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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 8

Feb 08, 2012

Wednesday, February 8--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Crude oil prices are still in a gentle, five-week-old
downtrend on the daily bar chart, but have made a good
rebound from last week’s low of $95.44 a barrel. The recent
rebound suggests crude oil will continue to hover not far
from the $100.00-a-barrel level, in a range between $93 and
$104.00 in the near term.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices hit another fresh 6.5-month high
overnight. Bulls have the strong near-term technical
advantage. The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are
neutral early today. Today, shorter-term technical
resistance comes in at the overnight high of 1,348.30 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 Tuesday’s low of 1,332.00 and
then at 1,320.00. Sell stops are likely located just below
those levels. Wyckoff's Intra-day Market Rating: 5.5

Nasdaq index futures: Prices hit another fresh 11-year high
overnight. Bulls have the solid near-term technical
advantage. 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
neutral early today. Shorter-term technical resistance is
located at the overnight high of 2,539.25 and then at
2,550.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at Tuesday’s low
of 2,511.75 and then at 2,500.00. Sell stops are likely
located just below those levels. Wyckoff's Intra-Day Market
Rating: 5.5

Dow futures: Prices Tuesday hit a fresh nearly four-year
high. Bulls are still technically strong. Sell stops likely
reside just below technical support at 12,800 and then more
stops just below support at Tuesday’s low of 12,738. Buy
stops likely reside just above technical resistance at
12,900 and then at 12,950. 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: 5.5

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Prices hit a fresh two-week low
overnight and the bulls are fading. 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 bearish early today. Shorter-term support
lies at the overnight low of 141 23/32 and then at 141
16/32. Sell stops likely reside just below those levels.
Shorter-term technical resistance lies at the overnight high
of 142 14/32 and then at 143 even. Buy stops likely reside
just above those levels. Wyckoff's Intra-Day Market Rating:
4.5

March U.S. T-Notes: Prices hit a fresh two-week low
overnight and the bulls are fading. 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 bearish early today. Shorter-term
resistance lies at the overnight high of 131.07.0 and then
at 131.16.0. Buy stops likely reside just above those
levels. Shorter-term technical support lies at 130.16.0 and
then at 130.08.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 4.5

U.S. DOLLAR INDEX

The March U.S. dollar index hit a fresh nine-week low
overnight and is weaker in early trading today. Bears have
downside near-term momentum. Slow stochastics for the dollar
index are neutral early today. The dollar index finds
shorter-term technical resistance at the overnight high of
78.73 and then at 79.00. Shorter-term support is seen at
78.50 and then at 78.25. Wyckoff's Intra Day Market Rating:
4.5

CRUDE OIL

Crude oil prices are trading higher early today. Prices are
still in a gentle four-week-old downtrend on the daily bar
chart, but bulls have regained upside technical momentum
following Tuesday’s solid gains. In March crude, look for
buy stops to reside just above resistance at $100.00 and
then at $101.00. Look for sell stops just below technical
support at the overnight low of $98.60 and then at $98.00.
Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Markets were higher in overnight trading, amid key “outside
markets” being in a bullish posture for grains this
morning, as the U.S. dollar index is weaker, while crude
oil and the U.S. stock indexes are firmer. Grain traders
are awaiting Thursday morning’s USDA world supply and
demand report.
 

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