,312.00. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR S&P 500:
Pivot:------------ 1,306.00
1st Support:------ 1,303.25
2nd Support:------ 1,291.25
1st Resistance:--- 1,308.00
2nd Resistance:--- 1,310.50
September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are bullish today. The 4-day moving average is above the 9-day moving average. The 9-day moving average is still above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral for today. Today, shorter-term technical support is located at Wednesday's low of 1,573.00. Sell stops likely reside just below that level, and then more sell stops likely reside below support at this week's low of 1,556.00. On the upside, short-term resistance is seen at the August high of 1,591.50. Heavier buy stops are likely located just above that level. More buy stops are likely located just above resistance at 1,600.00. Wyckoff's Intra-Day Market Rating: 6.5
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:------------ 1,581.50
1st Support:------ 1,576.00
2nd Support:------ 1,567.50
1st Resistance:--- 1,590.00
2nd Resistance:--- 1,595.50
September Dow: For today, sell stops likely reside just below support at Wednesday's low of 11,368 and then more stops just below support at 11,310. Buy stops likely reside just above shorter-term technical resistance at Wednesday's high of 11,420 and then more buy stops just above resistance at 11,450. Shorter-term moving averages are bullish today, as the 4-day moving average is moving above the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish for today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DOW:
Pivot:------------ 11,393
1st Support:------ 11,365
2nd Support:------ 11,341
1st Resistance:--- 11,417
2nd Resistance:--- 11,445
U.S. TREASURY BONDS AND NOTES
Prices are firmer in early trading in Chicago. The bulls still have near-term technical momentum and are still looking for more on the upside in the near term. However, some profit-taking pressure would not be surprising soon, ahead of Friday's key jobs report.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are fully bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish for today. Shorter-term technical resistance lies at Wednesday's high of 110 17/32. Buy stops likely lie just above that level. More buy stops likely reside just above technical resistance at 110 24/32. Shorter-term technical support lies at the overnight low of 110 10/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 even. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR T-BONDS:
Pivot:----------- 110 10/32
1st Support:----- 110 3/32
2nd Support:----- 109 28/32
1st Resistance:-- 110 17/32
2nd Resistance:-- 110 24/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bullish for today. Buy stops likely reside just above shorter-term technical resistance at 107.10.0, and more buy stops are likely located just above resistance at 107.16.0. Shorter-term moving averages are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at 107.00.0, and then more sell stops just below support at Wednesday's low of 106.28.5. Wyckoff's Intra Day Market Rating: 7.0
PIVOT POINT LEVELS FOR T-NOTES:
Pivot:------------ 107.03.0
1st Support:------ 106.30.0
2nd Support:------ 106.24.0
1st Resistance:--- 107.09.0
2nd Resistance:--- 107.14.0
CURRENCIES
The September U.S. dollar index is firmer in early morning dealings. Slow stochastics are neutral for today. The dollar index finds shorter-term technical resistance at the overnight high of 84.95 and then at 85.20. Shorter-term support is seen at 84.80 and then at 84.50. Wyckoff's Intra Day Market Rating: 4.0
The September Euro is weaker in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at 1.2800 and then just below Tuesday's low of 1.2765. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2868 and then at 1.2877. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff's Intra Day Market Rating: 6.0
METALS
Gold is trading higher in early morning dealings, on some short covering from recent losses. In December gold, shorter-term technical support is seen at the overnight low of $619.50 and then at the August low of $616.50. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $625.00 and then more buy stops just above resistance at $627.50. Wyckoff's Intra-Day Market Rating: 5.5
ENERGIES
Crude oil prices are trading firmer in early electronic dealings, on short covering following recent sharp losses. I don't look for much more downside in crude oil below the $70.00 level. In October crude, look for buy stops to reside just above resistance at $70.50 and then just above resistance at $71.00. Look for sell stops just below technical support at the overnight low of $69.72, and then more sell stops just below support at Tuesday's low of $69.30. Wyckoff's Intra-Day Market Rating: 4.0
GRAINS
Prices were mostly firmer in quiet overnight electronic trading. Wheat has made a strong rebound as it appears near-term lows are in place. Corn bulls are trying to put in a near-term low, but are fading and need to show power soon. Soybeans are still the weak sister of the complex, and more downside is likely in the near term. Seasonal studies do favor the corn and bean bears this time of year, as harvest is set to begin for those crops.
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in overnight/early morning trading. Crude oil and gold are firmer. U.S. stock indexes are slightly higher and Treasuries are narrowly mixed in early trading. The U.S. dollar is firmer early.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is the MBA refinancing index, the ADP jobs estimate, GDP and the second-quarter corporate profits estimate. The weekly DOE liquid energy stocks data is also due out today. Dallas Fed president Fisher speaks today. The big report this week is Friday's U.S. jobs report.
