�METALS: December gold futures closed up $5.00 at
$1,253.10 today. Prices closed nearer the session high
and closed at a fresh nine-week high close today. A
weaker U.S. dollar and some more safe-haven buying
boosted the gold market today. Bulls still have upside
technical momentum, have the solid technical advantage
and are poised to challenge the all-time high of
$1,270.60, scored in June. Prices are in a five-week-old
uptrend on the daily bar chart. Bulls' next near-term
upside technical objective is to produce a close above
solid chart resistance at the all-time high of $1,270.60.
Bears' next near-term downside price objective is closing
prices below solid technical support at this week's low
of $1,233.50. First resistance is seen at this week's
high of $1,256.60 and then at $1,259.00. Support is seen
at $1,250.00 and then at today's low of $1,245.30.
Wyckoff's Market Rating: 7.5.

December gold futures closed up $5.00 at $1,253.10 yesterday. Prices closed nearer the session high and closed at a fresh nine-week high close yesterday. A weaker U.S. dollar and some more safe-haven buying boosted the gold market yesterday. Bulls still have upside technical momentum, have the solid technical advantage and are poised to challenge the all-time high of $1,270.60, scored in June. Prices are in a five-week-old uptrend on the daily bar chart. Bulls' next near-term upside technical objective is to produce a close above solid chart resistance at the all-time high of $1,270.60. Bears' next near-term downside price objective is closing prices below solid technical support at this week's low of $1,233.50. First resistance is seen at this week's high of $1,256.60 and then at $1,259.00. Support is seen at $1,250.00 and then at yesterday's low of $1,245.30.

Wyckoff's Market Rating: 7.5.

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Friday, September 3-Jim Wyckoff's Morning Web Log

JIM'S MARKET THOUGHT OF THE DAY *

Trading in many markets will likely be more active
this morning, in the wake of the much-anticipated
U.S. employment report. However, trading action may
soon taper off as many traders hit the exit door to
get a jump on the Labor Day holiday weekend. Next
week should be an extra important trading week for
many markets. U.S. and European traders will be
back from summertime vacations and the weekend U.S.
holiday, and should be fully focused on markets.
It's my bias that with traders more fully focused
on markets, the economic problems in the U.S. and
Europe will move to the front burner for traders.--
Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages
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... more

�SOFTS: October sugar closed up 65 points at 20.40
cents today. Prices closed nearer the session high and
hit a fresh six-month high today. The key "outside
markets" were in a bullish posture for the sugar market
today, as the U.S. dollar index was solidly lower, while
crude oil and U.S. stock index futures prices were
solidly higher. Sugar bulls have the solid overall near-
term technical advantage. Bulls' next upside price
objective is to push and close prices above solid
technical resistance at 21.00 cents. Bears' next downside
price objective is to push and close prices below solid
technical support at 19.00 cents. First resistance is
seen at today's high of 20.54 cents and then at 21.00
cents. First support is seen at 20.00 cents and then at
today's low of 19.77 cents. Wyckoff's Market Rating: 7.5

December coffee closed up 350 points at 181.95 cents
today. Prices closed near mid-rang... more

October sugar closed up 65 points at 20.40 cents yesterday. Prices closed nearer the session high and hit a fresh six-month high yesterday. The key "outside markets" were in a bullish posture for the sugar market yesterday, as the U.S. dollar index was solidly lower, while crude oil and U.S. stock index futures prices were solidly higher. Sugar bulls have the solid overall near-term technical advantage. Bulls' next upside price objective is to push and close prices above solid technical resistance at 21.00 cents. Bears' next downside price objective is to push and close prices below solid technical support at 19.00 cents. First resistance is seen at yesterday's high of 20.54 cents and then at 21.00 cents. First support is seen at 20.00 cents and then at yesterday's low of 19.77 cents.

