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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--December 13

Dec 13, 2011

Tuesday, December 13--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Many markets have seen very choppy, sideways, and less trending
price action in recent weeks. That type of price action can be
frustrating for many traders. I wrote a feature story a while
back on the “Top 10 Trading Mistakes.” If you’d like to read it,
send me an email at jim@jimwyckoff.com and I’ll attach it and
email it back to you.—-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 1,254.30 and then at last week’s high of 1,268.00. Buy
stops likely reside just above those levels. Downside support for
active traders today is located at Monday’s low of 1,220.80 and
then at 1,200.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 5.5

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
2,322.00 and then at last week’s high of 2,344.75. Buy stops
likely reside just above those levels. On the downside, short-
term support is seen at the overnight low of 2,287.00 and then at
last week’s low of 2,265.00. Sell stops are likely located just
below those levels. Wyckoff's Intra-Day Market Rating: 5.5

Dow futures: Sell stops likely reside just below technical
support at 11,950 and then more stops just below support at
11,900. Buy stops likely reside just above technical resistance
at 12,050 and then at 12,100. 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 above the 18-day moving average.
Shorter-term oscillators (RSI, slow stochastics) are bearish.
Wyckoff's Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day)
are neutral early today. The 4-day moving average is above the 9-
day. The 9-day is below the 18-day moving average. Oscillators
(RSI, slow stochastics) are neutral early today. Shorter-term
support lies at 141 even and then at the Monday’s low of 140
25/32. Sell stops likely reside just below those levels. Shorter-
term technical resistance lies at the overnight high of 142 even
and then at 142 16/32. Buy stops likely reside just above those
levels. Wyckoff's Intra-Day Market Rating: 4.5

March 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. The 9-day is below the 18-day moving average. Oscillators
(RSI, slow stochastics) are bearish early today. Shorter-term
resistance lies at 130.08.5 and then at last week’s high of
130.15.5. Buy stops likely reside just above those levels.
Shorter-term technical support lies at the overnight low of
129.30.0 and then at Monday’s low of 129.21.0. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 4.5

U.S. DOLLAR INDEX

The March U.S. dollar index is slightly lower in early trading
today, on a corrective pullback from strong gains scored Monday.
Dollar index bulls have the solid overall near-term technical
advantage. Slow stochastics for the dollar index are bullish
early today. The dollar index finds shorter-term technical
resistance at Monday’s high of 80.36 and then at the October high
of 80.58. Shorter-term support is seen at the overnight low of
80.00 and then at 79.66. Wyckoff's Intra Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading firmer early today, on a short-
covering bounce from recent selling pressure. Bulls have faded.
In January crude, look for buy stops to reside just above
resistance at the overnight high of $98.65 and then at $99.00.
Look for sell stops just below technical support at the overnight
low of $97.64 and then at last week’s low of $97.36. Wyckoff's
Intra-Day Market Rating: 5.5

GRAINS

Prices were slightly higher in overnight trading, on tepid short
covering in bear markets. The key “outside markets” are mildly
bullish today—firmer crude oil and stock index futures, and a
slightly lower U.S. dollar index. Grain markets are still
technically very weak heading into the end of the year. Grain
bulls may be reluctant to do much until the new year starts.
 

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