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Tuesday, March 1--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Gold prices are trading higher and hit a fresh two-
month high overnight. Prices are closing in on the
all-time high of $1,434.10 an ounce in April
futures, scored in early December. Meantime, silver
futures prices hit a fresh 31-year high of $34.43
in the May contract overnight. Both gold and silver
bulls have solid upside momentum and are looking
for more on the upside in the near term.--Jim

STOCK INDEXES

S&P 500 futures: The shorter-term moving averages
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 are
bullish early today. Today, shorter-term technical
resistance comes in at the overnight high of
1,336.20 and then at last month's high of
$1,342.80. Buy stops likely reside just above those
levels. Downside support for active traders today
is located at Monday's low of 1,313.00 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 are bearish early today.
The 4-day moving average is below the 9-day and 18-
day. The 9-day average is below the 18-day. Short-
term oscillators are
bullish early today. Shorter-term technical
resistance is located at the overnight high of
2,371.75 and then at 2,385.00. Buy stops likely
reside just above those levels. On the downside,
short-term support is seen at the overnight low of
2,351.00 and then at Monday's low of 2,334.75. 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
support at 12,200 and then more stops just below
support at Monday's low of 12,154. Buy stops likely
reside just above technical resistance at 12,300
and then at 12,330. 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
are neutral 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 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 are bearish
early today. Shorter-term resistance lies at the
overnight high of 120 4/32 and then at Monday's
high of 120 18/32. Buy stops likely reside just
above those levels. Shorter-term technical support
lies at the overnight low of 119 20/32 and then at
119 16/32. Sell stops likely reside just below
those levels. Wyckoff's Intra-Day Market Rating:
4.0
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JUNE U.S. T-Bonds

132 14/32--lifetime high
122 12/32--100-day moving average
120 26/32--second pivot point resistance
120 18/32--previous day's high
120 18/32--Previous Month's high
120 17/32--first pivot point resistance
120 10/32--pivot point
120 9/32--previous day's close
120 2/32--previous day's low
120 1/32--first pivot point support
119 29/32--4-day moving average
119 26/32--second pivot point support
118 25/32--9-day moving average
117 24/32--18-day moving average
115 7/32--previous month's low
115 7/32--lifetime low

June U.S. T-Notes: Shorter-term moving averages 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 are bearish
early today. Shorter-term resistance lies at the
overnight high of 118.30.0 and then at Monday's
high of 119.09.0. Buy stops likely reside just
above those levels. Shorter-term technical support
lies at the overnight low of 118.15.0 and then at
118.00.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 4.0

JUNE U.S. T-Notes

126 10/32--lifetime high
121 2/32--100-day moving average
119 14/32--second pivot point resistance
119 9/32--previous month's high
119 9/32--previous day's high
119 7/32--first pivot point resistance
119 3/32--pivot point
119 1/32--previous day's close
118 30/32--previous day's low
118 28/32--first pivot point support
118 26/32--4-day moving average
118 24/32--second pivot point support
118 5/32--9-day moving average
117 22/32--18-day moving average
116 3/32--previous month's low
109 6/32--lifetime low

U.S. DOLLAR INDEX

The June U.S. dollar index is near steady in early
trading today and hit another fresh four-month low
overnight. Bears have downside technical momentum.
Slow stochastics for the dollar index are neutral
early today. The dollar index finds shorter-term
technical resistance at 77.37 and then at 77.50.
Shorter-term support is seen at the overnight low
of 77.09 and then at 77.00. Wyckoff's Intra Day
Market Rating: 4.5

CRUDE OIL

Crude oil prices are higher in early trading today.
In April 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
$97.00 and then at the overnight low of $96.37.
Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Prices were mixed to firmer in overnight trading.
Corn bulls are strong and have upside momentum.
Wheat and soybean bulls need to show more power
soon to suggest uptrends can be continued. I would
not be surprised to see sideways and choppy trading
the next few weeks, heading into the all-important
USDA planting intentions report due out in late
March. My bias is still that the upside is
presently limited in the grain markets.