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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 9

Dec 09, 2011

Friday, December 9--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The general market place is still closely monitoring the European
Union debt crisis situation. The EU summit taking place in
Brussels today has made some progress, and that has many markets
that were hit hard Thursday making a corrective bounce early
today. Most traders are sick and tired of the EU debt crisis
dominating the tone of the market place, and they will be glad
when that mess is under control—but it may be a while.--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 1,249.50 and then at this week’s
high of 1,268.00. Buy stops likely reside just above those
levels. Downside support for active traders today is located at
the overnight low of 1,223.00 and then at 1,200.00. 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 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 2,325.00 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 2,284.00 and then at the overnight low of 2,265.00. 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 12,000 and then more stops just below support at
11,950. Buy stops likely reside just above technical resistance
at Thursday’s high of 12,100 and then at 12,150. 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 to bearish. Wyckoff's Intra-Day Market
Rating: 5.5

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: 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
support lies at the overnight low of 141 27/32 and then at 141
even. Sell stops likely reside just below those levels. Shorter-
term technical resistance lies at the overnight high of 142 26/32
and then at 143 even. 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 the overnight high of 130.15.5 and then at
130.22.0. Buy stops likely reside just above those levels.
Shorter-term technical support lies at the overnight low of
129.30.0 and then at Thursday’s low of 129.12.5. 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 lower in early trading today.
Trading has been choppy this week. Dollar index bulls still have
the overall near-term technical advantage. Slow stochastics for
the dollar index are bullish early today. The dollar index finds
shorter-term technical resistance at 79.24 and then at 79.41.
Shorter-term support is seen at of 78.81 and then at this week’s
low of 78.62. Wyckoff's Intra Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading slightly higher early today. Bulls
still have the overall near-term technical advantage, but did
fade on Thursday. In January crude, look for buy stops to reside
just above resistance at the overnight high of $99.03 and then at
$100.00. Look for sell stops just below technical support at the
overnight low of $97.55 and then at $97.00. Wyckoff's Intra-Day
Market Rating: 5.0

GRAINS

Prices were mixed in overnight trading. Grain markets are still
technically very weak. However, Thursday’s weekly USDA export
sales data did show some value buying occurring among grain
importers. Grain markets are still following the outside markets
and outside events. This morning, the outside markets are bullish
for the grains as the U.S. dollar index is weaker, while crude
oil and the U.S. stock indexes are firmer.
 

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