Name: Jim Wyckoff 
Markets Quieter in Early Dealings
Thursday, February 28--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no standout market feature in quieter overnight/early morning trading today.
* JIM'S MARKET THOUGHT OF THE DAY *
Most commodity markets have seen very strong rallies the past few weeks, including new all-time highs in the grains, gold and crude oil. It would not surprise me to see a strong corrective price pullback in most of the raw commodity markets in the near term. Markets don't go straight up or straight down, and several commodity markets are short-term overbought, technically.--Jim
U.S. STOCK INDEXES
The stock indexes are trading weaker in early morning electronic trading. Bulls have made some progress recently, but need to show more power soon.
June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) 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. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at Wednesday's low of 1,376.70. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Tuesday's low of 1,367.50. Upside resistance for active traders today is located at this week's high of 1,391.00 and then at the February high of 1,401.00. 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: 1,367.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,383.55
1st Support:------ 1,376.40
2nd Support:------ 1,369.55
1st Resistance:--- 1,390.40
2nd Resistance:--- 1,397.55
June Nasdaq Index: The shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 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 1,800.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at this week's low of 1,789.00. On the upside, short-term resistance is seen at Wednesday's high of 1,809.75 and then at last week's high of 1,823.00. 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: 1,826.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 1,808.33
1st Support:------ 1,806.90
2nd Support:------ 1,804.10
1st Resistance:--- 1,811.20
2nd Resistance:--- 1,812.60
June Dow: Sell stops likely reside just below support at Wednesday's low of 12,660 and then more stops just below support at 12,600. Buy stops likely reside just above shorter-term technical resistance at Wednesday's high of 12,740 and then just above resistance at the February high of 12,775. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day and 18-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 12,620
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,701
1st Support:------ 12,663
2nd Support:------ 12,621
1st Resistance:--- 12,743
2nd Resistance:--- 12,781
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are higher in early trading today. Trading has become choppy.
June 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 to bullish early today. Shorter-term technical resistance lies at this week's high of 115 28/32 and then at 116 even. Buy stops likely reside just above those levels. Shorter-term technical support lies at 115 16/32. Sell stops likely reside just below that level. More sell stops are likely located below support at the overnight low of 115 4/32. Wyckoff's Intra-Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 116 4/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 115 1/32
1st Support:----- 114 18/32
2nd Support:----- 114 2/32
1st Resistance:-- 115 17/32
2nd Resistance:-- 116 even
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Buy stops likely reside just above shorter-term technical resistance at 115.08.0 and then just above resistance at this week's high of 115.13.0. Shorter-term moving averages are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at 114.24.0 and then more sell stops just below support at the overnight low of 114.18.5. Wyckoff's Intra Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 115.13.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 114.25.0
1st Support:------ 114.10.0
2nd Support:------ 114.01.0
1st Resistance:--- 115.02.0
2nd Resistance:--- 115.17.0
