Name: Jim Wyckoff 
U.S. Dollar Sees Corrective Bounce in Early Trading
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
