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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 28

Mar 28, 2012

* JIM'S MARKET THOUGHT OF THE DAY *

Here are my near-term market biases as of today: U.S. T-
bonds and T-Notes still have more downside to go, I do not
want to be short the grains at present, nor do I want to be
short gold. The U.S. dollar index will see choppy and
sideways trading, and "the trend is your friend" so U.S.
stock indexes have still more upside.--Jim

U.S. STOCK INDEXES

S&P 500 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 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 Tuesday’s high of 1,419.60
and then at 1,425.00. Buy stops likely reside just above
those levels. Downside support for active traders today is
located at 1,400.00 and then at this week’s low of 1,392.70.
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 early today. Shorter-term technical resistance is
located at Tuesday’s high of 2,789.50 and then at 2,800.00.
Buy stops likely reside just above those levels. On the
downside, short-term support is seen at Tuesday’s low of
2,772.00 and then at 2,760.00. 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 Tuesday’s high of 13,190 and then at the March
high of 13,220. Sell stops likely reside just below
technical support at Tuesday’s low of 13,124 and then more
stops just below support at 13,100. 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
below the 18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are bearish early today. Wyckoff's
Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-
day) are neutral early today. The 4-day moving average is
above the 9-day. The 9-day is below the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term support lies at Tuesday’s low of
137 10/32 and then at this week’s low of 136 27/32. Sell
stops likely reside just below those levels. Shorter-term
technical resistance lies at the overnight high of 138 13/32
and then at this week’s high of 138 18/32. Buy stops likely
reside just above those levels. Wyckoff's Intra-Day Market
Rating: 4.5

June U.S. T-Notes: Shorter-term moving averages (4- 9- 18-
day) are neutral early today. The 4-day moving average is
above the 9-day. The 9-day is below the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term resistance lies at Tuesday’s high
of 129.22.5 and then at 130.00.0. Buy stops likely reside
just above those levels. Shorter-term technical support
lies at 129.00.0 and then at this week’s low of 128.20.0.
Sell stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 4.5

U.S. DOLLAR INDEX

The June U.S. dollar index is slightly lower early today.
The bulls are fading. Slow stochastics for the dollar index
are neutral early today. The dollar index finds shorter-term
technical resistance at the overnight high of 79.31 and then
at 79.50. Shorter-term support is seen at the overnight low
of 70.05 and then at Tuesday’s low of 78.93. Wyckoff's Intra
Day Market Rating: 4.5

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