Silver Chart

Silver Chart

Friday, April 30, 2010

Friday, April 30--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market features in overnight/early morning trading
today are a weaker U.S. dollar index and higher gold
prices.

JIM'S MARKET THOUGHT OF THE DAY *

Gold market bulls this week have put in an
impressive performance. Not only have gold prices
this week hit a new high for 2010, they have done
so without the help of a weaker U.S. dollar against
the other major currencies. The Euorpean Union's
sovereign debt problems are prompting traders in
Europe to buy gold with their European currencies
as a hedge against further deterioration of their
currencies. Gold hit a new record high this week,
in Euro currency terms. Importantly, gold this week
is once again being viewed by traders as a "safe-
haven" investment asset during times of heightened
economic, financial or geopolitical uncertainty.--
Jim

U.S. STOCK INDEXES

The U.S. stock indexes are firmer in early morning
trading today. While trading has become a bit
choppier at higher price levels recently, bulls
still have the overall near-term technical
advantage. There are still no strong clues that
market tops are close at hand in the U.S. stock
indexes. However, veteran traders do know the old
market saying about stocks: "Sell in May and go
away."

S&P 500 futures: The shorter-term moving averages
(4-, 9- and 18-day) are neutral early today. The 4-
day moving average is below the 9-day and 18-day.
The 9-day is above the 18-day moving average.
Short-term oscillators (RSI, slow stochastics) are
bullish early today. Today, shorter-term technical
support comes in at 1,200.00 and then at Thursday's
low of 1,188.10. Sell stops likely reside just
under those levels. Upside resistance for active
traders today is located at this week's high of
1,216.70 and then at 1,225.00. 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: 1,201.00.

Nasdaq index futures: The shorter-term moving
averages (4- 9-and 18-day) are neutral early today.
The 4-day moving average is below the 9-day. The 9-
day average is above the 18-day. Short-term
oscillators (RSI, slow stochastics) are neutral to
bullish early today. Shorter-term technical
resistance is located at 2,050.00 and then at this
week's high of 2,057.50. Buy stops likely reside
just above those levels. On the downside, short-
term support is seen at the overnight low of
2,035.25 and then at 2,025.00. 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: 2,033.00

Dow futures: Sell stops likely reside just below
support at 11,100 and then more stops just below
support at Thursday's low of 11,045. Buy stops
likely reside just above technical resistance at
this week's high of 11,210 and then at 11,250.
Shorter-term moving averages are neutral early
today, as the 4-day moving average is below the 9-
day. The 9-day moving average is above 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: 11,101

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes futures prices are near
steady in early trading today. Bulls still have
some near-term technical momentum amid the EU debt
crisis that is providing "flight to quality" buying
of U.S. securities.

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 and 18-day. The
9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term technical support lies at
118 even and then at 117 15/32. Sell stops likely
reside just below those levels. Shorter-term
technical resistance lies at 118 16/32 and then at
this week's high of 118 24/32. Buy stops likely
reside just above those levels. Wyckoff's Intra-Day
Market Rating: 5.0

Today's key near-term Fibonacci support/resistance
level: 117 31/32

JUNE U.S. T-Bonds

126 14/32--lifetime high
118 24/32--second pivot point resistance
118 15/32--first pivot point resistance
118 12/32--Previous Month's high
118 8/32--previous day's high
118 6/32--previous day's close
117 31/32--pivot point
117 24/32--4-day moving average
117 22/32--first pivot point support
117 15/32--previous day's low
117 11/32--9-day moving average
117 6/32--second pivot point support
116 19/32--18-day moving average
116 7/32--100-day moving average
114 26/32--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 the overnight high of
117.16.0 and then at 117.24.0. 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 117.00.0 and then at
116.29.0. Wyckoff's Intra Day Market Rating: 5.0

Today's key near-term Fibonacci support/resistance
level: 117.05.0

JUNE U.S. T-Notes

120 9/32--lifetime high
117 25/32--second pivot point resistance
117 22/32--previous month's high
117 18/32--first pivot point resistance
117 14/32--previous day's high
117 12/32--previous day's close
117 8/32--pivot point
117 5/32--4-day moving average
117 1/32--first pivot point support
116 31/32--9-day moving average
116 29/32--previous day's low
116 23/32--second pivot point support
116 18/32--18-day moving average
116 7/32--100-day moving average
115 9/32--previous month's low
109 29/32--lifetime low

CURRENCIES

The June U.S. dollar index is weaker in early
trading today, on more profit-taking pressure from
recent gains. Bulls still have the overall near-
term technical advantage amid the EU debt crisis.
Slow stochastics for the dollar index are bearish
early today. The dollar index finds shorter-term
technical resistance at 82.00 and then at the
overnight high of 82.23. Shorter-term support is
seen at the overnight low of 81.78 and then at
81.50. Today's key near-term Fibonacci
support/resistance level: 81.81. Wyckoff's Intra
Day Market Rating: 4.5

The June Euro is higher in early electronic
trading, on a short-covering bounce in a bear
market. Bears remain in overall technical command.
Euro finds sell stop orders are likely located just
below technical support at 1.3300 and then at
1.3250. Shorter-term technical resistance for the
Euro is seen at 1.3350 and then at 1.3400. 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: 1.3336. Wyckoff's Intra Day Market Rating:
5.5

GOLD

Comex gold futures are higher in early dealings
today, and hit a fresh five-month high overnight.
Gold bulls still have the overall near-term
technical advantage and have gained more upside
momentum this week. For June gold, shorter-term
technical resistance is seen at the overnight high
of $1,178.50 and then at $1,185.00. Buy stops
likely reside just above those levels. Sell stops
likely reside just below support at the overnight
low of $1,167.80 and then at $1,160.00. Today's key
near-term Fibonacci support/resistance level:
$1,160.00. Wyckoff's Intra-Day Market Rating: 6.5

CRUDE OIL

Crude oil prices are firmer early today. Bulls are
regaining upside technical momentum. In June crude,
look for buy stops to reside just above resistance
at the overnight high of $86.13 and then at $87.00.
Look for sell stops just below technical support at
$85.00 and then at $84.00. Today's key near-term
Fibonacci support/resistance level: $85.19.
Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Prices were mostly firmer in overnight trading. The
key "outside markets" are again in a bullish
posture for the grains today, as the U.S. dollar
index is weaker, while crude oil and the U.S. stock
indexes are firmer. After a rough start to the week
for the bulls, they are regaining some technical
momentum to end the week. My bias is that corn will
be the grain markets leader for the near term.

Thursday, April 29, 2010

Thursday, April 29--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market features in overnight/early morning trading
today is a weaker U.S. dollar index and higher crude oil
futures prices.

