Friday, August 27--Jim Wyckoff's Morning Web Log

Note: I am out of the office today and my friend
and fellow trader/analyst Ken Seehusen produced my
morning report. The format is a bit different.
but I think you'll enjoy Ken's style, too. Jim

The STOCK INDEXES & MARKETS

The September NASDAQ 100 was higher overnight due
to short covering. Stochastics and the RSI are
oversold but remain neutral to bearish signaling
that sideways to lower prices are possible near-
term. If September extends this month's decline,
July's low crossing at 1698.00 is the next downside
target. Closes above the 20-day moving average
crossing at 1842.20 are needed to confirm that a
short-term low has been posted. First resistance is
the 10-day moving average crossing at 1805.75.
Second resistance is the 20-day moving average
crossing at 1842.20. First support is Wednesday's
low crossing at 1756.75. Second support is July's
low crossing at 1698.00. The September NASDAQ 100
was up 7.75 pts. at 1775.25 as of 5:52 AM CST.
Overnight action sets the stage for a higher
opening by September NASDAQ 100 when the day
session begins later this morning.

The September S&P 500 index was higher overnight
due to short covering. Stochastics and the RSI are
oversold and are turning neutral to bullish
hinting that a short-term low might be in or is
near. However, closes above the 20-day moving
average crossing at 1087.54 are needed to confirm
that a short-term low has been posted. If September
extends this month's decline, July's low crossing
at 1003.10 is the next downside target. First
resistance is the 10-day moving average crossing at
1065.75. Second resistance is the 20-day moving
average crossing at 1087.54. First support is
Wednesday's low crossing at 1038.00. Second support
is July's low crossing at 1003.10. The September
S&P 500 Index was up 3.40 pts. at 1048.20 as of
5:54 AM CST. Overnight action sets the stage for a
higher opening by the September S&P 500 index when
the day session begins later this morning.

INTEREST RATES

September T-bonds were higher overnight as it
extends this summer's rally. Stochastics and the
RSI are overbought but remain neutral to bullish
signaling that additional short-term gains are
possible. If September extends this year's rally,
the 87% retracement level of the 2008-2009-decline
on the weekly continuation chart crossing at 138-02
is the next upside target. Closes below the 20-day
moving average crossing at 132-02 would confirm
that a short-term top has been posted. First
resistance is Wednesday's high crossing at 136-31.
Second resistance is the 87% retracement level of
the 2008-2009-decline on the weekly continuation
chart crossing at 138-02. First support is the 10-
day moving average crossing at 134-18. Second
support is the 20-day moving average crossing at
132-02.

ENERGY MARKETS

October crude oil was higher due to short covering
overnight as it consolidates some of this month's
decline. Stochastics and the RSI are
turning bullish hinting that a short-term low might
be in or is near. Closes above the 20-day moving
average crossing at 77.23 are needed to confirm
that a short-term low has been posted. If October
extends this month's decline, May's low crossing at
70.35 is the next downside target. First resistance
is the 10-day moving average crossing at 74.03.
Second resistance is the 20-day moving average
crossing at 77.23. First support is Wednesday's low
crossing at 70.76. Second support is May's low
crossing at 70.35.

CURRENCIES

The September Dollar was steady to slightly higher
overnight as it consolidates some of Thursday's
decline. Stochastics and the RSI are overbought and
are turning neutral to bearish hinting that a
short-term top might be in or is near. Closes below
the 20-day moving average crossing at 82.14 would
temper the near-term friendly outlook. If September
extends this month's rally, the reaction high
crossing at 84.73 is the next upside target. First
resistance is Tuesday's high crossing at 83.64.
Second resistance is the reaction high crossing at
84.73. First support is the 10-day moving average
crossing at 82.87. Second support is the 20-day
moving average crossing at 82.14.

PRECIOUS METALS

October gold was higher overnight as it
consolidates around the 75% retracement level of
the June-July decline crossing at 1239.60.
Stochastics and the RSI are overbought, diverging
but are neutral to bullish hinting that additional
strength is possible near-term. If October extends
the rally off July's low, the 87% retracement level
of the June-July decline crossing at 1253.30 is the
next upside target. Closes below the 20-day moving
average crossing at 1215.50 would confirm that a
short-term top has been posted. First resistance is
Thursday's high crossing at 1244.50. Second
resistance is the 87% retracement level of the
June-July decline crossing at 1253.30. First
support is the 10-day moving average crossing at
1231.80. Second support is the 20-day moving
average crossing at 1215.50.

GRAINS

December corn was higher overnight as it extends
Thursday's rally. Given the strong export demand
along with disappointing early harvest results in
the southern Corn Belt, traders are becoming
concerned that this year's corn crop might fall
short of the latest USDA and private corn crop
estimates. If these fears are confirmed later this
fall, carryout for next year will tighten even
further forcing the market to move higher to bid
additional corn acres to be planted next spring in
the U.S. The high-range close overnight sets the
stage for a steady to higher opening when the day
session begins. The late-week rally has turned
stochastics and the RSI bullish signaling that
sideways to higher prices are possible near-term.
If December extends the rally off June's low, last
fall's high on the weekly chart crossing at 4.52 is
the next upside target. Closes below Tuesday's low
crossing at 4.15 1/4 would confirm that a short-
term top has been posted. First resistance is this
month's high crossing at 4.38 3/4. Second
resistance is last fall's high on the weekly chart
crossing at 4.52. First support is Tuesday's low
crossing at 4.15 1/4. Second support is the
reaction low crossing at 4.05 3/4.

December wheat was higher due to short covering
overnight as it consolidates some of Wednesday's
decline. The mid-range close sets the stage for a
steady to higher opening when the day session
begins trading later this morning. Stochastics and
the RSI are oversold but remain neutral to bearish
signaling that sideways to lower prices are
possible near-term. If December extends
this month's decline, the 50% retracement level of
this summer's rally crossing at 6.70 1/2 is the
next downside target. Closes above the reaction
high crossing at 7.32 would confirm that a short-
term low has been posted. First resistance is the
20-day moving average crossing at 7.21. Second
resistance is the reaction high crossing at 7.32.
First support is last Tuesday's low crossing at
6.77 1/2. Second support is the 50% retracement
level of this summer's rally crossing at 6.70 1/2.

November soybeans were higher overnight as it
extends Thursday's short covering rally. Strong
export demand along with concerns over the size of
this year's soybean crop due to sudden death
syndrome are providing support for the late-week
rebound. The high-range overnight close sets the
stage for a steady to higher opening when the day
session begins later this morning. Stochastics and
the RSI are oversold and are turning bullish
hinting that a low might be in or is near. Closes
above the 20-day moving average crossing at 10.20
3/4 would confirm that a short-term low has been
posted. If November renews this month's decline,
the 38% retracement level of the June-August rally
crossing at 9.87 1/4 is the next downside target.
First resistance is the 20-day moving average
crossing at 10.20 3/4. Second resistance is this
month's high crossing at 10.49. First support is
Tuesday's low crossing at 9.93 3/4. Second support
is the 38% retracement level of the June-August
rally crossing at 9.87 1/4.

Wednesday, August 25-Jim Wyckoff's Morning Web Log

***NOTE: There will be no morning report from me on
Thursday, as I will be traveling most of the day.

JIM'S MARKET THOUGHT OF THE DAY *

Tuesday's U.S. existing home sales report that
showed a very sharp decline in sales in July is yet
another warning that the next few months could see
some strong headwinds for the U.S. economy and for
the U.S. stock market. The U.S. stock indexes will
continue to be the major "outside market" for which
many other markets will track very closely.--Jim

U.S. STOCK INDEXES

S&P 500 futures: 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
neutral to bearish early today. Today, shorter-term
technical resistance comes in at the overnight high
of 1,055.50 and then at Tuesday's high of 1,065.70.
Buy stops likely reside just above those levels.
Downside support for active traders today is
located at Tuesday's low of 1,044.30 and then at
the May low of 1,036.60. Sell stops are likely
located just below those levels. Wyckoff's Intra-
day Market Rating: 4.5

Nasdaq index futures: The shorter-term moving
averages (4- 9-and 18-day) are bearish early today.
The 4-day moving average is below the 9-day. The 9-
day average is below the 18-day. Short-term
oscillators (RSI, slow stochastics) are neutral to
bearish early today. Shorter-term technical
resistance is located at the overnight high of
1,781.50 and then at 1,790.00. Buy stops likely
reside just above those levels. On the downside,
short-term support is seen at Tuesday's low of
1,766.00 and then at 1,750.00. Sell stops are
likely located just below those levels. Wyckoff's
Intra-Day Market Rating: 4.5

Dow futures: Sell stops likely reside just below
support at 10,000 and then more stops just below
support at Tuesday's low of 9,975. Buy stops likely
reside just above technical resistance at Tuesday's
high of 10,090 and then at 10,150. Shorter-term
moving averages are bearish early today, as the 4-
day moving average is below the 9-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: 4.5

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Shorter-term moving
averages (4- 9- 18-day) are bullish early today.
The 4-day moving average is above the 9-day and 18-
day. The 9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term resistance lies at the
overnight contract high of 136 even and then at 136
16/32. Buy stops likely reside just above those
levels. Shorter-term technical support lies at the
overnight low of 135 14/32 and then at 135 even.
Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 7.0

SEPTEMBER U.S. T-Bonds

137 7/32--second pivot point resistance
136 17/32--first pivot point resistance
136 1/32--lifetime high
136 1/32--previous day's high
135 26/32--previous day's close
135 10/32--pivot point
134 20/32--first pivot point support
134 18/32--4-day moving average
134 4/32--previous day's low
133 16/32--9-day moving average
133 13/32--second pivot point support
132 17/32--Previous Month's high
131 8/32--18-day moving average
125 7/32--previous month's low
123 27/32--100-day moving average
111 1/32--lifetime low

September U.S. T-Notes: Shorter-term oscillators
(RSI, slow stochastics) are neutral to bullish
early today. Buy stops likely reside just above
shorter-term technical resistance at the contract
high of 126.24.0 and then at 127.00.0. Shorter-term
moving averages are bullish early 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 126.06.5 and then at 126.00.0.
Wyckoff's Intra Day Market Rating: 6.0

