Name: Jim Wyckoff 
U.S. Treasuries Higher in Early Trading
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
