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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--February 6

Feb 06, 2012

Monday, February 6--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The European Union sovereign debt crisis is back on the
front burner to start the new trading week, as many
markets, including stock indexes, metals and crude oil are
under pressure while the U.S. dollar index rebounds. While
the EU debt crisis is in the spotlight today, which has
caused risk appetite in the market place to shrink, many
markets are just seeing good price corrections from recent
trending moves.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Bulls still have the strong near-term
technical advantage. 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 bearish early today. Today,
shorter-term technical resistance comes in at last week’s
high of 1,342.00 and then at the July 2011 high of 1,354.50.
Buy stops likely reside just above those levels. Downside
support for active traders today is located at Friday’s low
of 1,320.30 and then at 1,310.00. Sell stops are likely
located just below those levels. Wyckoff's Intra-day Market
Rating: 4.5

Nasdaq index futures: Bulls still have the solid near-term
technical advantage. 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 bearish early today. Shorter-
term technical resistance is located at the overnight high
of 2,521.00 and then at last week’s high of 2,530.00. Buy
stops likely reside just above those levels. On the
downside, short-term support is seen at 2,500.00 and then at
Friday’s low of 2,489.75. Sell stops are likely located just
below those levels. Wyckoff's Intra-Day Market Rating: 4.5

Dow futures: Bulls are still technically strong. Sell stops
likely reside just below technical support at 12,700 and
then more stops just below support at 12,650. Buy stops
likely reside just above technical resistance at Friday’s
high of 12,814 and then at the May 2011 high of 12,827.
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: 4.5

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. The 9-day is above the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term support lies at 142 16/32 and then
at last week’s low of 142 6/32. Sell stops likely reside
just below those levels. Shorter-term technical resistance
lies at 143 even and then at the overnight high of 143 8/32.
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 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. Oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term resistance lies at the
overnight high of 131.22.0 and then at 132.00.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at last week’s low of 131.09.5 and
then at 131.00.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The March U.S. dollar index is higher in early trading
today, on a corrective bounce from recent selling pressure.
Slow stochastics for the dollar index are bullish early
today. The dollar index finds shorter-term technical
resistance at last week’s high of 79.66 and then at 80.00.
Shorter-term support is seen at the overnight low of 79.14
and then at 79.00. Wyckoff's Intra Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading lower early today. Prices are
in a gentle four-week-old downtrend on the daily bar chart.
Bulls are fading. In March crude, look for buy stops to
reside just above resistance at $98.00 and then at $99.00.
Look for sell stops just below technical support at the
overnight low of $96.58 and then at $96.00. Wyckoff's Intra-
Day Market Rating: 4.0

GRAINS

Markets were firmer in overnight trading, despite the key
“outside markets” being in a bearish posture for grains
this morning, as the U.S. dollar index is higher, while
crude oil and the U.S. stock indexes are weaker. Dry
weather in South American corn and soybean regions and
extremely cold weather in Black Sea wheat regions are
bullish fundamentals for the grains at present.
 

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