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Name: Jim Wyckoff
Location: Iowa
Hobbies: Boating, Camping, Hiking, and anything else outdoors
I am a Senior Market Analyst for
www.TradingEducation.com
a FREE educational website. I
have been involved with the stock, financial and futures
markets for more than 20 years. I became a financial
journalist with Futures World News for many years, where
I covered every futures market traded in the United
States at one time or another. Not long after I began my
career in financial journalism, I began studying
technical analysis. My extensive studies of technical
analysis and knowledge of markets led to several
positions, including chief technical analyst at several
reputable companies.
You can also read additional FREE
daily commentary at
www.TradingEducation.com.
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The mission of my morning web log, or "blog" is to provide you with
the very latest perspective and opinion on selected key markets.
I will help you start your trading day by providing you with concise
and valuable trading "nuggets" to help you in your daily trading plans. |
« June 2007 |
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| August 2007 »
July 2007 Archives
Tuesday, July 31--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is solid gains in U.S. stock index futures prices, after modest gains posted Monday.
* JIM'S MARKET THOUGHT OF THE DAY *
Despite the solid gains in the U.S. stock indexes in early morning trading, it's too soon for the bulls to think they are "out of the woods" from the latest swoon in the stock market. But come this Friday afternoon, if the bulls have had a very good week, then it's probable that near-term lows would be in place. Also, the stock market and U.S. Treasuries will trade in a more pronounced inverse relationship this week.--Jim
U.S. STOCK INDEXES
The stock indexes are solidly higher in early morning electronic trading. Bulls are regaining some confidence after last week's debacle.
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 bullish early today. Today, shorter-term technical support comes in at the overnight low of 1,479.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,475.00. Upside resistance for active traders today is located at 1,500.00 and then at 1,510.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 1,511.00.
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:------------ 1,473.50
1st Support:------ 1,462.45
2nd Support:------ 1,444.20
1st Resistance:--- 1,491.75
2nd Resistance:--- 1,502.80
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 bullish early today. Shorter-term technical support is located at 780.00. 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 771.20. On the upside, short-term resistance is seen at 790.00 and then at 800.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 817.00
PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:
Pivot:------------ 783.10
1st Support:------ 774.90
2nd Support:------ 763.05
1st Resistance:--- 795.00
2nd Resistance:--- 803.15
September Dow: Sell stops likely reside just below support at last week's low of 13,275 and then more stops just below support at 13,200. Buy stops likely reside just above shorter-term technical resistance at 13,500 and then at 13,575. Shorter-term moving averages are bearish early today, as the 4-day moving average is below the 9-day and 18-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Wyckoff's Intra-Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 13,583
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 13,379
1st Support:------ 13,308
2nd Support:------ 13,205
1st Resistance:--- 13,482
2nd Resistance:--- 13,553
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are lower early today, as assets are flowing back into the stock market this morning.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) 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. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at 109 16/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at the overnight high of 109 25/32. Shorter-term technical support lies at the overnight low of 109 6/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 109 even. Wyckoff's Intra-Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level:109 17/32
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 109 24/32
1st Support:----- 109 12/32
2nd Support:----- 109 4/32
1st Resistance:-- 110 even
2nd Resistance:-- 110 12/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at 107.00.0 and then just above resistance at the overnight high of 107.09.5. 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 106.26.0, and then more sell stops just below support at 106.16.0. Wyckoff's Intra Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 106.19.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 107.11.0
1st Support:------ 107.00.0
2nd Support:------ 106.25.0
1st Resistance:--- 107.18.0
2nd Resistance:--- 107.29.0
Monday, July 30--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is a modest rebound in U.S. stock index futures prices, after strong losses late last week.
* JIM'S MARKET THOUGHT OF THE DAY *
Technical damage has been inflicted upon the U.S. stock indexes, after last week's strong losses. Uptrends on the daily charts have been negated and fledgling downtrends have begun on the daily charts. This will be an important week for the stock indexes. More solid losses in the indexes this week would suggest the highs for the year were marked this summer, or even the onset of a bear market in stocks.--Jim
U.S. STOCK INDEXES
The stock indexes are modestly higher in early morning electronic trading. The question today is: Will bargain hunters step in to buy, or will spooked investors continue to unload stocks?
September S&P 500: Prices hit a fresh four-month low overnight. 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 bullish early today. Today, shorter-term technical support comes in at the overnight low of 1,455.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,450.00. Upside resistance for active traders today is located at the overnight high of 1,469.30 and then at 1,475.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 3.0
Today's key near-term Fibonacci support/resistance level: 1,478.00.
