Sep 20, 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--November 15

Nov 15, 2011

Tuesday, November 15--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place is once again in a “risk off” mood Tuesday
morning, as the European Union debt crisis is back on the front
burner and has gone from a simmer to a medium boil again. That
means the U.S. dollar and U.S. Treasuries are gaining while the
stock indexes some commodity markets are under pressure. Traders
are trying to determine if the worst of the EU crisis is past, or
is yet to come, regarding markets’ reactions. My initial bias was
that the worst of the EU debt crisis has passed. However, at
present I am not so confident such is the case.--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
neutral early today. Today, shorter-term technical resistance
comes in at the overnight high of 1,254.40 and then at last
week’s high of 1,275.00. Buy stops likely reside just above those
levels. Downside support for active traders today is located at
the overnight low of 1,234.00 and then at last week’s low of
1,218.80. 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 2,346.50 and then at Monday’s high of 2,366.50.
Buy stops likely reside just above those levels. On the downside,
short-term support is seen at 2,300.00 and then at last week’s
low of 2,286.50. 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 11,900 and then more stops just below support 11,850.
Buy stops likely reside just above technical resistance at 12,000
and then at 12,050. 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.
Wyckoff's Intra-Day Market Rating: 4.0

U.S. TREASURY BONDS AND NOTES

December 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 support lies at 142 even and then at the overnight
low of 141 10/32. Sell stops likely reside just below those
levels. Shorter-term technical resistance lies at the overnight
high of 142 21/32 and then at 143 4/32. Buy stops likely reside
just above those levels. Wyckoff's Intra-Day Market Rating: 6.0

December 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 neutral to bullish early
today. Shorter-term resistance lies at last week’s high of
131.00.0 and then at the October high of 131.12.5. Buy stops
likely reside just above those levels. Shorter-term technical
support lies at the overnight low of 130.10.5 and then at
130.00.0. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 6.0

U.S. DOLLAR INDEX

The December U.S. dollar index is firmer in early trading today,
on more flight to quality buying. Slow stochastics for the dollar
index are neutral early today. The dollar index finds shorter-
term technical resistance at the overnight high of 78.19 and then
at last week’s high of 78.42. Shorter-term support is seen at the
overnight low of 77.62 and then at 77.25. Wyckoff's Intra Day
Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading slightly lower today on mild profit
taking from recent gains that saw prices hit a 13-week high of
$99.69 on Monday. Bulls still have the solid near-term technical
advantage. In December crude, look for buy stops to reside just
above resistance at the overnight high of $98.35 and then at
$99.00. Look for sell stops just below technical support at
$97.00 and then at $96.00. Wyckoff's Intra-Day Market Rating: 4.5

GRAINS

Prices were mostly higher in overnight trading, on short
covering. The key “outside markets” are again bearish early
today—-firmer U.S. dollar index and weaker crude oil and stock
index prices. Trading has turned choppy in the grain markets
recently, with soybeans the weak sister. My bias is still that
there is not strong downside price pressure left in the 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