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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 12

Mar 12, 2012

Monday, March 12--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

It was a quieter weekend on the market news front, so the
markets are quieter amid low volatility to start the
trading week. Focus this week will be a fresh U.S. economic
data due out—unless there is an unexpected geopolitical
development that roils the market place.--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 and 18-day. The 9-day is above
the 18-day moving average. Short-term oscillators (RSI, slow
stochastics) are neutral to bullish early today. Today,
shorter-term technical resistance comes in at Friday’s high
of 1,368.70 and then at the March high of 1,376.90. Buy
stops likely reside just above those levels. Downside
support for active traders today is located at Friday’s low
of 1,357.50 and then at 1,350.00. 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 bullish early today. The 4-day moving
average is above the 9-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 the March high of 2,650.00 and then
at 2,675.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at the
overnight low of 2,633.00 and then at Friday’s low of
2,626.50. Sell stops are likely located just below those
levels. Wyckoff's Intra-Day Market Rating: 4.5

Dow futures: Buy stops likely reside just above technical
resistance at Friday’s high of 12,890 and then at 12,950.
Sell stops likely reside just below technical support at
Friday’s low of 12,832 and then more stops just below
support at 12,800. Shorter-term moving averages are bearish
early today, as the 4-day moving average is below the 9-day
and 18-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: 4.5

U.S. TREASURY BONDS AND NOTES

June 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 support lies at the
overnight low of 140 13/32 and then at 140 2/32. Sell stops
likely reside just below those levels. Shorter-term
technical resistance lies at the overnight high of 140 23/32
and then at 141 even. Buy stops likely reside just above
those levels. Wyckoff's Intra-Day Market Rating: 5.5

June 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 and 18-day. The 9-day is above the 18-day
moving average. Oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term resistance lies at
131.00.0 and then at 131.08.5. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 130.23.5 and then at 130.16.0. Sell
stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The June U.S. dollar index is slightly lower early today and
hit a fresh four-week high overnight. The bulls have
regained some upside near-term technical momentum. Slow
stochastics for the dollar index are neutral early today.
The dollar index finds shorter-term technical resistance at
the overnight high of 80.58 and then at 81.00. Shorter-term
support is seen at the overnight low of 80.33 and then at
80.00. Wyckoff's Intra Day Market Rating: 5.0

CRUDE OIL

Crude oil prices are trading lower early today. Bulls still
have the overall near-term technical advantage. In April
crude, look for buy stops to reside just above resistance at
$107.00 and then at the overnight high of $107.56. Look for
sell stops just below technical support at $106.00 and then
at $105.00. Wyckoff's Intra-Day Market Rating: 4.0

GRAINS

Markets were narrowly mixed in overnight trading. Soybean
bulls have good technical momentum on their side, but the
corn and wheat bulls have some work to do. The key “outside
markets” are neutral for the grains today, as crude oil
prices are lower and the U.S. dollar index is also slightly
lower.
 

 

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