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:------------ 1,470.65
1st Support:------ 1,444.90
2nd Support:------ 1,431.75
1st Resistance:--- 1,483.80
2nd Resistance:--- 1,509.55
September Russell 2000: Prices hit a nearly 10-month low overnight. 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 bullish early today. Shorter-term technical support is located at 770.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 765.00. On the upside, short-term resistance is seen at the overnight high of 778.05 and then at 782.75. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 3.0
Today's key near-term Fibonacci support/resistance level: 789.00
PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:
Pivot:------------ 780.90
1st Support:------ 763.75
2nd Support:------ 754.90
1st Resistance:--- 789.75
2nd Resistance:--- 806.90
September Dow: Sell stops likely reside just below support at Friday's low of 13,275 and then more stops just below support at 13,200. Buy stops likely reside just above shorter-term technical resistance at 13,300 and then at 13,350. Shorter-term moving averages are turning bearish 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, but is turning down. Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Wyckoff's Intra-Day Market Rating: 3.0
Today's key near-term Fibonacci support/resistance level: 13,150
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 13,378
1st Support:------ 13,181
2nd Support:------ 13,078
1st Resistance:--- 13,481
2nd Resistance:--- 13,678
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer early today. Bulls still have upside technical momentum on their side, and any more weakness in the U.S. stock market this week will prompt more "flight to quality" into the Treasuries.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) 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. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at Friday's and last week's high of 110 10/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 110 16/32. Shorter-term technical support lies at the overnight low of 109 21/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Friday's low of 109 16/32. Wyckoff's Intra-Day Market Rating: 8.0
Today's key near-term Fibonacci support/resistance level:110 22/32
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 109 28/32
1st Support:----- 109 13/32
2nd Support:----- 109 2/32
1st Resistance:-- 110 7/32
2nd Resistance:-- 110 22/32
September 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 the overnight high of 107.21.5 and then just above last week's high of 107.27.0. 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 107.11.0, and then more sell stops just below support at 107.07.0. Wyckoff's Intra Day Market Rating: 8.0
Today's key near-term Fibonacci support/resistance level: 106.19.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 107.16.0
1st Support:------ 107.04.0
2nd Support:------ 106.28.0
1st Resistance:--- 107.24.0
2nd Resistance:--- 108.04.0
CURRENCIES
The September U.S. dollar index is solidly higher in early morning trading. Bulls are gaining fresh upside near-term technical momentum. Slow stochastics are bullish early today. The dollar index finds shorter-term technical resistance at 81.00 and then at 81.25. Shorter-term support is seen at 80.61 and then at the overnight low of 80.29. Today's key near-term Fibonacci support/resistance level: 81.58. Wyckoff's Intra Day Market Rating: 7.0
The September Euro is solidly lower in early electronic trading and hit a fresh three-week low overnight. The Euro finds sell stop orders are likely located just below technical support at 1.3650 and then more stops just below support at 1.3600. Shorter-term technical resistance for the Euro is seen at 1.3700 and then at 1.3750. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish early today. Today's key near-term Fibonacci support/resistance level: 1.3592. Wyckoff's Intra Day Market Rating: 3.0
GOLD
Gold is trading lower in early dealings today, amid the solid rebound in the greenback. Gold bulls are fading rapidly. For December gold, shorter-term technical support is seen at $670.00 and then at Thursday's low of $665.30. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $675.00 and then at $680.00. Today's key near-term Fibonacci support/resistance level: $677.30. Wyckoff's Intra-Day Market Rating: 4.0
CRUDE OIL
Crude oil prices are slightly lower in early electronic dealings. Recent price action has formed a rare and potentially bearish broadening pattern on the daily bar chart. In September crude, look for buy stops to reside just above resistance at the overnight high of $75.68 and then just above resistance at $76.00. Look for sell stops just below technical support at $74.50, and then more sell stops just below support at $74.00. Today's key near-term Fibonacci support/resistance level: $72.31. Wyckoff's Intra-Day Market Rating: 5.0
GRAINS
Prices were mixed overnight, with wheat and soybeans weaker and corn firmer. I would not be surprised to see a profit-taking pullback in wheat futures, heading into the weekend. Weather is a mixed bag for the Corn Belt, with near-term rain in the forecast, but longer-term forecasts calling for hotter and drier heading into August. That should make for choppy trading today in corn and beans.
Friday, July 27--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is solidly lower U.S. stock index futures prices.
* JIM'S MARKET THOUGHT OF THE DAY *
It looks to be a more active trading day today in the stock indexes, following strong losses Thursday, as prices are solidly lower in early electronic trading. More strong losses today will spook investors and could signal the beginning of a near-term downtrend. A solid rebound in the stock indexes today would suggest more choppy and sideways trading conditions in the next few weeks.--Jim
U.S. STOCK INDEXES
The stock indexes are solidly lower in early morning electronic trading, on follow-through weakness from big losses Thursday. It would not at all surprise me to see the indexes under solid selling pressure early, only to rebound later in the session, as bargain hunters step in to buy.
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 bearish early today. Today, shorter-term technical support comes in at Thursday's low of 1,471.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,465.00. Upside resistance for active traders today is located at 1,485.00 and then at the overnight high of 1,496.40. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 3.0
Today's key near-term Fibonacci support/resistance level: 1,457.00.
