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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 2

Dec 02, 2011

Friday, December 2--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The big report of the month is out this morning: the U.S.
employment report. The consensus calls for around 125,000 new
non-farm payroll jobs created last month. Recent U.S. economic
data has surprised on the stronger side. If today’s jobs report
comes in as expected, or stronger, look for stocks and commodity
markets to rally.--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 above
the 9-day and 18-day. The 9-day is below the 18-day moving
average. Short-term oscillators (RSI, slow stochastics) are
bullish early today. Today, shorter-term technical resistance
comes in at the November high of 1,275.00 and then at the October
high of 1,288.70. Buy stops likely reside just above those
levels. Downside support for active traders today is located at
the overnight low of 1,242.40 and then at 1,225.00. Sell stops
are likely located just below those levels. Wyckoff's Intra-day
Market Rating: 6.0

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. The 9-day average is below the 18-day. Short-
term oscillators (RSI, slow stochastics) are bullish early today.
Shorter-term technical resistance is located at 2,350.00 and then
at 2,375.00. Buy stops likely reside just above those levels. On
the downside, short-term support is seen at 2,325.00 and then at
the overnight low of 2,308.50. Sell stops are likely located just
below those levels. Wyckoff's Intra-Day Market Rating: 6.0

Dow futures: Sell stops likely reside just below technical
support at 12,100 and then more stops just below support at
12,045. Buy stops likely reside just above technical resistance
at 12,200 and then at the October high of 12,230. Shorter-term
moving averages are neutral 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 neutral. Wyckoff's Intra-Day Market Rating: 6.0

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Bulls are fading. 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 support lies at the Thursday’s
low of 139 27/32 and then at 139 16/32. Sell stops likely reside
just below those levels. Shorter-term technical resistance lies
at the overnight high of 141 even and then at Thursday’s high of
141 24/32. Buy stops likely reside just above those levels.
Wyckoff's Intra-Day Market Rating: 5.0

March U.S. T-Notes: 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 the overnight high of 129.11.0
and then at Thursday’s high of 129.17.5. Buy stops likely reside
just above those levels. Shorter-term technical support lies at
this week’s low of 128.28.0 and then at 128.16.0. Sell stops
likely reside just below those levels. Wyckoff's Intra-Day Market
Rating: 5.0

U.S. DOLLAR INDEX

The March U.S. dollar index is weaker in early trading today.
Dollar index bulls are fading and need to show fresh power soon.
Slow stochastics for the dollar index are bearish early today.
The dollar index finds shorter-term technical resistance at the
overnight high of 78.90 and then at 79.00. Shorter-term support
is seen at 78.50 and then at this week’s low of 78.25. Wyckoff's
Intra Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading higher early today. Bulls have the
overall near-term technical advantage and have gained fresh
upside momentum this week. In January crude, look for buy stops
to reside just above resistance at this week’s high of $101.75
and then at $102.50. Look for sell stops just below technical
support at $100.00 and then at $99.00. Wyckoff's Intra-Day Market
Rating: 6.0

GRAINS

Prices were firmer in overnight trading, on short covering. While
the grains are still in near-term bearish technical postures, my
bias is that there is not strong downside pressure left in the
grains. Grain markets are still following the outside markets.
The key outside markets are bullish for grains early today—-
weaker U.S. dollar index and higher crude oil and stock index
prices.
 

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