Name: Jim Wyckoff 
U.S. Stock Indexes Start Week on Defensive
Tuesday, May 27--Jim Wyckoff's Morning Web Log
OVERNIGHT/EARLY MORNING DEVELOPMENTS
The market features in overnight/early morning trading today are lower U.S. stock indexes and Treasuries, amid higher crude oil prices.
* JIM'S MARKET THOUGHT OF THE DAY *
The U.S. dollar is at present teetering on embarking upon a fresh, solid leg down in value against the other major currencies. Trading this week will be extra important for the greenback. The dollar bulls can argue the U.S. dollar index is presently close to the low price levels that have stopped declines in recent months. But a drop below those key lows would produce serious chart damage to suggest a new wave of selling pressure against the dollar.--Jim
U.S. STOCK INDEXES
The stock indexes are steady to weaker in early morning trading. Bears still have some fresh downside technical momentum, amid record high crude oil prices that have sapped consumer confidence.
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 bearish early today. Today, shorter-term technical support comes in at 1,360.00. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1,350.00. Upside resistance for active traders today is located at the overnight high of 1,379.70 and then at 1,388.00. 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: 1,347.00.
PIVOT POINT LEVELS FOR JUNE S&P 500:
Pivot:------------ 1,380.55
1st Support:------ 1,365.90
2nd Support:------ 1,358.35
1st Resistance:--- 1,388.10
2nd Resistance:--- 1,402.75
June Nasdaq Index: 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 average is below the 18-day. Short-term oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical support is located at last week's low of 1,954.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at the May low of 1,923.25. On the upside, short-term resistance is seen at the overnight high of 1,969.90 and then at 1,981.50. 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: 1,913.00
PIVOT POINT LEVELS FOR JUNE NASDAQ:
Pivot:------------ 1,957.90
1st Support:------ 1,946.35
2nd Support:------ 1,934.40
1st Resistance:--- 1,969.85
2nd Resistance:--- 1,981.40
June Dow: Sell stops likely reside just below support at 12,400 and then more stops just below support at 12,350. Buy stops likely reside just above shorter-term technical resistance at 12,500 and then just above resistance at 12,550. 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 bearish early today. Wyckoff's Intra-Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 12,240
PIVOT POINT LEVELS FOR JUNE DOW:
Pivot:------------ 12,504
1st Support:------ 12,429
2nd Support:------ 12,386
1st Resistance:--- 12,547
2nd Resistance:--- 12,622
U.S. TREASURY BONDS AND NOTES
U.S. T-Bonds and T-Notes futures prices are lower in early trading today. Trading is still choppy and still in a sideways range on the daily bar chart. Neither the bulls nor the bears have any strong near-term technical advantage at present.
June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below 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 116 16/32 and then at the overnight high of 116 28/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 116 5/32 and then at 116 even. 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 25/32
PIVOT POINT LEVELS FOR JUNE T-BONDS:
Pivot:----------- 116 15/32
1st Support:----- 116 1/32
2nd Support:----- 115 6/32
1st Resistance:-- 117 10/32
2nd Resistance:-- 117 24/32
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 115.17.5 and then above resistance at 115.24.0. Shorter-term moving averages are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 115.02.5 and then more sell stops just below support at 114.24.0. Wyckoff's Intra Day Market Rating: 4.0
Today's key near-term Fibonacci support/resistance level: 115.03.0
PIVOT POINT LEVELS FOR JUNE T-NOTES:
Pivot:------------ 115.06.0
1st Support:------ 114.27.0
2nd Support:------ 114.04.0
1st Resistance:--- 115.29.0
2nd Resistance:--- 116.08.0
