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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--Sept. 28

Sep 28, 2012

Friday, September 28--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

Friday is the last trading day of the month, and of the
quarter, which makes it an extra important day, technically.
Also, some big fund managers are likely doing some position
squaring or window dressing late this week. Thursday’s news
that Spain’s 2013 budget will meet European Union deficit
targets worked to assuage the market pace and set the table
for a fresh EU bailout package for Spain. On Friday Spain
will issue a banking audit report. Fresh EU economic data
Friday showed Euro Zone inflation upticked just a bit, to
2.7% on an annual basis. The market place is looking forward
to Monday, when a fresh batch of Chinese economic data is
due to be released. Many are hoping the China data will show
improvement following the recent monetary stimulus measures
from the Chinese central bank. Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9-
and 18-day) are neutral early today. The 4-day moving
average is below the 9-day and 18-day. The 9-day is above
the 18-day moving average. Short-term oscillators (RSI, slow
stochastics) are bearish early today. Today, shorter-term
technical resistance comes in at Thursday’s high of 1,444.00
and then at this week’s high of 1,456.60. Buy stops likely
reside just above those levels. Downside support for active
traders today is located at this week’s low of 1,424.50 and
then at 1,415.00. Sell stops are likely located just below
those levels. Wyckoff's Intra-day Market Rating: 4.5

Nasdaq index futures: The shorter-term moving averages (4-
9-and 18-day) are neutral early today. The 4-day moving
average is below the 9-day and 18-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 Thursday’s high of 2,821.25 and
then at 2,835.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at
2,800.00 and then at Wednesday’s low of 2,785.00. Sell stops
are likely located just below those levels. Wyckoff's Intra-
Day Market Rating: 4.5

Dow futures: Sell stops likely reside just below technical
support at this week’s low of 13,335 and then at 13,300. Buy
stops likely reside just above technical resistance at
13,400 and then at Thursday’s high of 13,455. 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 early today. Wyckoff's
Intra-Day Market Rating: 4.5

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices are firmer today and hit a
fresh three-week high as bulls still have some upside near-
term technical momentum. 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
bullish early today. Shorter-term resistance lies at the
overnight high of 150 4/32 and then at 150 16/32. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at 149 16/32 and then at the
overnight low of 149 5/32. Sell stops likely reside just
below those levels. Wyckoff's Intra-Day Market Rating: 6.0

December U.S. T-Notes: Prices are firmer early today and
hit a fresh four-week high overnight. Bulls still have some
upside momentum. Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are
bullish early today. Shorter-term resistance lies at the
September high of 133.26.5 and then at 134.00.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 133.11.5 and
then at 133.04.5. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 6.0

U.S. DOLLAR INDEX

The December U.S. dollar index is near steady in early U.S.
trading today. Bears 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 79.82 and then at this week’s high
of 80.08. Shorter-term support is seen at the overnight low
of 79.58 and then at this week’s low of 79.37. Wyckoff's
Intra Day Market Rating: 5.0

NYMEX CRUDE OIL

Crude oil prices are slightly higher early today, on short
covering after prices Wednesday hit a seven-week low. In
November Nymex crude, look for buy stops to reside just
above resistance at the overnight high of $92.71 and then at
this week’s high of $93.20. Look for sell stops just below
technical support at $91.00 and then at $90.00. Wyckoff's
Intra-Day Market Rating: 5.0

GRAINS

Markets were mixed in overnight trading as traders are
awaiting this morning’s USDA quarterly grain stocks report.
With it being the last trading day of the month and of the
quarter, and with today being a big USDA report day,
today’s price action in the grains could set the tone for
grain futures trading for the next several weeks.
 

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