Name: Jim Wyckoff 
Crude Pushes to Fresh 12-Month High Overnight
Friday, July 20--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is higher crude oil prices that overnight hit a fresh 12-month high above $76.00 a barrel.
* JIM'S MARKET THOUGHT OF THE DAY *
The U.S. dollar is presently in a weak near-term technical posture versus most of the other major currencies. However, an examination of the U.S. dollar index on a longer-term technical basis shows that the index has entered a longer-term technical support zone that has halted the dollar index's decline every time dating back to the formation of the index back in 1985. But those traders thinking about going out today and buying the dollar index or the dollar versus the other major currencies should first wait for the greenback to show some significant technical strength to suggest an uptrend can begin.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in early morning electronic trading. Trading has turned choppy and I would not be surprised to see a bigger profit-taking pullback soon.
September 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- and 18-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 1,556.20. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Thursday's low of 1,548.60. Upside resistance for active traders today is located at the overnight high of 1,561.80 and then at the contract high of 1,566.30. 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:------------ 1,557.80
1st Support:------ 1,550.65
2nd Support:------ 1,541.50
1st Resistance:--- 1,566.95
2nd Resistance:--- 1,574.10
September 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 and 18-day, but is turning down. 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 850.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 847.00. On the upside, short-term resistance is seen at this week's high of 861.25 and then at the contract high of 864.25. 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:------------ 855.65
1st Support:------ 852.80
2nd Support:------ 851.10
1st Resistance:--- 857.35
2nd Resistance:--- 860.20
September Dow: Sell stops likely reside just below support at 14,000 and then more stops just below support at this week's low of 13,900. Buy stops likely reside just above shorter-term technical resistance at the contract high of 14,097 and then at 14,200. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day and 18-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: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER DOW:
Pivot:------------ 14,059
1st Support:------ 14,029
2nd Support:------ 13,996
1st Resistance:--- 14,092
2nd Resistance:--- 14,122
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes are higher early today. Trading has turned choppier as the bulls and bears struggle for near-term technical momentum. Weekly high closes in the Treasuries would give the bulls good technical momentum heading into the new trading week next week.
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 bullish early today. Shorter-term technical resistance lies at this month's high of 108 7/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at 108 16/32. Shorter-term technical support lies at the overnight low of 107 23/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 107 16/32. Wyckoff's Intra-Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER T-BONDS:
Pivot:----------- 107 22/32
1st Support:----- 107 16/32
2nd Support:----- 107 3/32
1st Resistance:-- 108 3/32
2nd Resistance:-- 108 9/32
September U.S. T-Notes: Prices hit a fresh six-week high overnight. 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 106.02.5, and more buy stops are likely located just above resistance at 106.08.0. 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 the overnight low of 105.22.0, and then more sell stops just below support at 105.16.0. Wyckoff's Intra Day Market Rating: 6.0
PIVOT POINT LEVELS FOR SEPTEMBER T-NOTES:
Pivot:------------ 105.22.0
1st Support:------ 105.17.0
2nd Support:------ 105.10.0
1st Resistance:--- 105.29.0
2nd Resistance:--- 106.02.0
