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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--November 14

Nov 14, 2011

Monday, November 14--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place is a bit calmer to start the new trading week.
The European Union debt crisis has simmered down as there were no
major, unexpected developments coming out of the EU over the
weekend. Traders and investors will continue to monitor Italian
bond yields, as they are a gauge of the investor risk in the
European market place on a given day.--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 and 18-day. The 9-day is above the 18-day moving
average. Short-term oscillators (RSI, slow stochastics) are
neutral early today. Today, shorter-term technical resistance
comes in at the overnight high of 1,270.50 and then at last
week’s high of 1,275.00. Buy stops likely reside just above those
levels. Downside support for active traders today is located at
Friday’s low of 1,233.90 and then at last week’s low of 1,218.80.
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 bearish early today. The 4-day moving average is
below 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 the
overnight high of 2,366.50 and then at 2,375.00, Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at the overnight low of 2,325.00 and then at
2,300.00. 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 11,950.
Buy stops likely reside just above technical resistance at last
week’s high of 12,140 and then at 12,200. Shorter-term moving
averages are bullish early today, as the 4-day moving average is
above the 9-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 bullish early today. The 4-day moving average is above
the 9-day. The 9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral early today.
Shorter-term support lies at 141 even and then at 140 16/32. Sell
stops likely reside just below those levels. Shorter-term
technical resistance lies at the overnight high of 141 22/32 and
then at 142 even. Buy stops likely reside just above those
levels. Wyckoff's Intra-Day Market Rating: 6.0

December U.S. T-Notes: Shorter-term moving averages (4- 9- 18-
day) are bullish early today. The 4-day moving average is above
the 9-day. The 9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral early today.
Shorter-term resistance lies at 130.16.0 and then at last week’s
high of 131.00.0. Buy stops likely reside just above those
levels. Shorter-term technical support lies at 130.00.0 and then
at the overnight low of 129.19.5. 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 trading today,
on more flight to quality buying. Slow stochastics for the dollar
index are bearish early today. The dollar index finds shorter-
term technical resistance at 78.00 and then at last week’s high
of 78.42. Shorter-term support is seen at 77.00 and then at last
week’s low of 76.67. Wyckoff's Intra Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading weaker today but did hit another
fresh 13-week high of $99.69 overnight. Bulls still have the
solid near-term technical advantage. In December crude, look for
buy stops to reside just above resistance at the overnight high
of $99.69 and then at $100.00. Look for sell stops just below
technical support at $97.00 and then at $96.00. Wyckoff's Intra-
Day Market Rating: 4.5

GRAINS

Prices were mixed in overnight trading. The key “outside markets”
are bearish early today—-firmer U.S. dollar index and weaker
crude oil and stock index prices. Trading has turned choppy in
the grain markets recently, but soybeans have turned into the
weak sister. My bias is still that there is not strong downside
price pressure left in the grains.
 

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