JIM'S MARKET THOUGHT OF THE DAY *

The U.S. dollar index has backed off today on some
profit-taking pressure after reaching a 12-month
high on Wednesday, amid the European Union
sovereign debt crisis. I want to warn you that this
situation in the European Union right now is just
simmering and could turn into a full boil soon. And
if it does and if it develops into a contagion that
spreads to other parts of the world, markets will
be even more severely impacted. A full-blown, five-
alarm debt crisis worldwide would be fully bullish
for the U.S. dollar and for U.S. T-Bonds and T-
Notes. It would also likely be bullish for gold,
given this week's rally in gold. A debt contagion
would very likely be fully bearish for the world
stock and most commodity markets.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are firmer in early morning
trading today. Trading has become choppier at
higher price levels. However, bulls still have the
overall near-term technical advantage. There are no
strong clues that market tops are close at hand in
the 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 below the 9-day. The 9-day is
above 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 1,188.10 and then
at Wednesday's low of 1,176.80. Sell stops likely
reside just under those levels. Upside resistance
for active traders today is located at 1,200.00 and
then at 1,210.00. 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: 1,192.00.

Nasdaq index futures: The shorter-term moving
averages (4- 9-and 18-day) are neutral early today.
The 4-day moving average is below the 9-day. The 9-
day average is above the 18-day. Short-term
oscillators (RSI, slow stochastics) are neutral to
bearish early today. Shorter-term technical
resistance is located at Wednesday's high of
2,022.25 and then at 2,030.00. Buy stops likely
reside just above those levels. On the downside,
short-term support is seen at the overnight low of
2,005.50 and then at Wednesday's low of 1,989.00.
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: 1,998.00

Dow futures: Sell stops likely reside just below
support at 11,000 and then more stops just below
support at 10,950. Buy stops likely reside just
above technical resistance at 11,100 and then at
11,150. Shorter-term moving averages are bullish
early today, as the 4-day moving average is above
the 9-day. The 9-day moving average is above 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

Today's key near-term Fibonacci support/resistance
level: 11,066

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes futures prices are firmer
in early trading today. Bulls still have some near-
term technical momentum amid the EU debt crisis
that is providing "flight to quality" buying of
U.S. securities.

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 and 18-day. The
9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term technical support lies at
Wednesday's low of 117 14/32 and then at 117 even.
Sell stops likely reside just below those levels.
Shorter-term technical resistance lies at the
overnight high of 117 30/32 and then at 118 16/32.
Buy stops likely reside just above those levels.
Wyckoff's Intra-Day Market Rating: 5.5

Today's key near-term Fibonacci support/resistance
level: 117 22/32

JUNE U.S. T-Bonds

126 14/32--lifetime high
118 29/32--second pivot point resistance
118 16/32--previous day's high
118 12/32--Previous Month's high
118 9/32--first pivot point resistance
117 27/32--pivot point
117 20/32--previous day's close
117 15/32--4-day moving average
117 14/32--previous day's low
117 7/32--first pivot point support
117 6/32--9-day moving average
116 25/32--second pivot point support
116 13/32--18-day moving average
116 6/32--100-day moving average
114 26/32--previous month's low
109 15/32--lifetime low

June 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
117.09.5 and then at 117.16.0. 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 the overnight low of
116.30.5 and then at 116.19.5. Wyckoff's Intra Day
Market Rating: 5.5

Today's key near-term Fibonacci support/resistance
level: 117.05.0

JUNE U.S. T-Notes

120 9/32--lifetime high
117 29/32--second pivot point resistance
117 22/32--previous month's high
117 20/32--previous day's high
117 16/32--first pivot point resistance
117 7/32--pivot point
117 3/32--previous day's close
116 30/32--4-day moving average
116 30/32--9-day moving average
116 30/32--previous day's low
116 26/32--first pivot point support
116 17/32--second pivot point support
116 14/32--18-day moving average
116 6/32--100-day moving average
115 9/32--previous month's low
109 29/32--lifetime low

CURRENCIES

The June U.S. dollar index is lower in early
trading today, on a profit-taking, corrective
pullback from recent gains. Bulls have the firm
overall near-term technical advantage amid the EU
debt crisis. Slow stochastics for the dollar index
are neutral early today. The dollar index finds
shorter-term technical resistance at the overnight
high of 82.54 and then at Wednesday's high of
82.87. Shorter-term support is seen at 82.00 and
then at 81.75. Today's key near-term Fibonacci
support/resistance level: 81.81. Wyckoff's Intra
Day Market Rating: 4.5

The June Euro is higher in early electronic
trading, on a short-covering bounce in a bear
market. Bears remain in firm overall technical
command. Euro finds sell stop orders are likely
located just below technical support at 1.3200 and
then at the overnight low of 1.3186. Shorter-term
technical resistance for the Euro is seen at 1.3300
and then at 1.3350. 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: 1.3336.
Wyckoff's Intra Day Market Rating: 5.5

GOLD

Comex gold futures are weaker in early dealings
today, on a profit-taking pullback from recent
solid gains. Gold bulls still have the overall
near-term technical advantage. For June gold,
shorter-term technical resistance is seen at the
overnight high of $1,171.80 and then at Wednesday's
high of $1,175.30. Buy stops likely reside just
above those levels. Sell stops likely reside just
below support at the overnight low of $1,164.60 and
then at $1,160.00. Today's key near-term Fibonacci
support/resistance level: $1,156.00. Wyckoff's
Intra-Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are higher early today. Bulls are
regaining some upside technical momentum. In June
crude, look for buy stops to reside just above
resistance at $84.50 and then at $85.00. Look for
sell stops just below technical support at $84.00
and then at the overnight low of $83.01. Today's
key near-term Fibonacci support/resistance level:
$82.96. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Prices were mostly firmer in overnight trading. The
key "outside markets" are in a bullish posture for
the grains today, as the U.S. dollar index is
weaker, while crude oil and the U.S. stock indexes
are higher. Traders will closely scrutinize this
morning's weekly USDA export sales data for grains.
However, the main focus going forward is the
weather in the U.S. Midwest, heading into the
planting and growing season for corn and soybeans,
and the harvest season for wheat. Right now, the
weather is deemed bearish for the grains.

Wednesday, April 28, 2010

Wednesday, April 28--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market features in overnight/early morning trading
today is a firmer U.S. dollar index that hit a fresh 12-
month high Tuesday.

JIM'S MARKET THOUGHT OF THE DAY *

The European Union's smaller countries' debt
problems--Greece and Portugal at present--are the
main focus of trader attention in many markets this
week. The keener risk aversion this week has and
will continue to impact many markets. Markets that
are supported by the EU debt worries this week
include the U.S. dollar, U.S. Treasuries and gold.
The commodity futures markets and world stock
markets are feeling some pressure from the
situation. Don't look for this European Union debt
problem to go away any time soon, and it could
deteriorate quickly.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are firmer in early morning
trading today, on a corrective bounce from strong
selling pressure seen on Tuesday. Bulls still have
the overall near-term technical advantage. There
are no strong clues that market tops are close at
hand in the 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 below the 9-day. The 9-day is
above 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 1,176.80 and then
at 1,170.00. Sell stops likely reside just under
those levels. Upside resistance for active traders
today is located at 1,190.00 and then at 1,200.00.
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: 1,182.00.

