Apr 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--October 8

Oct 08, 2012

Monday, October 8--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

It’s a bit of a “risk-off” trading day in the market place
to start the new trading week, as European and U.S. stock
indexes are weaker, while the U.S. dollar index and U.S.
Treasury prices are higher. The U.S. government is closed
for the Columbus Day holiday Monday and there are no
economic reports due for release. U.S. markets are open as
usual. The Euro currency weakened overnight on more
disappointing economic data coming out of the European
Union. Industrial output in Germany declined by 0.5% in
August. European Union finance minister meet later Monday in
Brussels to discuss their ongoing debt crisis. On Tuesday
German Chancellor Angela Merkel goes to Athens to discuss
Greece’s finance problems.--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 above the 9-day and 18-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 the overnight high of
1,457.00 and then at the September high of 1,467.50. Buy
stops likely reside just above those levels. Downside
support for active traders today is located at 1,444.10 and
then at 1,436.00. Sell stops are likely located just below
those levels. Wyckoff's Intra-day Market Rating: 4.5

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. The 9-day average is below the
18-day. Short-term oscillators (RSI, slow stochastics) are
bearish early today. Shorter-term technical resistance is
located at the overnight high of 2,808.00 and then at
2,822.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at Thursday’s
low of 2,780.00 and then at last week’s low of 2,772.50.
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 13,450 and then at 13,400. Buy stops likely
reside just above technical resistance at 13,536 and then at
Friday’s high of 13,597. Shorter-term moving averages are
neutral early today, as the 4-day moving average is above
the 9-day and 18-day. The 9-day moving average is below the
18-day moving average. Shorter-term oscillators (RSI, slow
stochastics) are bullish early today. Wyckoff's Intra-Day
Market Rating: 4.5

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices are higher early today on
short covering. 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 148 16/32 and then at
Friday’s high of 149 even. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 147 10/32 and then at 147 even. Sell
stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 6.0

December U.S. T-Notes: Prices are firmer on short covering
early  today. 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 133.10.0 and then at
Friday’s high of 133.15.5. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
Friday’s low of 132.27.5 and then at 132.20.0. Sell stops
likely reside just below those levels. Wyckoff's Intra-Day
Market Rating: 5.5

U.S. DOLLAR INDEX

The December U.S. dollar index is higher in early U.S.
trading today, on short covering in a bear market. Bears
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
80.00 and then at last week’s high of 80.25. Shorter-term
support is seen at the overnight low of 79.43 and then at
last week’s low of 79.18. Wyckoff's Intra Day Market Rating:
6.0

NYMEX CRUDE OIL

Crude oil prices are lower early today. Bears have gained
the near-term technical advantage as prices are in a four-
week-old downtrend on the daily bar chart. In November Nymex
crude, look for buy stops to reside just above resistance at
the overnight high of $89.88 and then at $91.00. Look for
sell stops just below technical support at last week’s low
of $87.70 and then at $87.00. Wyckoff's Intra-Day Market
Rating: 4.0

GRAINS

Markets were mostly lower in overnight trading. The key
“outside markets” are in a bearish posture for the grains
today, as the U.S. dollar index is higher and crude oil
prices are lower. Grain traders are awaiting Thursday’s
USDA supply and demand report. The grain market bulls have
faded amid harvest pressure and weakening worldwide demand
for grains at 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