Name: Jim Wyckoff 
U.S. Stock Indexes Solidly Higher Early
Friday, August 31--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is solidly higher U.S. stock indexes.
* JIM'S MARKET THOUGHT OF THE DAY *
There are a couple of important speeches today on the U.S. economy. President Bush speaks this morning and that will be followed by a speech my Fed Chairman Bernanke. I look for the financial markets to be calmed, to a degree, by these two speeches. Read that bullish for the stock market.
Still, 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.--Jim
U.S. STOCK INDEXES
The stock indexes are solidly higher in early morning electronic trading. Stronger closes today will give the bulls fresh near-term technical momentum heading into the key trading month of September.
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 bullish early today. Today, shorter-term technical support comes in at 1,470.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at the overnight low of 1,461.40. Upside resistance for active traders today is located at last week's high of 1,483.90 and then at 1,492.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 1,470.00.
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:------------ 1,461.90
1st Support:------ 1,452.25
2nd Support:------ 1,442.90
1st Resistance:--- 1,471.25
2nd Resistance:--- 1,480.85
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 bullish early today. Shorter-term technical support is located at 790.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Thursday's low of 779.50. On the upside, short-term resistance is seen at 800.00 and then at the August high of 809.10. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 800.00
PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:
Pivot:------------ 785.90
1st Support:------ 778.25
2nd Support:------ 771.90
1st Resistance:--- 792.25
2nd Resistance:--- 800.00
September Dow: Sell stops likely reside just below support at 13,250 and then more stops just below support at Thursday's low of 13,205. Buy stops likely reside just above shorter-term technical resistance at Thursday's high of 13,340 and then just above resistance at last week's high of 13,420. 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 to bullish early today. Wyckoff's Intra-Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 13,332
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 13,275
1st Support:------ 13,209
2nd Support:------ 13,140
1st Resistance:--- 13,344
2nd Resistance:--- 13,410
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are lower early today, amid the solid early gains in the stock indexes. Bulls still have some 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 bearish early today. Shorter-term technical resistance lies at the overnight high of 112 2/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Thursday's high of 112 4/32. 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 111 11/32. Wyckoff's Intra-Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level:110 22/32
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 111 26/32
1st Support:----- 111 16/32
2nd Support:----- 111 1/32
1st Resistance:-- 112 9/32
2nd Resistance:-- 112 19/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at 109.16.0 and then just above resistance at Thursday's contract high of 109.27.0. 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 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: 4.0
Today's key near-term Fibonacci support/resistance level: 107.10.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 109.20.0
1st Support:------ 109.12.0
2nd Support:------ 109.01.0
1st Resistance:--- 109.31.0
2nd Resistance:--- 110.07.0
