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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--October 9

Oct 09, 2012

Tuesday, October 9--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

Overnight news saw the Chinese central bank inject fresh
liquidity into China’s financial system ($41 billion) via a
daily operation, in an effort to stimulate economic growth.
Asian stocks rallied on the China news. Tensions in the
Middle East have ratcheted up a notch as Syria and Turkey
are exchanging artillery fire on their borders. Meantime,
European Union finance ministers are meeting in Luxembourg
Tuesday to work on a plan for EU bank supervision. Reports
said little progress is being made. Spain has yet to ask for
formal EU bailout assistance, even though European Central
Bank president Draghi said Tuesday the ECB is ready to
implement its bond buying program should Spain as for
assistance. German Chancellor Angela Merkel arrives in
Greece Tuesday to meet with Greek leadership on their debt
crisis. The Greek public is not in a mood for further
austerity measures. The Euro currency is under more selling
pressure Tuesday on these latest developments.--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 to bearish early today. Today,
shorter-term technical resistance comes in at Monday’s 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 1,444.00 and
then at 1,436.00. Sell stops are likely located just below
those levels. Wyckoff's Intra-day Market Rating: 5.0

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. 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 2,786.75 and then at
2,800.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at 2,762.25 and
then at 2,750.00. Sell stops are likely located just below
those levels. Wyckoff's Intra-Day Market Rating: 4.5

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 Monday’s high of
13,536 and then at last week’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 neutral early today.
Wyckoff's Intra-Day Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices are weaker 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 to bearish early today.
Shorter-term resistance lies at the overnight high of 148
13/32 and then at 149 even. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 147 27/32 and then at Monday’s low of
147 10/32. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 4.5

December U.S. T-Notes: Prices are weaker 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 bearish early today. Shorter-
term resistance lies at the overnight high of 133.11.0 and
then at 133.15.5. Buy stops likely reside just above those
levels. Shorter-term technical support lies at last week’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: 4.5

U.S. DOLLAR INDEX

The December U.S. dollar index is firmer in early U.S.
trading today, on more short covering in a bear market.
Bears still have the overall near-term technical advantage.
Slow stochastics for the dollar index are neutral 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 79.57
and then at Monday’s low of 79.43. Wyckoff's Intra Day
Market Rating: 5.5

NYMEX CRUDE OIL

Crude oil prices are firmer early today. Bears have the
overall 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 $90.33 and then at
$91.00. Look for sell stops just below technical support at
the overnight low of $89.29 and then at $88.95. Wyckoff's
Intra-Day Market Rating: 5.5

GRAINS

Markets were higher in overnight trading, on short covering
from recent selling pressure. Grain traders are awaiting
Thursday’s USDA supply and demand report. The grain market
bulls have faded recently amid harvest pressure and
weakening worldwide demand for grains at higher price
levels.
 

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