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Name: Jim Wyckoff
Location: Iowa
Hobbies: Boating, Camping, Hiking, and anything else outdoors
I am a Senior Market Analyst for
www.TradingEducation.com
a FREE educational website. I
have been involved with the stock, financial and futures
markets for more than 20 years. I became a financial
journalist with Futures World News for many years, where
I covered every futures market traded in the United
States at one time or another. Not long after I began my
career in financial journalism, I began studying
technical analysis. My extensive studies of technical
analysis and knowledge of markets led to several
positions, including chief technical analyst at several
reputable companies.
You can also read additional FREE
daily commentary at
www.TradingEducation.com.
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The mission of my morning web log, or "blog" is to provide you with
the very latest perspective and opinion on selected key markets.
I will help you start your trading day by providing you with concise
and valuable trading "nuggets" to help you in your daily trading plans. |
« March 2007 |
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| May 2007 »
April 2007 Archives
Monday, April 30--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is weaker U.S. stock indexes and firmer U.S. Treasuries.
* JIM'S MARKET THOUGHT OF THE DAY *
The path of least resistance for stock indexes remains up, and for U.S. Treasuries down. "The trend is your friend" is a tried and true market adage, and stock index and Treasury traders need to keep that in mind.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading, on mild profit-taking pressure from recent gains. Bulls still have the near-term technical advantage in the indexes, amid no early clues that market tops are close at hand.
June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still fully bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at the overnight low of 1,498.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Friday's low of 1494.50. Upside resistance for active traders today is located at the contract high of 1,504.80 and then at 1,510.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,500.10
1st Support:------ 1,496.45
2nd Support:------ 1,490.90
1st Resistance:--- 1,505.65
2nd Resistance:--- 1,509.30
June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical support is located at Friday's low of 830.25. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 824.00. On the upside, short-term resistance is seen at the contract high of 839.50. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 845.00. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:
Pivot:------------ 833.35
1st Support:------ 838.80
2nd Support:------ 826.75
1st Resistance:--- 838.40
2nd Resistance:--- 841.95
June Dow: For today, sell stops likely reside just below support at Friday's low of 13,110 and then more stops just below support at 13,050. Buy stops likely reside just above shorter-term technical resistance at Friday's contract high of 13,189 and then just above resistance at 13,250. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 13,158
1st Support:------ 13,127
2nd Support:------ 13,079
1st Resistance:--- 13,206
2nd Resistance:--- 13,237
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are higher early today, on a short-covering bounce after bearish weekly low closes on Friday. Bears have some fresh near-term technical momentum.
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 resistance lies at the overnight high of 111 7/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Friday's high of 111 14/32. Shorter-term technical support lies at Friday's low of 110 26/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 16/32. Wyckoff's Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 111 2/32
1st Support:----- 110 21/32
2nd Support:----- 110 14/32
1st Resistance:-- 111 9/32
2nd Resistance:-- 111 22/32
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Buy stops likely reside just above shorter-term technical resistance at Friday's high of 108.04.0, and more buy stops are likely located just above resistance at 108.08.0. Shorter-term moving averages are still neural early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at Friday's low of 107.25.0, and then more sell stops just below support at 107.20.0. Wyckoff's Intra Day Market Rating: 4.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 107.29.0
1st Support:------ 107.23.0
2nd Support:------ 107.18.0
1st Resistance:--- 108.02.0
2nd Resistance:--- 108.08.0
Friday, April 27--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is weaker U.S. stock indexes. Traders are awaiting this morning's U.S. GDP report for direction.
* JIM'S MARKET THOUGHT OF THE DAY *
Fridays are extra important trading days. Weekly high and low closes are key bullish and bearish technical indicators. Traders also like to even up positions or take profits heading into a weekend, which can also make for bigger price moves on a Friday.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading, on mild profit-taking pressure from recent gains and ahead of the GDP report this morning. Bulls still have the near-term technical advantage in the indexes, amid no early clues that market tops are close at hand.
June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still fully bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical support comes in at 1,495.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1490.00. Upside resistance for active traders today is located at Thursday's contract high of 1,504.80 and then at 1,510.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,501.70
1st Support:------ 1,498.55
2nd Support:------ 1,494.30
1st Resistance:--- 1,505.95
2nd Resistance:--- 1,509.10
June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at Thursday's low of 830.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 824.00. On the upside, short-term resistance is seen at Thursday's contract high of 839.50. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 845.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:
Pivot:------------ 836.20
1st Support:------ 832.90
2nd Support:------ 827.20
1st Resistance:--- 841.90
2nd Resistance:--- 845.20
June Dow: For today, sell stops likely reside just below support at Thursday's low of 13,113 and then more stops just below support at 13,050. Buy stops likely reside just above shorter-term technical resistance at Thursday's contract high of 13,175 and then just above resistance at 13,200. 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 early today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 13,152
1st Support:------ 13,130
2nd Support:------ 13,090
1st Resistance:--- 13,192
2nd Resistance:--- 13,214
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are near steady early today, ahead of the key U.S. GDP report. Bulls this week have faded and bears have fresh near-term technical momentum.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is even with the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance lies at 111 8/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Thursday's high of 111 17/32. Shorter-term technical support lies at Thursday's low of 110 28/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 24/32. Wyckoff's Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 111 3/32
1st Support:----- 110 22/32
2nd Support:----- 110 14/32
1st Resistance:-- 111 11/32
2nd Resistance:-- 111 24/32
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 108.00.0, and more buy stops are likely located just above resistance at 108.08.0. Shorter-term moving averages are still barely bullish early today. The 4-day moving average is above the 9-day, but is turning down. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at Thursday's low of 107.25.5, and then more sell stops just below support at 107.20.0. Wyckoff's Intra Day Market Rating: 4.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 107.30.0
1st Support:------ 107.23.0
2nd Support:------ 107.18.0
1st Resistance:--- 108.03.0
2nd Resistance:--- 108.10.0
Wednesday, April 25--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is firmer U.S. stock indexes that set fresh contract highs overnight.
