Name: Jim Wyckoff 
Markets Quiet Ahead of FOMC Results
Wednesday, April 30--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no standout market feature in quieter overnight/early morning trading today, as traders await the outcome of the Federal Reserve's Federal Open Market Committee meeting this afternoon, in which the Fed is expected to cut interest rates by a quarter point.
* JIM'S MARKET THOUGHT OF THE DAY *
Today will be an extra important trading day in the markets. Today is not only the anticipated FOCM meeting announcement but also the last trading day of the month. Any market that produces a bullish monthly high close will gain technical strength, while any market that produces a bearish monthly low close will suffer chart damage.--Jim
U.S. STOCK INDEXES
The stock indexes are steady to slightly lower in early morning trading. Trading is quieter heading into the outcome of the FOMC meeting and ahead of the key U.S. jobs report on Friday morning.
June S&P 500: 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 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 the overnight low of 1,385.80. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,380.00. Upside resistance for active traders today is located at the overnight high of 1,394.70 and then at 1,400.00. 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: 1,388.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,392.50
1st Support:------ 1,386.05
2nd Support:------ 1,380.80
1st Resistance:--- 1,397.75
2nd Resistance:--- 1,404.20
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 and 18-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 1,928.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Tuesday's low of 1,918.00. On the upside, short-term resistance is seen at last week's high of 1,950.00 and then at 1,975.00. 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: 1,927.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 1,935.35
1st Support:------ 1,921.70
2nd Support:------ 1,904.35
1st Resistance:--- 1,952.70
2nd Resistance:--- 1,966.35
June Dow: Sell stops likely reside just below support at Tuesday's low of 12,795 and then more stops just below support at 12,740. Buy stops likely reside just above shorter-term technical resistance at Tuesday's high of 12,885 and then just above resistance at last week's high of 12,940. 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 bearish early today. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 12,734
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,835
1st Support:------ 12,786
2nd Support:------ 12,745
1st Resistance:--- 12,876
2nd Resistance:--- 12,925
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are firmer in early trading today. Look for active trading right after this afternoon's FOMC announcement.
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 and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance lies at 116 16/32 and then at 116 24/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 116 2/32 and then at 115 19/32. 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: 116 5/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 116 12/32
1st Support:----- 115 28/32
2nd Support:----- 115 15/32
1st Resistance:-- 116 25/32
2nd Resistance:-- 117 9/32
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 115.17.5 and then at 115.24.0. Shorter-term moving averages are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at 115.08.0 and then more sell stops just below support at 115.00.0. Wyckoff's Intra Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 115.10.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 115.16.0
1st Support:------ 115.07.0
2nd Support:------ 114.30.0
1st Resistance:--- 115.25.0
2nd Resistance:--- 116.02.0
