Name: Jim Wyckoff 
Stock Indexes, Greenback Firmer Early
Tuesday, May 22--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The features again in overnight/early morning trading today are higher stock index futures prices and a firmer U.S. dollar.
* JIM'S MARKET THOUGHT OF THE DAY *
Gold presently has two strong forces to influence the precious yellow metal. A bullish force is rising crude oil prices. The bearish force is a rebound in the value of the U.S. dollar versus the other major currencies. My bias is that the more powerful force that will have a greater impact on gold is the value of the greenback. If the dollar continues to appreciate then gold bulls will have a tough time making progress.--Jim
U.S. STOCK INDEXES
The stock indexes are again firmer in early morning electronic trading, after setting fresh contract highs Monday for the Dow and for the S&P 500. Bulls still have the overall near-term technical advantage in the indexes, and there are still no early warning flags of market tops being close at hand. But bulls should not become too complacent.
June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at 1,525.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,520.00. Upside resistance for active traders today is located at Monday's contract high of 1,533.80 and then at 1,540.00. 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:------------ 1,529.30
1st Support:------ 1,524.80
2nd Support:------ 1,521.70
1st Resistance:--- 1,532.40
2nd Resistance:--- 1,536.90
June Russell 2000: 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 to bullish 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 Monday's low of 824.00. On the upside, short-term resistance is seen at the contract high of 840.50 and then at 845.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:
Pivot:------------ 832.80
1st Support:------ 826.35
2nd Support:------ 817.55
1st Resistance:--- 841.60
2nd Resistance:--- 848.05
June Dow: For today, sell stops likely reside just below support at 13,550 and then more stops just below support at 13,500. Buy stops likely reside just above shorter-term technical resistance at Monday's contract high of 13,605 and then at 13,650. 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 bearish early today. Wyckoff's Intra-Day Market Rating: 8.0
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 13,584
1st Support:------ 13,549
2nd Support:------ 13,526
1st Resistance:--- 13,607
2nd Resistance:--- 13,642
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are weaker early today, after a tepid short-covering bounce Monday. Bears still have the solid near-term technical advantage.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at the overnight high of 110 5/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 110 15/32. Shorter-term technical support lies at Monday's low of 109 23/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 109 16/32. Wyckoff's Intra-Day Market Rating: 3.0
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 110 even
1st Support:----- 109 28/32
2nd Support:----- 109 18/32
1st Resistance:-- 110 10/32
2nd Resistance:-- 110 14/32
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 the overnight high of 107.05.5, and more buy stops are likely located just above resistance at 107.15.0. 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 Monday's low of 106.30.0, and then more sell stops just below support at 106.24.0. Wyckoff's Intra Day Market Rating: 3.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 107.03.0
1st Support:------ 107.00.0
2nd Support:------ 106.27.0
1st Resistance:--- 107.08.0
2nd Resistance:--- 107.11.0
