Name: Jim Wyckoff 
U.S. Dollar Trades Near Steady Early
Thursday, March 27--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning
trading today are a steady U.S. dollar versus the
other major currencies. U.S. stock index futures
are firmer today.
* JIM'S MARKET THOUGHT OF THE DAY *
Here are my biases at present: I don’t think there
is much downside left in the U.S. dollar at present
price levels. And that would extrapolate to mean
that there is not much upside left in most of the
commodity futures markets that have rallied
strongly recently. I think the U.S. stock indexes
will chop in a trading range in the near term, but
with a weak bias. I think U.S. Treasuries are still
the safest game in town and that will limit their
downside. Another thing I’ve noticed: The livestock
futures seem to trade against the general price
trend of other commodity markets. So if gold, crude
and the grains begin to back down, then cattle and
hogs could see an uptrend develop.--Jim
U.S. STOCK INDEXES
The stock indexes are mixed in early morning
electronic trading. Looking at the daily chart, the
indexes have been trading mostly sideways at lower
price levels for the past two months. Bears still
have the slight 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
neutral early today. Today, shorter-term technical
support comes in at the overnight low of 1,332.30.
Sell stops likely reside just under that level.
More sell stops likely reside under shorter-term
technical support at this week’s low of 1,325.80.
Upside resistance for active traders today is
located at Wednesday’s high of 1,351.90 and then at
this week’s high of 1,361.00. 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: 1,321.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,340.45
1st Support:------ 1,329.00
2nd Support:------ 1,332.55
1st Resistance:--- 1,346.90
2nd Resistance:--- 1,358.35
June Nasdaq Index: The shorter-term moving averages
(4- 9-and 18-day) are bullish early today. The 4-
day moving average is above the 9-day. The 9-day
average is above the 18-day. Short-term oscillators
(RSI, slow stochastics) are neutral 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 1,783.00. On the
upside, short-term resistance is seen at
Wednesday’s high of 1,830.00 and then at this
week’s high of 1,840.00. 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: 1,778.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 1,815.40
1st Support:------ 1,800.85
2nd Support:------ 1,791.40
1st Resistance:--- 1,824.85
2nd Resistance:--- 1,839.40
June Dow: Sell stops likely reside just below
support at this week’s low of 12,336 and then more
stops just below support at 12,200. Buy stops
likely reside just above shorter-term technical
resistance at Wednesday’s high of 12,505 and then
just above resistance at this week’s high of
12,615. Shorter-term moving averages are bullish
early today, as the 4-day moving average is above
the 9-day. The 9-day moving average is above the
18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are bearish early today.
Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance
level: 12,251
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,421
1st Support:------ 12,337
2nd Support:------ 12,291
1st Resistance:--- 12,467
2nd Resistance:--- 12,551
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are weaker
in early trading. My bias is that the downside in
U.S. Treasuries is limited at present price levels
and that dips are still buying opportunities.
June U.S. T-Bonds: Shorter-term moving averages (4-
9- 18-day) are neutral early today. The 4-day
moving average is below the 9-day. The 9-day is
above the 18-day moving average. Oscillators (RSI,
slow stochastics) are bearish early today. Shorter-
term technical resistance lies at 118 24/32. Buy
stops likely reside just above that level. More buy
stops likely reside just above technical resistance
at 119 even. Shorter-term technical support lies at
this week’s low of 118 2/32. Sell stops likely
reside just below that level. More sell stops are
likely located below support at 117 24/32.
Wyckoff's Intra-Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance
level:118 28/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 119 2/32
1st Support:----- 118 17/32
2nd Support:----- 117 31/32
1st Resistance:-- 119 20/32
2nd Resistance:-- 120 5/32
June U.S. T-Notes: Shorter-term oscillators (RSI,
slow stochastics) are bearish early today. Buy
stops likely reside just above shorter-term
technical resistance at 119.00.0 and then just
above resistance at 119.08.0. Shorter-term moving
averages are neutral early today. The 4-day moving
average is below the 9-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
118.13.5 and then more sell stops just below
support at 118.00.0. Wyckoff's Intra Day Market
Rating: 5.0
Today's key near-term Fibonacci support/resistance
level: 118.21.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 118.23.0
1st Support:------ 118.15.0
2nd Support:------ 118.02.0
1st Resistance:--- 119.04.0
2nd Resistance:--- 119.12.0
