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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--November 11

Nov 11, 2011

Friday, November 11--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Friday morning the market place is calmer due to traders’
perceptions of a slight easing of tensions regarding the European
Union sovereign debt crisis. Italian bond yields have dropped.
It’s those Italian yields that the market place is watching so
closely. The market place’s perception of the EU situation can
change in a hurry, but so far it’s a “risk on” day in the market
place, and that’s good for stocks and commodities.--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. 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 1,250.00 and
then at this week’s high of 1,275.00. Buy stops likely reside
just above those levels. Downside support for active traders
today is located at the overnight low of 1,233.90 and then at
this week’s low of 1,218.80. 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 bearish early today. The 4-day moving average is
below the 9-day and 18-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
Thursday’s high of 2,344.00 and then at 2,375.00, Buy stops
likely reside just above those levels. On the downside, short-
term support is seen at the overnight low of 2,301.50 and then at
this week’s low of 2,286.50. 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 11,850 and then more stops just below support 11,800.
Buy stops likely reside just above technical resistance at 12,000
and then at 12,050. 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. 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 neutral early today. The 4-day moving average is even
with the 9-day. The 9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral early today.
Shorter-term support lies at the overnight low of 140 31/32 and
then at this week’s low of 140 6/32. Sell stops likely reside
just below those levels. Shorter-term technical resistance lies
at 142 even and then at Thursday’s high of 142 29/32. Buy stops
likely reside just above those levels. Wyckoff's Intra-Day Market
Rating: 5.0

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 to bearish early
today. Shorter-term resistance lies at 130.16.0 and then at this
week’s high of 131.00.0. Buy stops likely reside just above those
levels. Shorter-term technical support lies at this week’s low of
129.27.5 and then at 129.16.0. Sell stops likely reside just
below those levels. Wyckoff's Intra-Day Market Rating: 5.0

U.S. DOLLAR INDEX

The December U.S. dollar index is weaker in early trading today,
on a corrective pullback from strong gains posted Wednesday. Slow
stochastics for the dollar index are bullish early today. The
dollar index finds shorter-term technical resistance at 78.00 and
then at this week’s high of 78.42. Shorter-term support is seen
at the overnight low of 77.57 and then at 77.00. Wyckoff's Intra
Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading slightly higher today and hit a
fresh 13-week high overnight. Bulls have the solid near-term
technical advantage. In December crude, look for buy stops to
reside just above resistance at the overnight high of $98.53 and
then at $99.00. Look for sell stops just below technical support
at the overnight low of $97.35 and then at $97.00. Wyckoff's
Intra-Day Market Rating: 6.0

GRAINS

Prices were narrowly mixed in overnight trading. The key “outside
markets” are driving the grains recently and they are bullish
early today—weaker U.S. dollar index and firmer crude oil and
stock index prices. Trading has turned choppy in the grain
markets recently. My bias is that there is not strong downside
price pressure left in the grains.
 

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