Name: Jim Wyckoff 
U.S. Dollar Continues to Slump in Early Trading
Wednesday, February 27--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today is a solidly lower U.S. dollar versus the value of the other major world currencies, and gold futures prices that hit a new all-time high overnight.
* JIM'S MARKET THOUGHT OF THE DAY *
The U.S. dollar has suffered fresh, serious technical damage this week to suggest another leg down in the greenback in the near term. Remember that trends in the currency markets tend to be stronger and longer-lasting than trends in other markets.--Jim
U.S. STOCK INDEXES
The stock indexes are trading weaker in early morning electronic trading. Bulls have gained some fresh upside technical momentum recently.
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 bullish early today. Today, shorter-term technical support comes in at 1,375.00. 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 Tuesday'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: 1,394.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,381.40
1st Support:------ 1,371.80
2nd Support:------ 1,357.90
1st Resistance:--- 1,395.30
2nd Resistance:--- 1,404.90
June 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 Tuesday's low of 1,792.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 1,772.00. On the upside, short-term resistance is seen at Tuesday's high of 1,806.25 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:------------ 1,801.50
1st Support:------ 1,796.75
2nd Support:------ 1,787.25
1st Resistance:--- 1,811.00
2nd Resistance:--- 1,815.75
June Dow: Sell stops likely reside just below support at 12,600 and then more stops just below support at Tuesday's low of 12,525. Buy stops likely reside just above shorter-term technical resistance at Tuesday's high of 12,715 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 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:------------ 12,650
1st Support:------ 12,585
2nd Support:------ 12,460
1st Resistance:--- 12,775
2nd Resistance:--- 12,840
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 early today. Shorter-term technical resistance lies at the overnight high of 115 18/32 and then at this week's high of 115 28/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at 115 even. Sell stops likely reside just below that level. More sell stops are likely located below support at the overnight low of 114 26/32. 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:----------- 114 27/32
1st Support:----- 114 24/32
2nd Support:----- 114 17/32
1st Resistance:-- 115 2/32
2nd Resistance:-- 115 5/32
June 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 115.08.0 and then just above resistance at 115.16.0. 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 114.19.5. 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:------------ 114.15.0
1st Support:------ 114.09.0
2nd Support:------ 113.29.0
1st Resistance:--- 114.27.0
2nd Resistance:--- 115.01.0
