tag:blogger.com,1999:blog-16411789318851034972024-02-07T19:55:58.398-08:00Futures Traders AM ReportDaily morning futures market researh report.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.comBlogger30125tag:blogger.com,1999:blog-1641178931885103497.post-58997181246867986152011-05-07T19:26:00.001-07:002011-05-07T19:26:38.695-07:00Testing new app 3 www.activehomehunters.comDave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-80428347510031838152010-08-27T09:07:00.001-07:002010-08-27T09:07:30.714-07:00Friday, August 27--Jim Wyckoff's Morning Web Log<br />
<br />
Note: I am out of the office today and my friend <br />
and fellow trader/analyst Ken Seehusen produced my <br />
morning report. The format is a bit different. <br />
but I think you'll enjoy Ken's style, too. Jim <br />
<br />
The STOCK INDEXES & MARKETS<br />
<br />
The September NASDAQ 100 was higher overnight due <br />
to short covering. Stochastics and the RSI are <br />
oversold but remain neutral to bearish signaling<br />
that sideways to lower prices are possible near-<br />
term. If September extends this month's decline, <br />
July's low crossing at 1698.00 is the next downside<br />
target. Closes above the 20-day moving average <br />
crossing at 1842.20 are needed to confirm that a <br />
short-term low has been posted. First resistance is<br />
the 10-day moving average crossing at 1805.75. <br />
Second resistance is the 20-day moving average <br />
crossing at 1842.20. First support is Wednesday's <br />
low crossing at 1756.75. Second support is July's <br />
low crossing at 1698.00. The September NASDAQ 100 <br />
was up 7.75 pts. at 1775.25 as of 5:52 AM CST.<br />
Overnight action sets the stage for a higher <br />
opening by September NASDAQ 100 when the day <br />
session begins later this morning.<br />
<br />
The September S&P 500 index was higher overnight <br />
due to short covering. Stochastics and the RSI are <br />
oversold and are turning neutral to bullish<br />
hinting that a short-term low might be in or is <br />
near. However, closes above the 20-day moving <br />
average crossing at 1087.54 are needed to confirm <br />
that a short-term low has been posted. If September <br />
extends this month's decline, July's low crossing <br />
at 1003.10 is the next downside target. First <br />
resistance is the 10-day moving average crossing at <br />
1065.75. Second resistance is the 20-day moving <br />
average crossing at 1087.54. First support is <br />
Wednesday's low crossing at 1038.00. Second support <br />
is July's low crossing at 1003.10. The September <br />
S&P 500 Index was up 3.40 pts. at 1048.20 as of <br />
5:54 AM CST. Overnight action sets the stage for a <br />
higher opening by the September S&P 500 index when <br />
the day session begins later this morning.<br />
<br />
INTEREST RATES<br />
<br />
September T-bonds were higher overnight as it <br />
extends this summer's rally. Stochastics and the <br />
RSI are overbought but remain neutral to bullish<br />
signaling that additional short-term gains are <br />
possible. If September extends this year's rally, <br />
the 87% retracement level of the 2008-2009-decline <br />
on the weekly continuation chart crossing at 138-02 <br />
is the next upside target. Closes below the 20-day <br />
moving average crossing at 132-02 would confirm <br />
that a short-term top has been posted. First <br />
resistance is Wednesday's high crossing at 136-31. <br />
Second resistance is the 87% retracement level of <br />
the 2008-2009-decline on the weekly continuation <br />
chart crossing at 138-02. First support is the 10-<br />
day moving average crossing at 134-18. Second <br />
support is the 20-day moving average crossing at <br />
132-02.<br />
<br />
ENERGY MARKETS<br />
<br />
October crude oil was higher due to short covering <br />
overnight as it consolidates some of this month's <br />
decline. Stochastics and the RSI are<br />
turning bullish hinting that a short-term low might <br />
be in or is near. Closes above the 20-day moving <br />
average crossing at 77.23 are needed to confirm <br />
that a short-term low has been posted. If October <br />
extends this month's decline, May's low crossing at <br />
70.35 is the next downside target. First resistance <br />
is the 10-day moving average crossing at 74.03. <br />
Second resistance is the 20-day moving average <br />
crossing at 77.23. First support is Wednesday's low <br />
crossing at 70.76. Second support is May's low <br />
crossing at 70.35.<br />
<br />
CURRENCIES<br />
<br />
The September Dollar was steady to slightly higher <br />
overnight as it consolidates some of Thursday's <br />
decline. Stochastics and the RSI are overbought and <br />
are turning neutral to bearish hinting that a <br />
short-term top might be in or is near. Closes below <br />
the 20-day moving average crossing at 82.14 would <br />
temper the near-term friendly outlook. If September <br />
extends this month's rally, the reaction high <br />
crossing at 84.73 is the next upside target. First <br />
resistance is Tuesday's high crossing at 83.64. <br />
Second resistance is the reaction high crossing at <br />
84.73. First support is the 10-day moving average <br />
crossing at 82.87. Second support is the 20-day <br />
moving average crossing at 82.14.<br />
<br />
PRECIOUS METALS<br />
<br />
October gold was higher overnight as it <br />
consolidates around the 75% retracement level of <br />
the June-July decline crossing at 1239.60. <br />
Stochastics and the RSI are overbought, diverging <br />
but are neutral to bullish hinting that additional <br />
strength is possible near-term. If October extends <br />
the rally off July's low, the 87% retracement level <br />
of the June-July decline crossing at 1253.30 is the <br />
next upside target. Closes below the 20-day moving <br />
average crossing at 1215.50 would confirm that a <br />
short-term top has been posted. First resistance is <br />
Thursday's high crossing at 1244.50. Second <br />
resistance is the 87% retracement level of the <br />
June-July decline crossing at 1253.30. First <br />
support is the 10-day moving average crossing at <br />
1231.80. Second support is the 20-day moving <br />
average crossing at 1215.50.<br />
<br />
GRAINS<br />
<br />
December corn was higher overnight as it extends <br />
Thursday's rally. Given the strong export demand <br />
along with disappointing early harvest results in <br />
the southern Corn Belt, traders are becoming <br />
concerned that this year's corn crop might fall <br />
short of the latest USDA and private corn crop <br />
estimates. If these fears are confirmed later this <br />
fall, carryout for next year will tighten even <br />
further forcing the market to move higher to bid <br />
additional corn acres to be planted next spring in <br />
the U.S. The high-range close overnight sets the <br />
stage for a steady to higher opening when the day <br />
session begins. The late-week rally has turned <br />
stochastics and the RSI bullish signaling that <br />
sideways to higher prices are possible near-term. <br />
If December extends the rally off June's low, last <br />
fall's high on the weekly chart crossing at 4.52 is <br />
the next upside target. Closes below Tuesday's low<br />
crossing at 4.15 1/4 would confirm that a short-<br />
term top has been posted. First resistance is this <br />
month's high crossing at 4.38 3/4. Second<br />
resistance is last fall's high on the weekly chart <br />
crossing at 4.52. First support is Tuesday's low <br />
crossing at 4.15 1/4. Second support is the<br />
reaction low crossing at 4.05 3/4.<br />
<br />
December wheat was higher due to short covering <br />
overnight as it consolidates some of Wednesday's <br />
decline. The mid-range close sets the stage for a <br />
steady to higher opening when the day session <br />
begins trading later this morning. Stochastics and <br />
the RSI are oversold but remain neutral to bearish <br />
signaling that sideways to lower prices are <br />
possible near-term. If December extends<br />
this month's decline, the 50% retracement level of <br />
this summer's rally crossing at 6.70 1/2 is the <br />
next downside target. Closes above the reaction<br />
high crossing at 7.32 would confirm that a short-<br />
term low has been posted. First resistance is the <br />
20-day moving average crossing at 7.21. Second<br />
resistance is the reaction high crossing at 7.32. <br />
First support is last Tuesday's low crossing at <br />
6.77 1/2. Second support is the 50% retracement<br />
level of this summer's rally crossing at 6.70 1/2.<br />
<br />
November soybeans were higher overnight as it <br />
extends Thursday's short covering rally. Strong <br />
export demand along with concerns over the size of<br />
this year's soybean crop due to sudden death <br />
syndrome are providing support for the late-week <br />
rebound. The high-range overnight close sets the <br />
stage for a steady to higher opening when the day <br />
session begins later this morning. Stochastics and <br />
the RSI are oversold and are turning bullish <br />
hinting that a low might be in or is near. Closes <br />
above the 20-day moving average crossing at 10.20 <br />
3/4 would confirm that a short-term low has been <br />
posted. If November renews this month's decline, <br />
the 38% retracement level of the June-August rally <br />
crossing at 9.87 1/4 is the next downside target. <br />
First resistance is the 20-day moving average <br />
crossing at 10.20 3/4. Second resistance is this <br />
month's high crossing at 10.49. First support is <br />
Tuesday's low crossing at 9.93 3/4. Second support <br />
is the 38% retracement level of the June-August <br />
rally crossing at 9.87 1/4.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-13741832939752987152010-08-25T06:51:00.000-07:002010-08-25T06:51:41.108-07:00Wednesday, August 25-Jim Wyckoff's Morning Web Log<br />
<br />
***NOTE: There will be no morning report from me on <br />
Thursday, as I will be traveling most of the day.<br />
<br />
JIM'S MARKET THOUGHT OF THE DAY *<br />
<br />
Tuesday's U.S. existing home sales report that <br />
showed a very sharp decline in sales in July is yet <br />
another warning that the next few months could see <br />
some strong headwinds for the U.S. economy and for <br />
the U.S. stock market. The U.S. stock indexes will <br />
continue to be the major "outside market" for which <br />
many other markets will track very closely.--Jim<br />
<br />
U.S. STOCK INDEXES<br />
<br />
S&P 500 futures: The shorter-term moving averages <br />
(4-, 9- and 18-day) are bearish early today. The 4-<br />
day moving average is below the 9-day and 18-day. <br />
The 9-day is below the 18-day moving average. <br />
Short-term oscillators (RSI, slow stochastics) are <br />
neutral to bearish early today. Today, shorter-term <br />
technical resistance comes in at the overnight high <br />
of 1,055.50 and then at Tuesday's high of 1,065.70. <br />
Buy stops likely reside just above those levels. <br />
Downside support for active traders today is <br />
located at Tuesday's low of 1,044.30 and then at <br />
the May low of 1,036.60. Sell stops are likely <br />
located just below those levels. Wyckoff's Intra-<br />
day Market Rating: 4.5<br />
<br />
Nasdaq index futures: The shorter-term moving <br />
averages (4- 9-and 18-day) are bearish early today. <br />
The 4-day moving average is below the 9-day. The 9-<br />
day average is below the 18-day. Short-term <br />
oscillators (RSI, slow stochastics) are neutral to <br />
bearish early today. Shorter-term technical <br />
resistance is located at the overnight high of <br />
1,781.50 and then at 1,790.00. Buy stops likely <br />
reside just above those levels. On the downside, <br />
short-term support is seen at Tuesday's low of <br />
1,766.00 and then at 1,750.00. Sell stops are <br />
likely located just below those levels. Wyckoff's <br />
Intra-Day Market Rating: 4.5<br />
<br />
Dow futures: Sell stops likely reside just below <br />
support at 10,000 and then more stops just below <br />
support at Tuesday's low of 9,975. Buy stops likely <br />
reside just above technical resistance at Tuesday's <br />
high of 10,090 and then at 10,150. Shorter-term <br />
moving averages are bearish early today, as the 4-<br />
day moving average is below the 9-day. The 9-day <br />
moving average is below the 18-day moving average. <br />
Shorter-term oscillators (RSI, slow stochastics) <br />
are neutral to bearish early today. Wyckoff's <br />
Intra-Day Market Rating: 4.5<br />
<br />
U.S. TREASURY BONDS AND NOTES<br />
<br />
September U.S. T-Bonds: Shorter-term moving <br />
averages (4- 9- 18-day) are bullish early today. <br />
The 4-day moving average is above the 9-day and 18-<br />
day. The 9-day is above the 18-day moving average. <br />
Oscillators (RSI, slow stochastics) are neutral <br />
early today. Shorter-term resistance lies at the <br />
overnight contract high of 136 even and then at 136 <br />
16/32. Buy stops likely reside just above those <br />
levels. Shorter-term technical support lies at the <br />
overnight low of 135 14/32 and then at 135 even. <br />
Sell stops likely reside just below those levels. <br />
Wyckoff's Intra-Day Market Rating: 7.0<br />
<br />
SEPTEMBER U.S. T-Bonds<br />
<br />
137 7/32--second pivot point resistance<br />
136 17/32--first pivot point resistance<br />
136 1/32--lifetime high<br />
136 1/32--previous day's high<br />
135 26/32--previous day's close<br />
135 10/32--pivot point<br />
134 20/32--first pivot point support<br />
134 18/32--4-day moving average<br />
134 4/32--previous day's low<br />
133 16/32--9-day moving average<br />
133 13/32--second pivot point support<br />
132 17/32--Previous Month's high<br />
131 8/32--18-day moving average<br />
125 7/32--previous month's low <br />
123 27/32--100-day moving average<br />
111 1/32--lifetime low<br />
<br />
September U.S. T-Notes: Shorter-term oscillators <br />
(RSI, slow stochastics) are neutral to bullish <br />
early today. Buy stops likely reside just above <br />
shorter-term technical resistance at the contract <br />
high of 126.24.0 and then at 127.00.0. Shorter-term <br />
moving averages are bullish early today. The 4-day <br />
moving average is above the 9-day. The 9-day is <br />
above the 18-day moving average. Sell stop orders <br />
are likely located just below support at the <br />
overnight low of 126.06.5 and then at 126.00.0. <br />
Wyckoff's Intra Day Market Rating: 6.0<br />
<br />
SEPTEMBER U.S. T-Notes<br />
<br />
127 11/32--second pivot point resistance<br />
126 28/32--first pivot point resistance<br />
126 24/32--lifetime high<br />
126 24/32--previous day's high<br />
126 14/32--previous day's close<br />
126 10/32--pivot point<br />
125 29/32--4-day moving average<br />
125 27/32--first pivot point support<br />
125 25/32--9-day moving average<br />
125 23/32--previous day's low<br />
125 9/32--second pivot point support<br />
125 1/32--18-day moving average<br />
123 28/32--previous month's high <br />
121 14/32--previous month's low <br />
120 13/32--100-day moving average<br />
110 13/32--lifetime low<br />
<br />
U.S. DOLLAR INDEX<br />
<br />
The September U.S. dollar index is firmer in early <br />
trading. Bulls still have some upside bullish <br />
momentum. Slow stochastics for the dollar index are <br />
neutral early today. The dollar index finds <br />
shorter-term technical resistance at 84.00 and then <br />
at 84.25. Shorter-term support is seen at the <br />
overnight low of 83.40 and then at 83.00. Wyckoff's <br />
Intra Day Market Rating: 6.0<br />
<br />
CRUDE OIL<br />
<br />
Crude oil prices are trading near steady early <br />
today as prices hit a fresh three-month low on <br />
Tuesday. Bears still have downside near-term <br />
technical momentum. In October crude, look for buy <br />
stops to reside just above resistance at $72.00 and <br />
then at the overnight high of $72.37. Look for sell <br />
stops just below technical support at the overnight <br />
low of $71.32 and then at $71.00. Wyckoff's Intra-<br />
Day Market Rating: 4.0<br />
<br />
GRAINS<br />
<br />
Prices were steady to firmer in overnight trading. <br />
The markets saw a corrective bounce from selling <br />
pressure on Tuesday. The grain market bulls are <br />
fading. The key "outside markets" are in a mildly <br />
bearish posture for the grains this morning: the <br />
U.S. dollar index is firmer, while crude oil and <br />
the U.S. stock indexes are slightly lower.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-73529956376813975632010-08-24T12:11:00.001-07:002010-08-24T12:11:49.513-07:00Tuesday, August 24-Jim Wyckoff's Morning Web Log<br />
<br />
JIM'S MARKET THOUGHT OF THE DAY *<br />
<br />
Most commodity markets are under selling pressure <br />
early Tuesday, being led lower by slumping European <br />
and U.S. stock markets, amid worries about world <br />
economic weakness in the coming months. There are <br />
compelling clues that the commodity markets will <br />
experience stiff headwinds in the coming months--<br />
with a major clue being the extremely low U.S. <br />
Treasury yields at present, which do hint at <br />
commodity price deflation.--Jim<br />
<br />
U.S. STOCK INDEXES<br />
<br />
S&P 500 futures: The shorter-term moving averages <br />
(4-, 9- and 18-day) are bearish early today. The 4-<br />
day moving average is below the 9-day and 18-day. <br />
The 9-day is below the 18-day moving average. <br />
Short-term oscillators (RSI, slow stochastics) are <br />
bearish early today. Today, shorter-term technical <br />
resistance comes in at the overnight high of <br />
1,065.70 and then at Monday's high of 1,080.20. Buy <br />
stops likely reside just above those levels. <br />
Downside support for active traders today is <br />
located at 1,050.80 and then at the May low of <br />
1,036.60. Sell stops are likely located just below <br />
those levels. Wyckoff's Intra-day Market Rating: <br />
4.0<br />
<br />
Nasdaq index futures: The shorter-term moving <br />
averages (4- 9-and 18-day) are bearish early today. <br />
The 4-day moving average is below the 9-day. The 9-<br />
day average is below the 18-day. Short-term <br />
oscillators (RSI, slow stochastics) are bearish <br />
early today. Shorter-term technical resistance is <br />
located at the overnight high of 1,810.25 and then <br />
at 1,825.00. Buy stops likely reside just above <br />
those levels. On the downside, short-term support <br />
is seen at the overnight low of 1,792.25 and then <br />
at 1,780.00. Sell stops are likely located just <br />
below those levels. Wyckoff's Intra-Day Market <br />
Rating: 4.0<br />
<br />
Dow futures: Sell stops likely reside just below <br />
support at 10,050 and then more stops just below <br />
support at 10,000. Buy stops likely reside just <br />
above technical resistance at 10,144 and then at <br />
10,200. Shorter-term moving averages are bearish <br />
early today, as the 4-day moving average is below <br />
the 9-day. The 9-day moving average is below the <br />
18-day moving average. Shorter-term oscillators <br />
(RSI, slow stochastics) are neutral early today. <br />
Wyckoff's Intra-Day Market Rating: 4.0<br />
<br />
U.S. TREASURY BONDS AND NOTES<br />
<br />
September U.S. T-Bonds: Shorter-term moving <br />
averages (4- 9- 18-day) are bullish early today. <br />
The 4-day moving average is above the 9-day and 18-<br />
day. The 9-day is above the 18-day moving average. <br />
Oscillators (RSI, slow stochastics) are neutral <br />
early today. Shorter-term resistance lies at the <br />
overnight contract high of 135 7/32 and then at 135 <br />
16/32. Buy stops likely reside just above those <br />
levels. Shorter-term technical support lies at 135 <br />
even and then at 134 16/32. Sell stops likely <br />
reside just below those levels. Wyckoff's Intra-Day <br />
Market Rating: 8.0<br />
<br />
SEPTEMBER U.S. T-Bonds<br />
<br />
135 7/32--lifetime high<br />
134 24/32--second pivot point resistance<br />
134 15/32--first pivot point resistance<br />
134 11/32--previous day's high<br />
134 7/32--previous day's close<br />
134 3/32--pivot point<br />
133 31/32--4-day moving average<br />
133 26/32--first pivot point support<br />
133 22/32--previous day's low<br />
133 14/32--second pivot point support<br />
133 1/32--9-day moving average<br />
132 17/32--Previous Month's high <br />
130 25/32--18-day moving average<br />
125 7/32--previous month's low <br />
123 20/32--100-day moving average<br />
111 1/32--lifetime low<br />
<br />
September U.S. T-Notes: Shorter-term oscillators <br />
(RSI, slow stochastics) are neutral to bullish <br />
early today. Buy stops likely reside just above <br />
shorter-term technical resistance at the contract <br />
high of 126.08.0 and then at 126.16.0. Shorter-term <br />
moving averages are bullish early today. The 4-day <br />
moving average is above the 9-day. The 9-day is <br />
above the 18-day moving average. Sell stop orders <br />
are likely located just below support at 126.00.0 <br />
and then at the overnight low of 125.23.0. <br />
Wyckoff's Intra Day Market Rating: 8.0<br />
<br />
SEPTEMBER U.S. T-Notes<br />
<br />
126 8/32--lifetime high<br />
126 5/32--second pivot point resistance<br />
125 30/32--first pivot point resistance<br />
125 26/32--previous day's high<br />
125 24/32--previous day's close<br />
125 23/32--4-day moving average<br />
125 22/32--9-day moving average<br />
125 20/32--pivot point<br />
125 13/32--first pivot point support<br />
125 9/32--previous day's low<br />
125 3/32--second pivot point support<br />
124 27/32--18-day moving average<br />
123 28/32--previous month's high<br />
121 14/32--previous month's low <br />
120 9/32--100-day moving average<br />
110 13/32--lifetime low<br />
<br />
U.S. DOLLAR INDEX<br />
<br />
The September U.S. dollar index is higher in early <br />
trading. Bulls have regained upside bullish <br />
momentum as prices hit a fresh six-week high <br />
overnight. Slow stochastics for the dollar index <br />
are bullish early today. The dollar index finds <br />
shorter-term technical resistance at 84.00 and then <br />
at 84.25. Shorter-term support is seen at the <br />
overnight low of 83.73 and then at 83.50. Wyckoff's <br />
Intra Day Market Rating: 6.5<br />
<br />
CRUDE OIL<br />
<br />
Crude oil prices are trading lower early today and <br />
hit a fresh three-month low overnight. Bears have <br />
downside near-term technical momentum. In October <br />
crude, look for buy stops to reside just above <br />
resistance at the overnight high of $73.05 and then <br />
at $73.50. Look for sell stops just below technical <br />
support at $72.00 and then at $71.50. Wyckoff's <br />
Intra-Day Market Rating: 4.0<br />
<br />
GRAINS<br />
<br />
Prices were lower in overnight trading. The key <br />
"outside markets" are in a bearish posture for the <br />
grains this morning: the U.S. dollar index is <br />
higher, while crude oil and the U.S. stock indexes <br />
are lower. The generally weak posture of the <br />
commodity sector today also does not bode well for <br />
the grain market bulls.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-18314111434551503772010-08-23T10:44:00.000-07:002010-08-23T10:44:11.443-07:00Monday, August 23-Jim Wyckoff's Morning Web Log<br />
<br />
JIM'S MARKET THOUGHT OF THE DAY *<br />
<br />
Markets are generally quiet to start the trading <br />
week. We are nearing the end of the "dog days of <br />
summer." Next week will likely be another quieter, <br />
lower-volume trading week, heading into the U.S. <br />
Labor Day holiday. In early September, look for <br />
market activity to heat up significantly, as <br />
traders in the U.S. and Europe get back to serious <br />
business, following summertime vacations.--Jim<br />
<br />
U.S. STOCK INDEXES<br />
<br />
S&P 500 futures: The shorter-term moving averages <br />
(4-, 9- and 18-day) are still bearish early today. <br />
The 4-day moving average is below the 9-day and 18-<br />
day. The 9-day is below the 18-day moving average. <br />
Short-term oscillators (RSI, slow stochastics) are <br />
neutral early today. Today, shorter-term technical <br />
resistance comes in at 1,085.00 and then at last <br />
week's high of 1,098.50. Buy stops likely reside <br />
just above those levels. Downside support for <br />
active traders today is located at the overnight <br />
low of 1,068.80 and then at last week's low of <br />
1,061.80. Sell stops are likely located just below <br />
those levels. Wyckoff's Intra-day Market Rating: <br />
5.5<br />
<br />
Nasdaq index futures: The shorter-term moving <br />
averages (4- 9-and 18-day) are neutral early today. <br />
The 4-day moving average is above the 9-day. The 9-<br />
day average is below the 18-day. Short-term <br />
oscillators (RSI, slow stochastics) are neutral <br />
early today. Shorter-term technical resistance is <br />
located at 1,850.00 and then at last week's high of <br />
1,862.25. Buy stops likely reside just above those <br />
levels. On the downside, short-term support is seen <br />
at the overnight low of 1,824.50 and then at <br />
Friday's low of 1,808.50. Sell stops are likely <br />
located just below those levels. Wyckoff's Intra-<br />
Day Market Rating: 5.5<br />
<br />
Dow futures: Sell stops likely reside just below <br />
support at 10,200 and then more stops just below <br />
support at 10,150. Buy stops likely reside just <br />
above technical resistance at 10,250 and then at <br />
10,300. Shorter-term moving averages are still <br />
bearish early today, as the 4-day moving average is <br />
below the 9-day. The 9-day moving average is below <br />
the 18-day moving average. Shorter-term oscillators <br />
(RSI, slow stochastics) are neutral early today. <br />
Wyckoff's Intra-Day Market Rating: 5.5<br />
<br />
U.S. TREASURY BONDS AND NOTES<br />