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:------------ 1,496.30
1st Support:------ 1,463.15
2nd Support:------ 1,438.40
1st Resistance:--- 1,521.05
2nd Resistance:--- 1,554.20
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 neutral to bearish early today. Shorter-term technical support is located at Thursday's low of 782.75. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 775.00. On the upside, short-term resistance is seen at the overnight high of 793.10 and then at 800.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 3.0
Today's key near-term Fibonacci support/resistance level: 771.50
PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:
Pivot:------------ 796.75
1st Support:------ 778.20
2nd Support:------ 764.20
1st Resistance:--- 810.75
2nd Resistance:--- 829.30
September Dow: Sell stops likely reside just below support at Thursday's low of 13,395 and then more stops just below support at 13,350. Buy stops likely reside just above shorter-term technical resistance at 13,600 and then at 13,700. 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, but is turning down. Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Wyckoff's Intra-Day Market Rating: 3.0
Today's key near-term Fibonacci support/resistance level: 13,150
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 13,571
1st Support:------ 13,358
2nd Support:------ 13,181
1st Resistance:--- 13,747
2nd Resistance:--- 13,961
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer early today. Bulls still have fresh upside technical momentum on their side, and any more weakness in the U.S. stock market will prompt a "flight to quality" into the Treasuries.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) 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. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance lies at Thursday's high of 110 5/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 110 16/32. Shorter-term technical support lies at the overnight low of 109 18/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 109 even. Wyckoff's Intra-Day Market Rating: 8.0
Today's key near-term Fibonacci support/resistance level:110 8/32
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 109 18/32
1st Support:----- 108 30/32
2nd Support:----- 108 3/32
1st Resistance:-- 110 13/32
2nd Resistance:-- 111 1/32
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 the overnight high of 107.21.5 and then just above 108.00.0. 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 107.09.5, and then more sell stops just below support at 107.00.0. Wyckoff's Intra Day Market Rating: 8.0
Today's key near-term Fibonacci support/resistance level: 107.11.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 107.06.0
1st Support:------ 106.24.0
2nd Support:------ 106.01.0
1st Resistance:--- 107.29.0
2nd Resistance:--- 108.11.0
Thursday, July 26--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is higher U.S. Treasury futures prices, which have pushed to two-month highs.
* JIM'S MARKET THOUGHT OF THE DAY *
Crude oil made a dramatic rebound on Wednesday, on bullish weekly Department of Energy storage data. Prices hit a fresh 12-month high of $77.24 overnight. The march toward $80.00 a barrel is back on.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading. With this week's price action I am more confident that we'll see more choppy and sideways trading amid the summer doldrums.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are turning bearish 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 bearish early today. Today, shorter-term technical support comes in at the overnight low of 1,510.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,505.00. Upside resistance for active traders today is located at 1,520.00 and then at 1,525.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 1,529.35.
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:------------ 1,522.60
1st Support:------ 1,513.15
2nd Support:------ 1,501.60
1st Resistance:--- 1,524.15
2nd Resistance:--- 1,543.60
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 neutral to bearish early today. Shorter-term technical support is located at Wednesday's low of 806.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 800.00. On the upside, short-term resistance is seen at the overnight high of 815.30 and then at 820.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 818.45
PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:
Pivot:------------ 815.50
1st Support:------ 806.00
2nd Support:------ 797.00
1st Resistance:--- 824.50
2nd Resistance:--- 834.00
September Dow: Sell stops likely reside just below support at Wednesday's low of 13,740 and then more stops just below support at 13,700. Buy stops likely reside just above shorter-term technical resistance at Wednesday's high of 13,885 and then at 13,950. Shorter-term moving averages are neutral early today, as the 4-day moving average is below the 9-day and is turning down. 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: 4.0
Today's key near-term Fibonacci support/resistance level: 13,715
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 13,822
1st Support:------ 13,759
2nd Support:------ 13,677
1st Resistance:--- 13,904
2nd Resistance:--- 13,967
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are higher early today, and hit fresh two-month highs overnight. Bulls still have fresh upside technical momentum on their side.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) 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. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance lies at the overnight high of 109 11/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 109 16/32. Shorter-term technical support lies at 109 even. Sell stops likely reside just below that level. More sell stops are likely located below support at the overnight low of 108 22/32. Wyckoff's Intra-Day Market Rating: 7.0
Today's key near-term Fibonacci support/resistance level:110 8/32
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 108 24/32
1st Support:----- 108 17/32
2nd Support:----- 108 4/32
1st Resistance:-- 109 5/32
2nd Resistance:-- 109 12/32
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 the overnight high of 106.29.5 and then just above 107.00.0. 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 106.24.0, and then more sell stops just below support at the overnight low of 106.14.5. Wyckoff's Intra Day Market Rating: 7.0
Today's key near-term Fibonacci support/resistance level: 107.02.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 106.17.0
1st Support:------ 106.13.0
2nd Support:------ 106.05.0
1st Resistance:--- 106.25.0
2nd Resistance:--- 106.29.0
Wednesday, July 25--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is a strong rebound in the value of the U.S. dollar versus the other major currencies.
* JIM'S MARKET THOUGHT OF THE DAY *
The mission of this blog is to provide each of you who read it at least one trading "nugget" each day, which will hopefully provide you with another clue, or clues, regarding the near-term price trend of the markets you follow. To that end, I have added to my blog report a key near-term Fibonacci price level for most of the on which markets I report in the blog. Fibonacci levels are key support and resistance levels. For those not familiar with Fibonacci levels, email me at jim@jimwyckoff.com and I'll email you back a feature story I wrote on "Fib" levels a while back.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading, on a corrective bounce from big losses Tuesday. After Tuesday's price action I am more confident that we'll see more choppy dealings amid the summer doldrums in the stock market.
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. 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 the overnight low of 1,521.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Tuesday's low of 1,516.70. Upside resistance for active traders today is located at 1,530.00 and then at 1,537.50. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 1,529.35.
