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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. 5

Nov 05, 2012

Monday, November 5--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

It’s a bit of a “risk-off” trading day in the market place
to start the new trading week. The U.S. presidential
election on Tuesday is one big uncertainty for the market
place, and the outcome will begin to be digested on
Wednesday morning. There is a big leadership conference in
China later this week, and there are key European Union
events occurring this week. There is a vote in Greece’s
parliament this week on new austerity programs. Spanish bond
yields are on the rise Monday following some more dour
economic data coming out of Spain. Australia’s central bank
also meets this week to discuss its monetary policy. U.S.
economic data due for release Monday includes the ISM non-
manufacturing report and the employment trends index.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are slightly lower early today. 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 early today.
Today, shorter-term technical resistance comes in at
1,418.00 and then at 1,433.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at 1,399.00 and then at the October low of
1,393.20. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 5.0

Nasdaq index futures: Prices are slightly higher early
today. The shorter-term moving averages (4- 9-and 18-day)
are bearish early today. The 4-day moving average is below
the 9-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 2,650.00 and
then at 2,675.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at the
overnight low of 2,634.75 and then at 2,626.00. Sell stops
are likely located just below those levels. Wyckoff's Intra-
Day Market Rating: 5.0

Dow futures: Prices are near steady early today. Sell stops
likely reside just below technical support at the September
low of 12,965 and then at 12,900. Buy stops likely reside
just above technical resistance at Thursday’s high of 13,050
and then at 13,100. 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 neutral
to bearish early today. Wyckoff's Intra-Day Market Rating:
5.0

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices are higher early today, on
some short covering and safe-haven buying interest. Shorter-
term moving averages (4- 9- 18-day) are 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. Oscillators (RSI,
slow stochastics) are bullish early today. Shorter-term
resistance lies at last week’s high of 149 11/32 and then at
150 even. Buy stops likely reside just above those levels.
Shorter-term technical support lies at 149 even and then at
the overnight low of 148 14/32. 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 and
hit a fresh three-week high overnight. Shorter-term moving
averages (4- 9- 18-day) are 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. Oscillators (RSI, slow
stochastics) are bullish early today. Shorter-term
resistance lies at 133.08.0 and then at 133.16.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at 133.00.0 and then at the
overnight low of 132.25.0. 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 higher in early U.S.
trading today and hit a fresh two-month high overnight.
Bulls have gained good upside momentum recently. Slow
stochastics for the dollar index are bullish early today.
The dollar index finds shorter-term technical resistance at
81.00 and then at 81.25. Shorter-term support is seen at the
overnight low of 80.59 and then at 80.42. Wyckoff's Intra
Day Market Rating: 6.0

NYMEX CRUDE OIL

Crude oil prices are near steady early today but did hit a
fresh four-month low overnight. Bears still have the overall
near-term technical advantage as a seven-week-old downtrend
is in place on the daily bar chart. In December Nymex crude,
look for buy stops to reside just above resistance at the
overnight high of $85.23 and then at $86.00. Look for sell
stops just below technical support at the overnight low of
$84.34 and then at $84.00. Wyckoff's Intra-Day Market
Rating: 5.0

GRAINS

Markets were mixed in overnight trading. The key outside
markets are neutral to bearish for the grains early today,
as the U.S. dollar index is higher and crude oil prices are
near steady. The bulls are on the ropes early this week
following Friday’s meltdown in the raw commodity sector.
 

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