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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--Nov. 23

Nov 23, 2012

Friday, November 23--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

It was a quieter overnight session in Asia and Europe, after
the U.S. markets were closed for the Thanksgiving holiday on
Thursday and most U.S. markets close early on Friday. There
was a stronger-than-expected Ifo business confidence reading
coming out of Germany Friday. That data did boost the Euro
currency against the U.S. dollar. The Standard & Poors
credit rating agency left France’s ratings unchanged in its
latest report, but did warn on Spain and also downgraded
three Spanish banks. The European markets are awaiting yet
another key meeting of Euro zone leaders on Monday, to
decide when and how to disburse fresh bailout funds to cash-
starved Greece. U.S. economic data due for release Friday is
light and includes weekly grain export sales data and the
Federal Reserve’s weekly money supply data.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are slightly higher early today, in
light post-holiday trading. 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 to bullish early today. Today,
shorter-term technical resistance comes in at 1,400.00 and
then at 1,410.00. Buy stops likely reside just above those
levels. Downside support for active traders today is located
at the overnight low of 1,387.10 and then at 1,375.00. Sell
stops are likely located just below those levels. Wyckoff's
Intra-day Market Rating: 5.5

Nasdaq index futures: Prices are firmer early today in
quiet, post-holiday trading. 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 average is
below the 18-day. Short-term oscillators (RSI, slow
stochastics) are bullish early today. Shorter-term technical
resistance is located at 2,625.00 and then at 2,650.00. Buy
stops likely reside just above those levels. On the
downside, short-term support is seen at the overnight low of
2,596.25 and then at 2,577.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
5.5

Dow futures: Prices are firmer early today. Sell stops
likely reside just below technical support at 12,800 and
then at Wednesday’s low of 12,770. Buy stops likely reside
just above technical resistance at 12,850 and then at
12,900. Shorter-term moving averages are neutral early
today, as the 4-day moving average is above the 9-day. The
9-day moving average is below the 18-day moving average.
Shorter-term oscillators (RSI, slow stochastics) are bullish
early today. Wyckoff's Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices are firmer early today and are
seeing some short covering from recent selling pressure.
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 neutral early today. Shorter-
term resistance lies at the overnight high of 150 20/32 and
then at 151 even. Buy stops likely reside just above those
levels. Shorter-term technical support lies at 150 even and
then at the overnight low of 149 23/32. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 5.5

December U.S. T-Notes: Prices are firmer early today on
short covering. 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 neutral early
today. Shorter-term resistance lies at the overnight high
of 133.17.5 and then at 133.23.0. Buy stops likely reside
just above those levels. Shorter-term technical support
lies at the overnight low of 133.09.0 and then at 133.00.0.
Sell stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The December U.S. dollar index is lower in early U.S.
trading today. Bulls are fading. Slow stochastics for the
dollar index are bearish early today. The dollar index finds
shorter-term technical resistance at the overnight high of
80.76 and then at 81.00. Shorter-term support is seen at the
overnight low of 80.56 and then at 80.36. Wyckoff's Intra
Day Market Rating: 4.0

NYMEX CRUDE OIL

Crude oil prices are slightly lower early today. A bullish
rounding-bottom reversal pattern has formed on the daily bar
chart. In January Nymex crude, look for buy stops to reside
just above resistance at $88.00 and then at $89.00. Look for
sell stops just below technical support at the overnight low
of $86.71 and then at $86.00. Wyckoff's Intra-Day Market
Rating: 5.0

GRAINS

Markets were closed in overnight trading, due to the U.S.
Thanksgiving holiday. Expect quieter trading conditions
today. The weaker U.S. dollar index today will limit
selling pressure in the grains. Grain market bulls are
working to recover from recent selling pressure, but have
more work to do in the near term, to suggest any price
uptrends can be sustained. It is my bias that there is not
strong downside price pressure left in corn and soybeans.
 

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