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Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Friday, October 7

Oct 07, 2011

* JIM'S MARKET THOUGHT OF THE DAY *

The biggest U.S. economic report of the month is
out today--the employment report from the Labor
Department. Look for more active trading in many
markets in the immediate wake of the jobs report,
especially if the key non-farm payrolls number
strays too far from the 60,000 rise that the market
place expects.--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 1,189.80 and then at
1,200.00. Buy stops likely reside just above those
levels. Downside support for active traders today
is located at Thursday's low of 1,129.20 and then
at Wednesday's low of 1,106.80. Sell stops are
likely located just below those levels. Wyckoff's
Intra-day Market Rating: 5.0

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 neutral to
bullish early today. Shorter-term technical
resistance is located at Thursday's high of
2,213.75 and then at 2,225.00. Buy stops likely
reside just above those levels. On the downside,
short-term support is seen at 2,175.00 and then at
Thursday's low of 2,148.50. Sell stops are likely
located just below those levels. Wyckoff's Intra-
Day Market Rating: 5.0

Dow futures: Sell stops likely reside just below
technical support at 10,950 and then more stops
just below support at 10,900. Buy stops likely
reside just above technical resistance at
Thursday's high of 11,060 and then at 11,100.
Shorter-term moving averages are bearish early
today, as the 4-day moving average is below the 9-
day. The 9-day moving average is below the 18-day
moving average. Shorter-term oscillators (RSI, slow
stochastics) are neutral to bearish. Wyckoff's
Intra-Day Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: 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 neutral to bearish
early today. Shorter-term support lies at the
overnight low of 142 3/32 and then at 141 even.
Sell stops likely reside just below those levels.
Shorter-term technical resistance lies at the
overnight high of 142 24/32 and then at 143 even.
Buy stops likely reside just above those levels.
Wyckoff's Intra-Day Market Rating: 5.0

December U.S. T-Notes: Shorter-term moving averages
(4- 9- 18-day) are bearish early today. The 4-day
moving average is below the 9-day and 18-day. The
9-day is below the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral to
bearish early today. Shorter-term resistance lies
at the overnight high of 129.21.0 and then at
130.00.0. Buy stops likely reside just above those
levels. Shorter-term technical support lies at the
overnight low of 129.10.5 and then at 129.02.0.
Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 5.0

U.S. DOLLAR INDEX

The December U.S. dollar index is weaker in early
trading today. Slow stochastics for the dollar
index are bearish early today. The dollar index
finds shorter-term technical resistance at the
overnight high of 79.16 and then at 79.50. Shorter-
term support is seen at the overnight low of 78.85
and then at 78.50. Wyckoff's Intra Day Market
Rating: 4.5

CRUDE OIL

Crude oil prices are trading slightly lower early
today, on a mild corrective pullback from recent
strong gains. The bulls have gained the upside
technical momentum to suggest prices this week put
in a near-term low. In November crude, look for buy
stops to reside just above resistance at the
overnight high of $83.08 and then at $84.00. Look
for sell stops just below technical support at the
overnight low of $81.79 and then at $81.00.
Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices were mostly lower in overnight trading.
Bulls are fading a bit to end the week. Look for
the grains to take direction from how the key
"outside markets" react in the wake of this
morning's key U.S. jobs report. I still look for
"harvest lows" to be put in place for the grains in
the near term.

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