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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 6

Jun 05, 2012

Tuesday, June 5--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Here are my near-term market biases as of today: Crude oil
has more room on the downside, with $75 a target. Gold has
more room on the upside, with $1700.00 a target. Grains
will likely see a weather market scare develop soon, based
on drier weather patterns in the Corn Belt. U.S. stock
indexes will trade sideways to lower, U.S. Treasuries
sideways to higher and the U.S. dollar index will continue
to move sideways to higher.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9-
and 18-day) are bearish early today. The 4-day moving
average is below the 9-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 1,280.00 and then at 1,300.00. Buy stops likely
reside just above those levels. Downside support for active
traders today is located at Monday’s low of 1,262.30 and
then at 1,250.00. 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 bearish early today. The 4-day moving
average is below the 9-day. The 9-day average is below the
18-day. Short-term oscillators (RSI, slow stochastics) are
bearish early today. Shorter-term technical resistance is
located at the overnight high of 2,484.50 and then at
2,500.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at 2,450.00 and
then at Monday’s low of 2,433.75. 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 12,000 and then at 11,950. Buy stops likely
reside just above technical resistance at 12,100 and then at
Monday’s high of 12,120. Shorter-term moving averages are
bearish early today, as the 4-day moving average is below
the 9-day. The 9-day moving average is below the 18-day
moving average. Shorter-term oscillators (RSI, slow
stochastics) are bearish 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 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 152 even and
then at the contract high of 152 19/32. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at 151 even and then at the overnight low of
150 27/32. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 5.5

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. The 9-day is above the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral to
bearish early today. Shorter-term resistance lies at
134.16.0 and then at the contract high of 134.30.5. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 133.29.5 and
then at 133.14.5. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

Prices are higher in early trading. Bulls have upside
technical momentum. Slow stochastics for the dollar index
are bearish early today. The dollar index finds shorter-term
technical resistance at Monday’s high of 83.52 and then at
last week’s high of 84.00. Shorter-term support is seen at
83.00 and then at the overnight low of 82.76. Wyckoff's
Intra Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading lower early today. Bears still
have downside technical momentum on their side. 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 $83.00 and then at $82.50. Wyckoff's
Intra-Day Market Rating: 4.0

GRAINS

Markets were mostly higher in overnight trading, on short
covering and on drier and warmer U.S. Corn Belt weather
forecasts. The key outside markets are bearish for grains
early today—higher U.S. dollar index and lower crude oil
prices.
 

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