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Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--April 2

Apr 02, 2012

Monday, April 2--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

It’s a quiet start to the new trading week so far Monday
morning. Here are some selected themes for traders this
week: Crude oil has turned near-term bearish; the European
Union sovereign debt crisis is creeping back into the
financial news headlines; U.S. T-bonds and T-Notes are
trying to recover from their March lows, but bulls have
more work to do to suggest market bottoms are in place.
Weekly high closes in bonds and notes this week would
suggest such.--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 1,410.00 and then at last week’s high of 1,419.60.
Buy stops likely reside just above those levels. Downside
support for active traders today is located at 1,400.00 and
then at last week’s low of 1,386.50. Sell stops are likely
located just below those levels. Wyckoff's Intra-day Market
Rating: 5.0

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 bearish early today. Shorter-term technical
resistance is located at the overnight high of 2,764.75 and
then at 2,775.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at the
overnight low of 2,746.25 and then at last week’s low of
2,729.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-Day Market Rating: 5.0

Dow futures: Buy stops likely reside just above technical
resistance at last week’s high of 13,200 and then at the
March high of 13,220. Sell stops likely reside just below
technical support at 13,100 and then more stops just below
support at Friday’s low of 13,085. 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
below the 18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are neutral early today. Wyckoff's
Intra-Day Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: 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
neutral to bullish early today. Shorter-term support lies at
the overnight low of 137 16/32 and then at the overnight low
of 137 7/32. Sell stops likely reside just below those
levels. Shorter-term technical resistance lies at 138 even
and then at 138 16/32. 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
above the 9-day and 18-day. The 9-day is below the 18-day
moving average. Oscillators (RSI, slow stochastics) are
neutral to bullish early today. Shorter-term resistance
lies at 129.24.0 and then at last week’s high of 130.02.0.
Buy stops likely reside just above those levels. Shorter-
term technical support lies at the overnight low of
129.05.0 and then at 129.00.0. Sell stops likely reside
just below those levels. Wyckoff's Intra-Day Market Rating:
5.0

U.S. DOLLAR INDEX

The June U.S. dollar index is weaker early today. The bulls
are fading as prices are in a three-week-old downtrend on
the daily chart. Slow stochastics for the dollar index are
neutral early today. The dollar index finds shorter-term
technical resistance at the overnight high of 79.20 and then
at 79.53. Shorter-term support is seen at last week’s low of
78.87 and then at the February low of 78.42. Wyckoff's Intra
Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading modestly lower early today.
Recent selling pressure has produced near-term chart damage.
In May crude, look for buy stops to reside just above
resistance at $103.00 and then at $104.00. Look for sell
stops just below technical support at last week’s low of
$102.13 and then at $101.00. Wyckoff's Intra-Day Market
Rating: 4.5

GRAINS

Markets were higher in overnight trading on follow-through
strength from the strong gains scored on Friday, in the
wake of a bullishly construed USDA planting intentions and
quarterly grain stocks reports. Grain market bulls have
gained good upside near-term technical momentum to suggest
that seasonal lows are in place. Now, grain traders will
focus squarely on the weather patterns in the U.S.
midsection, heading into the planting and growing season.
 

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