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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--May 24

May 24, 2012

Thursday, May 24--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place is still very tentative and here are the
important overnight developments. There was more weak
economic data coming out of the European Union overnight,
which continues to suggest that bloc is teetering on
collective recession. There was nothing major that came out
of EU summit meeting on Wednesday. German leader Merkel is
still resistant to Euro bond issuance as a part of shoring
up the EU’s financial and debt problems. The Euro currency
hit a near two-year low versus U.S. dollar overnight. And,
there was more weak economic data coming out of China. While
the U.S. and European stock markets have stabilized and are
trading mostly steady to slightly higher Thursday, investor
risk appetite is still far from robust.--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 above the 9-day. The 9-day is below the 18-day
moving average. Short-term oscillators (RSI, slow
stochastics) are neutral to bullish early today. Today,
shorter-term technical resistance comes in at this week’s
high of 1,326.50 and then at 1,340.00. Buy stops likely
reside just above those levels. Downside support for active
traders today is located at the overnight low of 1,306.10
and then at 1,300.00. 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 above the 9-day. The 9-day average is below the
18-day. Short-term oscillators (RSI, slow stochastics) are
bullish early today. Shorter-term technical resistance is
located at this week’s high of 2,561.50 and then at
2,575.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at the overnight
low of 2,521.25 and then at 2,500.00. Sell stops are likely
located just below those levels. Wyckoff's Intra-Day Market
Rating: 5.5

Dow futures: Sell stops likely reside just below technical
support at 12,470 and then at 12,450. Buy stops likely
reside just above technical resistance at 12,500 and then at
this week’s high of 12,550. Shorter-term moving averages are
bearish early today, as the 4-day moving average is below
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 early today. Wyckoff's Intra-Day
Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Bulls are still in near-term technical
command. Shorter-term moving averages (4- 9- 18-day) are
still 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. Oscillators (RSI, slow stochastics) are bearish
early today. Shorter-term resistance lies at 148 even and
then the overnight high of 148 16/32. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 147 18/32 and then at
147 2/32. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 4.5

June U.S. T-Notes: Shorter-term moving averages (4- 9- 18-
day) are still 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
bearish early today. Shorter-term resistance lies at the
contract high of 133.28.5 and then at 134.00.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 133.16.5 and
then at this week’s low of 133.04.0. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 4.5

U.S. DOLLAR INDEX

Prices are near steady in early trading and did hit a fresh
21-month high overnight. Bulls still have upside technical
momentum amid safe-haven demand for greenbacks. Slow
stochastics for the dollar index are neutral early today.
The dollar index finds shorter-term technical resistance at
the overnight high of 82.53 and then at 82.75. Shorter-term
support is seen at the overnight low of 82.14 and then at
82.00. Wyckoff's Intra Day Market Rating: 5.0

CRUDE OIL

Crude oil prices are trading higher early today on short
covering after hitting a 6.5-month low of $89.28 on
Wednesday. Bears still have downside technical momentum on
their side. In July crude, look for buy stops to reside just
above resistance at the overnight high of $91.07 and then at
$92.00. Look for sell stops just below technical support at
$90.00 and then at $89.28. Wyckoff's Intra-Day Market
Rating: 5.5

GRAINS

Markets were higher in overnight trading on short covering
and some bargain hunting following recent selling pressure.
Traders will scrutinize this morning’s weekly USDA export
sales report, as well as updated weather forecasts for the
Corn Belt, heading into a three-day U.S. holiday weekend.
The key outside markets are mildly bullish for grains early
today—steady-weak U.S. dollar index and firmer crude oil
prices.
 

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