Apr 16, 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--June 20

Jun 20, 2012

Wednesday, June 20--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place is in a holding pattern as traders await
the conclusion of the U.S. Federal Reserve’s Federal Open
Market Committee meeting Wednesday afternoon, after which
time the FOMC will issue a statement followed by a press
conference from Fed Chairman Bernanke. The FOMC is
determining the next course of U.S. monetary policy. Recent
downbeat U.S. data has led to growing expectations for
further easing of U.S. monetary policy. Most reckon the Fed
will implement some form of fresh easing of U.S. monetary
policy at this meeting. Look for more active trading in all
the markets this afternoon, in the immediate aftermath of
the FOMC statement and Bernanke press conference.--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 bullish early today. Today,
shorter-term technical resistance comes in at Tuesday’s high
of 1,356.80 and then at 1,375.00. Buy stops likely reside
just above those levels. Downside support for active traders
today is located at Tuesday’s low of 1,336.80 and then at
this week’s low of 1,327.50. Sell stops are likely located
just below those levels. Wyckoff's Intra-day Market Rating:
5.0

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 neutral to bullish early today. Shorter-
term technical resistance is located at Tuesday’s high of
2,626.00 and then at 2,650.00. Buy stops likely reside just
above those levels. On the downside, short-term support is
seen at 2,600.00 and then at Tuesday’s low of 2,585.00. Sell
stops are likely located just below those levels. Wyckoff's
Intra-Day Market Rating: 5.5

Dow futures: Sell stops likely reside just below technical
support at Tuesday’s low of 12,720 and then at 12,700. Buy
stops likely reside just above technical resistance at
12,800 and then at Tuesday’s high of 12,830. 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 to bullish
early today. Wyckoff's Intra-Day Market Rating: 5.0

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
above the 9-day and 18-day. The 9-day is below the 18-day
moving average. Oscillators (RSI, slow stochastics) are
bearish early today. Shorter-term resistance lies at 149
even and then at the overnight high of 149 8/32. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at this week’s low of 148 12/32 and
then at 148 even. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 4.5

September U.S. T-Notes: Shorter-term moving averages (4- 9-
18-day) are neutral early today. The 4-day moving average
is above the 9-day and 18-day. The 9-day is below the 18-
day moving average. Oscillators (RSI, slow stochastics) are
bearish early today. Shorter-term resistance lies at the
overnight high of 133.19.0 and then at this week’s high of
133.31.5. Buy stops likely reside just above those levels.
Shorter-term technical support lies at 133.00.0 and then at
132.29.0. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 4.5

U.S. DOLLAR INDEX

Prices are weaker in early trading. The bulls are fading.
Slow stochastics for the dollar index are bearish early
today. The dollar index finds shorter-term technical
resistance at the overnight high of 81.73 and then at 82.00.
Shorter-term support is seen at Tuesday’s low of 81.39 and
then at 81.00. Wyckoff's Intra Day Market Rating: 4.5

NYMEX CRUDE OIL

Crude oil prices are near steady in early trading today.
Trading has turned choppy but bears still have the overall
near-term technical advantage. In August Nymex crude, look
for buy stops to reside just above resistance at $85.00 and
then at this week’s high of $85.89. Look for sell stops just
below technical support at $83.00 and then at $82.50.
Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Markets were mostly firmer in overnight trading. Some
profit-taking pressure from recent gains was seen
overnight. A potentially serious weather market is
developing in the U.S. Corn Belt and that has the bulls
pumped up. Dry and hot weather has sapped soil moisture
over much of the region. Weather forecasts for the Corn
Belt will be the trump card in the grains for the next
several weeks. Grain trading will likely be tentative ahead
of the FOMC news this afternoon.
 

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