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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 28

Dec 28, 2011

Wednesday, December 28--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The grain futures markets have popped higher recently to suggest
major market lows are in place. It would not surprise me to see
other recently beaten down commodity markets put in their own
lows at some point soon, if not already having done so.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices poked to another 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 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 the
overnight low of 1,255.00 and then at 1,232.00. 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
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 2,300.00 and then
at 2,315.00. Buy stops likely reside just above those levels. On
the downside, short-term support is seen at the overnight low of
2,276.50 and then at 2,260.00. 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 Tuesday’s low of 12,195 and then more stops just below
support at 12,150. Buy stops likely reside just above technical
resistance at 12,300 and then at 12,350. 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: 5.5

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 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 142 even 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 the overnight
high of 142 28/32 and then at 143 16/32. 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 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 Tuesday’s 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 bearish early today. The
dollar index finds shorter-term technical resistance at 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 weaker early today, on a profit-
taking pullback from recent strong gains. Bulls still have good
upside near-term technical momentum. In February crude, look for
buy stops to reside just above resistance at $101.00 and then at
Tuesday’s high of $101.77. Look for sell stops just below
technical support at $100.00 and then at $99.00. Wyckoff's Intra-
Day Market Rating: 4.5

GRAINS

Prices were mixed overnight. The key “outside markets” are
neutral for grains today—weaker crude oil, near-steady stock
index futures, and a steady-weaker U.S. dollar index. Grain
market bulls have gained decent upside near-term technical
momentum recently. My bias is still that market lows are in place
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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