Name: Jim Wyckoff 
U.S. Stock Indexes Lower Early
Thursday, August 30--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is lower U.S. stock indexes.
* JIM'S MARKET THOUGHT OF THE DAY *
This week's action in the U.S. stock market could be a precursor of what will play out in the stock indexes in the coming months: choppy and less trending price action, but with bouts of higher volatility. However, the short-term credit and mortgage woes likely not finished. There is now more and more talk of a U.S. recession. Those notions do give the stock market bears confidence.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading, following big gains Wednesday.
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. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at 1,450.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,440.00. Upside resistance for active traders today is located at the overnight high of 1,467.70 and then at 1,470.00. 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: 1,448.00.
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:------------ 1,455.90
1st Support:------ 1,444.55
2nd Support:------ 1,423.70
1st Resistance:--- 1,476.75
2nd Resistance:--- 1,488.10
September Russell 2000: 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 average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at this week's low of 768.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 760.00. On the upside, short-term resistance is seen at Wednesday's high of 789.75 and then at 800.00. 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: 765.00
PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:
Pivot:------------ 782.90
1st Support:------ 776.05
2nd Support:------ 762.65
1st Resistance:--- 796.30
2nd Resistance:--- 803.15
September Dow: Sell stops likely reside just below support at 13,250 and then more stops just below support at Wednesday's low of 13,125. Buy stops likely reside just above shorter-term technical resistance at Wednesday's high of 13,320 and then just above resistance at last week's high of 13,420. Shorter-term moving averages are neutral early today, as the 4-day moving average is above 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 bullish early today. Wyckoff's Intra-Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 13,100
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 13,252
1st Support:------ 13,184
2nd Support:------ 13,057
1st Resistance:--- 13,379
2nd Resistance:--- 13,447
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer early today. Bulls still have solid near-term 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 neutral to bearish early today. Shorter-term technical resistance lies at the overnight high of 111 23/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Wednesday's high of 112 1/32. Shorter-term technical support lies at the overnight low of 111 11/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 even. Wyckoff's Intra-Day Market Rating: 7.0
Today's key near-term Fibonacci support/resistance level:110 22/32
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 111 19/32
1st Support:----- 111 5/32
2nd Support:----- 110 28/32
1st Resistance:-- 111 28/32
2nd Resistance:-- 112 10/32
September U.S. T-Notes: 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 109.19.5 and then just above resistance at Wednesday's high of 109.26.5. 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 109.08.0 and then more sell stops just below support at 109.00.0. Wyckoff's Intra Day Market Rating: 7.0
Today's key near-term Fibonacci support/resistance level: 107.10.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 109.14.0
1st Support:------ 109.02.0
2nd Support:------ 108.26.0
1st Resistance:--- 109.22.0
2nd Resistance:--- 110.02.0