U.S. STOCK INDEXES
The stock indexes are slightly higher in early morning electronic trading. Bulls this week have regained some near-term technical momentum.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are turning bullish today. The 4-day moving average is back above the 9-day moving average. The 9-day is still above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish for today. Today, key shorter-term technical support comes in at 1,300.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this week's low of 1,294.70. Solid upside resistance for active traders today is located at this week's and last week's high of 1,307.50. Heavier buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,312.00. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR S&P 500:
Pivot:------------ 1,303.30
1st Support:------ 1,299.10
2nd Support:------ 1,293.10
1st Resistance:--- 1,309.30
2nd Resistance:--- 1,313.50
September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are bullish today. The 4-day moving average is above the 9-day moving average. The 9-day moving average is still above the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish for today. Today, shorter-term technical support is located at Tuesday's low of 1,556.00. Sell stops likely reside just below that level, and then more sell stops likely reside below support at last week's low of 1,546.50. On the upside, short-term resistance is seen at Tuesday's high of 1,581.00. Buy stops are likely located just above that level. Heavier buy stops are likely located just above resistance at the August high of 1,591.50. Wyckoff's Intra-Day Market Rating: 6.5
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:------------ 1,571.00
1st Support:------ 1,561.00
2nd Support:------ 1,546.00
1st Resistance:--- 1,586.00
2nd Resistance:--- 1,596.00
September Dow: For today, sell stops likely reside just below support at Tuesday's low of 11,310 and then more stops just below support at last week's low of 11,275. Heavier buy stops likely reside just above solid shorter-term technical resistance at the August high of 11,415 and then more buy stops just above resistance at 11,450. Shorter-term moving averages are neutral today, as the 4-day moving average is below the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish for today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DOW:
Pivot:------------ 11,359
1st Support:------ 11,323
2nd Support:------ 11,274
1st Resistance:--- 11,408
2nd Resistance:--- 11,444
U.S. TREASURY BONDS AND NOTES
Prices are mixed in early trading in Chicago. The bulls still have near-term technical momentum and are still looking for more on the upside in the near term. However, some profit-taking pressure would not be surprising soon, ahead of Friday's key jobs report.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are fully bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral for today. Shorter-term technical resistance lies at Tuesday's and the overnight high of 110 9/32. Buy stops likely lie just above that level. More buy stops likely reside just above technical resistance at 110 16/32. Shorter-term technical support lies at 110 even. Sell stops likely reside just below that level. More sell stops are likely located below support at Tuesday's low of 109 17/32. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR T-BONDS:
Pivot:----------- 110 even
1st Support:----- 109 24/32
2nd Support:----- 109 8/32
1st Resistance:-- 110 16/32
2nd Resistance:-- 110 24/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral for today. Buy stops likely reside just above shorter-term technical resistance at last week's high of 107.03.0, and more buy stops are likely located just above resistance at 107.08.0. Shorter-term moving averages are turning bearish today. The 4-day moving average is above the 9-day, but is turning down. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at 106.27.0, and then more sell stops just below support at 106.19.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR T-NOTES:
Pivot:------------ 106.27.0
1st Support:------ 106.21.0
2nd Support:------ 106.10.0
1st Resistance:--- 107.06.0
2nd Resistance:--- 107.12.0
CURRENCIES
The September U.S. dollar index is lower in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 84.94 and then at Monday' high of 85.20. Shorter-term support is seen at the overnight low of 84.80 and then at 84.50. Wyckoff's Intra Day Market Rating: 4.0
The September Euro is higher in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at 1.2800 and then just below Monday's low of 1.2771. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2855 and then at 1.2877. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff's Intra Day Market Rating: 6.0
METALS
Gold is trading firmer in early morning dealings. In December gold, shorter-term technical support is seen at Monday's low of $621.00 and then at the August low of $616.50. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $637.50 and then more buy stops just above resistance at $630.00. Wyckoff's Intra-Day Market Rating: 5.5
ENERGIES
Crude oil prices are trading near steady in early electronic dealings, following sharp losses Monday as Hurricane Ernesto faded and headed away from Gulf energy installations. I don't look for much more downside in crude oil below the $70.00 level. In October crude, look for buy stops to reside just above resistance at $71.00 and then just above resistance at $71.50. Look for sell stops just below technical support at the overnight low of $70.40, and then more sell stops just below support at the June low of $70.10. Wyckoff's Intra-Day Market Rating: 4.0
GRAINS
Prices were mostly firmer in overnight electronic trading. Corn was steady and wheat and soybeans were slightly higher. Wheat has made a strong rebound as it appears near-term lows are in place. However, wheat is short-term overdone on the upside and could see a pullback as soon as today. Corn bulls are trying to put in a near-term low, but need to show power soon. Soybeans are still the weak sister of the complex. Seasonal studies do favor the corn and bean bears this time of year, as harvest is set to begin for those crops.
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in overnight/early morning trading. Crude oil is near steady. Gold is trading firmer. U.S. stock indexes are slightly higher and Treasuries are weaker in early trading. The U.S. dollar is weaker early.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is the ICSC store sales index, Redbook retail sales, the Conference Board's consumer confidence index and FOMC minutes. Dallas Fed president Fisher speaks today. The important data today will be the FOMC minutes. But the big report this week is Friday's U.S. jobs report.
