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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
www.TradingEducation.com.
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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. |
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| February 2007 »
January 2007 Archives
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are trading slightly higher today, as traders await today's slew of U.S. economic data. Bears still have the strong near-term technical advantage.
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. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance lies at this week's high of 109 25/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 110 even. Shorter-term technical support lies at Tuesday's low 109 11/32. Sell stops likely reside just below that level. More sell stops are likely located below support at last week's low of 109 6/32. Wyckoff's Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 109 16/32
1st Support:----- 109 13/32
2nd Support:----- 109 7/32
1st Resistance:-- 109 22/32
2nd Resistance:-- 109 25/32
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 Monday's high of 106.18.5, and more buy stops are likely located just above resistance at 106.24.0. Shorter-term moving averages are still 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 Tuesday's low of 106.10.0, and then more sell stops just below support at last week's low of 106.06.5. Wyckoff's Intra Day Market Rating: 3.5
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 106.14.0
1st Support:------ 106.11.0
2nd Support:------ 106.08.0
1st Resistance:--- 106.17.0
2nd Resistance:--- 106.20.0
CURRENCIES
The March U.S. dollar index is firmer in early trading. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.05 and then at last week's high of 85.25. Shorter-term support is seen at Tuesday's low of 84.77 and then at 84.50. Wyckoff's Intra Day Market Rating: 5.5
The March Euro is slightly lower in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.2952 and then more stops just below support at 1.2925. Shorter-term technical resistance for the Euro is seen at Tuesday's high of 1.3010 and then at 1.3033. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Wyckoff's Intra Day Market Rating: 5.0
METALS
Gold is slightly higher in early trading today. No serious chart damage has occurred in gold and bulls still have the near-term technical advantage. Prices this week are "pausing" ahead of key U.S. economic data. Look for more active trade in gold the rest of this week. In April gold, shorter-term technical support is seen at the overnight low of $650.00 and then at this week's low of $646.60. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at today's high of $653.40 and then just above resistance at $655.00. Wyckoff's Intra-Day Market Rating: 6.5
CRUDE OIL
Crude oil prices are modestly lower in early electronic dealings, after huge gains Tuesday. In March crude, look for buy stops to reside just above resistance at Tuesday's high of $57.05 and then just above resistance at $57.50. Look for sell stops just below technical support at $56.00, and then more sell stops just below support at $55.50. Wyckoff's Intra-Day Market Rating: 5.0
GRAINS
Prices were mixed but mostly higher in quiet dealings overnight, as trading has become choppier and a bit less volatile. Bulls still have the near-term technical advantage in corn and soybeans, and gained more momentum Tuesday. But strong bull markets need a dose of fresh fundamental news often, and the corn and bean bulls still need a good meal at present. Wheat is still technically weak at present, but any strength in corn and beans will support wheat. Grain traders will continue to closely watch the "outside markets" today (gold, crude oil).
Wednesday, January 31--Jim Wyckoff's Morning Web Log
*** NOTE: I have started a new section of my morning blog, called "Jim's Market Thought of the Day." It's a brief idea, anecdote, or opinion on a market, market sector, or trading in general, which will hopefully give you some fresh perspective.
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no solid feature in quieter overnight/early morning trading today. Trading activity will likely pick up steam today, amid fresh U.S. economic data, culminating with Friday morning's key U.S. jobs report.
TODAY'S KEY ECONOMIC DATA
On tap for a busy Wednesday is the MBA refinancing index, the ADP pre-jobs report estimate, the employment cost index, the U.S. Treasury's refunding announcement, U.S. Treasury Secretary Paulson speaks to the Senate today on exchange rates, the Chicago PMI index, Construction spending, weekly DOE crude oil stocks, President Bush speaks on the economy in New York, and finally, the two-day FOMC meeting concludes early this afternoon.
* JIM'S MARKET THOUGHT OF THE DAY *
My bias is that the upside in crude oil is limited, after big gains on Tuesday. Much of those gains were short covering in a bear market. The news Tuesday that the Saudis would adhere to their lower quota, as prescribed by OPEC, was not shocking news. I look for the recent rally to be a selling opportunity by the smart money.
U.S. STOCK INDEXES
The stock indexes are weaker in quiet early morning electronic trading. Bulls still have the slight overall near-term technical advantage. Look for more active trading today and the rest of this week, amid the heavy U.S. economic data slate.
