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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 8

Mar 08, 2012

Thursday, March 8--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Today finds the market place in a “risk on” mentality as
the Greek debt swap process appears to be going well ahead
of today’s deadline for final agreement on the matter. The
world stocks markets are higher today, as are most
commodity markets.--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 bearish early today. Today, shorter-term
technical resistance comes in at Tuesday’s high of 1,365.40
and then at last week’s high of 1,376.90. Buy stops likely
reside just above those levels. Downside support for active
traders today is located at this week’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: 6.0

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 early today. Shorter-term technical resistance is
located at the overnight high of 2,626.50 and then at last
week’s high of 2,650.00. Buy stops likely reside just above
those levels. On the downside, short-term support is seen at
2,600.00 and then at this week’s low of 2,575.00. Sell stops
are likely located just below those levels. Wyckoff's Intra-
Day Market Rating: 6.0

Dow futures: Buy stops likely reside just above technical
resistance at 12,961 and then at this week’s high of 12,980.
Sell stops likely reside just below technical support at
12,900 and then more stops just below support at Tuesday’s
low of 12,865. Shorter-term moving averages are neutral
early today, as the 4-day moving average is below the 9-day
and 18-day. The 9-day moving average is above the 18-day
moving average. Shorter-term oscillators (RSI, slow
stochastics) are neutral to bearish early today. Wyckoff's
Intra-Day Market Rating: 6.0

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 to
bearish early today. Shorter-term support lies at this
week’s low of 140 21/32 and then at 140 2/32. Sell stops
likely reside just below those levels. Shorter-term
technical resistance lies at the overnight high of 141 17/32
and then at Wednesday’s high of 142 2/32. Buy stops likely
reside just above those levels. Wyckoff's Intra-Day Market
Rating: 4.0

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 the overnight
high of 131.08.5 and then at this week’s high of 131.16.5.
Buy stops likely reside just above those levels. Shorter-
term technical support lies at 131.00.0 and then at this
week’s low of 130.25.5. 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 lower today. Trading has
turned choppy this week. Slow stochastics for the dollar
index are bullish early today. The dollar index finds
shorter-term technical resistance at 80.00 and then at the
overnight high of 80.30. Shorter-term support is seen at the
overnight low of 79.73 and then at this week’s low of 79.60.
Wyckoff's Intra Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading higher early today. Bulls have
regained some upside momentum. In April crude, look for buy
stops to reside just above resistance at this week’s high of
$107.42 and then at $108.00. Look for sell stops just below
technical support at the overnight low of $105.91 and then
at $105.00. Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Markets were mostly higher in overnight trading. The key
“outside markets” are bullish for the grains today, as the
U.S. dollar index is lower while crude oil is higher. Grain
traders are awaiting this morning’s weekly USDA export
sales report and Friday morning’s monthly USDA supply and
demand report. The monthly report is expected to be
friendly for corn and soybeans and a bit negative for
wheat. Soybean bulls still have some technical momentum on
their side, but the corn and wheat bulls have faded this
week.
 

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