Name: Jim Wyckoff 
U.S. Stock Indexes Weaker Early; Bulls Still Confident
Monday, August 27--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is weaker U.S. stock indexes.
* JIM'S MARKET THOUGHT OF THE DAY *
The last holiday of the summer is coming up this weekend: Labor Day. Look for quieter, lighter-volume trading in many markets this week, especially the stock and financial markets, which would also mean less price volatility.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading, on mild corrective pullbacks after solid gains on Friday that did produce bullish weekly high closes. The bulls still have some near-term technical momentum on their side.
September S&P 500: The shorter-term moving averages (4-, 9- and 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, but is turning up. Short-term oscillators (RSI, slow stochastics) are neutral to bearish 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 Friday's lowo of 1,460.00. Upside resistance for active traders today is located at Friday's high of 1,483.90 and then at 1,490.00. 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: 1,470.00.
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:------------ 1,475.85
1st Support:------ 1,467.80
2nd Support:------ 1,451.95
1st Resistance:--- 1,491.70
2nd Resistance:--- 1,499.75
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. 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 795.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Friday's low of 788.50. On the upside, short-term resistance is seen at the overnight high of 802.45 and then at last week's high of 809.10. 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: 785.00
PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:
Pivot:------------ 797.30
1st Support:------ 792.90
2nd Support:------ 784.10
1st Resistance:--- 806.10
2nd Resistance:--- 810.50
September Dow: Sell stops likely reside just below support at 13,350 and then more stops just below support at 13,300. Buy stops likely reside just above shorter-term technical resistance at Friday's high of 13,420 and then just above resistance at 13,500. Shorter-term moving averages are neutral early today, as the 4-day moving average is above the 9-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Wyckoff's Intra-Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 13,328
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 13,357
1st Support:------ 13,295
2nd Support:------ 13,182
1st Resistance:--- 13,470
2nd Resistance:--- 13,532
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are steady to slightly lower early today. 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 neutral to bullish early today. Shorter-term technical resistance lies at Friday's high of 111 even. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 8/32. Shorter-term technical support lies at the overnight low of 110 22/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Friday's low of 110 14/32. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level:110 22/32
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 110 24/32
1st Support:----- 110 17/32
2nd Support:----- 110 6/32
1st Resistance:-- 111 3/32
2nd Resistance:-- 111 10/32
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 the overnight high of 108.22.5 and then just above resistance at Friday's high of 108.29.5. Shorter-term moving averages are bullish early today. The 4-day moving average is below the 9-day and 18-day, but is turning down. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 108.14.0 and then more sell stops just below support at last week's low of 108.06.0. 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:------------ 108.23.0
1st Support:------ 108.16.0
2nd Support:------ 108.11.0
1st Resistance:--- 108.28.0
2nd Resistance:--- 109.03.0
