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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 8

Jun 08, 2012

Friday, June 8--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

It’s a solid “risk-off” day in the market place Friday
morning, heading into another weekend that could see
important developments occur in the European Union and China
by Monday morning. There are several Chinese economic
indicators due for release over the weekend. On the EU
front, reports overnight said Greece’s economy is moving
into deeper recession, recent economic data show, ahead of
upcoming Greek elections. The Fitch ratings agency has
downgraded Spain’s sovereign credit rating by three notches
as EU leaders are set to hold a teleconference regarding
Spain this weekend. There are fresh reports Spain is seeking
an EU bailout. And Asian stocks were down following Fed
Chairman Bernanke’s speech on Thursday that disappointed
many traders and investors due to his failure to spell out a
fresh monetary easing package. Once again, traders
anticipating those lazy, hazy days of summer are finding the
market place leaning toward a summer of discontent.--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 above the 9-day. The 9-day is below the 18-day
moving average. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Today, shorter-term
technical resistance comes in at the overnight high of
1,310.60 and then at this week’s high of 1,322.80. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at 1,287.40 and then at
1,275.00. 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 neutral early today. The 4-day moving
average is above the 9-day. The 9-day average is below the
18-day. Short-term oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term technical resistance is
located at the overnight high of 2,534.75 and then at
2,550.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at 2,500.00 and
then at 2,481.50. 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 12,300 and then at 12,250. Buy stops likely
reside just above technical resistance at 12,375 and then at
12,400. Shorter-term moving averages are bearish early
today, as the 4-day moving average is below 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: 4.5

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
early today. Shorter-term resistance lies at the overnight
high of 150 7/32 and then at 150 20/32. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at 149 16/32 and then at 149 even. Sell stops
likely reside just below those levels. Wyckoff's Intra-Day
Market Rating: 6.0

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 to
bullish early today. Shorter-term resistance lies at the
overnight high of 134.05.5 and then at 134.10.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 133.14.0 and
then at this week’s low of 133.05.0. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 6.0

U.S. DOLLAR INDEX

Prices are solidly higher in early trading, on safe-haven
demand. Bulls have the solid overall near-term technical
advantage. Slow stochastics for the dollar index are bearish
early today. The dollar index finds shorter-term technical
resistance at this week’s high of 83.52 and then at 83.65.
Shorter-term support is seen at 83.00 and then at the
overnight low of 82.67. Wyckoff's Intra Day Market Rating:
6.0

CRUDE OIL

Crude oil prices are trading sharply lower early today.
Bears have the solid overall near-term technical advantage.
In July crude, look for buy stops to reside just above
resistance at $83.00 and then at $84.00. Look for sell stops
just below technical support at the overnight low of $82.00
and then at the June low of $81.21. Wyckoff's Intra-Day
Market Rating: 4.0

GRAINS

Markets were lower in overnight trading, pressured by the
risk-off trading attitudes Friday morning that include
bearish “outside markets”—lower crude oil prices and a
higher U.S. dollar index. Drier and warmer U.S. Corn Belt
weather forecasts are limiting selling pressure in the
grains.
 

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