Name: Jim Wyckoff 
U.S. Stock Indexes Starting Week Lower
Monday, January 28--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today are lower U.S. stock indexes and higher U.S. Treasury prices. Traders are keenly awaiting this week's meeting of the Federal Open Market Committee, in which the Federal Reserve is expected to cut U.S. interest rates.
* JIM'S MARKET THOUGHT OF THE DAY *
Crude oil prices are lower early today and have dropped below $90.00 a barrel. Crude oil prices have been trending lower to start the new year, and this should be a warning to all raw commodity market bulls. Sustained weakness in crude oil prices will find most raw commodity futures markets struggling to keep recent price uptrends.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading. Friday's weaker closes suggest the stock index bulls are still on shaky ground.
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 neutral to bearish early today. Today, shorter-term technical support comes in at the overnight low of 1,311.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,300.00. Upside resistance for active traders today is located at the overnight high of 1,336.80 and then at 1,350.00. 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: 1,347.00.
PIVOT POINT LEVELS FOR MARCH S&P 500:
Pivot:------------ 1,344.40
1st Support:------ 1,318.25
2nd Support:------ 1,302.40
1st Resistance:--- 1,360.25
2nd Resistance:--- 1,386.40
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 neutral early today. Shorter-term technical support is located at the overnight low of 1,763.25. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 1,745.00. On the upside, short-term resistance is seen at 1,800.00 and then at 1,838.00. 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: 1,812.00
PIVOT POINT LEVELS FOR MARCH NASDAQ:
Pivot:------------ 1,819.20
1st Support:------ 1,765.35
2nd Support:------ 1,737.20
1st Resistance:--- 1,847.35
2nd Resistance:--- 1,901.20
March Dow: Sell stops likely reside just below support at 12,100 and then more stops just below support at 12,000. Buy stops likely reside just above shorter-term technical resistance at 12,300 and then just above resistance at 12,400. 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 neutral early today. Wyckoff's Intra-Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 12,288
PIVOT POINT LEVELS FOR MARCH DOW:
Pivot:------------ 12,307
1st Support:------ 12,124
2nd Support:------ 12,012
1st Resistance:--- 12,419
2nd Resistance:--- 12,602
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are firmer in early trading today. Treasury bulls have regained some fresh near-term technical momentum, and 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 still 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. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at the overnight high of 120 16/32 and then at 121 even. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 119 26/32. 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: 6.0
Today's key near-term Fibonacci support/resistance level:120 17/32
PIVOT POINT LEVELS FOR MARCH T-BONDS:
Pivot:----------- 119 13/32
1st Support:----- 118 21/32
2nd Support:----- 117 14/32
1st Resistance:-- 120 20/32
2nd Resistance:-- 121 12/32
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 117.16.0 and then just above resistance at 117.24.0. 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 116.30.5 and then more sell stops just below support at 116.24.0. Wyckoff's Intra Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 117.14.0
PIVOT POINT LEVELS FOR MARCH T-NOTES:
Pivot:------------ 116.22.0
1st Support:------ 116.04.0
2nd Support:------ 115.06.0
1st Resistance:--- 117.20.0
2nd Resistance:--- 118.06.0