March S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still neutral today. The 4-day moving average is below the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support comes in at the overnight low of 1,429.40. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Tuesday's low of 1,425.60. Upside resistance for active traders today is located at Tuesday's high of 1,434.50 and then at 1,440.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,431.40
1st Support:------ 1,428.25
2nd Support:------ 1,422.50
1st Resistance:--- 1,437.15
2nd Resistance:--- 1,440.25
March Russell 2000: 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 average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at Tuesday's low of 795.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Monday's low of 789.80. On the upside, short-term resistance is seen at Tuesday's high of 802.25. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the contract high of 809.00. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 799.65
1st Support:------ 797.05
2nd Support:------ 792.40
1st Resistance:--- 804.30
2nd Resistance:--- 806.90
March Dow: For today, sell stops likely reside just below support at Tuesday's low of 12,510 and then more stops just below support at last week's low of 12,464. Buy stops likely reside just above shorter-term technical resistance at Tuesday's high of 12,571 and then more buy stops just above resistance at 12,600. Shorter-term moving averages are neutral early today, as the 4-day moving average is below 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 neutral early today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,547
1st Support:------ 12,523
2nd Support:------ 12,486
1st Resistance:--- 12,584
2nd Resistance:--- 12,608
Tuesday, January 30--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is firmer U.S. stock index futures. Trading activity will likely pick up steam as the week rolls on, culminating with Friday morning's key U.S. jobs report.
TODAY'S KEY ECONOMIC DATA
On tap today is the ICSC chain store sales report, the Redbook retail sales report, and the Conference Board's consumer confidence index report. The Fed's two-day FOMC meeting begins today and also President Bush speaks on the economy today while touring in Illinois.
U.S. STOCK INDEXES
The stock indexes are firmer in quiet early morning electronic trading. Bulls still have the slight overall near-term technical advantage.
March 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 and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral today. Today, shorter-term technical support comes in at the overnight low of 1,425.60. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at last week's low of 1,421.80. Upside resistance for active traders today is located at Monday's high of 1,432.50 and then at 1,435.00. 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:------------ 1,427.35
1st Support:------ 1,422.20
2nd Support:------ 1,418.15
1st Resistance:--- 1,431.40
2nd Resistance:--- 1,436.55
March Russell 2000: 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 average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical support is located at 795.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Monday's low of 789.80. On the upside, short-term resistance is seen at Monday's high of 799.25. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 805.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 795.30
1st Support:------ 791.40
2nd Support:------ 785.90
1st Resistance:--- 800.85
2nd Resistance:--- 804.80
March Dow: For today, sell stops likely reside just below support at 12,500 and then more stops just below support at last week's low of 12,464. Buy stops likely reside just above shorter-term technical resistance at 12,550 and then more buy stops just above resistance at Monday's high of 12,578. Shorter-term moving averages are neutral early 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 bearish early today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,539
1st Support:------ 12,501
2nd Support:------ 12,476
1st Resistance:--- 12,564
2nd Resistance:--- 12,602
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are trading slightly higher today, as traders await more U.S. economic data this week. Bears still have the strong near-term technical advantage.
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. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at Monday's high of 109 25/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 110 even. Shorter-term technical support lies at the overnight low 109 11/32. Sell stops likely reside just below that level. More sell stops are likely located below support at last week's low of 109 6/32. Wyckoff's Intra-Day Market Rating: 3.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 109 15/32
1st Support:----- 109 5/32
2nd Support:----- 108 30/32
1st Resistance:-- 109 22/32
2nd Resistance:-- 110 even
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 Monday's high of 106.18.5, and more buy stops are likely located just above resistance at 106.24.0. Shorter-term moving averages are still 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 106.10.0, and then more sell stops just below support at last week's low of 106.06.5. Wyckoff's Intra Day Market Rating: 3.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 106.13.0
1st Support:------ 106.07.0
2nd Support:------ 106.03.0
1st Resistance:--- 106.17.0
2nd Resistance:--- 106.23.0
Monday, January 29--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is not real feature in quiet overnight/early morning trading today, as traders look forward to a busy week of economic events.
U.S. STOCK INDEXES
The stock indexes are firmer in quiet early morning electronic trading. Bulls still have the slight overall near-term technical advantage.
March 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. 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 1,425.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Friday's low of 1,421.80. Upside resistance for active traders today is located at Friday's high of 1,432.90 and then at 1,440.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,427.40
1st Support:------ 1,421.90
2nd Support:------ 1,416.30
1st Resistance:--- 1,433.00
2nd Resistance:--- 1,438.50
March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at 785.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Friday's low of 781.75. On the upside, short-term resistance is seen at Friday's high of 792.75. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 795.00. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 788.10
1st Support:------ 783.45
2nd Support:------ 777.10
1st Resistance:--- 794.45
2nd Resistance:--- 799.10
March Dow: For today, sell stops likely reside just below support at 12,500 and then more stops just below support at Friday's low of 12,464. Buy stops likely reside just above shorter-term technical resistance at 12,550 and then more buy stops just above resistance at Friday's high of 12,574. Shorter-term moving averages are neutral early 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 bearish early today. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,520
1st Support:------ 12,467
2nd Support:------ 12,410
1st Resistance:--- 12,578
2nd Resistance:--- 12,630
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are trading slightly higher today, on a tepid short-covering bounce in a bear market. Bears still have the strong near-term technical advantage.
