Silver Chart

Silver Chart

Wednesday, May 12, 2010

Wednesday, May 12--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market feature in overnight/early morning trading today
is solidly higher gold prices that set a new all-time
record high overnight.

JIM'S MARKET THOUGHT OF THE DAY *

Now that gold has set a new all-time high of
$1,245.40 overnight, look for bigger price moves,
both on the upside and on the downside, in the
coming days and weeks. The next major upside price
objective for the bulls is the $1,500.00 level.--
Jim

U.S. STOCK INDEXES

The U.S. stock indexes are firmer in early morning
trading today, as the indexes try to consolidate.
Bears still 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 and 18-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
1,140.00 and then at 1,130.00. Sell stops likely
reside just under those levels. Upside resistance
for active traders today is located at this week's
high of 1,168.50 and then at 1,175.00. Buy stops
are likely located just above those levels.
Wyckoff's Intra-day Market Rating: 5.0

Today's key near-term Fibonacci support/resistance
level: 1,130.00.

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 and 18-
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 1,950.00 and
then at this week's high of 1,965.00. Buy stops
likely reside just above those levels. On the
downside, short-term support is seen at 1,930.00
and then at the overnight low of 1,919.00. Sell
stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 5.0

Today's key near-term Fibonacci support/resistance
level: 1,904.00

Dow futures: Sell stops likely reside just below
support at 10,700 and then more stops just below
support at Tuesday's low of 10,650. Buy stops
likely reside just above technical resistance at
10,750 and then at 10,800. Shorter-term moving
averages are bearish early today, as the 4-day
moving average is below the 9-day and 18-day. The
9-day moving average is below the 18-day moving
average. Shorter-term oscillators (RSI, slow
stochastics) are neutral early today. Wyckoff's
Intra-Day Market Rating: 5.0

Today's key near-term Fibonacci support/resistance
level: 10,666

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes futures prices are weaker
in early trading today, on some profit-taking
pressure. I look for more flight-to-quality buying
interest in the near term. Bulls still have the
overall near-term technical advantage.

June U.S. T-Bonds: Shorter-term moving averages (4-
9- 18-day) are still 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. Oscillators (RSI, slow stochastics)
are bearish early today. Shorter-term resistance
lies at 121 even and then at the overnight high of
121 7/32. Buy stops likely reside just above those
levels. Shorter-term technical support lies at this
week's low of 120 5/32 and then at 120 even. 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: 120 24/32

JUNE U.S. T-Bonds

126 14/32--lifetime high
122 12/32--second pivot point resistance
121 24/32--previous day's high
121 23/32--4-day moving average
121 18/32--first pivot point resistance
120 29/32--pivot point
120 23/32--previous day's close
120 12/32--9-day moving average
120 9/32--previous day's low
120 3/32--first pivot point support
119 14/32--second pivot point support
119 4/32--Previous Month's high
118 25/32--18-day moving average
116 16/32--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 bearish early
today. Buy stops likely reside just above shorter-
term technical resistance at 119.08.0 and then at
the overnight high of 119.13.0. Shorter-term moving
averages are still 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 Tuesday's low of 118.22.5 and
then at this week's low of 118.12.0. Wyckoff's
Intra Day Market Rating: 5.0

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

JUNE U.S. T-Notes

121 1/32--lifetime high
119 31/32--second pivot point resistance
119 18/32--previous day's high
119 16/32--first pivot point resistance
119 13/32--4-day moving average
119 3/32--pivot point
119 1/32--previous day's close
118 22/32--previous day's low
118 20/32--first pivot point support
118 17/32--9-day moving average
118 7/32--second pivot point support
117 31/32--previous month's high
117 24/32--18-day moving average
116 12/32--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 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 the overnight high of 85.03
and then at last week's high of 85.46. Shorter-term
support is seen at the overnight low of 84.33 and
then at 84.00. Today's key near-term Fibonacci
support/resistance level: 84.54. 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 1.2650 and
then at the overnight low of 1.2607. Shorter-term
technical resistance for the Euro is seen at the
overnight high of 1.2742 and then at 1.2800. 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: 1.2738. Wyckoff's Intra Day Market Rating:
4.0

GOLD

Comex gold futures are sharply higher again in
early dealings today, and hit a fresh all-time
record high overnight. Gold bulls have the solid
overall near-term technical advantage. Now, look
for bigger daily price moves in gold. For June
gold, shorter-term technical resistance is seen at
the overnight record high of $1,245.40 and then at
$1,250.00. Buy stops likely reside just above those
levels. Sell stops likely reside just below support
at $1,230.00 and then at the overnight low of
$1,227.20. Today's key near-term Fibonacci
support/resistance level: $1,222.00. Wyckoff's
Intra-Day Market Rating: 9.0

CRUDE OIL

Crude oil prices are trading near unchanged early
today. A bearish pennant pattern has formed on the
daily bar chart. Bears have still have some
downside near-term technical momentum. In June
crude, look for buy stops to reside just above
resistance at $77.00 and then at $77.50. Look for
sell stops just below technical support at $76.00
and then at the overnight low of $75.42. Today's
key near-term Fibonacci support/resistance level:
$76.76. Wyckoff's Intra-Day Market Rating: 4.5

GRAINS

Prices were mostly higher in overnight trading.
Corn bulls have regained fresh upside near-term
technical momentum and are leading renewed fund
buying interest in the grains. Corn is feeling the
bullish effects of the positive USDA report for
corn issued Tuesday morning.

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