Nasdaq index futures: The shorter-term moving
averages (4- 9-and 18-day) are still bullish early
today. The 4-day moving average is above the 9-day.
The 9-day average is above the 18-day. Short-term
oscillators (RSI, slow stochastics) are neutral to
bearish early today. Shorter-term technical
resistance is located at 2,025.00 and then at
2,040.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen
at Tuesday's low of 1,998.00 and then at 1,985.50.
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: 1,998.00

Dow futures: Sell stops likely reside just below
support at 10,950 and then more stops just below
support at Tuesday's low of 10,920. Buy stops
likely reside just above technical resistance at
11,000 and then at 11,050. Shorter-term moving
averages are bullish early today, as the 4-day
moving average is above the 9-day. The 9-day moving
average is above the 18-day moving average.
Shorter-term oscillators (RSI, slow stochastics)
are bearish early today. Wyckoff's Intra-Day Market
Rating: 5.5

Today's key near-term Fibonacci support/resistance
level: 10,949

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes futures prices are weaker
in early trading today, on a corrective pullback
from strong gains posted on Tuesday. Bulls still
have some near-term technical momentum amid the EU
debt crisis that is providing "flight to quality"
buying of U.S. securities.

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 and 18-day. The
9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral to
bearish early today. Shorter-term technical support
lies at 117 29/32 and then at 117 16/32. Sell stops
likely reside just below those levels. Shorter-term
technical resistance lies at the overnight high of
118 16/32 and then at Tuesday's high of 118 24/32.
Buy stops likely reside just above those levels.
Wyckoff's Intra-Day Market Rating: 4.0

Today's key near-term Fibonacci support/resistance
level: 117 22/32

JUNE U.S. T-Bonds

126 14/32--lifetime high
119 27/32--second pivot point resistance
119 2/32--first pivot point resistance
118 24/32--previous day's high
118 12/32--Previous Month's high
118 10/32--previous day's close
118 --pivot point
117 11/32--4-day moving average
117 7/32--first pivot point support
117 --9-day moving average
116 29/32--previous day's low
116 8/32--18-day moving average
116 7/32--100-day moving average
116 5/32--second pivot point support
114 26/32--previous month's low
109 15/32--lifetime low

June 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 117.24.0 and then at the
overnight high of 117.30.0. 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
117.12.5 and then at 117.00.0. Wyckoff's Intra Day
Market Rating: 4.5

Today's key near-term Fibonacci support/resistance
level: 117.05.0

JUNE U.S. T-Notes

120 9/32--lifetime high
118 20/32--second pivot point resistance
118 5/32--first pivot point resistance
117 27/32--previous day's high
117 22/32--previous month's high
117 22/32--previous day's close
117 12/32--pivot point
116 29/32--first pivot point support
116 28/32--4-day moving average
116 28/32--9-day moving average
116 19/32--previous day's low
116 11/32--18-day moving average
116 7/32--100-day moving average
116 4/32--second pivot point support
115 9/32--previous month's low
109 29/32--lifetime low

CURRENCIES

The June U.S. dollar index is firmer again in early
trading today. Bulls have the overall near-term
technical advantage and have recently gained fresh
upside momentum amid the EU debt crisis. Slow
stochastics for the dollar index are bullish early
today. The dollar index finds shorter-term
technical resistance at Tuesday's high of 82.75 and
then at 83.00. Shorter-term support is seen at the
overnight low of 82.27 and then at 82.00. Today's
key near-term Fibonacci support/resistance level:
81.78. Wyckoff's Intra Day Market Rating: 6.0

The June Euro is lower again in early electronic
trading, and hit a fresh 12-month low overnight.
Bears remain in firm technical command. Euro finds
sell stop orders are likely located just below
technical support at the overnight low of 1.3145
and then at 1.3100. Shorter-term technical
resistance for the Euro is seen at 1.3250 and then
at 1.3300. 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: 1.3355. Wyckoff's Intra
Day Market Rating: 4.0

GOLD

Comex gold futures are firmer in early dealings
today, on safe-haven buying interest from the EU
debt crisis. Gold is firmer despite the firmer U.S.
dollar index. Gold bulls still have the overall
near-term technical advantage and have regained
upside momentum recently. For June gold, shorter-
term technical resistance is seen at $1,170.70 and
then at Tuesday's high of $1,173.40. Buy stops
likely reside just above those levels. Sell stops
likely reside just below support at the overnight
low of $1,161.30 and then at $1,155.00. Today's key
near-term Fibonacci support/resistance level:
$1,155.00. Wyckoff's Intra-Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are near steady early today but
did hit a fresh five-week low overnight. Bulls are
fading. In June crude, look for buy stops to reside
just above resistance at $83.00 and then at $84.00.
Look for sell stops just below technical support at
$82.00 and then at the overnight low of $81.29.
Today's key near-term Fibonacci support/resistance
level: $82.96. Wyckoff's Intra-Day Market Rating:
4.5

GRAINS

Prices were mostly firmer in overnight trading, on
a corrective bounce from recent selling pressure.
Corn bulls have faded due to very rapid planting
progress for the U.S. corn crop. Wheat bulls have
also faded this week. Soybean market bulls still
have some upside technical momentum on their side
after recent gains. Traders will continue to focus
on the key "outside markets" for some direction in
the grains. But the main focus going forward is now
the weather in the U.S. Midwest, heading into the
planting and growing season for corn and soybeans,
and the harvest season for wheat.

Tuesday, April 27, 2010

Tuesday, April 27--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market features in quieter overnight/early morning
trading today are a firmer U.S. dollar index and weaker
U.S. stock index and crude oil futures prices.

JIM'S MARKET THOUGHT OF THE DAY *

U.S. Treasury bonds and notes futures prices are
higher this morning, and prices have been rallying
recently on the Greek debt issue and concerns that
sovereign debt problems could turn into a worldwide
contagion. I would not want to be short T-Bonds and
T-Notes at present. Neither would I want to be long
the Euro currency.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are weaker in early morning
trading today, on profit-taking pressure from
recent steady gains. Bulls still have the overall
near-term technical advantage. There are no early
clues that market tops are close at hand in the
U.S. stock indexes.

S&P 500 futures: The shorter-term moving averages
(4-, 9- and 18-day) are still bullish early today.
The 4-day moving average is above the 9-day. The 9-
day is above the 18-day moving average. Short-term
oscillators (RSI, slow stochastics) are bearish
early today. Today, shorter-term technical support
comes in at 1,200.00 and then at 1,190.00. Sell
stops likely reside just under those levels. Upside
resistance for active traders today is located at
the overnight high of 1,209.90 and then at Monday's
high of 1,216.70. Buy stops are likely located just
above those levels. Wyckoff's Intra-day Market
Rating: 4.5

Today's key near-term Fibonacci support/resistance
level: 1,198.00.