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:------------ 1,530.30
1st Support:------ 1,508.90
2nd Support:------ 1,495.30
1st Resistance:--- 1,543.90
2nd Resistance:--- 1,565.30
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 neutral early today. Shorter-term technical support is located at Tuesday's low of 813.30. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 810.00. On the upside, short-term resistance is seen at 825.00 and then at 830.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 839.00
PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:
Pivot:------------ 823.10
1st Support:------ 808.20
2nd Support:------ 798.40
1st Resistance:--- 832.90
2nd Resistance:--- 847.80
September Dow: Sell stops likely reside just below support at Tuesday's low of 13,770 and then more stops just below support at 13,700. Buy stops likely reside just above shorter-term technical resistance at 14,900 and then at the Tuesday's high of 14,975. Shorter-term moving averages are neutral early today, as the 4-day moving average is below the 9-day and is turning down. 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
Today's key near-term Fibonacci support/resistance level: 13,715
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 13,853
1st Support:------ 13,730
2nd Support:------ 13,648
1st Resistance:--- 13,935
2nd Resistance:--- 14,058
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are slightly higher early today. Bulls have fresh upside technical momentum on their side.
September U.S. T-Bonds: Prices hit a fresh seven-week high overnight. Shorter-term moving averages (4- 9- 18-day) 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. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at last the overnight high of 108 30/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 109 even. Shorter-term technical support lies at Tuesday's low of 108 8/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 108 even. Wyckoff's Intra-Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level:109 4/32
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 108 16/32
1st Support:----- 108 7/32
2nd Support:----- 107 30/32
1st Resistance:-- 108 25/32
2nd Resistance:-- 109 2/32
September U.S. T-Notes: Prices hit a fresh seven-week high overnight. Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 106.20.0 and then just above 106.24.0. 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 106.08.0, and then more sell stops just below support at 106.00.0. Wyckoff's Intra Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 106.13.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 106.11.0
1st Support:------ 106.03.0
2nd Support:------ 105.28.0
1st Resistance:--- 106.18.0
2nd Resistance:--- 106.26.0
Tuesday, July 24--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is solidly lower crude oil prices.
* JIM'S MARKET THOUGHT OF THE DAY *
My bias is that there is not much left on the upside in the crude oil market. There are bullish fundamentals in the market at present, but prices around $75.00 a barrel have already accounted for those bullish fundamentals. As the peak U.S. driving season starts to wind down in late summer, it would not surprise me to see crude oil prices back down, too. Of course, the caveat is any unexpected market shock, such as a hurricane in the Gulf of Mexico, or escalating geopolitical tensions in a world hot spot, which could spike crude oil prices in a hurry.--Jim
U.S. STOCK INDEXES
The stock indexes are slightly lower in early morning electronic trading. Trading has turned choppy and I would not be surprised to see more choppy dealings heading into the month of August.
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. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support comes in at 1,540.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at last week's low of 1,537.50. Upside resistance for active traders today is located at the overnight high of 1,551.70 and then at Monday's high of 1,556.20. 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:------------ 1,549.55
1st Support:------ 1,542.90
2nd Support:------ 1,536.75
1st Resistance:--- 1,555.70
2nd Resistance:--- 1,562.35
September Russell 2000: 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 average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical support is located at last week's low of 835.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 830.00. On the upside, short-term resistance is seen at 840.00 and then at Monday's high of 847.00. 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:------------ 841.30
1st Support:------ 835.55
2nd Support:------ 832.70
1st Resistance:--- 844.15
2nd Resistance:--- 849.90
September Dow: Sell stops likely reside just below support at Monday's low of 13,965 and then more stops just below support at 13,900. Buy stops likely reside just above shorter-term technical resistance at Monday's high of 14,045 and then at the contract high of 14,097. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day and 18-day, but is turning down. 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: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 14,007
1st Support:------ 13,969
2nd Support:------ 13,927
1st Resistance:--- 14,049
2nd Resistance:--- 14,087
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are slightly higher early today. Bulls have fresh upside technical momentum on their side.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) 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. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance lies at last week's and Monday's high of 108 22/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 109 even. Shorter-term technical support lies at Monday's low of 108 5/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 108 even. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 108 14/32
1st Support:----- 108 5/32
2nd Support:----- 107 29/32
1st Resistance:-- 108 22/32
2nd Resistance:-- 108 31/32
September 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 the overnight high of 106.11.0 and then just above last week's high of 106.15.0. 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 106.00.0, and then more sell stops just below support at 105.22.0. Wyckoff's Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 106.08.0
1st Support:------ 106.02.0
2nd Support:------ 105.29.0
1st Resistance:--- 106.13.0
2nd Resistance:--- 106.19.0
Monday, July 23--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is higher U.S. Treasury prices.
* JIM'S MARKET THOUGHT OF THE DAY *
U.S. Treasuries on Friday closed at the weekly high closes and hit fresh six-week highs. The bulls have fresh upside technical momentum heading into the new trading week, as technical evidence is mounting that near-term lows are in place and that prices can continue to work sideways to higher in the coming weeks.--Jim
U.S. STOCK INDEXES
The stock indexes are slightly higher in early morning electronic trading. Trading has turned choppy and I would not be surprised to see more choppy dealings heading into the month of August.
