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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--July 11

Jul 11, 2012

Wednesday, July 11--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

It was fairly quiet in overseas trading overnight. The
notable news was record low yields on German 10-year bonds
fetched Wednesday, at 1.31%. Such suggests there is still
keen investor uncertainty in the market place. Traders and
investors are now awaiting Wednesday afternoon’s FOMC
minutes from the Federal Reserve for any fresh clues on U.S.
monetary policy actions upcoming. Specifically, most market
bulls want the Fed to embark on another round of
quantitative easing of monetary policy—nicknamed QE3.--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 below 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 Tuesday’s high of 1,356.30
and then at 1,363.60. Buy stops likely reside just above
those levels. Downside support for active traders today is
located at Tuesday’s low of 1,331.00 and then at 1,325.00.
Sell stops are likely located just below those levels.
Wyckoff's Intra-day Market Rating: 5.5

Nasdaq index futures: The shorter-term moving averages (4-
9-and 18-day) are neutral early today. The 4-day moving
average is below 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 2,600.00 and then at Tuesday’s high
of 2,625.50. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at
Tuesday’s low of 2,568.50 and then at 2,550.00. 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 12,600 and then at Tuesday’s low of 12,540. Buy
stops likely reside just above technical resistance at
12,700 and then at Tuesday’s high of 12,765. Shorter-term
moving averages are neutral early today, as the 4-day moving
average is even with the 9-day. The 9-day moving average is
above the 18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are bearish early today. Wyckoff's
Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

September 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. The 9-day is above the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term resistance lies at the overnight
high of 150 29/32 and then at Tuesday’s high of 151 even.
Buy stops likely reside just above those levels. Shorter-
term technical support lies at 150 even and then at this
week’s low of 149 26/32. Sell stops likely reside just below
those levels. Wyckoff's Intra-Day Market Rating: 4.5

September 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 and 18-day. The 9-day is above the 18-
day moving average. Oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term resistance lies at the
overnight high of 134.20.0 and then at the June high of
134.30.5. Buy stops likely reside just above those levels.
Shorter-term technical support lies at this week’s low of
134.10.5 and then at 134.00.0. Sell stops likely reside
just below those levels. Wyckoff's Intra-Day Market Rating:
4.5

U.S. DOLLAR INDEX

Prices are weaker in early U.S. trading, on profit taking.
The greenback bulls still have some upside technical
momentum. Slow stochastics for the dollar index are neutral
early today. The dollar index finds shorter-term technical
resistance at the overnight high of 83.46 and then at
Monday’s high of 83.63. Shorter-term support is seen at the
overnight low of 83.13 and then at 83.00. Wyckoff's Intra
Day Market Rating: 4.5

NYMEX CRUDE OIL

Crude oil prices are higher in early trading, on short
covering. The crude oil market may have put in a near-term
low. In August Nymex crude, look for buy stops to reside
just above resistance at this week’s high of $86.48 and then
at $87.00. Look for sell stops just below technical support
at the overnight low of $84.01 and then at this week’s low
of $83.65. Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Markets were narrowly mixed in overnight trading, on profit
taking from recent strong gains. Traders are awaiting this
morning’s latest monthly USDA supply and demand report. The
major weather market in the grains remains fully in place
and fully bullish for prices. Corn and soybean crops
continue to deteriorate amid the key pollination growth
stage for corn. Look for high volatility in the grain
futures in the coming couple weeks. The key “outside
markets” are bullish for the grains early today, as the
U.S. dollar index is weaker and crude oil prices are
higher.
 

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