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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim Wyckoff's Morning Report--October 31

Oct 31, 2011

Monday, October 31--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The world stock and commodity markets are under selling pressure
to start the new trading week. The Bank of Japan intervened in
the FX markets to try to deflate value of the yen, which in turn
pushed the U.S. dollar index sharply higher. Also, the market
place is more closely scrutinizing last week’s EU debt crisis fix
package, and deeming it to be less robust than initially thought.
Today’s “risk off” mentality in the market place has most traders
in most markets in a bearish mood.--Jim

U.S. STOCK INDEXES

S&P 500 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 and 18-day. The 9-day is above the 18-day moving
average. Short-term oscillators (RSI, slow stochastics) are
neutral to bearish early today. Today, shorter-term technical
resistance comes in at the overnight high of 1,280.90 and then at
last week’s high of 1,288.70. Buy stops likely reside just above
those levels. Downside support for active traders today is
located at 1,250.00 and then at 1,237.90. 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 stilll bullish early today. The 4-day moving average
is above the 9-day and 18-day. The 9-day average is above the 18-
day. Short-term oscillators (RSI, slow stochastics) are neutral
to bearish early today. Shorter-term technical resistance is
located at the overnight high of 2,398.00 and then at last week’s
high of 2,408.75. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at 2,250.00
and then at 2,329.00. 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 12,000 and then more stops just below support at
11,950. Buy stops likely reside just above technical resistance
at 12,150 and then at Friday’s high of 12,194. Shorter-term
moving averages are bullish early today, as the 4-day moving
average is above the 9-day and 18-day. The 9-day moving average
is above the 18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are neutral. Wyckoff's Intra-Day Market
Rating: 4.5

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-
day) are bearish early today. The 4-day moving average is below
the 9-day. The 9-day is below the 18-day moving average.
Oscillators (RSI, slow stochastics) are bullish early today.
Shorter-term support lies at 137 even and then at the overnight
low of 136 18/32. Sell stops likely reside just below those
levels. Shorter-term technical resistance lies at the overnight
high of 137 19/32 and then at 138 even. Buy stops likely reside
just above those levels. Wyckoff's Intra-Day Market Rating: 5.5

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. The 9-day is below the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral to bullish early
today. Shorter-term resistance lies at 129.00.0 and then at
129.16.0. Buy stops likely reside just above those levels.
Shorter-term technical support lies at the overnight low of
127.31.0 and then at 127.16.0. Sell stops likely reside just
below those levels. Wyckoff's Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The December U.S. dollar index is sharply higher in early trading
today, on short covering. Slow stochastics for the dollar index
are bullish early today. The dollar index finds shorter-term
technical resistance at the overnight high of 76.46 and then at
76.87. Shorter-term support is seen at 75.75 and then at 75.50.
Wyckoff's Intra Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading lower early today, on a corrective,
profit-taking pullback from recent strong gains. Bulls are still
in near-term technical command. In December crude, look for buy
stops to reside just above resistance at $93.00 and then at the
overnight high of $93.80. Look for sell stops just below
technical support at $92.00 and then at $91.00. Wyckoff's Intra-
Day Market Rating: 4.5

GRAINS

Prices were lower in overnight trading. Grains are still focusing
on the key “outside markets” and they are bearish today—lower
crude oil prices, a stronger U.S. dollar index and weaker U.S.
stock indexes.
 

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