Aug 21, 2014
Home | Tools| Events| Blogs| Discussions Sign UpLogin

AgDay Blog


Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--February 24

Feb 24, 2012

Friday, February 24--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

It’s been bad week for the U.S. dollar index. Prices are in
a six-week-old downtrend on the daily chart and are poised
for a bearish weekly low close today. The weaker greenback
is bullish for the commodity futures markets.--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. The 9-day is above 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 May 2011
high of 1,372.70 and then at 1,385.00. Buy stops likely
reside just above those levels. Downside support for active
traders today is located at the overnight low of 1,362.50
and then at 1,350.00. Sell stops are likely located just
below those levels. Wyckoff's Intra-day Market Rating: 5.5

Nasdaq index futures: Prices hit a fresh 11-year high
overnight. 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 early today. Shorter-term technical resistance is
located at 2,615.00 and then at 2,625.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at 2,590.00 and then at 2,575.00. Sell stops
are likely located just below those levels. Wyckoff's Intra-
Day Market Rating: 5.5

Dow futures: Prices hit a fresh four-year high overnight and
pushed above 13,000. Sell stops likely reside just below
technical support at 12,950 and then more stops just below
support at 12,900. Buy stops likely reside just above
technical resistance at 13,050 and then at 13,100. 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 neutral early today. 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 bearish early today. The 4-day moving average is
below the 9-day and 18-day. The 9-day is below the 18-day
moving average. Oscillators (RSI, slow stochastics) are
neutral to bullish early today. Shorter-term support lies at
the overnight low of 142 8/32 and then at 142 even. Sell
stops likely reside just below those levels. Shorter-term
technical resistance lies at this week’s high of 142 29/32
and then at 143 even. 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 bearish early today. The 4-day moving average is
below the 9-day and 18-day. The 9-day is below the 18-day
moving average. Oscillators (RSI, slow stochastics) are
neutral to bullish early today. Shorter-term resistance
lies at this week’s high of 131.09.5 and then at 131.16.0.
Buy stops likely reside just above those levels. Shorter-
term technical support lies at the overnight low of
131.00.0 and then at Thursday’s low of 130.23.0. 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 lower early today as bears
gain downside momentum. Slow stochastics for the dollar
index are bearish early today. The dollar index finds
shorter-term technical resistance at the overnight high of
78.82 and then at 79.00. Shorter-term support is seen at the
February low of 78.43 and then at 78.25. Wyckoff's Intra Day
Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading firmer early today and near
this week’s nine-month high. Bulls still have good upside
near-term technical momentum. In April crude, look for buy
stops to reside just above resistance at this week’s high of
$108.74 and then at $109.00. Look for sell stops just below
technical support at $107.50 and then at $107.00. Wyckoff's
Intra-Day Market Rating: 6.0

GRAINS

Markets were mostly weaker in overnight trading. The key
“outside markets” are mildly bullish for the grains again
today, as the U.S. dollar index is lower while crude oil
and the U.S. stock indexes are steady to firmer. Soybean
bulls still have some upside technical momentum and
soybeans are presently leading price action in the entire
grains complex. Corn trading has turned choppy. Traders are
awaiting the weekly USDA export sales report due out this
morning.
 

Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.

MARKETS

CROPSLIVESTOCKFINANCEENERGYMETALS
Market Data provided by Barchart.com
Enter Zip Code below to view live local results:
bayer
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions