OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading is weaker gold and crude oil prices and a stronger U.S. dollar versus the other major currencies. The U.S. stock indexes are higher in early trading. U.S. Treasuries are slightly lower.
U.S. ECONOMIC REPORTS/EVENTS
There are no major U.S. economic reports or government officials speaking events on tap today.
U.S. STOCK INDEXES
The indexes are higher in early morning electronic trading. Trading has turned choppier the past few sessions.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are turning more bullish. The 4-day moving average is above the 9-day. The 9-day is still below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish today. Today, key shorter-term technical support comes in at Friday’s low of 1,243.50. Sell stops likely reside just under that level. More sell stops likely reside under technical support at last week’s low of 1,231.00. Shorter-term upside resistance for active traders today is at the overnight high of 1,250.90. Buy stops are likely located just above that price level, and more buy stops are likely located just above chart resistance at Friday’s high of 1,260.00.
PIVOT POINT LEVELS FOR S&P 500:
Pivot:———— 1,249.50
1st Support:—— 1,239.00
2nd Support:—— 1,233.00
1st Resistance:— 1,255.50
2nd Resistance:— 1,266.00
September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are still bearish. The 4-day is below the 9-day and 18-day moving average. The 9-day moving average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish today. Today, shorter-term technical support is located at the contract low of 1,458.00. Heavier sell stops likely reside just below that level, and then more sell stops likely reside below support at 1,450.00. On the upside, short-term resistance is seen at Friday’s high of 1,486.00. Buy stops are likely located just above that level. More buy stops are then likely located just above resistance at last week’s high of 1,510.00.
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:———— 1,468.75
1st Support:—— 1,451.50
2nd Support:—— 1,441.75
1st Resistance:— 1,478.50
2nd Resistance:— 1,495.75
September Dow: For today, sell stops likely reside just below support at Friday’s low of 10,880 and then more stops just below support at 10,825. Buy stops likely reside just above shorter-term technical resistance at Friday’s high of 11,025 and then more buy stops just above resistance at last week’s high of 11,087. Shorter-term moving averages are still bearish today, but the 4-day moving average is poised to move above the 9-day today. The 9-day is moving below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bearish today.
PIVOT POINT LEVELS FOR DOW:
Pivot:———— 10,937
1st Support:—— 10,849
2nd Support:—— 10,792
1st Resistance:— 10,994
2nd Resistance:— 11,082
U.S. TREASURY BONDS AND NOTES
Both notes and bond prices are slightly lower in early trading in Chicago. Bulls still have near-term technical momentum heading into the new trading week.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still bullish today. The 4-day moving average is still above the 9-day. The 9-day is still above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish today. Shorter-term resistance lies at the overnight high of 107 25/32. Buy stops likely lie just above that level. Heavier buy stops likely reside just above solid technical resistance at Friday’s high of 108 4/32. Shorter-term technical support lies at of 107 11/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 107 even.
PIVOT POINT LEVELS FOR T-BONDS:
Pivot:———– 107 27/32
1st Support:—– 107 17/32
2nd Support:—– 107 12/32
1st Resistance:– 108 even
2nd Resistance:– 108 10/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish today. Buy stops likely reside just above resistance the overnight high of 105.19.0, and then heavier buy stops just above solid resistance at Friday’s high of 105.26.0. Shorter-term moving averages are still bullish today. The 4-day moving average is still above the 9-day. The 9-day is still above the 18-day moving average. Sell stop orders are likely located just below support at 105.08.0, and then more sell stops just below support at 105.00.0.
PIVOT POINT LEVELS FOR T-NOTES:
Pivot:———— 105.20.0
1st Support:—— 105.14.0
2nd Support:—— 105.10.0
1st Resistance:— 105.24.0
2nd Resistance:— 105.30.0
