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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 24

Apr 24, 2012

Tuesday, April 24--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

I follow most of the major commodity futures markets traded
in the U.S. At present, the only markets that are in solid
price uptrends are the soybean complex markets. The other
markets are either in downtrends or seeing sideways and
choppy price action. An examination of the daily and weekly
charts of the Continuous Commodity Index (CCI) show the
index (which is a basket of 17 raw commodity futures
markets) is in a near-term and longer-term price downtrend.
In other words, the overall raw commodity sector is
presently in serious technical trouble.--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 neutral early today. Today, shorter-term
technical resistance comes in at Monday’s high of 1,374.60
and then at 1,383.00. Buy stops likely reside just above
those levels. Downside support for active traders today is
located at the overnight low of 1,363.10 and then at the
April low of 1,352.50. 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 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 Monday’s high of 2,675.00 and then
at 2,700.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at the
overnight low of 2,650.75 and then at Monday’s low of
2,625.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

Dow futures: Sell stops likely reside just below technical
support at 12,841 and then at last week’s low of 12,830. Buy
stops likely reside just above technical resistance at
12,950 and then more stops just above resistance at 13,000.
Shorter-term moving averages are neutral early today, as the
4-day moving average is above 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
neutral early today. Shorter-term support lies at the
overnight low of 142 10/32 and then at Monday’s low of 142
1/32. Sell stops likely reside just below those levels.
Shorter-term technical resistance lies at the overnight high
of 143 even and then at Monday’s high of 143 4/32. 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 neutral to
bearish early today. Shorter-term resistance lies at the
January and February highs of 132.05.0 and then at
132.16.0. Buy stops likely reside just above those levels.
Shorter-term technical support lies at Monday’s low of
131.22.5 and then at 131.14.5. 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 weaker early today. Trading
remains choppy and trendless. Slow stochastics for the
dollar index are bearish early today. The dollar index finds
shorter-term technical resistance at the overnight high of
79.53 and then at Monday’s high of 79.77. Shorter-term
support is seen at last week’s low of 79.22 and then at
79.00. Wyckoff's Intra Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading near steady early today. Bulls
and bears are on a level near-term technical playing field.
In June crude, look for buy stops to reside just above
resistance at $103.40 and then at $104.00. Look for sell
stops just below technical support at $102.50 and then at
last week’s low of $102.13. Wyckoff's Intra-Day Market
Rating: 5.0

GRAINS

Markets were firmer in overnight trading. The key “outside
markets” are in a mildly bullish posture for the grains
early today, as the U.S. dollar index is weaker and crude
oil prices are near steady. Corn and wheat are still in
serious near-term technical trouble. Soybean bulls are
still strong. Traders will continue to look at the U.S.
export sales reports, and at the U.S. Midwest weather
forecasts.
 

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