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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--Jan. 8

Jan 08, 2013

Tuesday, January 8--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

In overnight news there was a mixed bag of economic data
released by the European Union Tuesday. Most of it was
downbeat, highlighted by the Euro zone seeing record high
unemployment in November, at 11.8%. Traders are awaiting
Thursday’s monthly European Central Bank meeting. Asian
traders are awaiting a fresh batch of Chinese economic data
due out later this week and during the upcoming weekend.
U.S. economic data due for release Tuesday includes the
weekly Goldman Sachs and Johnson Redbook retail sales
reports, the NFIB small business index, and consumer
installment credit.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are near steady in early trading
today, on more chart consolidation after hitting a 2.5-month
high last week. Bulls still have some upside near-term
technical momentum. 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 last week’s high of
1,462.50 and then at the September high of 1,467.50. Buy
stops likely reside just above those levels. Downside
support for active traders today is located at 1,450.00 and
then at 1,439.30. Sell stops are likely located just below
those levels. Wyckoff's Intra-day Market Rating: 5.0

Nasdaq index futures: Prices are near steady early today.
Bulls still have some upside near-term technical momentum.
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
2,725.00 and then at 2,736.00. Buy stops likely reside just
above those levels. On the downside, short-term support is
seen at 2,700.00 and then at 2,686.25. Sell stops are likely
located just below those levels. Wyckoff's Intra-Day Market
Rating: 5.0

Dow futures: Prices are near steady early today on more
chart consolidation from recent strong gains. Bulls still
have some upside near-term technical momentum. Sell stops
likely reside just below technical support at Monday’s low
of 13,280 and then at 13,250. Buy stops likely reside just
above technical resistance at Monday’s high of 13,325 and
then at last week’s high of 13,370. 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 early today.
Wyckoff's Intra-Day Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Prices are near steady early today on
tepid short covering in a bear market. Prices last week hit
a 3.5-month low. Bears still have near-term downside
technical momentum. Shorter-term moving averages (4- 9- 18-
day) are bearish early today. The 4-day moving average is
below the 9-day. The 9-day is below the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term resistance lies at Monday’s high
of 145 4/32 and then at 145 19/32. Buy stops likely reside
just above those levels. Shorter-term technical support lies
at Monday’s low of 144 12/32 and then at 144 even. Sell
stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 5.0

March U.S. T-Notes: Prices are slightly higher early today
on tepid covering after hitting a 2.5-month low last
Friday. Bears still have downside momentum. Shorter-term
moving averages (4- 9- 18-day) are bearish early today. The
4-day moving average is below the 9-day. The 9-day is below
the 18-day moving average. Oscillators (RSI, slow
stochastics) are neutral early today. Shorter-term
resistance lies at Monday’s high of 131.24.5 and then at
132.00.0. Buy stops likely reside just above those levels.
Shorter-term technical support lies at Monday’s low of
131.16.0 and then at 131.08.0. 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 slightly higher in early U.S.
trading. Slow stochastics for the dollar index are bearish
early today. The dollar index finds shorter-term technical
resistance at 80.50 and then at Monday’s high of 80.80.
Shorter-term support is seen at the overnight low of 80.22
and then at 80.00. Wyckoff's Intra Day Market Rating: 5.0

NYMEX CRUDE OIL

Crude oil prices are slightly higher early today. Bulls
still have the overall near-term technical advantage. In
February Nymex crude, look for buy stops to reside just
above resistance at last week’s high of $93.87 and then at
$94.00. Look for sell stops just below technical support at
the overnight low of $93.00 and then at Monday’s low of
$92.42. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Markets were mostly weaker overnight. Traders are awaiting
Friday’s monthly USDA supply and demand and annual grain
summary reports. This particular batch of USDA data will
important for grain price direction in coming weeks. The
near-term technical postures of the grain markets remains
bearish at present.
 

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