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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--Mar 15

Mar 15, 2013

Friday, March 15--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

In overnight news, inflation in the European Union was
reported at 2.3% in the fourth quarter of 2012, on an
annualized basis. Wage growth in the EU grew only 1.4%
during the period, versus 2.0% growth in the third quarter.
There is a significant batch of U.S. economic data Friday
that could move the markets, including real earnings, the
consumer price index, the Empire State manufacturing survey,
Treasury international capital data, and industrial
production and capacity utilization.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are near steady early today and
poked to another fresh five-year high overnight. The bulls
have the solid overall near-term technical advantage. 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 early
today. Today, shorter-term technical resistance comes in at
the overnight high of 1,558.60 and then at 1,575.00. Buy
stops likely reside just above those levels. Downside
support for active traders today is located at this week’s
low of 1,540.60 and then at 1,530.00. Sell stops are likely
located just below those levels. Wyckoff's Intra-day Market
Rating: 5.5

Nasdaq index futures: Prices are firmer in early trading and
hovering near a five-month high. Bulls have the overall
near-term technical advantage. 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 early today. Shorter-term
technical resistance is located at this week’s high of
2,808.00 and then at last week’s high of 2,817.00. Buy stops
likely reside just above those levels. On the downside,
short-term support is seen at this week’s low of 2,782.50
and then at 2,775.00. Sell stops are likely located just
below those levels. Wyckoff's Intra-Day Market Rating: 5.5.

Dow futures: Prices are near steady early today. The bulls
have the solid overall near-term technical advantage. Sell
stops likely reside just below technical support at
Thursday’s low of 14,430 and then at 14,400. Buy stops
likely reside just above technical resistance at this week’s
record high of 14,465 and then at 14,500. Shorter-term
moving averages are bullish early today, as the 4-day moving
average is above the 9-day. The 9-day moving average is
above the 18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are neutral early today. Wyckoff's
Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are near steady early today. Bears
have the overall near-term technical advantage. Shorter-term
moving averages (4- 9- 18-day) are bearish early today. The
4-day moving average is below the 9-day and 18-day. The 9-
day is below the 18-day moving average. Oscillators (RSI,
slow stochastics) are neutral early today. Shorter-term
resistance lies at the overnight high of 141 17/32 and then
at this week’s high of 141 29/32. Buy stops likely reside
just above those levels. Shorter-term technical support lies
at the overnight low of 141 5/32 and then at 140 24/32. Sell
stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 5.0
 
June U.S. T-Notes: Prices are near steady early today.
Bears have the overall near-term technical advantage.
Shorter-term moving averages (4- 9- 18-day) are bearish
early today. The 4-day moving average is below the 9-day
and 18-day. The 9-day is below the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral early
today. Shorter-term resistance lies at the overnight high
of 130.18.0 and then at this week’s high of 130.21.0. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 130.12.5 and
then at 130.07.5. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.0

U.S. DOLLAR INDEX

The U.S. dollar index is lower early today on profit taking.
The greenback bulls still have the overall near-term
technical advantage, but are fading late this week. Slow
stochastics for the dollar index are bearish early today.
The dollar index finds shorter-term technical resistance at
the overnight high of 82.860 and then at 83.000. Shorter-
term support is seen at the overnight low of 82.465 and then
at 82.300. Wyckoff's Intra Day Market Rating: 4.0

NYMEX CRUDE OIL

Crude oil prices are slightly higher early today. Bulls and
bears are on a level near-term technical playing field. In
April Nymex crude, look for buy stops to reside just above
resistance at this week’s high of $93.47 and then at $94.00.
Look for sell stops just below technical support at $92.50
and then at $92.00. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Markets were mixed overnight. The weaker U.S. dollar index
late this week has been a supportive factor for the grain
markets. The grain markets have not been in near-term
technical "synch" recently. That suggests to me that more
choppy and non-trending price action is probable in the
near term.
 

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