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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--June 11

Jun 11, 2012

Monday, June 11--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Risk appetite in the market place has improved a bit to
start the new trading week Monday. Asian and European stock
markets were somewhat boosted overnight on some optimism
coming out of the weekend news on the European Union
sovereign debt crisis front. Details of Euro zone finance
ministers’ Spain bank bailout deal worth 100 billion Euros
do worry the market place, however. Spanish 10-year bond
yields are still above 6% Monday. Traders and investors are
also awaiting Greek elections later this week. There was
weak economic data coming out of Italy Monday to add to
notions the EU is in overall economic recession. In other
news, Goldman Sachs forecasts the raw commodity sector has
bottomed out and commodity prices will begin to trend higher
in coming months.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices hit a fresh four-week high
overnight. The shorter-term moving averages (4-, 9- and 18-
day) are neutral early today. The 4-day moving average is
above the 9-day. The 9-day is below the 18-day moving
average. Short-term oscillators (RSI, slow stochastics) are
bullish early today. Today, shorter-term technical
resistance comes in at the overnight high of 1,341.10 and
then at 1,350.00. Buy stops likely reside just above those
levels. Downside support for active traders today is located
at 1,315.00 and then at 1,300.00. Sell stops are likely
located just below those levels. Wyckoff's Intra-day Market
Rating: 5.5

Nasdaq index futures: Prices hit a fresh four-week high
overnight. The shorter-term moving averages (4- 9-and 18-
day) are neutral early today. The 4-day moving average is
above the 9-day and 18-day. The 9-day average is below the
18-day. Short-term oscillators (RSI, slow stochastics) are
bullish early today. Shorter-term technical resistance is
located at the overnight high of 2,598.00 and then at
2,625.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at 2,558.75 and
then at 2,550.00. Sell stops are likely located just below
those levels. Wyckoff's Intra-Day Market Rating: 5.5

Dow futures: Prices hit a fresh four-week high overnight.
Sell stops likely reside just below technical support at
12,550 and then at 12,500. Buy stops likely reside just
above technical resistance at 12,595 and then at 12,650.
Shorter-term moving averages are neutral early today, as the
4-day moving average is above the 9-day. The 9-day moving
average is below the 18-day moving average. Shorter-term
oscillators (RSI, slow stochastics) are bullish early today.
Wyckoff's Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Shorter-term moving averages (4- 9-
18-day) are neutral early today. The 4-day moving average is
below the 9-day. The 9-day is above the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral to
bearish early today. Shorter-term resistance lies at the
overnight high of 148 21/32 and then at 149 even. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at 148 even and then at 147 16/32.
Sell stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 5.0

September U.S. T-Notes: Shorter-term moving averages (4- 9-
18-day) are neutral early today. The 4-day moving average
is below the 9-day. The 9-day is above the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term resistance lies at 133.16.0 and
then at 134.00.0. Buy stops likely reside just above those
levels. Shorter-term technical support lies at 133.00.0 and
then at the overnight low of 132.18.0. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 5.0

U.S. DOLLAR INDEX

Prices are lower in early trading and hit a fresh three-week
low overnight on more profit taking. The bulls are fading a
bit. Slow stochastics for the dollar index are bearish early
today. The dollar index finds shorter-term technical
resistance at 83.00 and then at 83.25. Shorter-term support
is seen at 82.50 and then at last week’s low of 82.35.
Wyckoff's Intra Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading firmer early today. Bears still
have the overall near-term technical advantage. In July
crude, look for buy stops to reside just above resistance at
$86.00 and then at the overnight high of $86.64. Look for
sell stops just below technical support at $84.00 and then
at $83.00. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Markets were mostly firmer in overnight trading. There was
some beneficial rainfall in parts of the Corn Belt
overnight, but more rain is needed. Traders are awaiting
Tuesday’s morning’s USDA supply and demand report and
watching the updated Corn Belt weather forecasts.
 

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