Name: Jim Wyckoff 
U.S. Stock Indexes Firmer in Early Trading
Tuesday, June 26--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 prices.
* JIM'S MARKET THOUGHT OF THE DAY *
I am filing my morning blog report a bit early today. I'm heading out early for Chicago to speak to grain traders at the Chicago Board of Trade. It's a real honor to be asked to speak to grain traders. When I broke into this business nearly 25 years ago, I was a cub reporter working on the trading floors of the Chicago Board of Trade and Chicago Mercantile Exchange. It was me seeking out the grain traders for insight back then. Now, it's nice to try to pay them back by presenting them with some of my observations of market action I've seen over the past nearly quarter-century. If you are interested in the Power Point presentation I'm giving to the grain traders Tuesday afternoon, send me an email and I'll email it back to you.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading. Look for more choppy trading conditions in the near term.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is above the 18-day moving average, but is turning down. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at Monday's low of 1,505.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,500.00. Upside resistance for active traders today is located at 1,520.00 and then at Monday's high of 1,527.80. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:------------ 1,516.00
1st Support:------ 1,503.15
2nd Support:------ 1,492.70
1st Resistance:--- 1,526.45
2nd Resistance:--- 1,539.30
September Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bearish early 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 bearish early today. Shorter-term technical support is located at Monday's low of 830.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at the June low of 825.70. On the upside, short-term resistance is seen at 840.00 and then at Monday's high of 845.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:
Pivot:------------ 837.00
1st Support:------ 829.00
2nd Support:------ 822.50
1st Resistance:--- 843.50
2nd Resistance:--- 851.50
September Dow: Sell stops likely reside just below support at Monday's low of 13,401 and then more stops just below support at the June low of 13,370. Buy stops likely reside just above shorter-term technical resistance at 13,500 and then at Monday's high of 13,595. 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 bearish early today. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 13,492
1st Support:------ 13,388
2nd Support:------ 13,298
1st Resistance:--- 13,582
2nd Resistance:--- 13,686
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are slightly higher early today, on a short-covering bounce. Bears still have the overall near-term technical advantage, but bulls have gained some fresh technical momentum just recently.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral early 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 to bullish early today. Shorter-term technical resistance lies at 107 11/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 107 16/32. Shorter-term technical support lies at 106 24/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 106 16/32. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 106 27/32
1st Support:----- 105 18/32
2nd Support:----- 106 4/32
1st Resistance:-- 107 9/32
2nd Resistance:-- 107 18/32
September 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 105.24.0, and more buy stops are likely located just above resistance at 106.00.0. Shorter-term moving averages are neutral early today. The 4-day moving average is above the 9-day and 18-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 105.10.0, and then more sell stops just below support at 105.00.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 105.10.0
1st Support:------ 105.04.0
2nd Support:------ 104.28.0
1st Resistance:--- 105.18.0
2nd Resistance:--- 105.24.0
