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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--June 14

Jun 14, 2012

Thursday, June 14--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place is again tentative with no major price
moves taking place Thursday morning. European and Asian
stock markets were lower overnight as fears and worries are
growing ahead of this weekend’s potentially pivotal Greek
elections, which are viewed by most as a referendum on
whether Greece wants to remain in the single European
currency system. EU finance ministers reportedly will be on
“standby” for a conference call after the Greek elections on
Sunday. There are also reports of an EU contingency plan for
Greece to exit the Euro currency. In other overnight news,
Spanish bond yields pushed above 7% amid fresh downgrades
for Spain’s sovereign debt. Traders will also be watching
today’s U.S. economic data. The recent generally downbeat
U.S. data has led to growing expectations for further easing
of U.S. monetary policy—nicknamed “QE3.”--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 above the 9-day and 18-day. The 9-day is below
the 18-day moving average. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Today, shorter-term
technical resistance comes in at Wednesday’s high of
1,320.70 and then at 1,334.20. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at this week’s low of 1,298.00 and then at
1,286.50. 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 neutral early today. The 4-day moving
average is above the 9-day and 18-day. The 9-day average is
below the 18-day. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Shorter-term technical
resistance is located at the overnight high of 2,537.50 and
then at Wednesday’s high of 2,552.75. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at this week’s low of 2,505.00 and then at
2,481.50. 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 12,400 and then at Wednesday’s low of 12,385. Buy
stops likely reside just above technical resistance at
12,500 and then at Wednesday’s high of 12,520. Shorter-term
moving averages are neutral early today, as the 4-day moving
average is above the 9-day and 18-day. The 9-day moving
average is below the 18-day moving average. Shorter-term
oscillators (RSI, slow stochastics) are neutral to bullish
early today. Wyckoff's Intra-Day Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Shorter-term moving averages (4- 9-
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. Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term resistance lies at the overnight
high of 149 10/32 and then at this week’s high of 149 24/32.
Buy stops likely reside just above those levels. Shorter-
term technical support lies at the overnight low of 148
24/32 and then at 148 even. Sell stops likely reside just
below those levels. Wyckoff's Intra-Day Market Rating: 5.0

September U.S. T-Notes: Shorter-term moving averages (4- 9-
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. Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term resistance lies at 134.05.5 and
then at 134.16.0. Buy stops likely reside just above those
levels. Shorter-term technical support lies at the
overnight low of 133.18.0 and then at 133.08.0. Sell stops
likely reside just below those levels. Wyckoff's Intra-Day
Market Rating: 5.0

U.S. DOLLAR INDEX

Prices are near steady in early trading. The bulls have
faded a bit amid some profit taking. Slow stochastics for
the dollar index are bearish early today. The dollar index
finds shorter-term technical resistance at the overnight
high of 82.75 and then at 83.00. Shorter-term support is
seen at Wednesday’s low of 82.36 and then at this week’s low
of 82.10. Wyckoff's Intra Day Market Rating: 5.0

CRUDE OIL

Crude oil prices are trading slightly higher in early
trading today, on short covering. Bears still have the
overall near-term technical advantage. In July crude, look
for buy stops to reside just above resistance at $84.00 and
then at $85.00. Look for sell stops just below technical
support at $82.00 and then at this week’s low of $81.07.
Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Markets were mixed in overnight trading. Traders will
continue to watch the updated Corn Belt weather forecasts.
The overall weather pattern in the U.S. Corn Belt still
tilts in favor of the bulls, but there are scattered rains
in the forecast. Traders will also scrutinize this
morning’s weekly USDA export sales report.
 

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