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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--February 1

Feb 01, 2012

Wednesday, February 1--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

April Comex gold futures hit a fresh seven-week high of
$1,751.70 in overnight trading. Prices are in a solid near-
term uptrend and gold bulls are in firm command. My bias is
that gold prices this year will score a fresh all-time
record high. The record high, at present, is $1,923.70 an
ounce, scored in September of 2011.--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 below the 9-day. The 9-day is above the 18-day
moving average. Short-term oscillators (RSI, slow
stochastics) are bullish early today. Today, shorter-term
technical resistance comes in at last week’s high of
1,329.50 and then at 1,350.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at this week’s low of 1,296.00 and then at
1,285.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 5.5

Nasdaq index futures: Prices poked to another fresh 11-year
high overnight. The shorter-term moving averages (4- 9-and
18-day) are bullish early today. The 4-day moving average is
above the 9-day and 18-day. The 9-day average is above the
18-day. Short-term oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term technical resistance is
located at the overnight high of 2,480.75 and then at
2,500.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at the overnight
low of 2,453.50 and then at this week’s low of 2,429.25.
Sell stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 6.0

Dow futures: Sell stops likely reside just below technical
support at 12,600 and then more stops just below support at
12,550. Buy stops likely reside just above technical
resistance at 12,700 and then at 12,750. Shorter-term moving
averages are neutral early today, as the 4-day moving
average is below the 9-day. The 9-day moving average is
above the 18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are bearish early today. Wyckoff's
Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

March 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 early today. Shorter-term support lies at the
overnight low of 144 28/32 and then at 144 16/32. Sell stops
likely reside just below those levels. Shorter-term
technical resistance lies at Tuesday’s high of 145 15/32 and
then at 146 even. Buy stops likely reside just above those
levels. Wyckoff's Intra-Day Market Rating: 4.5

March U.S. T-Notes: Prices hit an all-time record high on
Tuesday. 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
bearish early today. Shorter-term resistance lies at
Tuesday’s all-time high of 132.11.0 and then at 132.16.0.
Buy stops likely reside just above those levels. Shorter-
term technical support lies at the overnight low of
132.00.0 and then at Tuesday’s low of 131.22.0. Sell stops
likely reside just below those levels. Wyckoff's Intra-Day
Market Rating: 5.0

U.S. DOLLAR INDEX

The March U.S. dollar index is lower in early trading today.
Bears have downside near-term technical momentum and bulls
need to good power yet this week to avoid more serious near-
term chart damage. Slow stochastics for the dollar index are
neutral early today. The dollar index finds shorter-term
technical resistance at 79.50 and then at the overnight high
of 79.66. Shorter-term support is seen at Tuesday’s low of
78.85 and then at 78.62. Wyckoff's Intra Day Market Rating:
4.0

CRUDE OIL

Crude oil prices are trading higher early today. Bulls have
the overall near-term technical advantage. In March crude,
look for buy stops to reside just above resistance at
$100.00 and then at last week’s high of $101.39. Look for
sell stops just below technical support at the overnight low
of $98.37 and then at this week’s low of $97.86. Wyckoff's
Intra-Day Market Rating: 6.0

GRAINS

Markets were higher in overnight trading. The key “outside
markets” are in a bullish posture for grains this morning,
as the U.S. dollar index is lower, while crude oil and the
U.S. stock indexes are higher. Grains are closely tracking
the outside markets and will continue to be heavily
influenced by them, on a day-to-day basis. Wheat is seeing
some added support from notions of shorter wheat supplies
in Russia. My bias is that the grains will work sideways to
higher in the near-term.
 

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