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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--July 24

Jul 24, 2012

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

Note: I am out of the office this week, taking a vacation with my wife in Telluride,
Colorado. My friend and fellow analyst/trader Ken Seehusen is producing my morning
reports. Ken's style is a bit different than mine, but I think you'll also benefit from Ken's
work.--Jim

The June NASDAQ 100 was higher in overnight trading and remains poised
to extend this winter's rally. Stochastics and the RSI are overbought
but remain neutral to bullish signaling that sideways to higher prices
are possible near-term. If June extends the rally off last October's
low, weekly resistance crossing at 2797.00 is the next upside target.
Closes below the 20-day moving average crossing at 2666.16 are needed to
confirm that a short-term top has been posted. First resistance is
Wednesday's high crossing at 2748.50. Second resistance is weekly
resistance crossing at 2797.00. First support is the 10-day moving
average crossing at 2712.80. Second support is the 20-day moving average
crossing at 2666.16.

The June S&P 500 index was lower due to profit taking in overnight
trading as it consolidates some of this winter's rally. The low-range
close sets the stage for a steady to lower opening when the day session
begins trading. Stochastics and the RSI are overbought and are turning
bearish hinting that a short-term top might be in or is near. Closes
below the 20-day moving average crossing at 1375.29 would confirm that a
short-term top has been posted. If June extends this winter's rally,
monthly resistance crossing at 1440.70 is the next upside target. First
resistance is Monday's high crossing at 1407.80. Second resistance is
monthly resistance crossing at 1440.70. First support is the 20-day
moving average crossing at 1375.29. Second support is the reaction low
crossing at 1334.80.

June T-bonds were higher due to short covering overnight as it
consolidates some of this month's huge decline. The high-range close
sets the stage for a steady to higher opening when the day session
begins trading later this morning. Stochastics and the RSI are turning
bullish hinting that a short-term low might be in or is near. Closes
above the 20-day moving average crossing at 139-08 would confirm that a
short-term low has been posted. If June renews this month's decline,
last October's low crossing at 133-24 is the next downside target. First
resistance is the 10-day moving average crossing at 137-05. Second
resistance is the 20-day moving average crossing at 139-08. First
support is Monday's low crossing at 135-08. Second support is last
October's low crossing at 133-24.

May crude oil was higher due to short covering overnight while extending
this month's trading range above the 75% retracement level of 2011's
decline crossing at 104.45. Stochastics and the RSI are neutral to
bearish signaling that sideways to lower prices are possible near-term.
If May renews this winter's rally off last October's low, the 2011 high
crossing at 113.75 is the next upside target. Closes below the reaction
low crossing at 104.29 would confirm that a short-term top has been
posted. First resistance is this month's high crossing at 110.95. Second
resistance is the 2011 high crossing at 113.75. First support is last
Thursday's low crossing at 104.29. Second support is the reaction low
crossing at 98.38.

The June Dollar was lower overnight renewing the decline off last
Thursday's high. Stochastics and the RSI remain bearish signaling that
sideways to lower prices are possible near-term. Multiple closes below
the 20-day moving average crossing at 79.88 would confirm that a short-
term top has been posted while opening the door for a possible test of
February's low crossing at 78.42 later this spring. If June renews the
rally off February's low, January's high crossing at 82.29 is the next
upside target. First resistance is last Thursday?s high crossing at
81.16. Second resistance is January's high crossing at 82.29. First
support is the overnight low crossing at 79.32. Second support is
February's low crossing at 78.42.

May corn was higher due to short covering overnight as it consolidates
some of this week's decline. Stochastics and the RSI remain bearish
signaling that sideways to lower prices are possible near-term. If May
extends this week's decline, the December-January uptrend line crossing
near 6.32 1/4 is the next downside target. Closes above the 10-day
moving average crossing at 6.57 would temper the near-term bearish
outlook. First resistance is Monday's high crossing at 6.75 3/4. Second
resistance is November's high crossing at 6.83 1/4. First support is
Thursday's low crossing at 6.36 3/4. Second support is this month's low
crossing at 6.31 3/4.

May wheat was higher due to short covering overnight as it consolidates
some of this week's decline. Stochastics and the RSI remain neutral to
bearish signaling that sideways to lower prices are possible near-term.
If May extends this week's decline, February's low crossing at 6.28 is
the next downside target. Closes above the 20-day moving average
crossing at 6.54 would temper the near-term bearish outlook. First
resistance is the 20-day moving average crossing at 6.54. Second
resistance is the reaction high crossing at 6.77 3/4. First support is
February's low crossing at 6.28. Second support is January's low
crossing at 6.12 1/2.


May soybeans were higher in overnight trading due to short covering as
it consolidates some of this week's decline. Stochastics and the RSI are
neutral to bearish signaling that sideways to lower prices are possible
near-term. Closes below the 20-day moving average crossing at 13.40 1/2
would confirm that a short-term top has been posted. If May renews the
rally off January's low, the 75% retracement level of the August-
December decline crossing at 13.80 1/2 is the next upside target. First
resistance is Monday's high crossing at 13.78. Second resistance is the
75% retracement level of the August-December decline crossing at 13.80
1/2. First support is the 20-day moving average crossing at 13.36 1/2.
Second support is Thursday's low crossing at 13.38 1/2.

 

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