OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading was quiet markets ahead of this morning’s all-important U.S. jobs report. That report showed jobs growth at 113,000, which was weaker growth than pre-report market expectations, and the stock and Treasury markets showed an initial bullish response.
U.S. ECONOMIC REPORTS/EVENTS
On tap today was the U.S. jobs report. Also out today is the ECRI inflation gauge. Minneapolis Fed president Stern speaks today.
U.S. STOCK INDEXES
The indexes are higher in early morning electronic trading, following the bullish jobs data. Trading had been choppy this week, but bulls have been working prices up from their mid-July lows and they still have some near-term technical momentum on their side, and look to have a good day today.
September S&P 500: Prices hit a fresh two-month high in electronic trading, after the bullish jobs report. The shorter-term moving averages (4-, 9- and 18-day) are still bullish. The 4-day moving average is above the 9-day and 18-day moving average. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish for today. Today, key shorter-term technical support comes in at the overnight low of 1,284.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,280.00. Shorter-term upside resistance for active traders today is located at the June high of 1,302.00. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,310.00. Wyckoff’s Intra-day Market Rating: 9.0
PIVOT POINT LEVELS FOR S&P 500:
Pivot:———— 1,283.75
1st Support:—— 1,278.25
2nd Support:—— 1,269.50
1st Resistance:— 1,292.50
2nd Resistance:— 1,298.00
September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are bullish. The 4-day is above the 9-day and 18-day moving average. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish for today. Today, shorter-term technical support is located at the overnight low of 1,514.75. Sell stops likely reside just below that level, and then more sell stops likely reside below support at 1,500.00. On the upside, short-term resistance is seen at 1,550.00. Buy stops are likely located just above that level. More buy stops are then likely located just above resistance at 1,575.00. Wyckoff’s Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:———— 1,513.75
1st Support:—— 1,500.00
2nd Support:—— 1,478.75
1st Resistance:— 1,535.00
2nd Resistance:— 1,548.75
September Dow: For today, sell stops likely reside just below support at Thursday’s low of 11,285 and then more stops just below support at this week’s low of 11,250. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 11,353 and then more buy stops just above resistance at the June high of 11,395. Shorter-term moving averages fully bullish today, with the 4-day moving average above the 9-day and the 18-day today. The 9-day is moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bullish for today. Wyckoff’s Intra-Day Market Rating: 9.0
PIVOT POINT LEVELS FOR DOW:
Pivot:———— 11,251
1st Support:—— 11,202
2nd Support:—— 11,112
1st Resistance:— 11,341
2nd Resistance:— 11,390
U.S. TREASURY BONDS AND NOTES
Both notes and bond prices are solidly higher in early trading in Chicago, following a bullish U.S. jobs report. Prices have hit another fresh four-month high. The bulls have solid upside near-term technical momentum.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are fully bullish today. The 4-day moving average is above the 9-day and 18-day. The 9-day is still above the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish for today. Shorter-term technical resistance lies at today’s high of 109 9/32. Buy stops likely lie just above that level. More buy stops also likely reside just above technical resistance at 109 16/32. Shorter-term technical support lies at 109 even. Sell stops likely reside just below that level. More sell stops are likely located below support at today’s low of 108 16/32. Wyckoff’s Intra-Day Market Rating: 9.0
PIVOT POINT LEVELS FOR T-BONDS:
Pivot:———– 108 19/32
1st Support:—– 108 12/32
2nd Support:—– 108 1/32
1st Resistance:– 108 30/32
2nd Resistance:– 109 5/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bullish for today. Buy stops likely reside just above shorter-term technical resistance at today’s high of 106.19.5, and then more buy stops are likely located just above resistance at 107.00.0. Shorter-term moving averages are still fully bullish today. The 4-day moving average is above the 9-day and 18-day. The 9-day is still above the 18-day moving average. Sell stop orders are likely located just below support at 106.07.0, and then more sell stops just below support at today’s low of 106.02.0. Wyckoff’s Intra Day Market Rating: 9.0
PIVOT POINT LEVELS FOR T-NOTES:
Pivot:———— 106.05.0
1st Support:—— 106.00.0
2nd Support:—— 105.27.0
1st Resistance:— 106.10.0
2nd Resistance:— 106.15.0