Nasdaq index futures: The shorter-term moving
averages (4- 9-and 18-day) are still bullish early
today. The 4-day moving average is above the 9-day.
The 9-day average is above the 18-day. Short-term
oscillators (RSI, slow stochastics) are bearish
early today. Shorter-term technical resistance is
located at the overnight high of 2,050.00 and then
at Monday's high of 2,057.50. Buy stops likely
reside just above those levels. On the downside,
short-term support is seen at the overnight low of
2,038.75 and then at 2,030.00. Sell stops are
likely located just below those levels. Wyckoff's
Intra-Day Market Rating: 4.5

Today's key near-term Fibonacci support/resistance
level: 2,030.00

Dow futures: Sell stops likely reside just below
support at 11,100 and then more stops just below
support at 11,057. Buy stops likely reside just
above technical resistance at 11,155 and then at
Monday's high of 11,210. Shorter-term moving
averages are bullish early today, as the 4-day
moving average is above the 9-day. The 9-day moving
average is above the 18-day moving average.
Shorter-term oscillators (RSI, slow stochastics)
are bearish early today. Wyckoff's Intra-Day Market
Rating: 4.5

Today's key near-term Fibonacci support/resistance
level: 11,065

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes futures prices are higher
in early trading today. Bulls have the overall
near-term technical advantage amid the Greek debt
crisis providing "flight to quality" buying of U.S.
securities.

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 and 18-day. The
9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term technical support lies at
the overnight low of 116 29/32 and then at the
Monday's low of 116 22/32. Sell stops likely reside
just below those levels. Shorter-term technical
resistance lies at the overnight high of 117 15/32
and then at last week's high of 117 29/32. Buy
stops likely reside just above those levels.
Wyckoff's Intra-Day Market Rating: 6.0

Today's key near-term Fibonacci support/resistance
level: 116 31/32

JUNE U.S. T-Bonds

126 14/32--lifetime high
118 12/32--Previous Month's high
117 27/32--second pivot point resistance
117 15/32--previous day's high
117 13/32--first pivot point resistance
117 6/32--4-day moving average
117 2/32--pivot point
117 --previous day's close
116 24/32--9-day moving average
116 22/32--previous day's low
116 20/32--first pivot point support
116 9/32--second pivot point support
116 7/32--100-day moving average
116 4/32--18-day moving average
114 26/32--previous month's low
109 15/32--lifetime low

June 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 117.00.0 and then at the
April high of 117.13.5. 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 the overnight low of
116.19.5 and then at Monday's low of 116.10.0.
Wyckoff's Intra Day Market Rating: 6.0

Today's key near-term Fibonacci support/resistance
level: 116.13.0

JUNE U.S. T-Notes

120 9/32--lifetime high
117 22/32--previous month's high
117 3/32--second pivot point resistance
116 27/32--first pivot point resistance
116 26/32--previous day's high
116 25/32--4-day moving average
116 23/32--9-day moving average
116 20/32--previous day's close
116 19/32--pivot point
116 11/32--first pivot point support
116 10/32--previous day's low
116 8/32--18-day moving average
116 7/32--100-day moving average
116 3/32--second pivot point support
115 9/32--previous month's low
109 29/32--lifetime low

CURRENCIES

The June U.S. dollar index is firmer again in early
trading today. Bulls have the overall near-term
technical advantage. Slow stochastics for the
dollar index are bullish early today. The dollar
index finds shorter-term technical resistance at
82.00 and then at last week's high of 82.20.
Shorter-term support is seen at 81.50 and then at
the overnight low of 81.36. Today's key near-term
Fibonacci support/resistance level: 81.62.
Wyckoff's Intra Day Market Rating: 6.0

The June Euro is lower again in early electronic
trading. Bears remain in firm technical command.
Euro finds sell stop orders are likely located just
below technical support at Monday's low of 1.3292
and then at 1.3250. Shorter-term technical
resistance for the Euro is seen at 1.3350 and then
at the overnight high of 1.3415. 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:
1.3387. Wyckoff's Intra Day Market Rating: 4.0

GOLD

Comex gold futures are weaker in early dealings
today, amid the stronger U.S. dollar index. Gold
bulls still have the overall near-term technical
advantage. For June gold, shorter-term technical
resistance is seen at the overnight high of
$1,157.60 and then at Monday's high of $1,160.70.
Buy stops likely reside just above those levels.
Sell stops likely reside just below support at the
overnight low of $1,150.40 and then at $1,146.60.
Today's key near-term Fibonacci support/resistance
level: $1,153.00. Wyckoff's Intra-Day Market
Rating: 4.5

CRUDE OIL

Crude oil prices are weaker again early today.
Bulls still have the overall near-term technical
advantage. In June crude, look for buy stops to
reside just above resistance at $84.00 and then at
$85.00. Look for sell stops just below technical
support at the overnight low of $83.06 and then at
$82.50. Today's key near-term Fibonacci
support/resistance level: $83.97. Wyckoff's Intra-
Day Market Rating: 4.5

GRAINS

Prices were steady to weaker in overnight trading.
Corn bulls have faded due to very rapid planting
progress for the U.S. corn crop. Wheat bulls faded
badly on Monday. Soybean market bulls still have
some upside technical momentum on their side after
recent gains. Traders will continue to focus on the
key "outside markets" for some direction in the
grains. But the main focus going forward is now the
weather in the U.S. Midwest, heading into the
planting and growing season for corn and soybeans,
and the harvest season for wheat.

Monday, April 26, 2010

Monday, April 26--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market features in quieter overnight/early morning
trading today are a weaker U.S. dollar index and higher
U.S. stock index futures prices.

JIM'S MARKET THOUGHT OF THE DAY *

With Greece's sovereign debt burden a main focus
of trader attention recently, it's likely that
downside pressure on the U.S. dollar index will be
limited, due to its "safe haven" investment status.
It's also likely the Greek debt concerns will cause
upside potential for the Euro currency to be
limited, as the European Union deals with the Greek
financial crisis.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are firmer in early morning
trading today, and hit fresh for-the-move highs
overnight. Bulls have the overall near-term
technical advantage as steady, gentle, 2.5-month-
old uptrends remain in place on the daily bar
charts. There are no early clues that market tops
are close at hand in the U.S. stock indexes.

S&P 500 futures: The shorter-term moving averages
(4-, 9- and 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. Short-term
oscillators (RSI, slow stochastics) are neutral
early today. Today, shorter-term technical support
comes in at the overnight low of 1,210.10 and then
at 1,200.00. Sell stops likely reside just under
those levels. Upside resistance for active traders
today is located at the overnight high of 1,216.70
and then at 1,225.00. 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: 1,203.00.

Nasdaq index futures: The shorter-term moving
averages (4- 9-and 18-day) are bullish early today.
The 4-day moving average is above the 9-day. The 9-
day average is above the 18-day. Short-term
oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term technical resistance is
located at the overnight high of 2,057.50 and then
at 2,065.00. Buy stops likely reside just above
those levels. On the downside, short-term support
is seen at the overnight low of 2,049.50 and then
at 2,040.00. 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: 2,030.00

Dow futures: Sell stops likely reside just below
support at 11,100 and then more stops just below
support at Friday's low of 11,057. Buy stops likely
reside just above technical resistance at 11,200
and then at 11,250. Shorter-term moving averages
are bullish early today, as the 4-day moving
average is above the 9-day. The 9-day moving
average is above 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

Today's key near-term Fibonacci support/resistance
level: 11,065

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes futures prices are firmer
in early trading today. Bulls still have the
overall near-term technical advantage amid the
Greek debt crisis providing "flight to quality"
buying of U.S. securities.

