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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 9

Apr 09, 2012

Monday, April 9--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place Monday morning gets to react to last
Friday’s downbeat U.S. jobs report (markets were closed
Friday). So far, it’s a “risk off” trading day in the
market place Monday, after the disappointing jobs report.
Still, the jobs report was not at all terrible. The U.S. T-
Bonds and T-Notes reacted bullishly to the jobs data, while
the stock indexes, U.S. dollar index and crude oil reacted
bearishly. Overall, the U.S. jobs report has not altered
the trading landscape much.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices hit a fresh four-week low overnight.
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
bearish early today. Today, shorter-term technical
resistance comes in at Thursday’s high of 1,394.70 and then
at 1,400.00. Buy stops likely reside just above those
levels. Downside support for active traders today is located
at 1,360.00 and then at 1,350.00. 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 neutral early today. The 4-day moving
average is below the 9-day and 18-day. The 9-day average is
above the 18-day. Short-term oscillators (RSI, slow
stochastics) are bearish early today. Shorter-term technical
resistance is located at 2,740.00 and then at 2,750.00. Buy
stops likely reside just above those levels. On the
downside, short-term support is seen at the overnight low of
2,710.00 and then at 2,700.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
4.0

Dow futures: Prices hit a fresh four-week low overnight.
Sell stops likely reside just below technical support at
12,850 and then at 12,800. Buy stops likely reside just
above technical resistance at 12,900 and then more stops
just above resistance at 12,955. Shorter-term moving
averages are bearish early today, as the 4-day moving
average is below the 9-day. The 9-day moving average is
below the 18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are neutral to bearish early today.
Wyckoff's Intra-Day Market Rating: 4.0

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices have backed off a bit on profit
taking after hitting a fresh four-week high overnight. Bulls
still have upside near-term technical momentum. 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 to bullish early today.
Shorter-term support lies at the overnight low of 139 30/32
and then at 139 16/32. Sell stops likely reside just below
those levels. Shorter-term technical resistance lies at the
overnight high of 140 18/32 and then at 141 even. Buy stops
likely reside just above those levels. Wyckoff's Intra-Day
Market Rating: 5.0

June U.S. T-Notes: Prices hit a fresh five-week high
overnight and bulls have gained upside technical momentum.
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 high of
131.10.0 and then at 131.16.5. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 130.28.5 and then at 130.16.0. 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 slightly higher early today.
The greenback bulls still have some upside near-term
technical momentum. Slow stochastics for the dollar index
are bullish early today. The dollar index finds shorter-term
technical resistance at last week’s high of 80.36 and then
at 80.50. Shorter-term support is seen at 80.00 and then at
79.79. Wyckoff's Intra Day Market Rating: 5.5

CRUDE OIL

Crude oil prices are trading lower early today. Bears have
downside near-term technical momentum. Prices are in as
five-week-old downtrend on the daily bar chart. In May
crude, look for buy stops to reside just above resistance at
the overnight high of $102.55 and then at $103.00. Look for
sell stops just below technical support at last week’s low
of $101.08 and then at $100.00. Wyckoff's Intra-Day Market
Rating: 4.0

GRAINS

Markets were narrowly mixed in overnight trading. Corn and
soybean bulls still have some upside near-term technical
momentum. Wheat bulls have faded. The key “outside markets”
are in a bearish posture for the grains early today, as the
U.S. dollar index is firmer and crude oil prices are lower.
Grain traders’ main focus now is on the weather patterns in
the U.S. midsection, heading into the planting and growing
season.
 

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