Name: Jim Wyckoff 
U.S. Dollar Stronger in Early Trading Today
Thursday, April 24--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is a stronger U.S. dollar and weaker U.S. stock indexes.
* JIM'S MARKET THOUGHT OF THE DAY *
The U.S. dollar is stronger in the early going today, on follow-through strength from gains on Wednesday. If today's gains in the greenback hold up by the end of the day, then the U.S. currency will have shown the rare ability to appreciate for two trading sessions in a row. That would give the dollar bulls some fresh upside momentum. And a weekly high close in the greenback on Friday would provide the dollar bulls even more upside technical momentum. We'll see.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in early morning trading, as the bulls are fading after recent strong gains.
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 1,368.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,358.00. Upside resistance for active traders today is located at the overnight high of 1,382.70 and then at this month's high of 1,398.00. 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: 1,370.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,380.40
1st Support:------ 1,371.35
2nd Support:------ 1,364.20
1st Resistance:--- 1,387.55
2nd Resistance:--- 1,396.60
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 and 18-day. 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 1,882.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at this week's low of 1,872.00. On the upside, short-term resistance is seen at this week's high of 1,922.00 and then at 1,950.00. 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: 1,866.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 1,904.90
1st Support:------ 1,889.85
2nd Support:------ 1,874.20
1st Resistance:--- 1,920.60
2nd Resistance:--- 1,935.70
June Dow: Sell stops likely reside just below support at Wednesday's low of 12,700 and then more stops just below support at this week's low of 12,655. Buy stops likely reside just above shorter-term technical resistance at 12,800 and then just above resistance at this week's high of 12,845. 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: 12,654
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,760
1st Support:------ 12,688
2nd Support:------ 12,628
1st Resistance:--- 12,820
2nd Resistance:--- 12,892
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are firmer in early trading today as the stock indexes are weaker. Bears have some near-term technical momentum on their side as downtrend lines are still in place on the daily bar charts.
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 early today. Shorter-term technical resistance lies at 117 10/32 and then at this week's high of 117 20/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 116 20/32 and then at this week's low of 116 4/32. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 117 6/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 116 31/32
1st Support:----- 116 9/32
2nd Support:----- 115 21/32
1st Resistance:-- 117 19/32
2nd Resistance:-- 118 9/32
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 this week's high of 116.17.5 and then at 116.25.5. 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 the overnight low of 115.27.5 and then more sell stops just below support at 115.16.0. Wyckoff's Intra Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 116.18.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 116.04.0
1st Support:------ 115.24.0
2nd Support:------ 115.15.0
1st Resistance:--- 116.13.0
2nd Resistance:--- 116.25.0
