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Stock Indexes, Treasuries Higher in Early Trading
September 29--Jim Wyckoff's Early Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is higher stock indexes and bond prices. Crude oil and gold are lower. The U.S. dollar is higher in early trading.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is personal income and spending, the Chicago purchasing managers index, and the University of Michigan consumer sentiment index. St. Louis Fed president Poole speaks today.
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading. Today is the last day of the quarter, and bulls look to be in a buying mood to end it.
December S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish 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 neutral for today. Today, shorter-term technical support comes in at Thursday's low of 1,343.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,340.00. Upside resistance for active traders today is located at Thursday's high of 1,350.30. Buy stops are likely located just above that price level, and then more buy stops are likely located just above chart resistance at the contract high of 1,352.00. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER S&P 500:
Pivot:------------ 1,346.90 1st Support:------ 1,343.50 2nd Support:------ 1,339.70 1st Resistance:--- 1,350.70 2nd Resistance:--- 1,354.10
December Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day moving average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support is located at Thursday's low of 733.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 725.00. On the upside, short-term resistance is seen at Thursday's high of 741.70. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at last week's high of 747.20. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER RUSSELL 2000:
Pivot:------------ 737.50 1st Support:------ 733.40 2nd Support:------ 729.35 1st Resistance:--- 741.60 2nd Resistance:--- 745.70
December Dow: For today, sell stops likely reside just below support at Thursday's low of 11,726 and then more stops just below support at 11,680. Buy stops likely reside just above shorter-term technical resistance at Thursday's high of 11,796 and then more buy stops just above resistance at the contract high of 11,830. Shorter-term moving averages are bullish, 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 to bullish for today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR DECEMBER DOW:
Pivot:------------ 11,764 1st Support:------ 11,731 2nd Support:------ 11,694 1st Resistance:--- 11,801 2nd Resistance:--- 11,834
U.S. TREASURY BONDS AND NOTES
Prices are higher in early trading in Chicago. Bulls have faded a bit and need to show power today.
December 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 and is above the 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish for today. Shorter-term technical resistance lies at 113 even. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at this week's high of 113 11/32. Shorter-term technical support lies at the overnigth low of 112 16/32. Sell stops likely reside just below that level. More sell stops are likely located below support at this week's low of 112 8/32. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER T-BONDS:
Pivot:----------- 112 16/32 1st Support:----- 112 6/32 2nd Support:----- 111 31/32 1st Resistance:-- 112 23/32 2nd Resistance:-- 113 1/32
December 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 108.16.0, and more buy stops are likely located just above resistance at this week's high of 108.24.0. Shorter-term moving averages are bullish for today. The 4-day moving average is above the 9-day and the 18-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at Thursday's low of 108.03.0, and then more sell stops just below support at 108.00.0. Wyckoff's Intra Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DECEMBER T-NOTES:
Pivot:------------ 108.08.0 1st Support:------ 108.02.0 2nd Support:------ 107.30.0 1st Resistance:--- 108.12.0 2nd Resistance:--- 108.18.0
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