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Jim Wyckoff's Morning Blog--Friday
Friday, May 22--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is higher crude oil futures, a weaker U.S. dollar and higher U.S. stock index futures prices.
JIM'S MARKET THOUGHT OF THE DAY *
Look for today's trading action to find many markets seeing profit-taking pressure or position-evening heading into the three-day U.S. holiday weekend. Traders do not want to be hit with any surprises by the time the markets open next Tuesday.--Jim
U.S. STOCK INDEXES
The U.S. stock indexes are firmer in early morning trading today. The indexes have been trading basically sideways for two weeks.
June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at the overnight low of 886.50 and then at this week's low of 875.40. Sell stops likely reside just under those levels. Upside resistance for active traders today is located at 900.00 and then at 915.80. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.5
Today's key near-term Fibonacci support/resistance level: 902.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------- 889.00
1st Support:-------- 877.15
2nd Support:-------- 866.20
1st Resistance:----- 899.95
2nd Resistance:----- 911.80
June Nasdaq Index: The shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at the overnight low of 1,368.25 and then at Thursday's low of 1,352.00. Sell stops likely reside just below those levels. On the upside, short-term resistance is seen at the overnight high of 1,378.00 and then at Thursday's high of 1,392.50. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 5.5
Today's key near-term Fibonacci support/resistance level: 1,398.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 1,370.70
1st Support:------ 1,348.85
2nd Support:------ 1,330.20
1st Resistance:--- 1,389.35
2nd Resistance:--- 1,411.20
June Dow: Sell stops likely reside just below support at 8,300 and then more stops just below support at 8,250. Buy stops likely reside just above shorter-term technical resistance at 8,350 and then at 8,400. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Wyckoff's Intra-Day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 8,424
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 8,271
1st Support:------ 8,233
2nd Support:------ 8,170
1st Resistance:--- 8,334
2nd Resistance:--- 8,372
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer in early trading today, on a short covering bounce from solid losses on Thursday. Bears still have the overall near-term technical advantage.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support lies at 120 even and then at the May low of 119 15/32 even. Sell stops likely reside just below those levels. Shorter-term technical resistance lies at 121 even and then at 121 16/32. Buy stops likely reside just above those levels. Wyckoff's Intra-Day Market Rating: 5.5
Today's key near-term Fibonacci support/resistance level: 121 19/32
PIVOT POINT LEVELS FOR JUNE U.S. T-BONDS:
Pivot:----------- 121 7/32
1st Support:----- 119 4/32
2nd Support:----- 117 28/32
1st Resistance:-- 122 15/32
2nd Resistance:-- 124 18/32
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Buy stops likely reside just above shorter-term technical resistance at 120.16.0 and then at 121.00.0. Shorter-term moving averages are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at Thursday's low of 119.21.0 and then at 119.00.0. Wyckoff's Intra Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 120.14.0
PIVOT POINT LEVELS FOR JUNE U.S. T-NOTES:
Pivot:----------- 120 10/32
1st Support:----- 119 8/32
2nd Support:----- 118 20/32
1st Resistance:-- 120 30/32
2nd Resistance:-- 122 even
CURRENCIES
The June U.S. dollar index is lower in early trading. Prices hit a fresh eight-month low overnight. Bears still have downside momentum. Slow stochastics for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at the overnight high of 80.57 and then at 81.00. Shorter-term support is seen at the overnight low of 80.11 and then at 80.00. Today's key near-term Fibonacci support/resistance level: 81.34. Wyckoff's Intra Day Market Rating: 3.0
The June Euro is higher in early electronic trading and hit a fresh nearly five-month high overnight. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.3894 and then at 1.3800. Shorter-term technical resistance for the Euro is seen at 1.4000 and then at 1.4100. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Today's key near-term Fibonacci support/resistance level: 1.3980. Wyckoff's Intra Day Market Rating: 6.5
GOLD
Gold is higher in early dealings today and did hit a fresh two-month high overnight. For June gold, shorter-term technical resistance is seen at $960.00 and then at $965.00. Buy stops likely reside just above those levels. Sell stops likely reside just below support at the overnight low of $950.10 and then at $945.00. Today's key near-term Fibonacci support/resistance level: $955.00. Wyckoff's Intra-Day Market Rating: 6.5
CRUDE OIL
Crude oil prices are higher early today. Bulls still have near-term upside momentum. In July crude, look for buy stops to reside just above resistance at this week's high of $62.26 and then just above resistance at $63.00. Look for sell stops just below technical support at $61.00 and then more sell stops just below support at $60.00. Today's key near-term Fibonacci support/resistance level: $59.40. Wyckoff's Intra-Day Market Rating: 6.0
GRAINS
Prices were higher in overnight trading. Same story: The key "outside markets" are bullish early today as the U.S. stock indexes are firmer, crude oil prices are firmer and the U.S. dollar is weaker. Grain traders are still looking to the outside markets for direction, as weather in the Corn Belt at present is deemed benign.
Tags:market-news, commodity-trading, currencies, dow-djia, energies, futures-trading, grains, interest-rates, metals, nasdaq, sp-500, stock-indexes, t-bonds-t-notes, education
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