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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--April 11

Apr 11, 2012

Tuesday, April 11--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Markets are pausing a bit Wednesday morning to see if a
major tsunami would result in the Indian Ocean from a major
earthquake that hit Indonesia overnight. Otherwise, the
markets are poised to see some corrective action from
Tuesday’s price moves. Stock index bulls are fading, while
U.S. Treasury bulls have upside momentum.--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 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 at Tuesday’s high of 1,380.70
and then at 1,394.70. Buy stops likely reside just above
those levels. Downside support for active traders today is
located at Tuesday’s low of 1,352.50 and then at the March
low of 1,338.80. 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 and 18-day. The 9-day average is
below the 18-day. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Shorter-term technical
resistance is located at 2,725.00 and then at Tuesday’s high
of 2,746.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at the
overnight low of 2,697.50 and then at Tuesday’s low of
2,684.25. 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 12,750 and then at 12,700. Buy stops likely
reside just above technical resistance at 12,800 and then
more stops just above resistance at Tuesday’s high of
12,860. 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 bearish
early today. Wyckoff's Intra-Day Market Rating: 6.0

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Bulls still have some upside near-term
technical momentum. Shorter-term moving averages (4- 9- 18-
day) are bullish early today. The 4-day moving average is
above the 9-day and 18-day. The 9-day is above the 18-day
moving average. Oscillators (RSI, slow stochastics) are
bearish early today. Shorter-term support lies at the
overnight low of 140 28/32 and then at 140 16/32. Sell stops
likely reside just below those levels. Shorter-term
technical resistance lies at the overnight high of 141 16/32
and then at Tuesday’s high of 141 27/32. Buy stops likely
reside just above those levels. Wyckoff's Intra-Day Market
Rating: 4.5

June U.S. T-Notes: Bulls still have some upside technical
momentum. 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 131.19.0 and then at Tuesday’s high of 131.23.5. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at 131.00.0 and then at this week’s
low of 130.28.5. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 4.5

U.S. DOLLAR INDEX

The June U.S. dollar index is lower early today. Trading has
turned choppy again. Slow stochastics for the dollar index
are bearish early today. The dollar index finds shorter-term
technical resistance at 80.00 and then at last week’s high
of 80.36. Shorter-term support is seen at the overnight low
of 79.71 and then at 79.50. Wyckoff's Intra Day Market
Rating: 4.0

CRUDE OIL

Crude oil prices are trading firmer early today, on some
short covering and bargain hunting. Bears still have some
downside near-term technical momentum. Prices are in a five-
week-old downtrend on the daily bar chart. In May crude,
look for buy stops to reside just above resistance at
$102.00 and then at $102.50. Look for sell stops just below
technical support at Tuesday’s low of $100.68 and then at
$100.00. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Markets were mostly firmer in overnight trading. Corn bulls
are fading and soybean bulls still have some upside near-
term technical momentum. Wheat bulls have faded badly. The
key “outside markets” are in a bullish posture for the
grains early today, as the U.S. dollar index is lower and
crude oil prices are firmer.
 

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