SEPTEMBER U.S. T-Notes

127 11/32--second pivot point resistance
126 28/32--first pivot point resistance
126 24/32--lifetime high
126 24/32--previous day's high
126 14/32--previous day's close
126 10/32--pivot point
125 29/32--4-day moving average
125 27/32--first pivot point support
125 25/32--9-day moving average
125 23/32--previous day's low
125 9/32--second pivot point support
125 1/32--18-day moving average
123 28/32--previous month's high
121 14/32--previous month's low
120 13/32--100-day moving average
110 13/32--lifetime low

U.S. DOLLAR INDEX

The September U.S. dollar index is firmer in early
trading. Bulls still have some upside bullish
momentum. Slow stochastics for the dollar index are
neutral early today. The dollar index finds
shorter-term technical resistance at 84.00 and then
at 84.25. Shorter-term support is seen at the
overnight low of 83.40 and then at 83.00. Wyckoff's
Intra Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading near steady early
today as prices hit a fresh three-month low on
Tuesday. Bears still have downside near-term
technical momentum. In October crude, look for buy
stops to reside just above resistance at $72.00 and
then at the overnight high of $72.37. Look for sell
stops just below technical support at the overnight
low of $71.32 and then at $71.00. Wyckoff's Intra-
Day Market Rating: 4.0

GRAINS

Prices were steady to firmer in overnight trading.
The markets saw a corrective bounce from selling
pressure on Tuesday. The grain market bulls are
fading. The key "outside markets" are in a mildly
bearish posture for the grains this morning: the
U.S. dollar index is firmer, while crude oil and
the U.S. stock indexes are slightly lower.

Tuesday, August 24-Jim Wyckoff's Morning Web Log

JIM'S MARKET THOUGHT OF THE DAY *

Most commodity markets are under selling pressure
early Tuesday, being led lower by slumping European
and U.S. stock markets, amid worries about world
economic weakness in the coming months. There are
compelling clues that the commodity markets will
experience stiff headwinds in the coming months--
with a major clue being the extremely low U.S.
Treasury yields at present, which do hint at
commodity price deflation.--Jim

U.S. STOCK INDEXES

S&P 500 futures: 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
resistance comes in at the overnight high of
1,065.70 and then at Monday's high of 1,080.20. Buy
stops likely reside just above those levels.
Downside support for active traders today is
located at 1,050.80 and then at the May low of
1,036.60. Sell stops are likely located just below
those levels. Wyckoff's Intra-day Market Rating:
4.0

Nasdaq index futures: The shorter-term moving
averages (4- 9-and 18-day) are bearish early today.
The 4-day moving average is below the 9-day. The 9-
day average is below the 18-day. Short-term
oscillators (RSI, slow stochastics) are bearish
early today. Shorter-term technical resistance is
located at the overnight high of 1,810.25 and then
at 1,825.00. Buy stops likely reside just above
those levels. On the downside, short-term support
is seen at the overnight low of 1,792.25 and then
at 1,780.00. Sell stops are likely located just
below those levels. Wyckoff's Intra-Day Market
Rating: 4.0

Dow futures: Sell stops likely reside just below
support at 10,050 and then more stops just below
support at 10,000. Buy stops likely reside just
above technical resistance at 10,144 and then at
10,200. Shorter-term moving averages are bearish
early today, as the 4-day moving average is below
the 9-day. The 9-day moving average is below the
18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are neutral early today.
Wyckoff's Intra-Day Market Rating: 4.0

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Shorter-term moving
averages (4- 9- 18-day) are bullish early today.
The 4-day moving average is above the 9-day and 18-
day. The 9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term resistance lies at the
overnight contract high of 135 7/32 and then at 135
16/32. Buy stops likely reside just above those
levels. Shorter-term technical support lies at 135
even and then at 134 16/32. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day
Market Rating: 8.0

SEPTEMBER U.S. T-Bonds

135 7/32--lifetime high
134 24/32--second pivot point resistance
134 15/32--first pivot point resistance
134 11/32--previous day's high
134 7/32--previous day's close
134 3/32--pivot point
133 31/32--4-day moving average
133 26/32--first pivot point support
133 22/32--previous day's low
133 14/32--second pivot point support
133 1/32--9-day moving average
132 17/32--Previous Month's high
130 25/32--18-day moving average
125 7/32--previous month's low
123 20/32--100-day moving average
111 1/32--lifetime low

September U.S. T-Notes: Shorter-term oscillators
(RSI, slow stochastics) are neutral to bullish
early today. Buy stops likely reside just above
shorter-term technical resistance at the contract
high of 126.08.0 and then at 126.16.0. Shorter-term
moving averages are bullish early 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 126.00.0
and then at the overnight low of 125.23.0.
Wyckoff's Intra Day Market Rating: 8.0

SEPTEMBER U.S. T-Notes

126 8/32--lifetime high
126 5/32--second pivot point resistance
125 30/32--first pivot point resistance
125 26/32--previous day's high
125 24/32--previous day's close
125 23/32--4-day moving average
125 22/32--9-day moving average
125 20/32--pivot point
125 13/32--first pivot point support
125 9/32--previous day's low
125 3/32--second pivot point support
124 27/32--18-day moving average
123 28/32--previous month's high
121 14/32--previous month's low
120 9/32--100-day moving average
110 13/32--lifetime low

U.S. DOLLAR INDEX

The September U.S. dollar index is higher in early
trading. Bulls have regained upside bullish
momentum as prices hit a fresh six-week high
overnight. Slow stochastics for the dollar index
are bullish early today. The dollar index finds
shorter-term technical resistance at 84.00 and then
at 84.25. Shorter-term support is seen at the
overnight low of 83.73 and then at 83.50. Wyckoff's
Intra Day Market Rating: 6.5

CRUDE OIL

Crude oil prices are trading lower early today and
hit a fresh three-month low overnight. Bears have
downside near-term technical momentum. In October
crude, look for buy stops to reside just above
resistance at the overnight high of $73.05 and then
at $73.50. Look for sell stops just below technical
support at $72.00 and then at $71.50. Wyckoff's
Intra-Day Market Rating: 4.0

GRAINS

Prices were lower in overnight trading. The key
"outside markets" are in a bearish posture for the
grains this morning: the U.S. dollar index is
higher, while crude oil and the U.S. stock indexes
are lower. The generally weak posture of the
commodity sector today also does not bode well for
the grain market bulls.

Monday, August 23-Jim Wyckoff's Morning Web Log

JIM'S MARKET THOUGHT OF THE DAY *

Markets are generally quiet to start the trading
week. We are nearing the end of the "dog days of
summer." Next week will likely be another quieter,
lower-volume trading week, heading into the U.S.
Labor Day holiday. In early September, look for
market activity to heat up significantly, as
traders in the U.S. and Europe get back to serious
business, following summertime vacations.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages
(4-, 9- and 18-day) are still 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
neutral early today. Today, shorter-term technical
resistance comes in at 1,085.00 and then at last
week's high of 1,098.50. Buy stops likely reside
just above those levels. Downside support for
active traders today is located at the overnight
low of 1,068.80 and then at last week's low of
1,061.80. Sell stops are likely located just below
those levels. Wyckoff's Intra-day Market Rating:
5.5

Nasdaq index futures: The shorter-term moving
averages (4- 9-and 18-day) are neutral early today.
The 4-day moving average is above the 9-day. The 9-
day average is below the 18-day. Short-term
oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term technical resistance is
located at 1,850.00 and then at last week's high of
1,862.25. Buy stops likely reside just above those
levels. On the downside, short-term support is seen
at the overnight low of 1,824.50 and then at
Friday's low of 1,808.50. Sell stops are likely
located just below those levels. Wyckoff's Intra-
Day Market Rating: 5.5

Dow futures: Sell stops likely reside just below
support at 10,200 and then more stops just below
support at 10,150. Buy stops likely reside just
above technical resistance at 10,250 and then at
10,300. Shorter-term moving averages are still
bearish early today, as the 4-day moving average is
below the 9-day. The 9-day moving average is below
the 18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are neutral early today.
Wyckoff's Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Shorter-term moving
averages (4- 9- 18-day) are bullish early today.
The 4-day moving average is above the 9-day and 18-
day. The 9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term resistance lies at the
overnight high of 134 9/32 and then at 134 16/32.
Buy stops likely reside just above those levels.
Shorter-term technical support lies at the
overnight low of 133 27/32 and then at 133 16/32.
Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 5.5

SEPTEMBER U.S. T-Bonds

135 7/32--lifetime high
135 22/32--second pivot point resistance
135 7/32--previous day's high
134 27/32--first pivot point resistance
134 12/32--pivot point
134 --previous day's close
133 29/32--previous day's low
133 21/32--4-day moving average
133 17/32--first pivot point support
133 2/32--second pivot point support
132 17/32--9-day moving average
132 17/32--Previous Month's high
130 12/32--18-day moving average
125 7/32--previous month's low
123 14/32--100-day moving average
111 1/32--lifetime low

September U.S. T-Notes: Shorter-term oscillators
(RSI, slow stochastics) are neutral early today.
Buy stops likely reside just above shorter-term
technical resistance at the overnight high of
125.20.0 and then at 126.00.0. Shorter-term moving
averages are neutral early today. The 4-day moving
average is below the 9-day. The 9-day is above the
18-day moving average. Sell stop orders are likely
located just below support at last week's low of
125.06.5 and then at 125.00.0. Wyckoff's Intra Day
Market Rating: 5.0

SEPTEMBER U.S. T-Notes

126 18/32--second pivot point resistance
126 8/32--lifetime high
126 8/32--previous day's high
126 1/32--first pivot point resistance
125 24/32--pivot point
125 22/32--4-day moving average
125 20/32--9-day moving average
125 17/32--previous day's close
125 14/32--previous day's low
125 7/32--first pivot point support
124 30/32--second pivot point support
124 22/32--18-day moving average
123 28/32--previous month's high
121 14/32--previous month's low
120 5/32--100-day moving average
110 13/32--lifetime low

U.S. DOLLAR INDEX

The September U.S. dollar index is slightly lower
in early trading. Bulls have regained upside
bullish momentum after producing a bullish weekly
high close on Friday. Slow stochastics for the
dollar index are bullish early today. The dollar
index finds shorter-term technical resistance at
the overnight high of 83.24 and then at last week's
high of 83.43. Shorter-term support is seen at
82.75 and then at 82.50. Wyckoff's Intra Day Market
Rating: 4.5

CRUDE OIL

Crude oil prices are trading slightly higher early
today after hitting a fresh six-week low and
closing at a bearish weekly low close on Friday.
Bears still have some downside technical momentum.
In October crude, look for buy stops to reside just
above resistance at $74.50 and then at $75.00. Look
for sell stops just below technical support at last
week's low of $73.44 and then at $73.00. Wyckoff's
Intra-Day Market Rating: 5.5

GRAINS

Prices were firmer in overnight trading. The key
"outside markets" are in a slightly bullish posture
for the grains this morning: the U.S. dollar index
is weaker, while crude oil and the U.S. stock
indexes are slightly higher. Soybean market bulls
have faded recently, but the corn bulls still have
some upside near-term technical momentum. Wheat has
seen choppy trading, but it still appears a market
top is in place in wheat.

