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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 27

Oct 27, 2011

Thursday, October 27--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

It’s a “risk-on” day in the market place early Thursday, as the
European Union leaders came to an 11th-hour agreement on a rescue
package for Greece and also on other measures to shore up the EU
debt mess. The market place took the news as very positive and
stock and commodity markets are rallying. The U.S. dollar index,
T-Bonds, T-Notes and the gold market are under selling pressure
due to a lessening of safe-haven asset demand. Mark my words: The
EU debt crisis has not just disappeared. It will continue to roil
markets for months, if not longer. What may be the case, however,
is that the worst of the EU mess is now past, as for as the
market place is concerned.

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 to bullish early
today. Today, shorter-term technical resistance comes in at
1,275.00 and then at 1,300.00. Buy stops likely reside just above
those levels. Downside support for active traders today is
located at 1,250.00 and then at the overnight low of 1,237.90.
Sell stops are likely located just below those levels. Wyckoff's
Intra-day Market Rating: 7.0

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
October high of 2,388.50 and then at 2,400.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at 2,250.00 and then at the overnight low of
2,329.00. Sell stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 7.0

Dow futures: Prices hit a fresh 11-week high overnight. Sell
stops likely reside just below technical support at 11,950 and
then more stops just below support at 11,900. Buy stops likely
reside just above technical resistance at 12,100 and then at
12,150. 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: 7.0

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Bulls are fading. 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
bearish early today. Shorter-term support lies at the October low
of 137 13/32 and then at 137 even. Sell stops likely reside just
below those levels. Shorter-term technical resistance lies at 138
even and then at the overnight high of 139 4/32. Buy stops likely
reside just above those levels. Wyckoff's Intra-Day Market
Rating: 4.0
 
December U.S. T-Notes: Bulls are fading. 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
bearish early today. Shorter-term resistance lies at the
overnight high of 128.23.5 and then at 129.00.0. Buy stops likely
reside just above those levels. Shorter-term technical support
lies at the October low of 127.16.5 and then at 127.00.0. Sell
stops likely reside just below those levels. Wyckoff's Intra-Day
Market Rating: 4.0

U.S. DOLLAR INDEX

The December U.S. dollar index is lower in early trading today
and hit a fresh six-week low overnight. Slow stochastics for the
dollar index are neutral early today. The dollar index finds
shorter-term technical resistance at 76.00 and then at the
overnight high of 76.46. Shorter-term support is seen at the
overnight low of 75.74 and then at 75.50. Wyckoff's Intra Day
Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading solidly higher early today. Bulls
are in firm command. In December crude, look for buy stops to
reside just above resistance at $93.00 and then at $94.00. Look
for sell stops just below technical support at $92.00 and then at
the overnight low of $90.74. Wyckoff's Intra-Day Market Rating:
6.5

GRAINS

Prices were solidly higher in overnight trading, as grains are
focusing on the key “outside markets” and they are fully bullish
today—solidly higher crude oil prices, a lower U.S. dollar index
and higher U.S. stock indexes. Traders will also scrutinize this
morning’s weekly USDA export sales report.
 

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