Name: Jim Wyckoff 
U.S. Stock Indexes Firmer Early; Bulls Still Strong
Tuesday, April 24--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is firmer U.S. stock indexes and Treasuries.
* JIM'S MARKET THOUGHT OF THE DAY *
U.S. T-Bonds and T-Notes on Monday closed at their highest closing levels in three weeks, and are showing follow-through strength this morning. Bond bulls are regaining upside technical momentum and my bias is that near-term lows are in place and that sideways to higher price action is likely in the near term.--Jim
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.
June S&P 500: The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at the overnight low of 1,485.70. 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 Monday's contract high of 1,494.70 and then at 1,500.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,490.00
1st Support:------ 1,485.30
2nd Support:------ 1,482.30
1st Resistance:--- 1,493.00
2nd Resistance:--- 1,497.70
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 to bullish early today. Shorter-term technical support is located at Monday's low of 829.25. 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 Monday's high of 835.20. 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:------------ 832.30
1st Support:------ 829.40
2nd Support:------ 826.35
1st Resistance:--- 835.30
2nd Resistance:--- 838.25
June Dow: For today, sell stops likely reside just below support at Monday's low of 12,965 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 Monday's contract high of 13,035 and then just above resistance at 13,100. 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 to bearish early today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,991
1st Support:------ 12,948
2nd Support:------ 12,921
1st Resistance:--- 13,018
2nd Resistance:--- 13,061
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer early today. Bulls have regained near-term technical momentum.
June 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 bullish early today. Shorter-term technical resistance lies at Monday's high of 111 22/32. 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 16/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 8/32. Wyckoff's Intra-Day Market Rating: 6.5
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 111 12/32
1st Support:----- 111 4/32
2nd Support:----- 110 24/32
1st Resistance:-- 111 24/32
2nd Resistance:-- 112 even
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 108.08.5, and more buy stops are likely located just above resistance at 108.16.0. Shorter-term moving averages are bullish early 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 108.00.0, and then more sell stops just below support at Friday's low of 107.26.5. Wyckoff's Intra Day Market Rating: 6.5
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 108.03.0
1st Support:------ 107.30.0
2nd Support:------ 107.24.0
1st Resistance:--- 108.09.0
2nd Resistance:--- 108.14.0