Wednesday, June 9-Jim Wyckoff's Morning Web Log

JIM'S MARKET THOUGHT OF THE DAY *

Here are my market biases at present: Crude oil has
made or is near a bottom, and so are the grains and
U.S. stock indexes. Gold has more room to run on
the upside and so does the U.S. dollar index.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages
(4-, 9- and 18-day) are bearish early today. The 4-
day moving average is below the 9-day. The 9-day is
below the 18-day moving average. Short-term
oscillators (RSI, slow stochastics) are neutral
early today. Today, shorter-term technical support
comes in at the overnight low of 1,052.80 and then
at this week's low of 1,041.20. Sell stops likely
reside just under those levels. Upside resistance
for active traders today is located at this week's
high of 1,070.70 and then at 1,080.00. Buy stops
are likely located just above those levels.
Wyckoff's Intra-day Market Rating: 5.5

Nasdaq index futures: The shorter-term moving
averages (4- 9-and 18-day) are bearish early today.
The 4-day moving average is below the 9-day. The 9-
day average is below the 18-day. Short-term
oscillators (RSI, slow stochastics) are neutral to
bearish early today. Shorter-term technical
resistance is located at 1,800.00 and then at
Tuesday's high of 1,815.25. Buy stops likely reside
just above those levels. On the downside, short-
term support is seen at the overnight low of
1,782.00 and then at this week's low of 1,770.00.
Sell stops are likely located just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

Dow futures: Sell stops likely reside just below
support at 9,900 and then more stops just below
support at 9,850. Buy stops likely reside just
above technical resistance at 9,970 and then at
10,000. Shorter-term moving averages are bearish
early today, as the 4-day moving average is below
the 9-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: 5.5

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Shorter-term moving
averages (4- 9- 18-day) are bullish early 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 bearish
early today. Shorter-term resistance lies at the
overnight high of 124 17/32 and then at this week's
high of 125 even. Buy stops likely reside just
above those levels. Shorter-term technical support
lies at 124 even and then at this week's low of 123
22/32. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 4.5

SEPTEMBER U.S. T-Bonds

126 5/32--lifetime high
126 5/32--Previous Month's high
125 10/32--second pivot point resistance
124 31/32--previous day's high
124 27/32--first pivot point resistance
124 15/32--pivot point
124 11/32--previous day's close
124 4/32--previous day's low
124 --first pivot point support
123 23/32--4-day moving average
123 20/32--second pivot point support
123 7/32--9-day moving average
122 29/32--18-day moving average
117 18/32--previous month's low
117 3/32--100-day moving average
111 1/32--lifetime low

September U.S. T-Notes: Shorter-term oscillators
(RSI, slow stochastics) are neutral to bearish
early today. Buy stops likely reside just above
shorter-term technical resistance at the overnight
high of 121.00.5 and then at this week's high of
121.07.5. Shorter-term moving averages are bullish
early 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 this week's low of 120.13.5 and
then at 120.00.0. Wyckoff's Intra Day Market
Rating: 4.5

SEPTEMBER U.S. T-Notes

121 20/32--lifetime high
121 20/32--previous month's high
121 12/32--second pivot point resistance
121 6/32--previous day's high
121 4/32--first pivot point resistance
120 29/32--pivot point
120 27/32--previous day's close
120 23/32--previous day's low
120 21/32--first pivot point support
120 14/32--second pivot point support
120 14/32--4-day moving average
120 3/32--9-day moving average
119 25/32--18-day moving average
116 5/32--previous month's low
116 5/32--100-day moving average
110 13/32--lifetime low

U.S. DOLLAR INDEX

The September U.S. dollar index is trading weaker
in early trading, on more profit taking after
prices hit a fresh 14-month high on Monday. Dollar
index bulls still have the solid overall near-term
technical advantage. Slow stochastics for the
dollar index are bearish early today. The dollar
index finds shorter-term technical resistance at
the overnight high of 88.90 and then at Tuesday's
high of 89.10. Shorter-term support is seen at
88.25 and then at 88.00. Wyckoff's Intra Day Market
Rating: 4.5

CRUDE OIL

Crude oil prices are higher early today. Bears
still have the overall near-term technical
advantage. In July crude, look for buy stops to
reside just above resistance at $74.00 and then at
$75.00. Look for sell stops just below technical
support at $72.00 and then at $71.00. Wyckoff's
Intra-Day Market Rating: 5.5

GRAINS

Prices were slightly higher in overnight trading.
Bears have the overall near-term technical
advantage in the grains as corn and wheat are at or
near contract lows and soybeans are at the bottom
of the recent trading range. Weather in the U.S.
midwest remains beneficial for the growing corn and
soybean crops and beneficial for wheat harvest. It
will take a significant weather market scare to
jumpstart any solid rallies in the near term.

Monday, June 7-Jim Wyckoff's Morning Web Log

JIM'S MARKET THOUGHT OF THE DAY *

The markets are calmer to start the new trading
week as there was no major fresh fundamental
developments on the European Union or geopolitical
fronts during the weekend to move the markets. The
U.S. stock indexes on Friday came closer to
establishing fresh for-the-move lows during the
present downtrends in prices. If the U.S. stock
indexes do close below their recent lows, that
would produce more serious technical damage to
suggest the bear market in stocks would continue in
the coming weeks, or longer.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages
(4-, 9- and 18-day) are neutral early today. The 4-
day moving average is above the 9-day. The 9-day is
below the 18-day moving average. Short-term
oscillators (RSI, slow stochastics) are neutral
early today. Today, shorter-term technical support
comes in at 1,060 and then at the overnight low of
1,052.00. Sell stops likely reside just under those
levels. Upside resistance for active traders today
is located at 1,075.00 and then at 1,085.00. Buy
stops are likely located just above those levels.
Wyckoff's Intra-day Market Rating: 5.0

Nasdaq index futures: The shorter-term moving
averages (4- 9-and 18-day) are neutral early today.
The 4-day moving average is above the 9-day. The 9-
day average is below the 18-day. Short-term
oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term technical resistance is
located at 1,850.00 and then at 1,865.00. Buy stops
likely reside just above those levels. On the
downside, short-term support is seen at 1,825.00
and then at the overnight low of 1,812.75. Sell
stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 5.0

Dow futures: Sell stops likely reside just below
support at 9,900 and then more stops just below
support at Friday's low of 9,880. Buy stops likely
reside just above technical resistance at 10,000
and then at Friday's high of 10,095. Shorter-term
moving averages are neutral early today, as the 4-
day moving average is above the 9-day. The 9-day
moving average is below the 18-day moving average.
Shorter-term oscillators (RSI, slow stochastics)
are neutral early today. Wyckoff's Intra-Day Market
Rating: 5.0

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Shorter-term moving
averages (4- 9- 18-day) are neutral early today.
The 4-day moving average is below the 9-day. The 9-
day is above the 18-day moving average. Oscillators
(RSI, slow stochastics) are neutral early today.
Shorter-term resistance lies at 124 even and then
at 124 16/32. Buy stops likely reside just above
those levels. Shorter-term technical support lies
at 123 16/32 and then at 123 even. Sell stops
likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 4.5

SEPTEMBER U.S. T-Bonds

126 5/32--lifetime high
126 5/32--Previous Month's high
126 3/32--second pivot point resistance
125 8/32--first pivot point resistance
124 14/32--previous day's high
124 12/32--previous day's close
123 18/32--pivot point
123 8/32--9-day moving average
122 27/32--4-day moving average
122 23/32--first pivot point support
122 14/32--18-day moving average
121 29/32--previous day's low
121 1/32--second pivot point support
117 18/32--previous month's low
116 28/32--100-day moving average
111 1/32--lifetime low

September U.S. T-Notes: Shorter-term oscillators
(RSI, slow stochastics) are neutral early today.
Buy stops likely reside just above shorter-term
technical resistance at 120.24.0 and then at the
overnight high of 121.02.5. Shorter-term moving
averages are neutral early today. The 4-day moving
average is below the 9-day. The 9-day is above the
18-day moving average. Sell stop orders are likely
located just below support at 120.10.0 and then at
120.00.0. Wyckoff's Intra Day Market Rating: 4.5

SEPTEMBER U.S. T-Notes

121 25/32--second pivot point resistance
121 20/32--lifetime high
121 20/32--previous month's high
121 8/32--first pivot point resistance
120 25/32--previous day's high
120 23/32--previous day's close
120 8/32--pivot point
120 2/32--9-day moving average
119 28/32--4-day moving average
119 23/32--first pivot point support
119 14/32--18-day moving average
119 8/32--previous day's low
118 23/32--second pivot point support
116 5/32--previous month's low
116 --100-day moving average
110 13/32--lifetime low

U.S. DOLLAR INDEX

The September U.S. dollar index is trading firmer
and hit another fresh 14-month high in early
trading today. Dollar index bulls have the solid
overall near-term technical advantage. Slow
stochastics for the dollar index are bullish early
today. The dollar index finds shorter-term
technical resistance at the overnight high of 89.22
and then at 89.50. Shorter-term support is seen at
88.50 and then at 88.00. Wyckoff's Intra Day Market
Rating: 6.0

CRUDE OIL

Crude oil prices are weaker early today. Bears
still have the overall near-term technical
advantage and gained more downside momentum with
Friday's big down day in prices. In July crude,
look for buy stops to reside just above resistance
at $72.00 and then at $72.50. Look for sell stops
just below technical support at $71.00 and then at
$70.00. Wyckoff's Intra-Day Market Rating: 4.5

GRAINS

Prices were steady to weaker in overnight trading.
Weather in the U.S. midwest remains beneficial for
the growing corn and soybean crops and beneficial
for wheat harvest. The critical pollination stage
of corn development is now just around three weeks
away for much of the U.S. Corn Belt corn crop. The
corn market bulls are presently in trouble as U.S.
Corn Belt crop conditions continue to very good.
The grain market bulls are presently on the ropes
as prices are trading at or near the recent lows in
the markets. The raw commodity futures markets, in
general, have taken a beating recently, led by
crude oil prices.

