Name: Jim Wyckoff 
Crude Oil Pushes Above $125.00 Overnight
Friday, May 9--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 that hit a new all-time record high of $125.98 overnight.
* JIM'S MARKET THOUGHT OF THE DAY *
Today's record high crude prices and weaker U.S. dollar will likely prompt a fresh surge of buying interest in the commodity markets today. Corn set a new all-time record high in overnight trading. Crude oil still could be in a "blow-off top" stage, whereby prices make a strong push higher and then put in at least a near-term market top.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in early morning trading. Bears are gaining fresh near-term technical momentum and bearish weekly low closes would gain them more.
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 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 1,391.60 and then at Thursday's high of 1,402.80. 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: 1,403.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,394.80
1st Support:------ 1,386.75
2nd Support:------ 1,381.50
1st Resistance:--- 1,400.05
2nd Resistance:--- 1,408.10
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, but is turning down. 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 1,949.50. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at this month's low of 1,923.25. On the upside, short-term resistance is seen at the overnight high of 1,964.25 and then at Thursday's high of 1,984.00. 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: 1,974.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 1,968.70
1st Support:------ 1,953.35
2nd Support:------ 1,941.70
1st Resistance:--- 1,980.35
2nd Resistance:--- 1,995.70
June Dow: Sell stops likely reside just below support at 12,700 and then more stops just below support at 12,663. Buy stops likely reside just above shorter-term technical resistance at 12,800 and then just above resistance at Thursday's high of 12,900. 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: 4.0
Today's key near-term Fibonacci support/resistance level: 12,691
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,836
1st Support:------ 12,773
2nd Support:------ 12,721
1st Resistance:--- 12,888
2nd Resistance:--- 12,951
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are higher in early trading today, amid the weaker U.S. stock indexes early.
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. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance lies at the overnight high of 117 18/32 and then at the May high of 117 30/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 116 29/32 and then at 116 16/32. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 117 16/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 116 17/32
1st Support:----- 116 4/32
2nd Support:----- 115 8/32
1st Resistance:-- 117 13/32
2nd Resistance:-- 117 26/32
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bullish early today. Buy stops likely reside just above shorter-term technical resistance at the May high of 116.11.5 and then above resistance at this week's high of 116.16.0. 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 115.28.0 and then more sell stops just below support at 115.24.0. Wyckoff's Intra Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 116.18.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 115.22.0
1st Support:------ 115.12.0
2nd Support:------ 114.27.0
1st Resistance:--- 116.07.0
2nd Resistance:--- 116.17.0
