Name: Jim Wyckoff 
U.S. Stock Indexes Weaker Early
Wednesday, December 19--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is weaker U.S. stock index futures prices and a firmer U.S. dollar versus the other major currencies.
* JIM'S MARKET THOUGHT OF THE DAY *
Successful veteran and professional traders will tell you that the key to success in trading futures and FOREX markets is money management. Traders who have traded for any length of time know that more losses are absorbed than winners. That's why money management is so paramount. I made a "Top 10" list of money management rules a while back. If you'd like to see it, just send me an email at jim@jimwyckoff.com and I'll attach it and email it back to you. Also, when you email me, tell me where you live.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading. Look for quieter, trendless 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, but is turning down. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support comes in at the overnight low of 1,456.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this week's low of 1,446.00. Upside resistance for active traders today is located at Tuesday's high of 1,472.00 and then at this week's high of 1,477.90. 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: 1,462.50.
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,461.50
1st Support:------ 1,451.00
2nd Support:------ 1,435.50
1st Resistance:--- 1,477.00
2nd Resistance:--- 1,487.50
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, but is turning down. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical support is located at Tuesday's low of 2,022.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at the October low of 2,009.75. On the upside, short-term resistance is seen at the overnight high of 2,055.25 and then at Tuesday's high of 2,067.50. 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: 2,071.00
PIVOT POINT LEVELS FOR MARCH NASDAQ:
Pivot:------------ 2,046.60
1st Support:------ 2,025.70
2nd Support:------ 2,001.10
1st Resistance:--- 2,071.20
2nd Resistance:--- 2,092.10
March Dow: Sell stops likely reside just below support at Tuesday's low of 13,180 and then more stops just below support at 13,100. Buy stops likely reside just above shorter-term technical resistance at Tuesday's high of 13,370 and then just above resistance at this week's high of 13,398. 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, but is turning down. 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: 13,361
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 13,293
1st Support:------ 13,215
2nd Support:------ 13,103
1st Resistance:--- 13,405
2nd Resistance:--- 13,483
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are higher in early trading. Bulls are making a solid rebound from last week's lows and do have fresh upside technical momentum on their side.
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 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 116 even. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 116 8/32. Shorter-term technical support lies at the overnight low of 115 11/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 115 even. Wyckoff's Intra-Day Market Rating: 7.0
Today's key near-term Fibonacci support/resistance level:116 15/32
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 115 5/32
1st Support:----- 114 22/32
2nd Support:----- 113 31/32
1st Resistance:-- 115 28/32
2nd Resistance:-- 116 11/32
March 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 the overnight high of 113.06.0 and then just above resistance at 113.16.0. Shorter-term moving averages 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. Sell stop orders are likely located just below support at 113.00.0 and then more sell stops just below support at the overnight low of 112.23.0. Wyckoff's Intra Day Market Rating: 7.0
Today's key near-term Fibonacci support/resistance level: 113.11.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 112.23.0
1st Support:------ 112.13.0
2nd Support:------ 112.00.0
1st Resistance:--- 113.04.0
2nd Resistance:--- 113.14.0
