Name: Jim Wyckoff 
Crude Oil, Gold Sharply Lower Early
Wednesday, May 28--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today are sharply lower gold and crude oil prices, and a firmer U.S. dollar.
* JIM'S MARKET THOUGHT OF THE DAY *
As of early this morning, crude oil futures were under strong selling pressure after a big down day on Tuesday. A sharply lower close in crude oil futures today would spook the bulls--especially the weak-handed longs, which would likely then exacerbate selling pressure on Thursday. Trading the rest of this week will be extra important for the crude oil market, which in turn will be important for other commodity markets, given that crude has been a key "outside market" for many commodity futures markets.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning trading. Trading has turned choppy, with bulls and bears back on a level near-term technical playing field.
June S&P 500: 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 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 the overnight low of 1,380.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at last week's low of 1,372.40. Upside resistance for active traders today is located at 1,400.00 and then at 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: 1,398.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,381.75
1st Support:------ 1,376.00
2nd Support:------ 1,367.25
1st Resistance:--- 1,390.50
2nd Resistance:--- 1,396.25
June Nasdaq Index: 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 bullish early today. Shorter-term technical support is located at the overnight low of 1,987.25. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 1,965.00. On the upside, short-term resistance is seen at the overnight 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: 2,001.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 1,982.85
1st Support:------ 1,967.70
2nd Support:------ 1,942.35
1st Resistance:--- 2,008.20
2nd Resistance:--- 2,023.35
June Dow: Sell stops likely reside just below support at 12,500 and then more stops just below support at Tuesday's low of 12,440. Buy stops likely reside just above shorter-term technical resistance at 12,600 and then just above resistance at 12,672. Shorter-term moving averages are bearish early today, as the 4-day moving average is below the 9-day. The 9-day moving average is below 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
Today's key near-term Fibonacci support/resistance level: 12,714
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,521
1st Support:------ 12,472
2nd Support:------ 12,391
1st Resistance:--- 12,602
2nd Resistance:--- 12,651
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are near steady in early trading today. Trading is still choppy and still in a sideways range on the daily bar chart. Neither the bulls nor the bears have any strong near-term technical advantage at present.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral to bearish 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 13/32 and then at 115 4/32. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 116 2/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 116 1/32
1st Support:----- 115 5/32
2nd Support:----- 114 21/32
1st Resistance:-- 116 17/32
2nd Resistance:-- 117 13/32
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 114.31.5 and then above resistance at 115.08.0. 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 Tuesday's low of 114.21.0 and then more sell stops just below support at 114.15.5. Wyckoff's Intra Day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 115.03.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 115.00.0
1st Support:------ 114.15.0
2nd Support:------ 114.03.0
1st Resistance:--- 115.12.0
2nd Resistance:--- 115.29.0
