Name: Jim Wyckoff 
U.S. Stock Indexes, Treasuries Firmer Early
Wednesday, June 27--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is firmer U.S. stock and U.S. Treasury index futures prices.
* JIM'S MARKET THOUGHT OF THE DAY *
I had an enjoyable trip to Chicago Tuesday. The trading floors of the futures exchanges have changed a lot since I was a reporter on the trading floors over 20 years ago. For example, the Chicago Board of Trade's Treasury Bond and Note pits are now mostly just big computer screens with a few folks standing around in the pit. "Back in the day," I remember seeing around 500 traders jostling in the T-Bond pit. I knew when something big was hitting the marketplace by the volume of noise coming out of the trading pits. Being big and burly was an asset in the trading pits, because being taller allowed the trader to get better position to make quicker trades in fast markets. Being burly allowed the trader to better jostle for position. I also remember seeing a few traders wearing elevated shoes, to appear taller. And I also remember the distinctive voice of a pit trader: permanently hoarse. And I also remember a few fights breaking out on the trading floor. But they usually always broke up before the guards on the floor could catch the perpetrators. Okay, enough reminiscing and back to work!--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading, after suffering sharp losses on Tuesday. Bulls are fading again. 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 bearish early 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 bearish early today. Today, shorter-term technical support comes in at the June low of 1,494.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,490.00. Upside resistance for active traders today is located at 1,505.00 and then at 1,510.00. 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:------------ 1,504.85
1st Support:------ 1,490.50
2nd Support:------ 1,483.15
1st Resistance:--- 1,512.20
2nd Resistance:--- 1,526.55
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 the June low of 825.70. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 820.00. On the upside, short-term resistance is seen at 835.00 and then at Tuesday's high of 839.00. 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:------------ 832.30
1st Support:------ 825.60
2nd Support:------ 822.05
1st Resistance:--- 835.82
2nd Resistance:--- 842.55
September Dow: Sell stops likely reside just below support at the June low of 13,370 and then more stops just below support at 13,300. Buy stops likely reside just above shorter-term technical resistance at 13,450 and then at 13,500. 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:------------ 13,449
1st Support:------ 13,339
2nd Support:------ 13,281
1st Resistance:--- 13,507
2nd Resistance:--- 13,617
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are higher early today, on more short covering. Bears still have the overall near-term technical advantage, but bulls have gained some fresh technical momentum 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 and 18-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 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 the overnight low of 106 31/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 106 24/32. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 106 28/32
1st Support:----- 106 18/32
2nd Support:----- 106 11/32
1st Resistance:-- 107 3/32
2nd Resistance:-- 107 13/32
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 bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 105.12.5, and then more sell stops just below support at Tuesday's low of 105.05.0. Wyckoff's Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 105.11.0
1st Support:------ 105.04.0
2nd Support:------ 105.00.0
1st Resistance:--- 105.15.0
2nd Resistance:--- 105.22.0
