Name: Jim Wyckoff 
U.S. Stock Indexes Weaker Early
Friday, September 28--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 and still more weakness in the U.S. dollar.
* JIM'S MARKET THOUGHT OF THE DAY *
Today is an extra important trading day. It's the last trading day of the week, of the month and of the quarter. Fund managers may be more active today, doing some "window dressing" to their books. Technically, fresh high or low prices scored on the last day of the week, the last day of the month or last day of the quarter are extra important.--Jim
U.S. STOCK INDEXES
The stock indexes are slightly lower 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 to bearish early today. Today, shorter-term technical support comes in at Thursday's low of 1,536.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Wednesday's low of 1,528.50. Upside resistance for active traders today is located at the overnight high of 1,544.70 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: 4.0
Today's key near-term Fibonacci support/resistance level: 1,525.50.
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,541.80
1st Support:------ 1,538.85
2nd Support:------ 1,533.10
1st Resistance:--- 1,547.55
2nd Resistance:--- 1,550.50
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 bearish early today. Shorter-term technical support is located at Wednesday's 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 Thursday's contract high of 2,122.50 and then at 2,135.00. 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: 2,095.00
PIVOT POINT LEVELS FOR DECEMBER NASDAQ:
Pivot:------------ 2,118.35
1st Support:------ 2,114.20
2nd Support:------ 2,106.60
1st Resistance:--- 2,125.95
2nd Resistance:--- 2,130.10
December Dow: Sell stops likely reside just below support at Thursday's low of 13,951 and then more stops just below support at 13,900. Buy stops likely reside just above shorter-term technical resistance at Thursday's high of 14,010 and then just above resistance at 14,100. 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: 13,900
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 13,989
1st Support:------ 13,967
2nd Support:------ 13,930
1st Resistance:--- 14,026
2nd Resistance:--- 14,048
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are higher early today.
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, but is turning up. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance lies at 111 24/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 112 even. Shorter-term technical support lies at the overnight low of 111 9/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 even. Wyckoff's Intra-Day Market Rating: 7.0
Today's key near-term Fibonacci support/resistance level:112 2/32
PIVOT POINT LEVELS FOR DCEMBER T-BONDS:
Pivot:----------- 111 2/32
1st Support:----- 110 21/32
2nd Support:----- 110 even
1st Resistance:-- 111 23/32
2nd Resistance:-- 112 4/32
December 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 109.24.0 and then just above resistance at 110.00.0. Shorter-term moving averages are neutral early today. The 4-day moving average is above the 9-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 109.10.0 and then more sell stops just below support at 109.00.0. Wyckoff's Intra Day Market Rating: 7.0
Today's key near-term Fibonacci support/resistance level: 109.21.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 109.07.0
1st Support:------ 109.00.0
2nd Support:------ 108.19.0
1st Resistance:--- 109.20.0
2nd Resistance:--- 109.27.0
