Sep 1, 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--Oct. 30

Oct 30, 2012

Tuesday, October 30--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

Once again, the market place is in a subdued mood given the
closure of the New York Stock Exchange and other New York
markets, due to the major storm that slammed the U.S. east
coast. The exchanges are scheduled to reopen on Wednesday,
barring any big technical glitches. The major U.S. data
point of the week is Friday’s employment report. At this
time, the Labor Department says it is working to get the
report released on schedule. European stocks and the Euro
currency rose Tuesday in quieter dealings, due to the
closure of U.S. stock markets early this week. European
traders are awaiting the next European Union steps in the
ongoing efforts to contain the EU sovereign debt crisis.
Stocks in Asia rose Tuesday. Focus in Asia was on a Bank of
Japan policy meeting. The BOJ announced a fresh 11 trillion
yen ($138 billion) asset purchase plan. The move was widely
expected. Well-known, bow-tie-wearing commodity trader Jimmy
Rogers reportedly said Tuesday that world currencies being
debased will allow raw commodity markets, including the
precious metals, to extend their long-term price uptrends
for the next eight to 10 years. He said he sees raw
commodity shortages for up to the next 30 years. I cannot
disagree with Rogers’ assumptions. Economic theory says
increasing supplies of a currency leads to price inflation.
Combine that with increasing worldwide demand for raw
commodities and it’s a bullish recipe for raw commodity
markets. U.S. economic data due for release Tuesday includes
the Goldman Sachs and Johnson Redbook weekly retail sales
reports, and the S&P/Case-Shiller home price index.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are weaker early today and hit a
fresh 11-week low overnight. The shorter-term moving
averages (4-, 9- and 18-day) are 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 to bullish early today. Today,
shorter-term technical resistance comes in at 1,416.70 and
then at 1,425.00. Buy stops likely reside just above those
levels. Downside support for active traders today is located
at the overnight low of 1,393.20 and then at 1,380.00. Sell
stops are likely located just below those levels. Wyckoff's
Intra-day Market Rating: 4.5

Nasdaq index futures: Prices are lower early today. The
shorter-term moving averages (4- 9-and 18-day) are 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 Monday’s
high of 2,659.00 and then at 2,673.50. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at the overnight low of 2,626.00 and then at
last week’s low of 2,604.50. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
4.0

Dow futures: Prices are weaker early today. Sell stops
likely reside just below technical support at 13,000 and
then at 12,950. Buy stops likely reside just above technical
resistance at 13,054 and then at 13,100. 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 slightly lower early
today. Bulls have regained a bit of upside momentum just
recently, on safe-haven buying. 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 to bullish early today. Shorter-
term resistance lies at the overnight high of 149 4/32 and
then at 149 16/32. Buy stops likely reside just above those
levels. Shorter-term technical support lies at the overnight
low of 148 13/32 and then at Monday’s low of 148 2/32. Sell
stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 5.0

December U.S. T-Notes: Prices are near steady 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 133.01.5 and
then at 133.08.0. Buy stops likely reside just above those
levels. Shorter-term technical support lies at the
overnight low of 132.22.5 and then at Monday’s low of
132.17.5. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 5.0

U.S. DOLLAR INDEX

The December U.S. dollar index is lower in early U.S.
trading today. While bears still have the overall near-term
technical advantage, the bulls have gained some upside
momentum recently. Slow stochastics for the dollar index are
bearish early today. The dollar index finds shorter-term
technical resistance at Monday’s high of 80.42 and then at
80.59. Shorter-term support is seen at 79.77 and then at
79.50. Wyckoff's Intra Day Market Rating: 4.0

NYMEX CRUDE OIL

Crude oil prices are firmer early today and are hovering
near a four-month low scored on Monday. Bears 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
Monday’s high of $86.43 and then at $87.00. Look for sell
stops just below technical support at last week’s low of
$84.94 and then at $84.00. Wyckoff's Intra-Day Market
Rating: 5.0

GRAINS

Markets were firmer in overnight trading. The key outside
markets are in a bullish posture for the grains early
today, as the U.S. dollar index is lower and crude oil
prices are firmer. Trading in the grains is subdued early
this week, due to the closure of the New York markets.
Focus of grain traders is on the worldwide grain demand
prospects, amid higher price levels.
 

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