Name: Jim Wyckoff 
Stock Indexes Mixed in Quiet Early Trading
Monday, April 23--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There was no real feature in generally quiet overnight/early morning trading today.
* JIM'S MARKET THOUGHT OF THE DAY *
U.S. stock index bulls are still technically very strong and there are no early technical warning signals that market tops may be close at hand. "The trend is your friend," as the old saying goes, and the trends are solidly up in the stock indexes. Stay tuned, as I'll let you know right here when I see any early clues the indexes could be hitting near-term tops.--Jim
U.S. STOCK INDEXES
The stock indexes are narrowly mixed but mostly lower in early morning electronic trading. Bulls still have the near-term technical advantage in the indexes.
June S&P 500: Prices poked to another contract high overnight. 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 early today. Today, shorter-term technical support comes in at 1,485.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1480.00. Upside resistance for active traders today is located at the overnight contract high of 1,494.30 and then at 1,500.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,488.50
1st Support:------ 1,483.45
2nd Support:------ 1,473.80
1st Resistance:--- 1,498.15
2nd Resistance:--- 1,503.20
June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-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 830.00. 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 826.00. On the upside, short-term resistance is seen at last week's high of 837.25. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the contract high of 838.30. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:
Pivot:------------ 821.30
1st Support:------ 828.55
2nd Support:------ 823.30
1st Resistance:--- 836.55
2nd Resistance:--- 839.30
June Dow: For today, sell stops likely reside just below support at 12,975 and then more stops just below support at Friday's low of 12,927. Buy stops likely reside just above shorter-term technical resistance at Friday's contract high of 13,020 and then just above resistance at 13,050. Shorter-term moving averages are bullish early today, as the 4-day moving average is above 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 JUNE DOW:
Pivot:------------ 12,989
1st Support:------ 12,957
2nd Support:------ 12,896
1st Resistance:--- 13,050
2nd Resistance:--- 13,082
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer early today. Bulls had gained near-term technical momentum recently, but then faded a bit to end last week.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at Friday's high of 111 16/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at last week's high of 111 26/32. Shorter-term technical support lies at the overnight low of 111 6/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 even. Wyckoff's Intra-Day Market Rating: 5.5
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 111 9/32
1st Support:----- 111 1/32
2nd Support:----- 110 26/32
1st Resistance:-- 111 16/32
2nd Resistance:-- 111 24/32
June 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 the overnight high of 108.03.0, and more buy stops are likely located just above resistance at last week's high of 108.08.0. Shorter-term moving averages are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average, but is turning up. Sell stop orders are likely located just below support at the overnight low of 107.30.5, and then more sell stops just below support at Friday's low of 107.26.5. Wyckoff's Intra Day Market Rating: 5.6
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 107.31.0
1st Support:------ 107.28.0
2nd Support:------ 107.24.0
1st Resistance:--- 108.03.0
2nd Resistance:--- 108.06.0
