Name: Jim Wyckoff 
U.S. Treasuries Weaker in Early Trading
Friday, December 22--Jim Wyckoff's Early Morning Web Log
*** NOTE: I will be out of the office next week (Dec. 26-29). I will be vacationing with my family in the mountains of Colorado. My friend and fellow trader/analyst Ken Seehusen will produce my Early Morning Blog reports next week. The format of the blog will be different, but the information will still be valuable to you. I will be back in the office on Monday morning, Jan. 2. Happy Holidays to all of you, my valued readers.--Jim
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is lower U.S. Treasury prices. As the Christmas and New Year's holidays approach, look for quieter trading.
U.S. STOCK INDEXES
The stock indexes are slightly higher in quiet early morning electronic trading. Bulls still have the near-term technical advantage heading into the end of the year.
March 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. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bearish today. Today, shorter-term technical support comes in at this week's low of 1,426.60. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,420.00. Upside resistance for active traders today is located at 1,435.00 and then at Thursday's high of 1,439.50. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,432.05
1st Support:------ 1,424.60
2nd Support:------ 1,419.35
1st Resistance:--- 1,437.30
2nd Resistance:--- 1,444.75
March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bearish today. The 4-day moving average is below the 9-day. The 9-day moving average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support is located at Thursday's low of 786.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at this week's low of 781.50. On the upside, short-term resistance is seen at Thursday's high of 796.75. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at this week's high of 802.50. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 790.85
1st Support:------ 784.95
2nd Support:------ 780.60
1st Resistance:--- 795.20
2nd Resistance:--- 801.10
March Dow: For today, sell stops likely reside just below support at Thursday's low of 12,475 and then more stops just below support at 12,450. Buy stops likely reside just above shorter-term technical resistance at the contract high of 12,579 and then more buy stops just above resistance at 12,600. Shorter-term moving averages are bullish today, as the 4-day moving average is moving above the 9-day and 18-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bearish today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,513
1st Support:------ 12,463
2nd Support:------ 12,424
1st Resistance:--- 12,552
2nd Resistance:--- 12,602
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are lower early today. Bears have some near-term technical momentum on their side.
March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bearish today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at 113 even. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Thursday's high of 113 6/32. Shorter-term technical support lies at Thursday's low of 112 16/32. Sell stops likely reside just below that level. More sell stops are likely located below support at this week's low of 112 7/32. Wyckoff's Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 112 29/32
1st Support:----- 112 19/32
2nd Support:----- 112 7/32
1st Resistance:-- 113 9/32
2nd Resistance:-- 113 19/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Buy stops likely reside just above shorter-term technical resistance at Thursday's high of 108.23.0, and more buy stops are likely located just above resistance at 109.00.0. Shorter-term moving averages are bearish today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 108.13.0, and then more sell stops just below support at Thursday's low of 108.09.0. Wyckoff's Intra Day Market Rating: 4.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 108.18.0
1st Support:------ 108.12.0
2nd Support:------ 108.04.0
1st Resistance:--- 108.26.0
2nd Resistance:--- 109.00.0
