Name: Jim Wyckoff 
Crude Oil Prices Make Quick Rebound from Thursday Sell Off
Friday, May 23--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is solidly higher crude oil prices on a quick rebound from Thursday's sell off.
* JIM'S MARKET THOUGHT OF THE DAY *
It's Friday and a long holiday weekend awaits us in the U.S. So let's change gears and have a bit of fun, by me challenging you with a question. If you answer the question below correctly, I'll send you my e-book called "62 Rules Used by Profitable Futures Traders" (a $19.95 value). Here's the two-part question: First part: What is the name of the of the famed T-Bond futures trader who struck it rich in Chicago during the 1980s? (Hint: He owns a spacious lodge in Michigan.) Second part: In what way did other traders in the T-bond pit signal to their own trading desks on the floor that this particular famed trader was making trades? You can email me at jim@jimwyckoff.com with your answer.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in early morning trading. Bears have gained some fresh downside technical momentum, amid the crude oil spike that is sapping consumer confidence. I still look for choppy trading conditions in the stock indexes for at least the near term.
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 and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bearish early today. Today, shorter-term technical support comes in at the May low of 1,379.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,370.00. Upside resistance for active traders today is located at the overnight high of 1,395.20 and then at 1,400.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 1,407.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,394.30
1st Support:------ 1,389.10
2nd Support:------ 1,385.00
1st Resistance:--- 1,398.40
2nd Resistance:--- 1,403.60
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 bearish early today. Shorter-term technical support is located at this week's low of 1,954.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at the May low of 1,923.25. On the upside, short-term resistance is seen at the overnight high of 1,969.50 and then at Thursday's high of 1,981.50. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 1,992.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 1,968.70
1st Support:------ 1,955.85
2nd Support:------ 1,945.20
1st Resistance:--- 1,979.35
2nd Resistance:--- 1,992.20
June Dow: Sell stops likely reside just below support at Thursday's low of 12,595 and then more stops just below support at 12,550. Buy stops likely reside just above shorter-term technical resistance at 12,700 and then just above resistance at 12,750. 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: 4.0
Today's key near-term Fibonacci support/resistance level: 12,787
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,628
1st Support:------ 12,583
2nd Support:------ 12,551
1st Resistance:--- 12,660
2nd Resistance:--- 12,705
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are higher in early trading today. Trading is choppy and still in a sideways range on the daily bar chart. Bonds and notes will continue to generally trade in an inverse relationship with the U.S. stock market.
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 neutral early today. Shorter-term technical resistance lies at 116 16/32 and then at 116 24/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 115 20/32 and then at Thursday's low of 115 12/32. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 5.5
Today's key near-term Fibonacci support/resistance level: 116 25/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 116 6/32
1st Support:----- 115 1/32
2nd Support:----- 114 8/32
1st Resistance:-- 116 31/32
2nd Resistance:-- 118 4/32
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 115.08.0 and then above resistance at 115.16.0. 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 114.15.5 and then more sell stops just below support at 114.08.0. Wyckoff's Intra Day Market Rating: 5.5
Today's key near-term Fibonacci support/resistance level: 115.03.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 115.01.0
1st Support:------ 114.08.0
2nd Support:------ 113.24.0
1st Resistance:--- 115.17.0
2nd Resistance:--- 116.10.0
