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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--May 14

May 14, 2012

Monday, May 14--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place is very jittery to start the new trading
week. The European Union debt crisis has intensified. More
weak EU economic data was issued Monday. There is Greek
political disarray as no coalition government has formed and
fresh elections are likely. There are rising Italian and
Spanish bond yields, with Spanish yields above the critical
6% level. And, a major region in German saw its electorate
rebuke German leader Merkel’s austerity policies. The EU
debt situation is also sharing the spotlight with China
Monday as its monetary authorities loosened monetary policy
over the weekend by reducing reserve requirement ratios on
domestic bank reserves. The move follows recent weaker-than-
expected Chinese economic data. And there is still fallout
from the big news late last week when JP Morgan announced a
$2 billion or more trading loss in just a few weeks’ time.
All this has created keen trader/investor uncertainty in the
market place, which is bullish for the U.S. dollar index,
U.S. Treasuries and German bonds—and bearish for raw
commodity markets. This week looks to be an extra important
trading week for many markets.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices hit a fresh three-month low
overnight. The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow
stochastics) are bearish early today. Today, shorter-term
technical resistance comes in at the overnight high of
1,350.80 and then at Friday’s high of 1,363.00. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at the overnight low of
1,336.40 and then at 1,325.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-day Market Rating:
4.0

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 and 18-day. The 9-day average is
below the 18-day. Short-term oscillators (RSI, slow
stochastics) are bearishl early today. Shorter-term
technical resistance is located at the overnight high of
2,613.00 and then Friday’s high of 2,640.25. Buy stops
likely reside just above those levels. On the downside,
short-term support is seen at last week’s low of 2,583.25
and then at 2,575.00. Sell stops are likely located just
below those levels. Wyckoff's Intra-Day Market Rating: 4.0

Dow futures: Sell stops likely reside just below technical
support at the April low of 12,650 and then at 12,600. Buy
stops likely reside just above technical resistance at
12,750 and then 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 bearish early today. Wyckoff's Intra-Day
Market Rating: 4.0

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices hit a fresh contract high
overnight. Safe-haven buying is featured. 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 bullish early today. Shorter-term
resistance lies at the overnight contract high of 146 11/32
and then at 146 16/32. Buy stops likely reside just above
those levels. Shorter-term technical support lies at 145
16/32 and then at the overnight low of 145 4/32. Sell stops
likely reside just below those levels. Wyckoff's Intra-Day
Market Rating: 7.0

June U.S. T-Notes: Prices hit a fresh contract high
overnight. 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 bullish
early today. Shorter-term resistance lies at the overnight
contract high of 133.17.5 and then at 133.24.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 133.03.0 and
then at 133.00.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 7.0

U.S. DOLLAR INDEX

Prices are higher in early trading and hit a two-month high
overnight as bulls still have upside momentum. Slow
stochastics for the dollar index are neutral early today.
The dollar index finds shorter-term technical resistance at
the overnight high of 80.78 and then at 81.00. Shorter-term
support is seen at the overnight low of 80.49 and then at
Friday’s low of 80.21. Wyckoff's Intra Day Market Rating:
6.0

CRUDE OIL

Crude oil prices are trading solidly lower early today and
hit a fresh five-month low of $93.65 overnight. Bears have
downside technical momentum on their side. Prices have seen
a downside “breakout” from a bearish pennant pattern on the
daily bar chart. In June crude, look for buy stops to reside
just above resistance at $95.00 and then at the overnight
high of $95.83. Look for sell stops just below technical
support at the overnight low of $93.65 and then at $93.00.
Wyckoff's Intra-Day Market Rating: 4.0

GRAINS

Markets were lower in overnight trading, with soybeans
sharply lower, on a “risk-off” mentality in the market
place and bearish outside markets—higher U.S. dollar index
and sharply lower crude oil prices. Also bearish is
generally favorable planting and growing weather in the
U.S. Corn Belt.
 

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COMMENTS (2 Comments)

gladys123 - gsa
descriptions
of staff members as may possibly be specified inside the award, getting employees that have
been dismissed, or whom it truly fitflop happy gogh
is proposed to dismiss, as redundant, and in
respect of whose dismissal or proposed dismissal the employer has failed to
comply with any requirement of segment happy gogh fitflops
99 above, the employer shall spend
remuneration for any protected period."
9:01 PM May 14th
 
gladys123 - gsa
descriptions
of staff members as may possibly be specified inside the award, getting employees that have
been dismissed, or whom it truly fitflop happy gogh
is proposed to dismiss, as redundant, and in
respect of whose dismissal or proposed dismissal the employer has failed to
comply with any requirement of segment happy gogh fitflops
99 above, the employer shall spend
remuneration for any protected period."
9:01 PM May 14th
 

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