Name: Jim Wyckoff 
Gold, Crude Under Pressure Again in Early Trading
Thursday, May 29--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading again today are lower gold and crude oil prices, and a firmer U.S. dollar.
* JIM'S MARKET THOUGHT OF THE DAY *
The crude oil market made a strong comeback by the close Wednesday, after trading solidly lower earlier in the session. For crude, it's still a "buy the dip" mentality among traders. Two strong down days in a row in the crude oil market will be the first significant sign of a market top--and that has not occurred yet.--Jim
U.S. STOCK INDEXES
The stock indexes are narrowly mixed 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 1,388.10. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at Wednesday's low of 1,377.80. Upside resistance for active traders today is located at the overnight high of 1,395.70 and then at 1,400.00. 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:------------ 1,387.55
1st Support:------ 1,381.80
2nd Support:------ 1,372.05
1st Resistance:--- 1,397.30
2nd Resistance:--- 1,403.05
June Nasdaq Index: The shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical support is located at the overnight low of 2,001.25. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Wednesday's low of 1,983.00. On the upside, short-term resistance is seen at the overnight high of 2,015.25 and then at 2,030.00. 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:------------ 1,998.75
1st Support:------ 1,989.25
2nd Support:------ 1,973.50
1st Resistance:--- 2,014.50
2nd Resistance:--- 2,024.00
June Dow: Sell stops likely reside just below support at 12,550 and then more stops just below support at Wednesday's low of 12,490. Buy stops likely reside just above shorter-term technical resistance at 12,672 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 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:------------ 12,565
1st Support:------ 12,524
2nd Support:------ 12,450
1st Resistance:--- 12,639
2nd Resistance:--- 12,680
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are lower in early trading today. Price action Wednesday saw bearish downside breakouts from trading ranges in both bonds and notes. Bears have fresh downside technical momentum.
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 bearish early today. Shorter-term technical resistance lies at 114 16/32 and then at the overnight high of 114 29/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 114 3/32 and then at 113 31/32. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 3.5
Today's key near-term Fibonacci support/resistance level: 115 17/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 115 even
1st Support:----- 114 3/32
2nd Support:----- 113 20/32
1st Resistance:-- 115 15/32
2nd Resistance:-- 116 12/32
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at 113.24.0 and then above resistance at 114.00.0. 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 113.14.5 and then more sell stops just below support at 113.08.0. Wyckoff's Intra Day Market Rating: 3.5
Today's key near-term Fibonacci support/resistance level: 114.18.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 114.10.0
1st Support:------ 113.20.0
2nd Support:------ 113.08.0
1st Resistance:--- 114.22.0
2nd Resistance:--- 115.12.0
