Name: Jim Wyckoff 
U.S. Stock Indexes Rebound Early, on Short Covering
Tuesday, December 18--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 futures prices and firmer crude oil prices.
* JIM'S MARKET THOUGHT OF THE DAY *
Treasury market bulls and bears now have a technical "line drawn in the sand"--last week's lows. If last week's lows are taken out on the downside, then serious near-term chart damage would be inflicted to suggest a market top is in place and that prices will continue to trend lower.--Jim
U.S. STOCK INDEXES
The stock indexes are higher in early morning electronic trading, on a short-covering bounce. Look for quieter trading activity as the year winds down and the holidays approach.
March S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-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 Monday's low of 1,455.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,447.50. Upside resistance for active traders today is located at Monday's high of 1,477.90 and then at 1,488.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 1,477.00.
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,463.30
1st Support:------ 1,448.65
2nd Support:------ 1,440.50
1st Resistance:--- 1,471.45
2nd Resistance:--- 1,486.10
March Nasdaq Index: The shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at Monday's low of 2,043.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 2,025.00. On the upside, short-term resistance is seen at 2,075.00 and then at Monday's high of 2,095.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 2,071.00
PIVOT POINT LEVELS FOR MARCH NASDAQ:
Pivot:------------ 2,062.50
1st Support:------ 2,030.00
2nd Support:------ 2,010.50
1st Resistance:--- 2,082.00
2nd Resistance:--- 2,114.50
March Dow: Sell stops likely reside just below support at Monday's low of 13,250 and then more stops just below support at 13,200. Buy stops likely reside just above shorter-term technical resistance at Monday's high of 13,398 and then just above resistance at 13,500. Shorter-term moving averages are neutral early today, as the 4-day moving average is below the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 13,361
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 13,306
1st Support:------ 13,213
2nd Support:------ 13,158
1st Resistance:--- 13,361
2nd Resistance:--- 13,454
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are higher in early trading. Short covering is featured again today and the bulls are still in some trouble and need to strongly defend last week's lows.
March 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. 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 115 1/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 115 8/32. Shorter-term technical support lies at 114 16/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 114 even. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level:115 24/32
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 114 7/32
1st Support:----- 113 28/32
2nd Support:----- 113 10/32
1st Resistance:-- 114 25/32
2nd Resistance:-- 115 4/32
March 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 112.24.0 and then just above resistance at 113.00.0. 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 112.08.0 and then more sell stops just below support at 112.00.0. Wyckoff's Intra Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 112.24.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 112.01.0
1st Support:------ 111.22.0
2nd Support:------ 111.14.0
1st Resistance:--- 112.09.0
2nd Resistance:--- 112.20.0
