OVERNIGHT/EARLY MORNING DEVELOPMENTS

There has been no real feature in quieter overnight/early morning trading. Stock index prices are firmer and U.S. Treasury bonds are weaker. Crude and gold are higher in early dealings.

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U.S. ECONOMIC REPORTS/EVENTS

On tap today is import prices, retail sales, business inventories, and the USDA crop report.

U.S. STOCK INDEXES

The indexes are firmer in early morning electronic trading. We are now in the “dog days” of August, which likely means lackluster and trendless trading until the end of the month.

September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are turning bearish. The 4-day moving average is below the 9-day. The 9-day is still above the 18-day moving average, but is turning down. Short-term oscillators (RSI, slow stochastics) are bearish for today. Today, key shorter-term technical support comes in at 1,268.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Thursday’s low of 1,262.70. Shorter-term upside resistance for active traders today is located at Thursday’s and the overnight high of 1,277.00. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,280.00. Wyckoff’s Intra-day Market Rating: 5.0

PIVOT POINT LEVELS FOR S&P 500:

Pivot:———— 1,271.75
1st Support:—— 1,266.50
2nd Support:—— 1,257.50
1st Resistance:— 1,280.75
2nd Resistance:— 1,286.00

September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are turning bearish. The 4-day is below the 9-day and 18-day moving average. The 9-day moving average is still above the 18-day, but is turning down. Short-term oscillators (RSI, slow stochastics) are neutral to bearish for today. Today, shorter-term technical support is located at this week’s low of 1,482.00. Sell stops likely reside just below that level, and then more sell stops likely reside below support at 1,475.00. On the upside, short-term resistance is seen at Thursday’s high of 1,507.00. Buy stops are likely located just above that level. More buy stops are then likely located just above resistance at this week’s high of 1,515.00. Wyckoff’s Intra-Day Market Rating: 5.0

PIVOT POINT LEVELS FOR NASDAQ:

Pivot:———— 1,496.25
1st Support:—— 1,485.25
2nd Support:—— 1,473.25
1st Resistance:— 1,508.25
2nd Resistance:— 1,519.25

September Dow: For today, sell stops likely reside just below support at Thursday’s low of 11,071 and then more stops just below support at 11,100. Buy stops likely reside just above shorter-term technical resistance at Thursday’s high of 11,175 and then more buy stops just above resistance at 11,200. Shorter-term moving averages are bearish today, as the 4-day moving average is below the 18-day. The 9-day is moving average is above the 18-day moving average, but is turning down. Shorter-term oscillators (RSI, slow stochastics) are neutral for today. Wyckoff’s Intra-Day Market Rating: 5.0

PIVOT POINT LEVELS FOR DOW:

Pivot:———— 11,132
1st Support:—— 11,089
2nd Support:—— 11,028
1st Resistance:— 11,193
2nd Resistance:— 11,236

U.S. TREASURY BONDS AND NOTES

Both notes and bond prices are trading weaker in early trading in Chicago. Bulls are fading a bit and need a good day today.

September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are turning bearish today. The 4-day moving average is now below the 9-day. The 9-day is still above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish for today. Shorter-term technical resistance lies at the overnight high of 108 22/32. Buy stops likely lie just above that level. More buy stops likely reside just above technical resistance at 108 31/32. Shorter-term technical support lies at Thursday’s low of 108 8/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 108 even. Wyckoff’s Intra-Day Market Rating: 4.0

PIVOT POINT LEVELS FOR T-BONDS:

Pivot:———– 108 20/32
1st Support:—– 108 8/32
2nd Support:—– 107 29/32
1st Resistance:– 108 31/32
2nd Resistance:– 109 11/32

September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish for today. Buy stops likely reside just above shorter-term technical resistance at Thursday’s high of 106.16.5, and more buy stops are likely located just above resistance at this week’s high of 106.20.0. Shorter-term moving averages are still bullish today. However, the 4-day moving average is turning down. The 9-day is still above the 18-day moving average. Sell stop orders are likely located just below support at Thursday’s low of 106.03.0, and then more sell stops just below support at 105.24.0. Wyckoff’s Intra Day Market Rating: 4.0

PIVOT POINT LEVELS FOR T-NOTES:

Pivot:———— 106.10.0
1st Support:—— 106.04.0
2nd Support:—— 105.28.0
1st Resistance:— 106.18.0
2nd Resistance:— 106.24.0