<br />
September U.S. T-Bonds: Shorter-term moving <br />
averages (4- 9- 18-day) are bullish early today. <br />
The 4-day moving average is above the 9-day and 18-<br />
day. The 9-day is above the 18-day moving average. <br />
Oscillators (RSI, slow stochastics) are neutral <br />
early today. Shorter-term resistance lies at the <br />
overnight high of 134 9/32 and then at 134 16/32. <br />
Buy stops likely reside just above those levels. <br />
Shorter-term technical support lies at the <br />
overnight low of 133 27/32 and then at 133 16/32. <br />
Sell stops likely reside just below those levels. <br />
Wyckoff's Intra-Day Market Rating: 5.5<br />
<br />
SEPTEMBER U.S. T-Bonds<br />
<br />
135 7/32--lifetime high<br />
135 22/32--second pivot point resistance<br />
135 7/32--previous day's high<br />
134 27/32--first pivot point resistance<br />
134 12/32--pivot point<br />
134 --previous day's close<br />
133 29/32--previous day's low<br />
133 21/32--4-day moving average<br />
133 17/32--first pivot point support<br />
133 2/32--second pivot point support<br />
132 17/32--9-day moving average<br />
132 17/32--Previous Month's high <br />
130 12/32--18-day moving average<br />
125 7/32--previous month's low <br />
123 14/32--100-day moving average<br />
111 1/32--lifetime low<br />
<br />
September U.S. T-Notes: Shorter-term oscillators <br />
(RSI, slow stochastics) are neutral early today. <br />
Buy stops likely reside just above shorter-term <br />
technical resistance at the overnight high of <br />
125.20.0 and then at 126.00.0. Shorter-term moving <br />
averages are neutral early today. The 4-day moving <br />
average is below the 9-day. The 9-day is above the <br />
18-day moving average. Sell stop orders are likely <br />
located just below support at last week's low of <br />
125.06.5 and then at 125.00.0. Wyckoff's Intra Day <br />
Market Rating: 5.0<br />
<br />
SEPTEMBER U.S. T-Notes<br />
<br />
126 18/32--second pivot point resistance<br />
126 8/32--lifetime high<br />
126 8/32--previous day's high<br />
126 1/32--first pivot point resistance<br />
125 24/32--pivot point<br />
125 22/32--4-day moving average<br />
125 20/32--9-day moving average<br />
125 17/32--previous day's close<br />
125 14/32--previous day's low<br />
125 7/32--first pivot point support<br />
124 30/32--second pivot point support<br />
124 22/32--18-day moving average<br />
123 28/32--previous month's high<br />
121 14/32--previous month's low <br />
120 5/32--100-day moving average<br />
110 13/32--lifetime low<br />
<br />
U.S. DOLLAR INDEX<br />
<br />
The September U.S. dollar index is slightly lower <br />
in early trading. Bulls have regained upside <br />
bullish momentum after producing a bullish weekly <br />
high close on Friday. Slow stochastics for the <br />
dollar index are bullish early today. The dollar <br />
index finds shorter-term technical resistance at <br />
the overnight high of 83.24 and then at last week's <br />
high of 83.43. Shorter-term support is seen at <br />
82.75 and then at 82.50. Wyckoff's Intra Day Market <br />
Rating: 4.5<br />
<br />
CRUDE OIL<br />
<br />
Crude oil prices are trading slightly higher early <br />
today after hitting a fresh six-week low and <br />
closing at a bearish weekly low close on Friday. <br />
Bears still have some downside technical momentum. <br />
In October crude, look for buy stops to reside just <br />
above resistance at $74.50 and then at $75.00. Look <br />
for sell stops just below technical support at last <br />
week's low of $73.44 and then at $73.00. Wyckoff's <br />
Intra-Day Market Rating: 5.5<br />
<br />
GRAINS<br />
<br />
Prices were firmer in overnight trading. The key <br />
"outside markets" are in a slightly bullish posture <br />
for the grains this morning: the U.S. dollar index <br />
is weaker, while crude oil and the U.S. stock <br />
indexes are slightly higher. Soybean market bulls <br />
have faded recently, but the corn bulls still have <br />
some upside near-term technical momentum. Wheat has <br />
seen choppy trading, but it still appears a market <br />
top is in place in wheat.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-17167898541123108502010-06-09T06:39:00.001-07:002010-06-09T06:39:20.173-07:00Wednesday, June 9-Jim Wyckoff's Morning Web Log<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />Here are my market biases at present: Crude oil has <br />made or is near a bottom, and so are the grains and <br />U.S. stock indexes. Gold has more room to run on <br />the upside and so does the U.S. dollar index.--Jim<br /><br />U.S. STOCK INDEXES<br /><br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are bearish early today. The 4-<br />day moving average is below the 9-day. The 9-day is <br />below the 18-day moving average. Short-term <br />oscillators (RSI, slow stochastics) are neutral <br />early today. Today, shorter-term technical support <br />comes in at the overnight low of 1,052.80 and then <br />at this week's low of 1,041.20. Sell stops likely <br />reside just under those levels. Upside resistance <br />for active traders today is located at this week's <br />high of 1,070.70 and then at 1,080.00. Buy stops <br />are likely located just above those levels. <br />Wyckoff's Intra-day Market Rating: 5.5<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are bearish early today. <br />The 4-day moving average is below the 9-day. The 9-<br />day average is below the 18-day. Short-term <br />oscillators (RSI, slow stochastics) are neutral to <br />bearish early today. Shorter-term technical <br />resistance is located at 1,800.00 and then at <br />Tuesday's high of 1,815.25. Buy stops likely reside <br />just above those levels. On the downside, short-<br />term support is seen at the overnight low of <br />1,782.00 and then at this week's low of 1,770.00. <br />Sell stops are likely located just below those <br />levels. Wyckoff's Intra-Day Market Rating: 5.5<br /><br />Dow futures: Sell stops likely reside just below <br />support at 9,900 and then more stops just below <br />support at 9,850. Buy stops likely reside just <br />above technical resistance at 9,970 and then at <br />10,000. Shorter-term moving averages are bearish <br />early today, as the 4-day moving average is below <br />the 9-day. The 9-day moving average is below the <br />18-day moving average. Shorter-term oscillators <br />(RSI, slow stochastics) are neutral to bearish <br />early today. Wyckoff's Intra-Day Market Rating: 5.5<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />September U.S. T-Bonds: Shorter-term moving <br />averages (4- 9- 18-day) are bullish early today. <br />The 4-day moving average is above the 9-day. The 9-<br />day is above the 18-day moving average. Oscillators <br />(RSI, slow stochastics) are neutral to bearish <br />early today. Shorter-term resistance lies at the <br />overnight high of 124 17/32 and then at this week's <br />high of 125 even. Buy stops likely reside just <br />above those levels. Shorter-term technical support <br />lies at 124 even and then at this week's low of 123 <br />22/32. Sell stops likely reside just below those <br />levels. Wyckoff's Intra-Day Market Rating: 4.5<br /><br />SEPTEMBER U.S. T-Bonds<br /><br />126 5/32--lifetime high<br />126 5/32--Previous Month's high <br />125 10/32--second pivot point resistance<br />124 31/32--previous day's high<br />124 27/32--first pivot point resistance<br />124 15/32--pivot point<br />124 11/32--previous day's close<br />124 4/32--previous day's low<br />124 --first pivot point support<br />123 23/32--4-day moving average<br />123 20/32--second pivot point support<br />123 7/32--9-day moving average<br />122 29/32--18-day moving average<br />117 18/32--previous month's low <br />117 3/32--100-day moving average<br />111 1/32--lifetime low<br /><br />September U.S. T-Notes: Shorter-term oscillators <br />(RSI, slow stochastics) are neutral to bearish <br />early today. Buy stops likely reside just above <br />shorter-term technical resistance at the overnight <br />high of 121.00.5 and then at this week's high of <br />121.07.5. Shorter-term moving averages are bullish <br />early today. The 4-day moving average is above the <br />9-day. The 9-day is above the 18-day moving <br />average. Sell stop orders are likely located just <br />below support at this week's low of 120.13.5 and <br />then at 120.00.0. Wyckoff's Intra Day Market <br />Rating: 4.5<br /><br />SEPTEMBER U.S. T-Notes<br /><br />121 20/32--lifetime high<br />121 20/32--previous month's high<br />121 12/32--second pivot point resistance<br />121 6/32--previous day's high<br />121 4/32--first pivot point resistance<br />120 29/32--pivot point<br />120 27/32--previous day's close<br />120 23/32--previous day's low<br />120 21/32--first pivot point support<br />120 14/32--second pivot point support<br />120 14/32--4-day moving average<br />120 3/32--9-day moving average<br />119 25/32--18-day moving average<br />116 5/32--previous month's low <br />116 5/32--100-day moving average<br />110 13/32--lifetime low<br /><br />U.S. DOLLAR INDEX<br /><br />The September U.S. dollar index is trading weaker <br />in early trading, on more profit taking after <br />prices hit a fresh 14-month high on Monday. Dollar <br />index bulls still have the solid overall near-term <br />technical advantage. Slow stochastics for the <br />dollar index are bearish early today. The dollar <br />index finds shorter-term technical resistance at <br />the overnight high of 88.90 and then at Tuesday's <br />high of 89.10. Shorter-term support is seen at <br />88.25 and then at 88.00. Wyckoff's Intra Day Market <br />Rating: 4.5<br /><br />CRUDE OIL<br /><br />Crude oil prices are higher early today. Bears <br />still have the overall near-term technical <br />advantage. In July crude, look for buy stops to <br />reside just above resistance at $74.00 and then at <br />$75.00. Look for sell stops just below technical <br />support at $72.00 and then at $71.00. Wyckoff's <br />Intra-Day Market Rating: 5.5<br /><br />GRAINS<br /><br />Prices were slightly higher in overnight trading. <br />Bears have the overall near-term technical <br />advantage in the grains as corn and wheat are at or <br />near contract lows and soybeans are at the bottom <br />of the recent trading range. Weather in the U.S. <br />midwest remains beneficial for the growing corn and <br />soybean crops and beneficial for wheat harvest. It <br />will take a significant weather market scare to <br />jumpstart any solid rallies in the near term.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-92198225251378857342010-06-07T12:13:00.000-07:002010-06-07T12:14:03.188-07:00Monday, June 7-Jim Wyckoff's Morning Web Log<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />The markets are calmer to start the new trading <br />week as there was no major fresh fundamental <br />developments on the European Union or geopolitical <br />fronts during the weekend to move the markets. The <br />U.S. stock indexes on Friday came closer to <br />establishing fresh for-the-move lows during the <br />present downtrends in prices. If the U.S. stock <br />indexes do close below their recent lows, that <br />would produce more serious technical damage to <br />suggest the bear market in stocks would continue in <br />the coming weeks, or longer.--Jim<br /><br />U.S. STOCK INDEXES<br /><br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are neutral early today. The 4-<br />day moving average is above the 9-day. The 9-day is <br />below the 18-day moving average. Short-term <br />oscillators (RSI, slow stochastics) are neutral <br />early today. Today, shorter-term technical support <br />comes in at 1,060 and then at the overnight low of <br />1,052.00. Sell stops likely reside just under those <br />levels. Upside resistance for active traders today <br />is located at 1,075.00 and then at 1,085.00. Buy <br />stops are likely located just above those levels. <br />Wyckoff's Intra-day Market Rating: 5.0<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are neutral early today. <br />The 4-day moving average is above the 9-day. The 9-<br />day average is below the 18-day. Short-term <br />oscillators (RSI, slow stochastics) are neutral <br />early today. Shorter-term technical resistance is <br />located at 1,850.00 and then at 1,865.00. Buy stops <br />likely reside just above those levels. On the <br />downside, short-term support is seen at 1,825.00 <br />and then at the overnight low of 1,812.75. Sell <br />stops are likely located just below those levels. <br />Wyckoff's Intra-Day Market Rating: 5.0<br /><br />Dow futures: Sell stops likely reside just below <br />support at 9,900 and then more stops just below <br />support at Friday's low of 9,880. Buy stops likely <br />reside just above technical resistance at 10,000 <br />and then at Friday's high of 10,095. Shorter-term <br />moving averages are neutral early today, as the 4-<br />day moving average is above the 9-day. The 9-day <br />moving average is below the 18-day moving average. <br />Shorter-term oscillators (RSI, slow stochastics) <br />are neutral early today. Wyckoff's Intra-Day Market <br />Rating: 5.0<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />September U.S. T-Bonds: Shorter-term moving <br />averages (4- 9- 18-day) are neutral early today. <br />The 4-day moving average is below the 9-day. The 9-<br />day is above the 18-day moving average. Oscillators <br />(RSI, slow stochastics) are neutral early today. <br />Shorter-term resistance lies at 124 even and then <br />at 124 16/32. Buy stops likely reside just above <br />those levels. Shorter-term technical support lies <br />at 123 16/32 and then at 123 even. Sell stops <br />likely reside just below those levels. Wyckoff's <br />Intra-Day Market Rating: 4.5<br /><br />SEPTEMBER U.S. T-Bonds<br /><br />126 5/32--lifetime high<br />126 5/32--Previous Month's high<br />126 3/32--second pivot point resistance<br />125 8/32--first pivot point resistance<br />124 14/32--previous day's high<br />124 12/32--previous day's close<br />123 18/32--pivot point<br />123 8/32--9-day moving average<br />122 27/32--4-day moving average<br />122 23/32--first pivot point support<br />122 14/32--18-day moving average<br />121 29/32--previous day's low<br />121 1/32--second pivot point support<br />117 18/32--previous month's low<br />116 28/32--100-day moving average<br />111 1/32--lifetime low<br /><br />September U.S. T-Notes: Shorter-term oscillators <br />(RSI, slow stochastics) are neutral early today. <br />Buy stops likely reside just above shorter-term <br />technical resistance at 120.24.0 and then at the <br />overnight high of 121.02.5. Shorter-term moving <br />averages are neutral early today. The 4-day moving <br />average is below the 9-day. The 9-day is above the <br />18-day moving average. Sell stop orders are likely <br />located just below support at 120.10.0 and then at <br />120.00.0. Wyckoff's Intra Day Market Rating: 4.5<br /><br />SEPTEMBER U.S. T-Notes<br /><br />121 25/32--second pivot point resistance<br />121 20/32--lifetime high<br />121 20/32--previous month's high <br />121 8/32--first pivot point resistance<br />120 25/32--previous day's high<br />120 23/32--previous day's close<br />120 8/32--pivot point<br />120 2/32--9-day moving average<br />119 28/32--4-day moving average<br />119 23/32--first pivot point support<br />119 14/32--18-day moving average<br />119 8/32--previous day's low<br />118 23/32--second pivot point support<br />116 5/32--previous month's low <br />116 --100-day moving average<br />110 13/32--lifetime low<br /><br />U.S. DOLLAR INDEX<br /><br />The September U.S. dollar index is trading firmer <br />and hit another fresh 14-month high in early <br />trading today. Dollar index bulls have the solid <br />overall near-term technical advantage. Slow <br />stochastics for the dollar index are bullish early <br />today. The dollar index finds shorter-term <br />technical resistance at the overnight high of 89.22 <br />and then at 89.50. Shorter-term support is seen at <br />88.50 and then at 88.00. Wyckoff's Intra Day Market <br />Rating: 6.0<br /><br />CRUDE OIL<br /><br />Crude oil prices are weaker early today. Bears <br />still have the overall near-term technical <br />advantage and gained more downside momentum with <br />Friday's big down day in prices. In July crude, <br />look for buy stops to reside just above resistance <br />at $72.00 and then at $72.50. Look for sell stops <br />just below technical support at $71.00 and then at <br />$70.00. Wyckoff's Intra-Day Market Rating: 4.5<br /><br />GRAINS<br /><br />Prices were steady to weaker in overnight trading. <br />Weather in the U.S. midwest remains beneficial for <br />the growing corn and soybean crops and beneficial <br />for wheat harvest. The critical pollination stage <br />of corn development is now just around three weeks <br />away for much of the U.S. Corn Belt corn crop. The <br />corn market bulls are presently in trouble as U.S. <br />Corn Belt crop conditions continue to very good. <br />The grain market bulls are presently on the ropes <br />as prices are trading at or near the recent lows in <br />the markets. The raw commodity futures markets, in <br />general, have taken a beating recently, led by <br />crude oil prices.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-31230835816070537542010-06-03T06:02:00.001-07:002010-06-03T06:02:42.574-07:00Thursday, June 3-Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />There is no standout market features in overnight/early <br />morning trading today as the markets have calmed down a <br />bit.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />The grain markets can be more active in the <br />summertime months, as corn, soybeans and wheat <br />crops in the U.S. are in the ground and growing, or <br />are about to be harvested (wheat). The summertime <br />months are when "weather markets" occur in the <br />grains. So far this year, the weather in the U.S. <br />Corn Belt has been benign, which is bearish for the <br />grains. However, the time for higher heat and <br />potential dryness of summer is now upon us, and <br />will be for the next three months. More years than <br />not, some degree of a weather market in the grains <br />does develop and play out in the summertime. If you <br />would like to read an interesting article I wrote a <br />while back, entitled "Fear and Greed in a Weather <br />Market in the Grains," I'd be happy to email it to <br />you. Just send me an email at jim@jimwyckoff.com and <br />I'll attach it and send it back to you.--Jim<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are firmer in early morning <br />trading today, on follow-through buying from solid <br />gains scored Wednesday. The bulls are now gaining <br />some upside near-term technical momentum, but need <br />to show more power soon to better suggest a market <br />low is in place.<br /><br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are neutral early today. The 4-<br />day moving average is above the 9-day. The 9-day is <br />below the 18-day moving average. Short-term <br />oscillators (RSI, slow stochastics) are neutral to <br />bullish early today. Today, shorter-term technical <br />support comes in at the overnight low of 1,095.50 <br />and then at 1,080.00. Sell stops likely reside just <br />under those levels. Upside resistance for active <br />traders today is located at last week's high of <br />1,106.70 and then at 1,115.00. Buy stops are likely <br />located just above those levels. Wyckoff's Intra-<br />day Market Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,106.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are neutral early today. <br />The 4-day moving average is above the 9-day. The 9-<br />day average is below the 18-day. Short-term <br />oscillators (RSI, slow stochastics) are neutral to <br />bullish early today. Shorter-term technical <br />resistance is located at the overnight high of <br />1,889.00 and then at 1,900.00. Buy stops likely <br />reside just above those levels. On the downside, <br />short-term support is seen at the overnight low of <br />1,876.00 and then at 1,860.00. Sell stops are <br />likely located just below those levels. Wyckoff's <br />Intra-Day Market Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,895.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at 10,200 and then more stops just below <br />support at 10,150. Buy stops likely reside just <br />above technical resistance at 10,300 and then at <br />10,350. Shorter-term moving averages are neutral <br />early today, as the 4-day moving average is above <br />the 9-day. The 9-day moving average is below the <br />18-day moving average. Shorter-term oscillators <br />(RSI, slow stochastics) are bullish early today. <br />Wyckoff's Intra-Day Market Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 10,333<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are weaker <br />in early trading today, on profit-taking and as the <br />stock indexes are firmer today. Bulls still have <br />the overall near-term technical advantage, but are <br />fading and need to show fresh power soon. Bonds and <br />notes will continue to benefit from any fresh world <br />financial market or geopolitical uncertainty.<br /><br />September U.S. T-Bonds: Shorter-term moving <br />averages (4- 9- 18-day) are neutral early today. <br />The 4-day moving average is below the 9-day. The 9-<br />day is above the 18-day moving average. Oscillators <br />(RSI, slow stochastics) are bearish early today. <br />Shorter-term resistance lies at the overnight high <br />of 122 17/32 and then at 123 even. Buy stops likely <br />reside just above those levels. Shorter-term <br />technical support lies at the overnight low of 121 <br />26/32 and then at 121 16/32. Sell stops likely <br />reside just below those levels. Wyckoff's Intra-Day <br />Market Rating: 4.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 121 28/32<br /><br />SEPTEMBER U.S. T-Bonds<br /><br />126 5/32--lifetime high<br />126 5/32--Previous Month's high <br />124 --second pivot point resistance<br />123 16/32--previous day's high<br />123 15/32--9-day moving average<br />123 4/32--first pivot point resistance<br />122 21/32--pivot point<br />122 17/32--4-day moving average<br />122 9/32--previous day's close<br />122 5/32--previous day's low<br />122 5/32--18-day moving average<br />121 25/32--first pivot point support<br />121 10/32--second pivot point support<br />117 18/32--previous month's low <br />116 22/32--100-day moving average<br />111 1/32--lifetime low<br /><br />September U.S. T-Notes: Shorter-term oscillators <br />(RSI, slow stochastics) are bearish early today. <br />Buy stops likely reside just above shorter-term <br />technical resistance at the overnight high of <br />119.19.5 and then at 120.00.0. Shorter-term moving <br />averages are neutral early today. The 4-day moving <br />average is below the 9-day. The 9-day is above the <br />18-day moving average. Sell stop orders are likely <br />located just below support at 119.00.0 and then at <br />118.24.0. Wyckoff's Intra Day Market Rating: 4.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 118.27.0<br /><br />SEPTEMBER U.S. T-Notes<br /><br />121 20/32--lifetime high<br />121 20/32--previous month's high <br />120 14/32--second pivot point resistance<br />120 6/32--previous day's high<br />120 3/32--9-day moving average<br />119 31/32--first pivot point resistance<br />119 22/32--pivot point<br />119 22/32--4-day moving average<br />119 15/32--previous day's close<br />119 14/32--previous day's low<br />119 7/32--18-day moving average<br />119 7/32--first pivot point support<br />118 30/32--second pivot point support<br />116 5/32--previous month's low <br />115 28/32--100-day moving average<br />110 13/32--lifetime low<br /><br />CURRENCIES<br /><br />The September U.S. dollar index is trading near <br />steady in early trading today. Dollar index bulls <br />still have the solid overall near-term technical <br />advantage as prices hover near 14-month highs. Slow <br />stochastics for the dollar index are neutral early <br />today. The dollar index finds shorter-term <br />technical resistance at Wednesday's high of 87.60 <br />and then at the May high of 87.92. Shorter-term <br />support is seen at 87.00 and then at the overnight <br />low of 86.75. Today's key near-term Fibonacci <br />support/resistance level: 87.07. Wyckoff's Intra <br />Day Market Rating: 5.0<br /><br />The September Euro is trading near steady in early <br />electronic trading as prices hover near four-year <br />lows. Bears remain in firm overall technical <br />command. Euro finds sell stop orders are likely <br />located just below technical support at the <br />overnight low of 1.2242 and then at 1.2200. <br />Shorter-term technical resistance for the Euro is <br />seen at the overnight high of 1.2339 and then at <br />this week's high of 1.2368. Buy stops likely reside <br />just above those levels. Slow stochastics for the <br />Euro are bearish early today. Today's key near-term <br />Fibonacci support/resistance level: 1.2253. <br />Wyckoff's Intra Day Market Rating: 4.5<br /><br />GOLD<br /><br />Comex gold futures are weaker in early dealings <br />today, on some more corrective profit-taking <br />pressure from recent gains. Gold bulls still have <br />the overall near-term technical advantage. For <br />August gold, shorter-term technical resistance is <br />seen at the overnight high of $1,226.50 and then at <br />this week's high of $1,230.60. Buy stops likely <br />reside just above those levels. Sell stops likely <br />reside just below support at this week's low of <br />$1,211.60 and then at $1,200.00. Today's key near-<br />term Fibonacci support/resistance level: $1,220.00. <br />Wyckoff's Intra-Day Market Rating: 4.5<br /><br />CRUDE OIL<br /><br />Crude oil prices are slightly higher today. In July <br />crude, look for buy stops to reside just above <br />resistance at $74.00 and then at the overnight high <br />of $74.40. Look for sell stops just below technical <br />support at $72.50 and then at $72.00. Today's key <br />near-term Fibonacci support/resistance level: <br />$72.81. Wyckoff's Intra-Day Market Rating: 5.0<br /><br />GRAINS<br /><br />Prices were mixed in overnight trading. Grain <br />traders will continue to focus on what the key <br />"outside markets" are doing. The outside markets <br />this morning are slightly bullish, as the U.S. <br />dollar index is weaker, while crude oil and the <br />U.S. stock indexes are firmer. The critical <br />pollination stage of corn development is now just <br />three or for weeks away for much of the U.S. Corn <br />Belt corn crop. The corn market bulls are likely <br />going to be in trouble if U.S. Corn Belt crop <br />conditions continue to be ideal the next four <br />weeks.