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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim Wyckoff's Morning Markets Report--August 24

Aug 24, 2012

Friday, August 24--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

In overnight news, European stocks were slightly lower.
European traders were awaiting the outcome of the meeting
between German Chancellor Angela Merkel and Greek Prime
Minister Samaras, regarding Greece’s financial woes. The
tensions between Iran and the U.S./Israel are building,
which could be adding to the heightened risk aversion in the
market place this week. Many traders are already looking
ahead to next week’s U.S. Federal Reserve symposium in
Jackson Hole, Wyoming and the September 6 monthly meeting of
the European Central Bank.--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. 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 the overnight high of
1,402.50 and then at Thursday’s high of 1,417.90. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at 1,387.40 and then at
1,375.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 4.5

Nasdaq index futures: The shorter-term moving averages (4-
9-and 18-day) are still bullish early today. The 4-day
moving average is above the 9-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 the overnight high of 2,767.25 and
then at 2,780.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at
2,750.00 and then at 2,725.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
4.5

Dow futures: Sell stops likely reside just below technical
support at 13,000 and then at 12,950. Buy stops likely
reside just above technical resistance at Thursday’s high of
13,090 and then at 13,150. 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: 4.5

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Bulls have regained upside near-term
technical momentum. Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are bullish
early today. Shorter-term resistance lies at 149 even and
then at 149 9/32. Buy stops likely reside just above those
levels. Shorter-term technical support lies at 148 16/32 and
then at the overnight low of 148 4/32. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 6.0

September U.S. T-Notes: Shorter-term moving averages (4- 9-
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. Oscillators (RSI, slow stochastics) are bullish
early today. Shorter-term resistance lies at the overnight
high of 133.29.0 and then at 134.00.0. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 133.15.5 and then at
133.10.0. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 6.0

U.S. DOLLAR INDEX

The U.S. dollar index is firmer in early U.S. trading and is
seeing a short-covering bounce after hitting a 3.5-month low
on Thursday. Bears have the overall near-term technical
advantage as a four-week-old downtrend line is in place on
the daily bar chart. Slow stochastics for the dollar index
are bullish early today. The dollar index finds shorter-term
technical resistance at 81.75 and then at 82.00. Shorter-
term support is seen at the overnight low of 81.36 and then
at Thursday’s low of 81.22. Wyckoff's Intra Day Market
Rating: 5.5

NYMEX CRUDE OIL

Crude oil prices are modestly lower early today on profit
taking after hitting a 3.5-month high on Thursday. Bulls
still have some upside near-term technical momentum. In
October Nymex crude, look for buy stops to reside just above
resistance at the overnight high of $96.28 and then at
$97.00. Look for sell stops just below technical support at
the overnight low of $95.41 and then at $95.00. Wyckoff's
Intra-Day Market Rating: 4.5

GRAINS

Markets were higher in overnight trading. Traders are
awaiting the Pro Farmer crop tour production estimates that
come out this afternoon. Bulls still have some upside near-
term technical momentum. Focus now has turned more to the
demand side of the balance sheet in the grains, as the
market place gets a better handle on the supply side.
 

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