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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 5

Mar 05, 2012

Monday, March 5--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The U.S. dollar index is seeing more of short-covering
after Friday closing at a technically bullish weekly high
close. This will be an extra important week for the dollar
index and currency markets. If the dollar index can tack on
more gains this week, then it’s likely the greenback will
have put in a near-term market low and will continue to
trend sideways to higher in the coming weeks.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9-
and 18-day) are still 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 the overnight
high of 1,369.40 and then at last week’s high of 1,377.00.
Buy stops likely reside just above those levels. Downside
support for active traders today is located at last 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: 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 and 18-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 last week’s high of
2,650.00 and then at 2,665.00. Buy stops likely reside just
above those levels. On the downside, short-term support is
seen at 2,616.50 and then at 2,600.00. 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 12,980 and then at 13,000.
Sell stops likely reside just below technical support at
Friday’s low of 12,920 and then more stops just below
support at 12,900. 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 neutral
to bearish early today. Wyckoff's Intra-Day Market Rating:
4.5

U.S. TREASURY BONDS AND NOTES

March 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
neutral early today. Shorter-term support lies at the
overnight low of 142 19/32 and then at 142 even. Sell stops
likely reside just below those levels. Shorter-term
technical resistance lies at the overnight high of 143 2/32
and then at 143 16/32. Buy stops likely reside just above
those levels. Wyckoff's Intra-Day Market Rating: 5.5

March 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 abve the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term resistance lies at the overnight
high of 131.19.0 and then at 131.28.5. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 131.11.0 and then at
131.00.0. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The March U.S. dollar index is slightly higher early today.
Prices hit a fresh two-week high overnight. Slow stochastics
for the dollar index are bullish early today. The dollar
index finds shorter-term technical resistance at the
overnight high of 79.64 and then at 80.00. Shorter-term
support is seen at the overnight low of 79.37 and then at
79.00. Wyckoff's Intra Day Market Rating: 5.0

CRUDE OIL

Crude oil prices are trading weaker early today. Bulls have
faded a bit recently. In April crude, look for buy stops to
reside just above resistance at the overnight high of
$107.29 and then at $108.00. Look for sell stops just below
technical support at the overnight low of $105.50 and then
at last week’s low of $104.84. Wyckoff's Intra-Day Market
Rating: 4.5

GRAINS

Markets were mixed in overnight trading. The key “outside
markets” are mildly bearish for the grains today, as the
U.S. dollar index is slightly higher while crude oil is
weaker. Grain bulls still have some upside near-term
technical momentum.
 

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