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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 28

Feb 28, 2012

Tuesday, February 28--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Wednesday is the last trading day of the month, which means
it’s an extra important day, technically. It’s very
significantly, chart-wise, when a market closes at its
weekly or monthly high close on the last trading day of the
month.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices hit a fresh 3.5-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. The 9-day is above the 18-day moving average. Short-
term oscillators (RSI, slow stochastics) are neutral to
bullish early today. Today, shorter-term technical
resistance comes in at 1,385.00 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 1,366.10 and then at Monday’s low of 1,353.00. Sell
stops are likely located just below those levels. Wyckoff's
Intra-day Market Rating: 6.0

Nasdaq index futures: Prices poked to a 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 2,625.00 and then at 2,650.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at 2,600.00 and then at Monday’s low of
2,578.25. Sell stops are likely located just below those
levels. Wyckoff's Intra-Day Market Rating: 6.0

Dow futures: Prices hit a fresh four-year high overnight.
Buy stops likely reside just above technical resistance at
13,050 and then at 13,100. Sell stops likely reside just
below technical support at 12,950 and then more stops just
below support at 12,900. 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: 6.0

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Bulls have regained upside momentum.
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 even with the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral to bullish
early today. Shorter-term support lies at the overnight low
of 143 21/32 and then at 143 16/32. Sell stops likely reside
just below those levels. Shorter-term technical resistance
lies at Monday’s high of 144 3/32 and then at 144 16/32. Buy
stops likely reside just above those levels. Wyckoff's
Intra-Day Market Rating: 5.0

March U.S. T-Notes: 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 to bullish early today. Shorter-term resistance
lies at 131.24.5 and then at 132.00.0. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 131.15.5 and then at
Monday’s low of 131.05.0. 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 weaker early today. Bears
have downside near-term technical momentum. Slow stochastics
for the dollar index are bearish early today. The dollar
index finds shorter-term technical resistance at the
overnight high of 78.56 and then at 78.82. Shorter-term
support is seen at last week’s low of 78.26 and then at
78.00. Wyckoff's Intra Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading near steady early today on mild
profit taking from recent gains. Bulls still have some
upside near-term technical momentum. In April crude, look
for buy stops to reside just above resistance at $109.00 and
then at $110.00. Look for sell stops just below technical
support at $107.50 and then at $107.00. Wyckoff's Intra-Day
Market Rating: 5.0

GRAINS

Markets were firmer in overnight trading. The key "outside
markets" are mildly bullish for the grains today, as the
U.S. dollar index is weaker while crude oil is steady and
the U.S. stock indexes are firmer. Soybean bulls still have
some upside technical momentum and soybeans are presently
leading price action in the entire grains complex.
 

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