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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 28

Oct 28, 2011

Friday, October 28--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Thursday was a very good day for the U.S. stock indexes and many
commodity markets, as the market place digested the EU leaders’
plan to resolve its sovereign debt crisis. This morning, those
markets are pulling back a bit as the relief rallies fade and as
the market place now focuses a bit more on just how big is the
task of solving the EU’s debt crisis. While the worst of the EU
debt crisis may (or may not) now be past, the matter has not just
disappeared and will continue to have at least an underlying
impact on many markets for some time to come.--Jim

U.S. STOCK INDEXES

S&P 500 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 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 1,288.70 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
Thursday’s low of 1,237.90. 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
Thursday’s high of 2,408.75 and then at the July high of
2,434.50. Buy stops likely reside just above those levels. On the
downside, short-term support is seen at 2,250.00 and then at
Thursday’s low of 2,329.00. 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 12,000 and then more stops just below support at
11,950. Buy stops likely reside just above technical resistance
at 12,200 and then at Thursday’s high of 12,230. 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: 5.0

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Bulls are fading. Prices hit a fresh two-
month low overnight. 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 overnight low of 135 5/32 and
then at 134 16/32. Sell stops likely reside just below those
levels. Shorter-term technical resistance lies at the overnight
high of 136 5/32 and then at 137 even. Buy stops likely reside
just above those levels. Wyckoff's Intra-Day Market Rating: 5.5

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 early
today. Shorter-term resistance lies at 128.00.0 and then at
128.16.0. Buy stops likely reside just above those levels.
Shorter-term technical support lies at Thursday’s low of 127.06.0
and then at 127.00.0. 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 trading today,
on short covering in a bear market after prices and hit a fresh
six-week low Thursday. Slow stochastics for the dollar index are
bullish early today. The dollar index finds shorter-term
technical resistance at 75.50 and then at 76.00. Shorter-term
support is seen at the overnight low of 75.04 and then at
Thursday’s low of 74.86. Wyckoff's Intra Day Market Rating: 5.5

CRUDE OIL

Crude oil prices are trading solidly lower early today, on a
corrective, profit-taking pullback from recent strong gains.
Bulls are still in near-term technical 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 $91.50 and then at $91.00. Wyckoff's Intra-
Day Market Rating: 4.0

GRAINS

Prices were lower in overnight trading, on corrective pullbacks
from Thursday’s gains. Grains are still focusing on the key
“outside markets” and they are bearish today—solidly lower crude
oil prices, a firmer U.S. dollar index and weaker U.S. stock
indexes.
 

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