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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 9

Nov 09, 2011

Wednesday, November 9--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

It’s a "risk-off" day in the market place Wednesday morning, as
traders and investors are deeming there has now been an
escalation of the European Union sovereign debt crisis. Italian
bond yields have pushed above 7%, which has unnerved European and
U.S. stock markets and sent traders seeking out quality assets:
the U.S. dollar and U.S. Treasuries. Also, most commodity markets
are out of favor Wednesday. The entire market place is hoping the
EU debt crisis does not create a worldwide debt contagion.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9- and 18-
day) are still bullish early today. The 4-day moving average is
above the 9-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 1,273.80 and then at the October high of
1,288.70. Buy stops likely reside just above those levels.
Downside support for active traders today is located at the
overnight low of 1,240.30 and then at this week’s low of
1,232.20. 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 still bullish early today. The 4-day moving average
is above the 9-day and 18-day. The 9-day average is above the 18-
day. Short-term oscillators (RSI, slow stochastics) are neutral
to bearish early today. Shorter-term technical resistance is
located at 2,375.00 and then at the October high of 2,408.75. Buy
stops likely reside just above those levels. On the downside,
short-term support is seen at the overnight low of 2,339.75 and
then at this week’s low of 2,319.50. 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 at this
week’s low of 11,825. Buy stops likely reside just above
technical resistance at 12,000 and then at 12,050. Shorter-term
moving averages are bullish early today, as the 4-day moving
average is above the 9-day. The 9-day moving average is above the
18-day moving average. Shorter-term oscillators (RSI, slow
stochastics) are neutral. 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 and 18-day. The 9-day is above the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral to
bullish early today. Shorter-term support lies at 141 16/32 and
then at 141 even. Sell stops likely reside just below those
levels. Shorter-term technical resistance lies at the overnight
high of 142 14/32 and then at last week’s high of 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 bullish early today.
Shorter-term resistance lies at last week’s high of 130.29.0 and
then at the October high of 131.12.5. Buy stops likely reside
just above those levels. Shorter-term technical support lies at
130.16.0 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 sharply higher in early trading
today. Slow stochastics for the dollar index are bullish early
today. The dollar index finds shorter-term technical resistance
at last week’s high of 77.84 and then at 78.00. Shorter-term
support is seen at 77.50 and then at 77.00. Wyckoff's Intra Day
Market Rating: 6.5

CRUDE OIL

Crude oil prices are trading lower today after hitting another
fresh three-month high of $97.32 overnight. Prices are scoring a
bearish "outside day" down on the daily bar chart so far today.
In December crude, look for buy stops to reside just above
resistance at $96.00 and then at $97.00. Look for sell stops just
below technical support at $95.00 and then at $94.00. Wyckoff's
Intra-Day Market Rating: 4.0

GRAINS

Prices were mostly weaker in overnight trading. Traders are
awaiting this morning’s USDA supply and demand reports. However,
the key "outside markets" may trump the USDA data today, as they
are bearish—stronger U.S. dollar index and lower crude oil and
stock index prices. Trading has turned choppy in the grain
markets recently. My bias is that there is not strong downside
price pressure left in the grains.
 

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