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-89712451057680115212010-05-27T06:37:00.001-07:002010-05-27T06:37:10.815-07:00Thursday, May 27-Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />The market features in overnight/early morning trading <br />today are higher U.S. stock index and crude oil prices, and <br />a lower U.S. dollar index.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />Crude oil futures prices are solidly higher again <br />this morning. Price action this morning and the <br />past two days does suggest a near-term market low <br />is now in place in crude oil. If crude oil has <br />indeed put in a near-term low, then that's also <br />good news for other recently beaten down commodity <br />futures markets. Market bottom or not, crude oil <br />futures will continue to be a major "outside force" <br />for many other commodity futures markets.--Jim<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are higher in early morning <br />trading today, on short covering from recent strong <br />selling pressure. The U.S. stock index futures <br />bears still have the solid overall near-term <br />technical advantage. However, solid price gains <br />today and Friday would suggest near-term market <br />lows are in place. <br /> <br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are bearish early today. The 4-<br />day moving average is below the 9-day, but is <br />turning up. The 9-day is below the 18-day moving <br />average. Short-term oscillators (RSI, slow <br />stochastics) are bullish early today. Today, <br />shorter-term technical support comes in at 1,075.00 <br />and then at 1,065.00. Sell stops likely reside just <br />under those levels. Upside resistance for active <br />traders today is located at the overnight high of <br />1,091.90 and then at 1,100.00. Buy stops are likely <br />located just above those levels. Wyckoff's Intra-<br />day Market Rating: 6.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,089.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are bearish early today. <br />The 4-day moving average is below the 9-day, but is <br />turning up. The 9-day average is below the 18-day. <br />Short-term oscillators (RSI, slow stochastics) are <br />neutral to bullish early today. Shorter-term <br />technical resistance is located at the overnight <br />high of 1,841.00 and then at Wednesday's high of <br />1,850.00. Buy stops likely reside just above those <br />levels. On the downside, short-term support is seen <br />at 1,815.00 and then at 1,800.00. Sell stops are <br />likely located just below those levels. Wyckoff's <br />Intra-Day Market Rating: 6.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,841.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at 10,050 and then more stops just below <br />support at 10,000. Buy stops likely reside just <br />above technical resistance at Wednesday's high of <br />10,160 and then at 10,200. Shorter-term moving <br />averages are bearish early today, as the 4-day <br />moving average is below the 9-day. The 9-day moving <br />average is below the 18-day moving average. <br />Shorter-term oscillators (RSI, slow stochastics) <br />are neutral to bullish early today. Wyckoff's <br />Intra-Day Market Rating: 6.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 10,036<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are lower <br />in early trading today, on more profit-taking <br />pressure from recent gains. Bulls still have the <br />overall near-term technical advantage as near-term <br />uptrends are still in place on the daily charts. <br /><br />September U.S. T-Bonds: Shorter-term moving <br />averages (4- 9- 18-day) are bullish early today. <br />The 4-day moving average is above the 9-day, but is <br />turning down. The 9-day is above the 18-day moving <br />average. Oscillators (RSI, slow stochastics) are <br />bearish early today. Shorter-term resistance lies <br />at 123 16/32 and then at 124 even. Buy stops likely <br />reside just above those levels. Shorter-term <br />technical support lies at 123 even and then at 122 <br />16/32. Sell stops likely reside just below those <br />levels. Wyckoff's Intra-Day Market Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 122 21/32<br /><br />SEPTEMBER U.S. T-Bonds<br /><br />126 5/32--lifetime high<br />125 23/32--second pivot point resistance<br />125 1/32--first pivot point resistance<br />124 29/32--previous day's high<br />124 14/32--4-day moving average<br />124 11/32--previous day's close<br />124 7/32--pivot point<br />123 17/32--first pivot point support<br />123 13/32--previous day's low<br />123 3/32--9-day moving average<br />122 23/32--second pivot point support<br />121 19/32--18-day moving average<br />118 4/32--Previous Month's high <br />116 10/32--100-day moving average<br />113 6/32--previous month's low <br />111 1/32--lifetime low<br /><br />September U.S. T-Notes: Shorter-term oscillators <br />(RSI, slow stochastics) are bearish early today. <br />Buy stops likely reside just above shorter-term <br />technical resistance at 120.00.0 and then at the <br />overnight high of 120.18.5. Shorter-term moving <br />averages are bullish early today. The 4-day moving <br />average is above the 9-day and 18-day, but is <br />turning down. The 9-day is above the 18-day moving <br />average. Sell stop orders are likely located just <br />below support at the overnight low of 119.23.0 and <br />then at 119.16.0. Wyckoff's Intra Day Market <br />Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 119.17.0<br /><br />SEPTEMBER U.S. T-Notes<br /><br />121 20/32--lifetime high<br />121 13/32--second pivot point resistance<br />120 31/32--first pivot point resistance<br />120 29/32--previous day's high<br />120 16/32--previous day's close<br />120 16/32--4-day moving average<br />120 14/32--pivot point<br />120 --first pivot point support<br />119 30/32--previous day's low<br />119 24/32--9-day moving average<br />119 15/32--second pivot point support<br />118 23/32--18-day moving average<br />116 21/32--previous month's high <br />115 20/32--100-day moving average<br />113 15/32--previous month's low <br />110 13/32--lifetime low<br /><br />CURRENCIES<br /><br />The September U.S. dollar index is weaker in early <br />trading today, on profit taking, as prices still <br />hover near the recent 12-month high high. Dollar <br />index bulls still have the solid overall near-term <br />technical advantage. Slow stochastics for the <br />dollar index are neutral early today. The dollar <br />index finds shorter-term technical resistance at <br />87.50 then at the overnight high of 87.66. Shorter-<br />term support is seen at the overnight low of 86.87 <br />and then at 86.50. Today's key near-term Fibonacci <br />support/resistance level: 87.09. Wyckoff's Intra <br />Day Market Rating: 4.0<br /><br />The September Euro is firmer in early electronic <br />trading, on short covering. Bears remain in firm <br />overall technical command. Euro finds sell stop <br />orders are likely located just below technical <br />support at 1.2250 and then at 1.2200. Shorter-term <br />technical resistance for the Euro is seen at the <br />overnight high of 1.2357 and then at 1.2400. Buy <br />stops likely reside just above those levels. Slow <br />stochastics for the Euro are neutral early today. <br />Today's key near-term Fibonacci support/resistance <br />level: 1.2339. Wyckoff's Intra Day Market Rating: <br />5.0<br /><br />GOLD<br /><br />Comex gold futures are near steady in early <br />dealings today. Safe-haven buying is supporting the <br />market, but profit-taking is limiting gains. Gold <br />bulls still have the overall near-term technical <br />advantage. For August gold, shorter-term technical <br />resistance is seen at the overnight high of <br />$1,220.60 and then at $1,230.00. Buy stops likely <br />reside just above those levels. Sell stops likely <br />reside just below support at the overnight low of <br />$1,211.60 and then at Wednesday's low of 1,202.70. <br />Today's key near-term Fibonacci support/resistance <br />level: $1,220.00. Wyckoff's Intra-Day Market <br />Rating: 5.0<br /><br />CRUDE OIL<br /><br />Crude oil prices are trading solidly higher again <br />today on more short-covering. Bears still have the <br />overall near-term technical advantage, but a strong <br />close today would hint that a near-term low is in <br />place. In July crude, look for buy stops to reside <br />just above resistance at $74.00 and then at $75.00. <br />Look for sell stops just below technical support at <br />$72.50 and then at $72.00. Today's key near-term <br />Fibonacci support/resistance level: $72.63. <br />Wyckoff's Intra-Day Market Rating: 6.0<br /><br />GRAINS<br /><br />Prices were firmer in overnight trading, on short <br />covering amid bullishly postured "outside markets" <br />that include a weaker U.S. dollar index and higher <br />stock index and crude oil prices. Grain traders <br />will continue to focus on what the key "outside <br />markets" are doing. Traders will closely scrutinize <br />this morning's weekly USDA export sales data. At <br />present, weather patterns in the U.S. Corn Belt are <br />beneficial for crops, which is a bearish <br />fundamental in the grains.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-42536312979234870132010-05-26T07:11:00.001-07:002010-05-26T07:11:51.666-07:00Wednesday, May 26-Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />The market features in overnight/early morning trading <br />today are higher U.S. stock index, crude oil and gold <br />prices.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />Tuesday's price action in the U.S. stock indexes, <br />in which prices traded sharply lower and at multi-<br />month lows early on and then rebounded as the day <br />went on to close near the session highs and near <br />unchanged levels, does suggest the stock market <br />bears have become exhausted at the lower price <br />levels and that near-term bottoms may be close at <br />hand in the indexes. --Jim<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are firmer in early morning <br />trading today, on short covering from recent strong <br />selling pressure. The U.S. stock index futures <br />bears still have the solid overall near-term <br />technical advantage. <br /> <br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are bearish early today. The 4-<br />day moving average is below the 9-day. The 9-day is <br />below the 18-day moving average. Short-term <br />oscillators (RSI, slow stochastics) are bullish <br />early today. Today, shorter-term technical support <br />comes in at the overnight low of 1,070.50 and then <br />at 1,060.00. Sell stops likely reside just under <br />those levels. Upside resistance for active traders <br />today is located at 1,090.00 and then at 1,100.00. <br />Buy stops are likely located just above those <br />levels. Wyckoff's Intra-day Market Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,067.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are bearish early today. <br />The 4-day moving average is below the 9-day. The 9-<br />day average is below the 18-day. Short-term <br />oscillators (RSI, slow stochastics) are neutral <br />early today. Shorter-term technical resistance is <br />located at 1,840.00 and then at 1,850.00. Buy stops <br />likely reside just above those levels. On the <br />downside, short-term support is seen at the <br />overnight low of 1,814.00 and then at 1,800.00. <br />Sell stops are likely located just below those <br />levels. Wyckoff's Intra-Day Market Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,841.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at 10,050 and then more stops just below <br />support at 10,000. Buy stops likely reside just <br />above technical resistance at 10,1500 and then at <br />10,200. Shorter-term moving averages are bearish <br />early today, as the 4-day moving average is below <br />the 9-day. The 9-day moving average is below the <br />18-day moving average. Shorter-term oscillators <br />(RSI, slow stochastics) are neutral early today. <br />Wyckoff's Intra-Day Market Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 10,036<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are lower <br />in early trading today, on a profit-taking pullback <br />from recent strong gains. Prices hit fresh contract <br />highs on Tuesday. Bulls still have the solid <br />overall near-term technical advantage as near-term <br />uptrends are still in place on the daily charts. <br /><br />June U.S. T-Bonds: Shorter-term moving averages (4- <br />9- 18-day) are bullish early today. The 4-day <br />moving average is above the 9-day. The 9-day is <br />above the 18-day moving average. Oscillators (RSI, <br />slow stochastics) are bearish early today. Shorter-<br />term resistance lies at 124 20/32 and then at 125 <br />even. Buy stops likely reside just above those <br />levels. Shorter-term technical support lies at 124 <br />even and then at 123 16/32. Sell stops likely <br />reside just below those levels. Wyckoff's Intra-Day <br />Market Rating: 4.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 124 30/32<br /><br />JUNE U.S. T-Bonds<br /><br />126 15/32--lifetime high<br />127 7/32--second pivot point resistance<br />126 15/32--previous day's high<br />126 6/32--first pivot point resistance<br />125 14/32--pivot point<br />125 5/32--previous day's close<br />124 22/32--previous day's low<br />124 20/32--4-day moving average<br />124 13/32--first pivot point support<br />123 21/32--second pivot point support<br />123 3/32--9-day moving average<br />121 28/32--18-day moving average<br />119 4/32--Previous Month's high <br />117 10/32--100-day moving average<br />114 6/32--previous month's low <br />109 15/32--lifetime low<br /><br />June U.S. T-Notes: Shorter-term oscillators (RSI, <br />slow stochastics) are bearish early today. Buy <br />stops likely reside just above shorter-term <br />technical resistance at 121.16.0 and then at the <br />overnight high of 121.23.0. Shorter-term moving <br />averages are bullish early today. The 4-day moving <br />average is above the 9-day and 18-day. The 9-day is <br />above the 18-day moving average. Sell stop orders <br />are likely located just below support at the <br />overnight low of 120.28.5 and then at 120.16.0. <br />Wyckoff's Intra Day Market Rating: 4.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 121.16.0<br /><br />JUNE U.S. T-Notes<br /><br />122 28/32--second pivot point resistance<br />122 14/32--lifetime high<br />122 14/32--previous day's high<br />122 8/32--first pivot point resistance<br />121 26/32--pivot point<br />121 20/32--previous day's close<br />121 12/32--previous day's low<br />121 9/32--4-day moving average<br />121 6/32--first pivot point support<br />120 24/32--second pivot point support<br />120 13/32--9-day moving average<br />119 18/32--18-day moving average<br />117 31/32--previous month's high <br />116 29/32--100-day moving average<br />114 26/32--previous month's low <br />109 29/32--lifetime low<br /><br />CURRENCIES<br /><br />The June U.S. dollar index is weaker in early <br />trading today as prices hover near the recent 12-<br />month high high. Dollar index bulls still have the <br />solid overall near-term technical advantage. Slow <br />stochastics for the dollar index are bullish early <br />today. The dollar index finds shorter-term <br />technical resistance at the overnight high of 87.09 <br />then at last week's high of 87.62. Shorter-term <br />support is seen at 86.50 and then at 86.00. Today's <br />key near-term Fibonacci support/resistance level: <br />86.74. Wyckoff's Intra Day Market Rating: 5.0<br /><br />The June Euro is near steady in early electronic <br />trading. Bears remain in firm overall technical <br />command. Euro finds sell stop orders are likely <br />located just below technical support at the <br />overnight low of 1.2265 and then at 1.2200. <br />Shorter-term technical resistance for the Euro is <br />seen at the overnight high of 1.2380 and then at <br />1.2400. Buy stops likely reside just above those <br />levels. Slow stochastics for the Euro are bearish <br />early today. Today's key near-term Fibonacci <br />support/resistance level: 1.2339. Wyckoff's Intra <br />Day Market Rating: 4.0<br /><br />GOLD<br /><br />Comex gold futures are higher in early dealings <br />today. Safe-haven buying and fresh speculative <br />buying is supporting the market. Gold bulls have <br />the overall near-term technical advantage. For June <br />gold, shorter-term technical resistance is seen at <br />$1,220.00 and then at $1,230.00. Buy stops likely <br />reside just above those levels. Sell stops likely <br />reside just below support at $1,200.00 and then at <br />1,190.00. Today's key near-term Fibonacci <br />support/resistance level: $1,218.00. Wyckoff's <br />Intra-Day Market Rating: 6.0<br /><br />CRUDE OIL<br /><br />Crude oil prices are trading solidly higher today <br />on a short-covering bounce in a bear market. Bears <br />still have the solid near-term technical advantage. <br />In July crude, look for buy stops to reside just <br />above resistance at $71.00 and then at $72.00. Look <br />for sell stops just below technical support at <br />$70.00 and then at the overnight low of $69.21. <br />Today's key near-term Fibonacci support/resistance <br />level: $70.26. Wyckoff's Intra-Day Market Rating: <br />6.0<br /><br />GRAINS<br /><br />Prices were firmer in overnight trading, on short <br />covering amid bullishly postured "outside markets" <br />that include a weaker U.S. dollar index and higher <br />stock index and crude oil prices. Grain traders <br />will continue to focus on what the key "outside <br />markets" are doing. Traders will closely scrutinize <br />this morning's weekly USDA export sales data. At <br />present, weather patterns in the U.S. Corn Belt are <br />beneficial for crops, which is a bearish <br />fundamental in the grains.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-61144689599619468132010-05-25T10:55:00.000-07:002010-05-25T10:56:05.860-07:00Tuesday, May 25-Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />The market features in overnight/early morning trading <br />today are sharply lower U.S. stock index and crude oil <br />prices, and a sharply higher U.S. dollar index.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />Risk aversion is the play of the day in the <br />markets, as traders are seeking out U.S. Treasuries <br />and the U.S. dollar as a safe haven amid mounting <br />concern about the European Union's debt problems <br />and new tensions between North Korea and South <br />Korea. This issue just will not go away and could <br />turn into a worldwide credit crisis contagion. The <br />U.S. stock indexes hit fresh seven-month lows today <br />while crude oil futures prices dropped below $68.00 <br />a barrel. The keener risk aversion in the <br />marketplace today is also hitting commodity futures <br />hard.--Jim<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are sharply lower in early <br />morning trading today, and hit fresh multi-month <br />lows. The U.S. stock index futures bears have the <br />solid overall near-term technical advantage and are <br />gaining fresh downside near-term momentum. <br /> <br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are bearish early today. The 4-<br />day moving average is below the 9-day. The 9-day is <br />below the 18-day moving average. Short-term <br />oscillators (RSI, slow stochastics) are neutral to <br />bearish early today. Today, shorter-term technical <br />support comes in at the overnight low of 1,036.60 <br />and then at 1,025.00. Sell stops likely reside just <br />under those levels. Upside resistance for active <br />traders today is located at 1,050.00 and then at <br />1,060.00. Buy stops are likely located just above <br />those levels. Wyckoff's Intra-day Market Rating: <br />3.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,056.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are bearish early today. <br />The 4-day moving average is below the 9-day. The 9-<br />day average is below the 18-day. Short-term <br />oscillators (RSI, slow stochastics) are bearish <br />early today. Shorter-term technical resistance is <br />located at 1,785.00 and then at 1,800.00. Buy stops <br />likely reside just above those levels. On the <br />downside, short-term support is seen at the <br />overnight low of 1,761.50 and then at 1,750.00. <br />Sell stops are likely located just below those <br />levels. Wyckoff's Intra-Day Market Rating: 3.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,789.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at 9,800 and then more stops just below <br />support at 9,750. Buy stops likely reside just <br />above technical resistance at 9,900 and then at <br />9,950. Shorter-term moving averages are bearish <br />early today, as the 4-day moving average is below <br />the 9-day. The 9-day moving average is below the <br />18-day moving average. Shorter-term oscillators <br />(RSI, slow stochastics) are bearish early today. <br />Wyckoff's Intra-Day Market Rating: 3.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 10,036<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are sharply <br />higher in early trading today, on a flight to <br />quality into U.S. government debt. Prices hit fresh <br />contract highs overnight. Bulls have the solid <br />overall near-term technical advantage as near-term <br />uptrends are firmly in place on the daily charts. <br /><br />June U.S. T-Bonds: Shorter-term moving averages (4- <br />9- 18-day) are bullish early today. The 4-day <br />moving average is above the 9-day. The 9-day is <br />above the 18-day moving average. Oscillators (RSI, <br />slow stochastics) are neutral to bullish early <br />today. Shorter-term resistance lies at the <br />overnight contract high of 126 15/32 and then at <br />127 even. Buy stops likely reside just above those <br />levels. Shorter-term technical support lies at 125 <br />16/32 and then at 125 even. Sell stops likely <br />reside just below those levels. Wyckoff's Intra-Day <br />Market Rating: 7.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 124 30/32<br /><br />JUNE U.S. T-Bonds<br /><br />126 15/32--lifetime high<br />125 30/32--second pivot point resistance<br />125 13/32--previous day's high<br />125 11/32--first pivot point resistance<br />124 25/32--pivot point<br />124 23/32--previous day's close<br />124 8/32--previous day's low<br />124 6/32--first pivot point support<br />124 3/32--4-day moving average<br />123 20/32--second pivot point support<br />122 19/32--9-day moving average<br />121 16/32--18-day moving average<br />119 4/32--Previous Month's high<br />117 6/32--100-day moving average<br />114 6/32--previous month's low <br />109 15/32--lifetime low<br /><br />June U.S. T-Notes: Shorter-term oscillators (RSI, <br />slow stochastics) are neutral to bullish early <br />today. Buy stops likely reside just above shorter-<br />term technical resistance at the overnight high of <br />122.14.5 and then at 122.24.0. Shorter-term moving <br />averages are bullish early today. The 4-day moving <br />average is above the 9-day and 18-day. The 9-day is <br />above the 18-day moving average. Sell stop orders <br />are likely located just below support at the <br />overnight low of 121.12.5 and then at 121.00.0. <br />Wyckoff's Intra Day Market Rating: 7.