Jul 10, 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--May 21

May 21, 2012

Monday, May 21--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The world market place is a bit calmer to start the new
trading week, as there were no big surprises during the
weekend—either from the Group of Eight world leaders meeting
at Camp David, or from the fallout from the JP Morgan
trading loss debacle, or from the European Union debt
crisis. The G8 did attempt to assuage the markets by stating
it wants Greece to remain in the European Union. Meantime,
reports out of Greece say the more conservative political
party is regaining some momentum heading into the June
elections. A scan of the price screen early Monday shows a
mixed bag of market action, which suggests less market
uncertainty and that many markets are seeing some
consolidation of recent price action. The next big news
headline event for the market place is an EU summit meeting
in Brussels on Wednesday.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices hit a fresh 4.5-month low overnight.
The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are
bullish early today. Today, shorter-term technical
resistance comes in at Friday’s high of 1,310.20 and then at
1,325.00. Buy stops likely reside just above those levels.
Downside support for active traders today is located at the
overnight low of 1,287.40 and then at 1,275.00. Sell stops
are likely located just below those levels. Wyckoff's Intra-
day Market Rating: 5.5

Nasdaq index futures: Prices hit a fresh 15-week low
overnight. The shorter-term moving averages (4- 9-and 18-
day) are bearish early today. The 4-day moving average is
below the 9-day and 18-day. The 9-day average is below the
18-day. Short-term oscillators (RSI, slow stochastics) are
bullish early today. Shorter-term technical resistance is
located at 2,500.00 and then at Friday’s high of 2,521.75.
Buy stops likely reside just above those levels. On the
downside, short-term support is seen at the overnight low of
2,492.25 and then at 2,475.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
5.5

Dow futures: Sell stops likely reside just below technical
support at 12,400 and then at 12,350. Buy stops likely
reside just above technical resistance at Friday’s high of
12,465 and then at 12,500. Shorter-term moving averages are
bearish early today, as the 4-day moving average is below
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 to bearish early today. Wyckoff's
Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Some profit taking is seen today
following strong safe-haven buying recently. Shorter-term
moving averages (4- 9- 18-day) are still 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.
Oscillators (RSI, slow stochastics) are bearish early today.
Shorter-term resistance lies at 148 even and then at the
overnight high of 148 7/32. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 147 10/32 and then at 147 even. Sell
stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 4.5

June U.S. T-Notes: Prices are seeing profit taking.
Shorter-term moving averages (4- 9- 18-day) are still
bullish early today. The 4-day moving average is above the
9-day. The 9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral to bearish
early today. Shorter-term resistance lies at the overnight
high of 133.24.0 and then at Friday’s contract high of
133.27.0. Buy stops likely reside just above those levels.
Shorter-term technical support lies at the overnight low of
133.11.5 and then at 133.00.0. Sell stops likely reside
just below those levels. Wyckoff's Intra-Day Market Rating:
4.5

U.S. DOLLAR INDEX

Prices are weaker in early trading on some profit taking
from recent gains. Bulls still have some upside momentum
amid safe-haven buying. Slow stochastics for the dollar
index are bearish early today. The dollar index finds
shorter-term technical resistance at 81.50 and then at
Friday’s high of 81.93. Shorter-term support is seen at
81.16 and then at 81.00. Wyckoff's Intra Day Market Rating:
4.5

CRUDE OIL

Crude oil prices are trading firmer early today after
hitting another fresh 6.5-month low of $91.12 overnight.
Bears still have downside technical momentum on their side.
In July crude, look for buy stops to reside just above
resistance at $93.00 and then at $94.00. Look for sell stops
just below technical support at $91.12 and then at $90.00.
Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Markets were mixed but mostly higher in overnight trading,
on consolidation. The key outside markets are mildly
bullish for grains early today—weaker U.S. dollar index and
firmer crude oil prices. Grain traders are growing
increasingly concerned about dry weather in much of the
U.S. Corn Belt, with little rain in the forecast. Recent
export demand for U.S. grains has been strong and that’s a
bullish factor for grains.
 

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