OVERNIGHT/EARLY MORNING DEVELOPMENTS

There is no real feature in overnight/early morning trading. Crude oil and gold are firmer. U.S. stock indexes are slightly higher and Treasuries are narrowly mixed in early trading. The U.S. dollar is firmer early.

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U.S. ECONOMIC REPORTS/EVENTS

On tap for today is the MBA refinancing index, the ADP jobs estimate, GDP and the second-quarter corporate profits estimate. The weekly DOE liquid energy stocks data is also due out today. Dallas Fed president Fisher speaks today. 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 some near-term technical momentum.

September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are turning bullish today. The 4-day moving average is back above the 9-day moving average. The 9-day is still above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish 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. Solid upside resistance for active traders today is located at this week’s and last week’s high of 1,307.50. Heavier 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:———— 1,303.30
1st Support:—— 1,299.10
2nd Support:—— 1,293.10
1st Resistance:— 1,309.30
2nd Resistance:— 1,313.50

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 bullish for today. Today, shorter-term technical support is located at Tuesday’s low of 1,556.00. Sell stops likely reside just below that level, and then more sell stops likely reside below support at last week’s low of 1,546.50. On the upside, short-term resistance is seen at Tuesday’s high of 1,581.00. Buy stops are likely located just above that level. Heavier buy stops are likely located just above resistance at the August high of 1,591.50. Wyckoff’s Intra-Day Market Rating: 6.5

PIVOT POINT LEVELS FOR NASDAQ:

Pivot:———— 1,571.00
1st Support:—— 1,561.00
2nd Support:—— 1,546.00
1st Resistance:— 1,586.00
2nd Resistance:— 1,596.00

September Dow: For today, sell stops likely reside just below support at Tuesday’s low of 11,310 and then more stops just below support at last week’s low of 11,275. Heavier buy stops likely reside just above solid shorter-term technical resistance at the August high of 11,415 and then more buy stops just above resistance at 11,450. Shorter-term moving averages are neutral today, as the 4-day moving average is below 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:———— 11,359
1st Support:—— 11,323
2nd Support:—— 11,274
1st Resistance:— 11,408
2nd Resistance:— 11,444

U.S. TREASURY BONDS AND NOTES

Prices are mixed 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 for today. Shorter-term technical resistance lies at Tuesday’s and the overnight high of 110 9/32. Buy stops likely lie just above that level. More buy stops likely reside just above technical resistance at 110 16/32. Shorter-term technical support lies at 110 even. Sell stops likely reside just below that level. More sell stops are likely located below support at Tuesday’s low of 109 17/32. Wyckoff’s Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR T-BONDS:

Pivot:———– 110 even
1st Support:—– 109 24/32
2nd Support:—– 109 8/32
1st Resistance:– 110 16/32
2nd Resistance:– 110 24/32

September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral for today. Buy stops likely reside just above shorter-term technical resistance at last week’s high of 107.03.0, and more buy stops are likely located just above resistance at 107.08.0. Shorter-term moving averages are turning bearish today. The 4-day moving average is above the 9-day, but is turning down. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at 106.27.0, and then more sell stops just below support at 106.19.0. Wyckoff’s Intra Day Market Rating: 5.0

PIVOT POINT LEVELS FOR T-NOTES:

Pivot:———— 106.27.0
1st Support:—— 106.21.0
2nd Support:—— 106.10.0
1st Resistance:— 107.06.0
2nd Resistance:— 107.12.0