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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--June 12

Jun 12, 2012

Tuesday, June 12--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Traders are in just a bit of a risk-on mood Tuesday morning.
However, as has been the case for quite some time, concerns
regarding the European Union’s sovereign debt and financial
crisis are on the front burner of the market place. The
weekend announcement of Spain’s banking sector bailout is
now seen as questionable by the market place. Spanish and
Italian bond yields are on the rise, with both above the
critical 6% level. Traders are also anxious ahead of
Sunday’s Greek elections. All of the above makes traders
less inclined to buy stocks and commodities. From a
technical perspective, price action in many markets is
seeing chart consolidation.--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 and 18-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 the overnight high of
1,309.00 and then at 1,325.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at the overnight low of 1,298.00 and then
at 1,286.50. 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 above 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 2,545.00 and then at 2,565.00. Buy
stops likely reside just above those levels. On the
downside, short-term support is seen at the overnight low of
2,506.00 and then at 2,485.00. 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 12,310 and then at 12,250. Buy stops likely
reside just above technical resistance at 12,400 and then at
12,450. Shorter-term moving averages are neutral 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 neutral
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 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
early today. Shorter-term resistance lies at the overnight
high of 149 24/32 and then at 150 even. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 148 29/32 and then at
148 16/32. 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 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
early today. Shorter-term resistance lies at 134.05.5 and
then at 134.16.0. Buy stops likely reside just above those
levels. Shorter-term technical support lies at 133.16.0 and
then at 133.05.0. 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 trading. The bulls are fading a
bit. Slow stochastics for the dollar index are neutral early
today. The dollar index finds shorter-term technical
resistance at the overnight high of 83.15 and then at 83.45.
Shorter-term support is seen at 82.75 and then at 82.50.
Wyckoff's Intra Day Market Rating: 4.5

CRUDE OIL

Crude oil prices hit a fresh eight-month low overnight and
are trading near steady early today. Bears still have the
overall near-term technical advantage. In July crude, look
for buy stops to reside just above resistance at $83.00 and
then at $84.00. Look for sell stops just below technical
support at $82.00 and then at the overnight low of $81.07.
Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Markets were firmer in overnight trading. Traders are
awaiting this morning’s USDA monthly supply and demand
report. There has been some beneficial rainfall in parts of
the Corn Belt the past couple days, but more rain is
needed. Traders will be watching the updated Corn Belt
weather forecasts. The overall weather pattern in the U.S.
Corn Belt still tilts in favor of the bulls.
 

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