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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 3

Nov 03, 2011

Thursday, November 3--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

I feel for those who have been negatively impacted by the MF
Global debacle. The situation was handled badly all the way
around and has given our industry a black eye. The MF Global
situation is still unraveling and may get worse. From a general
market place perspective there has not (yet) been any serious
impact on markets’ price action, other than significantly lower
trading volumes in many markets the past few days. This situation
underscores that you really never know who you can trust. A
former U.S. senator and state governor had the keys to the store
when MF Global fell apart.--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. 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 1,250.00 and
then at 1,265.00. Buy stops likely reside just above those
levels. Downside support for active traders today is located at
1,225.00 and then at this week’s low of 1,208.00. 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 and 18-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 Wednesday’s 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 2,300.00
and then at the overnight low of 2,279.00. 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 11,750 and then more stops just below support at
Wednesday’s low of 11,685. Buy stops likely reside just above
technical resistance at 11,850 and then at 11,900. 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 neutral to 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 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 neutral to
bullish early today. Shorter-term support lies at the overnight
Wednesday’s 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 143
4/32. Buy stops likely reside just above those levels. Wyckoff's
Intra-Day Market Rating: 5.0

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 the
overnight high of 131.29.0. Buy stops likely reside just above
those levels. Shorter-term technical support lies at 130.00.0 and
then at Wednesday’s low of 129.23.0. 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 more of a corrective pullback from strong gains seen earlier
this week. Slow stochastics for the dollar index are still
bullish early today. The dollar index finds shorter-term
technical resistance at 77.50 and then at this week’s high of
77.84. Shorter-term support is seen at 76.59 and then at 76.25.
Wyckoff's Intra Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading firmer early today. Bulls still have
the near-term technical advantage. In December crude, look for
buy stops to reside just above resistance at $94.00 and then at
the October high of $94.65. Look for sell stops just below
technical support at $92.50 and then at $92.00. Wyckoff's Intra-
Day Market Rating: 5.5

GRAINS

Prices were higher in overnight trading. Grains are still
focusing on the key “outside markets” and they are modestly
bullish again today—firmer crude oil prices, a weaker U.S. dollar
index and firmer U.S. stock indexes. Traders will scrutinize
today’s weekly USDA export sales data, and are looking ahead to
next week’s monthly USDA crop production report.
 

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