Name: Jim Wyckoff 
Grain Futures Hit New Highs in Overnight Trading
Monday, February 25--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today is grain futures markets that were strongly higher overnight, with wheat, corn and soybean futures soaring to new contract and all-time highs.
* JIM'S MARKET THOUGHT OF THE DAY *
"Speculative excess." That's what takes hold of strong bull-market moves in the late stages of price advances. That's also one precursor to market tops being put in place and markets then many times selling off sharply to form V-Top reversals--especially in commodity futures markets. Part of the speculative excess comes from weak-handed longs who enter the market very late in the game, expecting big profits quickly, and then bail out when big price gains don't quickly occur, as has been the case just recently. I see very early clues of speculative excess in the grain futures markets--especially soybean oil.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning electronic trading. Trading has turned choppy and the indexes have basically been in a sideways trading range for four weeks.
June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical support comes in at 1,350.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,340.00. Upside resistance for active traders today is located at last week's high of 1,371.00 and then at 1,380.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 1,350.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,349.25
1st Support:------ 1,339.00
2nd Support:------ 1,319.75
1st Resistance:--- 1,368.50
2nd Resistance:--- 1,378.75
June Nasdaq Index: The shorter-term moving averages (4- 9-and 18-day) are bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at Friday's low of 1,758.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 1,750.00. On the upside, short-term resistance is seen at 1,800.00 and then at last week's high of 1,823.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 1,826.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 1,779.85
1st Support:------ 1,769.20
2nd Support:------ 1,747.85
1st Resistance:--- 1,801.20
2nd Resistance:--- 1,811.85
June Dow: Sell stops likely reside just below support at 12,300 and then more stops just below support at 12,200. Buy stops likely reside just above shorter-term technical resistance at 12,500 and then just above resistance at 12,550. Shorter-term moving averages are neutral early today, as the 4-day moving average is above the 9-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 12,310
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,327
1st Support:------ 12,248
2nd Support:------ 12,092
1st Resistance:--- 12,483
2nd Resistance:--- 12,562
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are lower in early trading today.
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, but is turning up. 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 115 28/32 and then at 116 even. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 115 7/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 115 even. Wyckoff's Intra-Day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 116 3/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 116 3/32
1st Support:----- 115 16/32
2nd Support:----- 115 5/32
1st Resistance:-- 116 14/32
2nd Resistance:-- 117 1/32
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 115.00.0 and then just above resistance at the overnight high of 115.04.0. Shorter-term moving averages are bearish early today. The 4-day moving average is below the 9-day, but is turning up. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at 114.16.0 and then more sell stops just below support at 114.08.0. Wyckoff's Intra Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 114.31.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 115.08.0
1st Support:------ 114.26.0
2nd Support:------ 114.18.0
1st Resistance:--- 115.16.0
2nd Resistance:--- 115.30.0