U.S. STOCK INDEXES
The stock indexes are slightly higher in early morning electronic trading. Bulls Monday regained some near-term technical momentum.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are neutral today. The 4-day moving average is below the 9-day moving average. The 9-day is still above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish for today. Today, key shorter-term technical support comes in at 1,300.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Monday's low of 1,294.70. Solid upside resistance for active traders today is located at Monday's high of 1,307.50. Heavier buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,312.00. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR S&P 500:
Pivot:------------ 1,302.00
1st Support:------ 1,296.50
2nd Support:------ 1,289.25
1st Resistance:--- 1,309.25
2nd Resistance:--- 1,314.75
September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are neutral today. The 4-day moving average is below the 9-day moving average. The 9-day moving average is still above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral for today. Today, shorter-term technical support is located at Monday's low of 1,556.25. Sell stops likely reside just below that level, and then more sell stops likely reside below support at last week's low of 1,546.50. On the upside, short-term resistance is seen at Monday's high of 1,580.00. Buy stops are likely located just above that level. Heavier buy stops are likely located just above resistance at the August high of 1,591.50. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:------------ 1,569.00
1st Support:------ 1,557.75
2nd Support:------ 1,545.25
1st Resistance:--- 1,581.50
2nd Resistance:--- 1,592.75
September Dow: For today, sell stops likely reside just below support at Monday's low of 11,295 and then more stops just below support at 11,250. Heavier buy stops likely reside just above solid shorter-term technical resistance at the August high of 11,415 and then more buy stops just above resistance at 11,450. Shorter-term moving averages are neutral today, as the 4-day moving average is below the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bullish for today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DOW:
Pivot:------------ 11,356
1st Support:------ 11,302
2nd Support:------ 11,241
1st Resistance:--- 11,417
2nd Resistance:--- 11,471
U.S. TREASURY BONDS AND NOTES
Both notes and bond prices are weaker in early trading in Chicago. The bulls still have near-term technical momentum and are still looking for more on the upside in the near term. However, some profit-taking pressure would not be surprising today, ahead of this afternoon's FOMC minutes report.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are fully bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish for today. Shorter-term technical resistance lies at Monday's and last week's high of 110 7/32. Buy stops likely lie just above that level. More buy stops likely reside just above technical resistance at 110 16/32. Shorter-term technical support lies at Monday's low of 109 28/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 109 16/32. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR T-BONDS:
Pivot:----------- 110 2/32
1st Support:----- 109 29/32
2nd Support:----- 109 23/32
1st Resistance:-- 110 8/32
2nd Resistance:-- 110 13/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish for today. Buy stops likely reside just above shorter-term technical resistance at last week's high of 107.03.0, and more buy stops are likely located just above resistance at 107.08.0. Shorter-term moving averages are turning bearish today. The 4-day moving average is above the 9-day, but is turning down. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at 106.23.0, and then more sell stops just below support at 106.19.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR T-NOTES:
Pivot:------------ 106.31.0
1st Support:------ 106.26.0
2nd Support:------ 106.23.0
1st Resistance:--- 107.02.0
2nd Resistance:--- 107.07.0
ENERGIES
Crude oil prices are trading solidly lower in early electronic dealings, as Hurricane Ernesto appears headed away from Gulf energy installations. Prices overnight gapped lower on the daily bar chart. In October crude, look for buy stops to reside just above resistance at the overnight high of $72.20 and then just above resistance at $72.50. Look for heavy sell stops just below strong technical support at the overnight low and the August low of $71.00, and then more sell stops just below support at the June low of $70.10. Wyckoff's Intra-Day Market Rating: 5.0
CURRENCIES
The September U.S. dollar index is lower in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.20 and then at last weeks' high of 85.49. Shorter-term support is seen at 85.00 and then at 84.79. Wyckoff's Intra Day Market Rating: 4.0
The September Euro is higher in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at 1.2800 and then just below the overnight low of 1.2771. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2838 and then at 1.2877. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff's Intra Day Market Rating: 6.0
METALS
Gold is trading near steady in early morning dealings. In December gold, shorter-term technical support is seen at Friday's low of $626.80 and then at $625.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at Friday's high of $633.50 and then more buy stops just above resistance at $635.00. Wyckoff's Intra-Day Market Rating: 5.0
GRAINS
Prices were mixed in overnight electronic trading. Corn was higher, wheat solidly higher and soybeans were weaker. Wheat has made a strong rebound as it appears near-term lows are in place. Corn bulls are also showing some strength to suggest near-term lows are in place. Soybeans are the weak sister of the complex. Seasonal studies do favor the corn and bean bears this time of year, as harvest is set to begin for those crops.
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading is sharply lower crude oil prices. It appears Hurricane Ernesto will not hit the major oil and gas producing regions of the Gulf of Mexico. Gold is trading near steady. U.S. stock indexes and Treasuries are weaker in early trading.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is the Dallas Federal Reserve's manufacturing production index and the Chicago Federal Reserve's Midwest manufacturing index. The big report this week is Friday's U.S. jobs report.
U.S. STOCK INDEXES
The indexes are slightly lower in early morning electronic trading. The bulls have faded recently and trading has become choppy heading into the important month of September.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are turning bearish today. The 4-day moving average is below the 9-day moving average. The 9-day is still above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish for today. Today, key shorter-term technical support comes in at last week's low of 1,291.70. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,285.00. Shorter-term upside resistance for active traders today is located at Friday's high of 1,301.70. Buy stops are likely located just above that price level, and then heavier buy stops are likely located just above chart resistance at the August high of 1,307.50. Wyckoff's Intra-day Market Rating: 5.0
PIVOT POINT LEVELS FOR S&P 500:
Pivot:------------ 1,298.00
1st Support:------ 1,294.50
2nd Support:------ 1,291.25
1st Resistance:--- 1,301.25
2nd Resistance:--- 1,305.00
September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are turning bearish today. The 4-day moving average is below the 9-day moving average. The 9-day moving average is still above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish for today. Today, shorter-term technical support is located at last week's low of 1,546.50. Sell stops likely reside just below that level, and then more sell stops likely reside below support at 1,538.50. On the upside, short-term resistance is seen at Friday's high of 1,575.00. Buy stops are likely located just above that level. Heavier buy stops are likely located just above resistance at the August high of 1,591.50. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:------------ 1,562.75
1st Support:------ 1,550.50
2nd Support:------ 1,540.25
1st Resistance:--- 1,573.00
2nd Resistance:--- 1,585.25
September Dow: For today, sell stops likely reside just below support at Friday's low of 11,275 and then more stops just below support at 11,250. Buy stops likely reside just above shorter-term technical resistance at Friday's high of 11,340 and then heavier buy stops just above resistance at the August high of 11,415. Shorter-term moving averages are turning bearish today, as the 4-day moving average is below the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral for today. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DOW:
Pivot:------------ 11,308
1st Support:------ 11,275
2nd Support:------ 11,243
1st Resistance:--- 11,340
2nd Resistance:--- 11,373
U.S. TREASURY BONDS AND NOTES
Both notes and bond prices are weaker in early trading in Chicago. The bulls still have near-term technical momentum and are still looking for more on the upside in the near term.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are fully bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish for today. Shorter-term technical resistance lies at Friday's and last week's high of 110 7/32. Buy stops likely lie just above that level. More buy stops likely reside just above technical resistance at 110 16/32. Shorter-term technical support lies at Friday's low of 109 27/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 109 16/32. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR T-BONDS:
Pivot:----------- 110 2/32
1st Support:----- 109 29/32
2nd Support:----- 109 22/32
1st Resistance:-- 110 9/32
2nd Resistance:-- 110 14/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish for today. Buy stops likely reside just above shorter-term technical resistance at last week's high of 107.03.0, and more buy stops are likely located just above resistance at 107.08.0. Shorter-term moving averages are turning bearish today. The 4-day moving average is above the 9-day, but is turning down. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at Friday's low of 106.27.0, and then more sell stops just below support at 106.19.0. Wyckoff's Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR T-NOTES:
Pivot:------------ 107.00.0
1st Support:------ 106.28.0
2nd Support:------ 106.24.0
1st Resistance:--- 107.04.0
2nd Resistance:--- 107.08.0
CURRENCIES
The September U.S. dollar index is steady in early morning dealings. Slow stochastics are neutral for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.33 and then at 85.55. Shorter-term support is seen at 85.00 and then at Thursday's low of 84.77. Wyckoff's Intra Day Market Rating: 4.5
The September Euro is near steady in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at the overnight low of 1.2763 and then heavier sell stops just below support at the August low of 1.2722. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2799 and then at 1.2850. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff's Intra Day Market Rating: 5.0
METALS
Gold is trading firmer in early morning dealings. In December gold, shorter-term technical support is seen at the overnight low of $626.80 and then at $625.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $632.30 and then more buy stops just above resistance at $635.00. Wyckoff's Intra-Day Market Rating: 6.0
ENERGIES
Crude oil prices are trading solidly higher in early electronic dealings. Prices overnight gapped higher on the daily bar chart. In October crude, look for buy stops to reside just above resistance at the overnight high of $73.65 and then just above resistance at $74.00. Look for sell stops just below technical support at $73.00, and then more sell stops just below support at the overnight low of $72.75. Wyckoff's Intra-Day Market Rating: 7.0
GRAINS
Prices were mostly lower in overnight electronic trading, on a corrective pullback from recent short-covering gains. Today's trading will be extra important. Strong closes for the week would be one clue that near-term lows are in place. But anything less than that would likely mean more choppy and sideways trading, with bears having the technical advantgage. I don't look for strong upside potential heading into corn and soybean harvest, when seasonals are fully bearish.
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The real feature in overnight/early morning trading is solidly higher crude oil prices. Gold is also higher. U.S. stock indexes and Treasuries are firmer.
U.S. ECONOMIC REPORTS/EVENTS
There are no major reports on tap for today. However, Fed Chairman Bernanke does speak in Jackson Hole, Wyoming. His remarks will be closely scrutinized.
U.S. STOCK INDEXES
The indexes are slightly higher in early morning electronic trading. The bulls have faded a bit and trading has become choppy.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still bullish today. However, the 4-day moving average is turning down for an early bearish warning signal, although still barely above the 9-day moving average. The 9-day is still above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral for today. Today, key shorter-term technical support comes in at this week's low of 1,291.70. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,285.00. Shorter-term upside resistance for active traders today is located at Thursday's high of 1,300.60. Buy stops are likely located just above that price level, and then heavier buy stops are likely located just above chart resistance at last week's high of 1,307.50. Wyckoff's Intra-day Market Rating: 5.0
PIVOT POINT LEVELS FOR S&P 500:
Pivot:------------ 1,296.80
1st Support:------ 1,292.95
2nd Support:------ 1,289.75
1st Resistance:--- 1,299.95
2nd Resistance:--- 1,303.75
September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are turning bearish today. The 4-day moving average is below the 9-day and 18-day moving average. The 9-day moving average is still above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral for today. Today, shorter-term technical support is located at Thursday's low of 1,546.50. Sell stops likely reside just below that level, and then more sell stops likely reside below support at 1,538.50. On the upside, short-term resistance is seen at 1,577.00. Buy stops are likely located just above that level. Heavier buy stops are likely located just above resistance at last week's high of 1,591.50. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:------------ 1,555.50
1st Support:------ 1,548.25
2nd Support:------ 1,539.00
1st Resistance:--- 1,564.75
2nd Resistance:--- 1,572.00
September Dow: For today, sell stops likely reside just below support at this week's low of 11,282 and then more stops just below support at 11,250. Buy stops likely reside just above shorter-term technical resistance at Thursday's high of 11,358 and then heavier buy stops just above resistance at last week's high of 11,415. Shorter-term moving averages are turning bearish today, as the 4-day moving average is above the 9- and 18-day, but is turning down. The 9-day is moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bearish for today. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DOW:
Pivot:------------ 11,316
1st Support:------ 11,275
2nd Support:------ 11,247
1st Resistance:--- 11,343
2nd Resistance:--- 11,384
U.S. TREASURY BONDS AND NOTES
Both notes and bond prices are firmer in early trading in Chicago. The bulls have still near-term technical momentum and are looking for more on the upside in the near term.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are fully bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral for today. Shorter-term technical resistance lies at Thursday's and the overnight high of 110 6/32. Buy stops likely lie just above that level. More buy stops likely reside just above technical resistance at 110 16/32. Shorter-term technical support lies at the overnight low of 110 even. Sell stops likely reside just below that level. More sell stops are likely located below support at Thursday's low of 109 24/32. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR T-BONDS:
Pivot:----------- 109 31/32
1st Support:----- 109 25/32
2nd Support:----- 109 17/32
1st Resistance:-- 110 7/32
2nd Resistance:-- 110 13/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral for today. Buy stops likely reside just above shorter-term technical resistance at this week's high of 107.02.5, and more buy stops are likely located just above resistance at 107.08.0. Shorter-term moving averages are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at Thursday's low of 106.26.0, and then more sell stops just below support at 106.19.0. Wyckoff's Intra Day Market Rating: 7.0
