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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--Nov. 30

Nov 30, 2012

Friday, November 30--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

It was an uneventful overnight trading session overseas.
Fresh European Union economic data saw Euro zone inflation
fall to an annual rate of 2.2%--the lowest level in nearly
two years in November. Meantime EU unemployment rose to
11.7% of the work force—the highest since 1995 when EU
record-keeping on such statistics began. The focus of the
market place remains on the U.S. “fiscal cliff” that is fast
approaching. U.S. lawmakers are still spewing rhetoric that
is not encouraging a deal will be reached. However, such
bluster coming from Washington, D.C. normal and the market
place realizes that, as evidenced by the insignificant
market moves on Thursday, when both Democrats and
Republicans were on the offensive and blaming the other side
for lack of progress on the matter. The market place
presently perceives there will be a last-minute agreement
among U.S. lawmakers to avoid the fiscal cliff. Friday is
the last trading day of the week and of the month, which may
make for some more active trading due to some position-
squaring. U.S. economic data due for release Friday includes
personal income and outlays, and the ISM Chicago business
survey.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are slightly higher early today and
hit another fresh three-week high overnight as the bulls are
gaining fresh upside technical momentum. 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 bullish early today.
Today, shorter-term technical resistance comes in at the
November high of 1,431.40 and then at 1,450.00. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at the overnight low of
1,410.00 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 and hit
another fresh three-week high overnight. Bulls have upside
momentum. 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 bullish
early today. Shorter-term technical resistance is located at
the November high of 2,694.00 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
2,670.75 and then at 2,650.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
5.5

Dow futures: Prices are higher early today and hit another
fresh three-week high overnight. Sell stops likely reside
just below technical support at 13,000 and then at
Thursday’s low of 12,955. Buy stops likely reside just above
technical resistance at 13,100 and then at 13,150. 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 bullish early
today. Wyckoff's Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Prices are firmer early today. Bulls
have the overall near-term technical advantage. 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 Thursday’s high of 150 5/32 and then at
this week’s high of 150 14/32. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 149 23/32 and then at Thursday’s low of
149 14/32. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 5.5

March U.S. T-Notes: Prices are steady early today. Bulls
still have the overall near-term technical advantage.
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 133.19.0 and then at 133.24.0. Buy stops likely reside
just above those levels. Shorter-term technical support
lies at the overnight low of 133.13.0 and then at 133.08.0.
Sell stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 5.0

U.S. DOLLAR INDEX

The March U.S. dollar index is slightly lower in early U.S.
trading today and hit a fresh four-week low overnight. Bears
have some fresh downside near-term technical momentum. Slow
stochastics for the dollar index are neutral early today.
The dollar index finds shorter-term technical resistance at
Thursday’s high of 80.54 and then at this week’s high of
80.82. Shorter-term support is seen at the overnight low of
80.14 and then at 80.00. Wyckoff's Intra Day Market Rating:
5.0

NYMEX CRUDE OIL

Crude oil prices are near steady early today. In January
Nymex crude, look for buy stops to reside just above
resistance at this week’s high of $88.69 and then at $89.00.
Look for sell stops just below technical support at the
overnight low of $87.47 and then at $87.00. Wyckoff's Intra-
Day Market Rating: 5.0

GRAINS

Markets were weaker in overnight trading. Trading has been
choppy this week as traders focus on supply and demand
matters worldwide, as well as on the key outside markets.
It could be in the coming weeks that wheat becomes the
price leader in the grain futures markets.
 

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