Name: Jim Wyckoff 
Commodity Markets Weaker in Early Trading
Wednesday, May 14--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today are generally weaker commodity futures prices, weaker U.S. stock indexes and a firmer U.S. dollar.
* JIM'S MARKET THOUGHT OF THE DAY *
It would not surprising me to at some point soon see crude oil futures prices see a major corrective pullback, to the tune of one or two days with losses of more than $5.00 a barrel.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in early morning trading. Bulls and bears are struggling for the near-term level technical advantage, with neither having much of an edge at present, amid choppy trading conditions.
June 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 neutral early today. Today, shorter-term technical support comes in at 1,390.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at last week's low of 1,382.00. Upside resistance for active traders today is located at the overnight high of 1,407.20 and then at this week's high of 1,410.00. 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: 1,404.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,404.10
1st Support:------ 1,397.45
2nd Support:------ 1,390.20
1st Resistance:--- 1,411.35
2nd Resistance:--- 1,418.00
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. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at Tuesday's low of 1,985.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at this week's low of 1,962.00. On the upside, short-term resistance is seen at Tuesday's high of 2,010.00 and then at 2,025.00. 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: 1,985.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 2,000.35
1st Support:------ 1,990.70
2nd Support:------ 1,975.35
1st Resistance:--- 2,015.70
2nd Resistance:--- 2,025.35
June Dow: Sell stops likely reside just below support at Tuesday's low of 12,775 and then more stops just below support at this week's low of 12,738. Buy stops likely reside just above shorter-term technical resistance at this week's high of 12,897 and then just above resistance at 12,940. Shorter-term moving averages are neutral early today, as the 4-day moving average is below 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: 5.0
Today's key near-term Fibonacci support/resistance level: 12,908
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,829
1st Support:------ 12,772
2nd Support:------ 12,719
1st Resistance:--- 12,882
2nd Resistance:--- 12,939
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are lower in early trading today. Bears have fresh downside near-term technical momentum on their side.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at the overnight high of 115 25/32 and then at 116 even. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 115 4/32 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 3/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 116 14/32
1st Support:----- 115 7/32
2nd Support:----- 114 18/32
1st Resistance:-- 117 3/32
2nd Resistance:-- 118 10/32
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 114.31.0 and then above resistance at 115.08.0. Shorter-term moving averages are neutral early today. The 4-day moving average is above the 9-day. The 9-day is below the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 114.10.0 and then more sell stops just below support at 114.00.0. Wyckoff's Intra Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 115.03.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 115.11.0
1st Support:------ 114.16.0
2nd Support:------ 114.00.0
1st Resistance:--- 115.27.0
2nd Resistance:--- 116.22.0
