Name: Jim Wyckoff 
U.S. Stock Index Futures Weaker Early
Wednesday, May 7--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today are slightly weaker U.S stock index futures prices and a stronger U.S. dollar.
* JIM'S MARKET THOUGHT OF THE DAY *
Crude oil prices hit a record high above $122.00 a barrel on Tuesday. Part of the upside push on Tuesday was due to a report from Goldman Sachs that predicted crude oil prices would hit $150 to $200 a barrel in the next six to 24 months. The authors of the report were the same ones that shocked the market a couple years ago by predicting crude oil prices would hit over $100 a barrel. If crude oil prices continue to appreciate in the coming weeks then that's bad news for U.S. dollar bulls, the U.S. stock indexes, U.S. consumers and the U.S. economy.
U.S. STOCK INDEXES
The stock indexes are weaker in early morning trading. However, the bulls still have some upside technical momentum on their side as near-term price uptrends are in place.
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 1,410.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,400.00. Upside resistance for active traders today is located at the overnight high of 1,423.80 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: 4.0
Today's key near-term Fibonacci support/resistance level: 1,403.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,413.40
1st Support:------ 1,404.60
2nd Support:------ 1,388.50
1st Resistance:--- 1,429.50
2nd Resistance:--- 1,438.30
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 1,975.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at this week's low of 1,962.00. On the upside, short-term resistance is seen at last week's high of 2,008.25 and then at 2,025.00. 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:------------ 1,988.00
1st Support:------ 1,973.00
2nd Support:------ 1,947.00
1st Resistance:--- 2,014.00
2nd Resistance:--- 2,029.00
June Dow: Sell stops likely reside just below support at 12,900 and then more stops just below support at Tuesday's low of 12,850. Buy stops likely reside just above shorter-term technical resistance at this week's high of 13,040 and then just above resistance at last week's high of 13,120. 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 neutral to bearish early today. Wyckoff's Intra-Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 12,795
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,972
1st Support:------ 12,906
2nd Support:------ 12,784
1st Resistance:--- 13,094
2nd Resistance:--- 13,160
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are near steady to weaker in early trading today. Bears have near-term technical momentum. Daily charts still show downtrends in place.
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 115 24/32 and then at 116 even. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 115 1/32 and then at 114 24/32. 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: 116 5/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 115 24/32
1st Support:----- 114 28/32
2nd Support:----- 114 13/32
1st Resistance:-- 116 7/32
2nd Resistance:-- 117 3/32
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 115.00.0 and then at this week's high of 115.15.0. 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 114.17.0 and then more sell stops just below support at 114.08.0. Wyckoff's Intra Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 115.07.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 115.00.0
1st Support:------ 114.17.0
2nd Support:------ 114.08.0
1st Resistance:--- 115.09.0
2nd Resistance:--- 115.24.0