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 and 18-day. The
9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term technical support lies at
117 even and then at the overnight low of 116
22/32. Sell stops likely reside just below those
levels. Shorter-term technical resistance lies at
117 15/32 and then at last week's high of 117
29/32. Buy stops likely reside just above those
levels. Wyckoff's Intra-Day Market Rating: 5.5

Today's key near-term Fibonacci support/resistance
level: 116 31/32

JUNE U.S. T-Bonds

126 14/32--lifetime high
118 12/32--Previous Month's high
117 25/32--second pivot point resistance
117 15/32--previous day's high
117 11/32--first pivot point resistance
117 4/32--4-day moving average
117 --pivot point
116 28/32--previous day's close
116 23/32--9-day moving average
116 22/32--previous day's low
116 18/32--first pivot point support
116 7/32--second pivot point support
116 7/32--100-day moving average
116 2/32--18-day moving average
114 26/32--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 116.24.0 and then at
Friday's high of 116.31.0. Shorter-term moving
averages are still 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 116.10.0 and then at 116.00.0.
Wyckoff's Intra Day Market Rating: 5.5

Today's key near-term Fibonacci support/resistance
level: 116.13.0

JUNE U.S. T-Notes

120 9/32--lifetime high
117 22/32--previous month's high
117 7/32--second pivot point resistance
116 31/32--previous day's high
116 27/32--first pivot point resistance
116 26/32--4-day moving average
116 23/32--9-day moving average
116 18/32--pivot point
116 14/32--previous day's close
116 10/32--previous day's low
116 7/32--100-day moving average
116 7/32--18-day moving average
116 6/32--first pivot point support
115 29/32--second pivot point support
115 9/32--previous month's low
109 29/32--lifetime low

CURRENCIES

The June U.S. dollar index is firmer in early
trading today. 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 81.84 and then
at 82.00. Shorter-term support is seen at the
overnight low of 81.41 and then at 81.14. Today's
key near-term Fibonacci support/resistance level:
81.62. Wyckoff's Intra Day Market Rating: 5.5

The June Euro is lower in early electronic trading.
Bears remain in firm technical command. Euro finds
sell stop orders are likely located just below
technical support at the overnight low of 1.3292
and then at 1.3250. Shorter-term technical
resistance for the Euro is seen at 1.3350 and then
at 1.3400. 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: 1.3387. Wyckoff's Intra
Day Market Rating: 4.0

GOLD

Comex gold futures are firmer in early dealings
today. Bulls have the overall near-term technical
advantage. For June gold, shorter-term technical
resistance is seen at the overnight high of
$1,160.70 and then at $1,162.80. Buy stops likely
reside just above those levels. Sell stops likely
reside just below support at the overnight low of
$1,153.50 and then at $1,150.00. Today's key near-
term Fibonacci support/resistance level: $1,153.00.
Wyckoff's Intra-Day Market Rating: 5.5

CRUDE OIL

Crude oil prices are firmer early today. Bulls
still have the overall near-term technical
advantage. In June crude, look for buy stops to
reside just above resistance at $86.00 and then at
$87.00. Look for sell stops just below technical
support at $85.00 and then at the overnight low of
$84.75. Today's key near-term Fibonacci
support/resistance level: $85.35. Wyckoff's Intra-
Day Market Rating: 5.5

GRAINS

Prices were firmer in overnight trading. Corn bulls
faded on Friday, due to very rapid planting
progress for the U.S. corn crop. Wheat and soybean
market bulls still have some upside technical
momentum on their side after recent gains. Traders
will continue to focus on the key "outside markets"
for some direction in the grains. This morning,
those outside markets are in a neutral posture as
the U.S. dollar index is slightly higher, while
crude oil and the stock indexes are also slightly
higher.

Saturday, April 24, 2010

Thursday Evening, April 22--Jim Wyckoff's Daily Markets
Update

COPYING AND FORWARDING IS THEFT AND PROHIBITED BY LAW!!

Copyright: 2010 Jim Wyckoff Enterprises. It is theft and
a violation of international law to redistribute any part
of this proprietary content in any form without expressed
permission from Jim Wyckoff. This content is reserved for
paying subscribers. I will vigorously pursue any and all
violators of my copyrights — and they will be prosecuted.

Questions? Just email me at jim@jimwyckoff.com . I enjoy
hearing from my readers worldwide.--Jim

Click below for "Today’s Hot Market" item on my website.

http://www.jimwyckoff.com/hotmarket/hotmarket.asp

Dear Valued Subscriber: Following are today’s significant
developments in the U.S. futures markets.

*. LIVESTOCK: June live cattle closed up $0.15 at $95.60
today. Prices poked to another fresh six-week high today
and closed nearer the session high. Prices this week have
seen a bullish upside "breakout" from a symmetrical
triangle pattern on the daily bar chart. The cattle
market bulls have the solid overall near-term technical
advantage. Prices are in a four-month-old uptrend on the
daily bar chart. Bulls' next upside price objective is to
push and close prices above solid technical resistance at
the contract high of $96.22. The next downside technical
objective for the bears is pushing and closing prices
below solid technical support at $94.00. First resistance
is seen at today's high of $95.92 and then at $96.22.
First support is seen at today's low of $94.90 and then
at $94.50. Wyckoff's Market Rating: 8.0.

August feeder cattle closed down $0.05 at $116.15 today.
Prices closed near the session high today in more quiet
trading. Feeder bulls still have the solid near-term
technical advantage. Prices are in a four-month-old
uptrend on the daily bar chart. The next upside price
objective for the feeder bulls is to push and close
prices above solid technical resistance at the contract
high of $117.10. The next downside price objective for
the bears is to push and close prices below solid
technical support at $114.00. First resistance is seen at
this week's high of $116.60 and then at $117.10. First
support is seen at today's low of $115.60 and then at
$115.00. Wyckoff's Market Rating: 8.0

June lean hogs closed down $0.12 at $86.95 today. Prices
closed nearer the session high today. The key "outside
markets" were in a bearish posture for hogs today, as the
U.S. dollar index was higher, while crude oil and the
U.S. stock indexes were weaker. Bullish cash hog market
fundamentals are boosting the futures market higher.
Bulls still have the solid near-term technical advantage.
There are no early technical clues of a market top being
close at hand. Prices are in an 11-week-old uptrend on
the daily bar chart. The next upside price objective for
the bulls is to push prices above solid chart resistance
at $90.00. The next downside price objective for the
bears is pushing and closing prices below solid technical
support at this week's low of $85.40. First resistance is
seen at the contract high of $87.30 and then at $88.00.
First support is seen at today's low of $86.25 and then
at $86.00. Wyckoff's Market Rating: 8.0

May pork bellies closed down $0.27 at $96.45 today.
Prices closed near mid-range today on more profit taking.
Bulls still have the overall near-term technical
advantage. The next upside price objective for the bulls
is pushing and closing prices above solid technical
resistance at the contract high of $100.00. The next
downside price objective for the bears is pushing and
closing prices below solid technical support at $94.00.
First resistance is seen at today's high of $97.40 and
then at $98.00. First support is seen at $96.00 and then
at today's low of $95.00. Wyckoff's Market Rating: 7.0

