Thursday, May 26--Jim Wyckoff's Morning Web Log
* JIM'S MARKET THOUGHT OF THE DAY *
Like many other market watchers, I lost a good friend yesterday, in CNBC's Mark Haines. No, I never met him, but for the past 20 years I spent two hours a day with him, watching his Squawk Box show. I think most men aspire to be what Mark was: A straight-shooter who took BS from no one. He made me smile with his wry humor. The last time he made me really laugh out-loud was a couple weeks ago during his show, when a news segment played regarding outrage by some in France that the accused rapist, IMF chief Kahn was seen in photos in U.S. newspapers wearing handcuffs. At the end of that segment Haines quipped: "Well, apparently in France they treat criminals a little different than we treat them here." Haines was a true American patriot. Rest in peace, Mark.--Jim
STOCK INDEXES
S&P 500 futures: The shorter-term moving averages are still 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 are neutral to bullish early today. Today, shorter-term technical resistance comes in at Wednesday's high of 1,324.20 and then at 1,335.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at 1,310.00 and then at Wednesday's low of 1,302.50. Sell stops are likely located just below those levels. Wyckoff's Intra-day Market Rating: 5.0
Nasdaq index futures: The shorter-term moving averages are bearish early today. The 4-day moving average is below the 9-day. The 9-day average is below the 18-day. Short-term oscillators are neutral early today. Shorter-term technical resistance is located at the overnight high of 2,318.50 and then at 2,330.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at 2,300.00 and then at 2,290.00. Sell stops are likely located just below those levels. Wyckoff's Intra-Day Market Rating: 5.0
Dow futures: Sell stops likely reside just below support at 12,310 and then more stops just below support at Wednesday's low of 12,290. Buy stops likely reside just above technical resistance at 12,400 and then at Wednesday's high of 12,415. 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 are neutral early today. Wyckoff's Intra-Day Market Rating: 5.0
U.S. TREASURY BONDS AND NOTES
June U.S. T-Bonds: Shorter-term moving averages are still bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators are bearish early today. Shorter-term resistance lies at the overnight high of 125 2/32 and then at 125 16/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 124 21/32 and then at 124 16/32. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 4.5
JUNE U.S. T-Bonds
132 14/32--lifetime high
126 2/32--second pivot point resistance
125 23/32--previous day's high
125 20/32--first pivot point resistance
125 9/32--pivot point
125 6/32--previous day's close
125 3/32--4-day moving average
124 30/32--9-day moving average
124 30/32--previous day's low
124 27/32--first pivot point support
124 16/32--second pivot point support
124 12/32--18-day moving average
122 18/32--Previous Month's high
120 12/32--100-day moving average
117 28/32--previous month's low
115 7/32--lifetime low
June U.S. T-Notes: Shorter-term moving averages 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. Oscillators are neutral to bearish early today. Shorter-term resistance lies at the overnight high of 123.05.5 and then at this week's high of 123.13.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 122.29.0 and then at this week's low of 122.24.0. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 4.5
JUNE U.S. T-Notes
126 10/32--lifetime high
123 15/32--second pivot point resistance
123 10/32--first pivot point resistance
123 10/32--previous day's high
123 5/32--previous day's close
123 5/32--pivot point
123 1/32--4-day moving average
123 --first pivot point support
123 --previous day's low
122 27/32--second pivot point support
122 26/32--9-day moving average
122 13/32--18-day moving average
121 7/32--previous month's high
119 21/32--100-day moving average
117 29/32--previous month's low
109 6/32--lifetime low
U.S. DOLLAR INDEX
The June U.S. dollar index is lower in early trading. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at 76.00 and then at Wednesday's high of 76.39. Shorter-term support is seen at the overnight low of 75.58 and then at 75.25. Wyckoff's Intra Day Market Rating: 4.0
CRUDE OIL
Crude oil prices are trading weaker in early trading today. Trading has been choppy, but the bulls had gained some fresh upside momentum with solid gains on Wednesday, and prices hit a fresh two-week high overnight. In July crude, look for buy stops to reside just above resistance at the overnight high of $101.90 and then at $102.50. Look
for sell stops just below technical support at $100.00 and then at $99.00. Wyckoff's Intra-Day Market Rating: 5.0
GRAINS
Prices were higher in overnight trading. Bulls are gaining some upside near-term technical momentum.There are still planting delays in the eastern U.S. Corn Belt and northern Plains. There are also wheat crop concerns worldwide. The key "outside markets" are presently neutral as crude oil prices are weaker, but so is the U.S. dollar index. Traders will closely scrutinize this morning's weekly USDA export sales report.
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