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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 4

Nov 04, 2011

Friday, November 4--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The markets could see higher volatility Friday as traders digest
the U.S. jobs report, and amid the latest developments coming out
of the European Union debt crisis and the MF Global implosion. I
suspect many traders will not want to go home for the weekend
with large trading exposure to markets that could be impacted by
any unexpected weekend developments.--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 Thursday’s
high of 1,259.50 and then at this week’s high of 1,280.90. 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
early today. Shorter-term technical resistance is located at
Thursday’s high of 2,366.50 and then at 2,380.00. Buy stops
likely reside just above those levels. On the downside, short-
term support is seen at 2,325.00 and then at 2,300.00. 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 11,850 and then more stops just below support at
Thursday’s low of 11,790. Buy stops likely reside just above
technical resistance at Thursday’s high of 12,000 and then at
12,050. Shorter-term moving averages are neutral 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: 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
bearish early today. Shorter-term support lies at the overnight
low of 140 3/32 and then at 139 12/32. Sell stops likely reside
just below those levels. Shorter-term technical resistance lies
at 141 even and then at 142 even. 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 to bearish early
today. Shorter-term resistance lies at 130.16.0 and then at this
week’s high of 131.29.0. Buy stops likely reside just above those
levels. Shorter-term technical support lies at Thursday’s low of
129.26.0 and then at 129.16.0. 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 slightly higher in early
trading today. Slow stochastics for the dollar index are still
neutral early today. The dollar index finds shorter-term
technical resistance at 77.25 and then at 77.50. Shorter-term
support is seen at 76.59 and then at 76.25. Wyckoff's Intra Day
Market Rating: 5.0

CRUDE OIL

Crude oil prices are trading firmer early today and hit a fresh
three-month high overnight. Bulls have the near-term technical
advantage. In December crude, look for buy stops to reside just
above resistance at $95.00 and then at $96.00. Look for sell
stops just below technical support at the overnight low of $93.60
and then at $93.00. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Prices were near steady in overnight trading. Grains are still
focusing on the key “outside markets” and they are mixed today as
the jobs report is awaited. Trading has turned more choppy in the
grain markets this week. Grain traders are looking ahead to next
week’s monthly USDA crop production report.
 

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