Name: Jim Wyckoff 
Stock Indexes Solidly Higher Early
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
