Name: Jim Wyckoff 
U.S. Stock Indexes Firmer; Traders Await Data
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
