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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--Oct. 19

Oct 19, 2012

Friday, October 19--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

In overnight news, world stock markets were a bit rattled by
the surprisingly weak Google quarterly results, including an
early release of the results that further unnerved traders
and investors. Also, a two-day European Union leaders’
summit in Brussels has ended. The markets reacted little to
fresh pronouncements coming out of the summit meeting that
included efforts to shore up and better coordinate the EU
banking sector. At a press conference, Spain’s prime
minister said he has made no decision and would ask the EU
for a bailout, if Spain needs it. Falling Spanish bond
yields this week, amid good demand at their debt auctions,
hint that Spanish officials may not be in a hurry to seek
financial assistance from the EU. U.S. economic data due for
release Friday includes existing home sales.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are weaker early today. The shorter-
term moving averages (4-, 9- and 18-day) are neutral early
today. The 4-day moving average is above the 9-day. The 9-
day is below 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 Thursday’s high of 1,459.50 and then at the September
high of 1,467.50. Buy stops likely reside just above those
levels. Downside support for active traders today is located
at 1,435.00 and then at 1,425.00. Sell stops are likely
located just below those levels. Wyckoff's Intra-day Market
Rating: 4.5

Nasdaq index futures: Prices are lower early today. The
shorter-term moving averages (4- 9-and 18-day) are neutral
early today. The 4-day moving average is above the 9-day.
The 9-day average is below the 18-day. Short-term
oscillators (RSI, slow stochastics) are bearish early today.
Shorter-term technical resistance is located at the
overnight high of 2,737.50 and then at 2,750.00. Buy stops
likely reside just above those levels. On the downside,
short-term support is seen at this week’s low of 2,705.00
and then at 2,700.00. Sell stops are likely located just
below those levels. Wyckoff's Intra-Day Market Rating: 4.0

Dow futures: Sell stops likely reside just below technical
support at 13,415 and then at 13,400. Buy stops likely
reside just above technical resistance at 13,500 and then at
13,550. Shorter-term moving averages are neutral early
today, as the 4-day moving average is above the 9-day and
18-day. The 9-day moving average is below the 18-day moving
average. Shorter-term oscillators (RSI, slow stochastics)
are neutral to bullish early today. Wyckoff's Intra-Day
Market Rating: 4.5

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices are firmer early today on
short covering. Bears have gained fresh downside technical
momentum this week. Shorter-term moving averages (4- 9- 18-
day) are bearish early today. The 4-day moving average is
below the 9-day. The 9-day is below the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term resistance lies at 147 even and
then at 147 7/32. Buy stops likely reside just above those
levels. Shorter-term technical support lies at this week’s
low of 146 5/32 and then at 146 even. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 5.5

December U.S. T-Notes: Prices are firmer on short covering.
Bears still have some downside momentum. Shorter-term
moving averages (4- 9- 18-day) are bearish early today. The
4-day moving average is below the 9-day. The 9-day is below
the 18-day moving average. Oscillators (RSI, slow
stochastics) are neutral to bullish early today. Shorter-
term resistance lies at Thursday’s high of 132.09.5 and
then at 132.16.0. Buy stops likely reside just above those
levels. Shorter-term technical support lies at the
overnight low of 131.29.0 and then at 131.23.0. Sell stops
likely reside just below those levels. Wyckoff's Intra-Day
Market Rating: 5.5

U.S. DOLLAR INDEX

The December U.S. dollar index is firmer in early U.S.
trading today, on more short covering. Slow stochastics for
the dollar index are bullish early today. The dollar index
finds shorter-term technical resistance at 79.81 and then at
this week’s high of 80.04. Shorter-term support is seen at
the overnight low of 79.37 and then at Thursday’s low of
79.03. Wyckoff's Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

Crude oil prices are slightly higher early today. Bulls and
bears are on a level near-term technical playing field, amid
choppy trading. In November Nymex crude, look for buy stops
to reside just above resistance at this week’s high of
$92.85 and then at the October high of $93.66. Look for sell
stops just below technical support at the overnight low of
$91.82 and then at $91.00. Wyckoff's Intra-Day Market
Rating: 5.0

GRAINS

Markets were higher in overnight trading, on more short
covering and bargain hunting. Bulls are regaining upside
momentum. All three grains were on the verge of technical
breakdowns, but have held above key chart levels. Higher
closes in the grains today would see traders become more
confident harvest lows are in place.
 

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