Thursday, June 3-Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

There is no standout market features in overnight/early
morning trading today as the markets have calmed down a
bit.

JIM'S MARKET THOUGHT OF THE DAY *

The grain markets can be more active in the
summertime months, as corn, soybeans and wheat
crops in the U.S. are in the ground and growing, or
are about to be harvested (wheat). The summertime
months are when "weather markets" occur in the
grains. So far this year, the weather in the U.S.
Corn Belt has been benign, which is bearish for the
grains. However, the time for higher heat and
potential dryness of summer is now upon us, and
will be for the next three months. More years than
not, some degree of a weather market in the grains
does develop and play out in the summertime. If you
would like to read an interesting article I wrote a
while back, entitled "Fear and Greed in a Weather
Market in the Grains," I'd be happy to email it to
you. Just send me an email at jim@jimwyckoff.com and
I'll attach it and send it back to you.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are firmer in early morning
trading today, on follow-through buying from solid
gains scored Wednesday. The bulls are now gaining
some upside near-term technical momentum, but need
to show more power soon to better suggest a market
low is in place.

S&P 500 futures: The shorter-term moving averages
(4-, 9- and 18-day) are neutral early today. The 4-
day moving average is above the 9-day. The 9-day is
below the 18-day moving average. Short-term
oscillators (RSI, slow stochastics) are neutral to
bullish early today. Today, shorter-term technical
support comes in at the overnight low of 1,095.50
and then at 1,080.00. Sell stops likely reside just
under those levels. Upside resistance for active
traders today is located at last week's high of
1,106.70 and then at 1,115.00. Buy stops are likely
located just above those levels. Wyckoff's Intra-
day Market Rating: 5.5

Today's key near-term Fibonacci support/resistance
level: 1,106.00.

Nasdaq index futures: The shorter-term moving
averages (4- 9-and 18-day) are neutral early today.
The 4-day moving average is above the 9-day. The 9-
day average is below the 18-day. Short-term
oscillators (RSI, slow stochastics) are neutral to
bullish early today. Shorter-term technical
resistance is located at the overnight high of
1,889.00 and then at 1,900.00. Buy stops likely
reside just above those levels. On the downside,
short-term support is seen at the overnight low of
1,876.00 and then at 1,860.00. Sell stops are
likely located just below those levels. Wyckoff's
Intra-Day Market Rating: 5.5

Today's key near-term Fibonacci support/resistance
level: 1,895.00

Dow futures: Sell stops likely reside just below
support at 10,200 and then more stops just below
support at 10,150. Buy stops likely reside just
above technical resistance at 10,300 and then at
10,350. Shorter-term moving averages are neutral
early today, as the 4-day moving average is above
the 9-day. The 9-day moving average is below the
18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are bullish early today.
Wyckoff's Intra-Day Market Rating: 5.5

Today's key near-term Fibonacci support/resistance
level: 10,333

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes futures prices are weaker
in early trading today, on profit-taking and as the
stock indexes are firmer today. Bulls still have
the overall near-term technical advantage, but are
fading and need to show fresh power soon. Bonds and
notes will continue to benefit from any fresh world
financial market or geopolitical uncertainty.

September U.S. T-Bonds: Shorter-term moving
averages (4- 9- 18-day) are neutral early today.
The 4-day moving average is below the 9-day. The 9-
day is above the 18-day moving average. Oscillators
(RSI, slow stochastics) are bearish early today.
Shorter-term resistance lies at the overnight high
of 122 17/32 and then at 123 even. Buy stops likely
reside just above those levels. Shorter-term
technical support lies at the overnight low of 121
26/32 and then at 121 16/32. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day
Market Rating: 4.5

Today's key near-term Fibonacci support/resistance
level: 121 28/32

SEPTEMBER U.S. T-Bonds

126 5/32--lifetime high
126 5/32--Previous Month's high
124 --second pivot point resistance
123 16/32--previous day's high
123 15/32--9-day moving average
123 4/32--first pivot point resistance
122 21/32--pivot point
122 17/32--4-day moving average
122 9/32--previous day's close
122 5/32--previous day's low
122 5/32--18-day moving average
121 25/32--first pivot point support
121 10/32--second pivot point support
117 18/32--previous month's low
116 22/32--100-day moving average
111 1/32--lifetime low

September U.S. T-Notes: Shorter-term oscillators
(RSI, slow stochastics) are bearish early today.
Buy stops likely reside just above shorter-term
technical resistance at the overnight high of
119.19.5 and then at 120.00.0. Shorter-term moving
averages are neutral early today. The 4-day moving
average is below the 9-day. The 9-day is above the
18-day moving average. Sell stop orders are likely
located just below support at 119.00.0 and then at
118.24.0. Wyckoff's Intra Day Market Rating: 4.5

Today's key near-term Fibonacci support/resistance
level: 118.27.0

SEPTEMBER U.S. T-Notes

121 20/32--lifetime high
121 20/32--previous month's high
120 14/32--second pivot point resistance
120 6/32--previous day's high
120 3/32--9-day moving average
119 31/32--first pivot point resistance
119 22/32--pivot point
119 22/32--4-day moving average
119 15/32--previous day's close
119 14/32--previous day's low
119 7/32--18-day moving average
119 7/32--first pivot point support
118 30/32--second pivot point support
116 5/32--previous month's low
115 28/32--100-day moving average
110 13/32--lifetime low

CURRENCIES

The September U.S. dollar index is trading near
steady in early trading today. Dollar index bulls
still have the solid overall near-term technical
advantage as prices hover near 14-month highs. Slow
stochastics for the dollar index are neutral early
today. The dollar index finds shorter-term
technical resistance at Wednesday's high of 87.60
and then at the May high of 87.92. Shorter-term
support is seen at 87.00 and then at the overnight
low of 86.75. Today's key near-term Fibonacci
support/resistance level: 87.07. Wyckoff's Intra
Day Market Rating: 5.0

The September Euro is trading near steady in early
electronic trading as prices hover near four-year
lows. Bears remain in firm overall technical
command. Euro finds sell stop orders are likely
located just below technical support at the
overnight low of 1.2242 and then at 1.2200.
Shorter-term technical resistance for the Euro is
seen at the overnight high of 1.2339 and then at
this week's high of 1.2368. Buy stops likely reside
just above those levels. Slow stochastics for the
Euro are bearish early today. Today's key near-term
Fibonacci support/resistance level: 1.2253.
Wyckoff's Intra Day Market Rating: 4.5

GOLD

Comex gold futures are weaker in early dealings
today, on some more corrective profit-taking
pressure from recent gains. Gold bulls still have
the overall near-term technical advantage. For
August gold, shorter-term technical resistance is
seen at the overnight high of $1,226.50 and then at
this week's high of $1,230.60. Buy stops likely
reside just above those levels. Sell stops likely
reside just below support at this week's low of
$1,211.60 and then at $1,200.00. Today's key near-
term Fibonacci support/resistance level: $1,220.00.
Wyckoff's Intra-Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are slightly higher today. In July
crude, look for buy stops to reside just above
resistance at $74.00 and then at the overnight high
of $74.40. Look for sell stops just below technical
support at $72.50 and then at $72.00. Today's key
near-term Fibonacci support/resistance level:
$72.81. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices were mixed in overnight trading. Grain
traders will continue to focus on what the key
"outside markets" are doing. The outside markets
this morning are slightly bullish, as the U.S.
dollar index is weaker, while crude oil and the
U.S. stock indexes are firmer. The critical
pollination stage of corn development is now just
three or for weeks away for much of the U.S. Corn
Belt corn crop. The corn market bulls are likely
going to be in trouble if U.S. Corn Belt crop
conditions continue to be ideal the next four
weeks.

Thursday, May 27-Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market features in overnight/early morning trading
today are higher U.S. stock index and crude oil prices, and
a lower U.S. dollar index.

JIM'S MARKET THOUGHT OF THE DAY *

Crude oil futures prices are solidly higher again
this morning. Price action this morning and the
past two days does suggest a near-term market low
is now in place in crude oil. If crude oil has
indeed put in a near-term low, then that's also
good news for other recently beaten down commodity
futures markets. Market bottom or not, crude oil
futures will continue to be a major "outside force"
for many other commodity futures markets.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are higher in early morning
trading today, on short covering from recent strong
selling pressure. The U.S. stock index futures
bears still have the solid overall near-term
technical advantage. However, solid price gains
today and Friday would suggest near-term market
lows are in place.

S&P 500 futures: The shorter-term moving averages
(4-, 9- and 18-day) are bearish early today. The 4-
day moving average is below the 9-day, but is
turning up. The 9-day is below the 18-day moving
average. Short-term oscillators (RSI, slow
stochastics) are bullish early today. Today,
shorter-term technical support comes in at 1,075.00
and then at 1,065.00. Sell stops likely reside just
under those levels. Upside resistance for active
traders today is located at the overnight high of
1,091.90 and then at 1,100.00. Buy stops are likely
located just above those levels. Wyckoff's Intra-
day Market Rating: 6.0

Today's key near-term Fibonacci support/resistance
level: 1,089.00.

