Name: Jim Wyckoff 
U.S. Stock Indexes See Modest Rebound Early
Wednesday, August 29--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is a modest rebound in the U.S. stock indexes after Tuesday's shellacking.
* JIM'S MARKET THOUGHT OF THE DAY *
Tuesday's action in the U.S. stock market reinforces the notion that investors and traders are still not confident that the short-term credit and mortgage woes are over. There is now more and more talk of a U.S. recession. My bias is that the Federal Reserve will again cut U.S. interest rates in the coming weeks. That would be bullish for U.S. Treasuries, as is also the present stock market turmoil.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading, following big losses Tuesday. The bulls faded Tuesday. Bears have regained some fresh near-term technical momentum.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still bullish early today. The 4-day moving average is above the 9-day and 18-day, but is turning down. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical support comes in at the overnight low of 1,435.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,430.00. Upside resistance for active traders today is located at 1,450.00 and then at 1,460.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 1,430.00.
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:------------ 1,447.90
1st Support:------ 1,425.40
2nd Support:------ 1,412.50
1st Resistance:--- 1,460.80
2nd Resistance:--- 1,483.30
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 and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical support is located at Tuesday'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 780.00 and then at Tuesday's high of 788.70. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 765.00
PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:
Pivot:------------ 775.75
1st Support:------ 762.80
2nd Support:------ 755.55
1st Resistance:--- 783.00
2nd Resistance:--- 795.95
September Dow: Sell stops likely reside just below support at Tuesday's low of 13,070 and then more stops just below support at 13,000. Buy stops likely reside just above shorter-term technical resistance at 13,200 and then just above resistance at 13,300. Shorter-term moving averages are neutral early today, as the 4-day moving average is above the 9-day and 18-day, but is turning down. 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: 4.5
Today's key near-term Fibonacci support/resistance level: 12,985
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 13,158
1st Support:------ 13,007
2nd Support:------ 12,920
1st Resistance:--- 13,245
2nd Resistance:--- 13,396
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are steady to firmer early today, and set fresh for-the-move highs overnight. 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 bullish early today. Shorter-term technical resistance lies at the overnight high of 112 1/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at the May high of 112 11/32. Shorter-term technical support lies at 111 16/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Tuesday's low of 111 9/32. Wyckoff's Intra-Day Market Rating: 8.0
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 12/32
2nd Support:----- 111 1/32
1st Resistance:-- 111 30/32
2nd Resistance:-- 112 5/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 109.26.5 and then just above resistance at 110.00.0. 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 109.09.5 and then more sell stops just below support at 109.00.0. Wyckoff's Intra Day Market Rating: 7.5
Today's key near-term Fibonacci support/resistance level: 107.10.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 109.11.0
1st Support:------ 109.05.0
2nd Support:------ 108.24.0
1st Resistance:--- 109.24.0
2nd Resistance:--- 109.30.0