* JIM'S MARKET THOUGHT OF THE DAY *
Attention FOREX and currency futures traders: The U.S. dollar index is an excellent gauge of the overall health of the greenback versus the other major currencies. The dollar index is presently very near some very strong longer-term technical support that in the past has halted major price declines in the index. Market tops may be near in some currencies like the Euro, British pound and the Canadian dollar.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading, amid fresh contract highs overnight. Bulls still have the near-term technical advantage in the indexes, amid no early clues that market tops are close at hand.
June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still fully bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical support comes in at 1,495.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1490.00. Upside resistance for active traders today is located at 1,505.00 and then at 1,510.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,496.90
1st Support:------ 1,490.60
2nd Support:------ 1,480.40
1st Resistance:--- 1,507.10
2nd Resistance:--- 1,513.40
June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at Wednesday's low of 830.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Tuesday's low of 824.00. On the upside, short-term resistance is seen at Wednesday's contract high of 839.25. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 845.00. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:
Pivot:------------ 834.50
1st Support:------ 829.80
2nd Support:------ 825.30
1st Resistance:--- 839.05
2nd Resistance:--- 843.80
June Dow: For today, sell stops likely reside just below support at 13,075 and then more stops just below support at Wednesday's low of 13,005. Buy stops likely reside just above shorter-term technical resistance at Wednesday's contract high of 13,153 and then just above resistance at 13,200. 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: 8.0
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 13,093
1st Support:------ 13,032
2nd Support:------ 12,945
1st Resistance:--- 13,180
2nd Resistance:--- 13,241
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are weaker again early today. Bulls are fading and need to show more power this week.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at 111 16/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 24/32. Shorter-term technical support lies at 111 8/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 even. Wyckoff's Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 111 17/32
1st Support:----- 111 8/32
2nd Support:----- 111 1/32
1st Resistance:-- 111 24/32
2nd Resistance:-- 112 1/32
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 108.05.5, and more buy stops are likely located just above resistance at 108.08.0. Shorter-term moving averages are still bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at 108.00.0, and then more sell stops just below support at 107.24.0. Wyckoff's Intra Day Market Rating: 4.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 108.07.0
1st Support:------ 108.01.0
2nd Support:------ 107.29.0
1st Resistance:--- 108.11.0
2nd Resistance:--- 108.17.0
Wednesday, April 25--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is firmer U.S. stock indexes and Treasuries.
* JIM'S MARKET THOUGHT OF THE DAY *
Attention U.S. stock index traders: The bull markets in the stock indexes are mature ones. This means the indexes are ripe for corrective pullbacks that could become steep in a hurry. Those thinking about getting in on the long side now might want to wait to get in during a significant corrective pullback. And those bears thinking about "top-picking" the market should wait for a significant technical clue to suggest near-term market tops are in place.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading. Bulls still have the near-term technical advantage in the indexes.
