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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 26

Jun 26, 2012

Tuesday, June 26--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The overall market place was quieter overnight and in early
U.S. trading today. Traders and investors are awaiting the
European Union summit meeting that begins Thursday. The main
focus of that gathering will be the EU debt crisis and what
to do about it. German leader Merkel’s hawkish comments on
EU bailouts Monday lessened even more the already low
expectations for this week’s EU summit meeting. Italian and
Spanish bond auctions Tuesday fetched still-higher yields,
which is not a good signal. And Moody’s late Monday
downgraded over two dozen Spanish banks’ credit ratings.
Asian and European stocks were weaker overnight.--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 to bearish early today. Today,
shorter-term technical resistance comes in at Monday’s high
of 1,326.00 and then at 1,331.50. Buy stops likely reside
just above those levels. Downside support for active traders
today is located at Monday’s low of 1,302.70 and then at
1,287.40. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 5.0

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 the overnight high of 2,560.00 and
then at Monday’s high of 2,577.25. Buy stops likely reside
just above those levels. On the downside, short-term support
is seen at Monday’s low of 2,521.00 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: Sell stops likely reside just below technical
support at 12,431 and then at 12,400. Buy stops likely
reside just above technical resistance at 12,500 and then at
12,538. Shorter-term moving averages are neutral early
today, as the 4-day moving average is below 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: 5.0

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Shorter-term moving averages (4- 9-
18-day) are bearish early today. The 4-day moving average is
below the 9-day and 18-day. The 9-day is below the 18-day
moving average. Oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term resistance lies at 149
even and then at the overnight high of 149 12/32. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at 148 16/32 and then at Monday’s low
of 148 1/32. 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 bearish early today. The 4-day moving average
is below the 9-day and 18-day. The 9-day is below the 18-
day moving average. Oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term resistance lies at the
overnight high of 133.20.5 and then at 133.31.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 133.09.0 and
then at 133.00.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 4.5

U.S. DOLLAR INDEX

Prices are higher in early trading. The bulls have regained
upside technical momentum. Slow stochastics for the dollar
index are bullish early today. The dollar index finds
shorter-term technical resistance at the overnight high of
82.79 and then at 83.00. Shorter-term support is seen at the
overnight low of 82.46 and then at 82.00. Wyckoff's Intra
Day Market Rating: 6.0

NYMEX CRUDE OIL

Crude oil prices are near steady in early trading. Prices
are hovering near last week’s 8.5-month low of $77.56. Bears
still have the solid overall near-term technical advantage.
In August Nymex crude, look for buy stops to reside just
above resistance at $80.00 and then at Monday’s high of
$80.68. Look for sell stops just below technical support at
the overnight low of $78.71 and then at $78.00. Wyckoff's
Intra-Day Market Rating: 5.0

GRAINS

Markets were mixed in overnight trading. Corn was higher
and wheat and soybeans were weaker. The weather market in
the grains continues. Extended weather forecasts for the
U.S. Corn Belt still call for drier and warmer conditions,
and that’s bullish for the grains. Traders are also
awaiting Friday morning’s important USDA acreage report and
quarterly stocks figures. The grain markets are also
keeping an eye on the key “outside markets,” which are
slightly bullish for the grains early today—a weaker U.S.
dollar index and steady crude oil prices. The weather
forecasts for the U.S. Corn Belt are the trump card at
present.
 

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