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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 29

Mar 29, 2012

Thursday, March 29--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Traders are moving to a more “risk off” general attitude in
the market place as this week grinds on. There are renewed
worries about slowing Chinese economic growth and the
European Union sovereign debt crisis. These are not major
worries in the market place, but just enough to nip
investor risk appetite. For the U.S. stock indexes, they
were due for a corrective, profit-taking pullback anyway.--
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. 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 the overnight high of
1,403.80 and then at Wednesday’s high of 1,412.00. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at this week’s low of
1,392.10 and then at last week’s low of 1,381.00. 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 still 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 neutral to bearish early today. Shorter-
term technical resistance is located at the overnight high
of 2,773.25 and then at Wednesday’s high of 2,790.25. Buy
stops likely reside just above those levels. On the
downside, short-term support is seen at 2,750.00 and then at
this week’s low of 2,729.00. 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 13,100 and then at Wednesday’s high of 13,145.
Sell stops likely reside just below technical support at
13,000 and then more stops just below support at last week’s
low of 12,940. 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 below the 18-day moving average.
Shorter-term oscillators (RSI, slow stochastics) are neutral
to bearish 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 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 bullish
early today. Shorter-term support lies at the overnight low
of 138 1/32 and then at Wednesday’s low of 137 23/32. Sell
stops likely reside just below those levels. Shorter-term
technical resistance lies at this week’s high of 138 27/32
and then at 139 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 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
Wednesday’s high of 129.27.0 and then at 130.00.0. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 129.11.0 and
then at 129.00.0. 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 slightly lower early today.
The bulls are fading. Slow stochastics for the dollar index
are neutral early today. The dollar index finds shorter-term
technical resistance at the overnight high of 79.31 and then
at 79.50. Shorter-term support is seen at the overnight low
of 70.05 and then at Tuesday’s low of 78.93. Wyckoff's Intra
Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading weaker early today. Bulls are
fading. In May crude, look for buy stops to reside just
above resistance at the overnight high of $105.70 and then
at $106.00. Look for sell stops just below technical support
at the March low of $104.29 and then at $104.00. Wyckoff's
Intra-Day Market Rating: 4.5

GRAINS

Markets were mixed in overnight trading. The corn and wheat
bulls have faded badly recently and near-term technical
damage has been inflicted. Bean bulls remain strong. The
key “outside markets” are in a mildly bearish posture for
grains, as the U.S. dollar index is firmer and crude oil
prices are weaker today. Traders are awaiting Friday
morning’s annual USDA planting intentions report, which is
arguably the most important USDA report of the year for
grains.
 

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