OVERNIGHT/EARLY MORNING DEVELOPMENTS
There was no major feature in overnight/early morning trading. Gold is near steady and crude oil prices are higher. The U.S. dollar is slightly lower versus the other major currencies. The U.S. stock indexes are narrowly mixed in early trading. U.S. Treasuries are lower.
U.S. ECONOMIC REPORTS/EVENTS
On tap today is the MBA refinancing index, the Chicago Fed national activity index, DOE liquid energy stocks data and the Federal Reserve’s beige book.
U.S. STOCK INDEXES
The indexes are narrowly mixed in early morning electronic trading, following modest gains on Tuesday.
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 and is poised to move above the 18-day. The 9-day is still below the 18-day moving average, but is turning north. Short-term oscillators (RSI, slow stochastics) are neutral to bullish today. Today, key shorter-term technical support comes in at Tuesday’s low of 1,262.60. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,250.00. Shorter-term upside resistance for active traders today is at Tuesday’s high of 1,278.80. Buy stops are likely located just above that price level, and heavier buy stops are likely located just above solid chart resistance at the July high of 1,289.70. Wyckoff’s Intra-day Market Rating: 6.5
PIVOT POINT LEVELS FOR S&P 500:
Pivot:———— 1,270.95
1st Support:—— 1,263.20
2nd Support:—— 1,254.85
1st Resistance:— 1,279.25
2nd Resistance:— 1,287.05
September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are turning bullish. The 4-day is above the 9-day moving average. The 9-day moving average is still below the 18-day, but is turning north. Short-term oscillators (RSI, slow stochastics) are neutral to bullish today. Today, shorter-term technical support is located at Tuesday’s low of 1,483.50. Sell stops likely reside just below that level, and then more sell stops likely reside below support at 1,475.00. On the upside, short-term resistance is seen at Tuesday high of 1,504.50. 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. Wyckoff’s Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:———— 1,493.50
1st Support:—— 1,482.25
2nd Support:—— 1,472.50
1st Resistance:— 1,503.25
2nd Resistance:— 1,514.50
September Dow: For today, sell stops likely reside just below support at Tuesday’s low of 11,046 and then more stops just below support at 11,000. Buy stops likely reside just above shorter-term technical resistance at Tuesday’s high of 11,175 and then more buy stops just above resistance at 11,200. Shorter-term moving averages are turning bullish today, with the 4-day moving average above the 9-day today. The 9-day is moving average is still below the 18-day moving average, but is turning back north. Shorter-term oscillators (RSI, slow stochastics) are bullish today. Wyckoff’s Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DOW:
Pivot:———— 11,113
1st Support:—— 11,050
2nd Support:—— 10,974
1st Resistance:— 11,189
2nd Resistance:— 11,252
U.S. TREASURY BONDS AND NOTES
Both notes and bond prices are weaker in early trading in Chicago. Bulls are fading.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still bullish today. However, the 4-day moving average is turning lower. The 9-day is still above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish today. Shorter-term technical resistance lies at the overnight high of 107 18/32. Buy stops likely lie just above that level. More buy stops also likely reside just above shorter-term technical resistance at 107 24/32. Shorter-term technical support lies at the overnight low of 107 7/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 107 even. Wyckoff’s Intra-Day Market Rating: 3
PIVOT POINT LEVELS FOR T-BONDS:
Pivot:———– 107 20/32
1st Support:—– 107 9/32
2nd Support:—– 107 1/32
1st Resistance:– 107 28/32
2nd Resistance:– 108 7/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 105.09.0, and then more buy stops are likely located just above shorter-term resistance at 105.18.0. Shorter-term moving averages are still bullish today. However, the 4-day moving average is turning down, which is an early bearish signal. The 9-day is still above the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 105.09.0, and then more sell stops just below support at 105.00.0. Wyckoff’s Intra Day Market Rating: 3.5
PIVOT POINT LEVELS FOR T-NOTES:
Pivot:———— 105.16.0
1st Support:—— 105.09.0
2nd Support:—— 105.05.0
1st Resistance:— 105.20.0
2nd Resistance:— 105.27.0