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 121.16.0<br /><br />JUNE U.S. T-Notes<br /><br />122 14/32--lifetime high<br />121 29/32--second pivot point resistance<br />121 20/32--first pivot point resistance<br />121 19/32--previous day's high<br />121 12/32--previous day's close<br />121 11/32--pivot point<br />121 2/32--first pivot point support<br />121 1/32--previous day's low<br />120 31/32--4-day moving average<br />120 25/32--second pivot point support<br />120 4/32--9-day moving average<br />119 11/32--18-day moving average<br />117 31/32--previous month's high<br />116 27/32--100-day moving average<br />114 26/32--previous month's low <br />109 29/32--lifetime low<br /><br />CURRENCIES<br /><br />The June U.S. dollar index is sharply higher in <br />early trading today and trading near the recent 12-<br />month high high. Dollar index bulls have the solid <br />overall near-term technical advantage. Slow <br />stochastics for the dollar index are bullish early <br />today. The dollar index finds shorter-term <br />technical resistance at last week's high of 87.62 <br />then at 88.00. Shorter-term support is seen at <br />87.00 and then at the overnight low of 86.56. <br />Today's key near-term Fibonacci support/resistance <br />level: 86.74. Wyckoff's Intra Day Market Rating: <br />8.0<br /><br />The June Euro is sharply lower in early electronic <br />trading and near the recent low. Bears remain in <br />firm overall technical command. Euro finds sell <br />stop orders are likely located just below technical <br />support at the overnight low of 1.2181 and then at <br />last week's low of 1.2140. Shorter-term technical <br />resistance for the Euro is seen at 1.2250 and then <br />at 1.2300. Buy stops likely reside just above those <br />levels. Slow stochastics for the Euro are bearish <br />early today. Today's key near-term Fibonacci <br />support/resistance level: 1.2339. Wyckoff's Intra <br />Day Market Rating: 2.0<br /><br />GOLD<br /><br />Comex gold futures are near steady in early <br />dealings today. Safe-haven buying is limiting the <br />downside in crude today. Deflationary concerns are <br />starting to weigh on gold, which is limiting the <br />upside. Gold bulls still have the overall near-term <br />technical advantage. For June gold, shorter-term <br />technical resistance is seen at Monday's high of <br />$1,197.30 and then at $1,200.00. Buy stops likely <br />reside just above those levels. Sell stops likely <br />reside just below support at the overnight low of <br />$1,185.20 and then at 1,180.00. Today's key near-<br />term Fibonacci support/resistance level: $1,192.00. <br />Wyckoff's Intra-Day Market Rating: 5.0<br /><br />CRUDE OIL<br /><br />Crude oil prices are trading sharply lower today <br />and hit a fresh 10-month low. Bears still have <br />solid downside near-term technical momentum. In <br />July crude, look for buy stops to reside just above <br />resistance at $68.00 and then at $69.00. Look for <br />sell stops just below technical support at $67.00 <br />and then at $66.00. Today's key near-term Fibonacci <br />support/resistance level: $68.66. Wyckoff's Intra-<br />Day Market Rating: 2.0<br /><br />GRAINS<br /><br />Prices were lower in overnight trading amid <br />bearishly postured "outside markets" that include a <br />stronger U.S. dollar index and sharply lower stock <br />index and crude oil prices. Grain traders will <br />continue to focus on what the key "outside markets" <br />are doing. If crude oil continues to tumble, the <br />upside for all the grains will be limited in the <br />coming weeks, barring any serious weather scare in <br />the Corn Belt. At present, weather patterns in the <br />U.S. Corn Belt are presently beneficial for crops, <br />which is a bearish fundamental in the grainsDave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-73392249592615266622010-05-21T08:20:00.000-07:002010-05-21T08:21:15.620-07:00Friday, May 21-Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />The market features in overnight/early morning trading <br />today are once again lower U.S. stock index, gold and crude <br />oil futures prices, while the U.S. dollar index is <br />stronger.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />Crude oil continues to be hammered lower and hit a <br />fresh 10-month low Thursday. Have you also looked <br />at a copper or lumber chart lately? Steep sell offs <br />have occurred in those markets, too. I don’t <br />consider myself to be an alarmist, but what I'm <br />seeing in the markets at present are early clues of <br />a "double-dip" world economic recession, and maybe <br />even deflationary price conditions. That would be a <br />very bearish scenario for commodity and stock <br />markets.--Jim<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are lower again in early <br />morning trading today. The U.S. stock index futures <br />bears now have the solid overall near-term <br />technical advantage and are gaining fresh downside <br />near-term momentum. Prices today are poised to take <br />out the spike low seen earlier this month, as well <br />as post bearish weekly low closes today.<br /> <br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are bearish early today. The 4-<br />day moving average is below the 9-day. The 9-day is <br />below the 18-day moving average. Short-term <br />oscillators (RSI, slow stochastics) are neutral <br />early today. Today, shorter-term technical support <br />comes in at the May spike low of 1,060.00 and then <br />at 1,050.00. Sell stops likely reside just under <br />those levels. Upside resistance for active traders <br />today is located at the overnight high of 1,070.00 <br />and then at the overnight high of 1,080.40. Buy <br />stops are likely located just above those levels. <br />Wyckoff's Intra-day Market Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,090.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are bearish early today. <br />The 4-day moving average is below the 9-day. The 9-<br />day average is below the 18-day. Short-term <br />oscillators (RSI, slow stochastics) are bearish <br />early today. Shorter-term technical resistance is <br />located at 1,800.00 and then at the overnight high <br />of 1,817.00. Buy stops likely reside just above <br />those levels. On the downside, short-term support <br />is seen at the May spike low of 1,768.50 and then <br />at 1,760.00. Sell stops are likely located just <br />below those levels. Wyckoff's Intra-Day Market <br />Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,841.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at 9,900 and then more stops just below <br />support at 9,850. Buy stops likely reside just <br />above technical resistance at 10,000 and then at <br />10,056. Shorter-term moving averages are bearish <br />early today, as the 4-day moving average is below <br />the 9-day. The 9-day moving average is below the <br />18-day moving average. Shorter-term oscillators <br />(RSI, slow stochastics) are bearish early today. <br />Wyckoff's Intra-Day Market Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 10,277<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are higher <br />in early trading today and hit a fresh 14-month <br />high overnight. Bulls have the solid overall near-<br />term technical advantage as neaer-term uptrends are <br />in place on the daily charts. <br /><br />June U.S. T-Bonds: Shorter-term moving averages (4- <br />9- 18-day) are bullish early today. The 4-day <br />moving average is above the 9-day. The 9-day is <br />above the 18-day moving average. Oscillators (RSI, <br />slow stochastics) are bullish early today. Shorter-<br />term resistance lies at 125 16/32 and then at 126 <br />even. Buy stops likely reside just above those <br />levels. Shorter-term technical support lies at 125 <br />even and then at 124 16/32. Sell stops likely <br />reside just below those levels. Wyckoff's Intra-Day <br />Market Rating: 7.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 123 4/32<br /><br />JUNE U.S. T-Bonds<br /><br />126 14/32--lifetime high<br />126 7/32--second pivot point resistance<br />125 14/32--first pivot point resistance<br />124 25/32--previous day's high<br />124 21/32--previous day's close<br />124 --pivot point<br />123 7/32--first pivot point support<br />122 28/32--4-day moving average<br />122 18/32--previous day's low<br />121 25/32--second pivot point support<br />121 25/32--9-day moving average<br />120 25/32--18-day moving average<br />119 4/32--Previous Month's high<br />117 --100-day moving average<br />114 6/32--previous month's low <br />109 15/32--lifetime low<br /><br />June U.S. T-Notes: Shorter-term oscillators (RSI, <br />slow stochastics) are bullish early today. Buy <br />stops likely reside just above shorter-term <br />technical resistance at the overnight high of <br />121.21.5 and then at 122.00.0. Shorter-term moving <br />averages are bullish early today. The 4-day moving <br />average is above the 9-day and 18-day. The 9-day is <br />above the 18-day moving average. Sell stop orders <br />are likely located just below support at the <br />overnight low of 120.30.0 and then at 120.16.0. <br />Wyckoff's Intra Day Market Rating: 7.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 120.15.0<br /><br />JUNE U.S. T-Notes<br /><br />122 12/32--second pivot point resistance<br />121 26/32--first pivot point resistance<br />121 16/32--previous day's high<br />121 9/32--previous day's close<br />121 1/32--lifetime high<br />120 31/32--pivot point<br />120 13/32--first pivot point support<br />120 11/32--4-day moving average<br />120 3/32--previous day's low<br />119 20/32--9-day moving average<br />119 18/32--second pivot point support<br />118 30/32--18-day moving average<br />117 31/32--previous month's high <br />116 23/32--100-day moving average<br />114 26/32--previous month's low <br />109 29/32--lifetime low<br /><br />CURRENCIES<br /><br />The June U.S. dollar index is firmer in early <br />trading today. Dollar index bulls still have the <br />solid overall near-term technical advantage. Slow <br />stochastics for the dollar index are bearish early <br />today. The dollar index finds shorter-term <br />technical resistance at the overnight high of 86.20 <br />then at 86.50. Shorter-term support is seen at <br />85.50 and then at the overnight low of 85.32. <br />Today's key near-term Fibonacci support/resistance <br />level: 85.90. Wyckoff's Intra Day Market Rating: <br />6.0<br /><br />The June Euro is weaker in early electronic <br />trading. Bears remain in firm overall technical <br />command. Euro finds sell stop orders are likely <br />located just below technical support at the <br />overnight low of 1.2465 and then at 1.2400. <br />Shorter-term technical resistance for the Euro is <br />seen at 1.2600 and then at the overnight high of <br />1.2674. Buy stops likely reside just above those <br />levels. Slow stochastics for the Euro are bullish <br />early today. Today's key near-term Fibonacci <br />support/resistance level: 1.2506. Wyckoff's Intra <br />Day Market Rating: 4.0<br /><br />GOLD<br /><br />Comex gold futures are lower again in early <br />dealings today, on more profit-taking pressure from <br />recent gains. Deflationary concerns are also <br />starting to weigh on gold. Gold bulls still have <br />the overall near-term technical advantage, but are <br />fading and need to show fresh power soon. For June <br />gold, shorter-term technical resistance is seen at <br />overnight high of $1,185.70 and then at $1,190.00. <br />Buy stops likely reside just above those levels. <br />Sell stops likely reside just below support at <br />$1,170.00 and then at the overnight low of <br />1,166.00. Today's key near-term Fibonacci <br />support/resistance level: $1,172.00. Wyckoff's <br />Intra-Day Market Rating: 4.0<br /><br />CRUDE OIL<br /><br />Crude oil prices are trading lower again today and <br />are hovering near a 10-month low. Bears have solid <br />downside near-term technical momentum. In July <br />crude, look for buy stops to reside just above <br />resistance at $70.00 and then at the overnight high <br />of $70.73. Look for sell stops just below technical <br />support at Thursday's low of $68.85 and then at <br />$68.00. Today's key near-term Fibonacci <br />support/resistance level: $70.77. Wyckoff's Intra-<br />Day Market Rating: 3.0<br /><br />GRAINS<br /><br />Prices were weaker in overnight trading amid <br />bearishly postured "outside markets" that include a <br />firmer U.S. dollar index and lower stock index and <br />crude oil prices. Grain traders will continue to <br />focus on what the key "outside markets" are doing. <br />If you are a grain market bull, here is a <br />compelling observation: Grain futures held up very <br />well Thursday--when the stock market was tanking <br />and crude oil prices were at one time down over <br />$4.00 a barrel. This is one clue that the downside <br />in the grains is limited at present lower price <br />levels. Weather patterns in the U.S. Corn Belt are <br />presently beneficial for crops, which is a bearish <br />fundamental in the grains.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-59600371197118924042010-05-20T13:13:00.000-07:002010-05-20T13:14:16.848-07:00Thursday, May 20-Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />The market feature in overnight/early morning trading today <br />is lower U.S. stock index, gold crude oil futures prices.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />Gold futures are under selling pressure again this <br />morning as more profit taking is featured after <br />prices last week hit a fresh all-time record high. <br />No serious chart damage has been inflicted in gold, <br />yet. A solid push in prices below the last <br />"reaction low" on the daily bar chart, which is <br />located at the May low of $1,156.20, would negate <br />the price uptrend on the daily chart and would <br />produce near-term technical damage to suggest a <br />near-term market top is in place.--Jim<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are lower again in early <br />morning trading today. The U.S. stock index futures <br />bears have the overall near-term technical <br />advantage and are gaining fresh downside near-term <br />momentum.<br /> <br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are bearish early today. The 4-<br />day moving average is below the 9-day. The 9-day is <br />below the 18-day moving average. Short-term <br />oscillators (RSI, slow stochastics) are bearish <br />early today. Today, shorter-term technical support <br />comes in at 1,091.00 and then at 1,080.00. Sell <br />stops likely reside just under those levels. Upside <br />resistance for active traders today is located at <br />the overnight high of 1,115.60 and then at <br />1,125.00. Buy stops are likely located just above <br />those levels. Wyckoff's Intra-day Market Rating: <br />4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,104.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are bearish early today. <br />The 4-day moving average is below the 9-day. The 9-<br />day average is below the 18-day. Short-term <br />oscillators (RSI, slow stochastics) are bearish <br />early today. Shorter-term technical resistance is <br />located at 1,860.00 and then at the overnight high <br />of 1,874.25. Buy stops likely reside just above <br />those levels. On the downside, short-term support <br />is seen at 1,840.00 and then at 1,830.00. Sell <br />stops are likely located just below those levels. <br />Wyckoff's Intra-Day Market Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,850.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at Wednesday's low of 10,305 and then more <br />stops just below support at 10,250. Buy stops <br />likely reside just above technical resistance at <br />10,375 and then at 10,400. Shorter-term moving <br />averages are bearish early today, as the 4-day <br />moving average is below the 9-day. The 9-day moving <br />average is below the 18-day moving average. <br />Shorter-term oscillators (RSI, slow stochastics) <br />are bearish early today. Wyckoff's Intra-Day Market <br />Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 10,277<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are firmer <br />in early trading today. Bulls have the overall <br />near-term technical advantage as neaer-term <br />uptrends are in place on the daily charts. <br /><br />June U.S. T-Bonds: Shorter-term moving averages (4- <br />9- 18-day) are bullish early today. The 4-day <br />moving average is above the 9-day. The 9-day is <br />above the 18-day moving average. Oscillators (RSI, <br />slow stochastics) are neutral to bullish early <br />today. Shorter-term resistance lies at Wednesday's <br />high of 123 17/32 and then at 124 even. Buy stops <br />likely reside just above those levels. Shorter-term <br />technical support lies at 123 even and then at the <br />overnight low of 122 18/32. Sell stops likely <br />reside just below those levels. Wyckoff's Intra-Day <br />Market Rating: 6.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 122 21/32<br /><br />JUNE U.S. T-Bonds<br /><br />126 14/32--lifetime high<br />123 31/32--second pivot point resistance<br />123 17/32--previous day's high<br />123 9/32--first pivot point resistance<br />122 27/32--pivot point<br />122 19/32--previous day's close<br />122 13/32--previous day's low<br />122 5/32--first pivot point support<br />121 23/32--second pivot point support<br />121 15/32--4-day moving average<br />121 15/32--9-day moving average<br />120 11/32--18-day moving average<br />119 4/32--Previous Month's high <br />116 29/32--100-day moving average<br />114 6/32--previous month's low <br />109 15/32--lifetime low<br /><br />June U.S. T-Notes: Shorter-term oscillators (RSI, <br />slow stochastics) are neutral to bullish early <br />today. Buy stops likely reside just above shorter-<br />term technical resistance at Wednesday's high of <br />120.22.0 and then at the May high of 121.01.5. <br />Shorter-term moving averages are bullish early <br />today. The 4-day moving average is above the 9-day <br />and 18-day. The 9-day is above the 18-day moving <br />average. Sell stop orders are likely located just <br />below support at the overnight low of 120.03.5 and <br />then at 120.00.0. Wyckoff's Intra Day Market <br />Rating: 6.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 120.01.0<br /><br />JUNE U.S. T-Notes<br /><br />121 1/32--lifetime high<br />120 31/32--second pivot point resistance<br />120 22/32--previous day's high<br />120 20/32--first pivot point resistance<br />120 10/32--pivot point<br />120 8/32--previous day's close<br />120 1/32--previous day's low<br />119 31/32--first pivot point support<br />119 30/32--4-day moving average<br />119 21/32--second pivot point support<br />119 15/32--9-day moving average<br />118 21/32--18-day moving average<br />117 31/32--previous month's high<br />116 21/32--100-day moving average<br />114 26/32--previous month's low <br />109 29/32--lifetime low<br /><br />CURRENCIES<br /><br />The June U.S. dollar index is firmer in early <br />trading today. Dollar index bulls still have the <br />solid overall near-term technical advantage. Slow <br />stochastics for the dollar index are neutral early <br />today. The dollar index finds shorter-term <br />technical resistance at 87.00nd then at 87.25. <br />Shorter-term support is seen at 86.50 and then at <br />the overnight low of 86.28. Today's key near-term <br />Fibonacci support/resistance level: 86.39. <br />Wyckoff's Intra Day Market Rating: 6.0<br /><br />The June Euro is weaker in early electronic <br />trading. Bears remain in firm overall technical <br />command. Euro finds sell stop orders are likely <br />located just below technical support at 1.2300 and <br />then at 1.2250. Shorter-term technical resistance <br />for the Euro is seen at 1.2400 and then at the <br />overnight high of 1.2440. Buy stops likely reside <br />just above those levels. Slow stochastics for the <br />Euro are bullish early today. Today's key near-term <br />Fibonacci support/resistance level: 1.2384. <br />Wyckoff's Intra Day Market Rating: 4.0<br /><br />GOLD<br /><br />Comex gold futures are lower again in early <br />dealings today, on more profit-taking pressure from <br />recent gains. Gold bulls still have the overall <br />near-term technical advantage, but are fading and <br />need to show fresh power soon. For June gold, <br />shorter-term technical resistance is seen at <br />$1,190.00 and then at $1,200.00. Buy stops likely <br />reside just above those levels. Sell stops likely <br />reside just below support at the overnight low of <br />$1,179.00 and then at 1,175.00. Today's key near-<br />term Fibonacci support/resistance level: $1,192.00. <br />Wyckoff's Intra-Day Market Rating: 4.0<br /><br />CRUDE OIL<br /><br />Crude oil prices are trading lower again today and <br />hit a fresh eight-month low overnight. Bears have <br />downside near-term technical momentum. In July <br />crude, look for buy stops to reside just above <br />resistance at $72.00 and then at $72.50. Look for <br />sell stops just below technical support at the <br />overnight low of $70.00 and then at $69.00. Today's <br />key near-term Fibonacci support/resistance level: <br />$73.46. Wyckoff's Intra-Day Market Rating: 3.0<br /><br />GRAINS<br /><br />Prices were mixed in overnight trading amid <br />bearishly postured "outside markets" that include a <br />firmer U.S. dollar index and lower stock index and <br />crude oil prices. Grain traders will continue to <br />focus on what the key "outside markets" are doing. <br />Weather patterns in the U.S. Corn Belt are <br />presently beneficial for crops, which is a bearish <br />fundamental in the grains. Traders will closely <br />scrutinize this morning's USDA weekly export sales <br />report.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-2740430128495150682010-05-19T11:04:00.000-07:002010-05-19T11:05:02.900-07:00Wednesday, May 19-Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />The market feature in overnight/early morning trading today <br />is lower U.S. stock index and crude oil futures prices.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />Crude oil futures continue to trend lower and today <br />dipped below $68.00 a barrel. That bearish pennant <br />pattern on the daily bar chart, which I pointed out <br />to you last week and which has since seen a <br />downside "breakout," does have a downside target of <br />$61.00 a barrel. At the time of the formation of <br />the pennant pattern, the $61.00 downside target I <br />mentioned seemed a bit of a stretch. As I write <br />this report today, the $61.00 level in crude now <br />seems a likelihood sometime this summer. For those <br />of you who do summertime vacations, the drop in <br />crude oil prices came at just the right time, as <br />gasoline prices at the pump are starting to drop. <br />However, for those of you who are commodity market <br />bulls, the big drop in crude oil prices is spilling <br />over into some selling pressure in other raw <br />commodity markets, and it could be a rough summer <br />for the commodity sector, in general.--Jim<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are lower in early morning <br />trading today, on follow-through selling pressure <br />from losses seen Tuesday. The U.S. stock index <br />futures bears have the overall near-term technical <br />advantage.<br /> <br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are bearish early today. The 4-<br />day moving average is below the 9-day. The 9-day is <br />below the 18-day moving average. Short-term <br />oscillators (RSI, slow stochastics) are bearish <br />early today. Today, shorter-term technical support <br />comes in at 1,100.00 and then at 1,091.00. Sell <br />stops likely reside just under those levels. Upside <br />resistance for active traders today is located at <br />the overnight high of 1,117.90 and then at <br />1,125.00. Buy stops are likely located just above <br />those levels. Wyckoff's Intra-day Market Rating: <br />4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,104.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are bearish early today. <br />The 4-day moving average is below the 9-day. The 9-<br />day average is below the 18-day. Short-term <br />oscillators (RSI, slow stochastics) are bearish <br />early today. Shorter-term technical resistance is <br />located at the overnight high of 1,885.75 and then <br />at 1,900.00. Buy stops likely reside just above <br />those levels. On the downside, short-term support <br />is seen at the overnight low of 1,865.50 and then <br />at 1,850.00. Sell stops are likely located just <br />below those levels. Wyckoff's Intra-Day Market <br />Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,876.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at this week's low of 10,415 and then more <br />stops just below support at 10,400. Buy stops <br />likely reside just above technical resistance at <br />10,450 and then at 10,500. Shorter-term moving <br />averages are bearish early today, as the 4-day <br />moving average is below the 9-day. The 9-day moving <br />average is below the 18-day moving average. <br />Shorter-term oscillators (RSI, slow stochastics) <br />are neutral to bearish early today. Wyckoff's <br />Intra-Day Market Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 10,411<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are firmer <br />in early trading today. Bulls have the overall <br />near-term technical advantage as neaer-term <br />uptrends are in place on the daily charts. <br /><br />June U.S. T-Bonds: Shorter-term moving averages (4- <br />9- 18-day) are bullish early today. The 4-day <br />moving average is above the 9-day. The 9-day is <br />above the 18-day moving average. Oscillators (RSI, <br />slow stochastics) are neutral early today. Shorter-<br />term resistance lies at 123 8/32 and then at the <br />overnight high of 123 17/32. Buy stops likely <br />reside just above those levels. Shorter-term <br />technical support lies at the overnight low of 122 <br />26/32 and then at 122 16/32. Sell stops likely <br />reside just below those levels. Wyckoff's Intra-Day <br />Market Rating: 6.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 122 21/32<br /><br />JUNE U.S. T-Bonds<br /><br />126 14/32--lifetime high<br />124 1/32--second pivot point resistance<br />123 14/32--first pivot point resistance<br />122 29/32--previous day's high<br />122 28/32--previous day's close<br />122 11/32--pivot point<br />121 24/32--first pivot point support<br />121 23/32--4-day moving average<br />121 18/32--9-day moving average<br />121 7/32--previous day's low<br />120 21/32--second pivot point support<br />120 1/32--18-day moving average<br />119 4/32--Previous Month's high <br />116 25/32--100-day moving average<br />114 6/32--previous month's low <br />109 15/32--lifetime low<br /><br />June U.S. T-Notes: Shorter-term oscillators (RSI, <br />slow stochastics) are neutral to bullish early <br />today. Buy stops likely reside just above shorter-<br />term technical resistance at the overnight high of <br />120.22.0 and then at the May high of 121.01.5. <br />Shorter-term moving averages are bullish early <br />today. The 4-day moving average is above the 9-day <br />and 18-day. The 9-day is above the 18-day moving <br />average. Sell stop orders are likely located just <br />below support at the overnight low of 120.05.5 and <br />then at 120.00.0. Wyckoff's Intra Day Market <br />Rating: 6.