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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 20

Apr 20, 2012

Friday, April 20--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

You’ve all heard the market place being deemed a “risk on”
or a “risk off” trading day on any given day. If you are
unclear on what this means, I wrote a feature story on the
matter a while back. If you’d like to read it, just send me
an email at jim@jimwyckoff.com and I’ll attach it and email
it back to you.--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 above the 9-day. The 9-day is below the 18-day
moving average. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Today, shorter-term
technical resistance comes in at Thursday’s high of 1,390.00
and then at 1,400.00. Buy stops likely reside just above
those levels. Downside support for active traders today is
located at the overnight low of 1,371.50 and then at
Thursday’s low of 1,365.70. 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 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 neutral early today. Shorter-term technical
resistance is located at 2,700.00 and then at 2,720.00. Buy
stops likely reside just above those levels. On the
downside, short-term support is seen at the overnight low of
2,682.50 and then at 2,670.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
5.5

Dow futures: Sell stops likely reside just below technical
support at 12,900 and then at Thursday’s low of 12,841. Buy
stops likely reside just above technical resistance at
13,000 and then more stops just above resistance at
Thursday’s high of 13,025. Shorter-term moving averages are
neutral 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: 5.5

U.S. TREASURY BONDS AND NOTES

June 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
neutral early today. Shorter-term support lies at Thursday’s
low of 141 14/32 and then at this week’s low of 141 4/32.
Sell stops likely reside just below those levels. Shorter-
term technical resistance lies at 142 even and then at this
week’s high of 142 11/32. Buy stops likely reside just above
those levels. Wyckoff's Intra-Day Market Rating: 4.5

June U.S. T-Notes: 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
early today. Shorter-term resistance lies at the overnight
high of 131.25.0 and then at this week’s high of 131.29.0.
Buy stops likely reside just above those levels. Shorter-
term technical support lies at Thursday’s low of 131.13.5
and then at this week’s low of 131.09.5. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 4.5

U.S. DOLLAR INDEX

The June U.S. dollar index is lower early today. Trading
remains choppy and trendless. Slow stochastics for the
dollar index are bearish early today. The dollar index finds
shorter-term technical resistance at the overnight high of
79.74 and then at 80.00. Shorter-term support is seen at
last week’s low of 79.36 and then at 79.00. Wyckoff's Intra
Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading firmer early today. Bulls and
bears are on a level near-term technical playing field. In
June crude, look for buy stops to reside just above
resistance at $104.00 and then at $105.00. Look for sell
stops just below technical support at $102.50 and then at
$102.00. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Markets were mostly higher in overnight trading, on more
short covering and bargain hunting following good gains
posted Thursday. The key “outside markets” are in a bullish
posture for the grains early today, as the U.S. dollar
index is lower and crude oil prices are firmer. If corn and
wheat can produce bullish weekly high closes today, then it
would be a solid clue that a near-term market lows are in
place.
 

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