Name: Jim Wyckoff 
Stock Indexes Firmer Early; FOCM Meeting Key
Tuesday, January 29--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today are firmer U.S. stock indexes and weaker U.S. Treasury prices. Commodity futures prices are also firmer today. Traders are keenly awaiting Wednesday's Federal Open Market Committee decision, in which the Federal Reserve is expected to cut U.S. interest rates.
* JIM'S MARKET THOUGHT OF THE DAY *
The U.S. stock indexes on Monday saw a short-covering bounce in a bear market. That may be the case again today. However, the stock index bulls are still in serious technical trouble. It would not surprise me to see the stock indexes sell off immediately following Wednesday afternoon's interest rate announcement from the Federal Reserve.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading, on short covering. The stock index bulls are still on shaky technical ground.
March S&P 500: The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at the overnight low of 1,350.60. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,335.00. Upside resistance for active traders today is located at 1,370.50 and then at 1,380.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 1,347.00.
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,341.40
1st Support:------ 1,324.75
2nd Support:------ 1,294.90
1st Resistance:--- 1,371.25
2nd Resistance:--- 1,387.90
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 neutral to bullish early today. Shorter-term technical support is located at the overnight low of 1,800.75. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 1,775.00. On the upside, short-term resistance is seen at 1,825.00 and then at 1,838.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 1,848.00
PIVOT POINT LEVELS FOR MARCH NASDAQ:
Pivot:------------ 1,796.50
1st Support:------ 1,777.00
2nd Support:------ 1,743.75
1st Resistance:--- 1,829.75
2nd Resistance:--- 1,849.25
March Dow: Sell stops likely reside just below support at 12,300 and then more stops just below support at 12,200. Buy stops likely reside just above shorter-term technical resistance at 12,500 and then just above resistance at 12,600. Shorter-term moving averages are neutral early today, as the 4-day moving average is above the 9-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bullish early today. Wyckoff's Intra-Day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 12,400
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,297
1st Support:------ 12,200
2nd Support:------ 12,022
1st Resistance:--- 12,475
2nd Resistance:--- 12,572
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are weaker in early trading today. Treasuries will likely continue to trade in an inverse relationship with the U.S. stock market.
March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at the overnight high of 120 4/32 and then at 120 16/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 119 21/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 119 16/32. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level:120 17/32
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 119 30/32
1st Support:----- 119 22/32
2nd Support:----- 119 14/32
1st Resistance:-- 120 6/32
2nd Resistance:-- 120 14/32
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 117.00.0 and then just above resistance at the overnight high of 117.04.5. Shorter-term moving averages are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at 116.16.0 and then more sell stops just below support at 116.08.0. Wyckoff's Intra Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 116.30.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 116.31.0
1st Support:------ 116.26.0
2nd Support:------ 116.19.0
1st Resistance:--- 117.06.0
2nd Resistance:--- 117.11.0
