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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 3

Apr 03, 2012

Tuesday, April 3--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The lack of price volatility in the U.S. stock indexes has
been remarkable in recent weeks. It’s been a rarity to see
the Dow with a triple-digit price move. It will be
interesting to see if the stock market becomes even calmer
during the summer months. The stock market bulls are liking
the low volatility, as it suggests the uptrends in the
indexes can continue.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9-
and 18-day) are still bullish early today. The 4-day moving
average is above the 9-day. The 9-day is above the 18-day
moving average. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Today, shorter-term
technical resistance comes in at last week’s high of
1,419.60 and then at 1,425.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at 1,400.00 and then at last week’s low of
1,386.50. 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 bullish early today. The 4-day moving
average is above the 9-day. The 9-day average is above the
18-day. Short-term oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term technical resistance is
located at Monday’s high of 2,783.75 and then at last week’s
high of 2,790.25. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at
2,750.00 and then at 2,737.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
5.0

Dow futures: Buy stops likely reside just above technical
resistance at 13,200 and then at Monday’s high of 13,227.
Sell stops likely reside just below technical support at
Monday’s low of 13,090 and then more stops just below
support at 13,000. Shorter-term moving averages are bullish
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: 4.5

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
bullish early today. Shorter-term support lies at the
overnight low of 137 29/32 and then at 137 16/32. Sell stops
likely reside just below those levels. Shorter-term
technical resistance lies at Monday’s high of 138 22/32 and
then at 139 even. Buy stops likely reside just above those
levels. Wyckoff's Intra-Day Market Rating: 5.5

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 and 18-day. The 9-day is above the 18-day
moving average. Oscillators (RSI, slow stochastics) are
bullish early today. Shorter-term resistance lies at last
week’s high of 130.02.0 and then at 130.10.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 129.21.0 and
then at 129.16.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The June U.S. dollar index is firmer early today on short
covering after hitting a fresh five-week low overnight. The
bulls are fading as prices are in a three-week-old downtrend
on the daily chart. Slow stochastics for the dollar index
are neutral early today. The dollar index finds shorter-term
technical resistance at Monday’s high of 79.27 and then at
79.53. Shorter-term support is seen at the overnight low of
78.79 and then at the February low of 78.42. Wyckoff's Intra
Day Market Rating: 5.5

CRUDE OIL

Crude oil prices are trading modestly lower early today.
Bulls did regain some upside momentum with solid gains
Monday but have more work to do. In May crude, look for buy
stops to reside just above resistance at the overnight high
of $105.13 and then at Monday’s high of $105.49. Look for
sell stops just below technical support at $104.00 and then
at $103.00. Wyckoff's Intra-Day Market Rating: 4.5

GRAINS

Markets were weaker in overnight trading on corrective
pullbacks in corn and soybeans following recent strong
gains in the wake of the bullishly construed USDA reports
last Friday. Corn and soybean bulls still have upside near-
term technical momentum to suggest that seasonal lows are
in place. Wheat bulls did fade a bit on Monday. Grain
traders now are focused on the weather patterns in the U.S.
midsection, heading into the planting and growing season.
 

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