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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--September 20

Sep 20, 2011

Tuesday, September 20--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The stock and commodity markets are mostly higher early today as trader attention is turning to the two-day FOMC meeting on U.S. monetary policy. Many believe the Fed will announce a fresh monetary stimulus measure, which is called a "twist." Such a measure would be stock and commodity market bullish as the move would be an effort to push U.S. interest rates even lower over a long period of time.--Jim

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 above the 9-day and 18-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 last week's high of 1,213.50 and then at 1,229.50. Buy stops likely reside just above those levels. Downside support for active traders today is located at the overnight low of 1,185.40 and then at 1,176.00. Sell stops are likely located just below those levels. Wyckoff's Intra-day Market Rating: 6.0

Nasdaq index futures: Prices hit a fresh seven-week high overnight. The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-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 the overnight high of 2,330.75 and then at 2,350.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at 2,300.00 and then at the overnight low of 2,283.75. 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 support at 11,400 and then more stops just below support at 11,368. Buy stops likely reside just above technical resistance at 11,450 and then at 11,500. 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 to bullish early today. Wyckoff's Intra-Day Market Rating: 6.0

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are 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 early today. Shorter-term resistance lies at 141 16/32 and then at the contract high of 141 29/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 140 27/32 and then at 140 16/32. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 4.5

 

December 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 neutral to bullish early today. Shorter-term resistance lies at the overnight high of 130.23.5 and then at the contract high of 131.04.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 130.06.0 and then at 130.00.0. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 4.5

U.S. DOLLAR INDEX

The December U.S. dollar index is weaker in early trading today. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at the overnight high of 77.96 and then at last week's high of 78.29. Shorter-term support is seen at the overnight low of 77.35 and then at 77.00. Wyckoff's Intra Day Market Rating: 5.0

CRUDE OIL

Crude oil prices are trading slightly higher early today. The bulls have faded a bit just recently and needed to show fresh power. In October crude, look for buy stops to reside just above resistance at $87.00 and then at $87.50. Look for sell stops just below technical support at $85.00 and then at $84.50. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices were higher in overnight trading, on a corrective upside bounce following recent selling pressure and amid bullish key "outside markets" early today--weaker dollar index and firmer crude oil and U.S. stock indexes. Grain market bulls have faded and needed to show fresh power early this week to avoid more significant near-term technical damage being inflicted.


 

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