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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--Mar 14

Mar 14, 2013

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

* LATEST MARKET DEVELOPMENTS *

In overnight news, European stock markets rose Thursday
following well-received Spanish bond auctions held on
Wednesday and Thursday. However, there was more downbeat
economic data coming out of the European Union Thursday. The
EU employment level was reported at the lowest number of
workers in seven years during the fourth quarter of 2012. A
European Central Bank official said Thursday the ECB’s
monetary policy will remain accommodative due to the overall
weak EU economy, and with inflation being of little threat
at present. Asian stocks were also firmer overnight. U.S.
economic data due for release Thursday includes the weekly
jobless claims report and the producer price index.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are firmer early today and poked to
another fresh five-year high overnight. The bulls have the
solid overall near-term technical advantage. 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
1,565.00 and then at 1,575.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at this week’s low of 1,540.60 and then at
1,530.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 5.5

Nasdaq index futures: Prices are firmer in early trading.
Bulls have the overall near-term technical advantage. 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 this week’s
high of 2,808.00 and then at last week’s high of 2,817.00.
Buy stops likely reside just above those levels. On the
downside, short-term support is seen at this week’s low of
2,782.50 and then at 2,775.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
5.5.

Dow futures: Prices are firmer early today. The bulls have
the solid overall near-term technical advantage. Sell stops
likely reside just below technical support at Wednesday’s
low of 14,355 and then at this week’s low of 14,310. Buy
stops likely reside just above technical resistance at this
week’s record high of 14,400 and then at 14,450. 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: 5.5

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are lower early today. Bears have
the overall near-term technical advantage. 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 bearish early today.
Shorter-term resistance lies at the overnight high of 141
18/32 and then at this week’s high of 141 29/32. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 140 29/32 and
then at last week’s low of 140 14/32. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 4.0
 
June U.S. T-Notes: Prices are weaker early today. Bears
have the overall near-term technical advantage. 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 bearish
early today. Shorter-term resistance lies at the overnight
high of 130.15.0 and then at this week’s high of 130.21.0.
Buy stops likely reside just above those levels. Shorter-
term technical support lies at the overnight low of
130.06.0 and then at last week’s low of 130.00.0. Sell
stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 4.0

U.S. DOLLAR INDEX

The U.S. dollar index is higher early today and hit a fresh
7.5-month high overnight. The greenback bulls have the solid
overall near-term technical advantage. Slow stochastics for
the dollar index are neutral early today. The dollar index
finds shorter-term technical resistance at 83.500 and then
at 83.750. Shorter-term support is seen at the overnight low
of 83.020 and then at 82.685. Wyckoff's Intra Day Market
Rating: 6.5

NYMEX CRUDE OIL

Crude oil prices are weaker early today. Bears still have
the overall near-term technical advantage. In April Nymex
crude, look for buy stops to reside just above resistance at
$93.00 and then at this week’s high of $93.47. Look for sell
stops just below technical support at $91.60 and then at
$91.00. Wyckoff's Intra-Day Market Rating: 4.5

GRAINS

Markets were mixed to mostly weaker overnight. The stronger
U.S. dollar index has been a bearish weight on the grain
markets recently. Traders will closely scrutinize this
morning’s weekly USDA export sales data.
 

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