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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--March 16

Mar 16, 2012

Friday, March 16--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

This week may be looked upon in the coming months as the
week “the worm turned” on the market place’s perception of
the U.S. and world economies. U.S. economic growth is
gaining steam and the European Union debt crisis has at
least for the moment stabilized. A Federal Reserve official
even hinted Friday that the U.S. central bank may have to
raise interest rates next year. Safe-haven U.S. Treasuries
and the gold market have been hammered lower this week amid
the better investor risk appetite in the market place.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices hit another fresh four-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 is above the 18-day
moving average. Short-term oscillators (RSI, slow
stochastics) are neutral to bearish early today. Today,
shorter-term technical resistance comes in at 1,400.00 and
then at 1,415.00. Buy stops likely reside just above those
levels. Downside support for active traders today is located
at Thursday’s low of 1,385.00 and then at of 1,366.10. Sell
stops are likely located just below those levels. Wyckoff's
Intra-day Market Rating: 5.5

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. 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 Thursday’s high of 2,717.25 and
then at 2,725.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at
2,700.00 and then at 2,686.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
5.5

Dow futures: Prices hit a fresh four-year high overnight.
Buy stops likely reside just above technical resistance at
13,200 and then at 13,250. Sell stops likely reside just
below technical support at Thursday’s low of 13,112 and then
more stops just below support at 12,925. 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 bullish early today.
Wyckoff's Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Bears are in command. 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 bearish early today. Shorter-term support
lies at Thursday’s low of 135 18/32 and then at 135 even.
Sell stops likely reside just below those levels. Shorter-
term technical resistance lies at 136 even and then at the
overnight high of 136 20/32. Buy stops likely reside just
above those levels. Wyckoff's Intra-Day Market Rating: 4.0

June U.S. T-Notes: Bears are in command. 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 bearish early today. Shorter-term
resistance lies at the overnight high of 128.28.5 and then
at 129.00.0. Buy stops likely reside just above those
levels. Shorter-term technical support lies at Thursday’s
low of 128.07.0 and then at 128.00.0. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 4.0

U.S. DOLLAR INDEX

The June U.S. dollar index is slightly higher early today.
The bulls still have some upside 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 80.76 and then at 81.00.
Shorter-term support is seen at Thursday’s low of 80.37 and
then at 80.00. Wyckoff's Intra Day Market Rating: 5.5

CRUDE OIL

Crude oil prices are trading firmer early today. Bulls still
have the overall near-term technical advantage. In April
crude, look for buy stops to reside just above resistance at
$106.00 and then at $107.00. Look for sell stops just below
technical support at $105.00 and then at $104.35. Wyckoff's
Intra-Day Market Rating: 5.5

GRAINS

Markets were slightly lower in overnight trading. Soybean,
wheat and corn bulls have gained upside technical momentum
this week and a mild corrective pullback today would not be
surprising. Traders are looking forward to the March 31
USDA planting intentions report.
 

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