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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--April 17

Apr 17, 2012

Tuesday, April 17--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The risk appetite in the market place has improved early
Tuesday, as evidenced by generally higher stock and
commodity market prices. There was a successful Spanish
bond auction overnight and some stronger economic data
coming out of Germany. Still, the general sense of the
market place is that the U.S., European Union and Chinese
economies have turned a bit more wobbly in recent weeks.
That’s a bearish element for the stock and commodity
markets.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9-
and 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. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Today, shorter-term
technical resistance comes in at Monday’s high of 1,375.00
and then at last week’s high of 1,388.00. Buy stops likely
reside just above those levels. Downside support for active
traders today is located at the overnight low of 1,359.60
and then at last week’s low of 1,352.50. Sell stops are
likely located just below those levels. Wyckoff's Intra-day
Market Rating: 5.5

Nasdaq index futures: Prices hit another fresh four-week low
overnight. 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
neutral early today. Shorter-term technical resistance is
located at 2,685.00 and then at Monday’s high of 2,710.00.
Buy stops likely reside just above those levels. On the
downside, short-term support is seen at the overnight low of
2,654.25 and then at 2,625.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
5.5

Dow futures: Sell stops likely reside just below technical
support at 12,900 and then at 12,850. Buy stops likely
reside just above technical resistance at 12,950 and then
more stops just above resistance at 13,000. 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 neutral early today. Wyckoff's
Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-
day) are 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 (RSI, slow stochastics) are
neutral to bearish early today. Shorter-term support lies at
141 even and then at 140 16/32. Sell stops likely reside
just below those levels. Shorter-term technical resistance
lies at 141 16/32 and then at the overnight high of 141
30/32. Buy stops likely reside just above those levels.
Wyckoff's Intra-Day Market Rating: 4.0

June U.S. T-Notes: Shorter-term moving averages (4- 9- 18-
day) are bullish early today. The 4-day moving average is
above the 9-day. The 9-day is above the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral to
bearish early today. Shorter-term resistance lies at the
overnight high of 131.25.0 and then at Monday’s high of
131.29.0. Buy stops likely reside just above those levels.
Shorter-term technical support lies at 131.00.0 and then at
130.24.0. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 4.0

U.S. DOLLAR INDEX

The June U.S. dollar index is weaker early today. Trading
has turned choppy and trendless recently. Slow stochastics
for the dollar index are neutral early today. The dollar
index finds shorter-term technical resistance at overnight
high of 79.94 and then at 80.20. Shorter-term support is
seen at the overnight low of 79.56 and then at last week’s
low of 79.36. Wyckoff's Intra Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading higher early today. Prices are
still in a six-week-old downtrend on the daily bar chart. In
May crude, look for buy stops to reside just above
resistance at last week’s high of $104.24 and then at
$105.00. Look for sell stops just below technical support at
$103.00 and then at $102.50. Wyckoff's Intra-Day Market
Rating: 5.5

GRAINS

Markets were firmer in overnight trading. The key “outside
markets” are in a mildly bullish posture for the grains
early today, as the U.S. dollar index is weaker and crude
oil prices are firmer. Corn and wheat bulls have faded
badly recently as technical damage has been inflicted.
Soybean bulls are also fading a bit to begin to suggest a
near-term top is in place in that market.
 

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