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. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance lies at Friday's high of 109 26/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 110 even. Shorter-term technical support lies at the overnight low 109 17/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Friday's low of 109 6/32. Wyckoff's Intra-Day Market Rating: 3.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 109 16/32
1st Support:----- 109 7/32
2nd Support:----- 108 28/32
1st Resistance:-- 109 27/32
2nd Resistance:-- 110 4/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Buy stops likely reside just above shorter-term technical resistance at Friday's high of 106.19.0, and more buy stops are likely located just above resistance at 106.24.0. Shorter-term moving averages are still 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 106.13.5, and then more sell stops just below support at Friday's low of 106.06.5. Wyckoff's Intra Day Market Rating: 3.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 106.13.0
1st Support:------ 106.07.0
2nd Support:------ 106.01.0
1st Resistance:--- 106.19.0
2nd Resistance:--- 106.25.0
CURRENCIES
The March U.S. dollar index is higher in early trading. Prices hit a fresh nine-week high today. Slow stochastics are bullish for today. The dollar index finds shorter-term technical resistance at the overnight high of 85.19 and then at 85.50. Shorter-term support is seen at the overnight low of 84.95 and then at 84.50. Wyckoff's Intra Day Market Rating: 7.5
The March Euro is slightly lower in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.2921 and then more stops just below support at this month's low of 1.2901. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2975 and then at 1.3000. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish early today. Wyckoff's Intra Day Market Rating: 4.0
METALS
Gold is solidly lower in early trading today. Profit-taking is featured and no serious chart damage has yet occurred. Prices hit a fresh six-week high Thursday. In April gold, shorter-term technical support is seen at the overnight low of $646.90 and then at $644.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $650.00 and then just above resistance at today's high of $652.30. Wyckoff's Intra-Day Market Rating: 4.0
CRUDE OIL
Crude oil prices are slightly higher in early electronic dealings. Bears remain in command with still no strong signs of a market bottom being in place. In March crude, look for buy stops to reside just above resistance at $55.00 and then just above resistance at $55.50. Look for sell stops just below technical support at $54.00, and then more sell stops just below support at $53.50. Wyckoff's Intra-Day Market Rating: 3.5
GRAINS
Prices were steady to slightly higher overnight, as trading has become choppier at higher levels. Bulls still have the decided technical advantage in corn and soybeans, but not in wheat. Would-be top pickers in corn and beans should beware. Grain traders will again closely watch the "outside markets" today (gold, crude oil).
Friday, January 26--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is lower U.S. Treasury futures prices, which have slumped to a fresh five-month low.
U.S. STOCK INDEXES
The stock indexes near steady in quiet early morning electronic trading. Bulls still have the overall technical advantage.
March 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. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral today. Today, shorter-term technical support comes in at Thursday's low of 1,427.60. 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 1,440.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,434.70
1st Support:------ 1,422.20
2nd Support:------ 1,415.10
1st Resistance:--- 1,441.80
2nd Resistance:--- 1,454.30
March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral today. The 4-day moving average is above the 9-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at Thursday's low of 785.00. 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 779.30. On the upside, short-term resistance is seen at 790.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 795.00. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 790.65
1st Support:------ 781.80
2nd Support:------ 776.15
1st Resistance:--- 796.30
2nd Resistance:--- 805.15
March Dow: For today, sell stops likely reside just below support at Thursday's low of 12,526 and then more stops just below support at this week's low of 12,495. Buy stops likely reside just above shorter-term technical resistance at the contract high of 12,600 and then more buy stops just above resistance at the contract high of 12,668. Shorter-term moving averages are neutral early 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 bearish early today. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,577
1st Support:------ 12,490
2nd Support:------ 12,440
1st Resistance:--- 12,627
2nd Resistance:--- 12,714
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are trading lower again today, as prices hit a fresh five-month low. Bears have the strong near-term technical advantage.
