Aug 21, 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 28

Jun 28, 2012

Thursday, June 28--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place is somewhat tentative ahead of results of
the European Union summit meeting taking place in Brussels
starting today. The EU summit expectations so low that any
positive news coming out of the gathering could rally world
stock markets. European stock markets were weaker Thursday.
In other news, an EU business and consumer confidence survey
shows a dour mood throughout the region, while a German
labor market report showed a weakening job sector. There are
also reports Turkey is sending military convoy to Syrian
border following Syria shooting down a Turkish jet. And the
U.S. Supreme Court is expected to rule on the merits of
President Obama’s health care plan today.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9-
and 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. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Today, shorter-term
technical resistance comes in at this week’s high of
1,328.20 and then at 1,341.10. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at the overnight low of 1,315.60 and then
at this week’s low of 1,302.70. 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 neutral early today. The 4-day moving
average is below the 9-day and 18-day. The 9-day average is
above the 18-day. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Shorter-term technical
resistance is located at the overnight high of 2,564.75 and
then at this week’s high of 2,577.25. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at the overnight low of 2,539.75 and then at
this week’s low of 2,521.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
5.0

Dow futures: Sell stops likely reside just below technical
support at Wednesday’s low of 12,488 and then at 12,450. Buy
stops likely reside just above technical resistance at
Wednesday’s high of 12,570 and then at 12,600. Shorter-term
moving averages are neutral early today, as the 4-day moving
average is below the 9-day. The 9-day moving average is
above the 18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are neutral to bearish 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. The 9-day is below the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral to
bullish early today. Shorter-term resistance lies at the
overnight high of 149 19/32 and then at 150 even. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at 149 even and then at the overnight
low of 148 26/32. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

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
bullish early today. Shorter-term resistance lies at the
overnight high of 133.28.0 and then at 134.05.5. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 133.13.5 and
then at this week’s low of 133.00.0. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 5.5

U.S. DOLLAR INDEX

Prices are near steady in early trading but did hit a fresh
two-week high overnight. The bulls still have some upside
technical momentum. Slow stochastics for the dollar index
are bullish early today. The dollar index finds shorter-term
technical resistance at the overnight high of 82.95 and then
at 83.00. Shorter-term support is seen at the overnight low
of 82.41 and then at 82.34. Wyckoff's Intra Day Market
Rating: 5.0

NYMEX CRUDE OIL

Crude oil prices are near steady in early trading. Bears
still have the solid overall near-term technical advantage.
In August Nymex crude, look for buy stops to reside just
above resistance at Wednesday’s high of $80.92 and then at
$82.00. Look for sell stops just below technical support at
the overnight low of $79.75 and then at $79.00. Wyckoff's
Intra-Day Market Rating: 5.0

GRAINS

Markets were mixed in overnight trading on some profit
taking from recent strong gains. Corn was posting gains of
around a dime while the other markets were near steady. The
weather market in the grains continues and gets more
serious. Extended weather forecasts for the U.S. Corn Belt
still call for drier and very warm conditions, and that’s
bullish for the grains. Traders are also awaiting today’s
weekly export sales report and Friday morning’s important
USDA acreage report and quarterly stocks figures. But the
weather forecasts for the U.S. Corn Belt are the trump card
at present.
 

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