June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still fully bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical support comes in at the overnight low of 1,486.70. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1480.00. Upside resistance for active traders today is located at Monday's contract high of 1,494.70 and then at 1,500.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,486.80
1st Support:------ 1,482.25
2nd Support:------ 1,476.00
1st Resistance:--- 1,493.00
2nd Resistance:--- 1,497.60
June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at 830.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Tuesday's low of 824.00. On the upside, short-term resistance is seen at this week's high of 835.20. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the contract high of 838.30. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:
Pivot:------------ 829.90
1st Support:------ 826.10
2nd Support:------ 820.20
1st Resistance:--- 835.80
2nd Resistance:--- 839.60
June Dow: For today, sell stops likely reside just below support at Tuesday's low of 12,948 and then more stops just below support at 12,900. Buy stops likely reside just above shorter-term technical resistance at this week's contract high of 13,035 and then just above resistance at 13,100. 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: 8.0
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,997
1st Support:------ 12,958
2nd Support:------ 12,910
1st Resistance:--- 13,045
2nd Resistance:--- 13,084
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are weaker early today. Bulls this week had regained near-term technical momentum, but need to keep up the pressure.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at 111 24/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Tuesday's high of 111 29/32. Shorter-term technical support lies at Tuesday's low of 111 15/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 8/32. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 111 23/32
1st Support:----- 111 16/32
2nd Support:----- 111 09/32
1st Resistance:-- 111 30/32
2nd Resistance:-- 112 5/32
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 Tuesday's high of 108.14.0, and more buy stops are likely located just above resistance at 108.18.0. Shorter-term moving averages are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 108.07.5, and then more sell stops just below support at 108.00.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 108.10.0
1st Support:------ 107.07.0
2nd Support:------ 108.00.0
1st Resistance:--- 108.16.0
2nd Resistance:--- 108.19.0
CURRENCIES
The June U.S. dollar index is near steady in early morning trading. Bears still have the near-term technical advantage. Slow stochastics are neutral to bullish early today. The dollar index finds shorter-term technical resistance at the overnight high of 81.51 and then at Monday's high of 81.75. Shorter-term support is seen at the overnight low of 81.51 and then at the contract low of 81.31. Wyckoff's Intra Day Market Rating: 3.0
The June Euro is slightly higher in early electronic trading. Bulls are still in near-term technical command. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.3578 and then more stops just below support at Monday's low of 1.3570. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.3618 and then at Monday's high of 1.3637. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish early today. Wyckoff's Intra Day Market Rating: 6.0
GOLD
Gold is near steady in early trading today. Bulls still have some near-term technical momentum on their side. In June gold, shorter-term technical support is seen at the overnight low of $689.20 and then at $687.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at last week's high of $698.00 and then above major psychological resistance at $700.00. Wyckoff's Intra-Day Market Rating: 7.0
CRUDE OIL
Crude oil prices are slightly lower in early electronic dealings, following strong gains Monday. Bulls have gained fresh upside technical momentum this week. In June crude, look for buy stops to reside just above resistance at the overnight high of $66.20 and then just above resistance at $66.50. Look for sell stops just below technical support at $65.50, and then more sell stops just below support at $65.00. Wyckoff's Intra-Day Market Rating: 6.0
GRAINS
Prices were lower overnight. Corn was slightly lower but wheat and soybeans were sharply lower. Weekly crop progress reports were deemed bearish for wheat and soybeans and neutral to bullish for corn. Rain in the Corn Belt the next couple days will also aid the corn bulls today. Look for more choppy trading in the near term. Weather in the Corn Belt and Plains remains the main fundamental in the grains, and that will be the case for the next few months.
Tuesday, April 24--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is firmer U.S. stock indexes and Treasuries.
* JIM'S MARKET THOUGHT OF THE DAY *
U.S. T-Bonds and T-Notes on Monday closed at their highest closing levels in three weeks, and are showing follow-through strength this morning. Bond bulls are regaining upside technical momentum and my bias is that near-term lows are in place and that sideways to higher price action is likely in the near term.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading. Bulls still have the near-term technical advantage in the indexes.
June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are fully bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at the overnight low of 1,485.70. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1480.00. Upside resistance for active traders today is located at Monday's contract high of 1,494.70 and then at 1,500.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,490.00
1st Support:------ 1,485.30
2nd Support:------ 1,482.30
1st Resistance:--- 1,493.00
2nd Resistance:--- 1,497.70
June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical support is located at Monday's low of 829.25. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Friday's low of 826.00. On the upside, short-term resistance is seen at Monday's high of 835.20. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the contract high of 838.30. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:
Pivot:------------ 832.30
1st Support:------ 829.40
2nd Support:------ 826.35
1st Resistance:--- 835.30
2nd Resistance:--- 838.25
June Dow: For today, sell stops likely reside just below support at Monday's low of 12,965 and then more stops just below support at Friday's low of 12,927. Buy stops likely reside just above shorter-term technical resistance at Monday's contract high of 13,035 and then just above resistance at 13,100. 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: 8.0
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,991
1st Support:------ 12,948
2nd Support:------ 12,921
1st Resistance:--- 13,018
2nd Resistance:--- 13,061
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer early today. Bulls have regained near-term technical momentum.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance lies at Monday's high of 111 22/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at last week's high of 111 26/32. Shorter-term technical support lies at the overnight low of 111 16/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 8/32. Wyckoff's Intra-Day Market Rating: 6.5
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 111 12/32
1st Support:----- 111 4/32
2nd Support:----- 110 24/32
1st Resistance:-- 111 24/32
2nd Resistance:-- 112 even
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 108.08.5, and more buy stops are likely located just above resistance at 108.16.0. Shorter-term moving averages are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at 108.00.0, and then more sell stops just below support at Friday's low of 107.26.5. Wyckoff's Intra Day Market Rating: 6.5
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 108.03.0
1st Support:------ 107.30.0
2nd Support:------ 107.24.0
1st Resistance:--- 108.09.0
2nd Resistance:--- 108.14.0
Monday, April 23--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
There was no real feature in generally quiet overnight/early morning trading today.
* JIM'S MARKET THOUGHT OF THE DAY *
U.S. stock index bulls are still technically very strong and there are no early technical warning signals that market tops may be close at hand. "The trend is your friend," as the old saying goes, and the trends are solidly up in the stock indexes. Stay tuned, as I'll let you know right here when I see any early clues the indexes could be hitting near-term tops.--Jim
U.S. STOCK INDEXES
The stock indexes are narrowly mixed but mostly lower in early morning electronic trading. Bulls still have the near-term technical advantage in the indexes.