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. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at the overnight high of 109 22/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 110 even. Shorter-term technical support lies at the overnight low 109 12/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 109 8/32. Wyckoff's Intra-Day Market Rating: 2.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 109 28/32
1st Support:----- 109 11/32
2nd Support:----- 109 even
1st Resistance:-- 110 7/32
2nd Resistance:-- 110 24/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 106.16.0, and more buy stops are likely located just above resistance at 106.24.0. Shorter-term moving averages are still 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 106.08.0, and then more sell stops just below support at 106.00.0. Wyckoff's Intra Day Market Rating: 2.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 106.19.0
1st Support:------ 106.09.0
2nd Support:------ 106.02.0
1st Resistance:--- 106.26.0
2nd Resistance:--- 107.04.0
CURRENCIES
The March U.S. dollar index is slightly lower in quiet early trading. Slow stochastics are bearish for today. The dollar index finds shorter-term technical resistance at the overnight high of 84.78 and then at this week's high of 84.90. Shorter-term support is seen at the overnight low of 84.53 and then this week's low of 84.28. Wyckoff's Intra Day Market Rating: 4.5
The March Euro is slightly higher in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.2983 and then more stops just below support at 1.2950. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.3033 and then at this week's high of 1.3077. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Wyckoff's Intra Day Market Rating: 5.5
METALS
Gold is solidly higher in early trading today. Prices hit a fresh six-week high overnight. In April gold, shorter-term technical support is seen at $655.00 and then at the overnight low of $652.30. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at today's high of $659.60 and then just above resistance at the December high of $661.00. Wyckoff's Intra-Day Market Rating: 8.0
CRUDE OIL
Crude oil prices are slightly higher in early electronic dealings. Bears remain in command with still no strong signs of a market bottom being in place. In March crude, look for buy stops to reside just above resistance at the overnight high of $55.80 and then just above resistance at $56.00. Look for sell stops just below technical support at $55.00, and then more sell stops just below support at $54.50. Wyckoff's Intra-Day Market Rating: 3.5
GRAINS
Prices were solidly higher overnight, as trading has become choppier at higher levels. Bulls have lost a bit of technical momentum in corn and beans, but still have the decided technical advantage. Would-be top pickers should beware. Grain traders will closely watch the "outside markets" today (gold, crude oil). Traders will also scrutinize today's weekly USDA export sales report.
Thursday, January 25--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today in higher gold prices. Other markets are quieter.
U.S. STOCK INDEXES
The stock indexes are near steady in quiet early morning electronic trading. Bulls have the solid overall technical advantage, after good gains Wednesday.
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 today. Today, shorter-term technical support comes in at 1,440.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,435.00. Upside resistance for active traders today is located at 1,450.00 and then at 1,455.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,442.50
1st Support:------ 1,438.55
2nd Support:------ 1,430.90
1st Resistance:--- 1,450.15
2nd Resistance:--- 1,454.10
March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are turning bullish today. The 4-day moving average is even with the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical support is located at 795.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Wednesday's low of 789.50. On the upside, short-term resistance is seen at 800.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 805.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 795.35
1st Support:------ 792.30
2nd Support:------ 786.45
1st Resistance:--- 801.20
2nd Resistance:--- 804.25
March Dow: For today, sell stops likely reside just below support at 12,625 and then more stops just below support at Wednesday's low of 12,590. Buy stops likely reside just above shorter-term technical resistance at the contract high of 12,668 and then more buy stops just above resistance at 12,700. Shorter-term moving averages are neutral early 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 early today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,639
1st Support:------ 12,612
2nd Support:------ 12,564
1st Resistance:--- 12,687
2nd Resistance:--- 12,714
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are trading weaker early today. Bears have the solid near-term technical advantage.
March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still bearish today. The 4-day moving average is below the 9-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 the overnight high of 110 13/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Wednesday's high of 110 19/32. Shorter-term technical support lies at the overnight low and this week's low of 110 6/32. 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: 3.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 110 12/32
1st Support:----- 110 4/32
2nd Support:----- 109 31/32
1st Resistance:-- 110 17/32
2nd Resistance:-- 110 25/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Buy stops likely reside just above shorter-term technical resistance at 107.00.0, and more buy stops are likely located just above resistance at this week's high of 107.07.0. Shorter-term moving averages are still 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 January low of 106.23.5, and then more sell stops just below support at the October low of 106.20.5. Wyckoff's Intra Day Market Rating: 3.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 106.28.0
1st Support:------ 106.25.0
2nd Support:------ 106.21.0
1st Resistance:--- 107.00.0
2nd Resistance:--- 107.03.0
Wednesday, January 24--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real solid feature in quieter overnight/early morning trading today.
U.S. STOCK INDEXES
The stock indexes are slightly higher in quiet early morning electronic trading. Bulls still have the overall technical advantage, but trading has turned choppier and more sideways.
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 today. Today, shorter-term technical support comes in at 1,430.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this week's low of 1,426.80. Upside resistance for active traders today is located at this week's high of 1,439.30 and then at the contract high of 1,444.90. 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:------------ 1,433.80
1st Support:------ 1,429.65
2nd Support:------ 1,423.90
1st Resistance:--- 1,439.55
2nd Resistance:--- 1,443.70
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 and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical support is located at 785.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at last week's low of 779.30. On the upside, short-term resistance is seen at Tuesday's high of 793.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 800.00. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 787.30
1st Support:------ 781.55
2nd Support:------ 774.30
1st Resistance:--- 794.55
2nd Resistance:--- 800.30
March Dow: For today, sell stops likely reside just below support at 12,550 and then more stops just below support at Tuesday's low of 12,513. Buy stops likely reside just above shorter-term technical resistance at this week's high of 12,620 and then more buy stops just above resistance at the contract high of 12,668. 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 early today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,568
1st Support:------ 12,537
2nd Support:------ 12,481
1st Resistance:--- 12,624
2nd Resistance:--- 12,655
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are trading near steady early today. Bears still have the near-term technical advantage.
