Name: Jim Wyckoff 
Crude Oil Trading Near Record High Again
Monday, May 19--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is higher crude oil prices that have pushed above $127.00 a barrel.
* JIM'S MARKET THOUGHT OF THE DAY *
As the U.S. dollar teeters and a fresh leg down in prices this week, the gold bulls have made a strong recovery and pushed prices back above $900.00 an ounce. Gold bulls have regained solid upside near-term technical momentum the past two trading sessions. And if the dollar continues to weaken this week, you'll likely see commodity prices rally, led by crude oil and gold.--Jim
U.S. STOCK INDEXES
The stock indexes are near steady in early morning trading. Bulls still have some upside technical momentum on their side after bullish weekly, or near 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. 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 Friday's low of 1,414.70. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,410.00. Upside resistance for active traders today is located at last week's high of 1,429.50 and then at 1,440.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 5.5
Today's key near-term Fibonacci support/resistance level: 1,412.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,423.35
1st Support:------ 1,417.20
2nd Support:------ 1,408.55
1st Resistance:--- 1,432.00
2nd Resistance:--- 1,438.15
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 2,025.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Friday's low of 2,012.00. On the upside, short-term resistance is seen at Friday's high of 2,041.00 and then at 2,050.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 5.5
Today's key near-term Fibonacci support/resistance level: 2,007.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 2,029.00
1st Support:------ 2,016.50
2nd Support:------ 1,999.50
1st Resistance:--- 2,046.00
2nd Resistance:--- 2,058.50
June Dow: Sell stops likely reside just below support at 12,940 and then more stops just below support at Friday's low of 12,895. Buy stops likely reside just above shorter-term technical resistance at Friday's high of 13,015 and then just above resistance at this month's high of 13,120. Shorter-term moving averages are neutral early today, as the 4-day moving average is above the 9-day. The 9-day moving average is even with the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Wyckoff's Intra-Day Market Rating: 5.5
Today's key near-term Fibonacci support/resistance level: 12,908
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,964
1st Support:------ 12,914
2nd Support:------ 12,844
1st Resistance:--- 13,034
2nd Resistance:--- 13,084
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are higher in early trading today. Trading is still choppy and in a range.
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 bullish early today. Shorter-term technical resistance lies at the overnight high of 116 30/32 and then at 117 8/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at 116 16/32 and then at the overnight low of 116 9/32. 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: 116 3/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 116 19/32
1st Support:----- 115 25/32
2nd Support:----- 115 2/32
1st Resistance:-- 117 10/32
2nd Resistance:-- 118 4/32
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 overnight high of 115.19.0 and then above resistance at 115.24.0. 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 the overnight low of 115.04.0 and then more sell stops just below support at 115.00.0. Wyckoff's Intra Day Market Rating: 6.0
Today's key near-term Fibonacci support/resistance level: 115.03.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 115.09.0
1st Support:------ 114.25.0
2nd Support:------ 114.10.0
1st Resistance:--- 115.24.0
2nd Resistance:--- 116.08.0
