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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 2

Nov 02, 2011

Wednesday, November 2--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The recent, renewed turmoil in the European Union, regarding its
sovereign debt, has been very bullish for U.S. T-bond and T-note
futures. Both of those markets have it multi-week highs this week
and the U.S. Treasury bulls are right back in business. All
traders should keep an eye on the U.S. Treasuries markets, as
they are a very good barometer of investor risk appetite on any
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 even
with the 9-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 1,237.40 and then at Tuesday’s
high of 1,247.80. Buy stops likely reside just above those
levels. Downside support for active traders today is located at
Tuesday’s low of 1,208.00 and then at 1,200.00. Sell stops are
likely located just below those levels. Wyckoff's Intra-day
Market Rating: 5.0

Nasdaq index 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. 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 2,329.75 and then at Tuesday’s high of
2,355.75. Buy stops likely reside just above those levels. On the
downside, short-term support is seen at Tuesday’s low of 2,282.75
and then at 2,268.50. Sell stops are likely located just below
those levels. Wyckoff's Intra-Day Market Rating: 5.0

Dow futures: Sell stops likely reside just below technical
support at 11,650 and then more stops just below support at
11,600. Buy stops likely reside just above technical resistance
at Tuesday’s high of 11,725 and then at 11,800. Shorter-term
moving averages are still 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 bearish. Wyckoff's Intra-
Day Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral early
today. Shorter-term support lies at the overnight low of 140
24/32 and then at 140 even. Sell stops likely reside just below
those levels. Shorter-term technical resistance lies at 142 even
and then at the overnight high of 142 22/32. Buy stops likely
reside just above those levels. Wyckoff's Intra-Day Market
Rating: 4.5

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 to bullish early
today. Shorter-term resistance lies at the overnight high of
130.16.5 and then at 131.00.0. Buy stops likely reside just above
those levels. Shorter-term technical support lies at the
overnight low of 129.23.0 and then at 129.00.0. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 5.0

U.S. DOLLAR INDEX

The December U.S. dollar index is weaker in early trading today,
on a corrective pullback from strong gains seen this week. Bulls
still have some upside technical momentum. Slow stochastics for
the dollar index are bullish early today. The dollar index finds
shorter-term technical resistance at 77.50 and then at the
overnight high of 77.64. Shorter-term support is seen at the
overnight low of 76.96 and then at Tuesday’s low of 76.59.
Wyckoff's Intra Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading firmer early today. In December
crude, look for buy stops to reside just above resistance at the
overnight high of $93.20 and then at $94.00. Look for sell stops
just below technical support at $92.00 and then at $91.00.
Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

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

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