Name: Jim Wyckoff 
U.S. Stock Indexes Firmer Early
Thursday, May 8--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market feature in overnight/early morning trading today is firmer U.S stock index futures prices.
* JIM'S MARKET THOUGHT OF THE DAY *
The U.S. dollar rebounded strongly Wednesday and the greenback is firmer to start the day today. A bullish weekly high close in the U.S. dollar index on Friday would provide the dollar bulls with some fresh upside technical momentum and would be another early clue the U.S. currency has bottomed out. The dollar continues to be a key "outside market" for many other markets. My bias is that the greenback has put in a major low, or is at least close to doing such. However, if crude oil prices do tack on solid gains above $125.00 a barrel, as some analysts are predicting, then the U.S. dollar index will likely notch fresh lows and begin a fresh leg down in price action.--Jim
U.S. STOCK INDEXES
The stock indexes are firmer in early morning trading. However, the bulls lost near-term technical momentum with solid losses posted on Wednesday.
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, but is turning down. 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 the overnight low of 1,391.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this month's low of 1,379.00. Upside resistance for active traders today is located at 1,410.00 and then at Wednesday's high of 1,423.80. 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: 1,403.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,403.30
1st Support:------ 1,382.80
2nd Support:------ 1,370.30
1st Resistance:--- 1,415.80
2nd Resistance:--- 1,436.30
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, but is turning down. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical support is located at Wednesday's low of 1,949.50. 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 1,980.00 and then at 2,000.00. 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: 1,974.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 1,971.70
1st Support:------ 1,938.35
2nd Support:------ 1,916.20
1st Resistance:--- 1,993.85
2nd Resistance:--- 2,027.20
June Dow: Sell stops likely reside just below support at Wednesday's low of 12,788 and then more stops just below support at 12,700. Buy stops likely reside just above shorter-term technical resistance at 12,900 and then just above resistance at 13,000. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day and 18-day, but is turning down. 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: 5.5
Today's key near-term Fibonacci support/resistance level: 12,795
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,884
1st Support:------ 12,740
2nd Support:------ 12,645
1st Resistance:--- 12,979
2nd Resistance:--- 13,123
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are firmer in early trading today.
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 neutral early today. Shorter-term technical resistance lies at 116 even and then at the overnight high of 116 6/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at 115 16/32 and then at the April low of 115 5/32. 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 5/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 115 21/32
1st Support:----- 115 9/32
2nd Support:----- 114 17/32
1st Resistance:-- 116 13/32
2nd Resistance:-- 116 25/32
June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 115.12.5 and then above resistance 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 115.00.0 and then more sell stops just below support at 114.24.0. Wyckoff's Intra Day Market Rating: 5.0
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:------ 114.24.0
2nd Support:------ 114.06.0
1st Resistance:--- 115.18.0
2nd Resistance:--- 115.26.0