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. 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 1,543.40. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at last week's low of 1,537.50. Upside resistance for active traders today is located at 1,550.00 and then at 1,555.00. 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:------------ 1,548.15
1st Support:------ 1,534.50
2nd Support:------ 1,523.85
1st Resistance:--- 1,558.80
2nd Resistance:--- 1,572.45
September Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical support is located at last week's low of 835.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 830.00. On the upside, short-term resistance is seen at 845.00 and then at 850.00. 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:------------ 843.95
1st Support:------ 832.45
2nd Support:------ 823.50
1st Resistance:--- 852.90
2nd Resistance:--- 864.40
September Dow: Sell stops likely reside just below support at Friday's low of 13,875 and then more stops just below support at 13,815. Buy stops likely reside just above shorter-term technical resistance at 14,000 and then at the contract high of 14,097. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day and 18-day, but is turning down. 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:------------ 13,948
1st Support:------ 13,865
2nd Support:------ 13,791
1st Resistance:--- 14,022
2nd Resistance:--- 14,105
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are higher early today. Bulls have fresh upside technical momentum on their side.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) 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. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance lies at Friday's high of 108 22/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 109 even. Shorter-term technical support lies at 108 8/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 108 even. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 108 9/32
1st Support:----- 107 27/32
2nd Support:----- 107 10/32
1st Resistance:-- 108 26/32
2nd Resistance:-- 109 8/32
September 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 last week's high of 106.15.0, and more buy stops are likely located just above resistance at 106.24.0. 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 106.00.0, and then more sell stops just below support at 105.22.0. Wyckoff's Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 106.04.0
1st Support:------ 105.26.0
2nd Support:------ 105.11.0
1st Resistance:--- 106.19.0
2nd Resistance:--- 106.29.0
Friday, July 20--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is higher crude oil prices that overnight hit a fresh 12-month high above $76.00 a barrel.
* JIM'S MARKET THOUGHT OF THE DAY *
The U.S. dollar is presently in a weak near-term technical posture versus most of the other major currencies. However, an examination of the U.S. dollar index on a longer-term technical basis shows that the index has entered a longer-term technical support zone that has halted the dollar index's decline every time dating back to the formation of the index back in 1985. But those traders thinking about going out today and buying the dollar index or the dollar versus the other major currencies should first wait for the greenback to show some significant technical strength to suggest an uptrend can begin.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading. Trading has turned choppy and I would not be surprised to see a bigger profit-taking pullback soon.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9- and 18-day. The 9-day is above 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 overnight low of 1,556.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Thursday's low of 1,548.60. Upside resistance for active traders today is located at the overnight high of 1,561.80 and then at the contract high of 1,566.30. 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:------------ 1,557.80
1st Support:------ 1,550.65
2nd Support:------ 1,541.50
1st Resistance:--- 1,566.95
2nd Resistance:--- 1,574.10
September 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 and 18-day, but is turning down. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical support is located at 850.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 847.00. On the upside, short-term resistance is seen at this week's high of 861.25 and then at the contract high of 864.25. 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:------------ 855.65
1st Support:------ 852.80
2nd Support:------ 851.10
1st Resistance:--- 857.35
2nd Resistance:--- 860.20
September Dow: Sell stops likely reside just below support at 14,000 and then more stops just below support at this week's low of 13,900. Buy stops likely reside just above shorter-term technical resistance at the contract high of 14,097 and then at 14,200. Shorter-term moving averages are bullish early today, as the 4-day moving average is above 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 neutral early today. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 14,059
1st Support:------ 14,029
2nd Support:------ 13,996
1st Resistance:--- 14,092
2nd Resistance:--- 14,122
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are higher early today. Trading has turned choppier as the bulls and bears struggle for near-term technical momentum. Weekly high closes in the Treasuries would give the bulls good technical momentum heading into the new trading week next week.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) 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. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance lies at this month's high of 108 7/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 108 16/32. Shorter-term technical support lies at the overnight low of 107 23/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 107 16/32. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 107 22/32
1st Support:----- 107 16/32
2nd Support:----- 107 3/32
1st Resistance:-- 108 3/32
2nd Resistance:-- 108 9/32
September U.S. T-Notes: Prices hit a fresh six-week high overnight. Shorter-term oscillators (RSI, slow stochastics) are bullish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 106.02.5, and more buy stops are likely located just above resistance at 106.08.0. 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 105.22.0, and then more sell stops just below support at 105.16.0. Wyckoff's Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 105.22.0
1st Support:------ 105.17.0
2nd Support:------ 105.10.0
1st Resistance:--- 105.29.0
2nd Resistance:--- 106.02.0
Thursday, July 19--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is higher crude oil prices that overnight hit a fresh 12-month high.
