OVERNIGHT/EARLY MORNING DEVELOPMENTS

There is no real feature in overnight/early morning trading, amid quieter markets. U.S. stock indexes are firmer and Treasuries are narrowly mixed. Crude oil and gold prices are near steady levels.

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U.S. ECONOMIC REPORTS/EVENTS

On tap today is durable goods orders, weekly jobless claims, new home sales, USDA weekly export sales and the weekly DOE natural gas stocks report.

U.S. STOCK INDEXES

The indexes are slightly higher in early morning electronic trading. The bulls have faded a bit and trading has again become choppy.

September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still bullish today. However, the 4-day moving average is turning down for an early bearish warning signal, although still 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 neutral for today. Today, key shorter-term technical support comes in at Wednesday’s low of 1,291.70. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,285.00. Shorter-term upside resistance for active traders today is still located at 1,300.00. Buy stops are likely located just above that price level, and then heavier buy stops are likely located just above chart resistance at last week’s high of 1,307.50. Wyckoff’s Intra-day Market Rating: 5.0

PIVOT POINT LEVELS FOR S&P 500:

Pivot:———— 1,297.90
1st Support:—— 1,291.60
2nd Support:—— 1,285.40
1st Resistance:— 1,304.10
2nd Resistance:— 1,310.40

September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are turning bearish today. 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 neutral for today. Today, shorter-term technical support is located at Wednesday’s low of 1,548.00. Sell stops likely reside just below that level, and then more sell stops likely reside below support at 1,538.50. On the upside, short-term resistance is seen at Wednesday’s high of 1,577.00. Buy stops are likely located just above that level. Heavier buy stops are likely located just above resistance at last week’s high of 1,591.50. Wyckoff’s Intra-Day Market Rating: 5.0

PIVOT POINT LEVELS FOR NASDAQ:

Pivot:———— 1,561.00
1st Support:—— 1,545.25
2nd Support:—— 1,532.00
1st Resistance:— 1,574.25
2nd Resistance:— 1,590.00

September Dow: For today, sell stops likely reside just below support at Wednesday’s low of 11,282 and then more stops just below support at 11,250. Heavier 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:———— 11,335
1st Support:—— 11,281
2nd Support:—— 11,227
1st Resistance:— 11,389
2nd Resistance:— 11,443

U.S. TREASURY BONDS AND NOTES

Both notes and bond prices are firmer 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 neutral for today. Shorter-term technical resistance lies at this week’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 the overnight low of 109 24/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Wednesday’s low of 109 16/32. Wyckoff’s Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR T-BONDS:

Pivot:———– 109 25/32
1st Support:—– 109 19/32
2nd Support:—– 109 11/32
1st Resistance:– 110 even
2nd Resistance:– 110 7/32

September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral for today. Heavier buy stops likely reside just above shorter-term technical resistance at this week’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 Wednesday’s low of 106.23.0, 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:———— 106.28.0
1st Support:—— 106.25.0
2nd Support:—— 106.19.0
1st Resistance:— 107.02.0
2nd Resistance:— 107.05.0