Wyckoff's Market Rating: 7.5

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Thursday, September 2-Jim Wyckoff's Morning Web Log

JIM'S MARKET THOUGHT OF THE DAY *

Gold prices have been trending higher for the past
six weeks and set a fresh two-month high on
Wednesday. It's my bias that in the coming weeks
gold futures prices will establish a new all-time
record high. The present record high is $1,270.60
an ounce for December Comex futures. Gold continues
to be viewed by investors worldwide as a safe-haven
investment asset.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages
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 are neutral to
bullish early today. Today, shorter-term technical
resistance comes in at 1,090.00 and then at
1,098.50. Buy stops likely reside just above those
levels. Downside support for active traders tod... more

GRAINS: December corn futures closed down 1/4 cent at
$4.41 1/4 today. Prices closed nearer the session high
today. Good export demand and disappointing early U.S.
corn yields from the harvested crop are bullish for the
futures market. The corn market bulls have the solid
overall near-term technical advantage. Prices are in a
two-month-old uptrend on the daily bar chart. Corn bulls'
next upside price objective is to push and close prices
above solid technical resistance at $4.50. The next
downside price objective for the bears is pushing and
closing prices below solid technical support at last
week's low of $4.15 1/4. First resistance for December
corn is seen at this week's high of $4.45 1/4 and then at
$4.50. First support is seen at $4.38 and then at today's
low of $4.32. Wyckoff's Market Rating: 7.5

November soybeans closed down 14 1/4 cents at $10.08 1/4
a bushel today. Prices close... more

December corn futures closed down 1/4 cent at $4.41 1/4 yesterday. Prices closed nearer the session high yesterday. Good export demand and disappointing early U.S. corn yields from the harvested crop are bullish for the futures market. The corn market bulls have the solid overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. Corn bulls' next upside price objective is to push and close prices above solid technical resistance at $4.50. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week's low of $4.15 1/4. First resistance for December corn is seen at this week's high of $4.45 1/4 and then at $4.50. First support is seen at $4.38 and then at yesterday's low of $4.32.

Wyckoff's Market Rating: 7.5

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Wednesday, September 1-Jim Wyckoff's Morning Web
Log

JIM'S MARKET THOUGHT OF THE DAY *

The first trading day of the month today finds
investor risk appetite increasing, as stock and
commodity markets are posting good gains, while the
U.S. Treasury bonds and notes are seeing weaker
prices. With so many expecting the next two months
to be turbulent for the stock and financial
markets, that does argue that the headwinds may not
be so bad. This Friday's U.S. jobs report, and the
markets' reaction to it, could well set the tone
for trading action during the next two months.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages
are still bearish early today.
The 4-day moving average is below the 9-day and 18-
day, but has turned up. The 9-day is below the 18-
day moving average. Short-term oscillators are neutral to bullish early
today. Today, short... more

LIVESTOCK: October live cattle closed down $0.05 at
$98.05 today. Prices closed nearer the session low today
and saw mild profit-taking pressure. The cattle market
bulls still have the solid overall near-term technical
advantage, even though prices have backed off the recent
contract high. There are still no early technical clues
to suggest a market top is close at hand. Cattle futures
prices are in an 11-week-old uptrend on the daily bar
chart. Bulls' next upside price objective is to push and
close prices above longer-term technical resistance at
the contract high of $99.97. The next downside technical
objective for the bears is pushing and closing prices
below solid technical support at $96.95. First resistance
is seen at today's high of $98.60 and then at $99.00.
First support is seen at last week's low of $97.65 and
then at $97.50. Wyckoff's Market Rating: 7.0.

September feeder catt... more

October live cattle closed down $0.05 at $98.05 yesterday. Prices closed nearer the session low yesterday and saw mild profit-taking pressure. The cattle market bulls still have the solid overall near-term technical advantage, even though prices have backed off the recent contract high. There are still no early technical clues to suggest a market top is close at hand. Cattle futures prices are in an 11-week-old uptrend on the daily bar chart. Bulls' next upside price objective is to push and close prices above longer-term technical resistance at the contract high of $99.97. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $96.95. First resistance is seen at yesterday's high of $98.60 and then at $99.00. First support is seen at last week's low of $97.65 and then at $97.50.

