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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 7

May 07, 2012

Monday, May 7--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

It’s a “risk-off” trading day in the market place Monday
following elections in France and Greece that now call into
question the resolve of those nations to prudently address
their debt crises. The U.S. dollar index is benefiting as
the Euro currency suffers. Stock markets worldwide are
under selling pressure. The stock market bears are noting
the “sell in May and go away” trading adage is back in
vogue to start the new trading week.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices hit a fresh two-month low overnight
but are trading near the session high. 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
1,362.00 and then at 1,375.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at the overnight low of 1,342.00 and then
at the March low of 1,338.80. Sell stops are likely located
just below those levels. Wyckoff's Intra-day Market Rating:
4.0

Nasdaq index futures: Prices hit a fresh two-month low
overnight. 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 average is above the
18-day. Short-term oscillators (RSI, slow stochastics) are
bearish early today. Shorter-term technical resistance is
located at 2,625.25 and then at 2,650.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at the overnight low of 2,586.50 and then at
the March low of 2,575.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
4.0

Dow futures: Sell stops likely reside just below technical
support at 12,850 and then 12,790. Buy stops likely reside
just above technical resistance at 12,950 and then at
13,000. 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: 4.0

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices hit a fresh 4.5-month high
overnight on safe-haven demand for U.S. Treasuries. Shorter-
term moving averages (4- 9- 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. Oscillators (RSI,
slow stochastics) are bullish early today. Shorter-term
support lies at the overnight low of 143 27/32 and then at
143 16/32. Sell stops likely reside just below those levels.
Shorter-term technical resistance lies at the overnight high
of 144 19/43 and then at the December high of 144 23/32. Buy
stops likely reside just above those levels. Wyckoff's
Intra-Day Market Rating: 6.0

June U.S. T-Notes: Prices hit a fresh contract high
overnight. 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 to bullish
early today. Shorter-term resistance lies at the overnight
contract high of 133.02.0 and then at 133.10. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at 132.17.0 and then at 132.08.0.
Sell stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 6.0

U.S. DOLLAR INDEX

Prices are higher and hit a fresh three-week high overnight
but are now trading near the session low. Safe-haven buying
interest and more short covering are featured. 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 80.13. Shorter-term
support is seen at 79.61 and then at 79.50. Wyckoff's Intra
Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading lower early today and hit a
fresh 4.5-month low overnight. Prices have rebounded well
off today’s low of $95.34. Bears have solid downside near-
term technical momentum. In June crude, look for buy stops
to reside just above resistance at $99.00 and then at
$100.00. Look for sell stops just below technical support at
$97.50 and then at $97.00. Wyckoff's Intra-Day Market
Rating: 4.0

GRAINS

Markets were weaker in overnight trading amid bearish
“outside markets”—lower crude oil prices and a higher U.S.
dollar index and amid the “risk-off” trader attitudes
today, which are commodity-market bearish. Soybean bulls
remain strong, but corn and wheat bulls have faded
recently. Focus of grain traders this week will be on the
outside markets and the Corn Belt weather forecasts.
 

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