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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 31

Oct 31, 2012

Wednesday, October 31--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

The New York exchanges are set to reopen today, which should
make for a much more active trading day, especially as
Wednesday is also the last trading day of the month.
European stocks markets were mostly firmer overnight in
quieter dealings, as the Europeans also await the opening of
the New York markets. Asian stocks were also firmer, with
Japan’s stock market rebounding from a sharp decline
Tuesday, in the wake of the fresh Bank of Japan stimulus
announcement. Focus of the market place now turns to the
U.S. employment report due out Friday morning, and China
manufacturing data due out Thursday. U.S. economic data due
for release Wednesday includes the weekly MBA mortgage
applications survey, the employment cost index, and the ISM
Chicago business survey. The weekly DOE energy stocks
report, normally released on Wednesdays, has been delayed
due to the storm.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are firmer early today on some short
covering and bargain hunting. The shorter-term moving
averages (4-, 9- and 18-day) are still bearish early today.
The 4-day moving average is below the 9-day. The 9-day is
below the 18-day moving average. Short-term oscillators
(RSI, slow stochastics) are bullish early today. Today,
shorter-term technical resistance comes in at 1,425.00 and
then at 1,433.10. Buy stops likely reside just above those
levels. Downside support for active traders today is located
at the overnight low of 1,408.00 and then at 1,400.00. Sell
stops are likely located just below those levels. Wyckoff's
Intra-day Market Rating: 5.5

Nasdaq index futures: Prices are firmer early today, on
short covering and bargain hunting. The shorter-term moving
averages (4- 9-and 18-day) are still 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 bullish early today. Shorter-term
technical resistance is located at the overnight high of
2,676.75 and then at 2,700.00. Buy stops likely reside just
above those levels. On the downside, short-term support is
seen at the overnight low of 2,650.50 and then at 2,626.00.
Sell stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 5.5

Dow futures: Prices are firmer early today, on short
covering and bargain hunting. Sell stops likely reside just
below technical support at 13,054 and then at 13,000. Buy
stops likely reside just above technical resistance at
13,150 and then at 13,200. Shorter-term moving averages are
bearish early today, as the 4-day moving average is below
the 9-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: 5.5

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices are weaker early today.
Trading remains choppy. Shorter-term moving averages (4- 9-
18-day) are neutral early today. The 4-day moving average is
above the 9-day and 18-day. The 9-day is below the 18-day
moving average. Oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term resistance lies at the
overnight high of 148 19/32 and then at 149 even. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 148 even and
then at 147 16/32. 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 above 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
132.22.5 and then at 133.00.0. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 132.12.5 and then at 132.00.0. 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 lower again in early U.S.
trading today. Bears are regaining downside momentum this
week. Slow stochastics for the dollar index are bearish
early today. The dollar index finds shorter-term technical
resistance at 80.00 and then at 80.25. Shorter-term support
is seen at 79.50 and then at 79.25. Wyckoff's Intra Day
Market Rating: 4.0

NYMEX CRUDE OIL

Crude oil prices are firmer early today and are still
hovering not far above the four-month low scored on Monday.
Bears still have the overall near-term technical advantage
as a downtrend on the daily bar chart has been re-
established. In December Nymex crude, look for buy stops to
reside just above resistance at $87.00 and then at $87.50.
Look for sell stops just below technical support at the
overnight low of $85.61 and then at $85.00. Wyckoff's Intra-
Day Market Rating: 5.5

GRAINS

Markets were firmer in overnight trading on some short
covering and bargain hunting. The key outside markets are
in a bullish posture for the grains again today, as the
U.S. dollar index is lower and crude oil prices are firmer.
Trading in the grains should be more active today, due to
the reopening of the New York markets and today being the
last trading day of the month.
 

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