Nasdaq index futures: The shorter-term moving
averages (4- 9-and 18-day) are bearish early today.
The 4-day moving average is below the 9-day, but is
turning up. The 9-day average is below the 18-day.
Short-term oscillators (RSI, slow stochastics) are
neutral to bullish early today. Shorter-term
technical resistance is located at the overnight
high of 1,841.00 and then at Wednesday's high of
1,850.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen
at 1,815.00 and then at 1,800.00. Sell stops are
likely located just below those levels. Wyckoff's
Intra-Day Market Rating: 6.0

Today's key near-term Fibonacci support/resistance
level: 1,841.00

Dow futures: Sell stops likely reside just below
support at 10,050 and then more stops just below
support at 10,000. Buy stops likely reside just
above technical resistance at Wednesday's high of
10,160 and then at 10,200. Shorter-term moving
averages are bearish early today, as the 4-day
moving average is below the 9-day. The 9-day moving
average is below the 18-day moving average.
Shorter-term oscillators (RSI, slow stochastics)
are neutral to bullish early today. Wyckoff's
Intra-Day Market Rating: 6.0

Today's key near-term Fibonacci support/resistance
level: 10,036

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes futures prices are lower
in early trading today, on more profit-taking
pressure from recent gains. Bulls still have the
overall near-term technical advantage as near-term
uptrends are still in place on the daily charts.

September U.S. T-Bonds: Shorter-term moving
averages (4- 9- 18-day) are bullish early 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. Oscillators (RSI, slow stochastics) are
bearish early today. Shorter-term resistance lies
at 123 16/32 and then at 124 even. Buy stops likely
reside just above those levels. Shorter-term
technical support lies at 123 even and then at 122
16/32. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 4.0

Today's key near-term Fibonacci support/resistance
level: 122 21/32

SEPTEMBER U.S. T-Bonds

126 5/32--lifetime high
125 23/32--second pivot point resistance
125 1/32--first pivot point resistance
124 29/32--previous day's high
124 14/32--4-day moving average
124 11/32--previous day's close
124 7/32--pivot point
123 17/32--first pivot point support
123 13/32--previous day's low
123 3/32--9-day moving average
122 23/32--second pivot point support
121 19/32--18-day moving average
118 4/32--Previous Month's high
116 10/32--100-day moving average
113 6/32--previous month's low
111 1/32--lifetime low

September U.S. T-Notes: Shorter-term oscillators
(RSI, slow stochastics) are bearish early today.
Buy stops likely reside just above shorter-term
technical resistance at 120.00.0 and then at the
overnight high of 120.18.5. Shorter-term moving
averages are bullish early today. The 4-day moving
average is above the 9-day and 18-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 the overnight low of 119.23.0 and
then at 119.16.0. Wyckoff's Intra Day Market
Rating: 4.0

Today's key near-term Fibonacci support/resistance
level: 119.17.0

SEPTEMBER U.S. T-Notes

121 20/32--lifetime high
121 13/32--second pivot point resistance
120 31/32--first pivot point resistance
120 29/32--previous day's high
120 16/32--previous day's close
120 16/32--4-day moving average
120 14/32--pivot point
120 --first pivot point support
119 30/32--previous day's low
119 24/32--9-day moving average
119 15/32--second pivot point support
118 23/32--18-day moving average
116 21/32--previous month's high
115 20/32--100-day moving average
113 15/32--previous month's low
110 13/32--lifetime low

CURRENCIES

The September U.S. dollar index is weaker in early
trading today, on profit taking, as prices still
hover near the recent 12-month high high. Dollar
index bulls still have the solid overall near-term
technical advantage. Slow stochastics for the
dollar index are neutral early today. The dollar
index finds shorter-term technical resistance at
87.50 then at the overnight high of 87.66. Shorter-
term support is seen at the overnight low of 86.87
and then at 86.50. Today's key near-term Fibonacci
support/resistance level: 87.09. Wyckoff's Intra
Day Market Rating: 4.0

The September Euro is firmer in early electronic
trading, on short covering. Bears remain in firm
overall technical command. Euro finds sell stop
orders are likely located just below technical
support at 1.2250 and then at 1.2200. Shorter-term
technical resistance for the Euro is seen at the
overnight high of 1.2357 and then at 1.2400. Buy
stops likely reside just above those levels. Slow
stochastics for the Euro are neutral early today.
Today's key near-term Fibonacci support/resistance
level: 1.2339. Wyckoff's Intra Day Market Rating:
5.0

GOLD

Comex gold futures are near steady in early
dealings today. Safe-haven buying is supporting the
market, but profit-taking is limiting gains. Gold
bulls still have the overall near-term technical
advantage. For August gold, shorter-term technical
resistance is seen at the overnight high of
$1,220.60 and then at $1,230.00. Buy stops likely
reside just above those levels. Sell stops likely
reside just below support at the overnight low of
$1,211.60 and then at Wednesday's low of 1,202.70.
Today's key near-term Fibonacci support/resistance
level: $1,220.00. Wyckoff's Intra-Day Market
Rating: 5.0

CRUDE OIL

Crude oil prices are trading solidly higher again
today on more short-covering. Bears still have the
overall near-term technical advantage, but a strong
close today would hint that a near-term low is in
place. In July crude, look for buy stops to reside
just above resistance at $74.00 and then at $75.00.
Look for sell stops just below technical support at
$72.50 and then at $72.00. Today's key near-term
Fibonacci support/resistance level: $72.63.
Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Prices were firmer in overnight trading, on short
covering amid bullishly postured "outside markets"
that include a weaker U.S. dollar index and higher
stock index and crude oil prices. Grain traders
will continue to focus on what the key "outside
markets" are doing. Traders will closely scrutinize
this morning's weekly USDA export sales data. At
present, weather patterns in the U.S. Corn Belt are
beneficial for crops, which is a bearish
fundamental in the grains.

Wednesday, May 26-Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market features in overnight/early morning trading
today are higher U.S. stock index, crude oil and gold
prices.

JIM'S MARKET THOUGHT OF THE DAY *

Tuesday's price action in the U.S. stock indexes,
in which prices traded sharply lower and at multi-
month lows early on and then rebounded as the day
went on to close near the session highs and near
unchanged levels, does suggest the stock market
bears have become exhausted at the lower price
levels and that near-term bottoms may be close at
hand in the indexes. --Jim

U.S. STOCK INDEXES

The U.S. stock indexes are firmer in early morning
trading today, on short covering from recent strong
selling pressure. The U.S. stock index futures
bears still have the solid overall near-term
technical advantage.

S&P 500 futures: The shorter-term moving averages
(4-, 9- and 18-day) are bearish early today. The 4-
day moving average is below the 9-day. The 9-day is
below the 18-day moving average. Short-term
oscillators (RSI, slow stochastics) are bullish
early today. Today, shorter-term technical support
comes in at the overnight low of 1,070.50 and then
at 1,060.00. Sell stops likely reside just under
those levels. Upside resistance for active traders
today is located at 1,090.00 and then at 1,100.00.
Buy stops are likely located just above those
levels. Wyckoff's Intra-day Market Rating: 5.5

Today's key near-term Fibonacci support/resistance
level: 1,067.00.

Nasdaq index futures: The shorter-term moving
averages (4- 9-and 18-day) are bearish early today.
The 4-day moving average is below the 9-day. The 9-
day average is below the 18-day. Short-term
oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term technical resistance is
located at 1,840.00 and then at 1,850.00. Buy stops
likely reside just above those levels. On the
downside, short-term support is seen at the
overnight low of 1,814.00 and then at 1,800.00.
Sell stops are likely located just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

Today's key near-term Fibonacci support/resistance
level: 1,841.00

Dow futures: Sell stops likely reside just below
support at 10,050 and then more stops just below
support at 10,000. Buy stops likely reside just
above technical resistance at 10,1500 and then at
10,200. Shorter-term moving averages are bearish
early today, as the 4-day moving average is below
the 9-day. The 9-day moving average is below the
18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are neutral early today.
Wyckoff's Intra-Day Market Rating: 5.5

Today's key near-term Fibonacci support/resistance
level: 10,036

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes futures prices are lower
in early trading today, on a profit-taking pullback
from recent strong gains. Prices hit fresh contract
highs on Tuesday. Bulls still have the solid
overall near-term technical advantage as near-term
uptrends are still in place on the daily charts.

June U.S. T-Bonds: Shorter-term moving averages (4-
9- 18-day) are bullish early 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 bearish early today. Shorter-
term resistance lies at 124 20/32 and then at 125
even. Buy stops likely reside just above those
levels. Shorter-term technical support lies at 124
even and then at 123 16/32. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day
Market Rating: 4.5

Today's key near-term Fibonacci support/resistance
level: 124 30/32

JUNE U.S. T-Bonds

126 15/32--lifetime high
127 7/32--second pivot point resistance
126 15/32--previous day's high
126 6/32--first pivot point resistance
125 14/32--pivot point
125 5/32--previous day's close
124 22/32--previous day's low
124 20/32--4-day moving average
124 13/32--first pivot point support
123 21/32--second pivot point support
123 3/32--9-day moving average
121 28/32--18-day moving average
119 4/32--Previous Month's high
117 10/32--100-day moving average
114 6/32--previous month's low
109 15/32--lifetime low

June U.S. T-Notes: Shorter-term oscillators (RSI,
slow stochastics) are bearish early today. Buy
stops likely reside just above shorter-term
technical resistance at 121.16.0 and then at the
overnight high of 121.23.0. Shorter-term moving
averages are bullish early today. The 4-day moving
average is above the 9-day and 18-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 120.28.5 and then at 120.16.0.
Wyckoff's Intra Day Market Rating: 4.5

Today's key near-term Fibonacci support/resistance
level: 121.16.0

JUNE U.S. T-Notes

122 28/32--second pivot point resistance
122 14/32--lifetime high
122 14/32--previous day's high
122 8/32--first pivot point resistance
121 26/32--pivot point
121 20/32--previous day's close
121 12/32--previous day's low
121 9/32--4-day moving average
121 6/32--first pivot point support
120 24/32--second pivot point support
120 13/32--9-day moving average
119 18/32--18-day moving average
117 31/32--previous month's high
116 29/32--100-day moving average
114 26/32--previous month's low
109 29/32--lifetime low

