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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--September 27

Sep 27, 2012

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

* LATEST MARKET DEVELOPMENTS *

In overnight news, Spanish 10-year bond yields poked above
the critical 6% level Thursday, as the European Union
sovereign debt crisis continues to fester. Reports
overnight said consumer and business confidence in the core
EU countries dropped for the sixth straight month.
Meantime, there were rumors overnight in Asia that China is
poised to take fresh steps to boost its economic growth.
Asian stocks were higher Thursday, partly on those China
stimulus rumors. There is a heavy slate of U.S. economic
data due for release Thursday, including the weekly jobless
claims report, the Chicago Fed midwest manufacturing index,
the third-quarter GDP estimate, durable goods orders, the
pending home sales index, the Kansas City Fed manufacturing
survey, and the IMF’s world economic outlook. 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 below 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 Wednesday’s high of
1,439.30 and then at this week’s high of 1,456.60. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at Wednesday’s low of
1,424.50 and then at 1,415.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-day Market Rating:
5.5

Nasdaq index futures: The shorter-term moving averages (4-
9-and 18-day) are neutral early today. The 4-day moving
average is below 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 2,800.00 and then at Wednesday’s
high of 2,807.25. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at the
overnight low of 2,774.75 and then at Wednesday’s low of
2,762.25. Sell stops are likely located just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

Dow futures: Sell stops likely reside just below technical
support at 13,375 and then at Wednesday’s low of 13,335. 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 below
the 9-day. The 9-day moving average is above the 18-day
moving average. Shorter-term oscillators (RSI, slow
stochastics) are bearish early today. Wyckoff's Intra-Day
Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices are weaker today on profit
taking from recent gains. Bulls still have some upside near-
term technical momentum. 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
Wednesday’s high of 150 1/32 and then at 150 16/32. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 149 10/32 and
then at 149 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 on
profit taking. Bulls still have some upside momentum.
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 Wednesday’s high of
133.21.5 and then at the September high of 133.26.5. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 133.10.5 and
then at Wednesday’s low of 133.04.5. 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 weaker in early U.S.
trading today. Bears still have the overall near-term
technical advantage, but bulls have gained some near-term
momentum recently. Slow stochastics for the dollar index are
bullish early today. The dollar index finds shorter-term
technical resistance at the overnight high of 79.95 and then
at Wednesday’s high of 80.08. Shorter-term support is seen
at the overnight low of 79.73 and then at Wednesday’s low of
79.67. Wyckoff's Intra Day Market Rating: 4.5

NYMEX CRUDE OIL

Crude oil prices are higher early today, on short covering
after prices Wednesday hit a seven-week low. Bulls are still
on the ropes. In November Nymex crude, look for buy stops to
reside just above resistance at Wednesday’s high of $91.34
and then at $92.00. Look for sell stops just below technical
support at $90.00 and then at Wednesday’s low of $88.95.
Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Markets were mostly weaker in overnight trading. The grain
market bulls are fading, especially in corn and soybeans.
U.S. harvest pressure is weighing down corn and soybean
prices. Grain bears have gained near-term downside momentum
this week. Traders are awaiting this morning’s weekly USDA
export sales report. Traders are also awaiting Friday
morning’s USDA quarterly grain stocks report.

 

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