U.S. STOCK INDEXES

The stock indexes are weaker in early morning electronic trading. With this week's price action I am more confident that we'll see more choppy and sideways trading amid the summer doldrums.

September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are turning bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is above the 18-day moving average, but is turning down. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support comes in at the overnight low of 1,510.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,505.00. Upside resistance for active traders today is located at 1,520.00 and then at 1,525.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 4.0

Today's key near-term Fibonacci support/resistance level: 1,529.35.

PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:

Pivot:------------ 1,522.60
1st Support:------ 1,513.15
2nd Support:------ 1,501.60
1st Resistance:--- 1,524.15
2nd Resistance:--- 1,543.60

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 Wednesday's low of 806.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 800.00. On the upside, short-term resistance is seen at the overnight high of 815.30 and then at 820.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 4.0

Today's key near-term Fibonacci support/resistance level: 818.45

PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:

Pivot:------------ 815.50
1st Support:------ 806.00
2nd Support:------ 797.00
1st Resistance:--- 824.50
2nd Resistance:--- 834.00

September Dow: Sell stops likely reside just below support at Wednesday's low of 13,740 and then more stops just below support at 13,700. Buy stops likely reside just above shorter-term technical resistance at Wednesday's high of 13,885 and then at 13,950. 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: 4.0

Today's key near-term Fibonacci support/resistance level: 13,715

PIVOT POINT LEVELS FOR SEPTEMBER DOW:

Pivot:------------ 13,822
1st Support:------ 13,759
2nd Support:------ 13,677
1st Resistance:--- 13,904
2nd Resistance:--- 13,967

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are higher early today, and hit fresh two-month highs overnight. Bulls still 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 bullish early today. Shorter-term technical resistance lies at the overnight high of 109 11/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 109 16/32. Shorter-term technical support lies at 109 even. Sell stops likely reside just below that level. More sell stops are likely located below support at the overnight low of 108 22/32. Wyckoff's Intra-Day Market Rating: 7.0

Today's key near-term Fibonacci support/resistance level:110 8/32

PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:

Pivot:----------- 108 24/32
1st Support:----- 108 17/32
2nd Support:----- 108 4/32
1st Resistance:-- 109 5/32
2nd Resistance:-- 109 12/32

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 106.29.5 and then just above 107.00.0. 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 106.24.0, and then more sell stops just below support at the overnight low of 106.14.5. Wyckoff's Intra Day Market Rating: 7.0

Today's key near-term Fibonacci support/resistance level: 107.02.0

PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:

Pivot:------------ 106.17.0
1st Support:------ 106.13.0
2nd Support:------ 106.05.0
1st Resistance:--- 106.25.0
2nd Resistance:--- 106.29.0