CURRENCIES

The June U.S. dollar index is weaker in early
trading today as prices hover near the recent 12-
month high high. Dollar index bulls still have the
solid overall near-term technical advantage. Slow
stochastics for the dollar index are bullish early
today. The dollar index finds shorter-term
technical resistance at the overnight high of 87.09
then at last week's high of 87.62. Shorter-term
support is seen at 86.50 and then at 86.00. Today's
key near-term Fibonacci support/resistance level:
86.74. Wyckoff's Intra Day Market Rating: 5.0

The June Euro is near steady in early electronic
trading. Bears remain in firm overall technical
command. Euro finds sell stop orders are likely
located just below technical support at the
overnight low of 1.2265 and then at 1.2200.
Shorter-term technical resistance for the Euro is
seen at the overnight high of 1.2380 and then at
1.2400. Buy stops likely reside just above those
levels. Slow stochastics for the Euro are bearish
early today. Today's key near-term Fibonacci
support/resistance level: 1.2339. Wyckoff's Intra
Day Market Rating: 4.0

GOLD

Comex gold futures are higher in early dealings
today. Safe-haven buying and fresh speculative
buying is supporting the market. Gold bulls have
the overall near-term technical advantage. For June
gold, shorter-term technical resistance is seen at
$1,220.00 and then at $1,230.00. Buy stops likely
reside just above those levels. Sell stops likely
reside just below support at $1,200.00 and then at
1,190.00. Today's key near-term Fibonacci
support/resistance level: $1,218.00. Wyckoff's
Intra-Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading solidly higher today
on a short-covering bounce in a bear market. Bears
still have the solid near-term technical advantage.
In July crude, look for buy stops to reside just
above resistance at $71.00 and then at $72.00. Look
for sell stops just below technical support at
$70.00 and then at the overnight low of $69.21.
Today's key near-term Fibonacci support/resistance
level: $70.26. Wyckoff's Intra-Day Market Rating:
6.0

GRAINS

Prices were firmer in overnight trading, on short
covering amid bullishly postured "outside markets"
that include a weaker U.S. dollar index and higher
stock index and crude oil prices. Grain traders
will continue to focus on what the key "outside
markets" are doing. Traders will closely scrutinize
this morning's weekly USDA export sales data. At
present, weather patterns in the U.S. Corn Belt are
beneficial for crops, which is a bearish
fundamental in the grains.

Tuesday, May 25-Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market features in overnight/early morning trading
today are sharply lower U.S. stock index and crude oil
prices, and a sharply higher U.S. dollar index.

JIM'S MARKET THOUGHT OF THE DAY *

Risk aversion is the play of the day in the
markets, as traders are seeking out U.S. Treasuries
and the U.S. dollar as a safe haven amid mounting
concern about the European Union's debt problems
and new tensions between North Korea and South
Korea. This issue just will not go away and could
turn into a worldwide credit crisis contagion. The
U.S. stock indexes hit fresh seven-month lows today
while crude oil futures prices dropped below $68.00
a barrel. The keener risk aversion in the
marketplace today is also hitting commodity futures
hard.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are sharply lower in early
morning trading today, and hit fresh multi-month
lows. The U.S. stock index futures bears have the
solid overall near-term technical advantage and are
gaining fresh downside near-term momentum.

S&P 500 futures: The shorter-term moving averages
(4-, 9- and 18-day) are bearish early today. The 4-
day moving average is below the 9-day. The 9-day is
below the 18-day moving average. Short-term
oscillators (RSI, slow stochastics) are neutral to
bearish early today. Today, shorter-term technical
support comes in at the overnight low of 1,036.60
and then at 1,025.00. Sell stops likely reside just
under those levels. Upside resistance for active
traders today is located at 1,050.00 and then at
1,060.00. Buy stops are likely located just above
those levels. Wyckoff's Intra-day Market Rating:
3.0

Today's key near-term Fibonacci support/resistance
level: 1,056.00.

Nasdaq index futures: The shorter-term moving
averages (4- 9-and 18-day) are bearish early today.
The 4-day moving average is below the 9-day. The 9-
day average is below the 18-day. Short-term
oscillators (RSI, slow stochastics) are bearish
early today. Shorter-term technical resistance is
located at 1,785.00 and then at 1,800.00. Buy stops
likely reside just above those levels. On the
downside, short-term support is seen at the
overnight low of 1,761.50 and then at 1,750.00.
Sell stops are likely located just below those
levels. Wyckoff's Intra-Day Market Rating: 3.0

Today's key near-term Fibonacci support/resistance
level: 1,789.00

Dow futures: Sell stops likely reside just below
support at 9,800 and then more stops just below
support at 9,750. Buy stops likely reside just
above technical resistance at 9,900 and then at
9,950. Shorter-term moving averages are bearish
early today, as the 4-day moving average is below
the 9-day. The 9-day moving average is below the
18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are bearish early today.
Wyckoff's Intra-Day Market Rating: 3.0

Today's key near-term Fibonacci support/resistance
level: 10,036

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes futures prices are sharply
higher in early trading today, on a flight to
quality into U.S. government debt. Prices hit fresh
contract highs overnight. Bulls have the solid
overall near-term technical advantage as near-term
uptrends are firmly in place on the daily charts.

June U.S. T-Bonds: Shorter-term moving averages (4-
9- 18-day) are bullish early 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 early
today. Shorter-term resistance lies at the
overnight contract high of 126 15/32 and then at
127 even. Buy stops likely reside just above those
levels. Shorter-term technical support lies at 125
16/32 and then at 125 even. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day
Market Rating: 7.5

Today's key near-term Fibonacci support/resistance
level: 124 30/32

JUNE U.S. T-Bonds

126 15/32--lifetime high
125 30/32--second pivot point resistance
125 13/32--previous day's high
125 11/32--first pivot point resistance
124 25/32--pivot point
124 23/32--previous day's close
124 8/32--previous day's low
124 6/32--first pivot point support
124 3/32--4-day moving average
123 20/32--second pivot point support
122 19/32--9-day moving average
121 16/32--18-day moving average
119 4/32--Previous Month's high
117 6/32--100-day moving average
114 6/32--previous month's low
109 15/32--lifetime low

June U.S. T-Notes: Shorter-term oscillators (RSI,
slow stochastics) are neutral to bullish early
today. Buy stops likely reside just above shorter-
term technical resistance at the overnight high of
122.14.5 and then at 122.24.0. Shorter-term moving
averages are bullish early today. The 4-day moving
average is above the 9-day and 18-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 121.12.5 and then at 121.00.0.
Wyckoff's Intra Day Market Rating: 7.5

Today's key near-term Fibonacci support/resistance
level: 121.16.0

JUNE U.S. T-Notes

122 14/32--lifetime high
121 29/32--second pivot point resistance
121 20/32--first pivot point resistance
121 19/32--previous day's high
121 12/32--previous day's close
121 11/32--pivot point
121 2/32--first pivot point support
121 1/32--previous day's low
120 31/32--4-day moving average
120 25/32--second pivot point support
120 4/32--9-day moving average
119 11/32--18-day moving average
117 31/32--previous month's high
116 27/32--100-day moving average
114 26/32--previous month's low
109 29/32--lifetime low

CURRENCIES

The June U.S. dollar index is sharply higher in
early trading today and trading near the recent 12-
month high high. Dollar index bulls have the solid
overall near-term technical advantage. Slow
stochastics for the dollar index are bullish early
today. The dollar index finds shorter-term
technical resistance at last week's high of 87.62
then at 88.00. Shorter-term support is seen at
87.00 and then at the overnight low of 86.56.
Today's key near-term Fibonacci support/resistance
level: 86.74. Wyckoff's Intra Day Market Rating:
8.0

The June Euro is sharply lower in early electronic
trading and near the recent low. Bears remain in
firm overall technical command. Euro finds sell
stop orders are likely located just below technical
support at the overnight low of 1.2181 and then at
last week's low of 1.2140. Shorter-term technical
resistance for the Euro is seen at 1.2250 and then
at 1.2300. Buy stops likely reside just above those
levels. Slow stochastics for the Euro are bearish
early today. Today's key near-term Fibonacci
support/resistance level: 1.2339. Wyckoff's Intra
Day Market Rating: 2.0

GOLD

Comex gold futures are near steady in early
dealings today. Safe-haven buying is limiting the
downside in crude today. Deflationary concerns are
starting to weigh on gold, which is limiting the
upside. Gold bulls still have the overall near-term
technical advantage. For June gold, shorter-term
technical resistance is seen at Monday's high of
$1,197.30 and then at $1,200.00. Buy stops likely
reside just above those levels. Sell stops likely
reside just below support at the overnight low of
$1,185.20 and then at 1,180.00. Today's key near-
term Fibonacci support/resistance level: $1,192.00.
Wyckoff's Intra-Day Market Rating: 5.0

CRUDE OIL

Crude oil prices are trading sharply lower today
and hit a fresh 10-month low. Bears still have
solid downside near-term technical momentum. In
July crude, look for buy stops to reside just above
resistance at $68.00 and then at $69.00. Look for
sell stops just below technical support at $67.00
and then at $66.00. Today's key near-term Fibonacci
support/resistance level: $68.66. Wyckoff's Intra-
Day Market Rating: 2.0

GRAINS

Prices were lower in overnight trading amid
bearishly postured "outside markets" that include a
stronger U.S. dollar index and sharply lower stock
index and crude oil prices. Grain traders will
continue to focus on what the key "outside markets"
are doing. If crude oil continues to tumble, the
upside for all the grains will be limited in the
coming weeks, barring any serious weather scare in
the Corn Belt. At present, weather patterns in the
U.S. Corn Belt are presently beneficial for crops,
which is a bearish fundamental in the grains

Friday, May 21-Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market features in overnight/early morning trading
today are once again lower U.S. stock index, gold and crude
oil futures prices, while the U.S. dollar index is
stronger.

