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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--February 10

Feb 10, 2012

Friday, February 10--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

It’s a “risk off” trading day in the market place early
Friday, as the U.S. stock indexes, crude oil and gold are
lower and the U.S. dollar index is higher following news
that EU officials told the Greek government it needs to do
more to qualify for the latest bailout funds. Greece
political leaders had approved a plan Thursday, but the EU
officials said more austerity measures are needed.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Profit taking is featured today. 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 1,347.90 and then at the July 2011
high of 1,354.50. Buy stops likely reside just above those
levels. Downside support for active traders today is located
at this week’s low of 1,330.30 and then at 1,320.00. Sell
stops are likely located just below those levels. Wyckoff's
Intra-day Market Rating: 4.0

Nasdaq index futures: Profit taking from recent gains is
featured. 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. The 9-day average is above the 18-day.
Short-term oscillators (RSI, slow stochastics) are bearish
early today. Shorter-term technical resistance is located at
2,550.00 and then at this week’s high of 2,565.00. Buy stops
likely reside just above those levels. On the downside,
short-term support is seen at 2,525.00 and then at this
week’s low of 2,510.00. Sell stops are likely located just
below those levels. Wyckoff's Intra-Day Market Rating: 4.0

Dow futures: Profit taking from recent gains is featured
today. Sell stops likely reside just below technical support
at this week’s low of 12,738 and then more stops just below
support at 12,700. Buy stops likely reside just above
technical resistance at 12,800 and then at 12,850. 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 above the 18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are neutral early today. Wyckoff's
Intra-Day Market Rating: 4.0

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Trading has turned choppy. 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 bullish early today. Shorter-term
support lies at 142 even and then at the overnight low of
141 20/32. Sell stops likely reside just below those levels.
Shorter-term technical resistance lies at the overnight high
of 142 26/32 and then at 143 even. Buy stops likely reside
just above those levels. Wyckoff's Intra-Day Market Rating:
6.0

March U.S. T-Notes: Trading has turned choppy. 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 bullish early today. Shorter-term
resistance lies at the overnight high of 131.14.0 and then
at this week’s high of 131.26.0. Buy stops likely reside
just above those levels. Shorter-term technical support
lies at 131.00.0 and then at the overnight low of 130.27.0.
Sell stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 6.0

U.S. DOLLAR INDEX

The March U.S. dollar index is higher early today on short
covering and some flight to safety buying after hitting a
nine-week low Thursday. Slow stochastics for the dollar
index are bullish early today. The dollar index finds
shorter-term technical resistance at the overnight high of
79.19 and then at 79.37. Shorter-term support is seen at the
overnight low of 78.65 and then at this week’s low of 78.43.
Wyckoff's Intra Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading lower early today. Prices are
still in a gentle four-week-old downtrend on the daily bar
chart. In March crude, look for buy stops to reside just
above resistance at $99.00 and then at $100.00. Look for
sell stops just below technical support at $98.00 and then
at $97.00. Wyckoff's Intra-Day Market Rating: 4.0

GRAINS

Markets were weaker in overnight trading on follow-through
selling pressure from Thursday. The seasonal “February
Break” price weakness in the grains may now be occurring.
 

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