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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 8

May 08, 2012

Tuesday, May 8--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The world markets on Monday gave a mostly muted reaction to
the weekend European elections that have once again put the
EU debt crisis on the front burner of the market place.
However, the markets Tuesday appear to be more focused on
the serious trouble that Greece’s presently unstable
government has caused for the entire EU, regarding dealing
with its collective financial problems. The Euro currency
is withering in world foreign exchange market and traders
are seeking out the U.S. dollar and U.S. Treasuries. This
situation is moving closer to one that could become very
serious, or even a worldwide debt contagion. Keep an extra
close eye on U.S. Treasury bonds and notes futures, as they
are a good daily gauge of the overall worldwide investor
risk appetite, or lack thereof, in the market place. Today,
there is higher trader/investor anxiety in the market place
as T-Bonds and T-Note futures prices hover near their
contract highs.--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 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 the overnight high of
1,368.00 and then at 1,375.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at 1,350.00 and then at Monday’s low of
1,342.10. 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 neutral early today. The 4-day moving
average is below the 9-day and 18-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 the overnight high of 2,641.75 and
then at 2,650.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at
2,600.00 and then at Monday’s low of 2,586.50. 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 12,850 and then 12,790. Buy stops likely reside
just above technical resistance at 12,950 and then at
Monday’s high of 12,988. 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 above the 18-day
moving average. Shorter-term oscillators (RSI, slow
stochastics) are neutral to bearish early today. Wyckoff's
Intra-Day Market Rating: 4.0

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 and 18-day. The 9-day is above the 18-day
moving average. Oscillators (RSI, slow stochastics) are
bullish early today. Shorter-term resistance lies at
Monday’s high of 144 19/32 and then at the contract high of
144 23/32. Buy stops likely reside just above those levels.
Shorter-term technical support lies at the overnight low of
143 21/43 and then at 143 even. 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 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 bullish
early today. Shorter-term resistance lies at the contract
high of 133.02.0 and then at 133.10. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 132.19.0 and then at
132.08.0. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 6.0

U.S. DOLLAR INDEX

Prices are higher on more safe-haven buying interest and
more short covering. Slow stochastics for the dollar index
are bullish early today. The dollar index finds shorter-term
technical resistance at 80.00 and then at Monday’s high of
80.13. Shorter-term support is seen at Monday’s low of 79.63
and then at 79.50. Wyckoff's Intra Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading lower early today as bears have
downside technical momentum on their side after prices hit a
4.5-month low Monday. In June crude, look for buy stops to
reside just above resistance at $98.00 and then at $99.00.
Look for sell stops just below technical support at the
overnight low of $96.71 and then at $96.00. Wyckoff's Intra-
Day Market Rating: 4.0

GRAINS

Markets were firmer in overnight trading on some short
covering and bargain hunting. The key “outside markets” are
bearish for grains again today—lower crude oil prices and a
firmer U.S. dollar index and amid “risk-off” trader
attitudes today, which are commodity-market bearish.
Soybean bulls remain strong, but corn and wheat bulls have
faded recently. Focus of grain traders is now on Thursday’s
latest USDA supply and demand report, and on Corn Belt
weather forecasts.
 

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