* JIM'S MARKET THOUGHT OF THE DAY *
Gold is in a decent uptrend on the daily chart and the bulls on Wednesday gained good upside technical momentum. My bias is that the precious yellow metal will challenge the $700-an-ounce price level, or above, in the coming several weeks.--Jim
U.S. STOCK INDEXES
The stock indexes are higher in early morning electronic trading. Trading has turned choppy and I would not be surprised to see a bigger profit-taking pullback soon.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9- and 18-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 1,548.60. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Wednesday's low of 1,542.50. Upside resistance for active traders today is located at the contract high of 1,566.30 and then at 1,570.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:------------ 1,551.65
1st Support:------ 1,545.70
2nd Support:------ 1,536.55
1st Resistance:--- 1,560.80
2nd Resistance:--- 1,566.75
September 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 and 18-day, but is turning down. 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 850.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 847.00. On the upside, short-term resistance is seen at this week's high of 861.25 and then at the contract high of 864.25. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:
Pivot:------------ 848.35
1st Support:------ 844.30
2nd Support:------ 836.20
1st Resistance:--- 856.45
2nd Resistance:--- 860.50
September Dow: Sell stops likely reside just below support at 13,950 and then more stops just below support at Wednesday's low of 13,900. Buy stops likely reside just above shorter-term technical resistance at Wednesday's high of 14,040 and then at the contract high of 14,097. Shorter-term moving averages are bullish early today, as the 4-day moving average is above 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 neutral early today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 13,981
1st Support:------ 13,922
2nd Support:------ 13,841
1st Resistance:--- 14,062
2nd Resistance:--- 14,121
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are lower early today. Trading has turned choppier as the bulls and bears struggle for near-term technical momentum.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) 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. Oscillators (RSI, slow stochastics) are turning bearish early today. Shorter-term technical resistance lies at 107 24/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 108 even. Shorter-term technical support lies at the overnight low of 107 16/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 107 8/32. Wyckoff's Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 107 26/32
1st Support:----- 107 16/32
2nd Support:----- 107 1/32
1st Resistance:-- 108 9/32
2nd Resistance:-- 108 19/32
September 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 the overnight high of 105.22.5, and more buy stops are likely located just above resistance at the July high of 106.01.0. 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 105.16.0, and then more sell stops just below support at 105.08.0. Wyckoff's Intra Day Market Rating: 4.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 105.24.0
1st Support:------ 105.16.0
2nd Support:------ 105.06.0
1st Resistance:--- 106.02.0
2nd Resistance:--- 106.10.0
Wednesday, July 18--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is higher U.S. Treasury prices and weaker stock index prices.
* JIM'S MARKET THOUGHT OF THE DAY *
Question: When is a market the most very bullish? Answer: At the very top--when that last price bar puts in a market top. It's downhill from there. Question: When is a market the most very bearish? Answer: At the very bottom--when that last price bar puts in a market bottom--it's uphill from there. Those questions put into keen perspective the difficult endeavor of trading markets.--Jim
U.S. STOCK INDEXES
The stock indexes are lower in early morning electronic trading. I would not be surprised to see a good profit-taking pullback very soon.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9- and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support comes in at the overnight low of 1,547.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,540.00. Upside resistance for active traders today is located at the overnight high of 1,557.60 and then at the contract high of 1,566.30. 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:------------ 1,559.75
1st Support:------ 1,554.10
2nd Support:------ 1,549.45
1st Resistance:--- 1,564.40
2nd Resistance:--- 1,570.05
September 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 and 18-day, but is turning down. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical support is located at the overnight low of 850.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 847.00. On the upside, short-term resistance is seen at 855.00 and then at Tuesday's high of 860.50. 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:------------ 856.65
1st Support:------ 852.80
2nd Support:------ 850.40
1st Resistance:--- 859.05
2nd Resistance:--- 862.90
September Dow: Sell stops likely reside just below support at 14,000 and then more stops just below support at 13,900. Buy stops likely reside just above shorter-term technical resistance at Tuesday's contract high of 14,097 and then at 14,200. Shorter-term moving averages are bullish early today, as the 4-day moving average is above 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 neutral early today. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 14,057
1st Support:------ 14,018
2nd Support:------ 13,985
1st Resistance:--- 14,089
2nd Resistance:--- 14,129
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are higher early today. Trading has turned choppier as the bulls and bears struggle for near-term technical momentum. The bears still have the overall near-term technical advantage, but the bulls do have some more positive fundamentals on their side, and my bias is that the downside is limited in the Treasuries.
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 the overnight high of 107 31/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at the July high of 108 7/32. Shorter-term technical support lies at 107 16/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 107 8/32. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 107 14/32
1st Support:----- 107 4/32
2nd Support:----- 106 23/32
1st Resistance:-- 107 27/32
2nd Resistance:-- 108 5/32
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 the overnight high of 105.25.5, and more buy stops are likely located just above resistance at the July high of 106.01.0. 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 105.16.0, and then more sell stops just below support at 105.08.0. Wyckoff's Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 105.15.0
1st Support:------ 105.08.0
2nd Support:------ 105.01.0
1st Resistance:--- 105.22.0
2nd Resistance:--- 105.29.0
Tuesday, July 17--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is higher crude oil prices approaching $75.00 a barrel.
* JIM'S MARKET THOUGHT OF THE DAY *
My bias is that the U.S. Treasury bond and note markets have put in near-term lows and that these markets will work sideways to higher in the coming weeks.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in quieter early morning electronic trading. Bulls still have the near-term technical advantage.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9- and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are turning bearish early today. Today, shorter-term technical support comes in at the overnight low of 1,555.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,550.00. Upside resistance for active traders today is located at Monday's contract high of 1,566.30 and then at 1,570.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:------------ 1,560.90
1st Support:------ 1,555.50
2nd Support:------ 1,551.30
1st Resistance:--- 1,565.10
2nd Resistance:--- 1,570.50
September 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 and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical support is located at Monday's low of 852.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 847.00. On the upside, short-term resistance is seen at Monday's high of 861.25 and then at the contract high of 864.25. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:
Pivot:------------ 855.95
1st Support:------ 850.65
2nd Support:------ 846.70
1st Resistance:--- 859.90
2nd Resistance:--- 865.20
September Dow: Sell stops likely reside just below support at Monday's low of 13,967 and then more stops just below support at 13,900. Buy stops likely reside just above shorter-term technical resistance at Monday's contract high of 14,066 and then at 14,100. Shorter-term moving averages are bullish early today, as the 4-day moving average is above 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 neutral early today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 14,021
1st Support:------ 13,975
2nd Support:------ 13,975
1st Resistance:--- 14,074
2nd Resistance:--- 14,120
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are weaker early today. Trading has turned choppier as the bulls and bears struggle for near-term technical momentum. The bears still have the overall near-term technical advantage, but the bulls do have some more positive fundamentals on their side, and my bias is that the downside is limited in the Treasuries.