PIVOT POINT LEVELS FOR T-NOTES:
Pivot:------------ 106.30.0
1st Support:------ 106.26.0
2nd Support:------ 106.22.0
1st Resistance:--- 107.02.0
2nd Resistance:--- 107.06.0
CURRENCIES
The September U.S. dollar index is weaker in early morning dealings. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at 85.00 and then at the overnight high of 85.30. Shorter-term support is seen at Wednesday's low of 84.63 and then at this week's low of 84.27. Wyckoff's Intra Day Market Rating: 3.5
The September Euro is higher in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at 1.2800 and then more sell stops just below support at the overnight low of 1.2767. Shorter-term technical resistance for the Euro is seen at Wednesday's high of 1.2875 and then at 1.2900. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff's Intra Day Market Rating: 6.0
METALS
Gold is trading firmer in early morning dealings. In December gold, shorter-term technical support is seen at the overnight low of $629.30 and then at $625.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at Wednesday's high of $639.80 and then more buy stops just above resistance at $643.00. Wyckoff's Intra-Day Market Rating: 6.0
ENERGIES
Crude oil prices are trading steady in early electronic dealings. In October crude, look for buy stops to reside just above resistance at the overnight high of $71.98 and then just above resistance at $72.50. Look for sell stops just below technical support at the overnight low of $71.37, and then more sell stops just below support at $71.00. Wyckoff's Intra-Day Market Rating: 4.0
GRAINS
Prices were higher in overnight electronic trading, on follow-through short-covering buying from gains Wednesday. Traders are awaiting this morning's USDA weekly export sales report. Bears still have the near-term technical advantage in the grains. I don't look for strong upside potential heading into corn and soybean harvest, when seasonals are fully bearish. I look for more choppy and lackluster trading in the near term. The John Deere-Pro Farmer Midwest Crop Tour has held no real surprises this week.
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in overnight/early morning trading, amid quieter markets. U.S. stock indexes are firmer and Treasuries are narrowly mixed. Crude oil and gold prices are near steady levels.
U.S. ECONOMIC REPORTS/EVENTS
On tap today is durable goods orders, weekly jobless claims, new home sales, USDA weekly export sales and the weekly DOE natural gas stocks report.
U.S. STOCK INDEXES
The indexes are slightly higher in early morning electronic trading. The bulls have faded a bit and trading has again become choppy.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still bullish today. However, the 4-day moving average is turning down for an early bearish warning signal, although still above the 9-day and 18-day moving average. The 9-day is still above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral for today. Today, key shorter-term technical support comes in at Wednesday's low of 1,291.70. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,285.00. Shorter-term upside resistance for active traders today is still located at 1,300.00. Buy stops are likely located just above that price level, and then heavier buy stops are likely located just above chart resistance at last week's high of 1,307.50. Wyckoff's Intra-day Market Rating: 5.0
PIVOT POINT LEVELS FOR S&P 500:
Pivot:------------ 1,297.90
1st Support:------ 1,291.60
2nd Support:------ 1,285.40
1st Resistance:--- 1,304.10
2nd Resistance:--- 1,310.40
September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are turning bearish today. The 4-day moving average is now turning down, but is still above the 9-day and 18-day moving average. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral for today. Today, shorter-term technical support is located at Wednesday's low of 1,548.00. Sell stops likely reside just below that level, and then more sell stops likely reside below support at 1,538.50. On the upside, short-term resistance is seen at Wednesday's high of 1,577.00. Buy stops are likely located just above that level. Heavier buy stops are likely located just above resistance at last week's high of 1,591.50. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:------------ 1,561.00
1st Support:------ 1,545.25
2nd Support:------ 1,532.00
1st Resistance:--- 1,574.25
2nd Resistance:--- 1,590.00
September Dow: For today, sell stops likely reside just below support at Wednesday's low of 11,282 and then more stops just below support at 11,250. Heavier buy stops likely reside just above shorter-term technical resistance at last week's high of 11,415 and then more buy stops just above resistance at 11,450. Shorter-term moving averages are bullish today, as the 4-day moving average is above the 9- and 18-day. The 9-day is moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bearish for today. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DOW:
Pivot:------------ 11,335
1st Support:------ 11,281
2nd Support:------ 11,227
1st Resistance:--- 11,389
2nd Resistance:--- 11,443
U.S. TREASURY BONDS AND NOTES
Both notes and bond prices are firmer in early trading in Chicago. The bulls have still near-term technical momentum and are looking for more on the upside in the near term.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral for today. Shorter-term technical resistance lies at this week's high of 110 even. Heavier buy stops likely lie just above that level. More buy stops likely reside just above technical resistance at 110 8/32. Shorter-term technical support lies at the overnight low of 109 24/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Wednesday's low of 109 16/32. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR T-BONDS:
Pivot:----------- 109 25/32
1st Support:----- 109 19/32
2nd Support:----- 109 11/32
1st Resistance:-- 110 even
2nd Resistance:-- 110 7/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral for today. Heavier buy stops likely reside just above shorter-term technical resistance at this week's high of 107.02.5, and more buy stops are likely located just above resistance at 107.08.0. Shorter-term moving averages are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at Wednesday's low of 106.23.0, and then more sell stops just below support at 106.19.0. Wyckoff's Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR T-NOTES:
Pivot:------------ 106.28.0
1st Support:------ 106.25.0
2nd Support:------ 106.19.0
1st Resistance:--- 107.02.0
2nd Resistance:--- 107.05.0
CURRENCIES
The September U.S. dollar index is weaker in early morning dealings. Slow stochastics are neutral for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.09 and then at Tuesday's high of 85.19. Shorter-term support is seen at the overnight low of 84.82 and then at Tuesday's low of 84.64. Wyckoff's Intra Day Market Rating: 3.5
The September Euro is firmer in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at the overnight low of 1.2805 and then more sell stops just below support at 1.2750. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2855 and then at 1.2900. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff's Intra Day Market Rating: 6.0
METALS
Gold is trading near steady in early morning dealings. In December gold, shorter-term technical support is seen at the overnight low of $630.60 and then at $625.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at Tuesday's high of $639.20 and then more buy stops just above resistance at $643.00. Wyckoff's Intra-Day Market Rating: 6.0
ENERGIES
Crude oil prices are trading lower in early electronic dealings. Traders are awaiting the weekly DOE stocks report, out this morning. In October crude, look for buy stops to reside just above resistance at the overnight high of $72.94 and then just above resistance at $73.50. Look for sell stops just below technical support at the overnight low of $72.30, and then more sell stops just below support at $72.00. Wyckoff's Intra-Day Market Rating: 5.0
GRAINS
Prices were narrowly mixed in overnight electronic trading. Not much new. Bears still have technical momentum in all the grains today. Look for more choppy and lackluster trading in the near term. Weather is less of a focus for traders as the crops move toward maturity. Focus this week is on the John Deere-Pro Farmer Midwest Crop Tour. No surprises are coming out of that tour, which ends on Thursday.
