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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 25

Apr 25, 2012

Wednesday, April 25--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

July soybean futures are knocking on the door of $15.00 a
bushel in overnight trading. Corn and wheat also show gains
as a cold snap is expected to hit the U.S. mid-section this
weekend—including potential freezes in some regions.
Meantime, the market place awaits this afternoon’s FOMC
meeting results. No big surprises are expected. However,
recent FOMC statements have been very market-sensitive.--
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 even with 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 last week’s high of
1,390.00 and then at 1,400.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at the overnight low of 1,371.00 and then
at Tuesday’s low of 1,361.20. 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 bullish early today. Shorter-term technical
resistance is located at 2,700.00 and then at 2,708.00. Buy
stops likely reside just above those levels. On the
downside, short-term support is seen at 2,654.25 and then at
the overnight low of 2,632.00. 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 13,000 and then at 12,959. Buy stops likely
reside just above technical resistance at last week’s high
of 13,070 and then more stops just above resistance at
13,100. 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 bullish
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 the
overnight low of 141 25/32 and then at 141 16/32. Sell stops
likely reside just below those levels. Shorter-term
technical resistance lies 142 even and then at the overnight
high of 142 9/32. Buy stops likely reside just above those
levels. Wyckoff's Intra-Day Market Rating: 4.0

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 131.25.0 and then at 132.00.0. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at 131.14.5 and then at 131.09.5. Sell stops
likely reside just below those levels. Wyckoff's Intra-Day
Market Rating: 4.0

U.S. DOLLAR INDEX

The June U.S. dollar index is weaker early today and hit a
fresh three-week low overnight. 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 79.34 and then at
Tuesday’s high of 79.53. Shorter-term support is seen at the
overnight low of 79.13 and then at 79.00. Wyckoff's Intra
Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading firmer 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 $103.68 and then at $105.00. Look for sell
stops just below technical support at the overnight low of
$103.61 and then at $103.00. Wyckoff's Intra-Day Market
Rating: 5.5

GRAINS

Markets were higher in overnight trading, with soybeans
leading the way and making a fresh contract high. 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 some near-term technical trouble. Soybean bulls are very
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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