Name: Jim Wyckoff 
U.S. Stock Index Futures Weaker in Early Trading
Tuesday, May 6--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in quieter overnight/early morning trading today is slightly weaker U.S stock index futures prices.
* JIM'S MARKET THOUGHT OF THE DAY *
Crude oil prices hit a record high above $120.00 a barrel on Monday, and led a rebound in many commodity markets. My bias is still that there is not much left on the upside for crude oil, save for some fresh and unexpected geopolitical or supply shock. For grain markets, the bulls should be worried that prices on Monday got no support at all from strongly bullishly postured "outside markets." That's one early sign the grain bulls are exhausted after pushing prices to record highs in recent months.--Jim
U.S. STOCK INDEXES
The stock indexes are weaker in early morning trading. However, the bulls do have some upside technical momentum on their side as near-term price uptrends are in place. However, the bulls do need to show fresh power soon to keep their momentum.
June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still bullish early today. The 4-day moving average is above 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 1,400.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,390.00. Upside resistance for active traders today is located at the overnight high of 1,412.50 and then at last week's high of 1,426.90. 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: 1,417.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,405.25
1st Support:------ 1,398.00
2nd Support:------ 1,393.95
1st Resistance:--- 1,409.30
2nd Resistance:--- 1,416.55
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. 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 Monday's low of 1,962.25. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 1,950.00. On the upside, short-term resistance is seen at the overnight high of 1,985.00 and then at Monday's high of 1,998.00. 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: 1,948.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 1,980.25
1st Support:------ 1,962.50
2nd Support:------ 1,944.50
1st Resistance:--- 1,998.25
2nd Resistance:--- 2,016.00
June Dow: Sell stops likely reside just below support at 12,900 and then more stops just below support at 12,850. Buy stops likely reside just above shorter-term technical resistance at 13,000 and then just above resistance at Monday's high of 13,040. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day and 18-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: 12,795
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,978
1st Support:------ 12,916
2nd Support:------ 12,865
1st Resistance:--- 13,029
2nd Resistance:--- 13,091
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are firmer in early trading today. Bulls and bears are struggling for near-term technical control, with neither having much success. Daily charts still show downtrends in place, however.
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 Monday's high of 116 25/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at 116 even and then at the overnight low of 115 23/32. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 116 20/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 116 2/32
1st Support:----- 115 11/32
2nd Support:----- 114 18/32
1st Resistance:-- 116 27/32
2nd Resistance:-- 117 18/32
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 Monday's high of 115.14.0 and then 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 115.00.0 and then more sell stops just below support at the overnight low of 114.24.5. Wyckoff's Intra Day Market Rating: 5.0
Today's key near-term Fibonacci support/resistance level: 115.10.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 115.02.0
1st Support:------ 114.23.0
2nd Support:------ 114.10.0
1st Resistance:--- 115.15.0
2nd Resistance:--- 115.26.0
