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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--Nov. 26

Nov 26, 2012

Monday, November 26--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

In overnight trading, the European markets are awaiting the
results of yet another key meeting of Euro zone leaders in
Brussels Monday, to decide when and how to disburse fresh
bailout funds to cash-starved Greece. Most market watchers
think EU leaders will grant new monies to Greece very soon,
if not Monday. It was reported Monday that German consumer
confidence has dropped just ahead of the Christmas season.
The latest auctions of 6- and 12-month German treasury bills
are still yielding negative returns, as has been the case
since July. Such suggests European investors are still very
wary of the European Union sovereign debt crisis being
resolved any time soon. Meantime, in the U.S. traders and
investors are coming back from the Thanksgiving holiday and
will again focus on the negotiations among U.S. lawmakers
and President Obama regarding the so-called “fiscal cliff”
that is approaching. Congress comes back from its
Thanksgiving break this week, so there will likely be some
more news on the fiscal cliff front this week, which could
be market-sensitive. U.S. economic data due for release
Monday includes the Chicago Fed national activity index and
the Texas manufacturing outlook survey.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are weaker early today, on a
corrective pullback from good gains posted on Friday. The
shorter-term moving averages (4-, 9- and 18-day) are neutral
early today. The 4-day moving average is above the 9-day and
18-day. The 9-day is below the 18-day moving average. Short-
term oscillators (RSI, slow stochastics) are neutral early
today. Today, shorter-term technical resistance comes in at
Friday’s high of 1,407.20 and then at 1,415.00. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at Friday’s low of 1,387.10
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: Prices are weaker early today on a
corrective pullback from Friday’s gains. The shorter-term
moving averages (4- 9-and 18-day) are neutral early today.
The 4-day moving average is above the 9-day and 18-day. The
9-day average is below the 18-day. Short-term oscillators
(RSI, slow stochastics) are neutral early today. Shorter-
term technical resistance is located at Friday’s high of
2,638.75 and then at 2,650.00. Buy stops likely reside just
above those levels. On the downside, short-term support is
seen at the overnight low of 2,623.00 and then at 2,605.00.
Sell stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 4.5

Dow futures: Prices are lower early today, on a corrective
pullback from Friday’s gains. Sell stops likely reside just
below technical support at 12,900 and then at Friday’s low
of 12,865. Buy stops likely reside just above technical
resistance at 12,961 and then at 13,000. Shorter-term moving
averages are neutral early today, as the 4-day moving
average is above the 9-day. The 9-day moving average is
below the 18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are bullish early today. Wyckoff's
Intra-Day Market Rating: 4.5

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices are higher early today and are
seeing some short covering from recent selling pressure.
Shorter-term moving averages (4- 9- 18-day) 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.
Oscillators (RSI, slow stochastics) are neutral early today.
Shorter-term resistance lies at the overnight high of 150
28/32 and then at 151 even. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
150 even and then at last week’s low of 149 23/32. Sell
stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 6.0

December U.S. T-Notes: Prices are higher early today on
short covering. Shorter-term moving averages (4- 9- 18-day)
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. Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term resistance lies at the overnight
high of 133.20.5 and then at 134.00.0. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 133.09.0 and then at
133.00.0. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 6.0

U.S. DOLLAR INDEX

The December U.S. dollar index is slightly higher in early
U.S. trading today. Bulls are fading. Slow stochastics for
the dollar index are bearish early today. The dollar index
finds shorter-term technical resistance at 80.50 and then at
Friday’s high of 80.76. Shorter-term support is seen at last
week’s low of 80.15 and then at 80.00. Wyckoff's Intra Day
Market Rating: 5.0

NYMEX CRUDE OIL

Crude oil prices are slightly lower early today. A bullish
rounding-bottom reversal pattern has formed on the daily bar
chart. In January Nymex crude, look for buy stops to reside
just above resistance at $89.00 and then at $90.00. Look for
sell stops just below technical support at the overnight low
of $87.64 and then at $87.00. Wyckoff's Intra-Day Market
Rating: 5.0

GRAINS

Markets were firmer in overnight trading. Grain market
bulls are working to regain some upside near-term technical
momentum. Perceived bargain hunting has been seen recently.
Focus of traders this week will be on fresh demand news and
on weather in South American corn and soybean regions.
 

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