Sep 23, 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--Nov. 1

Nov 01, 2012

Thursday, November 1--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

In overnight news, the much-anticipated Chinese
manufacturing data came out better than expected. The
purchasing managers index rose to 50.2 in October from 49.0
in September. This is leading to ideas that China’s economy
has bottomed out and is on the mend. Now, the market place
awaits the U.S. employment report that is due out Friday
morning. The key non-farm payrolls component of the report
is forecast to come in at up 125,000 in October. In Europe,
reports overnight showed Greece’s manufacturing sector
contracted at its fastest pace in four months in October.
The Greek purchasing managers index was 41.0 in October
versus 42.2 in September. The U.S. economic data slate due
for release Thursday is very heavy and includes the weekly
DOE energy stocks report, ICSC chain store sales, domestic
auto sales, the Challenger job cuts report, the ADP national
employment report, weekly jobless claims, preliminary
productivity and costs, the U.S. manufacturing PMI, the ISM
manufacturing report, the consumer confidence index, and
construction spending.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are slightly lower early today. The
shorter-term moving averages (4-, 9- and 18-day) are still
bearish early today. The 4-day moving average is below the
9-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
Wednesday’s high of 1,418.20 and then at 1,433.10. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at the overnight low of
1,399.00 and then at this week’s low of 1,393.20. Sell stops
are likely located just below those levels. Wyckoff's Intra-
day Market Rating: 4.5

Nasdaq index futures: Prices are slightly higher early
today. The shorter-term moving averages (4- 9-and 18-day)
are still bearish early today. The 4-day moving average is
below the 9-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
2,650.00 and then at Wednesday’s high of 2,676.75. Buy stops
likely reside just above those levels. On the downside,
short-term support is seen at the overnight low of 2,627.25
and then at this week’s low of 2,604.50. Sell stops are
likely located just below those levels. Wyckoff's Intra-Day
Market Rating: 5.0

Dow futures: Prices are near steady early today. Sell stops
likely reside just below technical support at 13,000 and
then at this week’s low of 12,980. Buy stops likely reside
just above technical resistance at 13,100 and then at
Wednesday’s high of 13,120. Shorter-term moving averages are
bearish 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 early today. Wyckoff's Intra-Day
Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices are weaker early today as
trading has been choppy. Shorter-term moving averages (4- 9-
18-day) are neutral early today. The 4-day moving average is
above the 9-day and 18-day. The 9-day is below the 18-day
moving average. Oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term resistance lies at this
week’s high of 149 11/32 and then at 149 26/32. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 148 23/32 and
then at 148 11/32. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 4.5

December U.S. T-Notes: Prices are weaker early today.
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 early today. Shorter-
term resistance lies at the overnight high of 132.31.0 and
then at this week’s high of 133.02.0. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 132.25.0 and then at
132.18.5. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 4.5

U.S. DOLLAR INDEX

The December U.S. dollar index is slightly higher in early
U.S. trading today, on tepid short covering in a bear
market. Bears have regained some downside momentum this
week. Slow stochastics for the dollar index are bearish
early today. The dollar index finds shorter-term technical
resistance at the overnight high of 80.19 and then at this
week’s high of 80.42. Shorter-term support is seen at this
week’s low of 79.72 and then at 79.50. Wyckoff's Intra Day
Market Rating: 5.0

NYMEX CRUDE OIL

Crude oil prices are near steady early today and are still
hovering not far above the four-month low scored on Monday.
Bears still have the overall near-term technical advantage
as a downtrend on the daily bar chart has been re-
established. In December Nymex crude, look for buy stops to
reside just above resistance at this week’s high of $87.19
and then at $88.00. Look for sell stops just below technical
support at the overnight low of $85.92 and then at $85.00.
Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Markets were higher in overnight trading on some more short
covering and bargain hunting, and following an upbeat China
manufacturing sector report. The grain market bulls have
gained some more upside near-term technical momentum this
week.
 

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