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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 7

Mar 07, 2012

Wednesday, March 7--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Many markets saw solid selling pressure on Tuesday. And
many of those markets, including the stock indexes, were
due for corrective pullbacks in their price uptrends. Some
markets did experience chart damage on Tuesday, including
the livestock futures, coffee and precious metals. My bias
is that commodity markets in general will see more upside
successes this year and that those beaten down commodity
markets will at some point soon become bargain buys.--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 to bearish early today. Today,
shorter-term technical resistance comes in at 1,350.00 and
then at Tuesday’s high of 1,365.40. Buy stops likely reside
just above those levels. Downside support for active traders
today is located at Tuesday’s low of 1,338.80 and then at
1,325.00. 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 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 Tuesday’s high of 2,617.50 and then
at 2,635.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at
Tuesday’s low of 2,575.00 and then at 2,550.00. 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 12,810 and then at 12,865.
Sell stops likely reside just below technical support at
12,750 and then more stops just below support at Tuesday’s
low of 12,725. 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 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
below the 9-day. The 9-day is above the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term support lies at the overnight low
of 141 18/32 and then at 141 even. Sell stops likely reside
just below those levels. Shorter-term technical resistance
lies at the overnight high of 142 2/32 and then at Tuesday’s
high of 142 10/32. 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 bullish early today. The 4-day moving average is
above the 9-day. The 9-day is above the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term resistance lies at Tuesday’s high
of 131.16.5 and then at 131.19.5. Buy stops likely reside
just above those levels. Shorter-term technical support
lies at the overnight low of 131.06.0 and then at 131.00.0.
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 today. Bulls
have regained some upside near-term 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 80.47 and then at the February high of
80.58. Shorter-term support is seen at the overnight low of
80.13 and then at 80.00. Wyckoff's Intra Day Market Rating:
5.0

CRUDE OIL

Crude oil prices are trading firmer early today. Bulls have
faded a bit recently. In April crude, look for buy stops to
reside just above resistance at the overnight high of
$105.60 and then at $106.00. Look for sell stops just below
technical support at Tuesday’s low of $104.51 and then at
$104.00. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Markets were narrowly mixed in overnight trading. The key
“outside markets” are mildly bullish for the grains today,
as the U.S. dollar index is weaker while crude oil is
firmer. Grain traders are awaiting Friday morning’s monthly
USDA supply and demand report. That report is expected to
be friendly for corn and soybeans and a bit negative for
wheat. Soybean and corn bulls still have some technical
momentum on their side.
 

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