March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still bearish today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at the overnight high of 110 17/32. Buy stops likely reside 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 and this month's low of 110 8/32. 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: 3.5
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 110 18/32
1st Support:----- 110 4/32
2nd Support:----- 109 27/32
1st Resistance:-- 110 27/32
2nd Resistance:-- 111 9/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 106.31.0, and more buy stops are likely located just above resistance at Tuesday's high of 107.06.5. Shorter-term moving averages are still 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 January low of 106.23.5, and then more sell stops just below support at the October low of 106.20.5. Wyckoff's Intra Day Market Rating: 3.5
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 107.00.0
1st Support:------ 106.24.0
2nd Support:------ 106.20.0
1st Resistance:--- 107.04.0
2nd Resistance:--- 107.12.0
Tuesday, January 23--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is a lower U.S. dollar versus the other major currencies, and higher gold prices.
U.S. STOCK INDEXES
The stock indexes are slightly lower in quiet early morning electronic trading. Bulls are fading, but still have the overall technical advantage.
March 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. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish today. Today, shorter-term technical support comes in at Monday's low of 1,426.80. 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 the overnight high of 1,432.60 and then at 1,435.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.5
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,432.35
1st Support:------ 1,425.40
2nd Support:------ 1,419.85
1st Resistance:--- 1,437.90
2nd Resistance:--- 1,444.85
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 and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support is located at last week's low of 779.30. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 775.00. On the upside, short-term resistance is seen at 785.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at Monday's high of 789.00. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 783.50
1st Support:------ 778.00
2nd Support:------ 774.00
1st Resistance:--- 787.50
2nd Resistance:--- 793.00
March Dow: For today, sell stops likely reside just below support at Monday's low of 12,495 and then more stops just below support at 12,450. Buy stops likely reside just above shorter-term technical resistance at 12,575 and then more buy stops just above resistance at Monday's high of 12,620. Shorter-term moving averages are bullish today, as the 4-day moving average is 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 early today. Wyckoff's Intra-Day Market Rating: 5.5
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,550
1st Support:------ 12,479
2nd Support:------ 12,425
1st Resistance:--- 12,604
2nd Resistance:--- 12,675
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are trading near steady early today. Bears still have the slight near-term technical advantage.
March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still bearish today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at Monday's high of 111 2/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at last week's high of 111 7/32. Shorter-term technical support lies at 110 24/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Monday's low of 110 19/32. Wyckoff's Intra-Day Market Rating: 4.5
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 110 27/32
1st Support:----- 110 21/32
2nd Support:----- 110 12/32
1st Resistance:-- 111 4/32
2nd Resistance:-- 111 10/32
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 last week's high of 107.12.0, and more buy stops are likely located just above resistance at 107.16.0. Shorter-term moving averages are still 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 107.02.0, and then more sell stops just below support at Monday's low of 106.29.5. Wyckoff's Intra Day Market Rating: 4.5
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 107.03.0
1st Support:------ 107.00.0
2nd Support:------ 106.26.0
1st Resistance:--- 107.09.0
2nd Resistance:--- 107.12.0
Monday, January 22--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in quieter overnight/early morning trading today.
U.S. STOCK INDEXES
The stock indexes are slightly higher in quiet early morning electronic trading. Bulls are fading just a bit, but still have the overall technical advantage.
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. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral today. Today, shorter-term technical support comes in at 1,435.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Friday's low of 1,431.50. Upside resistance for active traders today is located at 1,440.00 and then at the contract high of 1,444.90. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,435.65
1st Support:------ 1,432.60
2nd Support:------ 1,428.45
1st Resistance:--- 1,439.80
2nd Resistance:--- 1,442.85
March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are turning bearish today. The 4-day moving average is turning down. The 9-day moving average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support is located at 785.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Friday's low of 779.30. On the upside, short-term resistance is seen at Friday's high of 790.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 795.00. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 785.80
1st Support:------ 781.55
2nd Support:------ 775.10
1st Resistance:--- 792.25
2nd Resistance:--- 796.50
March Dow: For today, sell stops likely reside just below support at Friday's low of 12,575 and then more stops just below support at 12,545. Buy stops likely reside just above shorter-term technical resistance at Friday's high of 12,634 and then more buy stops just above resistance at the contract high of 12,68. Shorter-term moving averages are bullish today, as the 4-day moving average is 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 neutral early today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,606
1st Support:------ 12,579
2nd Support:------ 12,547
1st Resistance:--- 12,638
2nd Resistance:--- 12,665
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are trading slightly lower early today. Bears still have the near-term technical advantage.
