OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in overnight/early morning trading, amid quieter markets. U.S. stock indexes and Treasuries are weaker, as is crude oil. Gold is trading near steady.
U.S. ECONOMIC REPORTS/EVENTS
On tap today is the MBA refinancing index, existing home sales, the Chicago Fed’s national activity index and the weekly DOE liquid energy stock report.
U.S. STOCK INDEXES
The indexes are slightly lower in early morning electronic trading. The bulls have faded a bit and need to show some power very soon.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still bullish today. The 4-day moving average is above the 9-day and 18-day moving average. The 9-day is still above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish for today. Today, key shorter-term technical support comes in at Tuesday’s low of 1,297.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,290.00. Shorter-term upside resistance for active traders today is still located at last week’s high of 1,307.50. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at 1,312.00. Wyckoff’s Intra-day Market Rating: 5.0
PIVOT POINT LEVELS FOR S&P 500:
Pivot:———— 1,301.50
1st Support:—— 1,297.65
2nd Support:—— 1,293.25
1st Resistance:— 1,305.95
2nd Resistance:— 1,309.90
September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are still bullish today. However, the 4-day moving average is now turning down, but is still 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 bearish for today. Today, shorter-term technical support is located at Tuesday’s low of 1,560.00. Sell stops likely reside just below that level, and then more sell stops likely reside below support at 1,550.00. On the upside, short-term resistance is still seen at last week’s high of 1,591.50. Heavier stops are likely located just above that level. More buy stops are then likely located just above resistance at 1,600.00. Wyckoff’s Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:———— 1,570.25
1st Support:—— 1,556.25
2nd Support:—— 1,546.25
1st Resistance:— 1,580.25
2nd Resistance:— 1,594.25
September Dow: For today, sell stops likely reside just below support at Tuesday’s low of 11,325 and then more stops just below support at 11,300. Buy stops likely reside just above shorter-term technical resistance at last week’s high of 11,415 and then more buy stops just above resistance at 11,450. Shorter-term moving averages are bullish today, as the 4-day moving average is above the 9- and 18-day. The 9-day is moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bearish for today. Wyckoff’s Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR DOW:
Pivot:———— 11,364
1st Support:—— 11,319
2nd Support:—— 11,279
1st Resistance:— 11,404
2nd Resistance:— 11,449
U.S. TREASURY BONDS AND NOTES
Both notes and bond prices are weaker in early trading in Chicago. The bulls have still near-term technical momentum and are looking for more on the upside in the near term.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish for today. Shorter-term technical resistance lies at Tuesday’s high of 110 even. Heavier buy stops likely lie just above that level. More buy stops likely reside just above technical resistance at 110 8/32. Shorter-term technical support lies at Tuesday’s low of 109 21/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 109 16/32. Wyckoff’s Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR T-BONDS:
Pivot:———– 109 27/32
1st Support:—– 109 21/32
2nd Support:—– 109 16/32
1st Resistance:– 110 even
2nd Resistance:– 110 6/32
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 Tuesday’s high of 107.02.5, and more buy stops are likely located just above resistance at 107.08.0. Shorter-term moving averages are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at Tuesday’s low of 106.26.5, and then more sell stops just below support at 106.19.0. Wyckoff’s Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR T-NOTES:
Pivot:———— 106.31.0
1st Support:—— 106.27.0
2nd Support:—— 106.23.0
1st Resistance:— 107.03.0
2nd Resistance:— 107.07.0
