Sign inJimWyckoff's Commentaries
Jim Wyckoff's Morning Blog--Wednesday
Wednesday, July 22--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is lower crude oil prices.
JIM'S MARKET THOUGHT OF THE DAY *
Many of you have received my free e-book, "Sharpening Your Trading Skills." It's a short read, but it is packed with valuable trading wisdom that I've gleaned from professional traders over the past 25 years. For those of you newer readers who have not read my book, I would be happy to email it to you. Just send me an email at jim@jimwyckoff.com and I'll attach the e-book and send it back to you.--Jim
U.S. STOCK INDEXES
The U.S. stock indexes are weaker in early morning trading today. Bulls still have upside near-term technical momentum on their side.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish early 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 bearish early today. Today, shorter-term technical support comes in at Tuesday's low of 939.70 and then at this week's low of 933.90. Sell stops likely reside just under those levels. Upside resistance for active traders today is located at Tuesday's high of 956.20 and then at 965.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 920.00.
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:------------- 949.80
1st Support:-------- 943.35
2nd Support:-------- 933.30
1st Resistance:----- 959.85
2nd Resistance:----- 966.30
Nasdaq Index: Prices hit a fresh nine-month high overnight. The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical support is located at the overnight low of 1,546.25 and then at 1,535.00. Sell stops likely reside just below those levels. On the upside, short-term resistance is seen at the overnight high of 1,559.50 and then at 1,565.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 1,494.00
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:------------ 1,545.35
1st Support:------ 1,536.70
2nd Support:------ 1,519.35
1st Resistance:--- 1,562.70
2nd Resistance:--- 1,571.35
September Dow: Sell stops likely reside just below support at 8,800 and then more stops just below support at 8,750. Buy stops likely reside just above shorter-term technical resistance at Tuesday's high of 8,890 and then at 8,950. Shorter-term moving averages are bullish early today, 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 bearish early today. Wyckoff's Intra-Day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 8,563
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 8,846
1st Support:------ 8,803
2nd Support:------ 8,719
1st Resistance:--- 8,930
2nd Resistance:--- 8,973
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are weaker in early trading today. The bears still have the near-term technical advantage, amid the recent rally in the U.S. stock market.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support lies at the overnight low of 117 26/32 and then at 117 16/32. Sell stops likely reside just below those levels. Shorter-term technical resistance lies at the overnight high of 118 15/32 and then at 119 even. Buy stops likely reside just above those levels. Wyckoff's Intra-Day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 118 13/32
September U.S. T-Bonds
138 27/32--lifetime high
121 1/32--100-day moving average
120 2/32--second pivot point resistance
119 8/32--Previous Month's high
119 6/32--first pivot point resistance
118 21/32--18-day moving average
118 15/32--previous day's high
118 10/32--previous day's close
118 9/32--9-day moving average
117 19/32--pivot point
117 8/32--4-day moving average
116 23/32--first pivot point support
116 --previous day's low
115 4/32--second pivot point support
111 21/32--previous month's low
110 8/32--lifetime low
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 117.28.0 and then at 118.00.0. Shorter-term moving averages are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 117.15.5 and then at 117.00.0. Wyckoff's Intra Day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 117.25.0
September U.S. T-Notes
125 24/32--lifetime high
119 --second pivot point resistance
118 24/32--100-day moving average
118 12/32--first pivot point resistance
118 1/32--previous day's high
117 24/32--previous day's close
117 16/32--9-day moving average
117 13/32--pivot point
117 6/32--18-day moving average
117 2/32--4-day moving average
116 25/32--first pivot point support
116 23/32--previous month's high
116 14/32--previous day's low
115 26/32--second pivot point support
112 25/32--previous month's low
109 --lifetime low
CURRENCIES
The September U.S. dollar index is weaker in early trading today. Bears still have the overall near-term technical edge. Slow stochastics for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at the overnight high of 79.22 and then at 79.50. Shorter-term support is seen at Tuesday's low of 78.74 and then at 78.50. Today's key near-term Fibonacci support/resistance level: 80.01. Wyckoff's Intra Day Market Rating: 4.5
The September Euro is slightly higher in early electronic trading. Bulls still have the overall near-term technical advantage. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.4169 and then at this week's low of 1.4109. Shorter-term technical resistance for the Euro is seen at 1.4250 and then at Tuesday's high of 1.4279. Buy stops likely reside just above those levels. Slow stochastics for the Euro are neutral early today. Today's key near-term Fibonacci support/resistance level: 1.4107. Wyckoff's Intra Day Market Rating: 5.5
GOLD
Gold is near steady in early dealings today. For August gold, shorter-term technical resistance is seen at the overnight high of $950.00 and then at this week's high of $955.40. Buy stops likely reside just above those levels. Sell stops likely reside just below support at the overnight low of $945.20 and then at $940.00. Today's key near-term Fibonacci support/resistance level: $936.00. Wyckoff's Intra-Day Market Rating: 5.0
CRUDE OIL
Crude oil prices are weaker early today. In September crude, look for buy stops to reside just above resistance at the overnight high of $65.35 and then just above resistance at $66.00. Look for sell stops just below technical support at the overnight low of $64.42 and then more sell stops just below support at $64.00. Today's key near-term Fibonacci support/resistance level: $63.93. Wyckoff's Intra-Day Market Rating: 4.5
GRAINS
Prices were narrowly mixed in overnight trading. Bears still have the overall near-term technical advantage in the grains. Any gains in corn and beans will continue to be limited by continued good growing weather in the U.S. Corn Belt. Weather is the trump card right now in the grain futures markets, and the bears are holding that card at the mid-summer point.
Tags:market-news, commodity-trading, currencies, dow-djia, energies, futures-trading, grains, interest-rates, metals, nasdaq, sp-500, education
Share
