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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--August 15

Aug 15, 2012

Wednesday, August 14--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

It’s another fairly quiet market place early Wednesday as
traders await a heavy slate of U.S. economic data Wednesday
for direction, led by the consumer price index. There were
no major news developments overseas overnight.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Bulls have upside technical momentum on
their side. 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 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 the May high of 1,411.50 and then at
1,425.00. Buy stops likely reside just above those levels.
Downside support for active traders today is located at last
week’s low of 1,387.40 and then at 1,375.00. Sell stops are
likely located just below those levels. Wyckoff's Intra-day
Market Rating: 5.0

Nasdaq index futures: Bulls have upside near-term technical
momentum. 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 bearish early today.
Shorter-term technical resistance is located at the
overnight high of 2,727.25 and then at Tuesday’s high of
2,743.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at the overnight
low of 2,718.50 and then at this week’s low of 2,705.75.
Sell stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 4.5

Dow futures: Bulls have upside near-term technical momentum.
Sell stops likely reside just below technical support at
13,100 and then at this week’s low of 13,080. Buy stops
likely reside just above technical resistance at Tuesday’s
high of 13,185 and then at 13,200. 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 early today. Wyckoff's
Intra-Day Market Rating: 4.5

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Prices hit a fresh 11-month low
overnight. Bulls are fading badly. Shorter-term moving
averages (4- 9- 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. Oscillators (RSI, slow
stochastics) are bearish early today. Shorter-term
resistance lies at 147 even and then at the overnight high
of 147 18/32. Buy stops likely reside just above those
levels. Shorter-term technical support lies at the overnight
low of 146 16/32 and then at 146 even. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 4.0

September U.S. T-Notes: Prices hit a fresh two-month low
overnight. Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are bearish
early today. Shorter-term resistance lies at the overnight
high of 133.06.0 and then at 133.16.0. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 132.23.5 and then at
132.16.0. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 4.0

U.S. DOLLAR INDEX

Prices are higher in early U.S. trading. Bulls still have
the solid overall near-term technical advantage. Slow
stochastics for the dollar index are bullish early today.
The dollar index finds shorter-term technical resistance at
last week’s high of 82.94 and then at 83.00. Shorter-term
support is seen at the overnight low of 82.51 and then at
this week’s low of 82.25. Wyckoff's Intra Day Market Rating:
6.0

NYMEX CRUDE OIL

Crude oil prices are weaker early today. In September Nymex
crude, look for buy stops to reside just above resistance at
the overnight high of $93.52 and then at $94.00. Look for
sell stops just below technical support at the overnight low
of $92.77 and then at $92.00. Wyckoff's Intra-Day Market
Rating: 4.5

GRAINS

Markets were firmer in overnight trading, on some short
covering and bargain hunting. The major U.S. drought
lingers on, but it appears the market place has pretty much
digested the impact on grain prices of the worst drought in
decades. My bias is still that there is not much more room
on the upside in the grains, on a sustainable basis.
 

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