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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim Wyckoff's Morning Markets Report--August 29

Aug 29, 2012

Wednesday, August 29--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

The world market place awaits the U.S. Federal Reserve’s
annual meeting at Jackson Hole, Wyoming, which begins
Thursday. Fed Chairman Ben Bernanke is speaking on Friday.
Next week’s monthly European Central Bank meeting (September
6) will also be an important central bank event.
Anticipation is high that both the U.S. and EU central banks
will announce fresh monetary stimulus initiatives at these
meetings. Many markets are subdued ahead of these key
events. In other overnight news, European stock markets were
boosted on news that European Central Bank president Mario
Draghi said in a newspaper article that maintaining price
stability in the European Union will require exceptional
measures. There was also a successful debt auction in Italy
Wednesday, as borrowing costs declined. And Greece’s finance
minister says his country is close to finalizing budget cut
plans. In Asia, reports said China’s central bank is looking
to inject more liquidity into the country’s banking system,
in order to stimulate economic growth.--Jim

U.S. 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 below the 9-day. The 9-day is above the 18-day
moving average. Short-term oscillators (RSI, slow
stochastics) are neutral to bearish early today. Today,
shorter-term technical resistance comes in at this week’s
high of 1,415.90 and then at last week’s high of 1,424.60.
Buy stops likely reside just above those levels. Downside
support for active traders today is located at 1,400.00 and
then at 1,387.40. Sell stops are likely located just below
those levels. Wyckoff's Intra-day Market Rating: 5.0

Nasdaq index futures: 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 this week’s high of 2,795.75 and then at last
week’s high of 2,802.50. Buy stops likely reside just above
those levels. On the downside, short-term support is seen at
this week’s low of 2,771.00 and then at 2,760.00. Sell stops
are likely located just below those levels. Wyckoff's Intra-
Day Market Rating: 5.0

Dow futures: Sell stops likely reside just below technical
support at last week’s low of 13,015 and then at 13,000. Buy
stops likely reside just above technical resistance at
Tuesday’s high of 13,130 and then at this week’s high of
13,155. Shorter-term moving averages are neutral early
today, as the 4-day moving average is below the 9-day and
18-day. The 9-day moving average is above the 18-day moving
average. Shorter-term oscillators (RSI, slow stochastics)
are bearish early today. Wyckoff's Intra-Day Market Rating:
5.0

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Bulls still have some upside near-
term technical momentum. Shorter-term moving averages (4- 9-
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. Oscillators (RSI, slow stochastics) are
neutral to bullish early today. Shorter-term resistance lies
at Tuesday’s high of 150 15/32 and then at 151 even. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at Tuesday’s low of 149 18/32 and
then at 149 even. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.0

December U.S. T-Notes: Shorter-term moving averages (4- 9-
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. Oscillators (RSI, slow stochastics) are
neutral to bullish early today. Shorter-term resistance
lies at Tuesday’s high of 133.00.0 and then at 133.08.0.
Buy stops likely reside just above those levels. Shorter-
term technical support lies at the overnight low of
132.22.5 and then at this week’s low of 132.11.5. 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 firmer in early U.S.
trading, on short covering. Bears have the overall near-term
technical advantage as a five-week-old downtrend line is in
place on the daily bar chart. Slow stochastics for the
dollar index are neutral early today. The dollar index finds
shorter-term technical resistance at 82.00 and then at
Tuesday’s high of 82.13. Shorter-term support is seen at
last week’s low of 81.52 and then at 81.25. Wyckoff's Intra
Day Market Rating: 5.0

NYMEX CRUDE OIL

Crude oil prices are weaker early today. Bulls still have
the overall near-term technical advantage. In October Nymex
crude, look for buy stops to reside just above resistance at
the overnight high of $96.30 and then at $97.00. Look for
sell stops just below technical support at Tuesday’s low of
$95.14 and then at this week’s low of $94.41. Wyckoff's
Intra-Day Market Rating: 4.5

GRAINS

Markets were higher in overnight trading. Bulls still have
the overall near-term technical advantage. The major U.S.
drought continues to be a bullish underlying factor for the
grains. But that news is not fresh. Focus has turned more
to the demand side of the balance sheet in the grains, as
the market place now has a bit better handle on the supply
side.
 

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