*. GRAINS: July corn futures closed up 2 1/4 cents at
$3.71 1/4 today. Prices closed near the session high
today. Rock-solid export demand for U.S. corn this week
has been underpinning prices. The key "outside markets"
were in a bearish posture for corn today, as the U.S.
dollar index was higher, while crude oil and the U.S.
stock indexes were weaker. That did limit the upside in
corn, as did near-record corn planting in the Corn Belt
this week. While bears do still have the overall near-
term technical advantage in corn, the bulls have shown
impressive resilience this week to suggest there is not
much downside pressure left in the market. The next
downside price objective for the bears is to push and
close prices below solid technical support at the April
low of $3.55. Bulls' next upside price objective is to
push and close prices above solid technical resistance at
last week's high of $3.74 3/4 a bushel. First resistance
for July corn is seen at this week's high of $3.73 and
then at $3.74 3/4. First support is seen at today's low
of $3.65 1/4 and then at $3.60. Wyckoff's Market Rating:
4.0

July soybeans closed up 9 cents at $10.15 a bushel today.
Prices closed near the session high today and closed at a
fresh three-month high close. Prices have closed above
the strong psychological resistance level of $10.00 a
bushel, which is another bullish near-term clue. Good
export demand for U.S. soybeans this week has also helped
boost the futures market. Soybean bulls have the near-
term technical advantage and have gained more upside
momentum this week. The next downside price objective for
the bears is pushing and closing prices below solid
technical support at $9.70. The next upside technical
objective for the bulls is pushing and closing May prices
above solid technical resistance at $10.40. First
resistance for July soybeans is seen at today's high of
$10.15 3/4 and then at $10.20. First support is seen at
$10.00 and then at $9.93. Wyckoff's Market Rating: 6.5.

July soybean meal closed up $2.70 at $295.50 today.
Prices closed nearer the session high again today and
scored another fresh three-month high. Bulls have the
solid near-term technical advantage and have gained more
upside momentum this week. Prices are in a six-week-old
uptrend on the daily bar chart. The next downside price
objective for the bears is pushing and closing prices
below solid technical support at $279.00. The next upside
price objective for the bulls is to produce a close above
solid technical resistance at $300.00. First resistance
comes in at today's high of $296.70 and then at $300.00.
First support is seen at $292.50 and then at $290.00.
Wyckoff's Market Rating: 7.0.

July bean oil closed up 18 points at 39.54 cents today.
Prices closed nearer the session high today. Bean oil
bulls and bears are on a level near-term technical
playing field, but the bulls have faded a bit recently.
Bean oil bears' next downside technical price objective
is pushing and closing prices below solid technical
support at the March low of 38.46 cents. The next upside
price objective for the bean oil bulls is pushing and
closing prices above solid technical resistance at the
April high of 40.96 cents. First resistance is seen at
39.70 cents and then at 39.92 cents. First support is
seen at today's low of 39.20 cents and then at 39.00
cents. Wyckoff's Market Rating: 5.0

July Chicago SRW wheat closed up 11 1/4 cents at $5.11
today. Prices closed near the session high today, scored
a bullish "outside day" up on the daily bar chart and hit
a fresh six-week high. Bulls have regained upside
momentum amid fresh fund buying. A bullish weekly high
close on Friday would provide the bulls with better
upside near-term technical momentum to suggest the
uptrend can continue. The next downside price objective
for the wheat futures bears is pushing and closing prices
below solid technical support at this week's low of $4.78
1/2. Bulls' next upside price objective is to push and
close prices above solid technical resistance at the
March high of $5.36 3/4 a bushel. First resistance is
seen at today's high of $5.12 and then at $5.25. First
support lies at $5.00 and then at today's low of $4.92
1/2. Wyckoff's Market Rating: 4.5.

July K.C. HRW wheat closed up 10 1/4 cents at $5.21
today. Prices closed near the session high, scored a
bullish "outside day" up on the daily bar chart and hit a
fresh six-week high today. The bulls have gained upside
momentum this week and have negated a three-month-old
downtrend on the daily bar chart. Bulls' next upside
price objective is pushing and closing prices above solid
technical resistance at the February high of $5.38. The
bears' next downside objective is pushing and closing
prices below solid technical support at this week's low
of $4.93 1/2. First resistance is seen at $5.25 and then
at $5.38. First support is seen at $5.17 1/2 and then at
$5.10. Wyckoff's Market Rating: 4.5.

July oats closed up 2 3/4 cents $2.22 1/4 today. Prices
closed near the session high again today and saw more
short covering in a bear market. Oats bears still have
the near-term technical advantage. Prices are in a 3.5-
month-old downtrend on the daily bar chart. A bullish
weekly high close on Friday would be an early clue that
a market low is in place. Bears' next downside price
objective is pushing and closing prices below solid
technical support at $2.00. Bulls' next upside price
objective is pushing and closing prices above solid
technical resistance at $2.26 1/4. First support lies at
$2.20 and then at today's low of $2.16 1/2. First
resistance is seen at $2.23 and then at $2.26 1/4.
Wyckoff's Market Rating: 2.0.

*. SOFTS: July sugar closed down 54 points at 16.15 cents
today. Prices closed near the session low today. The key
"outside markets" were in a bearish posture for sugar
today, as the U.S. dollar index was higher, while crude
oil and the U.S. stock indexes were weaker. The sugar
bears have the overall near-term technical advantage.
Prices are in an 11-week-old downtrend on the daily bar
chart. Bulls' next upside price objective is to push and
close prices above solid technical resistance at 18.13
cents. Bears' next downside price objective is to push
and close prices below solid technical support at the
April low of 15.45 cents. First resistance is seen at
today's high of 16.89 cents and then at 17.00 cents.
First support is seen at today's low of 16.10 cents and
then at 16.00 cents. Wyckoff's Market Rating: 3.0

July coffee closed up 75 points at 132.00 cents today.
Prices closed near the session high today after hitting a
fresh seven-week low early on. Short covering in a bear
market was featured. The key "outside markets" were in a
bearish posture for coffee today, as the U.S. dollar
index was higher, while crude oil and the U.S. stock
indexes were weaker. That did limit buying interest in
coffee. Near-term chart damage has been inflicted
recently. Bears have the near-term technical advantage.
Bulls' next upside objective is to close prices above
solid technical resistance at 135.00 cents. The next
downside price objective for the bears is closing prices
below solid technical support at 125.00 cents a pound.
First resistance is seen at this week's high of 132.20
cents and then at 134.00 cents. First support is seen at
the February low of 130.00 cents and then at 128.00
cents. Wyckoff's Market Rating: 3.0

July cocoa closed up $48 at $3,135 today. Prices closed
near the session high again today and hit another fresh
seven-week high. Cocoa bulls have the solid near-term
technical advantage and gained more upside momentum
today. A steepening four-week-old uptrend is in place on
the daily bar chart. The next upside price objective for
the cocoa bulls is to push and close prices above solid
technical resistance at $3,250. The next downside price
objective for the bears is pushing and closing prices
below solid technical support at $3,000. First resistance
is seen at today's high of $3,146 and then at $3,200.
First support is seen at $3,100 and then at today's low
of $3,059. Wyckoff's Market Rating: 7.0.

