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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--Oct. 22

Oct 22, 2012

Monday, October 22--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

In overnight news, European stock markets were firmer along
with the Euro currency amid Spanish elections that showed
the ruling conservative party doing well. Such bolstered
notions Spain will be seeking EU financial assistance in the
near term. There was some disappointing economic news from
Japan that suggests the Bank of Japan will implement fresh
monetary stimulus measures soon. Otherwise, it was a quiet
start to the new trading week in Asia and Europe. Focus of
the market place this week will be on Monday night’s U.S.
presidential debate and on the latest meeting of the U.S.
Federal Reserve’s FOMC, which begins Tuesday. Tensions in
the Middle East are ratcheting a bit higher following fresh
violence in Lebanon. There is no major U.S. economic data
due for release Monday.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are firmer early today, on short
covering and bargain hunting. The shorter-term moving
averages (4-, 9- and 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. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Today, shorter-term
technical resistance comes in at 1,440.00 and then at
Friday’s high of 1,453.20. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at the overnight low of 1,421.30 and then
at the October low of 1,416.30. Sell stops are likely
located just below those levels. Wyckoff's Intra-day Market
Rating: 5.5

Nasdaq index futures: Prices are higher early today after
hitting a fresh 2.5-month low early on today. The shorter-
term moving averages (4- 9-and 18-day) are bearish early
today. The 4-day moving average is below the 9-day. The 9-
day average is below the 18-day. Short-term oscillators
(RSI, slow stochastics) are neutral early today. Shorter-
term technical resistance is located at 2,700.00 and then at
2,715.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at the overnight
low of 2,657.50 and then at 2,650.00. 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 13,255 and then at 13,200. Buy stops likely
reside just above technical resistance at 13,350 and then at
13,400. Shorter-term moving averages are neutral early
today, as the 4-day moving average is above the 9-day and
18-day. The 9-day moving average is below the 18-day moving
average. Shorter-term oscillators (RSI, slow stochastics)
are neutral early today. Wyckoff's Intra-Day Market Rating:
5.5

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices are lower early today. Bears
have gained fresh downside technical momentum recently.
Shorter-term moving averages (4- 9- 18-day) are bearish
early today. The 4-day moving average is below the 9-day.
The 9-day is below the 18-day moving average. Oscillators
(RSI, slow stochastics) are neutral to bearish early today.
Shorter-term resistance lies at 147 even and then at 147
16/32. Buy stops likely reside just above those levels.
Shorter-term technical support lies at 146 16/32 and then at
last week’s low of 146 5/32. Sell stops likely reside just
below those levels. Wyckoff's Intra-Day Market Rating: 4.0

December U.S. T-Notes: Prices are lower early today. Bears
still have some downside momentum. Shorter-term moving
averages (4- 9- 18-day) are bearish early today. The 4-day
moving average is below the 9-day. The 9-day is below the
18-day moving average. Oscillators (RSI, slow stochastics)
are neutral to bearish early today. Shorter-term resistance
lies at the overnight high of 132.13.5 and then at
132.20.0. Buy stops likely reside just above those levels.
Shorter-term technical support lies at last week’s low of
131.29.0 and then at 131.23.0. Sell stops likely reside
just below those levels. Wyckoff's Intra-Day Market Rating:
4.0

U.S. DOLLAR INDEX

The December U.S. dollar index is weaker in early U.S.
trading today. Bears 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 the overnight high of 79.74 and then at last
week’s high of 80.04. Shorter-term support is seen at
Friday’s low of 79.37 and then at 79.03. Wyckoff's Intra Day
Market Rating: 4.5

NYMEX CRUDE OIL

Crude oil prices are modestly higher early today. Bulls and
bears are on an overall level near-term technical playing
field, amid choppy trading. In December Nymex crude, look
for buy stops to reside just above resistance at $92.00 and
then at $92.50. Look for sell stops just below technical
support at $90.00 and then at $89.00. Wyckoff's Intra-Day
Market Rating: 5.5

GRAINS

Markets were higher in overnight trading, on more short
covering and bargain hunting. Bulls are regaining upside
momentum. All three grains were on the verge of technical
breakdowns, but have held above key chart levels. The key
outside markets are in a bullish posture for the grains
early today, as the U.S. dollar index is weaker and crude
oil prices are firmer.
 

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