JIM'S MARKET THOUGHT OF THE DAY *

Crude oil continues to be hammered lower and hit a
fresh 10-month low Thursday. Have you also looked
at a copper or lumber chart lately? Steep sell offs
have occurred in those markets, too. I don’t
consider myself to be an alarmist, but what I'm
seeing in the markets at present are early clues of
a "double-dip" world economic recession, and maybe
even deflationary price conditions. That would be a
very bearish scenario for commodity and stock
markets.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are lower again in early
morning trading today. The U.S. stock index futures
bears now have the solid overall near-term
technical advantage and are gaining fresh downside
near-term momentum. Prices today are poised to take
out the spike low seen earlier this month, as well
as post bearish weekly low closes today.

S&P 500 futures: The shorter-term moving averages
(4-, 9- and 18-day) are bearish early today. The 4-
day moving average is below the 9-day. The 9-day is
below the 18-day moving average. Short-term
oscillators (RSI, slow stochastics) are neutral
early today. Today, shorter-term technical support
comes in at the May spike low of 1,060.00 and then
at 1,050.00. Sell stops likely reside just under
those levels. Upside resistance for active traders
today is located at the overnight high of 1,070.00
and then at the overnight high of 1,080.40. 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: 1,090.00.

Nasdaq index futures: The shorter-term moving
averages (4- 9-and 18-day) are bearish early today.
The 4-day moving average is below the 9-day. The 9-
day average is below the 18-day. Short-term
oscillators (RSI, slow stochastics) are bearish
early today. Shorter-term technical resistance is
located at 1,800.00 and then at the overnight high
of 1,817.00. Buy stops likely reside just above
those levels. On the downside, short-term support
is seen at the May spike low of 1,768.50 and then
at 1,760.00. Sell stops are likely located just
below those levels. Wyckoff's Intra-Day Market
Rating: 4.0

Today's key near-term Fibonacci support/resistance
level: 1,841.00

Dow futures: Sell stops likely reside just below
support at 9,900 and then more stops just below
support at 9,850. Buy stops likely reside just
above technical resistance at 10,000 and then at
10,056. Shorter-term moving averages are bearish
early today, as the 4-day moving average is below
the 9-day. The 9-day moving average is below the
18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are bearish early today.
Wyckoff's Intra-Day Market Rating: 4.0

Today's key near-term Fibonacci support/resistance
level: 10,277

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes futures prices are higher
in early trading today and hit a fresh 14-month
high overnight. Bulls have the solid overall near-
term technical advantage as neaer-term uptrends are
in place on the daily charts.

June U.S. T-Bonds: Shorter-term moving averages (4-
9- 18-day) are bullish early 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 bullish early today. Shorter-
term resistance lies at 125 16/32 and then at 126
even. Buy stops likely reside just above those
levels. Shorter-term technical support lies at 125
even and then at 124 16/32. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day
Market Rating: 7.0

Today's key near-term Fibonacci support/resistance
level: 123 4/32

JUNE U.S. T-Bonds

126 14/32--lifetime high
126 7/32--second pivot point resistance
125 14/32--first pivot point resistance
124 25/32--previous day's high
124 21/32--previous day's close
124 --pivot point
123 7/32--first pivot point support
122 28/32--4-day moving average
122 18/32--previous day's low
121 25/32--second pivot point support
121 25/32--9-day moving average
120 25/32--18-day moving average
119 4/32--Previous Month's high
117 --100-day moving average
114 6/32--previous month's low
109 15/32--lifetime low

June U.S. T-Notes: Shorter-term oscillators (RSI,
slow stochastics) are bullish early today. Buy
stops likely reside just above shorter-term
technical resistance at the overnight high of
121.21.5 and then at 122.00.0. Shorter-term moving
averages are bullish early today. The 4-day moving
average is above the 9-day and 18-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 120.30.0 and then at 120.16.0.
Wyckoff's Intra Day Market Rating: 7.0

Today's key near-term Fibonacci support/resistance
level: 120.15.0

JUNE U.S. T-Notes

122 12/32--second pivot point resistance
121 26/32--first pivot point resistance
121 16/32--previous day's high
121 9/32--previous day's close
121 1/32--lifetime high
120 31/32--pivot point
120 13/32--first pivot point support
120 11/32--4-day moving average
120 3/32--previous day's low
119 20/32--9-day moving average
119 18/32--second pivot point support
118 30/32--18-day moving average
117 31/32--previous month's high
116 23/32--100-day moving average
114 26/32--previous month's low
109 29/32--lifetime low

CURRENCIES

The June U.S. dollar index is firmer in early
trading today. Dollar index bulls still have the
solid overall near-term technical advantage. Slow
stochastics for the dollar index are bearish early
today. The dollar index finds shorter-term
technical resistance at the overnight high of 86.20
then at 86.50. Shorter-term support is seen at
85.50 and then at the overnight low of 85.32.
Today's key near-term Fibonacci support/resistance
level: 85.90. Wyckoff's Intra Day Market Rating:
6.0

The June Euro is weaker in early electronic
trading. Bears remain in firm overall technical
command. Euro finds sell stop orders are likely
located just below technical support at the
overnight low of 1.2465 and then at 1.2400.
Shorter-term technical resistance for the Euro is
seen at 1.2600 and then at the overnight high of
1.2674. Buy stops likely reside just above those
levels. Slow stochastics for the Euro are bullish
early today. Today's key near-term Fibonacci
support/resistance level: 1.2506. Wyckoff's Intra
Day Market Rating: 4.0

GOLD

Comex gold futures are lower again in early
dealings today, on more profit-taking pressure from
recent gains. Deflationary concerns are also
starting to weigh on gold. Gold bulls still have
the overall near-term technical advantage, but are
fading and need to show fresh power soon. For June
gold, shorter-term technical resistance is seen at
overnight high of $1,185.70 and then at $1,190.00.
Buy stops likely reside just above those levels.
Sell stops likely reside just below support at
$1,170.00 and then at the overnight low of
1,166.00. Today's key near-term Fibonacci
support/resistance level: $1,172.00. Wyckoff's
Intra-Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading lower again today and
are hovering near a 10-month low. Bears have solid
downside near-term technical momentum. In July
crude, look for buy stops to reside just above
resistance at $70.00 and then at the overnight high
of $70.73. Look for sell stops just below technical
support at Thursday's low of $68.85 and then at
$68.00. Today's key near-term Fibonacci
support/resistance level: $70.77. Wyckoff's Intra-
Day Market Rating: 3.0

GRAINS

Prices were weaker in overnight trading amid
bearishly postured "outside markets" that include a
firmer U.S. dollar index and lower stock index and
crude oil prices. Grain traders will continue to
focus on what the key "outside markets" are doing.
If you are a grain market bull, here is a
compelling observation: Grain futures held up very
well Thursday--when the stock market was tanking
and crude oil prices were at one time down over
$4.00 a barrel. This is one clue that the downside
in the grains is limited at present lower price
levels. Weather patterns in the U.S. Corn Belt are
presently beneficial for crops, which is a bearish
fundamental in the grains.

Thursday, May 20-Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market feature in overnight/early morning trading today
is lower U.S. stock index, gold crude oil futures prices.

JIM'S MARKET THOUGHT OF THE DAY *

Gold futures are under selling pressure again this
morning as more profit taking is featured after
prices last week hit a fresh all-time record high.
No serious chart damage has been inflicted in gold,
yet. A solid push in prices below the last
"reaction low" on the daily bar chart, which is
located at the May low of $1,156.20, would negate
the price uptrend on the daily chart and would
produce near-term technical damage to suggest a
near-term market top is in place.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are lower again in early
morning trading today. The U.S. stock index futures
bears have the overall near-term technical
advantage and are gaining fresh downside near-term
momentum.

S&P 500 futures: The shorter-term moving averages
(4-, 9- and 18-day) are bearish early today. The 4-
day moving average is below the 9-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 1,091.00 and then at 1,080.00. Sell
stops likely reside just under those levels. Upside
resistance for active traders today is located at
the overnight high of 1,115.60 and then at
1,125.00. 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: 1,104.00.

Nasdaq index futures: The shorter-term moving
averages (4- 9-and 18-day) are bearish early today.
The 4-day moving average is below the 9-day. The 9-
day average is below the 18-day. Short-term
oscillators (RSI, slow stochastics) are bearish
early today. Shorter-term technical resistance is
located at 1,860.00 and then at the overnight high
of 1,874.25. Buy stops likely reside just above
those levels. On the downside, short-term support
is seen at 1,840.00 and then at 1,830.00. Sell
stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 4.0

Today's key near-term Fibonacci support/resistance
level: 1,850.00

Dow futures: Sell stops likely reside just below
support at Wednesday's low of 10,305 and then more
stops just below support at 10,250. Buy stops
likely reside just above technical resistance at
10,375 and then at 10,400. Shorter-term moving
averages are bearish early today, as the 4-day
moving average is below the 9-day. The 9-day moving
average is below the 18-day moving average.
Shorter-term oscillators (RSI, slow stochastics)
are bearish early today. Wyckoff's Intra-Day Market
Rating: 4.0

Today's key near-term Fibonacci support/resistance
level: 10,277

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes futures prices are firmer
in early trading today. Bulls have the overall
near-term technical advantage as neaer-term
uptrends are in place on the daily charts.