June S&P 500: Prices poked to another contract high overnight. The shorter-term moving averages (4-, 9- and 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at 1,485.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1480.00. Upside resistance for active traders today is located at the overnight contract high of 1,494.30 and then at 1,500.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,488.50
1st Support:------ 1,483.45
2nd Support:------ 1,473.80
1st Resistance:--- 1,498.15
2nd Resistance:--- 1,503.20
June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at 830.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Friday's low of 826.00. On the upside, short-term resistance is seen at last week's high of 837.25. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the contract high of 838.30. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:
Pivot:------------ 821.30
1st Support:------ 828.55
2nd Support:------ 823.30
1st Resistance:--- 836.55
2nd Resistance:--- 839.30
June Dow: For today, sell stops likely reside just below support at 12,975 and then more stops just below support at Friday's low of 12,927. Buy stops likely reside just above shorter-term technical resistance at Friday's contract high of 13,020 and then just above resistance at 13,050. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,989
1st Support:------ 12,957
2nd Support:------ 12,896
1st Resistance:--- 13,050
2nd Resistance:--- 13,082
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer early today. Bulls had gained near-term technical momentum recently, but then faded a bit to end last week.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at Friday's high of 111 16/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at last week's high of 111 26/32. Shorter-term technical support lies at the overnight low of 111 6/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 even. Wyckoff's Intra-Day Market Rating: 5.5
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 111 9/32
1st Support:----- 111 1/32
2nd Support:----- 110 26/32
1st Resistance:-- 111 16/32
2nd Resistance:-- 111 24/32
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 108.03.0, and more buy stops are likely located just above resistance at last week's high of 108.08.0. Shorter-term moving averages are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average, but is turning up. Sell stop orders are likely located just below support at the overnight low of 107.30.5, and then more sell stops just below support at Friday's low of 107.26.5. Wyckoff's Intra Day Market Rating: 5.6
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 107.31.0
1st Support:------ 107.28.0
2nd Support:------ 107.24.0
1st Resistance:--- 108.03.0
2nd Resistance:--- 108.06.0
CURRENCIES
The June U.S. dollar index is slightly higher in early morning trading, on a tepid short covering bounce from recent losses. Prices Thursday hit a fresh contract and two-year low. Bears still have the near-term technical advantage. Slow stochastics are neutral to bullish early today. The dollar index finds shorter-term technical resistance at 81.80 and then at 82.00. Shorter-term support is seen at the contract low of 81.31 and then at 81.00. Wyckoff's Intra Day Market Rating: 2.0
The June Euro is slightly higher in early electronic trading. Prices poked to another fresh contract high overnight. Bulls are still in near-term command. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.3632 and then more stops just below support at 1.3600. Shorter-term technical resistance for the Euro is seen at the contract high of 1.3668 and then at 1.3700. Buy stops likely reside just above those levels. Slow stochastics for the Euro are neutral to bearish early today. Wyckoff's Intra Day Market Rating: 7.0
GOLD
Gold is solidly higher in early trading today. Bull have regained near-term technical momentum today. In June gold, shorter-term technical support is seen at $690.00 and then at the overnight low of $686.70. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at this week's high of $695.90 and then above resistance at the February high of $699.00. Wyckoff's Intra-Day Market Rating: 8.0
CRUDE OIL
Crude oil prices are modestly higher in early electronic dealings. Bulls are fading and need a strong showing today. Prices hit a fresh four-week low overnight. In June crude, look for buy stops to reside just above resistance at $64.00 and then just above resistance at $64.50. Look for sell stops just below technical support at $63.00, and then more sell stops just below support at the overnight low of $62.63. Wyckoff's Intra-Day Market Rating: 5.0
GRAINS
Prices were mixed overnight. Corn was lower, wheat higher and soybeans near unchanged. Soybeans are still the weak sister in the grains complex. Look for choppy and more direction-less trading in the near term. Weather in the Corn Belt and Plains remains the main fundamental in the grains, and that will be the case for the next few months. Dry and warm weather the next couple days will allow corn planters to roll in the Corn Belt, and that is bearish for corn.
Friday, April 20--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is solidly higher U.S. stock index futures. Traders shrugged off the potentially bearish China GDP news on Thursday, and are focusing on good earnings reports coming out.
* JIM'S MARKET THOUGHT OF THE DAY *
Weekly high closes in T-Bonds and T-Notes today would be a bullish clue to better suggest near-term lows are in place in these markets. Any time a market posts a weekly high close, that's a bullish clue heading into the new trading week.--Jim
U.S. STOCK INDEXES
The stock indexes are solidly higher in early morning electronic trading. Bulls still have the solid near-term technical advantage in the indexes, and are looking for more on the upside in the near term.