July cotton closed down 33 points at 84.82 cents today.
Prices closed nearer the session low today on mild
profit-taking pressure. Still this week's price action
has produced a major bullish upside "breakout" from a
sideways trading range at higher price levels. Bulls have
the solid near-term technical advantage. The next
downside price objective for the cotton bears is to
produce a close below solid technical support at this
week's low of 80.52 cents. The next upside price
objective for the bulls is to produce a close above solid
technical resistance at 90.00 cents. First support is
seen at 84.00 cents and then at 83.50 cents. First
resistance is seen at 85.00 cents and then at 86.00
cents. Wyckoff's Market Rating: 8.0.

July orange juice closed down 185 points at $1.3575
today. Prices closed nearer the session high today.
Profit-taking pressure from recent gains was seen. The
key "outside markets" were in a bearish posture for FCOJ
today, as the U.S. dollar index was higher, while crude
oil and the U.S. stock indexes were weaker. The next
upside price objective for the FCOJ bulls is pushing and
closing prices above strong technical resistance at
$1.4000. The next downside technical objective for the
FCOJ bears is to produce a close below solid technical
support at $1.3000. First resistance is seen at this
week's high of $1.3765 and then at $1.3900. First support
is seen at $1.3500 and then at $1.3400. Wyckoff's Market
Rating: 5.0.

May lumber futures closed down $1.80 at $325.00 today.
Prices closed nearer the session high today and did see
mild profit-taking pressure. A major bull market run is
under way in lumber. Watch for very high volatility in
this market in the coming weeks. The bulls have the solid
near-term technical advantage. The next upside technical
objective for the lumber bulls is pushing and closing
prices above solid technical resistance at $350.00. The
next downside price objective for the bears is pushing
and closing prices below solid support at $307.00. First
resistance is seen at the contract high of $327.40 and
then at $330.00. First support is seen at today's low of
$322.70 and then at $319.00. Wyckoff's Market Rating:
8.0.

*. METALS: June gold futures closed down $6.10 at
$1,142.70 today. Prices closed near mid-range today and
saw some profit-taking and pressure from a stronger U.S.
dollar index and weaker crude oil futures prices. The
gold market is still a 2.5-month-old uptrend on the daily
bar chart. Bulls' next upside technical objective is to
produce a close above solid technical resistance at the
April high of $1,170.70. Bears' next downside price
objective is closing prices below solid technical support
at this week's low of $1,124.30. First resistance is seen
at $1,151.20 and then at $1,160.00. Support is seen at
today's low of $1,132.00 and then at $1,124.30. Wyckoff's
Market Rating: 6.5.

May silver futures closed down 8.8 cents at $17.99 an
ounce today. Prices closed near mid-range today and saw
some profit-taking pressure. The key "outside markets"
were in a bearish posture for silver today, as the U.S.
dollar index was stronger, while crude oil and U.S. stock
index futures prices were weaker. Silver bulls still have
the overall near-term technical advantage. Prices are in
a 2.5-month-old uptrend on the daily bar chart. The next
downside price objective for the bears is closing prices
below solid technical support at this week's low of
$17.49. Bulls' next upside price objective is closing
prices above solid technical resistance at the April high
of $18.605 an ounce. First resistance is seen at today's
high of $18.17 and then at $18.25. Next support is seen
at today's low of $17.765 and then at $17.49. Wyckoff's
Market Rating: 6.5.

May N.Y. copper closed down 475 points at 348.75 cents
today. Prices closed near mid-range today. The key
"outside markets" were in a bearish posture for copper
today, as the U.S. dollar index was stronger, while crude
oil and U.S. stock index futures prices were weaker.
Copper bulls still have the overall near-term technical
advantage. Prices are in a 2.5-month-old uptrend on the
daily bar chart. The next downside price objective for
the bears is closing prices below solid technical support
at 340.00 cents. Bulls' next upside objective is pushing
and closing prices above solid technical resistance at
the April high of 368.00 cents. First resistance is seen
at 350.00 cents and then at today's high of 353.20 cents.
First support is seen at today's low of 346.15 cents and
then at this week's low of 345.20 cents. Wyckoff's Market
Rating: 6.5.

*. ENERGIES: June crude oil closed down $0.01 at $83.67 a
barrel today. Prices closed nearer the session high
today. No serious chart damage has been inflicted in
crude, but the bulls need to show more power soon to keep
the uptrend on the daily bar chart in place. Crude oil
bulls still have the overall near-term technical
advantage. The next upside price objective for the bulls
is producing a close above solid technical resistance at
the April high of $87.59 a barrel. The next downside
price objective for the crude oil bears is to produce a
close below solid technical support at $80.00. First
resistance is seen at today's high of $84.07 and then at
this week's high of $84.64. First support is seen at
$83.00 and then at $82.50. Wyckoff's Market Rating: 6.5.

June heating oil closed up 83 points at $2.2380 today.
Prices closed nearer the session high again today. Bulls
have the near-term technical advantage. The bulls' next
upside price objective is closing prices above solid
technical resistance at the April high of $2.2973. Bears'
next downside price objective is producing a close below
solid technical support at $2.1000. First resistance lies
at today's high of $2.2508 and then at $2.2750. First
support is seen at $2.2000 and then at this week's low of
$2.1631. Wyckoff's Market Rating: 7.0.

June (RBOB) unleaded gasoline closed up 146 points at
$2.3105 today. Prices closed near the session high today.
Bulls have the near-term technical advantage. The next
upside price objective for the bulls is closing prices
above solid technical resistance at the April high of
$2.3636. Bears' next downside price objective is closing
prices below solid support at $2.2000. First resistance
is seen at this week's high of $2.3180 and then at
$2.3400. First support is seen at $2.2759 and then at
today's low of $2.2543. Wyckoff's Market Rating: 7.5.

June natural gas closed up 16.2 cents at $4.203 today.
Prices closed near the session high today and scored a
bullish "outside day" up on the daily bar chart. A
positive weekly gas storage report boosted the market
today. Short covering was featured. Bears still have the
near-term technical advantage. Prices are trading
sideways and choppy at lower price levels. The next
upside price objective for the bulls is closing prices
above solid technical resistance at the April high of
$4.421. The next downside price objective for the bears
is closing prices below solid technical support at the
contract low of $3.914. First resistance is seen at $4.25
and then at $4.359. First support is seen at $4.10 and
then at $4.00. Wyckoff's Market Rating: 2.5.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed down 91 points at 1.3314 today. Prices closed
nearer the session low today and hit a fresh 12-month
low. Worries about Greece's debt burden and how the EU
and IMF will deal with it were bearish for the Euro
today. Euro bears have the near-term technical advantage
and are regaining downside technical momentum. Euro
bulls' next upside price objective is pushing and closing
prices above solid technical resistance at the April high
of 1.3694. The next downside price objective for the
bears is closing prices below solid chart support at
1.3000. First resistance for the Euro lies at 1.3400 and
then at today's high of $1.3424. Next support is seen at
today's low of 1.3259 and then at 1.3200. Wyckoff's
Market Rating: 2.0

The June Japanese yen closed down 62 points at 1.0691
today. Prices closed near the session low today and
scored a bearish "outside day" down on the daily bar
chart. The bears have the overall near-term technical
advantage, and have gained fresh downside momentum this
week. Bulls' next upside price objective is closing
prices above solid resistance at this week's high of
1.0923. Bears' next downside objective is closing prices
below solid technical support at the April low of 1.0558.
First resistance is seen at 1.0750 and then at today's
high of 1.0788. First support is seen at last week's low
of 1.0673 and then at 1.0650. Wyckoff's Market Rating:
2.5.

