Name: Jim Wyckoff 
U.S. Treasuries Solidly Higher Early
Friday, February 29--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is solidly higher U.S. Treasury prices.
* JIM'S MARKET THOUGHT OF THE DAY *
Today is the last trading day of the week and the last trading day of the month. It's an extra important day from a technical standpoint. Also, the last day of the month tends to find fund managers doing some book-squaring. That could add some profit-taking pressure to the markets that have seen big upside moves this week.--Jim
U.S. STOCK INDEXES
The stock indexes are trading lower in early morning electronic trading. Bulls have faded to end the week, and the bears continue to enjoy the overall near-term technical advantage.
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 bearish early today. Today, shorter-term technical support comes in at this week's low of 1,351.70. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,340.00. Upside resistance for active traders today is located at Thursday's high of 1,378.50 and then at this week's high of 1,391.00. 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: 1,350.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,371.15
1st Support:------ 1,363.80
2nd Support:------ 1,359.15
1st Resistance:--- 1,375.80
2nd Resistance:--- 1,383.15
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 neutral early today. Shorter-term technical support is located at 1,780.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at the February low of 1,757.25. On the upside, short-term resistance is seen at 1,800.00 and then at 1,830.00. 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: 1,785.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 1,794.20
1st Support:------ 1,793.35
2nd Support:------ 1,792.90
1st Resistance:--- 1,794.60
2nd Resistance:--- 1,795.40
June Dow: Sell stops likely reside just below support at 12,500 and then more stops just below support at this week's low of 12,430. Buy stops likely reside just above shorter-term technical resistance at Thursday's high of 12,620 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: 4.0
Today's key near-term Fibonacci support/resistance level: 12,302
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,599
1st Support:------ 12,577
2nd Support:------ 12,567
1st Resistance:--- 12,609
2nd Resistance:--- 12,631
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are solidly higher in early trading today. Bulls have gained fresh upside technical momentum just recently.
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 bullish early today. Shorter-term technical resistance lies at 118 8/32 and then at 118 16/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at 117 16/32. Sell stops likely reside just below that level. More sell stops are likely located below support at the overnight low of 117 3/32. Wyckoff's Intra-Day Market Rating: 8.0
Today's key near-term Fibonacci support/resistance level: 118 25/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 116 13/32
1st Support:----- 115 23/32
2nd Support:----- 114 13/32
1st Resistance:-- 117 23/32
2nd Resistance:-- 118 13/32
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bullish early today. Buy stops likely reside just above shorter-term technical resistance at 117.00.0 and then just above resistance at 117.08.0. Shorter-term moving averages are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at 116.16.0 and then more sell stops just below support at the overnight low of 116.07.5. Wyckoff's Intra Day Market Rating: 8.0
Today's key near-term Fibonacci support/resistance level: 116.15.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 115.19.0
1st Support:------ 115.01.0
2nd Support:------ 114.02.0
1st Resistance:--- 116.18.0
2nd Resistance:--- 117.04.0
