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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 24

Oct 24, 2011

Monday, October 24--Jim Wyckoff's Morning Web Log *

JIM'S MARKET THOUGHT OF THE DAY * Commodity markets are seeing a general rebound in prices Monday morning. While trading in most commodities has been less trending and more choppy recently, my view of many commodity markets is that their present price values will be viewed as value buys in the months ahead. The whole EU debt and financial crisis, and the tepid worldwide economic growth, suggest the major central banks of the world will continue to try to reflate their economies (print more money). That’s commodity market bullish.--Jim

U.S. STOCK INDEXES S&P 500 futures: Prices hit a fresh 11-week high overnight. The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at the overnight high of 1,242.60 and then at 1,250.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at the overnight low of 1,227.50 and then at 1,215.00. 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 bullish early today. The 4-day moving average is above 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 the overnight high of 2,350.50 and then at 2,370.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at the overnight low of 2,320.25 and then at 2,300.00. Sell stops are likely located just below those levels. Wyckoff's Intra-Day Market Rating: 5.5

Dow futures: Prices hit a fresh 11-week high overnight. Sell stops likely reside just below technical support at 11,700 and then more stops just below support at 11,650. Buy stops likely reside just above technical resistance at 11,800 and then at 11,850. Shorter-term moving averages are 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. Wyckoff's Intra- Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES December U.S. T-Bonds: 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 support lies at 138 16/32 and then at 138 even. Sell stops likely reside just below those levels. Shorter-term technical resistance lies at the overnight high of 139 even and then at Friday’s high of 139 8/32. Buy stops likely reside just above those levels. Wyckoff's Intra-Day Market Rating: 5.5

December U.S. T-Notes: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at the overnight high of 128.28.0 and then at 129.00.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 128.10.5 and then at 128.00.0. 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 near steady in early trading today, but did hit a fresh six-week low overnight. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at 77.00 and then at 77.50. Shorter-term support is seen at the overnight low of 76.25 and then at 76.00. Wyckoff's Intra Day Market Rating: 5.0

CRUDE OIL Crude oil prices are trading firmer early today. Prices are near the top of a well-defined trading range on the daily chart. In December crude, look for buy stops to reside just above resistance at the overnight high of $88.65 and then at $89.00. Look for sell stops just below technical support at the overnight low of $87.00 and then at $86.00. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS Prices were solidly higher in overnight trading. The major harvest pressure that had been occurring in the corn and soybean futures markets is now mostly past, and cash basis levels for corn and soybeans have narrowed, which is bullish for the futures. Grains will continue to focus on the key "outside markets" for direction.

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