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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 19

Mar 19, 2012

Monday, March 19--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

This week could be extra important for several markets, to
see if they can produce follow-through price action from
recent trending moves. The U.S. dollar index has been
trending higher, while T-Bonds and Notes, and gold, have
been trending lower recently. If those trends continue this
week, it could mean those trends would then continue for
quite some time to come.--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 early today. Today, shorter-term
technical resistance comes in at the overnight high of
1,402.00 and then at 1,415.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at 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: 5.0

Nasdaq index futures: Prices poked to a fresh 11-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. 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
the overnight high of 2,721.00 and then at 2,735.00. 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: Buy stops likely reside just above technical
resistance at 13,200 and then at Friday’s high of 13,220.
Sell stops likely reside just below technical support at
13,112 and then more stops just below support at 12,925.
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 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

June 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
bullish early today. Shorter-term support lies at 136 16/32
and then at the overnight low of 136 4/32. Sell stops likely
reside just below those levels. Shorter-term technical
resistance lies at the overnight high of 137 even and then
at 137 16/32. Buy stops likely reside just above those
levels. Wyckoff's Intra-Day Market Rating: 5.5

June 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
bullish early today. Shorter-term resistance lies at
129.00.0 and then at 129.16.0. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 128.14.5 and then at last week’s low
of 128.03.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The June U.S. dollar index is near steady early today. The
bulls have faded recently. Slow stochastics for the dollar
index are bearish early today. The dollar index finds
shorter-term technical resistance at 80.25 and then at
80.50. Shorter-term support is seen at Friday’s low of 79.95
and then at 79.53. Wyckoff's Intra Day Market Rating: 5.0

CRUDE OIL

Crude oil prices are trading weaker early today. Bulls still
have the overall near-term technical advantage. In April
crude, look for buy stops to reside just above resistance at
the overnight high of $107.48 and then at $108.00. Look for
sell stops just below technical support at $106.00 and then
at $105.00. Wyckoff's Intra-Day Market Rating: 4.5

GRAINS

Markets were lower in overnight trading, on a corrective
pullback from recent gains and on some beneficial moisture
forecast for the U.S. Midwest this week. Traders are
looking forward to the March 31 USDA planting intentions
report.
 

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