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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--August 28

Aug 28, 2012

Tuesday, August 28--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

The market place is focused on the U.S. Federal Reserve’s
symposium at Jackson Hole, Wyoming later this week, which
has Fed Chairman Bernanke speaking on Friday. Reports
Tuesday said European Central Bank president Mario Draghi
will not attend the Jackson Hole Fed meeting because he is
too busy. Some had reckoned Draghi’s remarks at Jackson Hole
would be as important as Fed Chairman Ben Bernanke’s. Next
week’s monthly European Central Bank meeting (September 6)
will also be an important central bank event. Anticipation
is higher that both the U.S. and EU central banks will
announce fresh monetary stimulus initiatives at these
meetings. Either way, many markets will tread water ahead of
those key events. In other overnight news, Asian stocks were
mixed, with no major, fresh fundamental news to drive
prices. European stocks were slightly lower on news that
Spain’s economic growth was negative in the second quarter.-
-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 below 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 Monday’s high of 1,415.90
and then at last week’s high of 1,424.60. Buy stops likely
reside just above those levels. Downside support for active
traders today is located at 1,400.00 and then at 1,387.40.
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 below 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 2,795.75 and then at last week’s
high of 2,802.50. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at the
overnight low of 2,775.75 and then at 2,760.00. Sell stops
are likely located just below those levels. Wyckoff's Intra-
Day Market Rating: 5.0

Dow futures: Sell stops likely reside just below technical
support at last week’s low of 13,015 and then at 13,000. Buy
stops likely reside just above technical resistance at
Monday’s high of 13,155 and then at 13,200. Shorter-term
moving averages are neutral early today, as the 4-day moving
average is below 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 bearish early today.
Wyckoff's Intra-Day Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Bulls still have some upside near-
term technical momentum. Shorter-term moving averages (4- 9-
18-day) are neutral early today. The 4-day moving average is
above the 9-day and 18-day. The 9-day is below the 18-day
moving average. Oscillators (RSI, slow stochastics) are
bullish early today. Shorter-term resistance lies at 150
6/32 and then at 150 16/32. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 149 18/32 and then at 149 even. Sell
stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 5.5

December U.S. T-Notes: Shorter-term moving averages (4- 9-
18-day) are neutral early today. The 4-day moving average
is above the 9-day and 18-day. The 9-day is below the 18-
day moving average. Oscillators (RSI, slow stochastics) are
bullish early today. Shorter-term resistance lies at last
week’s high of 132.27.5 and then at 133.00.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 132.20.0 and
then at 132.10.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The December U.S. dollar index is lower in early U.S.
trading. Prices are scoring a bearish "outside day" down on
the daily bar chart. Bears have the overall near-term
technical advantage as a five-week-old downtrend line is in
place on the daily bar chart. Slow stochastics for the
dollar index are bullish early today. The dollar index finds
shorter-term technical resistance at 82.00 and then at the
overnight high of 82.13. Shorter-term support is seen at
last week’s low of 81.52 and then at 81.25. Wyckoff's Intra
Day Market Rating: 4.0

NYMEX CRUDE OIL

Crude oil prices are firmer early today. Bulls still have
some upside near-term technical momentum as prices hover
just below the 3.5-month high scored last week. In October
Nymex crude, look for buy stops to reside just above
resistance at $97.00 and then at $97.50. Look for sell stops
just below technical support at the overnight low of $95.14
and then at Monday’s low of $94.41. Wyckoff's Intra-Day
Market Rating: 5.5

GRAINS

Markets were mostly weaker in overnight trading, on some
profit taking from recent gains and as the markets pause.
Bulls still have the overall near-term technical advantage.
However, focus now has turned more to the demand side of
the balance sheet in the grains, as the market place now
has a bit better handle on the supply side.
 

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