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 120.01.0<br /><br />JUNE U.S. T-Notes<br /><br />121 1/32--lifetime high<br />121 1/32--second pivot point resistance<br />120 21/32--first pivot point resistance<br />120 11/32--previous day's high<br />120 10/32--previous day's close<br />120 --pivot point<br />119 20/32--first pivot point support<br />119 20/32--4-day moving average<br />119 14/32--9-day moving average<br />119 10/32--previous day's low<br />118 31/32--second pivot point support<br />118 15/32--18-day moving average<br />117 31/32--previous month's high<br />116 18/32--100-day moving average<br />114 26/32--previous month's low <br />109 29/32--lifetime low<br /><br />CURRENCIES<br /><br />The June U.S. dollar index is firmer in early <br />trading today and hit another 12-month high <br />overnight. Dollar index bulls still have the solid <br />overall near-term technical advantage. Slow <br />stochastics for the dollar index are bearish early <br />today. The dollar index finds shorter-term <br />technical resistance at the overnight high of 87.62 <br />and then at 87.75. Shorter-term support is seen at <br />87.00 and then at 86.75. Today's key near-term <br />Fibonacci support/resistance level: 85.86. <br />Wyckoff's Intra Day Market Rating: 6.0<br /><br />The June Euro is near steady in early electronic <br />trading. Prices hit a fresh four-year low <br />overnight. Bears remain in firm overall technical <br />command. Euro finds sell stop orders are likely <br />located just below technical support at the <br />overnight low of 1.2140 and then at 1.2100. <br />Shorter-term technical resistance for the Euro is <br />seen at 1.2250 and then at 1.2300. Buy stops likely <br />reside just above those levels. Slow stochastics <br />for the Euro are bullish early today. Today's key <br />near-term Fibonacci support/resistance level: <br />1.2507. Wyckoff's Intra Day Market Rating: 4.0<br /><br />GOLD<br /><br />Comex gold futures are lower again in early <br />dealings today, on more profit-taking pressure from <br />recent gains. Gold bulls still have the overall <br />near-term technical advantage. For June gold, <br />shorter-term technical resistance is seen at <br />$1,220.00 and then at the overnight high of <br />$1,228.20. Buy stops likely reside just above those <br />levels. Sell stops likely reside just below support <br />at $1,200.00 and then at 1,190.00. Today's key <br />near-term Fibonacci support/resistance level: <br />$1,203.00. Wyckoff's Intra-Day Market Rating: 4.0<br /><br />CRUDE OIL<br /><br />Crude oil prices are trading lower early today and <br />hit a fresh 10-month low overnight. Bears have <br />downside near-term technical momentum. In June <br />crude, look for buy stops to reside just above <br />resistance at $69.00 and then at $70.00. Look for <br />sell stops just below technical support at the <br />overnight low of $67.90 and then at $67.50. Today's <br />key near-term Fibonacci support/resistance level: <br />$70.24. Wyckoff's Intra-Day Market Rating: 4.0<br /><br />GRAINS<br /><br />Prices were weaker in overnight trading amid <br />bearishly postured "outside markets" that include a <br />firmer U.S. dollar index and lower stock index and <br />crude oil prices. Grain traders will continue to <br />focus on what the key "outside markets" are doing. <br />Weather patterns in the U.S. Corn Belt are <br />presently beneficial for crops, which is a bearish <br />fundamental in the grains.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-17378294237962986152010-05-17T08:20:00.000-07:002010-05-17T08:21:09.354-07:00Monday, May 17-Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />The market features in overnight/early morning trading <br />today are crude oil prices that dropped below $70.00 a <br />barrel and a higher U.S. dollar index.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />Crude oil futures overnight hit a fresh eight-month <br />low and dropped below the psychological support <br />level of $70.00 a barrel. Recent price action has <br />produced a downside "breakout" from a bearish <br />pennant pattern on the daily bar chart. The <br />measuring implications from the bearish pennant on <br />the daily chart for June crude oil futures show a <br />downside price objective of around $61.00 a <br />barrel.--Jim<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are firmer in early morning <br />trading today, on short covering after producing <br />technically bearish weekly low closes on Friday. <br />Bears still have the overall near-term technical <br />advantage and the indexes.<br /><br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are neutral early today. The 4-<br />day moving average is above the 9-day. The 9-day is <br />below the 18-day moving average. Short-term <br />oscillators (RSI, slow stochastics) are neutral to <br />bearish early today. Today, shorter-term technical <br />support comes in at 1,130.00 and then at the <br />overnight low of 1,120.60. Sell stops likely reside <br />just under those levels. Upside resistance for <br />active traders today is located at 1,150.00 and <br />then at 1,160.00. Buy stops are likely located just <br />above those levels. Wyckoff's Intra-day Market <br />Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,130.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are neutral early today. <br />The 4-day moving average is above the 9-day. The 9-<br />day average is below the 18-day. Short-term <br />oscillators (RSI, slow stochastics) are neutral to <br />bearish early today. Shorter-term technical <br />resistance is located at 1,925.00 and then at <br />1,935.00. Buy stops likely reside just above those <br />levels. On the downside, short-term support is seen <br />at 1,900.00 and then at the overnight low of <br />1,885.50. Sell stops are likely located just below <br />those levels. Wyckoff's Intra-Day Market Rating: <br />5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,904.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at 10,600 and then more stops just below <br />support at 10,550. Buy stops likely reside just <br />above technical resistance at 10,650 and then at <br />Friday's high of 10,710. Shorter-term moving <br />averages are neutral early today, as the 4-day <br />moving average is above the 9-day. The 9-day moving <br />average is below the 18-day moving average. <br />Shorter-term oscillators (RSI, slow stochastics) <br />are neutral early today. Wyckoff's Intra-Day Market <br />Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 10,707<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are weaker <br />in early trading today. Bulls still have the <br />overall near-term technical advantage after prices <br />produced bullish weekly high closes on Friday. <br /><br />June U.S. T-Bonds: Shorter-term moving averages (4- <br />9- 18-day) are neutral early today. The 4-day <br />moving average is below the 9-day. The 9-day is <br />above the 18-day moving average. Oscillators (RSI, <br />slow stochastics) are neutral early today. Shorter-<br />term resistance lies at 122 even and then at 122 <br />16/32. Buy stops likely reside just above those <br />levels. Shorter-term technical support lies at the <br />overnight low of 121 18/32 and then at 121 even. <br />Sell stops likely reside just below those levels. <br />Wyckoff's Intra-Day Market Rating: 4.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 121 15/32<br /><br />JUNE U.S. T-Bonds<br /><br />126 14/32--lifetime high<br />123 19/32--second pivot point resistance<br />122 26/32--first pivot point resistance<br />122 18/32--previous day's high<br />122 1/32--previous day's close<br />121 25/32--pivot point<br />121 5/32--9-day moving average<br />121 --first pivot point support<br />120 29/32--4-day moving average<br />120 24/32--previous day's low<br />119 31/32--second pivot point support<br />119 16/32--18-day moving average<br />119 4/32--Previous Month's high <br />116 20/32--100-day moving average<br />114 6/32--previous month's low <br />109 15/32--lifetime low<br /><br />June U.S. T-Notes: Shorter-term oscillators (RSI, <br />slow stochastics) are neutral early today. Buy <br />stops likely reside just above shorter-term <br />technical resistance at 120.00.0 and then at the <br />overnight high of 120.08.5. Shorter-term moving <br />averages are still bullish early today. The 4-day <br />moving average is above the 9-day and 18-day. The <br />9-day is above the 18-day moving average. Sell stop <br />orders are likely located just below support at <br />119.16.0 and then at 119.08.0. Wyckoff's Intra Day <br />Market Rating: 4.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 119.23.0<br /><br />JUNE U.S. T-Notes<br /><br />121 1/32--lifetime high<br />120 20/32--second pivot point resistance<br />120 6/32--first pivot point resistance<br />120 1/32--previous day's high<br />119 24/32--previous day's close<br />119 19/32--pivot point<br />119 5/32--first pivot point support<br />119 3/32--4-day moving average<br />119 3/32--9-day moving average<br />119 --previous day's low<br />118 18/32--second pivot point support<br />118 4/32--18-day moving average<br />117 31/32--previous month's high<br />116 15/32--100-day moving average<br />114 26/32--previous month's low <br />109 29/32--lifetime low<br /><br />CURRENCIES<br /><br />The June U.S. dollar index is higher in early <br />trading today, and hit another fresh 12-month high <br />overnight. Dollar index bulls have the solid <br />overall near-term technical advantage. Slow <br />stochastics for the dollar index are neutral early <br />today. The dollar index finds shorter-term <br />technical resistance at 87.00 and then at the <br />overnight contract high of 87.21. Shorter-term <br />support is seen at the overnight low of 86.33 and <br />then at 86.00. Today's key near-term Fibonacci <br />support/resistance level: 85.60. Wyckoff's Intra <br />Day Market Rating: 7.0<br /><br />The June Euro is weaker in early electronic trading <br />and hit another fresh 14-month low overnight. Bears <br />remain in firm overall technical command. Euro <br />finds sell stop orders are likely located just <br />below technical support at 1.2300 and then at the <br />overnight low of 1.2235. Shorter-term technical <br />resistance for the Euro is seen at 1.2400 and then <br />at 1.2450. Buy stops likely reside just above those <br />levels. Slow stochastics for the Euro are neutral <br />early today. Today's key near-term Fibonacci <br />support/resistance level: 1.2565. Wyckoff's Intra <br />Day Market Rating: 4.0<br /><br />GOLD<br /><br />Comex gold futures are firmer in early dealings <br />today. Gold bulls still have the solid overall <br />near-term technical advantage as prices hover near <br />last week's record high. For June gold, shorter-<br />term technical resistance is seen at $1,235.00 and <br />then at the overnight high of $1,242.80. Buy stops <br />likely reside just above those levels. Sell stops <br />likely reside just below support at the overnight <br />low of $1,225.40 and then at Friday's low of <br />1,217.60. Today's key near-term Fibonacci <br />support/resistance level: $1,225.00. Wyckoff's <br />Intra-Day Market Rating: 6.0<br /><br />CRUDE OIL<br /><br />Crude oil prices are trading near steady early <br />today after hitting a fresh eight-month low <br />overnight. A bearish pennant pattern has formed and <br />seen a downside breakout on the daily bar chart. <br />Bears have downside near-term technical momentum. <br />In June crude, look for buy stops to reside just <br />above resistance at $72.50 and then at $73.00. Look <br />for sell stops just below technical support at <br />$71.00 and then at $70.00. Today's key near-term <br />Fibonacci support/resistance level: $73.17. <br />Wyckoff's Intra-Day Market Rating: 4.5<br /><br />GRAINS<br /><br />Prices were mostly weaker in overnight trading. <br />Grain market bears have gained some near-term <br />downside technical momentum recently. Grain traders <br />will continue to focus on what the key "outside <br />markets" are doing. This morning, the outside <br />markets are in a neutral posture, as the U.S. <br />dollar index is higher, while the stock indexes are <br />higher and crude oil futures are near unchanged. <br />Weather patterns in the U.S. Corn Belt are <br />presently benign for the crops.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-9439496762677263142010-05-12T07:34:00.001-07:002010-05-12T07:34:55.885-07:00Wednesday, May 12--Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />The market feature in overnight/early morning trading today <br />is solidly higher gold prices that set a new all-time <br />record high overnight.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />Now that gold has set a new all-time high of <br />$1,245.40 overnight, look for bigger price moves, <br />both on the upside and on the downside, in the <br />coming days and weeks. The next major upside price <br />objective for the bulls is the $1,500.00 level.--<br />Jim<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are firmer in early morning <br />trading today, as the indexes try to consolidate. <br />Bears still have the overall near-term technical <br />advantage.<br /><br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are bearish early today. The 4-<br />day moving average is below the 9-day and 18-day. <br />The 9-day is below the 18-day moving average. <br />Short-term oscillators (RSI, slow stochastics) are <br />neutral to bullish early today. Today, shorter-term <br />technical support comes in at the overnight low of <br />1,140.00 and then at 1,130.00. Sell stops likely <br />reside just under those levels. Upside resistance <br />for active traders today is located at this week's <br />high of 1,168.50 and then at 1,175.00. Buy stops <br />are likely located just above those levels. <br />Wyckoff's Intra-day Market Rating: 5.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,130.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are bearish early today. <br />The 4-day moving average is below the 9-day and 18-<br />day. The 9-day average is below the 18-day. Short-<br />term oscillators (RSI, slow stochastics) are <br />neutral to bullish early today. Shorter-term <br />technical resistance is located at 1,950.00 and <br />then at this week's high of 1,965.00. Buy stops <br />likely reside just above those levels. On the <br />downside, short-term support is seen at 1,930.00 <br />and then at the overnight low of 1,919.00. Sell <br />stops are likely located just below those levels. <br />Wyckoff's Intra-Day Market Rating: 5.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,904.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at 10,700 and then more stops just below <br />support at Tuesday's low of 10,650. Buy stops <br />likely reside just above technical resistance at <br />10,750 and then at 10,800. Shorter-term moving <br />averages are bearish early today, as the 4-day <br />moving average is below the 9-day and 18-day. The <br />9-day moving average is below the 18-day moving <br />average. Shorter-term oscillators (RSI, slow <br />stochastics) are neutral early today. Wyckoff's <br />Intra-Day Market Rating: 5.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 10,666<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are weaker <br />in early trading today, on some profit-taking <br />pressure. I look for more flight-to-quality buying <br />interest in the near term. Bulls still have the <br />overall near-term technical advantage. <br /><br />June U.S. T-Bonds: Shorter-term moving averages (4- <br />9- 18-day) are still bullish early today. The 4-day <br />moving average is above the 9-day and 18-day, but <br />is turning down. The 9-day is above the 18-day <br />moving average. Oscillators (RSI, slow stochastics) <br />are bearish early today. Shorter-term resistance <br />lies at 121 even and then at the overnight high of <br />121 7/32. Buy stops likely reside just above those <br />levels. Shorter-term technical support lies at this <br />week's low of 120 5/32 and then at 120 even. Sell <br />stops likely reside just below those levels. <br />Wyckoff's Intra-Day Market Rating: 4.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 120 24/32<br /><br />JUNE U.S. T-Bonds<br /><br />126 14/32--lifetime high<br />122 12/32--second pivot point resistance<br />121 24/32--previous day's high<br />121 23/32--4-day moving average<br />121 18/32--first pivot point resistance<br />120 29/32--pivot point<br />120 23/32--previous day's close<br />120 12/32--9-day moving average<br />120 9/32--previous day's low<br />120 3/32--first pivot point support<br />119 14/32--second pivot point support<br />119 4/32--Previous Month's high <br />118 25/32--18-day moving average<br />116 16/32--100-day moving average<br />114 6/32--previous month's low <br />109 15/32--lifetime low<br /><br />June U.S. T-Notes: Shorter-term oscillators (RSI, <br />slow stochastics) are neutral to bearish early <br />today. Buy stops likely reside just above shorter-<br />term technical resistance at 119.08.0 and then at <br />the overnight high of 119.13.0. Shorter-term moving <br />averages are still bullish early today. The 4-day <br />moving average is above the 9-day and 18-day, but <br />is turning down. The 9-day is above the 18-day <br />moving average. Sell stop orders are likely located <br />just below support at Tuesday's low of 118.22.5 and <br />then at this week's low of 118.12.0. Wyckoff's <br />Intra Day Market Rating: 5.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 118.27.0<br /><br />JUNE U.S. T-Notes<br /><br />121 1/32--lifetime high<br />119 31/32--second pivot point resistance<br />119 18/32--previous day's high<br />119 16/32--first pivot point resistance<br />119 13/32--4-day moving average<br />119 3/32--pivot point<br />119 1/32--previous day's close<br />118 22/32--previous day's low<br />118 20/32--first pivot point support<br />118 17/32--9-day moving average<br />118 7/32--second pivot point support<br />117 31/32--previous month's high<br />117 24/32--18-day moving average<br />116 12/32--100-day moving average<br />114 26/32--previous month's low <br />109 29/32--lifetime low<br /><br />CURRENCIES<br /><br />The June U.S. dollar index is firmer in early <br />trading today. Dollar index bulls have the solid <br />overall near-term technical advantage. Slow <br />stochastics for the dollar index are neutral early <br />today. The dollar index finds shorter-term <br />technical resistance at the overnight high of 85.03 <br />and then at last week's high of 85.46. Shorter-term <br />support is seen at the overnight low of 84.33 and <br />then at 84.00. Today's key near-term Fibonacci <br />support/resistance level: 84.54. Wyckoff's Intra <br />Day Market Rating: 6.0<br /><br />The June Euro is weaker in early electronic <br />trading. Bears remain in firm overall technical <br />command. Euro finds sell stop orders are likely <br />located just below technical support at 1.2650 and <br />then at the overnight low of 1.2607. Shorter-term <br />technical resistance for the Euro is seen at the <br />overnight high of 1.2742 and then at 1.2800. Buy <br />stops likely reside just above those levels. Slow <br />stochastics for the Euro are bearish early today. <br />Today's key near-term Fibonacci support/resistance <br />level: 1.2738. Wyckoff's Intra Day Market Rating: <br />4.0<br /><br />GOLD<br /><br />Comex gold futures are sharply higher again in <br />early dealings today, and hit a fresh all-time <br />record high overnight. Gold bulls have the solid <br />overall near-term technical advantage. Now, look <br />for bigger daily price moves in gold. For June <br />gold, shorter-term technical resistance is seen at <br />the overnight record high of $1,245.40 and then at <br />$1,250.00. Buy stops likely reside just above those <br />levels. Sell stops likely reside just below support <br />at $1,230.00 and then at the overnight low of <br />$1,227.20. Today's key near-term Fibonacci <br />support/resistance level: $1,222.00. Wyckoff's <br />Intra-Day Market Rating: 9.0<br /><br />CRUDE OIL<br /><br />Crude oil prices are trading near unchanged early <br />today. A bearish pennant pattern has formed on the <br />daily bar chart. Bears have still have some <br />downside near-term technical momentum. In June <br />crude, look for buy stops to reside just above <br />resistance at $77.00 and then at $77.50. Look for <br />sell stops just below technical support at $76.00 <br />and then at the overnight low of $75.42. Today's <br />key near-term Fibonacci support/resistance level: <br />$76.76. Wyckoff's Intra-Day Market Rating: 4.5<br /><br />GRAINS<br /><br />Prices were mostly higher in overnight trading. <br />Corn bulls have regained fresh upside near-term <br />technical momentum and are leading renewed fund <br />buying interest in the grains. Corn is feeling the <br />bullish effects of the positive USDA report for <br />corn issued Tuesday morning.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-44451760472287932802010-05-11T08:22:00.001-07:002010-05-11T08:22:13.077-07:00Tuesday, May 11--Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />The market features in overnight/early morning trading <br />today are solidly lower U.S. stock index futures prices and <br />solid gains in the U.S. dollar index.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />The markets' euphoria over the European Union-IMF <br />rescue package for debt-strapped EU nations appears <br />to have lasted just one day, as stock markets are <br />under selling pressure this morning. Look for <br />higher volatility in most markets all of this week. <br />It does appear the bears have quickly regained <br />downside momentum in the stock indexes and in many <br />commodity markets, including crude oil. The one <br />commodity market that is shining is gold, which is <br />solidly higher early today, on its safe-haven asset <br />status.--Jim<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are solidly lower in early <br />morning trading today. Bears have the near-term <br />technical advantage to suggest near-term market <br />tops are in place.<br /><br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are bearish early today. The 4-<br />day moving average is below the 9-day and 18-day. <br />The 9-day is below the 18-day moving average. <br />Short-term oscillators (RSI, slow stochastics) are <br />neutral to bearish early today. Today, shorter-term <br />technical support comes in at 1,130.00 and then at <br />Monday's low of 1,122.10. Sell stops likely reside <br />just under those levels. Upside resistance for <br />active traders today is located at 1,150.00 and <br />then at Monday's high of 1,162.00. Buy stops are <br />likely located just above those levels. Wyckoff's <br />Intra-day Market Rating: 3.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,130.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are bearish early today. <br />The 4-day moving average is below the 9-day and 18-<br />day. The 9-day average is below the 18-day. Short-<br />term oscillators (RSI, slow stochastics) are <br />neutral to bearish early today. Shorter-term <br />technical resistance is located at 1,925.00 and <br />then at Monday's high of 1,943.00. Buy stops likely <br />reside just above those levels. On the downside, <br />short-term support is seen at 1,910.00 and then at <br />1,900.00. Sell stops are likely located just below <br />those levels. Wyckoff's Intra-Day Market Rating: <br />3.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,904.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at 10,600 and then more stops just below <br />support at 10,535. Buy stops likely reside just <br />above technical resistance at 10,700 and then at <br />10,750. Shorter-term moving averages are bearish <br />early today, as the 4-day moving average is below <br />the 9-day and 18-day. The 9-day moving average is <br />below the 18-day moving average. Shorter-term <br />oscillators (RSI, slow stochastics) are neutral <br />early today. Wyckoff's Intra-Day Market Rating: 3.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 10,666<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are higher <br />in early trading today, on more flight-to-quality <br />buying interest as the stock market is under strong <br />selling pressure again today. Bulls have the near-<br />term technical advantage. <br /><br />June U.S. T-Bonds: Shorter-term moving averages (4- <br />9- 18-day) are still bullish early today. The 4-day <br />moving average is above the 9-day and 18-day. The <br />9-day is above the 18-day moving average. <br />Oscillators (RSI, slow stochastics) are neutral <br />early today. Shorter-term resistance support lies <br />at 122 even and then at 122 16/32. Buy stops likely <br />reside just above those levels. Shorter-term <br />technical support lies at 121 16/32 and then at 121 <br />even. Sell stops likely reside just below those <br />levels. Wyckoff's Intra-Day Market Rating: 6.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 122 10/32<br /><br />JUNE U.S. T-Bonds<br /><br />126 14/32--lifetime high<br />122 7/32--second pivot point resistance<br />121 22/32--4-day moving average<br />121 17/32--previous day's high<br />121 16/32--first pivot point resistance<br />120 27/32--pivot point<br />120 26/32--previous day's close<br />120 5/32--previous day's low<br />120 4/32--first pivot point support<br />120 1/32--9-day moving average<br />119 15/32--second pivot point support<br />119 4/32--Previous Month's high <br />118 17/32--18-day moving average<br />116 15/32--100-day moving average<br />114 6/32--previous month's low <br />109 15/32--lifetime low<br /><br />June U.S. T-Notes: Shorter-term oscillators (RSI, <br />slow stochastics) are neutral early today. Buy <br />stops likely reside just above shorter-term <br />technical resistance at 119.24.0 and then at <br />120.00.0. Shorter-term moving averages are still <br />bullish early today. The 4-day moving average is <br />above the 9-day. The 9-day is above the 18-day <br />moving average. Sell stop orders are likely located <br />just below support at 119.08.0 and then at <br />119.00.0. Wyckoff's Intra Day Market Rating: 6.