OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading is higher gold and crude oil prices and a weaker U.S. dollar versus the other major currencies. The U.S. stock indexes are higher in early trading. U.S. Treasuries are also slightly higher.
U.S. ECONOMIC REPORTS/EVENTS
On tap today are the ICSC store sales index, Redbook retail sales, existing home sales, the Richmond Fed manufacturing index, and the Conference Board’s consumer confidence index.
U.S. STOCK INDEXES
The indexes are higher in early morning electronic trading, on follow-through strength from good gains posted Monday.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are turning more bullish. The 4-day moving average is above the 9-day. The 9-day is still below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish today. Today, key shorter-term technical support comes in 1,260.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,250.00. Shorter-term upside resistance for active traders today is at Monday’s and last week’s high of 1,269.00. Buy stops are likely located just above that price level, and more buy stops are likely located just above chart resistance at 1,280.00.
PIVOT POINT LEVELS FOR S&P 500:
Pivot:———— 1,260.00
1st Support:—— 1,251.00
2nd Support:—— 1,234.00
1st Resistance:— 1,276.50
2nd Resistance:— 1,285.50
September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are turning bullish. The 4-day is moving above the 9-day moving average. The 9-day moving average is still below the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish today. Today, shorter-term technical support is located at 1,475.00. Sell stops likely reside just below that level, and then heavier sell stops likely reside below solid support at the contract low of 1,458.00. On the upside, short-term resistance is seen at last week’s high of 1,510.00. Buy stops are likely located just above that level. More buy stops are then likely located just above resistance at 1,530.00.
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:———— 1,483.25
1st Support:—— 1,470.75
2nd Support:—— 1,447.25
1st Resistance:— 1,506.75
2nd Resistance:— 1,519.25
September Dow: For today, sell stops likely reside just below support at 11,000 and then more stops just below support at Monday’s low of 10,940. Buy stops likely reside just above shorter-term technical resistance at Monday’s high of 11,110 and then more buy stops just above resistance at 11,200. Shorter-term moving averages are turning bullish today, with the 4-day moving average above the 9-day today. The 9-day is moving average is still below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bullish today.
PIVOT POINT LEVELS FOR DOW:
Pivot:———— 11,151
1st Support:—— 10,991
2nd Support:—— 10,881
1st Resistance:— 11,161
2nd Resistance:— 11,221
U.S. TREASURY BONDS AND NOTES
Both notes and bond prices are slightly higher in early trading in Chicago. Bulls still have some near-term technical momentum following recent gains.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still fully bullish today. The 4-day moving average is still above the 9-day. The 9-day is still above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral today. Solid technical resistance lies at last week’s high of 108 5/32. Heavier buy stops likely lie just above that level. Heavier buy stops also likely reside just above solid technical resistance at the June high of 108 16/32. Shorter-term technical support lies at Monday’s low of 107 16/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 107 11/32.
PIVOT POINT LEVELS FOR T-BONDS:
Pivot:———– 107 23/32
1st Support:—– 107 15/32
2nd Support:—– 107 8/32
1st Resistance:– 107 30/32
2nd Resistance:– 108 6/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish today. Heavier buy stops likely reside just above solid technical resistance at last week’s high of 105.26.0, and then more heavy buy stops are likely located just above solid resistance at the June high of 106.03.5. Shorter-term moving averages are still fully bullish today. The 4-day moving average is still above the 9-day. The 9-day is still above the 18-day moving average. Sell stop orders are likely located just below support at Monday’s low of 105.12.5, and then more sell stops just below support at 105.08.0.
PIVOT POINT LEVELS FOR T-NOTES:
Pivot:———— 105.18.0
1st Support:—— 105.13.0
2nd Support:—— 105.09.0
1st Resistance:— 105.22.0
2nd Resistance:— 105.27.0