June U.S. T-Bonds: Shorter-term moving averages (4-
9- 18-day) are bullish early 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 early
today. Shorter-term resistance lies at Wednesday's
high of 123 17/32 and then at 124 even. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at 123 even and then at the
overnight low of 122 18/32. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day
Market Rating: 6.0

Today's key near-term Fibonacci support/resistance
level: 122 21/32

JUNE U.S. T-Bonds

126 14/32--lifetime high
123 31/32--second pivot point resistance
123 17/32--previous day's high
123 9/32--first pivot point resistance
122 27/32--pivot point
122 19/32--previous day's close
122 13/32--previous day's low
122 5/32--first pivot point support
121 23/32--second pivot point support
121 15/32--4-day moving average
121 15/32--9-day moving average
120 11/32--18-day moving average
119 4/32--Previous Month's high
116 29/32--100-day moving average
114 6/32--previous month's low
109 15/32--lifetime low

June U.S. T-Notes: Shorter-term oscillators (RSI,
slow stochastics) are neutral to bullish early
today. Buy stops likely reside just above shorter-
term technical resistance at Wednesday's high of
120.22.0 and then at the May high of 121.01.5.
Shorter-term moving averages are bullish early
today. The 4-day moving average is above the 9-day
and 18-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 120.03.5 and
then at 120.00.0. Wyckoff's Intra Day Market
Rating: 6.5

Today's key near-term Fibonacci support/resistance
level: 120.01.0

JUNE U.S. T-Notes

121 1/32--lifetime high
120 31/32--second pivot point resistance
120 22/32--previous day's high
120 20/32--first pivot point resistance
120 10/32--pivot point
120 8/32--previous day's close
120 1/32--previous day's low
119 31/32--first pivot point support
119 30/32--4-day moving average
119 21/32--second pivot point support
119 15/32--9-day moving average
118 21/32--18-day moving average
117 31/32--previous month's high
116 21/32--100-day moving average
114 26/32--previous month's low
109 29/32--lifetime low

CURRENCIES

The June U.S. dollar index is firmer in early
trading today. Dollar index bulls still have the
solid overall near-term technical advantage. Slow
stochastics for the dollar index are neutral early
today. The dollar index finds shorter-term
technical resistance at 87.00nd then at 87.25.
Shorter-term support is seen at 86.50 and then at
the overnight low of 86.28. Today's key near-term
Fibonacci support/resistance level: 86.39.
Wyckoff's Intra Day Market Rating: 6.0

The June Euro is weaker in early electronic
trading. Bears remain in firm overall technical
command. Euro finds sell stop orders are likely
located just below technical support at 1.2300 and
then at 1.2250. Shorter-term technical resistance
for the Euro is seen at 1.2400 and then at the
overnight high of 1.2440. Buy stops likely reside
just above those levels. Slow stochastics for the
Euro are bullish early today. Today's key near-term
Fibonacci support/resistance level: 1.2384.
Wyckoff's Intra Day Market Rating: 4.0

GOLD

Comex gold futures are lower again in early
dealings today, on more profit-taking pressure from
recent gains. Gold bulls still have the overall
near-term technical advantage, but are fading and
need to show fresh power soon. For June gold,
shorter-term technical resistance is seen at
$1,190.00 and then at $1,200.00. Buy stops likely
reside just above those levels. Sell stops likely
reside just below support at the overnight low of
$1,179.00 and then at 1,175.00. Today's key near-
term Fibonacci support/resistance level: $1,192.00.
Wyckoff's Intra-Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading lower again today and
hit a fresh eight-month low overnight. Bears have
downside near-term technical momentum. In July
crude, look for buy stops to reside just above
resistance at $72.00 and then at $72.50. Look for
sell stops just below technical support at the
overnight low of $70.00 and then at $69.00. Today's
key near-term Fibonacci support/resistance level:
$73.46. Wyckoff's Intra-Day Market Rating: 3.0

GRAINS

Prices were mixed in overnight trading amid
bearishly postured "outside markets" that include a
firmer U.S. dollar index and lower stock index and
crude oil prices. Grain traders will continue to
focus on what the key "outside markets" are doing.
Weather patterns in the U.S. Corn Belt are
presently beneficial for crops, which is a bearish
fundamental in the grains. Traders will closely
scrutinize this morning's USDA weekly export sales
report.

Wednesday, May 19-Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market feature in overnight/early morning trading today
is lower U.S. stock index and crude oil futures prices.

JIM'S MARKET THOUGHT OF THE DAY *

Crude oil futures continue to trend lower and today
dipped below $68.00 a barrel. That bearish pennant
pattern on the daily bar chart, which I pointed out
to you last week and which has since seen a
downside "breakout," does have a downside target of
$61.00 a barrel. At the time of the formation of
the pennant pattern, the $61.00 downside target I
mentioned seemed a bit of a stretch. As I write
this report today, the $61.00 level in crude now
seems a likelihood sometime this summer. For those
of you who do summertime vacations, the drop in
crude oil prices came at just the right time, as
gasoline prices at the pump are starting to drop.
However, for those of you who are commodity market
bulls, the big drop in crude oil prices is spilling
over into some selling pressure in other raw
commodity markets, and it could be a rough summer
for the commodity sector, in general.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are lower in early morning
trading today, on follow-through selling pressure
from losses seen Tuesday. The U.S. stock index
futures bears have the overall near-term technical
advantage.

S&P 500 futures: The shorter-term moving averages
(4-, 9- and 18-day) are bearish early today. The 4-
day moving average is below the 9-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 1,100.00 and then at 1,091.00. Sell
stops likely reside just under those levels. Upside
resistance for active traders today is located at
the overnight high of 1,117.90 and then at
1,125.00. 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: 1,104.00.

Nasdaq index futures: The shorter-term moving
averages (4- 9-and 18-day) are bearish early today.
The 4-day moving average is below the 9-day. The 9-
day average is below the 18-day. Short-term
oscillators (RSI, slow stochastics) are bearish
early today. Shorter-term technical resistance is
located at the overnight high of 1,885.75 and then
at 1,900.00. Buy stops likely reside just above
those levels. On the downside, short-term support
is seen at the overnight low of 1,865.50 and then
at 1,850.00. Sell stops are likely located just
below those levels. Wyckoff's Intra-Day Market
Rating: 4.0

Today's key near-term Fibonacci support/resistance
level: 1,876.00

Dow futures: Sell stops likely reside just below
support at this week's low of 10,415 and then more
stops just below support at 10,400. Buy stops
likely reside just above technical resistance at
10,450 and then at 10,500. Shorter-term moving
averages are bearish early today, as the 4-day
moving average is below the 9-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: 10,411

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes futures prices are firmer
in early trading today. Bulls have the overall
near-term technical advantage as neaer-term
uptrends are in place on the daily charts.

June U.S. T-Bonds: Shorter-term moving averages (4-
9- 18-day) are bullish early 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 early today. Shorter-
term resistance lies at 123 8/32 and then at the
overnight high of 123 17/32. Buy stops likely
reside just above those levels. Shorter-term
technical support lies at the overnight low of 122
26/32 and then at 122 16/32. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day
Market Rating: 6.0

Today's key near-term Fibonacci support/resistance
level: 122 21/32

JUNE U.S. T-Bonds

126 14/32--lifetime high
124 1/32--second pivot point resistance
123 14/32--first pivot point resistance
122 29/32--previous day's high
122 28/32--previous day's close
122 11/32--pivot point
121 24/32--first pivot point support
121 23/32--4-day moving average
121 18/32--9-day moving average
121 7/32--previous day's low
120 21/32--second pivot point support
120 1/32--18-day moving average
119 4/32--Previous Month's high
116 25/32--100-day moving average
114 6/32--previous month's low
109 15/32--lifetime low

June U.S. T-Notes: Shorter-term oscillators (RSI,
slow stochastics) are neutral to bullish early
today. Buy stops likely reside just above shorter-
term technical resistance at the overnight high of
120.22.0 and then at the May high of 121.01.5.
Shorter-term moving averages are bullish early
today. The 4-day moving average is above the 9-day
and 18-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 120.05.5 and
then at 120.00.0. Wyckoff's Intra Day Market
Rating: 6.0

Today's key near-term Fibonacci support/resistance
level: 120.01.0

JUNE U.S. T-Notes

121 1/32--lifetime high
121 1/32--second pivot point resistance
120 21/32--first pivot point resistance
120 11/32--previous day's high
120 10/32--previous day's close
120 --pivot point
119 20/32--first pivot point support
119 20/32--4-day moving average
119 14/32--9-day moving average
119 10/32--previous day's low
118 31/32--second pivot point support
118 15/32--18-day moving average
117 31/32--previous month's high
116 18/32--100-day moving average
114 26/32--previous month's low
109 29/32--lifetime low

CURRENCIES

The June U.S. dollar index is firmer in early
trading today and hit another 12-month high
overnight. Dollar index bulls still have the solid
overall near-term technical advantage. Slow
stochastics for the dollar index are bearish early
today. The dollar index finds shorter-term
technical resistance at the overnight high of 87.62
and then at 87.75. Shorter-term support is seen at
87.00 and then at 86.75. Today's key near-term
Fibonacci support/resistance level: 85.86.
Wyckoff's Intra Day Market Rating: 6.0

The June Euro is near steady in early electronic
trading. Prices hit a fresh four-year low
overnight. Bears remain in firm overall technical
command. Euro finds sell stop orders are likely
located just below technical support at the
overnight low of 1.2140 and then at 1.2100.
Shorter-term technical resistance for the Euro is
seen at 1.2250 and then at 1.2300. Buy stops likely
reside just above those levels. Slow stochastics
for the Euro are bullish early today. Today's key
near-term Fibonacci support/resistance level:
1.2507. Wyckoff's Intra Day Market Rating: 4.0

GOLD

Comex gold futures are lower again in early
dealings today, on more profit-taking pressure from
recent gains. Gold bulls still have the overall
near-term technical advantage. For June gold,
shorter-term technical resistance is seen at
$1,220.00 and then at the overnight high of
$1,228.20. Buy stops likely reside just above those
levels. Sell stops likely reside just below support
at $1,200.00 and then at 1,190.00. Today's key
near-term Fibonacci support/resistance level:
$1,203.00. Wyckoff's Intra-Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading lower early today and
hit a fresh 10-month low overnight. Bears have
downside near-term technical momentum. In June
crude, look for buy stops to reside just above
resistance at $69.00 and then at $70.00. Look for
sell stops just below technical support at the
overnight low of $67.90 and then at $67.50. Today's
key near-term Fibonacci support/resistance level:
$70.24. Wyckoff's Intra-Day Market Rating: 4.0

GRAINS

Prices were weaker in overnight trading amid
bearishly postured "outside markets" that include a
firmer U.S. dollar index and lower stock index and
crude oil prices. Grain traders will continue to
focus on what the key "outside markets" are doing.
Weather patterns in the U.S. Corn Belt are
presently beneficial for crops, which is a bearish
fundamental in the grains.