June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical support comes in at the overnight low of 1,478.80. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Thursday's low of 1,468.20. Upside resistance for active traders today is located at the overnight contract high of 1,486.80 and then at 1,490.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,476.80
1st Support:------ 1,471.75
2nd Support:------ 1,463.20
1st Resistance:--- 1,485.35
2nd Resistance:--- 1,490.40
June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at the overnight low of 826.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Thursday's low of 819.00. On the upside, short-term resistance is seen at 830.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the contract high of 838.30. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:
Pivot:------------ 823.60
1st Support:------ 819.20
2nd Support:------ 814.60
1st Resistance:--- 828.20
2nd Resistance:--- 832.60
June Dow: For today, sell stops likely reside just below support at 12,850 and then more stops just below support at 12,800. Buy stops likely reside just above shorter-term technical resistance at this week's high of 12,889 and then just above resistance at the contract high of 12,910. 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: 8.0
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,844
1st Support:------ 12,807
2nd Support:------ 12,744
1st Resistance:--- 12,907
2nd Resistance:--- 12,944
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are near steady early today. Bulls had gained near-term technical momentum this week, but faded a bit Thursday. The bulls need a strong showing today to better suggest near-term lows are in place in bonds and notes.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance lies at 111 16/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Thursday's high of 111 27/32. Shorter-term technical support lies at the overnight low of 111 5/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 even. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 111 13/32
1st Support:----- 111 1/32
2nd Support:----- 110 24/32
1st Resistance:-- 111 22/32
2nd Resistance:-- 112 2/32
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 108.02.0, and more buy stops are likely located just above resistance at Thursday's high of 108.08.0. Shorter-term moving averages are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average, but is turning up. Sell stop orders are likely located just below support at the overnight low of 107.28.0, and then more sell stops just below support at 107.24.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 108.01.0
1st Support:------ 107.27.0
2nd Support:------ 107.22.0
1st Resistance:--- 108.06.0
2nd Resistance:--- 108.12.0
Thursday, April 19--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is solidly lower U.S. stock index futures. Overseas stock markets fell sharply overnight, as there are renewed worries about China's economy overheating and then dragging down the rest of the world's major economies. It was reported that China's economy grew by a whopping 11% (annualized) in the latest quarter.
* JIM'S MARKET THOUGHT OF THE DAY *
The U.S. Treasuries markets (T-Bonds and T-Notes) have just recently made a good recovery from the recent lows and technical odds are higher that near-term lows are now in place.--Jim
U.S. STOCK INDEXES
The stock indexes are solidly lower in early morning electronic trading, on a corrective pullback from recent gains. Bulls still have the near-term technical advantage in the indexes.
June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support comes in at the overnight low of 1,468.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this week's low of 1,461.20. Upside resistance for active traders today is located at 1,475.00 and then at the overnight high of 1,480.80. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 4.0
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,479.40
1st Support:------ 1,474.40
2nd Support:------ 1,468.50
1st Resistance:--- 1,485.30
2nd Resistance:--- 1,490.30
June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical support is located at the overnight low of 819.85. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 815.00. On the upside, short-term resistance is seen at the overnight high of 827.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at Wednesday's high of 832.75. Wyckoff's Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:
Pivot:------------ 829.35
1st Support:------ 825.95
2nd Support:------ 823.85
1st Resistance:--- 831.45
2nd Resistance:--- 834.85
June Dow: For today, sell stops likely reside just below support at 12,800 and then more stops just below support at Wednesday's low of 12,784. Buy stops likely reside just above shorter-term technical resistance at Wednesday's high of 12,889 and then just above resistance at the contract high of 12,910. 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 early today. Wyckoff's Intra-Day Market Rating: 4.0
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,844
1st Support:------ 12,798
2nd Support:------ 12,739
1st Resistance:--- 12,903
2nd Resistance:--- 12,949
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are higher again early today. Bulls are gaining near-term technical momentum, to begin to suggest near-term lows are in place in bonds and notes.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance lies at the overnight high of 111 26/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 112 even. Shorter-term technical support lies at the overnight low of 111 14/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 8/32. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 111 13/32
1st Support:----- 111 7/32
2nd Support:----- 110 29/32
1st Resistance:-- 111 23/32
2nd Resistance:-- 111 29/32
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bullish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 108.08.0, and more buy stops are likely located just above resistance at 108.16.0. Shorter-term moving averages are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average, but is turning up. Sell stop orders are likely located just below support at the overnight low of 108.00.5, and then more sell stops just below support at Wednesday's low of 107.24.5. Wyckoff's Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 108.00.0
1st Support:------ 107.28.0
2nd Support:------ 107.22.0
1st Resistance:--- 108.06.0
2nd Resistance:--- 108.10.0
Wednesday, April 18--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is continuing weakness in the U.S. dollar versus the other major currencies. The U.S. dollar index hit a fresh multi-month low overnight.
* JIM'S MARKET THOUGHT OF THE DAY *
Those of you who have traded markets for any length of time know just how challenging is the endeavor. Achieving sustainable success in trading markets involves having the right frame of mind to be a successful trader. I wrote a feature a few years ago on the psychology of trading. If you'd like to read it, just send me an email at jim@jimwyckoff.com and I'll email the feature back to you.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading, on a mild corrective pullback from strong gains scored so far this week. Dow stock index prices are trading at two-month highs, while the S&P 500 index hit a fresh contract high Tuesday. Bulls have the solid near-term technical advantage and are looking for more on the upside in the near term.
