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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--January 24

Jan 24, 2012

Tuesday, January 24--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Crude oil prices are hovering around the $100-a-barrel
level at present. I look for crude to trade in a choppy
range between $105 and $85 for most of this year—barring a
shock geopolitical event that could spike prices for a
period of time.--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 bearish early today. Today, shorter-term
technical resistance comes in at the overnight high of
1,311.40 and then at this week’s high of 1,318.00. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at 1,300.00 and then at
1,286.70. 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 2,436.50 and
then at this week’s high of 2,452.25. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at Monday’s low of 2,420.75 and then at
2,400.00. 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 12,570 and then more stops just below support at
12,510. Buy stops likely reside just above technical
resistance at 12,650 and then at this week’s high of 12,705.
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
bearish. Wyckoff's Intra-Day Market Rating: 4.5

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Bulls are fading. 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 140 31/32 and then at this
week’s low of 140 21/32. Sell stops likely reside just below
those levels. Shorter-term technical resistance lies at the
overnight high of 141 21/32 and then at 142 even. Buy stops
likely reside just above those levels. Wyckoff's Intra-Day
Market Rating: 5.5

March U.S. T-Notes: Bulls are fading. Shorter-term moving
averages (4- 9- 18-day) are neutral early today. The 4-day
moving average is below 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 130.06.5 and then
at Monday’s high of 130.18.0. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
Monday’s low of 129.26.0 and then at 129.16.0. 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 firmer in early trading
today. Bulls are fading and need to show fresh power soon.
Slow stochastics for the dollar index are bearish early
today. The dollar index finds shorter-term technical
resistance at 80.25 and then at Monday’s high of 80.58.
Shorter-term support is seen at Monday’s low of 79.75 and
then at 79.55. Wyckoff's Intra Day Market Rating: 5.0

CRUDE OIL

Crude oil prices are trading slightly lower early today.
Bulls have faded a bit recently but still have the overall
near-term technical advantage. In March crude, look for buy
stops to reside just above resistance at $100.00 and then at
Monday’s high of $100.24. Look for sell stops just below
technical support at the overnight low of $98.90 and then at
$98.00. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Markets were lower in overnight trading. Corn and soybean
bulls have regained a bit of upside momentum, but have more
heavy lifting to do to suggest an uptrend can be sustained.
The key “outside markets” are in a bearish posture this
morning, as the U.S. dollar index is firmer, while crude
oil and the U.S. stock indexes are weaker.
 

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