The U.S. stock indexes are lower in early morning trading today. The bears are gaining some downside near-term technical momentum as prices closed at a bearish weekly low close on Thursday.
S&P 500: The shorter-term moving averages (4-, 9- and 18- day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support comes in at the overnight low of 882.50 and then at 875.00. Sell stops likely reside just under those levels. Upside resistance for active traders today is located at the overnight high of 893.40 and then at 900.00. Buy stops are likely located just above those levels. Wyckoff’s Intra-day Market Rating: 4.0
Today’s key near-term Fibonacci support/resistance level: 904.00.
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:————- 901.90 1st Support:——– 884.20 2nd Support:——– 875.10 1st Resistance:—– 911.00 2nd Resistance:—– 928.70
Nasdaq Index: The shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical support is located at 1,425.00 and then at the June low of 1,411.00. Sell stops likely reside just below those levels. On the upside, short-term resistance is seen at 1,450.00 and then at 1,465.00. Buy stops are likely located just above those levels. Wyckoff’s Intra-Day Market Rating: 4.0
Today’s key near-term Fibonacci support/resistance level: 1,450.00
PIVOT POINT LEVELS FOR NASDAQ:
Pivot:———— 1,454.75 1st Support:—— 1,430.50 2nd Support:—— 1,415.75 1st Resistance:— 1,469.50 2nd Resistance:— 1,493.75
Dow: Sell stops likely reside just below support at 8,150 and then more stops just below support at 8,100. Buy stops likely reside just above shorter-term technical resistance at 8,200 and then at 8,250. Shorter-term moving averages are bearish early today, as the 4-day moving average is below the 9-day and 18-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Wyckoff’s Intra-Day Market Rating: 4.0
Today’s key near-term Fibonacci support/resistance level: 8,326
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:———— 8,272 1st Support:—— 8,204 2nd Support:—— 8,167 1st Resistance:— 8,309 2nd Resistance:— 8,377
