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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 2

Feb 02, 2012

Thursday, February 2--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Traders will closely scrutinize today’s testimony by Fed
Chairman Bernanke to the U.S. House of Representatives.
Last week’s FOMC statement that pledged continued low
interest rates well into 2013 and hinted more quantitative
easing could be forthcoming was a bit of a surprise to the
market place. Traders are wondering if Bernanke will reveal
any more clues in his remarks to Congress today.--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 even with the 9-day. The 9-day is above the 18-
day moving average. Short-term oscillators (RSI, slow
stochastics) are neutral 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: 5.0

Nasdaq index futures: Prices poked to yet 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 2,496.25 and
then at 2,500.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at
2,475.00 and then at Wednesday’s low of 2,453.50. Sell stops
are likely located just below those levels. Wyckoff's Intra-
Day Market Rating: 5.0

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 Wednesday’s high of 12,730.
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 neutral early today.
Wyckoff's Intra-Day Market Rating: 5.0

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 10/32 and then at 144 even. Sell stops
likely reside just below those levels. Shorter-term
technical resistance lies at 145 even and then at this
week’s high of 145 15/32. Buy stops likely reside just above
those levels. Wyckoff's Intra-Day Market Rating: 6.0

March 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 and 18-day. The 9-day is above the 18-day
moving average. Oscillators (RSI, slow stochastics) are
neutral 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
131.28.0 and then at this week’s low of 131.22.0. Sell
stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The March U.S. dollar index is firmer in early trading
today, on short covering. Bears still have some 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 bullish early
today. The dollar index finds shorter-term technical
resistance at this week’s high of 79.66 and then at 80.00.
Shorter-term support is seen a 79.00 and then at this week’s
low of 78.74. Wyckoff's Intra Day Market Rating: 5.5

CRUDE OIL

Crude oil prices are trading lower early today and hit a
fresh six-week low overnight. Bulls are fading. In March
crude, look for buy stops to reside just above resistance at
$97.50 and then at $98.00. Look for sell stops just below
technical support at the overnight low of $96.00 and then at
$95.00. Wyckoff's Intra-Day Market Rating: 4.0

GRAINS

Markets were lower in overnight trading. The key “outside
markets” are in a bearish posture for grains this morning,
as the U.S. dollar index is firmer, while crude oil and the
U.S. stock indexes are weaker. Grains are closely tracking
the outside markets and will continue to be heavily
influenced by them, on a day-to-day basis. Traders will
closely scrutinize this morning’s weekly USDA export sales
report.
 

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