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 neutral early today. Shorter-term technical resistance lies at the overnight high of 107 25/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 108 even. Shorter-term technical support lies at the overnight low of 107 16/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 107 8/32. Wyckoff's Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 107 16/32
1st Support:----- 107 8/32
2nd Support:----- 106 24/32
1st Resistance:-- 108 even
2nd Resistance:-- 108 8/32
September 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 the overnight high of 105.20.5, and more buy stops are likely located just above resistance at 105.25.0. 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 Monday's low of 105.05.5, and then more sell stops just below support at 105.00.0. Wyckoff's Intra Day Market Rating: 4.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 105.16.0
1st Support:------ 105.10.0
2nd Support:------ 105.01.0
1st Resistance:--- 105.25.0
2nd Resistance:--- 105.31.0
Monday, July 16--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is sharp losses in the grain futures markets, amid some better rainfall chances in the Corn Belt this week.
* JIM'S MARKET THOUGHT OF THE DAY *
"Oscillators" such as the Relative Strength Index and slow stochastics are an excellent gauge of near-term market momentum. Intra-day traders should pay extra close attention to them, and they can be used in several ways. I wrote a feature on the RSI and stochastics a while back and if you email me at jim@jimwyckoff.com I'll email you back the feature.--Jim
U.S. STOCK INDEXES
The stock indexes are narrowly mixed in quieter early morning electronic trading, following the big gains last week. Bulls have the firm near-term technical advantage.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9- and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical support comes in at Friday's low of 1,553.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,550.00. Upside resistance for active traders today is located at Friday's contract high of 1,565.80 and then at 1,570.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:------------ 1,559.80
1st Support:------ 1,553.80
2nd Support:------ 1,547.50
1st Resistance:--- 1,566.10
2nd Resistance:--- 1,572.10
September Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below 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 Friday's low of 856.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 850.00. On the upside, short-term resistance is seen at the contract high of 864.25 and then at 870.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:
Pivot:------------ 859.30
1st Support:------ 856.55
2nd Support:------ 853.80
1st Resistance:--- 862.05
2nd Resistance:--- 864.80
September Dow: Sell stops likely reside just below support at Friday's low of 13,925 and then more stops just below support at 13,850. Buy stops likely reside just above shorter-term technical resistance at Friday's contract high of 14,013 and then at 14,100. Shorter-term moving averages are bullish early today, as the 4-day moving average is above 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 bullish early today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 13,970
1st Support:------ 13,928
2nd Support:------ 13,822
1st Resistance:--- 14,016
2nd Resistance:--- 14,058
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are slightly higher early today. Trading has turned choppier as the bulls and bears struggle for near-term technical momentum. The bears still have the overall near-term technical advantage, but the bulls do have some more positive fundamentals on their side, and my bias is that the downside is limited in the Treasuries.
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 neutral to bearish early today. Shorter-term technical resistance lies at the overnight high of 107 9/32. 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 107 even. 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: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 106 30/32
1st Support:----- 106 18/32
2nd Support:----- 106 6/32
1st Resistance:-- 107 10/32
2nd Resistance:-- 107 22/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 105.12.5, and more buy stops are likely located just above resistance at 105.16.0. 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. Sell stop orders are likely located just below support at 105.00.0, and then more sell stops just below support at 104.24.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 105.05.0
1st Support:------ 104.30.0
2nd Support:------ 104.23.0
1st Resistance:--- 105.12.0
2nd Resistance:--- 105.19.0
Friday, July 13--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real market feature in overnight/early morning trading today, following the big gains in the stock indexes on Thursday.
* JIM'S MARKET THOUGHT OF THE DAY *
Fridays are an extra important trading day. Weekly high and low closes on Fridays are key technical signals. Many speculative traders even up positions and take profits on a Friday. Thus, trending markets will many times see a minor correction in that trend on a Friday, as traders ring the cash register and take profits, or even up positions. In the present market environment, many speculative traders do not want to go into a weekend with open futures trading positions.--Jim
U.S. STOCK INDEXES
The stock indexes are near steady levels in quieter early morning electronic trading, following the big gains on Thursday. So much for the summertime doldrums, after some of the indexes hit contract highs Thursday. Bulls have regained the firm near-term technical advantage.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9- and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical support comes in at 1,550.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,545.00. Upside resistance for active traders today is located at Thursday's contract high of 1,559.00 and then at 1,565.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:------------ 1,548.20
1st Support:------ 1,537.35
2nd Support:------ 1,519.00
1st Resistance:--- 1,566.65
2nd Resistance:--- 1,577.40
September 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 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 Thursday's low of 847.10. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Wednesday's low of 839.60. On the upside, short-term resistance is seen at the contract high of 864.25 and then at 870.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:
Pivot:------------ 855.70
1st Support:------ 849.85
2nd Support:------ 841.30
1st Resistance:--- 864.25
2nd Resistance:--- 870.10
September Dow: Sell stops likely reside just below support at 13,850 and then more stops just below support at 13,800. Buy stops likely reside just above shorter-term technical resistance at Thursday's contract high of 13,950 and then at 14,000. Shorter-term moving averages are bullish early today, as the 4-day moving average is above 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 bullish early today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 13,860
1st Support:------ 13,770
2nd Support:------ 13,620
1st Resistance:--- 14,010
2nd Resistance:--- 14,100
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are slightly lower early today. Trading has turned choppier as the bulls and bears struggle for near-term technical momentum. They bears still have the overall near-term technical advantage, but the bulls do have some more positive fundamentals on their side, and my bias is that the downside is limited in the Treasuries.
