Name: Jim Wyckoff 
Crude Oil Weaker, U.S. Dollar Firmer Early
Monday, May 12--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is weaker crude oil prices and a firmer U.S. dollar.
* JIM'S MARKET THOUGHT OF THE DAY *
One of the best books on futures trading methods that I've ever read was written by W.D. Gann. It's title is "How to Make Profits in Commodities" and was written several decades ago. I have learned much from Gann's work. If you have not read Gann's book, you should. I did write a feature story on Gann a while back. If you are interested in reading it, just send me an email at jim@jimwyckoff.com and I'll email it back to you.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning trading. Bears still have some near-term technical momentum after bearish weekly low closes on Friday.
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 neutral to bullish early today. Today, shorter-term technical support comes in at the overnight low of 1,387.00. 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 1,400.00 and then at 1,410.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 1,403.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,388.10
1st Support:------ 1,382.90
2nd Support:------ 1,376.80
1st Resistance:--- 1,394.20
2nd Resistance:--- 1,399.40
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. 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 last week's low of 1,951.00. 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 1,970.75 and then at 1,986.00. Buy stops are likely located just above those levels. Wyckoff's Intra-Day Market Rating: 4.5
Today's key near-term Fibonacci support/resistance level: 1,974.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 1,962.40
1st Support:------ 1,951.85
2nd Support:------ 1,940.40
1st Resistance:--- 1,973.85
2nd Resistance:--- 1,984.40
June Dow: Sell stops likely reside just below support at last week's low of 12,705 and then more stops just below support at 12,660. Buy stops likely reside just above shorter-term technical resistance at Friday's high of 12,785 and then just above resistance at 12,850. 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: 4.5
Today's key near-term Fibonacci support/resistance level: 12,691
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,745
1st Support:------ 12,704
2nd Support:------ 12,665
1st Resistance:--- 12,784
2nd Resistance:--- 12,825
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are weaker in early trading today, on a corrective pullback from solid gains scored late last week.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at the overnight high of 117 14/32 and then at last week's high of 117 21/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 116 28/32 and then at 116 16/32. 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: 117 16/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 117 9/32
1st Support:----- 116 28/32
2nd Support:----- 116 17/32
1st Resistance:-- 117 20/32
2nd Resistance:-- 118 1/32
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 116.00.0 and then above resistance at the overnight high of 116.06.5. 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 115.25.0 and then more sell stops just below support at 115.16.0. Wyckoff's Intra Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 116.18.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 116.04.0
1st Support:------ 115.26.0
2nd Support:------ 115.19.0
1st Resistance:--- 116.11.0
2nd Resistance:--- 116.21.0
