OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading is a rebound in gold and crude oil prices. Treasuries are firmer and stock indexes are lower. The U.S. dollar is trading lower versus the other major currencies.
U.S. ECONOMIC REPORTS/EVENTS
There are no major economic reports on tap today.
U.S. STOCK INDEXES
The indexes are slightly lower in early morning electronic trading, on a corrective pullback following recent solid gains. The bulls still have some near-term upside technical momentum on their side.
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 and 18-day moving average. The 9-day is still above the 18-day moving average, but just barely. Short-term oscillators (RSI, slow stochastics) are bearish for today. Today, key shorter-term technical support comes in at Friday’s low of 1,296.80. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,290.00. Shorter-term upside resistance for active traders today is located at Friday’s high of 1,307.50. 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:———— 1,303.80
1st Support:—— 1,300.10
2nd Support:—— 1,293.10
1st Resistance:— 1,310.80
2nd Resistance:— 1,314.50
September Nasdaq: The shorter-term moving averages (4- 9- and 18-day) are bullish today. The 4-day is 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 bearish for today. Today, shorter-term technical support is located at Friday’s low of 1,563.50. Sell stops likely reside just below that level, and then more sell stops likely reside below support at 1,550.00. On the upside, short-term resistance is seen at last week’s high of 1,591.50. Heavier stops are likely located just above that level. More buy stops are then likely located just above resistance at 1,600.00. Wyckoff’s Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:———— 1,578.00
1st Support:—— 1,570.50
2nd Support:—— 1,556.00
1st Resistance:— 1,592.50
2nd Resistance:— 1,600.00
September Dow: For today, sell stops likely reside just below support at Friday’s low of 11,340 and then more stops just below support at 11,300. Buy stops likely reside just above shorter-term technical resistance at Friday’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 bullish for today. Wyckoff’s Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR DOW:
Pivot:———— 11,388
1st Support:—— 11,361
2nd Support:—— 11,314
1st Resistance:— 11,435
2nd Resistance:— 11,462
U.S. TREASURY BONDS AND NOTES
Both notes and bond prices are trading 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 to bullish for today. Shorter-term technical resistance lies at the overnight high of 109 26/32. Buy stops likely lie just above that level. Heavier buy stops likely reside just above technical resistance at 110 even. Shorter-term technical support lies at the overnight low of 109 18/32. Sell stops likely reside just below that level. More sell stops are likely located below support at Friday’s low of 109 8/32. Wyckoff’s Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR T-BONDS:
Pivot:———– 109 17/32
1st Support:—– 109 11/32
2nd Support:—– 109 3/32
1st Resistance:– 109 25/32
2nd Resistance:– 109 31/32
September U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish for today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 106.31.5, 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 the overnight low of 106.26.0, and then more sell stops just below support at Friday’s low of 106.19.0. Wyckoff’s Intra Day Market Rating: 8.0
PIVOT POINT LEVELS FOR T-NOTES:
Pivot:———— 106.25.0
1st Support:—— 106.22.0
2nd Support:—— 106.15.0
1st Resistance:— 107.00.0
2nd Resistance:— 107.03.0
