Name: Jim Wyckoff 
U.S. Dollar Lower to Start the Trading Day
Tuesday, February 26--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is a lower U.S. dollar versus the value of the other major world currencies.
* JIM'S MARKET THOUGHT OF THE DAY *
The U.S. dollar is technically teetering at present. Further weakness this week is likely to produce fresh, serious technical damage to suggest another leg down in prices in the near term, including new lows carved out against some currencies. If the greenback rebounds the rest of this week, then a sideways to higher trend is more likely to develop in the greenback.--Jim
U.S. STOCK INDEXES
The stock indexes are trading near steady levels in early morning electronic trading. Trading has turned choppy and the indexes have basically been in a sideways trading range for four weeks.
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 1,365.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Monday's low of 1,351.70. Upside resistance for active traders today is located at 1,380.00 and then at 1,390.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.5
Today's key near-term Fibonacci support/resistance level: 1,356.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,367.75
1st Support:------ 1,358.50
2nd Support:------ 1,342.45
1st Resistance:--- 1,383.80
2nd Resistance:--- 1,393.00
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 neutral early today. Shorter-term technical support is located at Monday's low of 1,789.00. 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 1,800.00 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: 5.5
Today's key near-term Fibonacci support/resistance level: 1,826.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 1,793.00
1st Support:------ 1,791.00
2nd Support:------ 1,787.00
1st Resistance:--- 1,797.00
2nd Resistance:--- 1,787.00
June Dow: Sell stops likely reside just below support at 12,500 and then more stops just below support at Monday's low of 12,430. Buy stops likely reside just above shorter-term technical resistance at 12,600 and then just above resistance at 12,700. 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 early today. Wyckoff's Intra-Day Market Rating: 5.5
Today's key near-term Fibonacci support/resistance level: 12,620
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,530
1st Support:------ 12,476
2nd Support:------ 12,375
1st Resistance:--- 12,631
2nd Resistance:--- 12,685
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are firmer in early trading today.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at the overnight high of 115 even and then at 115 16/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 114 23/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Monday's low of 114 14/32. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 115 10/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 115 3/32
1st Support:----- 114 11/32
2nd Support:----- 113 30/32
1st Resistance:-- 115 16/32
2nd Resistance:-- 116 8/32
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 the overnight high of 114.16.0 and then just above resistance at 114.24.0. 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 Monday's low of 114.05.0 and then more sell stops just below support at 114.00.0. Wyckoff's Intra Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 114.31.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 114.17.0
1st Support:------ 113.31.0
2nd Support:------ 113.20.0
1st Resistance:--- 114.28.0
2nd Resistance:--- 115.14.0
