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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 13

Jun 13, 2012

Wednesday, June 13--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place is tentative with no major price moves
taking place Wednesday morning. European stock markets are
trading near steady and in a consolidation mode, while Asian
stock markets were up overnight. U.S. markets are also
seeing some price consolidation on the daily charts.
Traders and investors are awaiting the Greek elections
Sunday, to see how the new Greek government addresses that
nation’s economic problems. It was reported Wednesday that
Euro zone industrial output fell sharply in April, which is
in line with recent weak data coming out of the European
Union. France is presently in “economic emergency,” says its
industry minister. Traders are also anticipating an OPEC oil
ministers meeting on Thursday.--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 to bearish early today. Today,
shorter-term technical resistance comes in at the overnight
high of 1,320.60 and then at 1,334.20. Buy stops likely
reside just above those levels. Downside support for active
traders today is located at this week’s 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: 4.5

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 to bearish early today. Shorter-
term technical resistance is located at the overnight high
of 2,548.25 and then at 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 2,505.00.
Sell stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 4.5

Dow futures: Sell stops likely reside just below technical
support at 12,450 and then at 12,400. Buy stops likely
reside just above technical resistance at 12,514 and then at
12,550. 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 bullish
early today. Wyckoff's Intra-Day Market Rating: 4.5

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 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 148
even and then at the overnight high of 148 17/32. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 147 19/32 and
then at 147 even. 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 bearish
early today. Shorter-term resistance lies at the overnight
high of 133.15.5 and then at 133.24.0. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 132.29.0 and then at
this week’s low of 132.18.0. 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 bearish early
today. The dollar index finds shorter-term technical
resistance at 83.00 and then at this week’s high of 83.19.
Shorter-term support is seen at the overnight low of 82.67
and then at 82.50. Wyckoff's Intra Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading slightly lower in early trading
today. Bears still have the overall near-term technical
advantage. In July crude, look for buy stops to reside just
above resistance at $84.00 and then at $85.00. Look for sell
stops just below technical support at $82.00 and then at
this week’s low of $81.07. Wyckoff's Intra-Day Market
Rating: 4.5

GRAINS

Markets were narrowly mixed in overnight trading. Traders
will continue to watch the updated Corn Belt weather
forecasts. The overall weather pattern in the U.S. Corn
Belt still tilts in favor of the bulls. Traders will also
scrutinize this morning’s weekly USDA export sales report.
 

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