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in overnight/early morning trading, amid quieter markets. U.S. stock indexes and Treasuries are weaker, as is crude oil. Gold is trading near steady.
U.S. ECONOMIC REPORTS/EVENTS
On tap today is the MBA refinancing index, existing home sales, the Chicago Fed's national activity index and the weekly DOE liquid energy stock report.
U.S. STOCK INDEXES
The indexes are slightly lower in early morning electronic trading. The bulls have faded a bit and need to show some power very soon.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still bullish today. The 4-day moving average is above the 9-day and 18-day moving average. The 9-day is still above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish for today. Today, key shorter-term technical support comes in at Tuesday's low of 1,297.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,290.00. Shorter-term upside resistance for active traders today is still located at last week's high of 1,307.50. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,312.00. Wyckoff's Intra-day Market Rating: 5.0
PIVOT POINT LEVELS FOR S&P 500:
Pivot:------------ 1,301.50
1st Support:------ 1,297.65
2nd Support:------ 1,293.25
1st Resistance:--- 1,305.95
2nd Resistance:--- 1,309.90
September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are still bullish today. However, the 4-day moving average is now turning down, but is still above the 9-day and 18-day moving average. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish for today. Today, shorter-term technical support is located at Tuesday's low of 1,560.00. Sell stops likely reside just below that level, and then more sell stops likely reside below support at 1,550.00. On the upside, short-term resistance is still seen at last week's high of 1,591.50. Heavier stops are likely located just above that level. More buy stops are then likely located just above resistance at 1,600.00. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:------------ 1,570.25
1st Support:------ 1,556.25
2nd Support:------ 1,546.25
1st Resistance:--- 1,580.25
2nd Resistance:--- 1,594.25
September Dow: For today, sell stops likely reside just below support at Tuesday's low of 11,325 and then more stops just below support at 11,300. Buy stops likely reside just above shorter-term technical resistance at last week's high of 11,415 and then more buy stops just above resistance at 11,450. Shorter-term moving averages are bullish today, as the 4-day moving average is above the 9- and 18-day. The 9-day is moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bearish for today. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DOW:
Pivot:------------ 11,364
1st Support:------ 11,319
2nd Support:------ 11,279
1st Resistance:--- 11,404
2nd Resistance:--- 11,449
U.S. TREASURY BONDS AND NOTES
Both notes and bond prices are weaker in early trading in Chicago. The bulls have still near-term technical momentum and are looking for more on the upside in the near term.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish for today. Shorter-term technical resistance lies at Tuesday's high of 110 even. Heavier buy stops likely lie just above that level. More buy stops likely reside just above technical resistance at 110 8/32. Shorter-term technical support lies at Tuesday's low of 109 21/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 109 16/32. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR T-BONDS:
Pivot:----------- 109 27/32
1st Support:----- 109 21/32
2nd Support:----- 109 16/32
1st Resistance:-- 110 even
2nd Resistance:-- 110 6/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish for today. Buy stops likely reside just above shorter-term technical resistance at Tuesday's high of 107.02.5, and more buy stops are likely located just above resistance at 107.08.0. Shorter-term moving averages are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at Tuesday's low of 106.26.5, and then more sell stops just below support at 106.19.0. Wyckoff's Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR T-NOTES:
Pivot:------------ 106.31.0
1st Support:------ 106.27.0
2nd Support:------ 106.23.0
1st Resistance:--- 107.03.0
2nd Resistance:--- 107.07.0
CURRENCIES
The September U.S. dollar index is higher in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at Monday's high of 84.90 and then at 85.20. Shorter-term support is seen at the overnight low of 84.64 and then at Monday's low of 84.27. Wyckoff's Intra Day Market Rating: 3.5
The September Euro is solidly lower in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at 1.2800 and then more sell stops just below support at 1.2750. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2912 and then at last week's high of 1.2961. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff's Intra Day Market Rating: 5.0
METALS
Gold is trading near steady in early morning dealings. In December gold, shorter-term technical support is seen at $630.00 and then at $625.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $639.20 and then more buy stops just above resistance at $643.00. Wyckoff's Intra-Day Market Rating: 6.0
ENERGIES
Crude oil prices are trading slightly firmer in early electronic dealings. In September crude, look for buy stops to reside just above resistance at the overnight high of $73.48 and then just above resistance at $74.00. Look for sell stops just below technical support at the overnight low of $72.90, and then more sell stops just below support at $72.50. Wyckoff's Intra-Day Market Rating: 6.0
GRAINS
Prices were mostly firmer in overnight electronic trading. Not much new. Bears still have technical momentum in all the grains today. Look for choppy and lackluster trading in the near term. Corn Belt weather is deemed near-term bearish, and is called "yield enhancing" for both corn and soybeans. Weather is less of a focus for traders as the crops move toward maturity. Focus this week is on the John Deere-Pro Farmer Midwest Crop Tour.
