Name: Jim Wyckoff 
Crude Oil Prices Backing Off
Tuesday, July 24--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is solidly lower crude oil prices.
* JIM'S MARKET THOUGHT OF THE DAY *
My bias is that there is not much left on the upside in the crude oil market. There are bullish fundamentals in the market at present, but prices around $75.00 a barrel have already accounted for those bullish fundamentals. As the peak U.S. driving season starts to wind down in late summer, it would not surprise me to see crude oil prices back down, too. Of course, the caveat is any unexpected market shock, such as a hurricane in the Gulf of Mexico, or escalating geopolitical tensions in a world hot spot, which could spike crude oil prices in a hurry.--Jim
U.S. STOCK INDEXES
The stock indexes are slightly lower in early morning electronic trading. Trading has turned choppy and I would not be surprised to see more choppy dealings heading into the month of August.
September S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support comes in at 1,540.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at last week's low of 1,537.50. Upside resistance for active traders today is located at the overnight high of 1,551.70 and then at Monday's high of 1,556.20. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER S&P 500:
Pivot:------------ 1,549.55
1st Support:------ 1,542.90
2nd Support:------ 1,536.75
1st Resistance:--- 1,555.70
2nd Resistance:--- 1,562.35
September Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical support is located at last week's low of 835.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 830.00. On the upside, short-term resistance is seen at 840.00 and then at Monday's high of 847.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 5.0
PIVOT POINT LEVELS FOR SEPTEMBER RUSSELL 2000:
Pivot:------------ 841.30
1st Support:------ 835.55
2nd Support:------ 832.70
1st Resistance:--- 844.15
2nd Resistance:--- 849.90
September Dow: Sell stops likely reside just below support at Monday's low of 13,965 and then more stops just below support at 13,900. Buy stops likely reside just above shorter-term technical resistance at Monday's high of 14,045 and then at the contract high of 14,097. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day and 18-day, but is turning down. 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 SEPTEMBER DOW:
Pivot:------------ 14,007
1st Support:------ 13,969
2nd Support:------ 13,927
1st Resistance:--- 14,049
2nd Resistance:--- 14,087
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are slightly higher early today. Bulls have fresh upside technical momentum on their side.
September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance lies at last week's and Monday's high of 108 22/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 109 even. Shorter-term technical support lies at Monday's low of 108 5/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 108 even. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 108 14/32
1st Support:----- 108 5/32
2nd Support:----- 107 29/32
1st Resistance:-- 108 22/32
2nd Resistance:-- 108 31/32
September 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 106.11.0 and then just above last week's high of 106.15.0. Shorter-term moving averages are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at 106.00.0, and then more sell stops just below support at 105.22.0. Wyckoff's Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 106.08.0
1st Support:------ 106.02.0
2nd Support:------ 105.29.0
1st Resistance:--- 106.13.0
2nd Resistance:--- 106.19.0
