Aug 27, 2014
Home | Tools| Events| Blogs| Discussions Sign UpLogin

AgDay Blog


Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--Dec. 12

Dec 12, 2012

Wednesday, December 12--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

The market place is awaiting the outcome of the U.S. Federal
Reserve FOMC meeting and following press conference from Fed
Chairman Ben Bernanke Wednesday afternoon. The Federal
Reserve’s “Operation Twist” program is scheduled to end this
month and the FOMC members will decide whether to extend a
bond-buying program. Many believe the Fed will announce it
will continue to purchase longer-term U.S. Treasuries, while
stopping its sales of shorter-term government debt, as was
the case in the Twist operations. The new plan would be
ostensibly printing of greenbacks by the Fed and would be
raw-commodity and stock market bullish. In overnight news,
European stocks and the Euro currency were firmer on ideas
the FOMC will implement further easing of U.S. monetary
policy. News that Greece did meet its target number for the
buying back of its bonds also supported the European
markets. Euro zone leaders meet again on Thursday to discuss
disbursing more aid to Greece. Meantime, Italian bond yields
dropped at the latest 12-month bill auction Wednesday. On
the dim side in Europe Wednesday, Euro zone industrial
production fell 1.4% in October from September. Also in the
U.S., attention of the market place remains on the “fiscal
cliff” tax increases and spending cuts that is fast
approaching. While there is still no apparent movement from
either side on the matter, President Obama said Tuesday
evening he thinks a deal will be reached before the end of
the year. The market place presently perceives odds are a
bit higher than not that there will be a last-minute
agreement among U.S. lawmakers to avoid the fiscal cliff.
Still, the overall situation continues to be a bearish drag
on many markets, including the raw commodities and stock
markets.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are slightly higher and hit a fresh
seven-week high overnight. Bulls have near-term momentum on
their side. Prices are in a four-week-old uptrend on the
daily bar chart. 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 is above the 18-day
moving average. Short-term oscillators (RSI, slow
stochastics) are bullish early today. Today, shorter-term
technical resistance comes in 1,440.00 and then at 1,450.00.
Buy stops likely reside just above those levels. Downside
support for active traders today is located at the overnight
low of 1,429.30 and then at 1,423.90. Sell stops are likely
located just below those levels. Wyckoff's Intra-day Market
Rating: 5.5

Nasdaq index futures: Prices are firmer early today. 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 bullish early today.
Shorter-term technical resistance is located at the December
high of 2,698.50 and then at 2,715.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at the overnight low of 2,683.75 and then at
2,673.25. Sell stops are likely located just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

Dow futures: Prices are firmer and hit a fresh seven-week
high overnight. Prices are in a four-week-old uptrend as
bulls have near-term momentum. Sell stops likely reside just
below technical support at 13,250 and then at Tuesday’s low
of 13,205. Buy stops likely reside just above technical
resistance at 13,350 and then at 13,400. 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: 5.5

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Prices are lower again early today and
hit a fresh three-week low. Bulls are fading and need to
show fresh power soon. Shorter-term moving averages (4- 9-
18-day) are neutral early today. The 4-day moving average is
below 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 resistance lies at 149
even and then at the overnight high of 149 6/32. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 148 19/32 and
then at 148 11/32. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 4.0

March U.S. T-Notes: Prices are lower early today and hit a
fresh two-week low. Bulls are fading but still have the
overall near-term technical advantage. Shorter-term moving
averages (4- 9- 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. Oscillators (RSI, slow stochastics)
are bearish early today. Shorter-term resistance lies at
the overnight high of 133.14.5 and then at Tuesday’s high
of 133.22.0. Buy stops likely reside just above those
levels. Shorter-term technical support lies at the
overnight low of 133.07.5 and then at 133.00.0. Sell stops
likely reside just below those levels. Wyckoff's Intra-Day
Market Rating: 4.0

U.S. DOLLAR INDEX

The March U.S. dollar index is lower again in early U.S.
trading today. Bulls are fading again. Slow stochastics for
the dollar index are bearish early today. The dollar index
finds shorter-term technical resistance at the overnight
high of 80.23 and then at Tuesday’s high of 80.50. Shorter-
term support is seen at last week’s low of 79.78 and then at
79.50. Wyckoff's Intra Day Market Rating: 4.0

NYMEX CRUDE OIL

Crude oil prices are firmer early today, on short covering.
Bulls have faded recently. In January Nymex crude, look for
buy stops to reside just above resistance at $87.00 and then
at $87.50. Look for sell stops just below technical support
at $86.00 and then at Tuesday’s low of $85.21. Wyckoff's
Intra-Day Market Rating: 5.5

GRAINS

Markets were lower in overnight trading, on some follow-
through selling from Tuesday’s downside pressure. Soybean
bulls still have some upside technical momentum, but corn
and wheat bulls have faded badly recently. Wheat futures on
Tuesday saw a bearish downside “breakout” from a well-
established trading range.
 

Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.

MARKETS

CROPSLIVESTOCKFINANCEENERGYMETALS
Market Data provided by Barchart.com
Enter Zip Code below to view live local results:
bayer
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions