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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--March 20

Mar 20, 2012

Tuesday, March 20--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

It’s a “risk off” day in the market place early Tuesday
morning. Stock markets worldwide are weaker and the U.S.
dollar is higher. Commodity markets are mostly lower.
Regarding the U.S. stock indexes, the bulls are still very
strong and there are no early technical clues to suggest
the indexes are close to market tops.--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 bearish early today. Today, shorter-term
technical resistance comes in at Monday’s high of 1,407.80
and then at 1,425.00. Buy stops likely reside just above
those levels. Downside support for active traders today is
located at 1,385.00 and then at of 1,366.10. 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 bullish early today. The 4-day moving
average is above the 9-day. The 9-day average is above the
18-day. Short-term oscillators (RSI, slow stochastics) are
bearish early today. Shorter-term technical resistance is
located at 2,725.00 and then at Monday’s high of 2,735.00.
Buy stops likely reside just above those levels. On the
downside, short-term support is seen at 2,700.00 and then at
2,686.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-Day Market Rating: 4.5

Dow futures: Buy stops likely reside just above technical
resistance at 13,167 and then at Monday’s high of 13,200.
Sell stops likely reside just below technical support at
13,050 and then more stops just below support at 13,000.
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 below the 18-day moving average.
Shorter-term oscillators (RSI, slow stochastics) are neutral
early today. Wyckoff's Intra-Day Market Rating: 4.5

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: 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 to bullish early today. Shorter-term support lies at
135 16/32 and then at Monday’s low of 135 5/32. Sell stops
likely reside just below those levels. Shorter-term
technical resistance lies at 136 16/32 and then at Monday’s
high of 137 even. Buy stops likely reside just above those
levels. Wyckoff's Intra-Day Market Rating: 5.5

June U.S. T-Notes: 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
128.16.0 and then at Monday’s high of 128.29.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at 128.00.0 and then at the
overnight low of 127.25.0. Sell stops likely reside just
below those levels. Wyckoff's Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The June U.S. dollar index is firmer early today, on short
covering. The bulls have faded recently. Slow stochastics
for the dollar index are bearish early today. The dollar
index finds shorter-term technical resistance at Monday’s
high of 80.18 and then at 80.50. Shorter-term support is
seen at Monday’s low of 79.60 and then at 79.50. Wyckoff's
Intra Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading weaker early today. Bulls still
have the overall near-term technical advantage. In May
crude, look for buy stops to reside just above resistance at
the overnight high of $108.37 and then at Monday’s high of
$108.70. Look for sell stops just below technical support at
the overnight low of $107.52 and then at $107.00. Wyckoff's
Intra-Day Market Rating: 4.5

GRAINS

Markets were lower in overnight trading, on another
corrective pullback from recent gains and on some
beneficial moisture forecast for the U.S. Midwest this
week. The key “outside markets” are also in a bearish
posture for grains, as the U.S. dollar index is firmer and
crude oil prices are weaker today. Corn and wheat bulls are
fading. Traders are looking forward to the March 31 USDA
planting intentions report.
 

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