OVERNIGHT/EARLY MORNING DEVELOPMENTS
There is no real feature in overnight/early morning trading. Crude oil and gold are higher. U.S. stock indexes are slightly higher and so are Treasuries. The U.S. dollar is weaker early.
U.S. ECONOMIC REPORTS/EVENTS
On tap for today is weekly jobless claims, weekly USDA export sales data, personal income and spending, the Chicago PMI index, the Conference Board’s help-wanted index, factory orders, the weekly DOE natural gas stocks report and the Kansas City Fed manufacturing index. Fed chairman Bernanke speaks in South Carolina and St. Louis Fed president Poole speaks in Tennessee. The big report this week is Friday’s U.S. jobs report.
U.S. STOCK INDEXES
The stock indexes are slightly higher in early morning electronic trading. Bulls this week have regained near-term technical momentum.
September 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 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 1,300.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this week’s low of 1,294.70. Upside resistance for active traders today is located at Wednesday’s high of 1,308.70. 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: 7.0
PIVOT POINT LEVELS FOR S&P 500:
Pivot:———— 1,306.00
1st Support:—— 1,303.25
2nd Support:—— 1,291.25
1st Resistance:— 1,308.00
2nd Resistance:— 1,310.50
September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are bullish today. The 4-day moving average is above the 9-day moving average. The 9-day moving average is still 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 1,573.00. Sell stops likely reside just below that level, and then more sell stops likely reside below support at this week’s low of 1,556.00. On the upside, short-term resistance is seen at the August high of 1,591.50. Heavier buy stops are likely located just above that level. More buy stops are likely located just above resistance at 1,600.00. Wyckoff’s Intra-Day Market Rating: 6.5
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:———— 1,581.50
1st Support:—— 1,576.00
2nd Support:—— 1,567.50
1st Resistance:— 1,590.00
2nd Resistance:— 1,595.50
September Dow: For today, sell stops likely reside just below support at Wednesday’s low of 11,368 and then more stops just below support at 11,310. Buy stops likely reside just above shorter-term technical resistance at Wednesday’s high of 11,420 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 moving above the 9-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: 7.0
PIVOT POINT LEVELS FOR DOW:
Pivot:———— 11,393
1st Support:—— 11,365
2nd Support:—— 11,341
1st Resistance:— 11,417
2nd Resistance:— 11,445
U.S. TREASURY BONDS AND NOTES
Prices are firmer in early trading in Chicago. The bulls still have near-term technical momentum and are still looking for more on the upside in the near term. However, some profit-taking pressure would not be surprising soon, ahead of Friday’s key jobs report.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are fully 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 to bullish for today. Shorter-term technical resistance lies at Wednesday’s high of 110 17/32. Buy stops likely lie just above that level. More buy stops likely reside just above technical resistance at 110 24/32. Shorter-term technical support lies at the overnight low of 110 10/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 even. Wyckoff’s Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR T-BONDS:
Pivot:———– 110 10/32
1st Support:—– 110 3/32
2nd Support:—– 109 28/32
1st Resistance:– 110 17/32
2nd Resistance:– 110 24/32
September 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 107.10.0, and more buy stops are likely located just above resistance at 107.16.0. 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 107.00.0, and then more sell stops just below support at Wednesday’s low of 106.28.5. Wyckoff’s Intra Day Market Rating: 7.0
PIVOT POINT LEVELS FOR T-NOTES:
Pivot:———— 107.03.0
1st Support:—— 106.30.0
2nd Support:—— 106.24.0
1st Resistance:— 107.09.0
2nd Resistance:— 107.14.0