March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still bearish today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at the overnight high of 110 27/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 even. Shorter-term technical support lies at the overnight low of 110 19/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 16/32. Wyckoff's Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 110 26/32
1st Support:----- 110 15/32
2nd Support:----- 110 6/32
1st Resistance:-- 111 3/32
2nd Resistance:-- 111 14/32
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 last week's high of 107.12.0, and more buy stops are likely located just above resistance at 107.16.0. Shorter-term moving averages are still 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 106.29.5, and then more sell stops just below support at last week's low of 106.23.5. Wyckoff's Intra Day Market Rating: 4.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 107.03.0
1st Support:------ 106.29.0
2nd Support:------ 106.24.0
1st Resistance:--- 107.08.0
2nd Resistance:--- 107.14.0
Friday, January 19--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in quieter overnight/early morning trading today.
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading. Bulls are fading just a bit, but still have the overall technical advantage.
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. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish today. Today, shorter-term technical support comes in at 1,430.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,425.00. Upside resistance for active traders today is located at 1,435.00 and then at 1,440.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,435.45
1st Support:------ 1,428.80
2nd Support:------ 1,424.35
1st Resistance:--- 1,439.90
2nd Resistance:--- 1,446.55
March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral today. The 4-day moving average is above the 9-day and 18-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 781.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at the January low of 773.25. On the upside, short-term resistance is seen at 785.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at Thursday's high of 793.30. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 786.70
1st Support:------ 778.10
2nd Support:------ 773.40
1st Resistance:--- 790.40
2nd Resistance:--- 798.00
March Dow: For today, sell stops likely reside just below support at 12,545 and then more stops just below support at 12,500. Buy stops likely reside just above shorter-term technical resistance at Wednesday's contract high of 12,668 and then more buy stops just above resistance at 12,700. Shorter-term moving averages are bullish today, as the 4-day moving average is 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 neutral early today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,621
1st Support:------ 12,577
2nd Support:------ 12,551
1st Resistance:--- 12,647
2nd Resistance:--- 12,691
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are trading slightly higher early today. Bears still have the near-term technical advantage.
March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still bearish today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance lies at this week's high of 111 7/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 16/32. Shorter-term technical support lies at 110 24/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 16/32. Wyckoff's Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 110 24/32
1st Support:----- 110 15/32
2nd Support:----- 110 3/32
1st Resistance:-- 111 8/32
2nd Resistance:-- 111 17/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bullish early today. Buy stops likely reside just above shorter-term technical resistance at this week's high of 107.12.0, and more buy stops are likely located just above resistance at 107.16.0. Shorter-term moving averages are still 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 107.04.0, and then more sell stops just below support at 106.30.0. Wyckoff's Intra Day Market Rating: 4.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 107.02.0
1st Support:------ 106.29.0
2nd Support:------ 106.19.0
1st Resistance:--- 107.12.0
2nd Resistance:--- 107.17.0
Thursday, January 18--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in quieter overnight/early morning trading today.
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading. Bulls still have the near-term technical advantage in the indexes.
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. 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 Wednesday's low of 1,435.40. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,430.00. Upside resistance for active traders today is located at the overnight high of 1,441.50 and then at the contract high of 1,444.90. 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:------------ 1,439.00
1st Support:------ 1,435.25
2nd Support:------ 1,431.70
1st Resistance:--- 1,442.55
2nd Resistance:--- 1,446.30
March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral today. The 4-day moving average is above the 9-day and 18-day. The 9-day moving average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical support is located at Wednesday's low of 792.25. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 785.00. On the upside, short-term resistance is seen at Wednesday's high of 798.50. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 805.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 794.35
1st Support:------ 790.20
2nd Support:------ 788.10
1st Resistance:--- 796.45
2nd Resistance:--- 800.60
March Dow: For today, sell stops likely reside just below support at Wednesday's low of 12,600 and then more stops just below support at 12,545. Buy stops likely reside just above shorter-term technical resistance at Wednesday's contract high of 12,668 and then more buy stops just above resistance at 12,700. Shorter-term moving averages are bullish today, as the 4-day moving average is 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 neutral to bullish today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,636
1st Support:------ 12,603
2nd Support:------ 12,568
1st Resistance:--- 12,671
2nd Resistance:--- 12,704
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are trading slightly lower early today. Bears still have the near-term technical advantage.
March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still bearish today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance lies at 110 24/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 even. Shorter-term technical support lies at 110 8/32. 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: 3.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 110 25/32
1st Support:----- 110 10/32
2nd Support:----- 110 3/32
1st Resistance:-- 111 even
2nd Resistance:-- 111 15/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 107.02.0, and more buy stops are likely located just above resistance at 107.08.0. Shorter-term moving averages are still 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 106.24.0, and then more sell stops just below support at 106.16.0. Wyckoff's Intra Day Market Rating: 3.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 107.04.0
1st Support:------ 106.27.0
2nd Support:------ 106.23.0
1st Resistance:--- 107.08.0
2nd Resistance:--- 107.17.0
Wednesday, January 17--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is lower crude oil prices again today, which have fallen to 20-month lows and are closing in on $50.00 a barrel.