Wyckoff's Market Rating: 7.0.

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Tuesday, August 31-Jim Wyckoff's Morning Web Log

JIM'S MARKET THOUGHT OF THE DAY *

Today is the last trading day of the month, which
does make today technically more significant.
Monthly high or low closes in a market are very
technically significant. Also, fund managers like
to even up positions before the end of the month,
which could make for a more active trading session.
Still, it's the unofficial last week of summer in
the U.S. and Europe, and many traders are still
enjoying the last vestiges of their summertime
mode. Traders of many markets are also awaiting
Friday's key U.S. jobs report.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages
are still bearish early today.
The 4-day moving average is below the 9-day and 18-
day. The 9-day is below the 18-day moving average.
Short-term oscillators are
bearish early today. Today, shorter-... more

Monday, August 30-Jim Wyckoff's Morning Web Log

JIM'S MARKET THOUGHT OF THE DAY *

Financial, stock and currency market traders this
week are awaiting what will likely be the most
market-sensitive piece of economic data this week:
Friday's U.S. jobs report. Look for more subdued
trading in those markets, heading into Friday
morning's jobs report. It will also likely be an
extra quiet trading week in many markets this week,
as U.S. traders await the final summer holiday
weekend, as Labor Day is next Monday.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages
are still bearish early today.
The 4-day moving average is below the 9-day and 18-
day. The 9-day is below the 18-day moving average.
Short-term oscillators are
neutral early today. Today, shorter-term technical
resistance comes in at the overnight high of
1,072.50 and then at 1,085.00. B... more

PRECIOUS METALS

October gold was higher overnight as it extends the rally off July's low.
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 1213.10 would confirm that a short-term top has
been posted. First resistance is the overnight 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
1230.20. Second support is the 20-day moving average crossing at 1213.10.

September silver was higher overnight as it extends this week's rally.
Stochastics and the RSI are bullish signaling that sideways to higher
pric... more

October gold was higher overnight as it extends the rally off July's low. 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 1213.10 would confirm that a short-term top has been posted. First resistance is the overnight 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 1230.20. Second support is the 20-day moving average crossing at 1213.10.

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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. Se... more

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

***NOTE: There will be no morning report from me on
Thursday, as I will be traveling most of the day.

JIM'S MARKET THOUGHT OF THE DAY *

Tuesday's U.S. existing home sales report that
showed a very sharp decline in sales in July is yet
another warning that the next few months could see
some strong headwinds for the U.S. economy and for
the U.S. stock market. The U.S. stock indexes will
continue to be the major "outside market" for which
many other markets will track very closely.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages
are bearish early today. The 4-
day moving average is below the 9-day and 18-day.
The 9-day is below the 18-day moving average.
Short-term oscillators are
neutral to bearish early today. Today, shorter-term
technical resistance comes in at the overnight high
of 1,... more

�GRAINS: December corn futures closed down 12 1/4 cents
at $4.30 1/2 today. Prices closed nearer the session low
today and saw profit-taking pressure. No serious chart
damage was inflicted today, but the bulls do not want to
see strong follow-through selling pressure on Wednesday
that would likely produce significant near-term chart
damage. The corn market bulls still have the overall
near-term technical advantage. Prices are still in a two-
month-old uptrend on the daily bar chart. Corn bulls'
next upside price objective is to push and close prices
above solid technical resistance at the August high of
$4.38 3/4. The next downside price objective for the
bears is pushing and closing prices below major
psychological support at $4.00. First resistance for
December corn is seen at $4.25 and then at $4.30. First
support is seen at today's low of $4.15 1/4 and then at
$4.10. Wyckoff's Market R... more