June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical support comes in at 1,470.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,465.0. Upside resistance for active traders today is located at Tuesday's contract high of 1,482.70 and then at 1,485.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,478.90
1st Support:------ 1,475.10
2nd Support:------ 1,471.20
1st Resistance:--- 1,482.80
2nd Resistance:--- 1,486.60
June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical support is located at Tuesday's low of 830.30. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 825.00. On the upside, short-term resistance is seen at Tuesday's high of 837.25. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the contract high of 838.30. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:
Pivot:------------ 833.75
1st Support:------ 830.25
2nd Support:------ 826.80
1st Resistance:--- 837.20
2nd Resistance:--- 840.70
June Dow: For today, sell stops likely reside just below support at Tuesday's low of 12,750 and then more stops just below support at this week's low of 12,695. Buy stops likely reside just above shorter-term technical resistance at Tuesday's high of 12,845 and then just above resistance at the contract high of 12,910. 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 bullish early today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,807
1st Support:------ 12,769
2nd Support:------ 12,712
1st Resistance:--- 12,864
2nd Resistance:--- 12,902
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are higher early today. Bulls are regaining some near-term technical momentum today. Stronger closes today would begin to hint that near-term lows could be in place in bonds and notes.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance lies at 111 16/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 24/32. Shorter-term technical support lies at the overnight low of 111 3/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 24/32. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 110 29/32
1st Support:----- 110 19/32
2nd Support:----- 110 3/32
1st Resistance:-- 111 13/32
2nd Resistance:-- 111 23/32
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bullish early today. Buy stops likely reside just above shorter-term technical resistance at 108.00.0, and more buy stops are likely located just above resistance at 108.05.0. Shorter-term moving averages are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 107.24.5, and then more sell stops just below support at 107.16.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 107.21.0
1st Support:------ 107.15.0
2nd Support:------ 107.04.0
1st Resistance:--- 108.00.0
2nd Resistance:--- 108.06.0
Tuesday, April 17--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is a weaker U.S. stock index futures prices, following strong gains Monday.
* JIM'S MARKET THOUGHT OF THE DAY *
Stock index bulls on Monday got that bigger type of upside "breakout" move for which the bulls were looking. Bulls are now with easy striking distance of new yearly highs.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading, on a corrective pullback from strong gains scored on Monday. Prices are trading at two-month highs. Bulls have the near-term technical advantage and are looking for more on the upside in the near term.
June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical support comes in at 1,470.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,465.0. Upside resistance for active traders today is located at the contract high of 1,477.50 and then at 1,480.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,471.20
1st Support:------ 1,465.40
2nd Support:------ 1,455.40
1st Resistance:--- 1,481.20
2nd Resistance:--- 1,487.00
June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical support is located at Monday's low of 828.55. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 825.00. On the upside, short-term resistance is seen at Monday's high of 836.75. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the contract high of 838.30. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:
Pivot:------------ 833.60
1st Support:------ 830.45
2nd Support:------ 825.40
1st Resistance:--- 838.65
2nd Resistance:--- 841.80
June Dow: For today, sell stops likely reside just below support at 12,725 and then more stops just below support at Monday's low of 12,695. Buy stops likely reside just above shorter-term technical resistance at Monday's high of 12,789 and then just above resistance at 12,800. 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 bullish early today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,751
1st Support:------ 12,713
2nd Support:------ 12,657
1st Resistance:--- 12,807
2nd Resistance:--- 12,845
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are weaker early today. Bears still have the near-term technical advantage in bonds and notes.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bearish today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at the overnight high of 110 22/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 even. Shorter-term technical support lies at the overnight low of 110 12/32. Sell stops likely reside just below that level. More sell stops are likely located below support at the April low of 110 even. Wyckoff's Intra-Day Market Rating: 3.5
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 110 15/32
1st Support:----- 110 6/32
2nd Support:----- 109 26/32
1st Resistance:-- 110 27/32
2nd Resistance:-- 111 4/32
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 the overnight high of 107.16.0, and more buy stops are likely located just above resistance at 107.24.0. Shorter-term moving averages are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 107.10.0, and then more sell stops just below support at Monday's low of 107.05.5. Wyckoff's Intra Day Market Rating: 3.5
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 107.12.0
1st Support:------ 107.09.0
2nd Support:------ 107.02.0
1st Resistance:--- 107.19.0
2nd Resistance:--- 107.22.0
CURRENCIES
The June U.S. dollar index is lower in early morning trading. Bears have the solid near-term technical advantage as prices Friday hit a fresh 4.5-month low and are near the contract low. Slow stochastics are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 81.90 and then at 82.00. Shorter-term support is seen at Friday's low of 81.76 and then at the contract low of 81.65. Wyckoff's Intra Day Market Rating: 1.0
The June Euro is slightly higher in early electronic trading, and prices hit another fresh contract high overnight. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.3573 and then more stops just below support at 1.3550. Shorter-term technical resistance for the Euro is seen at the overnight contract high of 1.3612 and then at 1.3650. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Wyckoff's Intra Day Market Rating: 8.0
GOLD
Gold is higher in early trading today and hit a fresh seven-week high overnight. Bulls still have solid upside near-term technical momentum. In June gold, shorter-term technical support is seen at the overnight low of $688.80 and then at $685.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $692.90 and then at $695.00. Wyckoff's Intra-Day Market Rating: 8.0
CRUDE OIL
Crude oil prices are higher in early electronic dealings. Bulls have regained some near-term technical momentum. In May crude, look for buy stops to reside just above resistance at last week's high of $64.58 and then just above resistance at $65.00. Look for sell stops just below technical support at the overnight low of $63.33, and then more sell stops just below support at $63.00. Wyckoff's Intra-Day Market Rating: 6.0
GRAINS
Prices were solidly lower overnight. Trading has become choppy in the grains. Recent cold temperatures in the U.S. Corn Belt and Plains states are going to give way to more seasonal temperatures, and that's deemed a bit bearish for the markets today. It's all about the weather in the Corn Belt and Plains.
