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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--November 30

Nov 30, 2011

Wednesday, November 30--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The commodity markets got a bullish surprise overnight when China
loosened its monetary policy to try to increase its economic
growth. That has limited selling interest in stock and commodity
markets in early trading today. Separately, today is the last
trading day of the month, which makes it a potentially more
important trading day, from a technical perspective. Markets that
close at or very close to their monthly high or low today would
be technically significant.--Jim

U.S. STOCK INDEXES

S&P 500 futures: 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 and 18-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 the overnight high of 1,208.20 and then at 1,225.00.
Buy stops likely reside just above those levels. Downside support
for active traders today is located at the overnight low of
1,183.50 and then at this week’s low of 1,170.00. 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 still 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 bullish
early today. Shorter-term technical resistance is located at
Tuesday’s high of 2,245.00 and then at 2,275.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at the overnight low of 2,196.25 and then at
2,175.00. 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 11,600 and then more stops just below support at
11,550. Buy stops likely reside just above technical resistance
at 11,700 and then at 11,750. Shorter-term moving averages are
still bearish 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 bullish. Wyckoff's Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Bulls are fading a bit. Shorter-term moving
averages (4- 9- 18-day) are neutral early today. The 4-day moving
average is below the 9-day. The 9-day is above the 18-day moving
average. Oscillators (RSI, slow stochastics) are bearish early
today. Shorter-term support lies at the overnight low of 142
19/32 and then at 142 even. Sell stops likely reside just below
those levels. Shorter-term technical resistance lies at the
overnight high of 143 14/32 and then at this week’s high of 143
31/32. Buy stops likely reside just above those levels. Wyckoff's
Intra-Day Market Rating: 5.0

March U.S. T-Notes: Shorter-term moving averages (4- 9- 18-day)
are neutral early today. The 4-day moving average is below 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 130.08.5 and then at the November high of
130.20.0. Buy stops likely reside just above those levels.
Shorter-term technical support lies at the overnight low of
129.19.5 and then at this week’s low of 129.02.5. Sell stops
likely reside just below those levels. Wyckoff's Intra-Day Market
Rating: 5.5

U.S. DOLLAR INDEX

The March U.S. dollar index is firmer in early trading today.
Dollar index bulls still have the overall near-term technical
advantage. Slow stochastics for the dollar index are bearish
early today. The dollar index finds shorter-term technical
resistance at the overnight high of 79.875 and then at 80.00.
Shorter-term support is seen at the overnight low of 79.44 and
then at this week’s low of 79.10. Wyckoff's Intra Day Market
Rating: 5.5

CRUDE OIL

Crude oil prices are trading near steady early today. Bulls still
have the overall near-term technical advantage. In January crude,
look for buy stops to reside just above resistance at the
overnight high of $100.35 and then at this week’s high of
$100.74. Look for sell stops just below technical support at the
overnight low of $98.92 and then at $98.00. Wyckoff's Intra-Day
Market Rating: 5.0

GRAINS

Prices were lower in overnight trading. The grains are still in a
near-term bearish technical posture and are still following the
outside markets. The key outside markets are neutral for grains
early today—-firmer U.S. dollar index and steady crude oil and
firmer stock index prices. If the U.S. stock indexes start to
trend higher again, then so likely will the grain markets.
 

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