Name: Jim Wyckoff 
Crude Oil Now Just Shy of $120 a Barrel
Monday, April 28--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is firmer crude oil prices that hit another all-time record high in overnight trading and are now within a few cents of $120.00 a barrel.
* JIM'S MARKET THOUGHT OF THE DAY *
The U.S. dollar is back on the defensive to start the new week, after the greenback bulls had some success late last week. The weaker dollar today has again emboldened commodity market bulls. Most markets will continue to focus on the U.S. dollar early this week. A down day in the dollar today would not dent the bulls' recently gained technical momentum. However, two solid down days in a row in the U.S. dollar index would deflate the bulls.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning trading, as the bulls have near-term upside technical momentum after bullish weekly high closes on Friday.
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 and 18-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 1,393.90. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Friday's low of 1,380.50. Upside resistance for active traders today is located at the overnight high of 1,404.60 and then at 1,410.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 1,374.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,392.90
1st Support:------ 1,384.75
2nd Support:------ 1,372.40
1st Resistance:--- 1,405.25
2nd Resistance:--- 1,413.40
June Nasdaq Index: 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. 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 the overnight low of 1,918.75. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 1,900.00. On the upside, short-term resistance is seen at last week's high of 1,950.00 and then at 1,975.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 1,885.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 1,917.35
1st Support:------ 1,901.70
2nd Support:------ 1,882.35
1st Resistance:--- 1,936.70
2nd Resistance:--- 1,952.35
June Dow: Sell stops likely reside just below support at 12,800 and then more stops just below support at Friday's low of 12,740. Buy stops likely reside just above shorter-term technical resistance at Friday's high of 12,900 and then just above resistance at last week's high of 12,940. 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
Today's key near-term Fibonacci support/resistance level: 12,674
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,838
1st Support:------ 12,777
2nd Support:------ 12,678
1st Resistance:--- 12,937
2nd Resistance:--- 12,998
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are lower in early trading today. Bears have near-term downside technical momentum on their side as downtrend lines are still in place on the daily bar charts.
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 bearish early today. Shorter-term technical resistance lies at the overnight high of 115 23/32 and then at 116 even. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 115 8/32 and then at 115 even. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 116 5/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 115 21/32
1st Support:----- 115 6/32
2nd Support:----- 114 26/32
1st Resistance:-- 116 1/32
2nd Resistance:-- 116 16/32
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 115.07.0 and then at Friday's high of 115.14.0. 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 Friday's low of 114.20.0 and then more sell stops just below support at 114.16.0. Wyckoff's Intra Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 115.10.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 115.01.0
1st Support:------ 114.21.0
2nd Support:------ 114.07.0
1st Resistance:--- 115.15.0
2nd Resistance:--- 115.27.0
