Aug 28, 2014
Home | Tools| Events| Blogs| Discussions Sign UpLogin

AgDay Blog


Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim Wyckoff's Morning Markets Report--June 6

Jun 06, 2012

Wednesday, June 6--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place is in a “risk-on” mood Wednesday morning,
as traders and investors are hoping the central banks of the
U.S. and European Union throw them a bullish bone via moving
to ease their monetary policies soon—or at least hinting at
such. The European Central Bank meets Wednesday and Fed
Chairman Bernanke speaks to U.S. lawmakers on Thursday.
Recent weak economic activity out of the U.S., EU (and
China) has been a bearish drag on many markets, and it has
become increasingly likely the central banks will act to
stimulate their economies with easier money policies. That
would be at least temporarily bullish for most markets,
including stock indexes and commodities. In overnight news,
there was fresh, weak economic data coming out of Germany,
which has been the economic stalwart of the EU. Also,
Moody’s has lowered its credit ratings on several German
banks. The EU debt crisis is still a major headache for the
market place, but today traders and investors have chosen to
focus on the bullish prospects of easier money policies and
doing some short covering and bargain hunting.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9-
and 18-day) are bearish early today. The 4-day moving
average is below the 9-day. The 9-day is below the 18-day
moving average. Short-term oscillators (RSI, slow
stochastics) are bullish early today. Today, shorter-term
technical resistance comes in at 1,307.00 and then at
1,318.50. Buy stops likely reside just above those levels.
Downside support for active traders today is located at the
overnight low of 1,283.60 and then at Tuesday’s low of
1,267.50. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 6.0

Nasdaq index futures: The shorter-term moving averages (4-
9-and 18-day) are bearish early today. The 4-day moving
average is below 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 2,525.00 and then at 2,542.50. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at 2,500.00 and then at the overnight low of
2,487.00. 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 technical
support at 12,200 and then at 12,150. Buy stops likely
reside just above technical resistance at 12,305 and then at
Monday’s high of 12,350. Shorter-term moving averages are
bearish early today, as the 4-day moving average is below
the 9-day. The 9-day moving average is below the 18-day
moving average. Shorter-term oscillators (RSI, slow
stochastics) are neutral early today. Wyckoff's Intra-Day
Market Rating: 6.0

U.S. TREASURY BONDS AND NOTES

September 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 bearish
early today. Shorter-term resistance lies at 150 even and
then at the overnight high of 150 18/32. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at 149 even and then at 148 17/32. Sell stops
likely reside just below those levels. Wyckoff's Intra-Day
Market Rating: 4.0

September U.S. T-Notes: 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 bearish
early today. Shorter-term resistance lies at the overnight
high of 133.28.0 and then at 134.00.0. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 133.17.0 and then at
133.14.5. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 4.5

U.S. DOLLAR INDEX

Prices are lower in early trading, on some profit-taking
pressure. Slow stochastics for the dollar index are bearish
early today. The dollar index finds shorter-term technical
resistance at the overnight high of 83.19 and then at
Tuesday’s high of 83.44. Shorter-term support is seen at
Tuesday’s low of 82.76 and then at 82.50. Wyckoff's Intra
Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading higher early today on short
covering. Bears still have the solid near-term technical
advantage. In July crude, look for buy stops to reside just
above resistance at $86.00 and then at $87.00. Look for sell
stops just below technical support at $85.00 and then at
$84.00. Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Markets were higher in overnight trading, on short
covering, bargain hunting, amid a “risk-on” day in the
market place, and on drier and warmer U.S. Corn Belt
weather forecasts.
 

Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.

MARKETS

CROPSLIVESTOCKFINANCEENERGYMETALS
Market Data provided by Barchart.com
Enter Zip Code below to view live local results:
bayer
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions