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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--October 10

Oct 10, 2012

Wednesday, October 10--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

In overnight news, European stock markets were weaker along
with the Euro currency. The European Union sovereign debt
crisis and specifically the countries of Greece and Spain
remain a major worry for the market place. The Fitch credit
rating agency Wednesday warned about a deteriorating EU debt
crisis. Meantime, the International Monetary Fund said
European banks may be forced to sell over $4 trillion in
assets if the EU debt crisis cannot be brought under
control. A German government bond auction was very well
subscribed Wednesday, which underscored the recent higher
levels of investor anxiety among European investors. Spain
government officials have yet to formally ask for further EU
financial assistance, which is perplexing many European
market watchers. A formal bailout request from Spain would
see the European Central Bank kick in its government bond-
buying program that was announced several weeks ago.--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 above the 9-day. The 9-day is below the 18-day
moving average. Short-term oscillators (RSI, slow
stochastics) are bearish early today. Today, shorter-term
technical resistance comes in at 1,440.00 and then at
Tuesday’s high of 1,454.40. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at 1,424.50 and then at 1,415.00. Sell
stops are likely located just below those levels. Wyckoff's
Intra-day Market Rating: 5.0

Nasdaq index futures: Prices hit a fresh seven-week low
overnight. The shorter-term moving averages (4- 9-and 18-
day) are bearish early today. The 4-day moving average is
below the 9-day. The 9-day average is below the 18-day.
Short-term oscillators (RSI, slow stochastics) are neutral
to bearish early today. Shorter-term technical resistance is
located at 2,750.00 and then at 2,762.25. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at the overnight low of 2,725.50 and then at
2,715.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-Day Market Rating: 4.5

Dow futures: Sell stops likely reside just below technical
support at 13,355 and then at 13,300. Buy stops likely
reside just above technical resistance at 13,450 and then at
13,500. 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 early today. Wyckoff's Intra-Day Market Rating:
4.5

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices are weaker early today.
Shorter-term moving averages (4- 9- 18-day) are neutral
early today. The 4-day moving average is below the 9-day and
18-day. The 9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are bearish early today.
Shorter-term resistance lies at 148 even and then at the
overnight high of 148 10/32. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
this week’s low of 147 10/32 and then at 147 even. Sell
stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 4.5

December U.S. T-Notes: Prices are weaker early today.
Shorter-term moving averages (4- 9- 18-day) are neutral
early today. The 4-day moving average is below the 9-day
and 18-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 133.06.0 and then at this week’s high of 133.11.0. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at last week’s low of 132.27.5 and
then at 132.20.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 4.5

U.S. DOLLAR INDEX

The December U.S. dollar index is slightly higher in early
U.S. trading today, and hit a fresh four-week high
overnight. The greenback bulls are gaining some fresh upside
technical momentum this week. Slow stochastics for the
dollar index are bullish early today. The dollar index finds
shorter-term technical resistance at the overnight high of
80.31 and then at 80.50. Shorter-term support is seen at
80.00 and then at 79.75. Wyckoff's Intra Day Market Rating:
5.5

NYMEX CRUDE OIL

Crude oil prices are near steady early today. Bulls and
bears are now back on a level near-term technical playing
field amid recent choppy trading. In November Nymex crude,
look for buy stops to reside just above resistance at
Tuesday’s high of $92.91 and then at last week’s high of
$93.33. Look for sell stops just below technical support at
the overnight low of $91.57 and then at $91.00. Wyckoff's
Intra-Day Market Rating: 5.0

GRAINS

Markets were narrowly mixed in overnight trading. Grain
traders are awaiting Thursday morning’s USDA supply and
demand report. Many reckon USDA will increase the U.S.
soybean production figure. The grain market bulls have
faded recently amid harvest pressure and weakening
worldwide demand for grains at higher price levels. Looking
back at this major bull market and major weather market,
the surprising element to me is that there has not been the
extreme daily price volatility that was seen in previous
major bull runs during weather markets.
 

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