Name: Jim Wyckoff 
U.S. Stock Indexes Weaker Early
Tuesday, September 25--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today are lower stock indexes and lower raw commodity prices.
* JIM'S MARKET THOUGHT OF THE DAY *
Many of the commodity futures markets have seen strong gains recently, and are due for at least a decent corrective pullback. That may be occurring starting today. Gold and crude oil will be leaders on bigger price moves in the raw commodities futures markets. Will the commodity market bulls view any bigger dips as a buying opportunity?--Jim
U.S. STOCK INDEXES
The stock indexes are lower in early morning electronic trading. Trading has turned choppier again. Bulls are fading a bit.
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, but is turning down. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support comes in at 1,520.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,512.00. Upside resistance for active traders today is located at the overnight high of 1,531.60 and then at Monday's high of 1,542.50. 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: 1,514.00.
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,534.15
1st Support:------ 1,525.80
2nd Support:------ 1,519.85
1st Resistance:--- 1,540.10
2nd Resistance:--- 1,548.45
Nasdaq Index: 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 neutral to bearish early today. Shorter-term technical support is located at Monday's low of 2,066.25. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 2,055.00. On the upside, short-term resistance is seen at the overnight high of 2,079.75 and then at 2,090.00. 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: 2,049.00
PIVOT POINT LEVELS FOR DECEMBER NASDAQ:
Pivot:------------ 2,080.70
1st Support:------ 2,065.35
2nd Support:------ 2,050.90
1st Resistance:--- 2,095.10
2nd Resistance:--- 2,110.40
December Dow: Sell stops likely reside just below support at Monday's low of 13,840 and then more stops just below support at 13,800. Buy stops likely reside just above shorter-term technical resistance at 13,900 and then just above resistance at Monday'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: 4.0
Today's key near-term Fibonacci support/resistance level: 13,655
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 13,889
1st Support:------ 13,813
2nd Support:------ 13,764
1st Resistance:--- 13,938
2nd Resistance:--- 14,014
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are higher early today. A good up day today would give the bulls some fresh upside technical momentum and suggest that a near-term market low is in place.
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 bullish early today. Shorter-term technical resistance lies at the overnight high of 111 11/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 24/32. Shorter-term technical support lies at 111 even. Sell stops likely reside just below that level. More sell stops are likely located below support at the overnight low of 110 24/32. Wyckoff's Intra-Day Market Rating: 6.5
Today's key near-term Fibonacci support/resistance level:111 17/32
PIVOT POINT LEVELS FOR DCEMBER T-BONDS:
Pivot:----------- 110 22/32
1st Support:----- 110 14/32
2nd Support:----- 110 1/32
1st Resistance:-- 111 3/32
2nd Resistance:-- 111 11/32
December U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bullish early today. Buy stops likely reside just above shorter-term technical resistance at 109.17.5 and then just above resistance at 109.24.0. 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 109.00.0 and then more sell stops just below support at the overnight low of 108.26.5. Wyckoff's Intra Day Market Rating: 6.5
Today's key near-term Fibonacci support/resistance level: 109.21.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 108.27.0
1st Support:------ 108.23.0
2nd Support:------ 108.15.0
1st Resistance:--- 109.03.0
2nd Resistance:--- 109.07.0