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading. Bulls still have the near-term technical advantage in the indexes.
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. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral today. Today, shorter-term technical support comes in at Tuesday's low of 1,436.30. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,430.00. Upside resistance for active traders today is located at the contract high of 1,444.90 and then at 1,450.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,439.80
1st Support:------ 1,435.25
2nd Support:------ 1,431.80
1st Resistance:--- 1,443.25
2nd Resistance:--- 1,447.80
March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral today. The 4-day moving average is above the 9-day and 18-day. The 9-day moving average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical support is located at Tuesday's low of 794.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 790.00. On the upside, short-term resistance is seen at 800.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 805.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 799.25
1st Support:------ 789.70
2nd Support:------ 784.45
1st Resistance:--- 804.50
2nd Resistance:--- 814.05
March Dow: For today, sell stops likely reside just below support at Tuesday's low of 12,590 and then more stops just below support at 12,545. Buy stops likely reside just above shorter-term technical resistance at the contract high of 12,652 and then more buy stops just above resistance at 12,700. Shorter-term moving averages are bullish today, as the 4-day moving average is 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 bullish today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,622
1st Support:------ 12,596
2nd Support:------ 12,564
1st Resistance:--- 12,654
2nd Resistance:--- 12,680
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are trading firmer early today. But the bears still have the near-term technical advantage.
March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still bearish today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are turning bullish early today. Shorter-term technical resistance lies at Tuesday's high and the overnight high of 111 6/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at last Friday's high of 111 9/32. Shorter-term technical support lies at 111 even. Sell stops likely reside just below that level. More sell stops are likely located below support at last week's low of 110 23/32. Wyckoff's Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 110 31/32
1st Support:----- 110 25/32
2nd Support:----- 110 17/32
1st Resistance:-- 111 7/32
2nd Resistance:-- 111 13/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are turning bullish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 107.12.0, and more buy stops are likely located just above resistance at 107.16.0. Shorter-term moving averages are still 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 107.08.0, and then more sell stops just below support at last week's low of 107.01.0. Wyckoff's Intra Day Market Rating: 4.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 107.08.0
1st Support:------ 107.03.0
2nd Support:------ 106.31.0
1st Resistance:--- 107.12.0
2nd Resistance:--- 107.17.0
Tuesday, January 16--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is a solidly lower crude oil prices, which fell below $52.00 a barrel overnight.
U.S. STOCK INDEXES
The stock indexes are mixed in early morning electronic trading. Bulls still have the near-term technical advantage in the indexes.
March S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are turning bullish today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average, but poised to move back above it. Short-term oscillators (RSI, slow stochastics) are neutral today. Today, shorter-term technical support comes in at the overnight low of 1,440.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,435.00. Upside resistance for active traders today is located at the contract high of 1,444.90 and then at 1,450.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,436.75
1st Support:------ 1,432.25
2nd Support:------ 1,423.75
1st Resistance:--- 1,445.25
2nd Resistance:--- 1,449.75
March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are turning bullish today. The 4-day moving average is above the 9-day and 18-day. The 9-day moving average is below the 18-day, but is turning higher. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support is located at 800.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 795.00. On the upside, short-term resistance is seen at the contract high of 809.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 815.00. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 806.85
1st Support:------ 804.85
2nd Support:------ 800.95
1st Resistance:--- 810.80
2nd Resistance:--- 812.75
March Dow: For today, sell stops likely reside just below support at 12,600 and then more stops just below support at last Friday's low of 12,545. Buy stops likely reside just above shorter-term technical resistance at Friday's high of 12,630 and then more buy stops just above resistance at the contract high of 12,652. Shorter-term moving averages are turning bullish today, as the 4-day moving average is above the 9-day and 18-day. The 9-day moving average is turning higher and is even with the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bullish today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,600
1st Support:------ 12,571
2nd Support:------ 12,515
1st Resistance:--- 12,656
2nd Resistance:--- 12,685
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are trading firmer early today. But the bears still have the near-term technical advantage.
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. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance lies at the overnight high of 111 1/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at last Friday's high of 111 9/32. Shorter-term technical support lies at last Friday's low of 110 23/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 16/32. Wyckoff's Intra-Day Market Rating: 3.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 110 30/32
1st Support:----- 110 19/32
2nd Support:----- 110 12/32
1st Resistance:-- 111 5/32
2nd Resistance:-- 111 16/32
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 the overnight high of 107.08.5, and more buy stops are likely located just above resistance at last Friday's high of 107.12.0. 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 last Friday's low of 107.01.0, and then more sell stops just below support at 106.24.0. Wyckoff's Intra Day Market Rating: 3.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 107.06.0
1st Support:------ 106.31.0
2nd Support:------ 106.27.0
1st Resistance:--- 107.10.0
2nd Resistance:--- 107.17.0
Friday, January 12--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is a solid rebound in crude oil prices, which fell below $52.00 a barrel on Thursday.
