Aug 27, 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--Jan. 9

Jan 09, 2013

Wednesday, January 9--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

Asian and European markets were quiet overnight amid a lack
of major, fresh fundamental news developments. Fourth-
quarter U.S. corporate earnings reports are starting to flow
in, with Alcoa’s results coming in about as expected. The
market place is also wondering what the next moves will be
by U.S. lawmakers and the Obama administration regarding
taxing and spending measures. Most look for a big fight
among the politicians, which is keeping a lot of speculative
and investment money on the sidelines at present. 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
weekend. U.S. economic data due for release Wednesday
includes the weekly MBA mortgage applications survey and the
weekly DOE energy stocks report.--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 slightly higher 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 Tuesday’s low
of 13,235 and then at 13,200. Buy stops likely reside just
above technical resistance at Tuesday’s high of 13,309 and
then at this week’s high of 13,325. 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 slightly lower early today.
Bears still have the overall near-term technical advantage.
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 Tuesday’s high of 145 13/32 and then
at 145 19/32. Buy stops likely reside just above those
levels. Shorter-term technical support lies at the overnight
low of 144 25/32 and then at this week’s low of 144 12/32.
Sell stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 4.5

March U.S. T-Notes: Prices are slightly lower early today.
Bears have the overall near-term technical advantage.
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 Tuesday’s high of 131.29.0 and then
at 132.00.0. Buy stops likely reside just above those
levels. Shorter-term technical support lies at the
overnight low of 131.21.5 and then at this week’s low of
131.16.0. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 4.5

U.S. DOLLAR INDEX

The March U.S. dollar index is higher in early U.S. trading.
Greenback bulls still have some upside near-term technical
momentum. Slow stochastics for the dollar index are neutral
early today. The dollar index finds shorter-term technical
resistance at this week’s high of 80.80 and then at last
week’s high of 80.99. Shorter-term support is seen at the
overnight low of 80.45 and then at this week’s low of 80.22.
Wyckoff's Intra Day Market Rating: 6.0

NYMEX CRUDE OIL

Crude oil prices are near steady 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
Tuesday’s low of $92.67 and then at $92.00. Wyckoff's Intra-
Day Market Rating: 5.0

GRAINS

Markets were mixed overnight. Looking for quieter trading
today and Thursday, as traders are awaiting Friday’s
monthly USDA supply and demand, quarterly grain stocks 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 remain bearish at present.
 

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