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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 28

Nov 28, 2011

Monday, November 28--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Bargain hunting and short covering are featured in many markets
early today, following a very good start to the U.S. holiday
shopping season that has uplifted investor spirits. There is also
a bit more hope in the market place that the European Union debt
crisis has peaked, but we’ve all heard that before. Still, it
could be that the seasonal “Santa Claus” rally in the stock
market is beginning.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9- and 18-
day) are still bearish early today. The 4-day moving average is
below the 9-day and 18-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 1,188.70 and then at 1,200.00.
Buy stops likely reside just above those levels. Downside support
for active traders today is located at the overnight low of
1,170.00 and then at last week’s low of 1,147.50. 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 still 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 bullish
early today. Shorter-term technical resistance is located at the
overnight high of 2,204.75 and then at 2,225.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at the overnight low of 2,178.25 and then at
2,150.00. Sell stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 6.0

Dow futures: Sell stops likely reside just below technical
support at 11,400 and then more stops just below support at
11,335. Buy stops likely reside just above technical resistance
at 11,500 and then at 11,550. Shorter-term moving averages are
still bearish early today, as the 4-day moving average is below
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: 6.0

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 stilll 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 bearish
early today. Shorter-term support lies at the overnight low of
141 20/32 and then at 141 even. Sell stops likely reside just
below those levels. Shorter-term technical resistance lies at 142
16/32 and then at the overnight high of 143 6/32. Buy stops
likely reside just above those levels. Wyckoff's Intra-Day Market
Rating: 4.0

March U.S. T-Notes: Shorter-term moving averages (4- 9- 18-day)
are still 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 bearish early today.
Shorter-term resistance lies at the overnight high of 129.25.5
and then at 130.00.0. Buy stops likely reside just above those
levels. Shorter-term technical support lies at the overnight low
of 129.03.0 and then at 128.27.5. Sell stops likely reside just
below those levels. Wyckoff's Intra-Day Market Rating: 4.0

U.S. DOLLAR INDEX

The March U.S. dollar index is lower in early trading today, on a
corrective pullback from recent gains that saw prices and hit a
seven-week high Friday. Dollar index bulls still have some upside
near-term technical momentum. Slow stochastics for the dollar
index are bearish early today. The dollar index finds shorter-
term technical resistance at the overnight high of 79.95 and then
at Friday’s high of 80.32. Shorter-term support is seen at the
overnight low of 79.33 and then at 79.00. Wyckoff's Intra Day
Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading sharply higher early today. Bulls
have the overall near-term technical advantage and gained fresh
upside momentum today. In January crude, look for buy stops to
reside just above resistance at $100.00 and then at the overnight
high of $100.74. Look for sell stops just below technical support
at $99.00 and then at $98.00. Wyckoff's Intra-Day Market Rating:
7.0

GRAINS

Prices were higher in overnight trading, on a corrective short-
covering bounce and on bargain hunting. Grains are still
following the outside markets. The key outside markets are
bullish for grains early today—-lower U.S. dollar index and
sharply higher crude oil and stock index prices. If the U.S.
stock indexes start to trend higher again, then so likely will
the grain markets.
 

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