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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--November 8

Nov 08, 2011

Tuesday, November 8--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place is calmer Tuesday morning as traders and
investors wait for the next developments to come out of the
European Union and its sovereign debt crisis. Crude oil is
leading general commodity market strength as prices have pushed
above $96.00 a barrel. My bias is that the EU debt crisis will
continue to cast a pall over the market place for a few more
weeks, even though the market place has already likely factored
in most of the negative news coming out of and expected to come
out of the EU debt crisis.--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. 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 1,275.00 and
then at the October high of 1,288.70. Buy stops likely reside
just above those levels. Downside support for active traders
today is located at the overnight low of 1,249.00 and then at
Monday’s low of 1,232.20. 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 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
October high of 2,408.75 and then at the July high of 2,434.50.
Buy stops likely reside just above those levels. On the downside,
short-term support is seen at the overnight low of 2,355.25 and
then at 2,340.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-Day Market Rating: 6.0

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 12,100 and then at 12,150. 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 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 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. Oscillators (RSI, slow stochastics) are neutral to
bearish 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 the overnight
high of 141 26/32 and then at 142 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 still bullish early today. The 4-day moving average is
above the 9-day. The 9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral early today.
Shorter-term resistance lies at the overnight high of 130.18.5
and then at last week’s high of 130.29.0. Buy stops likely reside
just above those levels. Shorter-term technical support lies at
130.00.0 and then at 129.16.0. 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 slightly lower in early trading
today. Slow stochastics for the dollar index are neutral early
today. The dollar index finds shorter-term technical resistance
at the overnight high of 77.36 and then at Monday’s high of
77.59. Shorter-term support is seen at the overnight low of 77.04
and then at 76.59. Wyckoff's Intra Day Market Rating: 5.0

CRUDE OIL

Crude oil prices are trading higher today and hit another fresh
three-month high of $96.60 overnight. Bulls have the solid near-
term technical advantage. In December crude, look for buy stops
to reside just above resistance at $97.00 and then at $97.50.
Look for sell stops just below technical support at the overnight
low of $95.23 and then at $95.00. Wyckoff's Intra-Day Market
Rating: 6.0

GRAINS

Prices were firmer in overnight trading, on short covering.
Grains are still focusing on the key “outside markets” and they
are mixed but favoring the bullish side early today, as crude oil
and the U.S. stock indexes are higher and the U.S. dollar index
is near steady. Trading has turned choppy in the grain markets
recently. Grain traders are looking ahead to Wednesday morning’s
monthly USDA supply and demand report.
 

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