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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--May 23

May 23, 2012

Wednesday, May 23--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place is in a “risk-off” mode this morning and is
awaiting any pronouncements coming out of a European Union
leaders’ summit meeting in Brussels on Wednesday evening.
There was a report late Tuesday that a former Greek prime
minister said there are official discussions taking place
regarding Greece possibly leaving the European Union. German
bond yields hit a record low at the latest auctions
Wednesday, which is another sign of the keen risk-aversion
in the market place. Also on Wednesday the major Western
powers meet with Iran in Baghdad, regarding Iran’s nuclear
program. The early talk is that the Baghdad meeting will see
progress made, which would be further bearish news for the
crude oil market.--Jim

U.S. STOCK INDEXES

S&P 500 futures: 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 neutral early today. Today, shorter-term
technical resistance comes in at the overnight high of
1,315.50 and then at this week’s high of 1,326.50. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at 1,300.00 and then at this
week’s low of 1,287.40. Sell stops are likely located just
below those levels. Wyckoff's Intra-day Market Rating: 4.0

Nasdaq index futures: 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 neutral early today. Shorter-term technical
resistance is located at the overnight high of 2,539.50 and
then at this week’s high of 2,561.50. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at 2,500.00 and then at 2,480.00. Sell stops
are likely located just below those levels. Wyckoff's Intra-
Day Market Rating: 4.0

Dow futures: Sell stops likely reside just below technical
support at 12,350 and then at 12,300. Buy stops likely
reside just above technical resistance at 12,430 and then at
12,450. 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 early today. Wyckoff's Intra-Day Market Rating:
4.0

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Bulls are still in near-term technical
command. 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 neutral
early today. Shorter-term resistance lies at the overnight
high of 148 1/32 and then at this week’s high of 148 7/32.
Buy stops likely reside just above those levels. Shorter-
term technical support lies at 147 16/32 and then at the
overnight low of 147 2/32. Sell stops likely reside just
below those levels. Wyckoff's Intra-Day Market Rating: 6.0

June U.S. T-Notes: 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 early today. Shorter-term resistance lies at the
contract high of 133.27.0 and then at 134.00.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 133.12.5 and
then at 133.00.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 6.0

U.S. DOLLAR INDEX

Prices are firmer in early trading and hit a fresh 4.5-month
high overnight, on more fresh safe-haven buying. Bulls have
some upside technical momentum. Slow stochastics for the
dollar index are neutral early today. The dollar index finds
shorter-term technical resistance at the overnight high of
82.08 and then at the January high of 82.28. Shorter-term
support is seen at the overnight low of 81.76 and then at
81.50. Wyckoff's Intra Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading lower early today and hit
another fresh 6.5-month low of $90.71 overnight. Bears have
downside technical momentum on their side. In July crude,
look for buy stops to reside just above resistance at the
overnight high of $91.72 and then at $92.50. Look for sell
stops just below technical support at $90.71 and then at
$90.00. Wyckoff's Intra-Day Market Rating: 4.0

GRAINS

Markets were mixed but mostly lower in overnight trading.
The key outside markets are bearish for grains early today—
firmer U.S. dollar index and lower crude oil prices. Corn
and wheat bulls faded badly Tuesday. With updated weather
forecasts calling for better rain changes in the Corn Belt
in the coming days grain traders are now a bit less
concerned about recent dry weather.
 

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