Sep 21, 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's Morning Markets Report--April 12

Apr 12, 2012

Thursday, April 12--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The copper futures market this week has seen a technically
bearish downside breakout from a trading range and hit a
three-month low. The recent downdraft in the copper market
is an ominous signal for other raw commodity markets and
the U.S. stock indexes. History shows copper to be an early
leader on trending price moves in the U.S. stock market and
in other raw commodity markets.--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 to bullish early today. Today,
shorter-term technical resistance comes in at 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 this week’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: 5.5

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 2,746.00. Buy
stops likely reside just above those levels. On the
downside, short-term support is seen at 2,700.00 and then at
this week’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 Wednesday’s low of 12,729 and then at 12,700. Buy
stops likely reside just above technical resistance at
12,800 and then more stops just above resistance at 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 neutral early today.
Wyckoff's Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

June 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 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
Wednesday’s low of 140 14/32 and then at 140 even. Sell
stops likely reside just below those levels. Shorter-term
technical resistance lies at the overnight high of 140 28/32
and then at 141 even. Buy stops likely reside just above
those levels. Wyckoff's Intra-Day Market Rating: 4.5

June 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 131.13.0 and then at Wednesday’s high of 131.19.0.
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 the overnight high of 79.95 and then
at last week’s high of 80.36. Shorter-term support is seen
at the overnight low of 79.69 and then at 79.50. Wyckoff's
Intra Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading firmer again early today, on
more short covering and bargain hunting. Prices are still in
a five-week-old downtrend on the daily bar chart. In May
crude, look for buy stops to reside just above resistance at
$103.50 and then at $104.00. Look for sell stops just below
technical support at the overnight low of $102.39 and then
at $102.00. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Markets were firmer in overnight trading on mostly short
covering. Corn bulls have faded 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.
Traders will scrutinize this morning’s weekly USDA export
sales data.
 

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