Name: Jim Wyckoff 
U.S. Stock Indexes Firmer Early
Friday, January 25--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today are higher U.S. stock indexes and sharply higher gold futures prices, which hit a fresh all-time high above $925.00 an ounce overnight.
* JIM'S MARKET THOUGHT OF THE DAY *
The big rebound in commodity futures markets the past few days has been impressive. A look at the daily chart for the Continuous Commodity Index, which is a basket of major raw commodity prices rolled into one composite index price, shows no serious technical damage occurred to the CCI during the recent sell off. Strongly higher closes in the commodities today would be another bullish technical clue to suggest this most recent downturn was just a correction in an ongoing bull market run in commodities.--Jim
U.S. STOCK INDEXES
The stock indexes are higher again in early morning electronic trading, on more of a corrective bounce from recent strong losses. Weekly high closes today in the stock indexes would be technically bullish and would give the bulls some confidence that near-term lows are in place.
March S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still 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 1,354.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Thursday's low of 1,333.50. Upside resistance for active traders today is located at the overnight high of 1,366.80 and then at 1,380.00. 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: 1,369.00.
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,347.60
1st Support:------ 1,338.20
2nd Support:------ 1,324.10
1st Resistance:--- 1,361.65
2nd Resistance:--- 1,371.10
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. 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 1,844.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Thursday's low of 1,799.00. On the upside, short-term resistance is seen at 1,875.00 and then at 1,900.00. 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: 1,875.00
PIVOT POINT LEVELS FOR MARCH NASDAQ:
Pivot:------------ 1,824.50
1st Support:------ 1,811.50
2nd Support:------ 1,786.00
1st Resistance:--- 1,850.00
2nd Resistance:--- 1,863.00
March Dow: Sell stops likely reside just below support at 12,350 and then more stops just below support at Thursday's low of 12,250. 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 bearish early today, as the 4-day moving average is below the 9-day and 18-day moving average, but is turning up. 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: 5.0
Today's key near-term Fibonacci support/resistance level: 12,462
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,338
1st Support:------ 12,277
2nd Support:------ 12,188
1st Resistance:--- 12,427
2nd Resistance:--- 12,488
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are lower in early trading today, on a strong corrective pullback from recent gains and amid a rebound in the stock market. Treasury bulls are fading and bearish weekly low closes today would be a hint of a near-term market top being in place.
March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still bullish early today. The 4-day moving average is above the 9-day and 18-day, but is turning down. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at the overnight high of 118 27/32 and then at 119 even. Buy stops likely reside just above those levels. Shorter-term technical support lies at Thursday's low of 118 6/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 118 even. Wyckoff's Intra-Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level:118 2/32
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 119 12/32
1st Support:----- 117 30/32
2nd Support:----- 117 6/32
1st Resistance:-- 120 4/32
2nd Resistance:-- 121 18/32
March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 116.13.5 and then just above resistance at 116.24.0. Shorter-term moving averages are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 115.30.5 and then more sell stops just below support at 115.24.0. Wyckoff's Intra Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 115.11.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 116.28.0
1st Support:------ 116.00.0
2nd Support:------ 115.17.0
1st Resistance:--- 117.11.0
2nd Resistance:--- 118.07.0