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading is a rebound in the U.S. dollar versus the other major currencies. U.S. stock indexes are weaker. Treasuries are firmer. Crude oil is slightly higher.
U.S. ECONOMIC REPORTS/EVENTS
On tap today is the ICSC store sales index, Redbook retail sales, and the Richmond Fed manufacturing index. Atlanta Fed president Guynn speaks today, as does Chicago Fed president Moskow.
U.S. STOCK INDEXES
The indexes are slightly lower in early morning electronic trading. The bulls still have some near-term upside technical momentum on their side.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still bullish today. The 4-day moving average is above the 9-day and 18-day moving average. The 9-day is still above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish for today. Today, key shorter-term technical support comes in at Monday's low of 1,298.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,290.00. Shorter-term upside resistance for active traders today is located at last week's high of 1,307.50. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,312.00. Wyckoff's Intra-day Market Rating: 6.0
PIVOT POINT LEVELS FOR S&P 500:
Pivot:------------ 1,302.50
1st Support:------ 1,298.30
2nd Support:------ 1,294.30
1st Resistance:--- 1,306.50
2nd Resistance:--- 1,310.70
September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are bullish today. The 4-day is above the 9-day and 18-day moving average. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish for today. Today, shorter-term technical support is located at Monday's low of 1,561.50. Sell stops likely reside just below that level, and then more sell stops likely reside below support at 1,550.00. On the upside, short-term resistance is seen at last week's high of 1,591.50. Heavier stops are likely located just above that level. More buy stops are then likely located just above resistance at 1,600.00. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:------------ 1,571.00
1st Support:------ 1,559.00
2nd Support:------ 1,549.25
1st Resistance:--- 1,580.75
2nd Resistance:--- 1,593.00
September Dow: For today, sell stops likely reside just below support at Monday's low of 11,345 and then more stops just below support at 11,300. Buy stops likely reside just above shorter-term technical resistance at last week's high of 11,415 and then more buy stops just above resistance at 11,450. Shorter-term moving averages are bullish today, as the 4-day moving average is above the 9- and 18-day. The 9-day is moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bearish for today. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR DOW:
Pivot:------------ 11,374
1st Support:------ 11,357
2nd Support:------ 11,327
1st Resistance:--- 11,404
2nd Resistance:--- 11,421
U.S. TREASURY BONDS AND NOTES
Both notes and bond prices are trading firmer in early trading in Chicago. The bulls have still near-term technical momentum and are looking for more on the upside in the near term.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral for today. Shorter-term technical resistance lies at the overnight high of 109 31/32. Heavier buy stops likely lie just above resistance at 110 even. More buy stops likely reside just above technical resistance at 110 8/32. Shorter-term technical support lies at the overnight low of 109 21/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 109 16/32. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR T-BONDS:
Pivot:----------- 109 22/32
1st Support:----- 109 18/32
2nd Support:----- 109 11/32
1st Resistance:-- 109 29/32
2nd Resistance:-- 110 1/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral for today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 107.01.0, and more buy stops are likely located just above resistance at 107.08.0. Shorter-term moving averages are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 106.26.5, and then more sell stops just below support at 106.19.0. Wyckoff's Intra Day Market Rating: 8.0
PIVOT POINT LEVELS FOR T-NOTES:
Pivot:------------ 106.29.0
1st Support:------ 106.27.0
2nd Support:------ 106.22.0
1st Resistance:--- 107.02.0
2nd Resistance:--- 107.04.0
CURRENCIES
The September U.S. dollar index is lower in early morning dealings. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 84.45 and then at Friday's high of 85.20. Shorter-term support is seen at the overnight low of 84.45 and then at the August low of 84.17. Wyckoff's Intra Day Market Rating: 3.5
The September Euro is higher in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at 1.2900 and then more sell stops just below support at the overnight low of 1.2846. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2929 and then at the August high of 1.2945. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish for today. Wyckoff's Intra Day Market Rating: 7.0
METALS
Gold is trading solidly higher in early morning dealings, on a corrective bounce from recent losses. In December gold, shorter-term technical support is seen at the overnight low of $623.10 and then at $620.00. Sell stops likely reside just below those levels, with heavy sell stops likely just below solid support at the July low of $615.00. Buy stops likely reside just above resistance at the overnight high of $632.00 and then more buy stops just above resistance at $635.00. Wyckoff's Intra-Day Market Rating: 6.0
ENERGIES
Crude oil prices are trading higher in early electronic dealings, on a corrective bounce from recent very strong losses. In September crude, look for buy stops to reside just above resistance at the overnight high of $72.08 and then just above resistance at $72.50. Look for sell stops just below technical support at the overnight low of $71.14, and then more sell stops just below support at $70.50. Wyckoff's Intra-Day Market Rating: 5.0
GRAINS
Prices were narrowly mixed in overnight electronic trading. Bears still have technical momentum in all the grains today. Look for choppy and lackluster trading in the near term. Corn Belt weather is deemed near-term bearish, and is called "yield enhancing" for both corn and soybeans. Weather is less of a focus for traders as the crops move toward maturity. Focus now becomes less on supply and more on demand for the grains.
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading is a rebound in gold and crude oil prices. Treasuries are firmer and stock indexes are lower. The U.S. dollar is trading lower versus the other major currencies.
U.S. ECONOMIC REPORTS/EVENTS
There are no major economic reports on tap today.
