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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 29

May 29, 2012

Tuesday, May 29--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place is tentative Tuesday morning following a
long U.S. holiday weekend. However, many market watchers
reckoned matters could have been worse Tuesday given the
long U.S. weekend and keener uncertainty over the European
Union debt and financial crisis. The latest out of the EU is
that the large Spanish Bank, Bankia, has been given
significant bailout money. Also, some polls in Greece are
now showing the conservative party is ahead of the liberal
party. It is believed that the conservatives would be more
likely to support austerity measures in Greece. The EU
situation is still very shaky for markets. There were also
reports overnight that China is set to introduce fresh
monetary stimulus measures to boost its economy. Such would
be commodity-market-bullish. Arguably the main data point of
the week is the U.S. jobs report due out on Friday morning.
Trading in many markets could be subdued ahead of that
report, and then turn more active in the aftermath of the
report.—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 above the 9-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 last week’s high of
1,329.60 and then at 1,340.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at Friday’s low of 1,312.00 and then at
1,300.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 5.5

Nasdaq index futures: The shorter-term moving averages (4-
9-and 18-day) are neutral early today. The 4-day moving
average is above the 9-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 last week’s high of 2,561.50 and then at
2,575.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at the overnight
low of 2,531.50 and then at Friday’s low of 2,518.25. 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 12,450 and then at Friday’s low of 12,400. Buy
stops likely reside just above technical resistance at last
week’s high of 12,550 and then at 12,600. Shorter-term
moving averages are neutral early today, as the 4-day moving
average is above the 9-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: 5.5

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-
day) are 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 overnight
high of 148 7/32 and then at 148 16/32. 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: 5.5

June U.S. T-Notes: Prices hit a fresh contract high
overnight. Shorter-term moving averages (4- 9- 18-day) are
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
134.00.0 and then at 134.08.0. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 133.15.5 and then at 133.10.5. Sell
stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 6.0

U.S. DOLLAR INDEX

Prices are weaker in early trading on profit taking after
hitting a 21-month high last week. Bulls still have some
upside technical momentum amid recent safe-haven demand for
greenbacks. Slow stochastics for the dollar index are
bearish early today. The dollar index finds shorter-term
technical resistance at the overnight high of 82.48 and then
at last week’s high of 82.61. Shorter-term support is seen
at the overnight low of 82.13 and then at 82.00. Wyckoff's
Intra Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading firmer early today on short
covering after hitting a 6.5-month low of $89.28 last week.
Bears still have some downside technical momentum on their
side. In July crude, look for buy stops to reside just above
resistance at the overnight high of $91.99 and then at
$92.50. Look for sell stops just below technical support at
the overnight low of $90.86 and then at $90.00. Wyckoff's
Intra-Day Market Rating: 5.5

GRAINS

Markets were mixed in overnight trading. Weekend weather
and the latest forecasts for the Corn Belt are a mixed bag
that traders will try to better sort out today. The key
outside markets are mildly bullish for grains early today—
weaker U.S. dollar index and firmer crude oil prices.
 

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