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 even with the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at 107 even. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 107 8/32. Shorter-term technical support lies at the overnight low of 106 17/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 106 8/32. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 106 30/32
1st Support:----- 106 13/32
2nd Support:----- 105 30/32
1st Resistance:-- 107 13/32
2nd Resistance:-- 107 30/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Buy stops likely reside just above shorter-term technical resistance at 105.08.0, and more buy stops are likely located just above resistance at 105.16.0. 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 104.30.0, and then more sell stops just below support at 104.24.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 105.08.0
1st Support:------ 104.28.0
2nd Support:------ 104.19.0
1st Resistance:--- 105.17.0
2nd Resistance:--- 105.29.0
CRUDE OIL
Crude oil prices are higher in early electronic dealings after pushing to a fresh 11-month high overnight. Bulls still have technical momentum and are looking for more on the upside in the near term. In August crude, look for buy stops to reside just above resistance at the overnight high of $73.42 and then just above resistance at $74.00. Look for sell stops just below technical support at the overnight low of $72.36, and then more sell stops just below support $72.00. Wyckoff's Intra-Day Market Rating: 8.0
CURRENCIES
The September U.S. dollar index is lower in early morning trading, and scored another fresh contract low. Bears have gained solid downside momentum this week. Slow stochastics are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 80.57 and then at 80.87. Shorter-term support is seen at the overnight contract low of 80.37 and then at 80.25. Wyckoff's Intra Day Market Rating: 1.0
The September Euro is higher in early electronic trading, and scored a fresh contract and multi-year high overnight.
The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.3772 and then more stops just below support at 1.3750. Shorter-term technical resistance for the Euro is seen at the overnight contract high of 1.3828 and then at 1.3850. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Wyckoff's Intra Day Market Rating: 9.0
GOLD
Gold is trading higher in early dealings today. Bulls are regaining upside technical momentum. For August gold, shorter-term technical support is seen at the overnight low of $661.80 and then at $660.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $666.40 and then at this week's high of $667.80. Wyckoff's Intra-Day Market Rating: 7.0
GRAINS
Prices were mixed but mostly higher in overnight trading. This morning's USDA supply and demand report is likely to set the tone for trading in the grains today. The report is expected to be bearish for corn and bullish for soybeans and wheat. The latest Corn Belt weather forecasts are calling for heat and less precip to occur in the region starting next week. That also has the bulls encouraged. Corn has recovered but is still in technical trouble and the window is rapidly closing on any fresh bullish weather scares. Soybeans remain fully bullish. Wheat is still bullish, but there are some early technical clues that a market top could be in place. But a big up day in wheat today will alleviate those negative technical concerns in wheat.
Thursday, July 12--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature again in overnight/early morning trading today is a weaker U.S. dollar against the other major currencies. The greenback has fallen to fresh multi-year lows against a few currencies. Remember that price trends in the currencies can be stronger and longer-lasting than trends in other markets.
* JIM'S MARKET THOUGHT OF THE DAY *
Gold is stronger today, amid a weaker greenback and higher crude oil prices. My bias is that the gold market is headed higher, and will challenge the $700-an-ounce level in the not-too-distant future.--Jim
U.S. STOCK INDEXES
The stock indexes are narrowly mixed in quieter early morning electronic trading. Look for more choppy and sideways trading 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 above the 18-day, and has turned down. 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 1,529.80. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,525.00. Upside resistance for active traders today is located at the overnight high of 1,534.40 and then at 1,534.00. 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:------------ 1,525.95
1st Support:------ 1,520.45
2nd Support:------ 1,509.80
1st Resistance:--- 1,536.65
2nd Resistance:--- 1,542.30
September Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical support is located at 845.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Wednesday's low of 839.60. On the upside, short-term resistance is seen at 850.00 and then at 855.00. 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:------------ 845.65
1st Support:------ 842.55
2nd Support:------ 836.50
1st Resistance:--- 851.70
2nd Resistance:--- 854.80
September Dow: Sell stops likely reside just below support at 13,650 and then more stops just below support at 13,600. Buy stops likely reside just above shorter-term technical resistance at 13,700 and then at 13,750. Shorter-term moving averages are bullish early today, as the 4-day moving average is above 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 bullish early today. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 13,637
1st Support:------ 13,595
2nd Support:------ 13,512
1st Resistance:--- 13,720
2nd Resistance:--- 13,762
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are slightly higher early today. Trading has turned choppier as the bulls and bears struggle for near-term technical momentum. They bears still have the overall near-term technical advantage.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is even with the 9-day and is turning up. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance lies at the overnight high of 107 16/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 107 24/32. 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: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 107 15/32
1st Support:----- 106 22/32
2nd Support:----- 106 7/32
1st Resistance:-- 107 30/32
2nd Resistance:-- 108 23/32
September 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 overnigh |
