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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 4

Apr 04, 2012

Wednesday, April 4--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place was taken aback by the release of the
minutes of the latest Federal Reserve FOMC meeting Tuesday
afternoon. The minutes suggested the Fed sees the U.S.
economy growing at a better rate and that further
quantitative easing will not be necessary. Ironically, that
hit the stock and commodity markets hard. However, the FOMC
news is actually longer-term bullish for both stocks and
commodities, because it suggests better demand for both
sectors. Markets go up and markets go down, and Tuesday’s
price action was just a corrective pullback in the stock
indexes after recent good gains.--Jim


U.S. STOCK INDEXES

S&P 500 futures: 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. The 9-day is above the 18-day
moving average. Short-term oscillators (RSI, slow
stochastics) are bearish early today. Today, shorter-term
technical resistance comes in at the overnight high of
1,408.60 and then at last week’s high of 1,419.60. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at last week’s low of
1,386.50 and then at 1,381.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-day Market Rating:
4.0

Nasdaq index futures: 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. The 9-day average is
above the 18-day. Short-term oscillators (RSI, slow
stochastics) are neutral to bearish early today. Shorter-
term technical resistance is located at the overnight high
of 2,781.00 and then at Tuesday’s high of 2,791.50. Buy
stops likely reside just above those levels. On the
downside, short-term support is seen at this week’s low of
2,743.40 and then at 2,729.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
4.0

Dow futures: Buy stops likely reside just above technical
resistance at 13,100 and then at Monday’s high of 13,150.
Sell stops likely reside just below technical support at
13,000 and then more stops just below support at 12,970.
Shorter-term moving averages are bullish early today, as the
4-day moving average is above 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

U.S. TREASURY BONDS AND NOTES

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 and 18-day. The 9-day is above the 18-day
moving average. Oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term support lies at 137 even
and then at 136 16/32. Sell stops likely reside just below
those levels. Shorter-term technical resistance lies at the
overnight high of 137 19/32 and then at 138 even. Buy stops
likely reside just above those levels. Wyckoff's Intra-Day
Market Rating: 5.5

June U.S. T-Notes: 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 to
bullish early today. Shorter-term resistance lies at the
overnight high of 129.14.0 and then at 129.24.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at 129.00.0 and then at the
overnight low of 128.24.5. Sell stops likely reside just
below those levels. Wyckoff's Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The June U.S. dollar index is higher early today on short
covering after hitting a fresh five-week low Tuesday, and in
the wake of the FOMC minutes. The greenback bulls have
regained some upside near-term technical momentum. Slow
stochastics for the dollar index are bullish early today.
The dollar index finds shorter-term technical resistance at
80.00 and then at 80.19. Shorter-term support is seen at the
overnight low of 79.54 and then at 79.25. Wyckoff's Intra
Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading lower early today. Bulls are
fading again. In May crude, look for buy stops to reside
just above resistance at the overnight high of $104.12 and
then at $105.00. Look for sell stops just below technical
support at $102.50 and then at this week’s low of $102.06.
Wyckoff's Intra-Day Market Rating: 4.0

GRAINS

Markets were mixed in overnight trading. Corn and soybean
bulls still have upside near-term technical momentum to
suggest more gains in the near term. Wheat bulls have faded
again. Grain traders now are focused on the weather
patterns in the U.S. midsection, heading into the planting
and growing season.
 

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