U.S. STOCK INDEXES
The indexes are slightly lower in early morning electronic trading, on a corrective pullback following recent solid gains. The bulls still have some near-term upside technical momentum on their side.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish today. The 4-day moving average is above the 9-day and 18-day moving average. The 9-day is still above the 18-day moving average, but just barely. Short-term oscillators (RSI, slow stochastics) are bearish for today. Today, key shorter-term technical support comes in at Friday's low of 1,296.80. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,290.00. Shorter-term upside resistance for active traders today is located at Friday's high of 1,307.50. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,312.00. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR S&P 500:
Pivot:------------ 1,303.80
1st Support:------ 1,300.10
2nd Support:------ 1,293.10
1st Resistance:--- 1,310.80
2nd Resistance:--- 1,314.50
September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are bullish today. The 4-day is above the 9-day and 18-day moving average. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish for today. Today, shorter-term technical support is located at Friday's low of 1,563.50. Sell stops likely reside just below that level, and then more sell stops likely reside below support at 1,550.00. On the upside, short-term resistance is seen at last week's high of 1,591.50. Heavier stops are likely located just above that level. More buy stops are then likely located just above resistance at 1,600.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:------------ 1,578.00
1st Support:------ 1,570.50
2nd Support:------ 1,556.00
1st Resistance:--- 1,592.50
2nd Resistance:--- 1,600.00
September Dow: For today, sell stops likely reside just below support at Friday's low of 11,340 and then more stops just below support at 11,300. Buy stops likely reside just above shorter-term technical resistance at Friday's high of 11,415 and then more buy stops just above resistance at 11,450. Shorter-term moving averages are bullish today, as the 4-day moving average is above the 9- and 18-day. The 9-day is moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bullish for today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DOW:
Pivot:------------ 11,388
1st Support:------ 11,361
2nd Support:------ 11,314
1st Resistance:--- 11,435
2nd Resistance:--- 11,462
U.S. TREASURY BONDS AND NOTES
Both notes and bond prices are trading firmer in early trading in Chicago. The bulls have still near-term technical momentum and are looking for more on the upside in the near term.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish for today. Shorter-term technical resistance lies at the overnight high of 109 26/32. Buy stops likely lie just above that level. Heavier buy stops likely reside just above technical resistance at 110 even. Shorter-term technical support lies at the overnight low of 109 18/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Friday's low of 109 8/32. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR T-BONDS:
Pivot:----------- 109 17/32
1st Support:----- 109 11/32
2nd Support:----- 109 3/32
1st Resistance:-- 109 25/32
2nd Resistance:-- 109 31/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish for today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 106.31.5, and more buy stops are likely located just above resistance at 107.08.0. Shorter-term moving averages are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 106.26.0, and then more sell stops just below support at Friday's low of 106.19.0. Wyckoff's Intra Day Market Rating: 8.0
PIVOT POINT LEVELS FOR T-NOTES:
Pivot:------------ 106.25.0
1st Support:------ 106.22.0
2nd Support:------ 106.15.0
1st Resistance:--- 107.00.0
2nd Resistance:--- 107.03.0
CURRENCIES
The September U.S. dollar index is firmer in early morning dealings. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.12 and then at this week's high of 85.55. Shorter-term support is seen at the overnight low of 84.85 and then at Thursday's low of 84.46. Wyckoff's Intra Day Market Rating: 4.5
The September Euro is lower in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at 1.2800 and then more sell stops just below support at 1.2750. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2868 and then at this week's high of 1.2911. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish for today. Wyckoff's Intra Day Market Rating: 6.0
METALS
Gold is trading weaker in early morning dealings. Prices dipped to a fresh three-week low overnight. In December gold, shorter-term technical support is seen at the overnight low of $621.70 and then at the July low of $615.00. Sell stops likely reside just below those levels, with heavy sell stops likely just below $615.00. Buy stops likely reside just above resistance at the overnight high of $626.50 and then more buy stops just above resistance at $630.00. Wyckoff's Intra-Day Market Rating: 5.0
ENERGIES
Crude oil prices are trading higher in early electronic dealings, on a corrective bounce from recent very strong losses. In September crude, look for buy stops to reside just above resistance at the overnight high of $71.01 and then just above resistance at Thursday's high of $71.75. Look for sell stops just below technical support at the overnight low of $70.40, and then heavier sell stops just below major support at Thursday's low of $70.00. Wyckoff's Intra-Day Market Rating: 4.5
GRAINS
Prices were narrowly mixed in overnight electronic trading. Bears still have technical momentum in all the grains today. Look for choppy and lackluster trading in the near term. Corn Belt weather is deemed near-term bearish, and is called "yield enhancing" for both corn and soybeans. Weather is less of a focus for traders as the crops move toward maturity. Focus now becomes less on supply and more on demand for the grains.
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading is a rebound in crude oil prices. Treasuries are firmer and stock indexes are slightly lower. In potential market-moving news overnight, China did raise its interest rates by around a quarter-point, in order to curb an overheating economy.
U.S. ECONOMIC REPORTS/EVENTS
On tap today is the University of Michigan consumer sentiment index. President Bush meets with his economic advisors today.
U.S. STOCK INDEXES
The indexes are slightly lower in early morning electronic trading, on a mild corrective pullback following solid gains this week. The bulls have good near-term upside technical momentum on their side.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish today. The 4-day moving average is above the 9-day and 18-day moving average. The 9-day is still above the 18-day moving average, but just barely. Short-term oscillators (RSI, slow stochastics) are bearish for today. Today, key shorter-term technical support comes in at Thursday's low of 1,295.70. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,290.00. Shorter-term upside resistance for active traders today is located at Thursday's high of 1,304.70. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,310.00. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR S&P 500:
Pivot:------------ 1,300.50
1st Support:------ 1,296.25
2nd Support:------ 1,291.50
1st Resistance:--- 1,305.25
2nd Resistance:--- 1,309.50
September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are bullish today. The 4-day is above the 9-day and 18-day moving average. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bearish for today. Today, shorter-term technical support is located at Thursday's low of 1,569.00. Sell stops likely reside just below that level, and then more sell |