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 119.23.0<br /><br />JUNE U.S. T-Notes<br /><br />121 1/32--lifetime high<br />119 26/32--second pivot point resistance<br />119 11/32--first pivot point resistance<br />119 10/32--previous day's high<br />119 10/32--4-day moving average<br />118 29/32--previous day's close<br />118 28/32--pivot point<br />118 13/32--first pivot point support<br />118 12/32--previous day's low<br />118 11/32--9-day moving average<br />117 31/32--previous month's high <br />117 30/32--second pivot point support<br />117 19/32--18-day moving average<br />116 11/32--100-day moving average<br />114 26/32--previous month's low <br />109 29/32--lifetime low<br /><br />CURRENCIES<br /><br />The June U.S. dollar index is solidly higher in <br />early trading today, on a resumption of flight-to-<br />quality buying amid the EU debt crisis that is <br />pummeling the Euro currency. Dollar index bulls <br />have the solid overall near-term technical <br />advantage. Slow stochastics for the dollar index <br />are bearish early today. The dollar index finds <br />shorter-term technical resistance at 85.00 and then <br />at last week's high of 85.46. Shorter-term support <br />is seen at 84.50 and then at the overnight low of <br />84.33. Today's key near-term Fibonacci <br />support/resistance level: 84.54. Wyckoff's Intra <br />Day Market Rating: 6.0<br /><br />The June Euro is solidly lower in early electronic <br />trading. Bears remain in firm overall technical <br />command. Euro finds sell stop orders are likely <br />located just below technical support at 1.2650 and <br />then at 1.2600. Shorter-term technical resistance <br />for the Euro is seen at 1.2700 and then at 1.2750. <br />Buy stops likely reside just above those levels. <br />Slow stochastics for the Euro are bullish early <br />today. Today's key near-term Fibonacci <br />support/resistance level: 1.2838. Wyckoff's Intra <br />Day Market Rating: 3.0<br /><br />GOLD<br /><br />Comex gold futures are sharply higher in early <br />dealings today, and hit a fresh five-month high <br />overnight. Gold bulls have the solid overall near-<br />term technical advantage. Bulls are now within <br />striking distance of the all-time high of <br />$1,227.50, basis nearby futures. For June gold, <br />shorter-term technical resistance is seen at <br />$1,220.00 and then at $1,227.50. Buy stops likely <br />reside just above those levels. Sell stops likely <br />reside just below support at $1,210.00 and then at <br />$1,200.00. Today's key near-term Fibonacci <br />support/resistance level: $1,195.00. Wyckoff's <br />Intra-Day Market Rating: 8.0<br /><br />CRUDE OIL<br /><br />Crude oil prices are lower early today. Bears have <br />downside near-term technical momentum. In June <br />crude, look for buy stops to reside just above <br />resistance at $76.00 and then at $77.00. Look for <br />sell stops just below technical support at $75.00 <br />and then at last week's low of $74.51. Today's key <br />near-term Fibonacci support/resistance level: <br />$76.76. Wyckoff's Intra-Day Market Rating: 4.0<br /><br />GRAINS<br /><br />Prices were lower in overnight trading, amid a <br />higher U.S. dollar index and lower crude oil and <br />U.S. stock index futures prices. Grain bulls are <br />now fading and need to show fresh power soon. <br />Traders will closely scrutinize this morning's <br />monthly USDA supply and demand report.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-74056973971280076972010-05-10T05:44:00.000-07:002010-05-10T05:45:15.278-07:00Monday, May 10--Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />The market features in overnight/early morning trading <br />today are sharply higher U.S. stock index futures prices <br />and a sharply lower U.S. dollar index.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />The major news to start the week is a big European <br />Union/IMF financial aid package announced for <br />Greece and possibly the other EU countries that are <br />struggling with their sovereign debt. The aid <br />package was greeted very favorably by investors <br />worldwide. World stock markets and the Euro <br />currency rallied sharply. The U.S. Federal Reserve <br />even chipped in some support for the aid package <br />for the EU. Now, the important question becomes: <br />Will the markets continue to embrace the EU bailout <br />package? Or, will investors quickly discount the <br />bailout package and realize it's still not enough <br />to fix all that needs fixing in the EU's financial <br />system. Recent bailout plan announcements have also <br />been met with positive investor reactions, but only <br />for a short period of time before the worries again <br />surfaced. How many of the key markets finish this <br />week's trading action on Friday (near the weekly <br />high, or near the weekly low) will provide solid <br />clues on whether the EU debt crisis can finally be <br />put to bed, from a worldwide markets perspective.<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are sharply higher in early <br />morning trading today, on a big corrective bounce <br />following strong losses recorded last week. Bears <br />still have some technical signals on their side to <br />suggest near-term market tops are in place.<br /><br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are bearish early today. The 4-<br />day moving average is below the 9-day and 18-day. <br />The 9-day is below the 18-day moving average. <br />Short-term oscillators (RSI, slow stochastics) are <br />bullish early today. Today, shorter-term technical <br />support comes in at 1,150.00 and then at 1,140.00. <br />Sell stops likely reside just under those levels. <br />Upside resistance for active traders today is <br />located at the overnight high of 1,162.00 and then <br />at 1,170.00. Buy stops are likely located just <br />above those levels. Wyckoff's Intra-day Market <br />Rating: 7.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,148.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are bearish early today. <br />The 4-day moving average is below the 9-day and 18-<br />day. The 9-day average is below the 18-day. Short-<br />term oscillators (RSI, slow stochastics) are <br />bullish early today. Shorter-term technical <br />resistance is located at the overnight high of <br />1,938.50 and then at 1,950.00. Buy stops likely <br />reside just above those levels. On the downside, <br />short-term support is seen at 1,920.00 and then at <br />1,910.00. Sell stops are likely located just below <br />those levels. Wyckoff's Intra-Day Market Rating: <br />7.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,935.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at 10,700 and then more stops just below <br />support at 10,650. Buy stops likely reside just <br />above technical resistance at 10,750 and then at <br />10,800. Shorter-term moving averages are bearish <br />early today, as the 4-day moving average is below <br />the 9-day and 18-day. The 9-day moving average is <br />below the 18-day moving average. Shorter-term <br />oscillators (RSI, slow stochastics) are bullish <br />early today. Wyckoff's Intra-Day Market Rating: 7.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 10,666<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are solidly <br />lower in early trading today, on a profit-taking <br />pullback from big gains last week, and amid less <br />investor fear in the marketplace following the EU <br />bailout package. No serious chart damage has <br />occurred Monday and the bulls still have uptrends <br />in place on the daily bar charts. <br /><br />June U.S. T-Bonds: Shorter-term moving averages (4- <br />9- 18-day) are still bullish early today. The 4-day <br />moving average is above the 9-day and 18-day. The <br />9-day is above the 18-day moving average. <br />Oscillators (RSI, slow stochastics) are bearish <br />early today. Shorter-term resistance support lies <br />at 121 even and then at the overnight high of 121 <br />17/32. Buy stops likely reside just above those <br />levels. Shorter-term technical support lies at the <br />overnight low of 120 7/32 and then at 120 even. <br />Sell stops likely reside just below those levels. <br />Wyckoff's Intra-Day Market Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 120 24/32<br /><br />JUNE U.S. T-Bonds<br /><br />126 14/32--lifetime high<br />125 8/32--second pivot point resistance<br />124 4/32--previous day's high<br />123 20/32--first pivot point resistance<br />122 16/32--pivot point<br />122 --previous day's close<br />121 15/32--4-day moving average<br />121 12/32--previous day's low<br />120 28/32--first pivot point support<br />119 24/32--9-day moving average<br />119 24/32--second pivot point support<br />119 4/32--Previous Month's high <br />118 8/32--18-day moving average<br />116 13/32--100-day moving average<br />114 6/32--previous month's low <br />109 15/32--lifetime low<br /><br />June U.S. T-Notes: Shorter-term oscillators (RSI, <br />slow stochastics) are bearish early today. Buy <br />stops likely reside just above shorter-term <br />technical resistance at 118.24.0 and then at <br />119.00.0. Shorter-term moving averages are still <br />bullish early today. The 4-day moving average is <br />above the 9-day. The 9-day is above the 18-day <br />moving average. Sell stop orders are likely located <br />just below support at the overnight low of 118.12.0 <br />and then at 118.00.0. Wyckoff's Intra Day Market <br />Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 118.26.0<br /><br />JUNE U.S. T-Notes<br /><br />121 17/32--second pivot point resistance<br />121 1/32--lifetime high<br />120 21/32--previous day's high<br />120 19/32--first pivot point resistance<br />119 24/32--pivot point<br />119 22/32--previous day's close<br />119 3/32--4-day moving average<br />118 28/32--previous day's low<br />118 26/32--first pivot point support<br />118 7/32--9-day moving average<br />117 31/32--previous month's high<br />117 31/32--second pivot point support<br />117 15/32--18-day moving average<br />116 10/32--100-day moving average<br />114 26/32--previous month's low <br />109 29/32--lifetime low<br /><br />CURRENCIES<br /><br />The June U.S. dollar index is sharply lower in <br />early trading today, on a big corrective pullback <br />from recent strong gains, and due to the EU weekend <br />aid package announcement. No serious chart damage <br />has occurred Monday. Bulls still have the overall <br />near-term technical advantage. Slow stochastics for <br />the dollar index are bearish early today. The <br />dollar index finds shorter-term technical <br />resistance at 83.50 and then at 84.00. Shorter-term <br />support is seen at the overnight low of 83.07 and <br />then at 82.50. Today's key near-term Fibonacci <br />support/resistance level: 83.20. Wyckoff's Intra <br />Day Market Rating: 4.0<br /><br />The June Euro is sharply higher in early electronic <br />trading, on a big corrective, short-covering bounce <br />from recent selling pressure. Prices hit a fresh <br />14-month low last Thursday. Bears remain in overall <br />full overall technical command. Euro finds sell <br />stop orders are likely located just below technical <br />support at 1.2950 and then at 1.2900. Shorter-term <br />technical resistance for the Euro is seen at 1.3050 <br />and then at 1.3100. Buy stops likely reside just <br />above those levels. Slow stochastics for the Euro <br />are bullish early today. Today's key near-term <br />Fibonacci support/resistance level: 1.3033. <br />Wyckoff's Intra Day Market Rating: 6.5<br /><br />GOLD<br /><br />Comex gold futures are solidly lower in early <br />dealings today, on profit-taking pressure from <br />recent strong gains that saw prices push above <br />$1,200 last week and hit a fresh five-month high. <br />Gold bulls still have the solid overall near-term <br />technical advantage. No chart damage has occurred <br />with Monday's losses. For June gold, shorter-term <br />technical resistance is seen at $1,200.00 and then <br />at the overnight high of $1,207.00. Buy stops <br />likely reside just above those levels. Sell stops <br />likely reside just below support at the overnight <br />low of $1,184.40 and then at $1,175.00. Today's key <br />near-term Fibonacci support/resistance level: <br />$1,185.00. Wyckoff's Intra-Day Market Rating: 4.0<br /><br />CRUDE OIL<br /><br />Crude oil prices are sharply higher early today, on <br />a big corrective bounce after prices plunged to a <br />fresh 11-week low last Thursday. Bears still have <br />some downside near-term technical momentum. In June <br />crude, look for buy stops to reside just above <br />resistance at the overnight high of $78.51 and then <br />at $79.00. Look for sell stops just below technical <br />support at $77.50 and then at $77.00. Today's key <br />near-term Fibonacci support/resistance level: <br />$79.35. Wyckoff's Intra-Day Market Rating: 7.0<br /><br />GRAINS<br /><br />Prices were higher in overnight trading, amid a <br />sharply lower U.S. dollar index and sharply higher <br />crude oil and U.S. stock index futures prices. The <br />grains are also getting a boost from the EU aid <br />package announcement. Soybean bulls are fading a <br />bit, while corn and wheat bulls are showing <br />impressive resilience and are working to keep <br />gentle uptrends in place on the daily charts.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-87695076082987939572010-05-07T08:32:00.001-07:002010-05-07T08:32:26.392-07:00Friday, May 7--Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />The market features in overnight/early morning trading <br />today are a weaker U.S. dollar index and higher U.S. stock <br />index futures prices.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />Traders appear to have calmed down a bit after <br />Thursday's wild trading action in many markets. <br />With the U.S. dollar seeing a downside correction <br />and the stock indexes seeing an upside correction, <br />that does suggest traders over-reacted to the <br />rioting in Athens that played out on television <br />Thursday. Make no mistake, however. The European <br />Union sovereign debt crisis is not over. However, <br />it appears the strongest one-day market reactions <br />to the crisis likely did occur on Thursday. Still, <br />look for next week's trader focus to once again be <br />on latest developments coming out of the European <br />Union.--Jim<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are firmer in early morning <br />trading today, on a corrective bounce following <br />strong losses on Thursday. Bears have gained solid <br />downside near-term technical momentum this week, to <br />strongly suggest near-term market tops are in <br />place.<br /><br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are bearish early today. The 4-<br />day moving average is below the 9-day and 18-day. <br />The 9-day is below the 18-day moving average. <br />Short-term oscillators (RSI, slow stochastics) are <br />bullish early today. Today, shorter-term technical <br />support comes in at the overnight low of 1,113.00 <br />and then at 1,100.00. Sell stops likely reside just <br />under those levels. Upside resistance for active <br />traders today is located at the overnight high of <br />1,134.30 and then at 1,140.00. Buy stops are likely <br />located just above those levels. Wyckoff's Intra-<br />day Market Rating: 5.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,113.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are bearish early today. <br />The 4-day moving average is below the 9-day and 18-<br />day. The 9-day average is below the 18-day. Short-<br />term oscillators (RSI, slow stochastics) are <br />bullish early today. Shorter-term technical <br />resistance is located at 1,910.00 and then at <br />1,920.00. Buy stops likely reside just above those <br />levels. On the downside, short-term support is seen <br />at the overnight low of 1,872.75 and then at <br />1,860.00. Sell stops are likely located just below <br />those levels. Wyckoff's Intra-Day Market Rating: <br />5.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,889.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at 10,450 and then more stops just below <br />support at 10,400. Buy stops likely reside just <br />above technical resistance at Wednesday's high of <br />10,550 and then at 10,600. Shorter-term moving <br />averages are bearish early today, as the 4-day <br />moving average is below the 9-day and 18-day. The <br />9-day moving average is below the 18-day moving <br />average. Shorter-term oscillators (RSI, slow <br />stochastics) are bearish early today. Wyckoff's <br />Intra-Day Market Rating: 5.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 10,486<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are lower <br />in early trading today, on a profit-taking pullback <br />from big gains on Thursday. Bulls still have upside <br />near-term technical momentum amid the flight to <br />quality into bonds and notes. <br /><br />June U.S. T-Bonds: Shorter-term moving averages (4- <br />9- 18-day) are bullish early today. The 4-day <br />moving average is above the 9-day and 18-day. The <br />9-day is above the 18-day moving average. <br />Oscillators (RSI, slow stochastics) are bearish <br />early today. Shorter-term resistance support lies <br />at 122 even and then at 122 16/32. Buy stops likely <br />reside just above those levels. Shorter-term <br />technical support lies at 121 16/32 and then at 121 <br />even. Sell stops likely reside just below those <br />levels. Wyckoff's Intra-Day Market Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 121 14/32<br /><br />JUNE U.S. T-Bonds<br /><br />126 14/32--lifetime high<br />126 29/32--second pivot point resistance<br />124 28/32--first pivot point resistance<br />124 16/32--previous day's high<br />122 28/32--previous day's close<br />122 16/32--pivot point<br />120 17/32--4-day moving average<br />120 15/32--first pivot point support<br />120 3/32--previous day's low<br />119 4/32--Previous Month's high<br />119 4/32--9-day moving average<br />118 3/32--second pivot point support<br />117 30/32--18-day moving average<br />116 11/32--100-day moving average<br />114 6/32--previous month's low <br />109 15/32--lifetime low<br /><br />June U.S. T-Notes: Shorter-term oscillators (RSI, <br />slow stochastics) are bearish early today. Buy <br />stops likely reside just above shorter-term <br />technical resistance at 119.16.0 and then at the <br />overnight high of 120.02.0. Shorter-term moving <br />averages are bullish early today. The 4-day moving <br />average is above the 9-day. The 9-day is above the <br />18-day moving average. Sell stop orders are likely <br />located just below support at 119.00.0 and then at <br />118.24.0. Wyckoff's Intra Day Market Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 118.27.0<br /><br />JUNE U.S. T-Notes<br /><br />122 12/32--second pivot point resistance<br />121 3/32--first pivot point resistance<br />121 1/32--lifetime high<br />121 1/32--previous day's high<br />119 25/32--previous day's close<br />119 23/32--pivot point<br />118 17/32--4-day moving average<br />118 14/32--first pivot point support<br />118 12/32--previous day's low<br />117 31/32--previous month's high<br />117 27/32--9-day moving average<br />117 9/32--18-day moving average<br />117 2/32--second pivot point support<br />116 9/32--100-day moving average<br />114 26/32--previous month's low <br />109 29/32--lifetime low<br /><br />CURRENCIES<br /><br />The June U.S. dollar index is weaker in early <br />trading today, on a modest corrective pullback from <br />recent strong gains. Prices Thursday hit a fresh <br />contract and 12-month high. Bulls still have the <br />overall near-term technical advantage. Slow <br />stochastics for the dollar index are bearish early <br />today. The dollar index finds shorter-term <br />technical resistance at 85.00 and then at <br />Thursday's contract high of 85.46. Shorter-term <br />support is seen at the overnight low of 84.51 and <br />then at 84.06. Today's key near-term Fibonacci <br />support/resistance level: 84.09. Wyckoff's Intra <br />Day Market Rating: 4.5<br /><br />The June Euro is higher in early electronic <br />trading, on a corrective bounce from recent selling <br />pressure. Prices hit a fresh 14-month low on <br />Thursday. Bears remain in full overall technical <br />command. Euro finds sell stop orders are likely <br />located just below technical support at 1.2700 and <br />then at 1.2650. Shorter-term technical resistance <br />for the Euro is seen at the overnight high of <br />1.2803 and then at Thursday's high of 1.2859. Buy <br />stops likely reside just above those levels. Slow <br />stochastics for the Euro are bullish early today. <br />Today's key near-term Fibonacci support/resistance <br />level: 1.2833. Wyckoff's Intra Day Market Rating: <br />5.5<br /><br />GOLD<br /><br />Comex gold futures are near steady in early <br />dealings today, as the market pauses from recent <br />strong gains that saw prices push above $1,200 on <br />Thursday and hit a fresh five-month high. Gold <br />bulls still have the solid overall near-term <br />technical advantage. For June gold, shorter-term <br />technical resistance is seen at $1,200.00 and then <br />at Thursday's high of $1,211.90. Buy stops likely <br />reside just above those levels. Sell stops likely <br />reside just below support at the overnight low of <br />$1,195.50 and then at $1,190.00. Today's key near-<br />term Fibonacci support/resistance level: $1,191.00. <br />Wyckoff's Intra-Day Market Rating: 6.0<br /><br />CRUDE OIL<br /><br />Crude oil prices are firmer early today, on a <br />corrective bounce after prices plunged to a fresh <br />11-week low Thursday. Bears have gained solid <br />downside near-term technical momentum this week. In <br />June crude, look for buy stops to reside just above <br />resistance at the overnight high of $78.19 and then <br />at $79.00. Look for sell stops just below technical <br />support at the overnight low of $76.67 and then at <br />$76.00. Today's key near-term Fibonacci <br />support/resistance level: $76.78. Wyckoff's Intra-<br />Day Market Rating: 5.0<br /><br />GRAINS<br /><br />Prices were mostly weaker in overnight trading. <br />Traders are spooked by the financial markets amid <br />the European Union debt crisis. "When in doubt, get <br />out" is the mantra of most traders during times of <br />heightened uncertainty. Soybean bulls are fading, <br />while corn and wheat bulls are hanging tough amid <br />the turmoil in many markets. Look for an active <br />trading day today in the grains.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-24273980368141216482010-05-06T10:47:00.001-07:002010-05-06T10:47:28.976-07:00Thursday, May 6--Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />The market features in overnight/early morning trading <br />today are a firmer U.S. dollar index and higher gold <br />futures prices.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />A major question among many traders today is this: <br />Have they already, or when will the markets factor <br />into their price structures the European Union's <br />sovereign debt problems? My bias is, not yet. One <br />market that suggests the crisis in Europe could <br />still worsen is gold. Gold is rallying today <br />despite the U.S. dollar index posting a very strong <br />rally this week. In the past, gold and the U.S. <br />dollar index have traded in a pronounced inverse <br />relationship.--Jim<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are firmer in early morning <br />trading today, on a corrective bounce following <br />losses on Wednesday. Bears have gained downside <br />near-term technical momentum this week, to suggest <br />near-term market tops are in place.<br /><br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are bearish early today. The 4-<br />day moving average is below the 9-day and 18-day. <br />The 9-day is below the 18-day moving average. <br />Short-term oscillators (RSI, slow stochastics) are <br />neutral to bearish early today. Today, shorter-term <br />technical support comes in at Wednesday's low of <br />1,155.00 and then at 1,150.00. Sell stops likely <br />reside just under those levels. Upside resistance <br />for active traders today is located at Wednesday's <br />high of 1,173.00 and then at 1,180.00. Buy stops <br />are likely located just above those levels. <br />Wyckoff's Intra-day Market Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,179.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are bearish early today. <br />The 4-day moving average is below the 9-day and 18-<br />day. The 9-day average is below the 18-day. Short-<br />term oscillators (RSI, slow stochastics) are <br />neutral to bearish early today. Shorter-term <br />technical resistance is located at Wednesday's high <br />of 1,972.00 and then at 1,980.00. Buy stops likely <br />reside just above those levels. On the downside, <br />short-term support is seen at the overnight low of <br />1,950.00 and then at Wednesday's low of 1,935.00. <br />Sell stops are likely located just below those <br />levels. Wyckoff's Intra-Day Market Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,981.