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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 4

Jan 04, 2012

Wednesday, January 4--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

It’s a quieter trading day in the market place Wednesday,
following a very active day Tuesday. The next big U.S. economic
report on tap is Friday’s employment report.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9- and 18-
day) are bullish early today. The 4-day moving average is above
the 9-day and 18-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 Tuesday’s high of 1,279.80 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
1,260.00 and then at last week’s low of 1,243.10. 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 bullish early today. The 4-day moving average is
above the 9-day and 18-day. The 9-day average is above the 18-
day. Short-term oscillators (RSI, slow stochastics) are neutral
to bullish early today. Shorter-term technical resistance is
located at Tuesday’s high of 2,328.25 and then at the December
high of 2,344.75. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at 2,300.00
and then at 2,284.50. 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 12,250 and then more stops just below support at
12,200. Buy stops likely reside just above technical resistance
at 12,350 and then at Tuesday’s high of 12,415. 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 bearish. Wyckoff's Intra-
Day Market Rating: 5.0

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 and 18-day. The 9-day is below the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral to bearish early
today. Shorter-term support lies at the overnight low of 143 6/32
and then at 143 even. Sell stops likely reside just below those
levels. Shorter-term technical resistance lies at the overnight
high of 143 14/32 and then at Tuesday’s high of 143 31/32. 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 above the 9-
day and 18-day. The 9-day is below the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral to beaerish early
today. Shorter-term resistance lies at the overnight high of
130.21.5 and then at 131.00.0. Buy stops likely reside just above
those levels. Shorter-term technical support lies at the
overnight low of 130.14.0 and then at 130.00.0. 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 higher in early trading today.
Dollar index bulls have the overall near-term technical
advantage. Slow stochastics for the dollar index are bearish
early today. The dollar index finds shorter-term technical
resistance at the overnight high of 80.33 and then at 80.50.
Shorter-term support is seen at 80.00 and then at Tuesday’s low
of 79.83. Wyckoff's Intra Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading weaker early today, on a corrective
pullback from big gains scored Tuesday. Bulls still have the
overall near-term technical advantage. In February crude, look
for buy stops to reside just above resistance at the November
high of $103.28 and then at $104.00. Look for sell stops just
below technical support at $101.00 and then at $100.00. Wyckoff's
Intra-Day Market Rating: 4.5

GRAINS

Markets were mostly weaker in overnight trading, on a mild
corrective pullback from good gains posted Tuesday. Grain market
bulls have gained good upside near-term technical momentum
recently. The dry weather in South American corn and soybean
regions is a significantly bullish fundamental for corn and
soybean futures at present. I look for more commodity fund money
to flow into the grain markets in the first quarter of the new
year.
 

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