U.S. STOCK INDEXES
The stock indexes are mostly weaker in early morning electronic trading. Bulls have the near-term technical advantage in the indexes.
March S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are neutral today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish today. Today, shorter-term technical support comes in at 1,425.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Thursday's low of 1,420.80. Upside resistance for active traders today is located at the overnight high of 1,432.60 and then at Thursday's high of 1,435.50. 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:------------ 1,429.10
1st Support:------ 1,422.65
2nd Support:------ 1,414.35
1st Resistance:--- 1,437.35
2nd Resistance:--- 1,433.80
March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are still bearish today. The 4-day moving average is below the 9-day and 18-day. The 9-day moving average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical support is located at 790.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Thursday's low of 784.00. On the upside, short-term resistance is seen at Thursday's high of 796.70. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 800.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 791.20
1st Support:------ 785.70
2nd Support:------ 778.50
1st Resistance:--- 798.40
2nd Resistance:--- 803.90
March Dow: For today, sell stops likely reside just below support at 12,525 and then more stops just below support at Thursday's low of 12,485. Buy stops likely reside just above shorter-term technical resistance at Thursday's high of 12,604 and then more buy stops just above resistance at the contract high of 12,652. Shorter-term moving averages are bearish today, as the 4-day moving average is below the 9-day and 18-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are turning bullish today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,552
1st Support:------ 12,499
2nd Support:------ 12,433
1st Resistance:--- 12,618
2nd Resistance:--- 12,671
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are trading lower early today. Bears now have the solid near-term technical advantage.
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. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at the overnight high of 111 9/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 16/32. Shorter-term technical support lies at Thursday's low of 110 30/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 24/32. Wyckoff's Intra-Day Market Rating: 3.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 111 10/32
1st Support:----- 110 26/32
2nd Support:----- 110 14/32
1st Resistance:-- 111 22/32
2nd Resistance:-- 112 6/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 107.12.0, and more buy stops are likely located just above resistance at 107.16.0. 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 107.00.0, and then more sell stops just below support at 106.24.0. Wyckoff's Intra Day Market Rating: 3.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 107.13.0
1st Support:------ 107.03.0
2nd Support:------ 106.29.0
1st Resistance:--- 107.19.0
2nd Resistance:--- 107.29.0
Thursday, January 11--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading again today is lower crude oil prices, which fell below $53.00 a barrel overnight.
U.S. STOCK INDEXES
The stock indexes are mostly weaker in early morning electronic trading. Trading has become choppy on a near-term basis.
March S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still 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. Short-term oscillators (RSI, slow stochastics) are neutral to bullish today. Today, shorter-term technical support comes in at 1,420.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,415.00. Upside resistance for active traders today is located at the overnight high of 1,427.00 and then at 1,430.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,421.20
1st Support:------ 1,415.40
2nd Support:------ 1,406.40
1st Resistance:--- 1,430.20
2nd Resistance:--- 1,436.00
March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are still bearish today. The 4-day moving average is below the 9-day and 18-day. The 9-day moving average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical support is located at 780.00. 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 774.00. On the upside, short-term resistance is seen at 790.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 795.00. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:
Pivot:------------ 782.55
1st Support:------ 779.80
2nd Support:------ 774.25
1st Resistance:--- 788.10
2nd Resistance:--- 790.85
March Dow: For today, sell stops likely reside just below support at 12,450 and then more stops just below support at this week's low of 12,405. Buy stops likely reside just above shorter-term technical resistance at this week's high of 12,532 and then more buy stops just above resistance at 12,550. Shorter-term moving averages are bearish today, as the 4-day moving average is below the 9-day and 18-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish today. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,480
1st Support:------ 12,445
2nd Support:------ 12,382
1st Resistance:--- 12,543
2nd Resistance:--- 12,578
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are trading lower early today. Bears now have the near-term technical advantage.
March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are turning bearish today. The 4-day moving average is even with the 9-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 the overnight high of 111 26/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 112 even. Shorter-term technical support lies at the overnight low of 111 18/32. Sell stops likely reside just below that level. More sell stops are likely located below support at the December low of 111 4/32. Wyckoff's Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 111 27/32
1st Support:----- 111 13/32
2nd Support:----- 111 5/32
1st Resistance:-- 112 3/32
2nd Resistance:-- 112 17/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 107.21.5, and more buy stops are likely located just above resistance at Wednesday's high of 107.28.5. 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 107.14.5, and then more sell stops just below support at the December low of 107.11.5. Wyckoff's Intra Day Market Rating: 4.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 107.22.0
1st Support:------ 107.15.0
2nd Support:------ 107.10.0
1st Resistance:--- 107.27.0
2nd Resistance:--- 108.02.0
Wednesday, January 10--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading again today is sharply lower crude oil prices, which have again fallen below key technical support at $55.00 a barrel.
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