Monday, April 16--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is a higher U.S. stock index futures prices.
* JIM'S MARKET THOUGHT OF THE DAY *
Stock index bulls had a good week last week and are now poised to challenge the highs scored earlier this year. Stock index prices have been in unassuming uptrends from the March lows, which the bulls like to see and which also suggests the uptrends can continue for at least the near term.--Jim
U.S. STOCK INDEXES
The stock indexes are higher in early morning electronic trading. Prices are trading at or near seven-week highs after bullish weekly high closes on Friday. Bulls have the near-term technical advantage.
June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical support comes in at 1,460.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,455.0. Upside resistance for active traders today is located at 1,470.00 and then at the contract high of 1,477.50. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.0
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,458.30
1st Support:------ 1,455.05
2nd Support:------ 1,448.80
1st Resistance:--- 1,464.55
2nd Resistance:--- 1,467.80
June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical support is located at 820.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Friday's low of 816.40. On the upside, short-term resistance is seen at 825.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 830.00. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:
Pivot:------------ 821.90
1st Support:------ 819.00
2nd Support:------ 813.55
1st Resistance:--- 827.40
2nd Resistance:--- 820.25
June Dow: For today, sell stops likely reside just below support at 12,625 and then more stops just below support at Friday's low of 12,589. Buy stops likely reside just above shorter-term technical resistance at 12,700 and then just above resistance at 12,750. Shorter-term moving averages are still 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 early today. Wyckoff's Intra-Day Market Rating: 7.0
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,646
1st Support:------ 12,616
2nd Support:------ 12,560
1st Resistance:--- 12,702
2nd Resistance:--- 12,732
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are weaker early today. Bears have the solid near-term technical advantage in bonds and notes, having gained more power with the weekly low closes produced on Friday.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bearish today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at the overnight high of 110 9/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 110 16/32. Shorter-term technical support lies at the April low of 110 even. Sell stops likely reside just below that level. More sell stops are likely located below support at 110 24/32. Wyckoff's Intra-Day Market Rating: 3.5
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 110 11/32
1st Support:----- 109 31/32
2nd Support:----- 109 22/32
1st Resistance:-- 110 20/32
2nd Resistance:-- 111 even
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 107.11.0, and more buy stops are likely located just above resistance at Friday's high of 109.19.5. Shorter-term moving averages are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at 107.00.0, and then more sell stops just below support at 106.24.0. Wyckoff's Intra Day Market Rating: 3.5
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 107.13.0
1st Support:------ 107.05.0
2nd Support:------ 107.01.0
1st Resistance:--- 107.17.0
2nd Resistance:--- 107.25.0
METALS
Gold is higher in early trading today. Bulls still have upside near-term technical momentum. In June gold, shorter-term technical support is seen at the overnight low of $680.10 and then at $676.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at $685.00 and then at this week's high of $686.80. Wyckoff's Intra-Day Market Rating: 8.0
CURRENCIES
The June U.S. dollar index is sharply lower in early morning trading. Bears have the solid near-term technical advantage. Slow stochastics are bearish early today. The dollar index finds shorter-term technical resistance at 82.00 and then at the overnight high of 82.15. Shorter-term support is seen at the overnight low of 81.76 and then at the contract low of 81.65. Wyckoff's Intra Day Market Rating: 1.0
The June Euro is solidly higher in early electronic trading, and prices hit another fresh contract high overnight. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.3516 and then more stops just below support at Thursday's low of 1.3463. Shorter-term technical resistance for the Euro is seen at the overnight contract high of 1.3583 and then at 1.3600. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Wyckoff's Intra Day Market Rating: 9.0
CRUDE OIL
Crude oil prices are higher in early electronic dealings. Bulls are regaining near-term technical momentum. In May crude, look for buy stops to reside just above resistance at the overnight high of $64.58 and then just above resistance at $65.00. Look for sell stops just below technical support at the overnight low of $63.81, and then more sell stops just below support at $63.50. Wyckoff's Intra-Day Market Rating: 6.0
GRAINS
Prices were mixed but mostly higher overnight. Trading has become choppy in the grains. Lingering cold temperatures and snow in the U.S. Corn Belt and Plains states are going to limit selling interest in the grains for the near term. It's all about the weather in the Corn Belt and Plains. Bulls still have the near-term technical advantage in the grains.
Friday, April 13--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is a solidly lower U.S. dollar versus the other major currencies.
