Name: Jim Wyckoff 
U.S. Stock Indexes Firmer Early
Friday, December 21--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is higher U.S. stock index prices.
* JIM'S MARKET THOUGHT OF THE DAY *
U.S. Treasuries have made a solid recovery from their recent lows. It's my bias that T-Bonds and T-Notes still have more upside in the coming weeks, including notching fresh contract highs during that timeframe. It's also my bias that the U.S. dollar has more upside, and that crude oil has more downside price potential in the coming weeks.--Jim
U.S. STOCK INDEXES
The stock indexes are higher in early morning electronic trading. Trading has turned choppy. Look for quieter, trendless trading activity as the year winds down and as the holidays approach.
March S&P 500: The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical support comes in at the overnight low of 1,471.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Thursday's low of 1,457.70. Upside resistance for active traders today is located at 1,488.00 and then at 1,500.00. 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: 1,491.00.
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,469.15
1st Support:------ 1,463.30
2nd Support:------ 1,451.85
1st Resistance:--- 1,480.60
2nd Resistance:--- 1,486.45
March Nasdaq Index: The shorter-term moving averages (4- 9-and 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 average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical support is located at the overnight low of 2,099.50. 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 2,125.00 and then at 2,150.00. 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: 2,097.00
PIVOT POINT LEVELS FOR MARCH NASDAQ:
Pivot:------------ 2,084.60
1st Support:------ 2,069.20
2nd Support:------ 2,039.85
1st Resistance:--- 2,113.90
2nd Resistance:--- 2,129.35
March Dow: Sell stops likely reside just below support at Thursday's low of 13,235 and then more stops just below support at this week's low of 13,180. Buy stops likely reside just above shorter-term technical resistance at this week's high of 13,384 and then just above resistance at 13,425. Shorter-term moving averages are neutral early today, as the 4-day moving average is below the 9-day and 18-day. The 9-day moving average is above the 18-day moving average, but is turning down. Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Wyckoff's Intra-Day Market Rating: 5.5
Today's key near-term Fibonacci support/resistance level: 13,550
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 13,316
1st Support:------ 13,269
2nd Support:------ 13,188
1st Resistance:--- 13,397
2nd Resistance:--- 13,444
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are weaker in early trading, on profit-taking pressure from recent gains.
March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average, but is turning up. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at the overnight high of 116 9/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 116 24/32. Shorter-term technical support lies at the overnight low of 115 27/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 115 16/32. Wyckoff's Intra-Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level:115 25/32
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 116 16/32
1st Support:----- 115 30/32
2nd Support:----- 115 17/32
1st Resistance:-- 116 29/32
2nd Resistance:-- 117 15/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 113.12.0 and then just above resistance at 113.22.0. Shorter-term moving averages 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. Sell stop orders are likely located just below support at the overnight low of 113.04.0 and then more sell stops just below support at 113.00.0. Wyckoff's Intra Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 113.01.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 113.16.0
1st Support:------ 113.04.0
2nd Support:------ 112.27.0
1st Resistance:--- 113.25.0
2nd Resistance:--- 114.05.0