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at 10,800 and then more stops just below <br />support at Wednesday's low of 10,775. Buy stops <br />likely reside just above technical resistance at <br />Wednesday's high of 10,900 and then at 10,950. <br />Shorter-term moving averages are bearish early <br />today, as the 4-day moving average is below the 9-<br />day and 18-day. The 9-day moving average is below <br />the 18-day moving average. Shorter-term oscillators <br />(RSI, slow stochastics) are bearish early today. <br />Wyckoff's Intra-Day Market Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 10,945<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are weaker <br />in early trading today, on a profit-taking pullback <br />from recent strong gains. Bulls still have upside <br />near-term technical momentum amid the flight to <br />quality into bonds and notes. <br /><br />June U.S. T-Bonds: Shorter-term moving averages (4- <br />9- 18-day) are bullish early today. The 4-day <br />moving average is above the 9-day and 18-day. The <br />9-day is above the 18-day moving average. <br />Oscillators (RSI, slow stochastics) are neutral <br />early today. Shorter-term resistance support lies <br />at the overnight high of 120 24/32 and then at 121 <br />even. Buy stops likely reside just above those <br />levels. Shorter-term technical support lies at the <br />overnight low of 120 4/32 and then at 120 even. <br />Sell stops likely reside just below those levels. <br />Wyckoff's Intra-Day Market Rating: 5.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 119 21/32<br /><br />JUNE U.S. T-Bonds<br /><br />126 14/32--lifetime high<br />122 3/32--second pivot point resistance<br />121 14/32--previous day's high<br />121 11/32--first pivot point resistance<br />120 21/32--pivot point<br />120 18/32--previous day's close<br />120 --previous day's low<br />119 29/32--first pivot point support<br />119 19/32--4-day moving average<br />119 7/32--second pivot point support<br />119 4/32--Previous Month's high <br />118 15/32--9-day moving average<br />117 18/32--18-day moving average<br />116 9/32--100-day moving average<br />114 6/32--previous month's low <br />109 15/32--lifetime low<br /><br />June U.S. T-Notes: Shorter-term oscillators (RSI, <br />slow stochastics) are neutral early today. Buy <br />stops likely reside just above shorter-term <br />technical resistance at the overnight high of <br />118.29.0 and then at 119.00.0. Shorter-term moving <br />averages are bullish early today. The 4-day moving <br />average is above the 9-day. The 9-day is above the <br />18-day moving average. Sell stop orders are likely <br />located just below support at the overnight low of <br />118.12.0 and then at 118.02.0. Wyckoff's Intra Day <br />Market Rating: 5.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 118.03.0<br /><br />JUNE U.S. T-Notes<br /><br />120 9/32--lifetime high<br />119 22/32--second pivot point resistance<br />119 7/32--first pivot point resistance<br />119 4/32--previous day's high<br />118 23/32--previous day's close<br />118 20/32--pivot point<br />118 5/32--first pivot point support<br />118 2/32--4-day moving average<br />118 2/32--previous day's low<br />117 31/32--previous month's high<br />117 18/32--second pivot point support<br />117 16/32--9-day moving average<br />117 3/32--18-day moving average<br />116 8/32--100-day moving average<br />114 26/32--previous month's low <br />109 29/32--lifetime low<br /><br />CURRENCIES<br /><br />The June U.S. dollar index is firmer again in early <br />trading today and hit another fresh contract and <br />12-month high overnight. Bulls still have the solid <br />overall near-term technical advantage. Slow <br />stochastics for the dollar index are bullish early <br />today. The dollar index finds shorter-term <br />technical resistance at the overnight high of 84.66 <br />and then at 85.00. Shorter-term support is seen at <br />the overnight low of 84.06 and then at 83.65. <br />Today's key near-term Fibonacci support/resistance <br />level: 83.55. Wyckoff's Intra Day Market Rating: <br />7.0<br /><br />The June Euro is lower again in early electronic <br />trading. Prices hit another fresh 12-month low <br />overnight. Bears remain in full overall technical <br />command. Euro finds sell stop orders are likely <br />located just below technical support at 1.2700 and <br />then at 1.2650. Shorter-term technical resistance <br />for the Euro is seen at 1.2800 and then at today's <br />high of 1.2859. Buy stops likely reside just above <br />those levels. Slow stochastics for the Euro are <br />bearish early today. Today's key near-term <br />Fibonacci support/resistance level: 1.2970. <br />Wyckoff's Intra Day Market Rating: 3.0<br /><br />GOLD<br /><br />Comex gold futures are higher in early dealings <br />today. Gold bulls have the solid overall near-term <br />technical advantage. For June gold, shorter-term <br />technical resistance is seen at this week's high of <br />$1,192.80 and then at $1,200.00. Buy stops likely <br />reside just above those levels. Sell stops likely <br />reside just below support at $1,180.00 and then at <br />the overnight low of $1,173.00. Today's key near-<br />term Fibonacci support/resistance level: $1,179.00. <br />Wyckoff's Intra-Day Market Rating: 7.0<br /><br />CRUDE OIL<br /><br />Crude oil prices are near steady early today and <br />hit a fresh 11-week low overnight. Bears have <br />gained solid downside near-term technical momentum <br />this week. In June crude, look for buy stops to <br />reside just above resistance at $81.00 and then at <br />$82.00. Look for sell stops just below technical <br />support at the overnight low of $78.87 and then at <br />$78.00. Today's key near-term Fibonacci <br />support/resistance level: $81.99. Wyckoff's Intra-<br />Day Market Rating: 4.0<br /><br />GRAINS<br /><br />Prices were narrowly mixed in overnight trading. <br />The key "outside markets" are in a neutral posture <br />for the grains early today, as the U.S. dollar <br />index is stronger, but crude oil and the U.S. stock <br />indexes are steady to firmer. Corn and soybeans are <br />feeling pressure from a very strong planting pace <br />in the U.S. Traders will examine this morning's <br />weekly USDA export sales report. However, a major <br />focus of trader attention will continue to be how <br />the outside markets are reacting to the European <br />Union's sovereign debt crisis.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-63119806515938846282010-05-05T05:50:00.001-07:002010-05-05T05:50:36.697-07:00Wednesday, May 5--Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />The market features in overnight/early morning trading <br />today are again a higher U.S. dollar index and lower crude <br />oil futures prices.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />The European Union debt problems are again on the <br />front burner for many markets. Investors are <br />flocking to U.S. government securities and the U.S. <br />dollar as a safe haven during the heightened <br />uncertainty regarding the EU. I look for the <br />majority of the markets' reactions to the EU <br />situation to play out in the next 10 days. During <br />this time look for higher volatility in many <br />markets. One other comment: There are now early <br />technical clues developing that U.S. stock indexes <br />have put in a market top.--Jim<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are weaker in early morning <br />trading today, on follow-through selling pressure <br />from strong losses on Tuesday. The uptrends on the <br />daily charts have now been negated. Bears have <br />gained some downside near-term technical momentum.<br /><br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are bearish early today. The 4-<br />day moving average is below the 9-day and 18-day. <br />The 9-day is below the 18-day moving average. <br />Short-term oscillators (RSI, slow stochastics) are <br />neutral early today. Today, shorter-term technical <br />support comes in at Tuesday's low of 1,164.00 and <br />then at 1,160.00. Sell stops likely reside just <br />under those levels. Upside resistance for active <br />traders today is located at 1,175.00 and then at <br />1,180.00. Buy stops are likely located just above <br />those levels. Wyckoff's Intra-day Market Rating: <br />4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,150.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are bearish early today. <br />The 4-day moving average is below the 9-day and 18-<br />day. The 9-day average is below the 18-day. Short-<br />term oscillators (RSI, slow stochastics) are <br />neutral to bearish early today. Shorter-term <br />technical resistance is located at the overnight <br />high of 1,972.00 and then at 1,980.00. Buy stops <br />likely reside just above those levels. On the <br />downside, short-term support is seen at Tuesday's <br />low of 1,953.00 and then at 1,950.00. Sell stops <br />are likely located just below those levels. <br />Wyckoff's Intra-Day Market Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,925.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at 10,850 and then more stops just below <br />support at Tuesday's low of 10,820. Buy stops <br />likely reside just above technical resistance at <br />10,900 and then at 10,950. Shorter-term moving <br />averages are neutral early today, as the 4-day <br />moving average is below the 9-day and 18-day. The <br />9-day moving average is above the 18-day moving <br />average. Shorter-term oscillators (RSI, slow <br />stochastics) are bearish early today. Wyckoff's <br />Intra-Day Market Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 10,673<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are firmer <br />in early trading today. Bulls still have good <br />upside near-term technical momentum amid the flight <br />to quality into bonds and notes. <br /><br />June U.S. T-Bonds: Shorter-term moving averages (4- <br />9- 18-day) are bullish early today. The 4-day <br />moving average is above the 9-day and 18-day. The <br />9-day is above the 18-day moving average. <br />Oscillators (RSI, slow stochastics) are neutral to <br />bullish early today. Shorter-term resistance <br />support lies at the overnight high of 120 13/32 and <br />then at 120 24/32. Buy stops likely reside just <br />above those levels. Shorter-term technical support <br />lies at the overnight low of 120 even and then at <br />120 16/32. Sell stops likely reside just below <br />those levels. Wyckoff's Intra-Day Market Rating: <br />6.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 119 1/32<br /><br />JUNE U.S. T-Bonds<br /><br />126 14/32--lifetime high<br />121 10/32--second pivot point resistance<br />120 24/32--first pivot point resistance<br />120 11/32--previous day's high<br />120 6/32--previous day's close<br />119 25/32--pivot point<br />119 7/32--first pivot point support<br />119 4/32--Previous Month's high<br />119 2/32--4-day moving average<br />118 26/32--previous day's low<br />118 8/32--second pivot point support<br />118 4/32--9-day moving average<br />117 10/32--18-day moving average<br />116 8/32--100-day moving average<br />114 6/32--previous month's low <br />109 15/32--lifetime low<br /><br />June U.S. T-Notes: Shorter-term oscillators (RSI, <br />slow stochastics) are neutral to bullish early <br />today. Buy stops likely reside just above shorter-<br />term technical resistance at the overnight high of <br />118.13.0 and then at 118.24.0. Shorter-term moving <br />averages are bullish early today. The 4-day moving <br />average is above the 9-day. The 9-day is above the <br />18-day moving average. Sell stop orders are likely <br />located just below support at the overnight low of <br />118.02.0 and then at 117.24.0. Wyckoff's Intra Day <br />Market Rating: 6.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 117.20.0<br /><br />JUNE U.S. T-Notes<br /><br />120 9/32--lifetime high<br />118 25/32--second pivot point resistance<br />118 16/32--first pivot point resistance<br />118 10/32--previous day's high<br />118 6/32--previous day's close<br />118 --pivot point<br />117 31/32--previous month's high <br />117 24/32--4-day moving average<br />117 23/32--first pivot point support<br />117 17/32--previous day's low<br />117 9/32--9-day moving average<br />117 7/32--second pivot point support<br />116 30/32--18-day moving average<br />116 7/32--100-day moving average<br />114 26/32--previous month's low <br />109 29/32--lifetime low<br /><br />CURRENCIES<br /><br />The June U.S. dollar index is higher again in early <br />trading today and hit another fresh contract and <br />12-month high overnight. Bulls have the solid <br />overall near-term technical advantage. Slow <br />stochastics for the dollar index are bullish early <br />today. The dollar index finds shorter-term <br />technical resistance at 84.00 and then at 84.25. <br />Shorter-term support is seen at the overnight low <br />of 83.47 and then at 83.25. Today's key near-term <br />Fibonacci support/resistance level: 83.07. <br />Wyckoff's Intra Day Market Rating: 7.0<br /><br />The June Euro is lower again in early electronic <br />trading. Prices hit another fresh 12-month low <br />overnight. Bears remain in full overall technical <br />command. Euro finds sell stop orders are likely <br />located just below technical support at 1.2900 and <br />then at 1.2850. Shorter-term technical resistance <br />for the Euro is seen at 1.3000 and then at 1.3050. <br />Buy stops likely reside just above those levels. <br />Slow stochastics for the Euro are bearish early <br />today. Today's key near-term Fibonacci <br />support/resistance level: 1.3076. Wyckoff's Intra <br />Day Market Rating: 3.0<br /><br />GOLD<br /><br />Comex gold futures are lower in early dealings <br />today, on follow-through selling pressure from <br />solid losses on Tuesday. Gold bulls still have the <br />overall near-term technical advantage. For June <br />gold, shorter-term technical resistance is seen at <br />$1,170.00 and then at the overnight high of <br />$1,173.80. Buy stops likely reside just above those <br />levels. Sell stops likely reside just below support <br />at the overnight low of $1,164.20 and then at <br />$1,160.00. Today's key near-term Fibonacci <br />support/resistance level: $1,158.00. Wyckoff's <br />Intra-Day Market Rating: 4.0<br /><br />CRUDE OIL<br /><br />Crude oil prices are lower again early today and <br />hit a fresh six-week low. Bears have gained fresh <br />downside near-term technical momentum. In June <br />crude, look for buy stops to reside just above <br />resistance at $82.00 and then at $82.50. Look for <br />sell stops just below technical support at $80.50 <br />and then at $80.00. Today's key near-term Fibonacci <br />support/resistance level: $79.21. Wyckoff's Intra-<br />Day Market Rating: 4.0<br /><br />GRAINS<br /><br />Prices were weaker in overnight trading. The key <br />"outside markets" are again in a bearish posture <br />for the grains early today, as the U.S. dollar <br />index is stronger, while crude oil and the U.S. <br />stock indexes are weaker. Corn and soybeans are <br />feeling pressure from a very strong planting pace <br />in the U.S. The commodity markets are starting to <br />feel pressure from the European Union debt crisis <br />that threatens to develop into a worldwide <br />contagion.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-18171730860611146142010-05-04T06:44:00.000-07:002010-05-04T06:45:10.808-07:00Tuesday, May 4--Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />The market features in overnight/early morning trading <br />today are a higher U.S. dollar index and lower crude oil <br />futures prices.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />U.S. T-Bond and T-Note futures are in price <br />uptrends on the daily charts and are at or close to <br />multi-week highs. The rally in the U.S. Treasuries <br />is one early warning signal for the stock market <br />bulls that their price uptrends may be coming to an <br />end soon. The copper futures market, which is in a <br />solid near-term price downtrend, is also suggesting <br />that downside pressure could be in the offing for <br />the U.S. stock indexes. History shows the copper <br />market is an early leading indicator for price <br />movement in the stock indexes.--Jim<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are weaker in early morning <br />trading today. Trading has become choppier at <br />higher price levels recently, and the uptrends on <br />the daily charts could now be rolling over. Bulls <br />do still have the overall near-term technical <br />advantage. <br /><br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are bearish early today. The 4-<br />day moving average is below the 9-day and 18-day. <br />The 9-day is below the 18-day moving average. <br />Short-term oscillators (RSI, slow stochastics) are <br />bearish early today. Today, shorter-term technical <br />support comes in at Monday's low of 1,183.80 and <br />then at last week's low of 1,176.80. Sell stops <br />likely reside just under those levels. Upside <br />resistance for active traders today is located at <br />1,200.00 and then at 1,207.80. Buy stops are likely <br />located just above those levels. Wyckoff's Intra-<br />day Market Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,188.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are neutral early today. <br />The 4-day moving average is below the 9-day. The 9-<br />day average is above the 18-day. Short-term <br />oscillators (RSI, slow stochastics) are bearish <br />early today. Shorter-term technical resistance is <br />located at the overnight high of 2,027.50 and then <br />at Monday's high of 2,038.00. Buy stops likely <br />reside just above those levels. On the downside, <br />short-term support is seen at Monday's low of <br />2,001.00 and then at last week's low of 1,989.00. <br />Sell stops are likely located just below those <br />levels. Wyckoff's Intra-Day Market Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 2,000.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at Monday's low of 11,005 and then more <br />stops just below support at 10,955. Buy stops <br />likely reside just above technical resistance at <br />11,100 and then at Monday's high of 11,130. <br />Shorter-term moving averages are neutral early <br />today, as the 4-day moving average is below the 9-<br />day and 18-day. The 9-day moving average is above <br />the 18-day moving average. Shorter-term oscillators <br />(RSI, slow stochastics) are neutral to bearish <br />early today. Wyckoff's Intra-Day Market Rating: 4.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 10,993<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are firmer <br />in early trading today. Bulls have gained good <br />upside near-term technical momentum. <br /><br />June U.S. T-Bonds: Shorter-term moving averages (4- <br />9- 18-day) are bullish early today. The 4-day <br />moving average is above the 9-day and 18-day. The <br />9-day is above the 18-day moving average. <br />Oscillators (RSI, slow stochastics) are bullish <br />early today. Shorter-term technical support lies at <br />119 even and then at the overnight low of 118 <br />26/32. Sell stops likely reside just below those <br />levels. Shorter-term technical resistance lies at <br />119 16/32 and then at 120 even. Buy stops likely <br />reside just above those levels. Wyckoff's Intra-Day <br />Market Rating: 6.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 118 3/32<br /><br />JUNE U.S. T-Bonds<br /><br />126 14/32--lifetime high<br />119 9/32--second pivot point resistance<br />119 4/32--Previous Month's high<br />119 3/32--first pivot point resistance<br />118 31/32--previous day's high<br />118 29/32--previous day's close<br />118 25/32--pivot point<br />118 19/32--first pivot point support<br />118 15/32--previous day's low<br />118 14/32--4-day moving average<br />118 9/32--second pivot point support<br />117 28/32--9-day moving average<br />117 1/32--18-day moving average<br />116 7/32--100-day moving average<br />114 6/32--previous month's low <br />109 15/32--lifetime low<br /><br />June U.S. T-Notes: Shorter-term oscillators (RSI, <br />slow stochastics) are bullish early today. Buy <br />stops likely reside just above shorter-term <br />technical resistance at last week's high of <br />117.31.0 and then at 118.08.0. Shorter-term moving <br />averages are bullish early today. The 4-day moving <br />average is above the 9-day. The 9-day is above the <br />18-day moving average. Sell stop orders are likely <br />located just below support at the overnight low of <br />117.17.0 and then at 117.08.5. Wyckoff's Intra Day <br />Market Rating: 6.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 117.10.0<br /><br />JUNE U.S. T-Notes<br /><br />120 9/32--lifetime high<br />117 31/32--second pivot point resistance<br />117 31/32--previous month's high <br />117 26/32--previous day's high<br />117 25/32--first pivot point resistance<br />117 19/32--pivot point<br />117 18/32--previous day's close<br />117 16/32--4-day moving average<br />117 14/32--previous day's low<br />117 13/32--first pivot point support<br />117 7/32--second pivot point support<br />117 6/32--9-day moving average<br />116 26/32--18-day moving average<br />116 7/32--100-day moving average<br />114 26/32--previous month's low <br />109 29/32--lifetime low<br /><br />CURRENCIES<br /><br />The June U.S. dollar index is higher in early <br />trading today and hit a fresh contract high <br />overnight. Bulls have the solid overall near-term <br />technical advantage. Slow stochastics for the <br />dollar index are neutral early today. The dollar <br />index finds shorter-term technical resistance at <br />83.00 and then at 83.25. Shorter-term support is <br />seen 82.69 and then at the overnight low of 82.40. <br />Today's key near-term Fibonacci support/resistance <br />level: 81.85. Wyckoff's Intra Day Market Rating: <br />7.0<br /><br />The June Euro is lower in early electronic trading. <br />Prices hit a fresh 12-month low overnight. Bears <br />remain in full overall technical command. Euro <br />finds sell stop orders are likely located just <br />below technical support at 1.3100 and then at <br />1.3050. Shorter-term technical resistance for the <br />Euro is seen at 1.3150 and then at 1.3200. Buy <br />stops likely reside just above those levels. Slow <br />stochastics for the Euro are bearish early today. <br />Today's key near-term Fibonacci support/resistance <br />level: 1.3223. Wyckoff's Intra Day Market Rating: <br />3.0<br /><br />GOLD<br /><br />Comex gold futures are firmer in early dealings <br />today, and hit another fresh five-month high <br />overnight. Gold bulls have the solid overall near-<br />term technical advantage. For June gold, shorter-<br />term technical resistance is seen at the overnight <br />high of $1,190.00 and then at $1,195.00. Buy stops <br />likely reside just above those levels. Sell stops <br />likely reside just below support at the overnight <br />low of $1,178.40 and then at $1,175.00. Today's key <br />near-term Fibonacci support/resistance level: <br />$1,173.00. Wyckoff's Intra-Day Market Rating: 6.0<br /><br />CRUDE OIL<br /><br />Crude oil prices are lower early today, on profit-<br />taking pressure from recent gains. Bulls still have <br />the overall near-term technical advantage. In June <br />crude, look for buy stops to reside just above <br />resistance at $85.00 and then at $86.00. Look for <br />sell stops just below technical support at $84.50 <br />and then at $84.00. Today's key near-term Fibonacci <br />support/resistance level: $84.17. Wyckoff's Intra-<br />Day Market Rating: 4.0<br /><br />GRAINS<br /><br />Prices were mostly weaker in overnight trading. The <br />key "outside markets" are in a bearish posture for <br />the grains early today, as the U.S. dollar index is <br />stronger, while crude oil and the U.S. stock <br />indexes are weaker. Corn and soybeans are feeling <br />some pressure from a very strong planting pace in <br />the U.S. Traders are more closely monitoring the <br />U.S. Midwest weather patterns. Such will be the <br />case for the next four months.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-20623001986509891322010-05-03T09:40:00.001-07:002010-05-03T09:40:53.563-07:00Monday, May 3--Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />The market feature in overnight/early morning trading today <br />is a higher U.S. dollar index.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />The European Union's smaller countries' debt crisis <br />appears to have eased at bit--for the moment--on <br />the weekend news of a $146 billion bailout package <br />for Greece, arranged by the other EU countries and <br />the IMF. The question now becomes, is the weekend <br />aid package enough to begin serious fixes to the <br />EU's debt problems? Or, will the debt woes of the <br />EU surface again soon to once again roil the <br />world's markets?--Jim<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are firmer in early morning <br />trading today. Trading has become choppier at <br />higher price levels recently, bulls still have the <br />overall near-term technical advantage. There are <br />still no strong, early clues that market tops are <br />close at hand in the U.S. stock indexes. <br /><br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are neutral early today. The 4-<br />day moving average is below the 9-day and 18-day. <br />The 9-day is above the 18-day moving average. <br />Short-term oscillators (RSI, slow stochastics) are <br />neutral to bullish early today. Today, shorter-term <br />technical support comes in at the overnight low of <br />1,183.80 and then at last week's low of 1,176.80. <br />Sell stops likely reside just under those levels. <br />Upside resistance for active traders today is <br />located at 1,200.00 and then at Friday's high of <br />1,207.80. Buy stops are likely located just above <br />those levels. Wyckoff's Intra-day Market Rating: <br />6.