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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--December 23

Dec 23, 2011

Friday, December 23--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Markets are again quieter across the board early today, on this
last trading day before the Christmas holiday. Barring a major
geopolitical development, price action in most markets will be
subdued until the start of the new year.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices hit a fresh three-week high overnight.
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 bullish early today. Today, shorter-
term technical resistance comes in at the overnight high of
1,257.40 and then at the December high of 1,268.00. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at the overnight low of 1,248.80
and then at Thursday’s low of 1,232.10. 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 (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 the
overnight high of 2,274.75 and then at this week’s high of
2,291.25. Buy stops likely reside just above those levels. On the
downside, short-term support is seen at the overnight low of
2,260.25 and then at Thursday’s low of 2,234.50. 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 technical
support at 12,100 and then more stops just below support at
Thursday’s low of 12,055. Buy stops likely reside just above
technical resistance at 12,200 and then at the December high of
12,245. Shorter-term moving averages are neutral early today, as
the 4-day moving average is above the 9-day and 18-day. The 9-day
moving average is below the 18-day moving average. Shorter-term
oscillators (RSI, slow stochastics) are neutral. Wyckoff's Intra-
Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Bulls are fading a bit. Shorter-term moving
averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral to
bearish early today. Shorter-term support lies at this week’s low
of 143 2/32 and then at 142 16/32. Sell stops likely reside just
below those levels. Shorter-term technical resistance lies at the
overnight high of 143 14/32 and then at Thursday’s high of 144
2/32. Buy stops likely reside just above those levels. Wyckoff's
Intra-Day Market Rating: 4.5

March U.S. T-Notes: Shorter-term moving averages (4- 9- 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. Oscillators
(RSI, slow stochastics) are bearish early today. Shorter-term
resistance lies at the overnight high of 130.16.0 and then at
Thursday’s high of 130.23.0. Buy stops likely reside just above
those levels. Shorter-term technical support lies at this week’s
low of 130.09.5 and then at 130.00.0. Sell stops likely reside
just below those levels. Wyckoff's Intra-Day Market Rating: 5.0

U.S. DOLLAR INDEX

The March U.S. dollar index is weaker again in early trading
today as the bulls are fading. Dollar index bulls do still have
the overall near-term technical advantage but need to show fresh
power soon. Slow stochastics for the dollar index are bearish
early today. The dollar index finds shorter-term technical
resistance at the overnight high of 80.22 and then at Thursday’s
high of 80.50. Shorter-term support is seen at 80.00 and then at
this week’s low of 79.55. Wyckoff's Intra Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading firmer early today. Bulls this week
have gained good upside near-term technical momentum. In February
crude, look for buy stops to reside just above resistance at the
overnight high of $100.23 and then at $101.00. Look for sell
stops just below technical support at $99.00 and then at $98.00.
Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Prices were firmer in overnight trading. The key “outside
markets” are again mildly bullish for grains today—firmer crude
oil and stock index futures, and a weaker U.S. dollar index.
Grain market bulls are having a good week. My bias is still that
market lows are in place or close at hand for the grains. The dry
weather in South American corn and soybean regions is starting to
get more attention.
 

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