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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--January 27

Jan 27, 2012

Friday, January 27--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Traders in the market place will pay extra close attention
to this morning’s U.S. gross domestic product report for
the fourth quarter. If the GDP number is below a 3% annual
growth rate, many believe the Federal Reserve may be
inclined to implement another round of quantitative easing
measures.--Jim

U.S. STOCK INDEXES

S&P 500 futures: 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 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 Thursday’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 Thursday’s low of 1,309.50 and then at 1,300.00.
Sell stops are likely located just below those levels.
Wyckoff's Intra-day Market Rating: 5.0

Nasdaq index futures: 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 Thursday’s high of 2,476.00 and
then at 2,485.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at the
overnight low of 2,447.50 and then at 2,436.75. Sell stops
are likely located just below those levels. Wyckoff's Intra-
Day Market Rating: 5.5

Dow futures: Sell stops likely reside just below technical
support at Thursday’s low of 12,644 and then more stops just
below support at 12,600. Buy stops likely reside just above
technical resistance at 12,750 and then at Thursday’s high
of 12,780. Shorter-term moving averages are bullish early
today, as the 4-day moving average is above the 9-day and
18-day. The 9-day moving average is above the 18-day moving
average. Shorter-term oscillators (RSI, slow stochastics)
are neutral. 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 still 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
neutral early today. Shorter-term support lies at the
overnight low of 142 7/32 and then at 142 even. Sell stops
likely reside just below those levels. Shorter-term
technical resistance lies at the overnight high of 142 28/32
and then at 143 even. Buy stops likely reside just above
those levels. Wyckoff's Intra-Day Market Rating: 4.5

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 even with the 18-
day moving average. Oscillators (RSI, slow stochastics) are
neutral to bullish early today. Shorter-term resistance
lies at this week’s high of 131.16.5 and then the January
high of 131.23.5. Buy stops likely reside just above those
levels. Shorter-term technical support lies at the
overnight low of 131.06.5 and then at 131.00.0. 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 again in early trading
today. Bears have gained fresh downside near-term technical
momentum recently. Slow stochastics for the dollar index are
bearish early today. The dollar index finds shorter-term
technical resistance at the overnight high of 79.63 and then
at 80.00. Shorter-term support is seen at this week’s low of
79.19 and then at 79.00. Wyckoff's Intra Day Market Rating:
4.0

CRUDE OIL

Crude oil prices are trading firmer early today. Bulls have
regained upside technical momentum. In March crude, look for
buy stops to reside just above resistance at $101.00 and
then at this week’s high of $101.39. Look for sell stops
just below technical support at the overnight low of $99.40
and then at $99.00. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Markets were mixed but mostly weaker in overnight trading.
The key "outside markets" are in a mildly bullish posture
for grains this morning, as the U.S. dollar index is
weaker, while crude oil and the U.S. stock indexes are
firmer. The grain market bulls have had a good week, so
far, and have gained some fresh upside technical momentum.

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