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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 30

Apr 30, 2012

Monday, April 30--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

It’s a mild “risk off” trading day in the market place to
start the new trading week Monday, as more weak economic
data coming out of the European Union and the downgrade of
the ratings of Spanish banks has traders a bit unnerved.
Monday is also the last trading day of the month, which is
an extra important trading day from a technical
perspective.--Jim

U.S. STOCK INDEXES

S&P 500 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 and 18-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
1,402.80 and then at the March high of 1,419.60. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at Friday’s low of 1,386.70
and then at 1,371.00. 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 neutral early today. The 4-day moving
average is above the 9-day and 18-day. The 9-day average is
below the 18-day. Short-term oscillators (RSI, slow
stochastics) are neutral to bullish early today. Shorter-
term technical resistance is located at last week’s high of
2,746.00 and then at 2,760.00. Buy stops likely reside just
above those levels. On the downside, short-term support is
seen at Friday’s low of 2,708.75 and then at 2,695.00. Sell
stops are likely located just below those levels. Wyckoff's
Intra-Day Market Rating: 4.5

Dow futures: Sell stops likely reside just below technical
support at Friday’s low of 13,140 and then at 13,100. Buy
stops likely reside just above technical resistance at the
March high of 13,220 and then at 13,250. Shorter-term moving
averages are bullish early today, as the 4-day moving
average is above the 9-day and 18-day. The 9-day moving
average is above the 18-day moving average. Shorter-term
oscillators (RSI, slow stochastics) are neutral to bullish
early today. Wyckoff's Intra-Day Market Rating: 5.0

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 to bearish early today. Shorter-term support lies at
the overnight low of 142 13/32 and then at 142 even. Sell
stops likely reside just below those levels. Shorter-term
technical resistance lies at 143 even and then at Friday’s
high of 143 18/32. Buy stops likely reside just above those
levels. Wyckoff's Intra-Day Market Rating: 5.0

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 neutral
early today. Shorter-term resistance lies at Friday’s
contract high of 132.17.0 and then at 132.24.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 132.00.0 and
then at 131.19.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.0

U.S. DOLLAR INDEX

The June U.S. dollar index is firmer early today on short
covering after hitting a fresh two-month low overnight.
Bulls are fading. Slow stochastics for the dollar index are
bullish early today. The dollar index finds shorter-term
technical resistance at 79.00 and then at Friday’s high of
79.33. Shorter-term support is seen at the overnight low of
78.68 and then at 78.50. Wyckoff's Intra Day Market Rating:
5.5

CRUDE OIL

Crude oil prices are trading weaker early today. Bulls have
gained a bit of upside momentum recently, but have more work
to do to try to sustain an uptrend. In June crude, look for
buy stops to reside just above resistance at the overnight
high of $105.04 and then at $105.50. Look for sell stops
just below technical support at $104.00 and then at $103.50.
Wyckoff's Intra-Day Market Rating: 4.5

GRAINS

Markets were weaker in overnight trading, on corrective
pullbacks from good gains on Friday. The key “outside
markets” are bearish for the grains early today, as the
U.S. dollar index is firmer and crude oil prices are
weaker. Corn and wheat bulls got a good pop and bullish
weekly high closes on Friday, to suggest market bottoms are
in place for those markets. Soybean bulls remain very
strong.
 

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