Name: Jim Wyckoff 
Stock Indexes Lower Early, on Follow-Through
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
