Silver Chart

Silver Chart

Saturday, May 7, 2011

Testing new app 3 www.activehomehunters.com

Friday, August 27, 2010

Friday, August 27--Jim Wyckoff's Morning Web Log

Note: I am out of the office today and my friend
and fellow trader/analyst Ken Seehusen produced my
morning report. The format is a bit different.
but I think you'll enjoy Ken's style, too. Jim

The STOCK INDEXES & MARKETS

The September NASDAQ 100 was higher overnight due
to short covering. Stochastics and the RSI are
oversold but remain neutral to bearish signaling
that sideways to lower prices are possible near-
term. If September extends this month's decline,
July's low crossing at 1698.00 is the next downside
target. Closes above the 20-day moving average
crossing at 1842.20 are needed to confirm that a
short-term low has been posted. First resistance is
the 10-day moving average crossing at 1805.75.
Second resistance is the 20-day moving average
crossing at 1842.20. First support is Wednesday's
low crossing at 1756.75. Second support is July's
low crossing at 1698.00. The September NASDAQ 100
was up 7.75 pts. at 1775.25 as of 5:52 AM CST.
Overnight action sets the stage for a higher
opening by September NASDAQ 100 when the day
session begins later this morning.

The September S&P 500 index was higher overnight
due to short covering. Stochastics and the RSI are
oversold and are turning neutral to bullish
hinting that a short-term low might be in or is
near. However, closes above the 20-day moving
average crossing at 1087.54 are needed to confirm
that a short-term low has been posted. If September
extends this month's decline, July's low crossing
at 1003.10 is the next downside target. First
resistance is the 10-day moving average crossing at
1065.75. Second resistance is the 20-day moving
average crossing at 1087.54. First support is
Wednesday's low crossing at 1038.00. Second support
is July's low crossing at 1003.10. The September
S&P 500 Index was up 3.40 pts. at 1048.20 as of
5:54 AM CST. Overnight action sets the stage for a
higher opening by the September S&P 500 index when
the day session begins later this morning.

INTEREST RATES

September T-bonds were higher overnight as it
extends this summer's rally. Stochastics and the
RSI are overbought but remain neutral to bullish
signaling that additional short-term gains are
possible. If September extends this year's rally,
the 87% retracement level of the 2008-2009-decline
on the weekly continuation chart crossing at 138-02
is the next upside target. Closes below the 20-day
moving average crossing at 132-02 would confirm
that a short-term top has been posted. First
resistance is Wednesday's high crossing at 136-31.
Second resistance is the 87% retracement level of
the 2008-2009-decline on the weekly continuation
chart crossing at 138-02. First support is the 10-
day moving average crossing at 134-18. Second
support is the 20-day moving average crossing at
132-02.

ENERGY MARKETS

October crude oil was higher due to short covering
overnight as it consolidates some of this month's
decline. Stochastics and the RSI are
turning bullish hinting that a short-term low might
be in or is near. Closes above the 20-day moving
average crossing at 77.23 are needed to confirm
that a short-term low has been posted. If October
extends this month's decline, May's low crossing at
70.35 is the next downside target. First resistance
is the 10-day moving average crossing at 74.03.
Second resistance is the 20-day moving average
crossing at 77.23. First support is Wednesday's low
crossing at 70.76. Second support is May's low
crossing at 70.35.

CURRENCIES

The September Dollar was steady to slightly higher
overnight as it consolidates some of Thursday's
decline. Stochastics and the RSI are overbought and
are turning neutral to bearish hinting that a
short-term top might be in or is near. Closes below
the 20-day moving average crossing at 82.14 would
temper the near-term friendly outlook. If September
extends this month's rally, the reaction high
crossing at 84.73 is the next upside target. First
resistance is Tuesday's high crossing at 83.64.
Second resistance is the reaction high crossing at
84.73. First support is the 10-day moving average
crossing at 82.87. Second support is the 20-day
moving average crossing at 82.14.

PRECIOUS METALS

October gold was higher overnight as it
consolidates around the 75% retracement level of
the June-July decline crossing at 1239.60.
Stochastics and the RSI are overbought, diverging
but are neutral to bullish hinting that additional
strength is possible near-term. If October extends
the rally off July's low, the 87% retracement level
of the June-July decline crossing at 1253.30 is the
next upside target. Closes below the 20-day moving
average crossing at 1215.50 would confirm that a
short-term top has been posted. First resistance is
Thursday's high crossing at 1244.50. Second
resistance is the 87% retracement level of the
June-July decline crossing at 1253.30. First
support is the 10-day moving average crossing at
1231.80. Second support is the 20-day moving
average crossing at 1215.50.

GRAINS

December corn was higher overnight as it extends
Thursday's rally. Given the strong export demand
along with disappointing early harvest results in
the southern Corn Belt, traders are becoming
concerned that this year's corn crop might fall
short of the latest USDA and private corn crop
estimates. If these fears are confirmed later this
fall, carryout for next year will tighten even
further forcing the market to move higher to bid
additional corn acres to be planted next spring in
the U.S. The high-range close overnight sets the
stage for a steady to higher opening when the day
session begins. The late-week rally has turned
stochastics and the RSI bullish signaling that
sideways to higher prices are possible near-term.
If December extends the rally off June's low, last
fall's high on the weekly chart crossing at 4.52 is
the next upside target. Closes below Tuesday's low
crossing at 4.15 1/4 would confirm that a short-
term top has been posted. First resistance is this
month's high crossing at 4.38 3/4. Second
resistance is last fall's high on the weekly chart
crossing at 4.52. First support is Tuesday's low
crossing at 4.15 1/4. Second support is the
reaction low crossing at 4.05 3/4.

December wheat was higher due to short covering
overnight as it consolidates some of Wednesday's
decline. The mid-range close sets the stage for a
steady to higher opening when the day session
begins trading later this morning. Stochastics and
the RSI are oversold but remain neutral to bearish
signaling that sideways to lower prices are
possible near-term. If December extends
this month's decline, the 50% retracement level of
this summer's rally crossing at 6.70 1/2 is the
next downside target. Closes above the reaction
high crossing at 7.32 would confirm that a short-
term low has been posted. First resistance is the
20-day moving average crossing at 7.21. Second
resistance is the reaction high crossing at 7.32.
First support is last Tuesday's low crossing at
6.77 1/2. Second support is the 50% retracement
level of this summer's rally crossing at 6.70 1/2.

November soybeans were higher overnight as it
extends Thursday's short covering rally. Strong
export demand along with concerns over the size of
this year's soybean crop due to sudden death
syndrome are providing support for the late-week
rebound. The high-range overnight close sets the
stage for a steady to higher opening when the day
session begins later this morning. Stochastics and
the RSI are oversold and are turning bullish
hinting that a low might be in or is near. Closes
above the 20-day moving average crossing at 10.20
3/4 would confirm that a short-term low has been
posted. If November renews this month's decline,
the 38% retracement level of the June-August rally
crossing at 9.87 1/4 is the next downside target.
First resistance is the 20-day moving average
crossing at 10.20 3/4. Second resistance is this
month's high crossing at 10.49. First support is
Tuesday's low crossing at 9.93 3/4. Second support
is the 38% retracement level of the June-August
rally crossing at 9.87 1/4.