Jul 10, 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--January 11

Jan 11, 2012

Wednesday, January 11--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The orange juice futures market has skyrocketed to a fresh
five-year high this week on reports of Brazilian orange
juice being contaminated with a fungicide and being banned
in the U.S., and some cold weather damage to the U.S.
citrus crop in Florida. The Brazilian OJ news is one of the
biggest and most unexpected shocks seen in any market in
years. If you’d like to read a feature story on dealing
with unexpected market shocks, just send me an email at
jim@jimwyckoff.com and I’ll attach it and email it back to
you.--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 to bearish early today. Today,
shorter-term technical resistance comes in at Tuesday’s high
of 1,291.80 and then at 1,300.00. Buy stops likely reside
just above those levels. Downside support for active traders
today is located at Tuesday’s low of 1,274.60 and then at
1,260.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 4.5

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 bearish early today. Shorter-term technical
resistance is located at the overnight high of 2,365.50 and
then at Tuesday’s high of 2,378.25. Buy stops likely reside
just above those levels. On the downside, short-term support
is seen at Tuesday’s low of 2,346.25 and then at 2,325.00.
Sell stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 4.5

Dow futures: Sell stops likely reside just below technical
support at 12,300 and then more stops just below support at
this week’s low of 12,275. Buy stops likely reside just
above technical resistance at 12,400 and then at Tuesday’s
high of 12,455. 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. 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 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 early today. Shorter-term support lies at the
overnight low of 142 22/32 and then at this week’s low of
142 1/32. Sell stops likely reside just below those levels.
Shorter-term technical resistance lies at the overnight high
of 143 7/32 and then at this week’s high of 143 24/32. 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
bullish early today. Shorter-term resistance lies at this
week’s high of 131.04.0 and then at 131.07.5. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 130.22.0 and
then at this week’s low of 130.14.5. 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. Prices Monday hit a fresh contract and 16-month high.
Dollar index bulls have the solid 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 81.64 and then
at the contract high of 81.85. Shorter-term support is seen
at 81.00 and then at 80.50. Wyckoff's Intra Day Market
Rating: 6.0

CRUDE OIL

Crude oil prices are trading weaker early today. Bulls still
have the solid overall near-term technical advantage. In
February crude, look for buy stops to reside just above
resistance at the overnight high of $102.46 and then at
$103.00. 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 lower in overnight trading. The key "outside
markets" are in a bearish posture this morning, as the U.S.
dollar index is higher, while crude oil and the U.S. stock
indexes are lower. Grain market bulls still have some
upside near-term technical momentum but need to show more
upside power soon. The dry weather in South American corn
and soybean regions is still a significantly bullish
fundamental for corn and soybean futures at present. Wheat
will be a follower of corn and soybeans. Traders are also
awaiting Thursday morning’s USDA supply and demand report.

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