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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 27

Dec 27, 2011

Tuesday, December 27--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Markets are quiet in thin, holiday trading volumes Tuesday
morning. Look for more of the same the rest of this week. The
light trading volumes can exaggerate price moves in some markets,
but that’s still not likely this week—barring a surprise
geopolitical development.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices poked to a fresh three-week high
overnight. 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 neutral to
bullish early today. Today, shorter-term technical resistance
comes in at the December high of 1,268.00 and then at the
November high of 1,275.00. Buy stops likely reside just above
those levels. Downside support for active traders today is
located at 1,248.80 and then at 1,232.10. 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. 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 2,291.25 and then at 2,300.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at Friday’s low of 2,260.25 and then at 2,234.50.
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 12,150 and then more stops just below support at
Friday’s low of 12,105. Buy stops likely reside just above
technical resistance at the December high of 12,245 and then at
12,300. Shorter-term moving averages are neutral early today, as
the 4-day moving average is above the 9-day and 18-day. The 9-day
moving average is below the 18-day moving average. Shorter-term
oscillators (RSI, slow stochastics) are neutral to bullish.
Wyckoff's Intra-Day Market Rating: 5.0

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
neutral early today. Shorter-term support lies at the overnight
low of 142 1/32 and then at last week’s low of 141 28/32. Sell
stops likely reside just below those levels. Shorter-term
technical resistance lies at 143 even and then at 143 16/32. Buy
stops likely reside just above those levels. Wyckoff's Intra-Day
Market Rating: 5.5

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 neutral to bearish early
today. Shorter-term resistance lies at 130.08.0 and then at
130.16.0. Buy stops likely reside just above those levels.
Shorter-term technical support lies at the overnight low of
129.25.0 and then at 129.16.0. 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 steady to weaker in early trading
today. Dollar index bulls do still have the overall near-term
technical advantage but need to show fresh power soon. Slow
stochastics for the dollar index are neutral early today. The
dollar index finds shorter-term technical resistance at Friday’s
high of 80.37 and then at 80.50. Shorter-term support is seen at
80.00 and then at last week’s low of 79.55. Wyckoff's Intra Day
Market Rating: 5.0

CRUDE OIL

Crude oil prices are trading near steady early today. Bulls last
week gained good upside near-term technical momentum. In February
crude, look for buy stops to reside just above resistance at last
week’s high of $100.23 and then at $101.00. Look for sell stops
just below technical support at $99.00 and then at $98.00.
Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices did not trade overnight due to the holiday Monday. The key
“outside markets” are neutral for grains today—steady crude oil
and near-steady stock index futures, and a steady U.S. dollar
index. My bias is still that market lows are in place or close at
hand for the grains. The dry weather in South American corn and
soybean regions is getting more attention and that’s a bullish
fundamental.
 

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