* JIM'S MARKET THOUGHT OF THE DAY *
I've got a free e-book called "Sharpening Your Trading Skills." It contains a few anecdotes and technical tidbits for traders of all markets. If you have not seen it, I'd be happy to email it to you. Just send me an email at jim@jimwyckoff.com and I'll send it right back to you. Have a great weekend.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in quieter early morning electronic trading. Bulls do still have the slight near-term technical advantage.
June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still bullish today. However, the 4-day moving average is turning down, but still above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical support comes in at 1,450.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Thursday's low of 1,442.30. Upside resistance for active traders today is located at this month's high of 1,460.00 and then at 1,461.60. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,451.60
1st Support:------ 1,446.25
2nd Support:------ 1,437.00
1st Resistance:--- 1,460.85
2nd Resistance:--- 1,466.20
June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is turning down but is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at Wednesday's low of 813.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Thursday's low of 807.70. On the upside, short-term resistance is seen at this week's high of 822.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 830.00. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:
Pivot:------------ 815.70
1st Support:------ 811.10
2nd Support:------ 803.10
1st Resistance:--- 823.70
2nd Resistance:--- 828.30
June Dow: For today, sell stops likely reside just below support at 12,550 and then more stops just below support at Thursday's low of 12,485. Buy stops likely reside just above shorter-term technical resistance at Thursday's high of 12,620 and then just above resistance at this week's high of 12,668. Shorter-term moving averages are still bullish early today, but the 4-day moving average is turning down while still above the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,570
1st Support:------ 12,519
2nd Support:------ 12,435
1st Resistance:--- 12,654
2nd Resistance:--- 12,705
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are near steady early today. While bears still have the near-term technical advantage in bonds and notes, near-term market bottoms may be close at hand. But one solid down day in bonds and notes would provide the bears with fresh downside power to suggest another leg lower in prices.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bearish today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at Wednesday's high of 110 25/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 even. Shorter-term technical support lies at Thursday's low of 110 12/32. Sell stops likely reside just below that level. More sell stops are likely located below support at this week's low of 110 8/32. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 110 18/32
1st Support:----- 110 10/32
2nd Support:----- 110 5/32
1st Resistance:-- 110 23/32
2nd Resistance:-- 110 31/32
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Buy stops likely reside just above shorter-term technical resistance at this week's high of 107.23.5, and more buy stops are likely located just above resistance at 108.00.0. Shorter-term moving averages are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at this month's low of 107.11.0, and then more sell stops just below support at 107.00.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 107.17.0
1st Support:------ 107.13.0
2nd Support:------ 107.09.0
1st Resistance:--- 107.21.0
2nd Resistance:--- 107.25.0
Thursday, April 12--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The feature in overnight/early morning trading today is weaker U.S. stock index futures prices.
* JIM'S MARKET THOUGHT OF THE DAY *
There are some early technical clues that the U.S. T-Bond and T-Notes have put in near-term lows, or are close to it. If bonds and notes can produce weekly high closes this week, that would be more technical evidence that near-term lows could be in place.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in quieter early morning electronic trading. Bulls do still have the slight near-term technical advantage.
June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still bullish today. However, the 4-day moving average is turning down, but still above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support comes in at 1,440.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,435.00. Upside resistance for active traders today is located at the overnight high of 1,449.50 and then at 1,555.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,450.50
1st Support:------ 1,442.85
2nd Support:------ 1,437.10
1st Resistance:--- 1,456.25
2nd Resistance:--- 1,463.90
June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are turning bearish early today. The 4-day moving average is below the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical support is located at Wednesday's low of 809.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 805.00. On the upside, short-term resistance is seen at 815.00. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at Wednesday's high of 822.00. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:
Pivot:------------ 814.35
1st Support:------ 808.60
2nd Support:------ 803.30
1st Resistance:--- 819.65
2nd Resistance:--- 825.40
June Dow: For today, sell stops likely reside just below support at Wednesday's low of 12,515 and then more stops just below support at 12,450. Buy stops likely reside just above shorter-term technical resistance at 12,600 and then just above resistance at Wednesday's high of 12,650. Shorter-term moving averages are bullish early today, but the 4-day moving average is turning down while still above the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,573
1st Support:------ 12,496
2nd Support:------ 12,438
1st Resistance:--- 12,631
2nd Resistance:--- 12,708
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are firmer early today, on more short covering from recent losses. While bears still have the near-term technical advantage in bonds and notes, near-term market bottoms may be close at hand.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bearish today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance lies at Wednesday's high of 110 24/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 111 even. Shorter-term technical support lies at the overnight low of 110 14/32. Sell stops likely reside just below that level. More sell stops are likely located below support at this week's low of 110 8/32. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 110 17/32
1st Support:----- 110 9/32
2nd Support:----- 110 5/32
1st Resistance:-- 110 21/32
2nd Resistance:-- 110 29/32
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bullish early today. Buy stops likely reside just above shorter-term technical resistance at Wednesday's high of 107.23.5, and more buy stops are likely located just above resistance at 108.00.0. Shorter-term moving averages are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at Wednesday's low of 107.13.5, and then more sell stops just below support at this month's low of 107.11.0. Wyckoff's Intra Day Market Rating: 5.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 107.18.0
1st Support:------ 107.12.0
2nd Support:------ 107.08.0
1st Resistance:--- 107.22.0
2nd Resistance:--- 107.28.0
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