Name: Jim Wyckoff 
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
