Name: Jim Wyckoff 
U.S. Stock Indexes Near Steady Today
Monday, March 31--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no standout market feature in overnight/early morning trading today.
* JIM'S MARKET THOUGHT OF THE DAY *
Today is the last trading day of the month and of the quarter. So look for a more active trading day today as some traders and funds do some book-squaring. My bias is still that the raw commodity market bulls are in some near-term trouble as near-term technical damage has been inflicted in several commodity markets. Bear flags or bearish pennant chart formations are showing up on the daily bar charts for several commodities.--Jim
U.S. STOCK INDEXES
The stock indexes are near steady in early morning trading. Bears have the near-term technical advantage heading into some important U.S. economic data this week.
June S&P 500: The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support comes in at the overnight low of 1,309.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,300.00. Upside resistance for active traders today is located at the overnight high of 1,323.00 and then at 1,330.00. 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: 1,307.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,324.50
1st Support:------ 1,308.45
2nd Support:------ 1,298.00
1st Resistance:--- 1,334.95
2nd Resistance:--- 1,351.00
June Nasdaq Index: The shorter-term moving averages (4- 9-and 18-day) are still bullish early today. The 4-day moving average is above the 9-day but is turning down. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical support is located at the overnight low of 1,768.25. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 1,750.00. On the upside, short-term resistance is seen at Friday's high of 1,810.00 and then at last week's high of 1,840.00. 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: 1,756.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 1,786.35
1st Support:------ 1,762.70
2nd Support:------ 1,645.35
1st Resistance:--- 1,803.70
2nd Resistance:--- 1,827.35
June Dow: Sell stops likely reside just below support at Friday's low of 12,195 and then more stops just below support at 12,100. Buy stops likely reside just above shorter-term technical resistance at 12,300 and then just above resistance at Friday's high of 12,375. Shorter-term moving averages are still bullish early today, as the 4-day moving average is above the 9-day, but is turning down. 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: 12,149
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,269
1st Support:------ 12,162
2nd Support:------ 12,089
1st Resistance:--- 12,342
2nd Resistance:--- 12,449
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are firmer in early trading today. Neither the bulls nor the bears have much of an edge at present, in choppier trading conditions.
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 and 18-day. The 9-day is above the 18-day moving average but is turning down. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance lies at the overnight high of 118 31/32 and then at 119 20/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at 118 16/32 and then at 118 even. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 5.5
Today's key near-term Fibonacci support/resistance level: 118 13/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 118 13/32
1st Support:----- 117 25/32
2nd Support:----- 117 1/32
1st Resistance:-- 119 5/32
2nd Resistance:-- 119 25/32
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral 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 118.21.5 and then more sell stops just below support at 118.16.0. Wyckoff's Intra Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 117.23.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 118.18.0
1st Support:------ 118.07.0
2nd Support:------ 117.22.0
1st Resistance:--- 119.03.0
2nd Resistance:--- 119.14.0
