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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 27

Jun 27, 2012

Wednesday, June 27--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

It’s a more risk-averse trader mentality in the market place
early Wednesday, heading into European Union summit meeting
on Thursday and Friday. The focus of the EU summit is the
bloc’s debt crisis. There are low expectations for concrete
results coming out of this latest gathering of EU officials.
In other EU news overnight, Spain’s prime minister said his
country cannot endure high borrowing costs much longer. He
said “urgent mechanisms” are needed for debt refinancing.
The Spanish 10-year bond yield was at 6.8% Wednesday. German
leader Merkel’s hawkish comments on EU bailouts this week
have helped to set the tone of a potentially divisive
summit. For the past two years the EU debt crisis has been
on or near the front burner of the market place, with little
progress made by EU leaders during that time. The smart
money in the market place reckons the EU cannot survive in
its present form and function. What is more in question is
how the EU debt debacle will impact the other major
economies of the world in the coming months, with the worry
being a worldwide debt contagion emanating from the EU.--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 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 this week’s high of
1,326.00 and then at 1,331.50. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at the overnight low of 1,312.20 and then
at this week’s low of 1,302.70. 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 below the 9-day. The 9-day average is above the
18-day. Short-term oscillators (RSI, slow stochastics) are
neutral to bearish early today. Shorter-term technical
resistance is located at the overnight high of 2,554.50 and
then at this week’s high of 2,577.25. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at the overnight low of 2,542.50 and then at
this week’s low of 2,521.00. 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 12,431 and then at 12,400. Buy stops likely
reside just above technical resistance at Tuesday’s high of
12,500 and then at 12,538. 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 to bearish 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 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 to bullish early today. Shorter-term resistance lies
at the overnight high of 149 5/32 and then at Tuesday’s high
of 149 12/32. Buy stops likely reside just above those
levels. Shorter-term technical support lies at Tuesday’s low
of 148 14/32 and then at this week’s low of 148 1/32. 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 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 to bullish early today. Shorter-term resistance
lies at the overnight high of 133.17.0 and then at this
week’s high of 133.20.5. Buy stops likely reside just above
those levels. Shorter-term technical support lies at
Tuesday’s low of 133.06.5 and then at this week’s low of
133.00.0. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 5.0

U.S. DOLLAR INDEX

Prices are slightly higher in early trading. The bulls still
have some upside technical momentum. Slow stochastics for
the dollar index are bullish early today. The dollar index
finds shorter-term technical resistance at Tuesday’s high of
82.86 and then at 83.00. Shorter-term support is seen at
Tuesday’s low of 82.46 and then at 82.34. Wyckoff's Intra
Day Market Rating: 5.0

NYMEX CRUDE OIL

Crude oil prices are near steady in early trading. Prices
are hovering near last week’s 8.5-month low of $77.56. Bears
still have the solid overall near-term technical advantage.
In August Nymex crude, look for buy stops to reside just
above resistance at $80.00 and then at this week’s high of
$80.68. Look for sell stops just below technical support at
the overnight low of $78.68 and then at $78.00. Wyckoff's
Intra-Day Market Rating: 5.0

GRAINS

Markets were mostly higher in overnight trading. Corn and
beans were higher and wheat was steady. The weather market
in the grains continues and gets more serious. Highs in
parts of the Midwest today are forecast to be upwards of
105 degrees! Extended weather forecasts for the U.S. Corn
Belt still call for drier and warmer conditions, and that’s
bullish for the grains. Traders are also awaiting Friday
morning’s important USDA acreage report and quarterly
stocks figures. But the weather forecasts for the U.S. Corn
Belt are the trump card at present.
 

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