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Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--December 8

Dec 08, 2011

Thursday, December 8--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The general market place is in a holding pattern Thursday
morning, as key developments out of the European Union are
awaited. The market tenor is more of a “risk-off” trader
mentality as the week winds down, and that’s bearish for the
commodity markets and the stock indexes.--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 to bearish early today. Today, shorter-term technical
resistance comes in at Wednesday’s high of 1,268.00 and then at
the November high of 1,275.00. Buy stops likely reside just above
those levels. Downside support for active traders today is
located at the overnight low of 1,239.00 and then at 1,225.00.
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. 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 2,330.00 and then
at last week’s high of 2,344.75. Buy stops likely reside just
above those levels. On the downside, short-term support is seen
at 2,300.00 and then at 2,284.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating: 5.0

Dow futures: Sell stops likely reside just below technical
support at 12,153 and then more stops just below support at
12,100. Buy stops likely reside just above technical resistance
at Wednesday’s high of 12,245 and then at 12,300. Shorter-term
moving averages are bullish early today, as the 4-day moving
average is above the 9-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

March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day)
are 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 141 even and then at 140 16/32. Sell
stops likely reside just below those levels. Shorter-term
technical resistance lies at 141 24/32 and then at this week’s
high of 142 4/32. Buy stops likely reside just above those
levels. Wyckoff's Intra-Day Market Rating: 4.5

March 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 130.01.5 and then at 130.08.5. Buy stops
likely reside just above those levels. Shorter-term technical
support lies at 129.16.0 and then at this week’s low of 129.03.5.
Sell stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 4.5

U.S. DOLLAR INDEX

The March U.S. dollar index is near steady in early trading
today. Dollar index bulls still have the overall near-term
technical advantage but need to show more power soon. Slow
stochastics for the dollar index are bearish early today. The
dollar index finds shorter-term technical resistance at
Wednesday’s high of 79.24 and then at this week’s high of 79.41.
Shorter-term support is seen at Wednesday’s low of 78.81 and then
at this week’s low of 78.72. Wyckoff's Intra Day Market Rating:
5.0

CRUDE OIL

Crude oil prices are trading slightly higher early today. Bulls
still have the overall near-term technical advantage. In January
crude, look for buy stops to reside just above resistance at
$102.00 and then at this week’s high of $102.44. Look for sell
stops just below technical support at $100.00 and then at this
week’s low of $99.67. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Prices were weaker in overnight trading. Grain markets are
technically very weak. Traders will closely examine this
morning’s weekly USDA export sales data. Grain markets are still
following the outside markets and outside events.
 

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