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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 19

Oct 19, 2011

Wednesday, October 19--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY * One of the neat things about being in this business is hearing all the old sayings the veteran traders use. Those sayings are not only clever, but they also hold market truths. I wrote a feature story about some of those old market adages and it’s entitled "Trading Lingo." If you’d like to read it, just send me an email at jim@jimwyckoff.com and I’ll attach it and email it back to you.--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 this week’s high of 1,230.70 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 1,214.60 and then at 1,200.00. 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 bearish early today. Shorter-term technical resistance is located at the overnight high of 2,368.25 and then at this week’s high of 2,388.50. Buy stops likely reside just above those levels. On the downside, short-term support is seen at the overnight low of 2,337.25 and then at 2,325.00. 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 11,500 and then more stops just below support at 11,450. Buy stops likely reside just above technical resistance at Tuesday’s high of 11,590 and then at 11,650. 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 still bearish early today. The 4-day moving average is below 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 support lies at the overnight low of 138 20/32 even and then at 138 even. Sell stops likely reside just below those levels. Shorter-term technical resistance lies at the overnight high of 139 22/32 and then at 140 even. Buy stops likely reside just above those levels. Wyckoff's Intra-Day Market Rating: 4.5 December

U.S. T-Notes: 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 early today. Shorter-term resistance lies at the overnight high of 128.25.5 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: 4.5 U.S.

DOLLAR INDEX The December U.S. dollar index is lower in early trading today. Trading has turned choppy this week. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at the overnight high of 77.46 and then at this week’s high of 77.85. Shorter-term support is seen at this week’s low of 76.70 and then at 76.50. Wyckoff's Intra Day Market Rating: 4.5

CRUDE OIL Crude oil prices are trading near steady early today after hitting another fresh four-week high on Tuesday. The bulls still have some upside technical momentum to suggest prices can continue to trend sideways to higher in the near term. In December crude, look for buy stops to reside just above resistance at Tuesday’s high of $89.23 and then at $90.00. Look for sell stops just below technical support at $88.0 and then at $87.50. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS Prices were firmer in overnight trading. Grains will continue to be heavily influenced by the key "outside markets," and they are in a mostly bullish posture early this morning--the U.S. dollar index is lower and crude oil is steady. There is still some harvest pressure occurring in the corn and soybean futures markets, but my bias is that corn and soybeans have put in harvest lows.

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