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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--March 1

Mar 01, 2012

Thursday, March 1--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Gold was hammered sharply and quickly lower in an
unexpected downdraft Wednesday. The move has spooked the
bulls. Some near-term chart damage was inflicted Wednesday,
but nothing serious, yet. Bulls do need to step up and show
power this week, or the bears will gain confidence for
another downside assault next week.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9-
and 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. Short-term oscillators (RSI, slow
stochastics) are neutral to bearish early today. Today,
shorter-term technical resistance comes in at Wednesday’s
four-year high of 1,377.00 and then at 1,390.00. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at this week’s low of
1,353.00 and then at 1,334.00. 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 bullish early today. The 4-day moving
average is above the 9-day and 18-day. The 9-day average is
above the 18-day. Short-term oscillators (RSI, slow
stochastics) are neutral to bullish early today. Shorter-
term technical resistance is located at Wednesday’s 11-year
high of 2,645.25 and then at 2,660.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at the overnight low of 2,616.50 and then at
2,600.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-Day Market Rating: 6.0

Dow futures: Buy stops likely reside just above technical
resistance at 13,000 and then at Wednesday’s four-year high
of 13,035. Sell stops likely reside just below technical
support at Wednesday’s low of 12,915 and then more stops
just below support at this week’s low of 12,865. Shorter-
term moving averages are bullish early today, as the 4-day
moving average is above 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

March 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 and 18-day. The 9-day is above the 18-day
moving average. Oscillators (RSI, slow stochastics) are
bearish early today. Shorter-term support lies at 142 even
and then at 141 16/32. Sell stops likely reside just below
those levels. Shorter-term technical resistance lies at 142
16/32 and then at 143 even. Buy stops likely reside just
above those levels. Wyckoff's Intra-Day Market Rating: 4.0

March U.S. T-Notes: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are
bearish early today. Shorter-term resistance lies at the
overnight high of 131.10.5 and then at 131.16.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at 130.23.0 and then at 130.16.0.
Sell stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 4.0

U.S. DOLLAR INDEX

The March U.S. dollar index is near steady early today.
Prices are in a seven-week-old downtrend on the daily bar
chart. Slow stochastics for the dollar index are bullish
early today. The dollar index finds shorter-term technical
resistance at 79.00 and then at 79.25. Shorter-term support
is seen at 78.50 and then at 78.25. Wyckoff's Intra Day
Market Rating: 5.0

CRUDE OIL

Crude oil prices are trading near steady early today. Bulls
have faded a bit this week. In April crude, look for buy
stops to reside just above resistance at $108.00 and then at
$109.00. Look for sell stops just below technical support at
the overnight low of $106.55 and then at $106.00. Wyckoff's
Intra-Day Market Rating: 5.0

GRAINS

Markets were mostly weaker in overnight trading. The key
“outside markets” are neutral for the grains today, as the
U.S. dollar index is steady while crude oil is near steady
and the U.S. stock indexes are firmer. Grain bulls still
have some upside near-term technical momentum. Traders will
closely examine this morning’s USDA weekly export sales
report.
 

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