The June Swiss franc closed down 62 points at .9293
today. Prices closed nearer the session low today and hit
a fresh seven-week low. Bears have the near-term
technical advantage and have regained downside momentum
recently. The next upside price objective for the bulls
is closing prices above solid resistance at .9528. The
next downside price objective for the bears is closing
prices below solid technical support at the March low of
.9197. First resistance is seen at .9350 and then at
today's high of .9374. First support is seen at today's
low of .9260 and then at .9225. Wyckoff's Market Rating:
3.5.

The June Australian dollar closed up 15 points at .9235
today. Prices closed nearer the session high today. The
bulls have the overall near-term technical advantage.
Prices are in a 10-week-old uptrend on the daily bar
chart. Bulls' next upside price objective is closing
prices above solid chart resistance at the April high of
.9330. The next downside objective for the bears is to
produce a close below solid technical support at .9000.
First resistance is seen at today's high of .9251 and
then at this week's high of .9282. Next support is seen
at today's low of .9175 and then at this week's low of
.9100. Wyckoff's Market Rating: 7.5

The June Canadian dollar closed up 4 points at 1.0000
today. Prices closed near mid-range today. The bulls have
the solid overall near-term technical advantage. Prices
are in a 10-week-old uptrend on the daily bar chart.
Bulls' next upside price objective is producing a close
above solid chart resistance at 1.0200. The next downside
price objective for the bears is closing prices below
solid technical support at this week's low of .9789.
First resistance is seen at today's high of 1.0038 and
then at the contract high of 1.0069. First support is
seen at today's low of .9959 and then at .9900. Wyckoff's
Market Rating: 8.0.

The June British pound closed down 22 points at 1.5379
today. Prices closed nearer the session low today in more
quiet trading. The bulls and bears are on a level near-
term technical playing field. A bullish double-bottom
reversal pattern may still be forming on the daily bar
chart. The next upside price objective for the bulls is
closing prices above solid technical resistance at
1.5600. Bears' next downside technical objective is
closing prices below solid support at 1.5000. First
resistance is seen at today's high of 1.5472 and then at
last week's high of 1.5520. First support is seen at
1.5285 and then at $1.5200. Wyckoff's Market Rating: 5.0.

The June U.S. dollar index closed up 45 points at 81.72
today. Prices closed nearer the session high today and
hit a fresh two-week high. The bulls still have the
overall near-term technical advantage and are regaining
upside technical momentum. Bulls' next upside price
objective is to close prices above solid technical
resistance at the April high of 82.06. The next downside
price objective for the bears is to produce a close below
solid technical support at the March low of 79.73. Next
resistance lies at today's high of 81.92 and then at
82.06. First support is seen at 81.50 and then at today's
low of 81.14. Wyckoff's Market Rating: 7.0.

June U.S. T-Bonds closed down 10/32 at 117 9/32. Prices
closed nearer the session low today on profit taking
after hitting a fresh four-week high early on. The bulls
still have some upside technical momentum amid worries
about Greece's debt situation and a possible contagion
effect. The next downside price objective for the T-Bond
bears is closing prices below solid technical support at
115 15/32. The next upside technical objective for the
bulls is to produce a close above solid technical
resistance at the March high of 118 12/32. First
resistance is seen at 117 20/32 and then at today's high
of 117 29/32. First support is seen at 117 even and then
at 116 20/32. Wyckoff's Market Rating: 6.0

June U.S. T Notes closed down 12.0 (32nds) at 116.26.0
today. Prices closed nearer the session low today on
profit taking. Bulls still have the near-term technical
advantage in notes. The next upside price objective for
the bulls is closing prices above solid resistance at the
March high of 117.22.5. The next downside price objective
for the bears is producing a close below solid technical
support at the April low of 114.26.5. First resistance is
seen at 117.00.0 and then at 117.06.5. First support is
seen at today's low of 116.23.5 and then at 116.16.0.
Wyckoff's Market Rating: 6.0.

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes
closed higher and nearer the session highs today and
recovered from early selling pressure. The stock index
bulls still have the solid overall near-term technical
advantage. Gentle, nine-week-old uptrends are still in
place on the daily bar charts, which suggests more of the
same to come in the near term. There are still no early
technical clues to suggest a market top is close at hand
in the stock indexes.

The Nasdaq futures index closed up 10.75 at 2,036.25
today. Prices closed nearer the session high today and
hit a fresh 22-month high. Bulls' next upside price
objective is closing prices above solid resistance at
2,100.00. The bears' next downside price objective is
closing prices below solid technical support at this
week's low of 1,985.00. First resistance is seen at
today's high of 2,045.00 and then at 2,060.00. First
support is seen at 2,020.00 and then at today's low of
2,000.00. Wyckoff's Market Rating: 8.0.

The S&P 500 futures index closed up 1.60 at 1,202.00.
Prices closed nearer the session high today. Bulls' next
upside price objective is closing prices above solid
resistance at 1,250.00. The next downside price objective
for the bears is closing prices below solid support at
the April low of 1,165.90. First resistance is seen at
last week's high of 1,210.40 and then at 1,220.00. First
support is seen at today's low of 1,186.70 and then at
this week's low of 1,180.00. Wyckoff's Market Rating:
7.5.

The Dow futures closed up 10 points at 11,069 today.
Prices closed nearer the session high today. The next
upside price objective for the bulls is closing prices
above solid technical resistance at 11,250. The next
downside price objective for the bears is closing prices
below solid technical support at the April low of 10,790.
First resistance in the Dow lies at today's and last
week's high of 11,100 and then at 11,150. First support
is seen at 11,000 and then at today's low of 10,965.
Wyckoff's Market Rating: 7.5.

Click below for my welcome letter to all new customers
and for an explanation of my Market Rating System.

http://www.jimwyckoff.com/newsletter/WelcomeAboard/

IMPORTANT NOTE: I am not a futures broker and do not
manage any trading accounts other than my own personal
account. It is my goal to point out to you potential
trading opportunities. However, it is up to you to: (1)
decide when and if you want to initiate any traders and
(2) determine the size of any trades you may initiate.
Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission
(CFTC) has said about futures trading (and I agree 100%):
1. Trading commodity futures and options is not for
everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS.
Before you invest any money in futures or options
contracts, you should consider your financial experience,
goals and financial resources, and know how much you can
afford to lose above and beyond your initial payment to a
broker. You should understand commodity futures and
options contracts and your obligations in entering into
those contracts. You should understand your exposure to
risk and other aspects of trading by thoroughly reviewing
the risk disclosure documents your broker is required to
give you.

Jim Wyckoff