Name: Jim Wyckoff 
U.S. Stock Indexes Firmer Early
Wednesday, September 26--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today are modestly higher U.S. stock indexes and a modest rebound in the value of the U.S. dollar versus the other major currencies.
* JIM'S MARKET THOUGHT OF THE DAY *
I am still intermediate to longer-term bullish on the U.S. Treasuries. However, if T-Bonds and T-Notes drop and close below last week's lows, then that would produce more serious near-term technical damage to suggest more downside price pressure in the near term. Any significant rebound in the value of the U.S. dollar is also likely to support the bond market bulls.--Jim
U.S. STOCK INDEXES
The stock indexes are modestly higher in early morning electronic trading.
December S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above 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 the overnight low of 1,528.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this week's low of 1,519.00. Upside resistance for active traders today is located at the this week's high of 1,542.50 and then at the September high of 1,552.00. 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: 1,525.50.
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,526.50
1st Support:------ 1,521.40
2nd Support:------ 1,513.90
1st Resistance:--- 1,534.00
2nd Resistance:--- 1,539.10
Nasdaq Index: Prices hit a fresh contract high overnight. The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above 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 the overnight low of 2,098.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 2,080.00. On the upside, short-term resistance is seen at 2,120.00 and then at 2,130.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 8.0
Today's key near-term Fibonacci support/resistance level: 2,070.00
PIVOT POINT LEVELS FOR DECEMBER NASDAQ:
Pivot:------------ 2,089.85
1st Support:------ 2,078.70
2nd Support:------ 2,059.85
1st Resistance:--- 2,108.70
2nd Resistance:--- 2,119.85
December Dow: Sell stops likely reside just below support at Tuesday's low of 13,785 and then more stops just below support at 13,700. Buy stops likely reside just above shorter-term technical resistance at 13,900 and then just above resistance at this week's high of 13,965. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Wyckoff's Intra-Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 13,704
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 13,845
1st Support:------ 13,808
2nd Support:------ 13,747
1st Resistance:--- 13,906
2nd Resistance:--- 13,943
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are weaker early today. Bulls are again fading after failing to hold Tuesday's early gains.
December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at the overnight high of 110 27/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 even. Shorter-term technical support lies at the overnight low of 110 16/32. Sell stops likely reside just below that level. More sell stops are likely located below support at this week's low of 110 10/32. Wyckoff's Intra-Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level:111 17/32
PIVOT POINT LEVELS FOR DCEMBER T-BONDS:
Pivot:----------- 110 28/32
1st Support:----- 110 12/32
2nd Support:----- 110 3/32
1st Resistance:-- 111 5/32
2nd Resistance:-- 111 21/32
December 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 109.03.5 and then just above resistance at this week's high of 109.13.0. Shorter-term moving averages are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 108.30.0 and then more sell stops just below support at the this week's low of 108.19.5. Wyckoff's Intra Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 109.11.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 109.02.0
1st Support:------ 108.24.0
2nd Support:------ 108.16.0
1st Resistance:--- 109.10.0
2nd Resistance:--- 109.20.0
