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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--August 25

Aug 25, 2011

Thursday, August 25--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Gold futures are getting hammered again this morning and have lost over $200 an ounce from Tuesday's record high of $1,917.90 an ounce in December futures. A big and bearish "key reversal" down has occurred and near-term technical damage has been inflicted to now suggest a near-term market top is in place.--Jim

STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9- and 18-day) are still bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical resistance comes in at the Wednesday's high of 1,176.70 and then at 1,190.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at the overnight low of 1,165.40 and then at 1,150.00. 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 still 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 to bullish early today. Shorter-term technical resistance is located at Wednesday's high of 2,147.50 and then at 2,175.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at the overnight low of 2,111.50 and then at 2,100.00. 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 support at 11,250 and then more stops just below support at 11,200. Buy stops likely reside just above technical resistance at Wednesday's high of 11,300 and then at 11,350. Shorter-term moving averages are bearish early today, as the 4-day moving average is below the 9-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

September U.S. T-Bonds: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at the overnight high of 136 27/32 and then at 137 even. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 136 7/32 and then at 136 even. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 5.0

 

September U.S. T-Notes: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are bearish today. Shorter-term resistance lies at the overnight high of 129.19.5 and then at 130.00.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 129.09.5 and then at 129.00.0. 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 slightly higher in early trading today. Dollar index bears have the strong overall near-term technical advantage as prices hover near the recent lows. Slow stochastics for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at this week's high of 74.57 and then at 74.92. Shorter-term support is seen at the overnight low of 74.27 and then at this week's low of 74.02. Wyckoff's Intra Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading firmer early today. Bulls have regained some upside technical momentum recently. In October crude, look for buy stops to reside just above resistance at Wednesday's high of $86.59 and then at $87.00. Look for sell stops just below technical support at $85.00 and then at $84.00. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Prices were weaker in overnight trading, on corrective and profit-taking price pullbacks from recent gains. The annual Pro Farmer Midwest crop tour this week is garnering trader attention. Grain market bulls still have some near-term technical momentum on their side. Traders will closely examine this morning's weekly USDA export sales report.

 

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