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,201.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are neutral early today. <br />The 4-day moving average is below the 9-day. The 9-<br />day average is above the 18-day. Short-term <br />oscillators (RSI, slow stochastics) are neutral <br />early today. Shorter-term technical resistance is <br />located at 2,020.00 and then at 2,030.00. Buy stops <br />likely reside just above those levels. On the <br />downside, short-term support is seen at Friday's <br />low of 1,997.00 and then at last week's low of <br />1,989.00. Sell stops are likely located just below <br />those levels. Wyckoff's Intra-Day Market Rating: <br />6.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 2,000.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at Friday's low of 10,955 and then more <br />stops just below support at last week's low of <br />10,920. Buy stops likely reside just above <br />technical resistance at 11,125 and then at Friday's <br />high of 11,150. Shorter-term moving averages are <br />neutral early today, as the 4-day moving average is <br />below the 9-day and 18-day. The 9-day moving <br />average is above the 18-day moving average. <br />Shorter-term oscillators (RSI, slow stochastics) <br />are bearish early today. Wyckoff's Intra-Day Market <br />Rating: 6.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 10,993<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are weaker <br />in early trading today, on some profit-taking <br />pressure from recent gains. Bulls still have some <br />near-term technical momentum amid the EU debt <br />crisis. <br /><br />June U.S. T-Bonds: Shorter-term moving averages (4- <br />9- 18-day) are bullish early today. The 4-day <br />moving average is above the 9-day and 18-day. The <br />9-day is above the 18-day moving average. <br />Oscillators (RSI, slow stochastics) are neutral <br />early today. Shorter-term technical support lies at <br />118 16/32 and then at 118 even. Sell stops likely <br />reside just below those levels. Shorter-term <br />technical resistance lies at the overnight high of <br />118 31/32 and then at last week's high of 119 4/32. <br />Buy stops likely reside just above those levels. <br />Wyckoff's Intra-Day Market Rating: 4.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 118 6/32<br /><br />JUNE U.S. T-Bonds<br /><br />126 14/32--lifetime high<br />119 28/32--second pivot point resistance<br />119 15/32--first pivot point resistance<br />119 4/32--Previous Month's high <br />119 4/32--previous day's high<br />119 2/32--previous day's close<br />118 23/32--pivot point<br />118 10/32--4-day moving average<br />118 10/32--first pivot point support<br />117 31/32--previous day's low<br />117 20/32--9-day moving average<br />117 18/32--second pivot point support<br />116 28/32--18-day moving average<br />116 6/32--100-day moving average<br />114 6/32--previous month's low <br />109 15/32--lifetime low<br /><br />June U.S. T-Notes: Shorter-term oscillators (RSI, <br />slow stochastics) are neutral early today. Buy <br />stops likely reside just above shorter-term <br />technical resistance at the overnight high of <br />117.26.0 and then at last week's high of 117.31.0. <br />Shorter-term moving averages are bullish early <br />today. The 4-day moving average is above the 9-day. <br />The 9-day is above the 18-day moving average. Sell <br />stop orders are likely located just below support <br />at 117.16.0 and then at Friday's low of 117.08.5. <br />Wyckoff's Intra Day Market Rating: 4.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 117.10.0<br /><br />JUNE U.S. T-Notes<br /><br />120 9/32--lifetime high<br />118 14/32--second pivot point resistance<br />118 5/32--first pivot point resistance<br />117 31/32--previous month's high<br />117 31/32--previous day's high<br />117 29/32--previous day's close<br />117 23/32--pivot point<br />117 16/32--4-day moving average<br />117 14/32--first pivot point support<br />117 8/32--previous day's low<br />117 3/32--9-day moving average<br />117 --second pivot point support<br />116 23/32--18-day moving average<br />116 7/32--100-day moving average<br />114 26/32--previous month's low<br />109 29/32--lifetime low<br /><br />CURRENCIES<br /><br />The June U.S. dollar index is higher in early <br />trading today. Bulls still have the overall near-<br />term technical advantage. Slow stochastics for the <br />dollar index are bearish early today. The dollar <br />index finds shorter-term technical resistance at <br />the overnight high of 82.47 and then at last week's <br />high of 82.78. Shorter-term support is seen 82.00 <br />and then at the overnight low of 81.87. Today's key <br />near-term Fibonacci support/resistance level: <br />81.81. Wyckoff's Intra Day Market Rating: 6.0<br /><br />The June Euro is lower in early electronic trading. <br />Bears remain in overall technical command. Euro <br />finds sell stop orders are likely located just <br />below technical support at 1.3200 and then at <br />1.3150. Shorter-term technical resistance for the <br />Euro is seen at 1.3300 and then at Friday's high of <br />1.3344. Buy stops likely reside just above those <br />levels. Slow stochastics for the Euro are bullish <br />early today. Today's key near-term Fibonacci <br />support/resistance level: 1.3336. Wyckoff's Intra <br />Day Market Rating: 4.0<br /><br />GOLD<br /><br />Comex gold futures are higher in early dealings <br />today, and hit a fresh five-month high overnight. <br />Gold bulls have the solid overall near-term <br />technical advantage. For June gold, shorter-term <br />technical resistance is seen at the overnight high <br />of $1,184.00 and then at $1,190.00. Buy stops <br />likely reside just above those levels. Sell stops <br />likely reside just below support at the overnight <br />low of $1,177.10 and then at $1,175.00. Today's key <br />near-term Fibonacci support/resistance level: <br />$1,170.00. Wyckoff's Intra-Day Market Rating: 6.0<br /><br />CRUDE OIL<br /><br />Crude oil prices are firmer early today. Bulls <br />again have good upside near-term technical <br />momentum. In June crude, look for buy stops to <br />reside just above resistance at the overnight high <br />of $86.79 and then at $87.00. Look for sell stops <br />just below technical support at $86.00 and then at <br />$85.00. Today's key near-term Fibonacci <br />support/resistance level: $85.19. Wyckoff's Intra-<br />Day Market Rating: 5.5<br /><br />GRAINS<br /><br />Prices were mostly firmer in overnight trading. <br />Grain market bulls had a good finish to last week's <br />trading and have some fresh upside technical <br />momentum heading into the new trading week. Traders <br />are more closely monitoring the U.S. Midwest <br />weather patterns. Such will be the case for the <br />next four months.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-78910801247737842042010-04-30T06:36:00.001-07:002010-04-30T06:36:33.789-07:00Friday, April 30--Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />The market features in overnight/early morning trading <br />today are a weaker U.S. dollar index and higher gold <br />prices.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />Gold market bulls this week have put in an <br />impressive performance. Not only have gold prices <br />this week hit a new high for 2010, they have done <br />so without the help of a weaker U.S. dollar against <br />the other major currencies. The Euorpean Union's <br />sovereign debt problems are prompting traders in <br />Europe to buy gold with their European currencies <br />as a hedge against further deterioration of their <br />currencies. Gold hit a new record high this week, <br />in Euro currency terms. Importantly, gold this week <br />is once again being viewed by traders as a "safe-<br />haven" investment asset during times of heightened <br />economic, financial or geopolitical uncertainty.--<br />Jim<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are firmer in early morning <br />trading today. While trading has become a bit <br />choppier at higher price levels recently, bulls <br />still have the overall near-term technical <br />advantage. There are still no strong clues that <br />market tops are close at hand in the U.S. stock <br />indexes. However, veteran traders do know the old <br />market saying about stocks: "Sell in May and go <br />away."<br /><br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are neutral early today. The 4-<br />day moving average is below the 9-day and 18-day. <br />The 9-day is above the 18-day moving average. <br />Short-term oscillators (RSI, slow stochastics) are <br />bullish early today. Today, shorter-term technical <br />support comes in at 1,200.00 and then at Thursday's <br />low of 1,188.10. Sell stops likely reside just <br />under those levels. Upside resistance for active <br />traders today is located at this week's high of <br />1,216.70 and then at 1,225.00. Buy stops are likely <br />located just above those levels. Wyckoff's Intra-<br />day Market Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,201.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are neutral early today. <br />The 4-day moving average is below the 9-day. The 9-<br />day average is above the 18-day. Short-term <br />oscillators (RSI, slow stochastics) are neutral to <br />bullish early today. Shorter-term technical <br />resistance is located at 2,050.00 and then at this <br />week's high of 2,057.50. Buy stops likely reside <br />just above those levels. On the downside, short-<br />term support is seen at the overnight low of <br />2,035.25 and then at 2,025.00. Sell stops are <br />likely located just below those levels. Wyckoff's <br />Intra-Day Market Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 2,033.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at 11,100 and then more stops just below <br />support at Thursday's low of 11,045. Buy stops <br />likely reside just above technical resistance at <br />this week's high of 11,210 and then at 11,250. <br />Shorter-term moving averages are neutral early <br />today, as the 4-day moving average is below the 9-<br />day. The 9-day moving average is above the 18-day <br />moving average. Shorter-term oscillators (RSI, slow <br />stochastics) are neutral early today. Wyckoff's <br />Intra-Day Market Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 11,101<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are near <br />steady in early trading today. Bulls still have <br />some near-term technical momentum amid the EU debt <br />crisis that is providing "flight to quality" buying <br />of U.S. securities.<br /><br />June U.S. T-Bonds: Shorter-term moving averages (4- <br />9- 18-day) are bullish early today. The 4-day <br />moving average is above the 9-day and 18-day. The <br />9-day is above the 18-day moving average. <br />Oscillators (RSI, slow stochastics) are neutral <br />early today. Shorter-term technical support lies at <br />118 even and then at 117 15/32. Sell stops likely <br />reside just below those levels. Shorter-term <br />technical resistance lies at 118 16/32 and then at <br />this week's high of 118 24/32. Buy stops likely <br />reside just above those levels. Wyckoff's Intra-Day <br />Market Rating: 5.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 117 31/32<br /><br />JUNE U.S. T-Bonds<br /><br />126 14/32--lifetime high<br />118 24/32--second pivot point resistance<br />118 15/32--first pivot point resistance<br />118 12/32--Previous Month's high<br />118 8/32--previous day's high<br />118 6/32--previous day's close<br />117 31/32--pivot point<br />117 24/32--4-day moving average<br />117 22/32--first pivot point support<br />117 15/32--previous day's low<br />117 11/32--9-day moving average<br />117 6/32--second pivot point support<br />116 19/32--18-day moving average<br />116 7/32--100-day moving average<br />114 26/32--previous month's low <br />109 15/32--lifetime low<br /><br />June U.S. T-Notes: Shorter-term oscillators (RSI, <br />slow stochastics) are neutral to bearish early <br />today. Buy stops likely reside just above shorter-<br />term technical resistance at the overnight high of <br />117.16.0 and then at 117.24.0. Shorter-term moving <br />averages are bullish early today. The 4-day moving <br />average is above the 9-day. The 9-day is above the <br />18-day moving average. Sell stop orders are likely <br />located just below support at 117.00.0 and then at <br />116.29.0. Wyckoff's Intra Day Market Rating: 5.0<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 117.05.0<br /><br />JUNE U.S. T-Notes<br /><br />120 9/32--lifetime high<br />117 25/32--second pivot point resistance<br />117 22/32--previous month's high<br />117 18/32--first pivot point resistance<br />117 14/32--previous day's high<br />117 12/32--previous day's close<br />117 8/32--pivot point<br />117 5/32--4-day moving average<br />117 1/32--first pivot point support<br />116 31/32--9-day moving average<br />116 29/32--previous day's low<br />116 23/32--second pivot point support<br />116 18/32--18-day moving average<br />116 7/32--100-day moving average<br />115 9/32--previous month's low <br />109 29/32--lifetime low<br /><br />CURRENCIES<br /><br />The June U.S. dollar index is weaker in early <br />trading today, on more profit-taking pressure from <br />recent gains. Bulls still have the overall near-<br />term technical advantage amid the EU debt crisis. <br />Slow stochastics for the dollar index are bearish <br />early today. The dollar index finds shorter-term <br />technical resistance at 82.00 and then at the <br />overnight high of 82.23. Shorter-term support is <br />seen at the overnight low of 81.78 and then at <br />81.50. Today's key near-term Fibonacci <br />support/resistance level: 81.81. Wyckoff's Intra <br />Day Market Rating: 4.5<br /><br />The June Euro is higher in early electronic <br />trading, on a short-covering bounce in a bear <br />market. Bears remain in overall technical command. <br />Euro finds sell stop orders are likely located just <br />below technical support at 1.3300 and then at <br />1.3250. Shorter-term technical resistance for the <br />Euro is seen at 1.3350 and then at 1.3400. Buy <br />stops likely reside just above those levels. Slow <br />stochastics for the Euro are bullish early today. <br />Today's key near-term Fibonacci support/resistance <br />level: 1.3336. Wyckoff's Intra Day Market Rating: <br />5.5<br /><br />GOLD<br /><br />Comex gold futures are higher in early dealings <br />today, and hit a fresh five-month high overnight. <br />Gold bulls still have the overall near-term <br />technical advantage and have gained more upside <br />momentum this week. For June gold, shorter-term <br />technical resistance is seen at the overnight high <br />of $1,178.50 and then at $1,185.00. Buy stops <br />likely reside just above those levels. Sell stops <br />likely reside just below support at the overnight <br />low of $1,167.80 and then at $1,160.00. Today's key <br />near-term Fibonacci support/resistance level: <br />$1,160.00. Wyckoff's Intra-Day Market Rating: 6.5<br /><br />CRUDE OIL<br /><br />Crude oil prices are firmer early today. Bulls are <br />regaining upside technical momentum. In June crude, <br />look for buy stops to reside just above resistance <br />at the overnight high of $86.13 and then at $87.00. <br />Look for sell stops just below technical support at <br />$85.00 and then at $84.00. Today's key near-term <br />Fibonacci support/resistance level: $85.19. <br />Wyckoff's Intra-Day Market Rating: 5.5<br /><br />GRAINS<br /><br />Prices were mostly firmer in overnight trading. The <br />key "outside markets" are again in a bullish <br />posture for the grains today, as the U.S. dollar <br />index is weaker, while crude oil and the U.S. stock <br />indexes are firmer. After a rough start to the week <br />for the bulls, they are regaining some technical <br />momentum to end the week. My bias is that corn will <br />be the grain markets leader for the near term.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0tag:blogger.com,1999:blog-1641178931885103497.post-10410663642452441682010-04-29T06:29:00.001-07:002010-04-29T06:29:40.752-07:00Thursday, April 29--Jim Wyckoff's Morning Web Log<br /><br />OVERNIGHT/EARLY MORNING DEVELOPMENTS <br /><br />The market features in overnight/early morning trading <br />today is a weaker U.S. dollar index and higher crude oil <br />futures prices.<br /><br />JIM'S MARKET THOUGHT OF THE DAY *<br /><br />The U.S. dollar index has backed off today on some <br />profit-taking pressure after reaching a 12-month <br />high on Wednesday, amid the European Union <br />sovereign debt crisis. I want to warn you that this <br />situation in the European Union right now is just <br />simmering and could turn into a full boil soon. And <br />if it does and if it develops into a contagion that <br />spreads to other parts of the world, markets will <br />be even more severely impacted. A full-blown, five-<br />alarm debt crisis worldwide would be fully bullish <br />for the U.S. dollar and for U.S. T-Bonds and T-<br />Notes. It would also likely be bullish for gold, <br />given this week's rally in gold. A debt contagion <br />would very likely be fully bearish for the world <br />stock and most commodity markets.--Jim<br /><br />U.S. STOCK INDEXES<br /><br />The U.S. stock indexes are firmer in early morning <br />trading today. Trading has become choppier at <br />higher price levels. However, bulls still have the <br />overall near-term technical advantage. There are no <br />strong clues that market tops are close at hand in <br />the U.S. stock indexes.<br /><br />S&P 500 futures: The shorter-term moving averages <br />(4-, 9- and 18-day) are neutral early today. The 4-<br />day moving average is below the 9-day. The 9-day is <br />above the 18-day moving average. Short-term <br />oscillators (RSI, slow stochastics) are neutral <br />early today. Today, shorter-term technical support <br />comes in at the overnight low of 1,188.10 and then <br />at Wednesday's low of 1,176.80. Sell stops likely <br />reside just under those levels. Upside resistance <br />for active traders today is located at 1,200.00 and <br />then at 1,210.00. Buy stops are likely located just <br />above those levels. Wyckoff's Intra-day Market <br />Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,192.00.<br /><br />Nasdaq index futures: The shorter-term moving <br />averages (4- 9-and 18-day) are neutral early today. <br />The 4-day moving average is below the 9-day. The 9-<br />day average is above the 18-day. Short-term <br />oscillators (RSI, slow stochastics) are neutral to <br />bearish early today. Shorter-term technical <br />resistance is located at Wednesday's high of <br />2,022.25 and then at 2,030.00. Buy stops likely <br />reside just above those levels. On the downside, <br />short-term support is seen at the overnight low of <br />2,005.50 and then at Wednesday's low of 1,989.00. <br />Sell stops are likely located just below those <br />levels. Wyckoff's Intra-Day Market Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 1,998.00<br /><br />Dow futures: Sell stops likely reside just below <br />support at 11,000 and then more stops just below <br />support at 10,950. Buy stops likely reside just <br />above technical resistance at 11,100 and then at <br />11,150. Shorter-term moving averages are bullish <br />early today, as the 4-day moving average is above <br />the 9-day. The 9-day moving average is above the <br />18-day moving average. Shorter-term oscillators <br />(RSI, slow stochastics) are neutral to bearish <br />early today. Wyckoff's Intra-Day Market Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 11,066<br /><br />U.S. TREASURY BONDS AND NOTES<br /><br />U.S. T-Bonds and T-Notes futures prices are firmer <br />in early trading today. Bulls still have some near-<br />term technical momentum amid the EU debt crisis <br />that is providing "flight to quality" buying of <br />U.S. securities.<br /><br />June U.S. T-Bonds: Shorter-term moving averages (4- <br />9- 18-day) are bullish early today. The 4-day <br />moving average is above the 9-day and 18-day. The <br />9-day is above the 18-day moving average. <br />Oscillators (RSI, slow stochastics) are neutral <br />early today. Shorter-term technical support lies at <br />Wednesday's low of 117 14/32 and then at 117 even. <br />Sell stops likely reside just below those levels. <br />Shorter-term technical resistance lies at the <br />overnight high of 117 30/32 and then at 118 16/32. <br />Buy stops likely reside just above those levels. <br />Wyckoff's Intra-Day Market Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 117 22/32<br /><br />JUNE U.S. T-Bonds<br /><br />126 14/32--lifetime high<br />118 29/32--second pivot point resistance<br />118 16/32--previous day's high<br />118 12/32--Previous Month's high <br />118 9/32--first pivot point resistance<br />117 27/32--pivot point<br />117 20/32--previous day's close<br />117 15/32--4-day moving average<br />117 14/32--previous day's low<br />117 7/32--first pivot point support<br />117 6/32--9-day moving average<br />116 25/32--second pivot point support<br />116 13/32--18-day moving average<br />116 6/32--100-day moving average<br />114 26/32--previous month's low <br />109 15/32--lifetime low<br /><br />June U.S. T-Notes: Shorter-term oscillators (RSI, <br />slow stochastics) are neutral early today. Buy <br />stops likely reside just above shorter-term <br />technical resistance at the overnight high of <br />117.09.5 and then at 117.16.0. Shorter-term moving <br />averages are bullish early today. The 4-day moving <br />average is above the 9-day. The 9-day is above the <br />18-day moving average. Sell stop orders are likely <br />located just below support at the overnight low of <br />116.30.5 and then at 116.19.5. Wyckoff's Intra Day <br />Market Rating: 5.5<br /><br />Today's key near-term Fibonacci support/resistance <br />level: 117.05.0<br /><br />JUNE U.S. T-Notes<br /><br />120 9/32--lifetime high<br />117 29/32--second pivot point resistance<br />117 22/32--previous month's high<br />117 20/32--previous day's high<br />117 16/32--first pivot point resistance<br />117 7/32--pivot point<br />117 3/32--previous day's close<br />116 30/32--4-day moving average<br />116 30/32--9-day moving average<br />116 30/32--previous day's low<br />116 26/32--first pivot point support<br />116 17/32--second pivot point support<br />116 14/32--18-day moving average<br />116 6/32--100-day moving average<br />115 9/32--previous month's low <br />109 29/32--lifetime low<br /><br />CURRENCIES<br /><br />The June U.S. dollar index is lower in early <br />trading today, on a profit-taking, corrective <br />pullback from recent gains. Bulls have the firm <br />overall near-term technical advantage amid the EU <br />debt crisis. Slow stochastics for the dollar index <br />are neutral early today. The dollar index finds <br />shorter-term technical resistance at the overnight <br />high of 82.54 and then at Wednesday's high of <br />82.87. Shorter-term support is seen at 82.00 and <br />then at 81.75. Today's key near-term Fibonacci <br />support/resistance level: 81.81. Wyckoff's Intra <br />Day Market Rating: 4.5<br /><br />The June Euro is higher in early electronic <br />trading, on a short-covering bounce in a bear <br />market. Bears remain in firm overall technical <br />command. Euro finds sell stop orders are likely <br />located just below technical support at 1.3200 and <br />then at the overnight low of 1.3186. Shorter-term <br />technical resistance for the Euro is seen at 1.3300 <br />and then at 1.3350. Buy stops likely reside just <br />above those levels. Slow stochastics for the Euro <br />are neutral early today. Today's key near-term <br />Fibonacci support/resistance level: 1.3336. <br />Wyckoff's Intra Day Market Rating: 5.5<br /><br />GOLD<br /><br />Comex gold futures are weaker in early dealings <br />today, on a profit-taking pullback from recent <br />solid gains. Gold bulls still have the overall <br />near-term technical advantage. For June gold, <br />shorter-term technical resistance is seen at the <br />overnight high of $1,171.80 and then at Wednesday's <br />high of $1,175.30. Buy stops likely reside just <br />above those levels. Sell stops likely reside just <br />below support at the overnight low of $1,164.60 and <br />then at $1,160.00. Today's key near-term Fibonacci <br />support/resistance level: $1,156.00. Wyckoff's <br />Intra-Day Market Rating: 4.5<br /><br />CRUDE OIL<br /><br />Crude oil prices are higher early today. Bulls are <br />regaining some upside technical momentum. In June <br />crude, look for buy stops to reside just above <br />resistance at $84.50 and then at $85.00. Look for <br />sell stops just below technical support at $84.00 <br />and then at the overnight low of $83.01. Today's <br />key near-term Fibonacci support/resistance level: <br />$82.96. Wyckoff's Intra-Day Market Rating: 5.5<br /><br />GRAINS<br /><br />Prices were mostly firmer in overnight trading. The <br />key "outside markets" are in a bullish posture for <br />the grains today, as the U.S. dollar index is <br />weaker, while crude oil and the U.S. stock indexes <br />are higher. Traders will closely scrutinize this <br />morning's weekly USDA export sales data for grains. <br />However, the main focus going forward is the <br />weather in the U.S. Midwest, heading into the <br />planting and growing season for corn and soybeans, <br />and the harvest season for wheat. Right now, the <br />weather is deemed bearish for the grains.Dave Boothehttp://www.blogger.com/profile/09384161329894723908noreply@blogger.com0