Jul 13, 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--September 12

Sep 12, 2012

Wednesday, September 12--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

It’s a “risk-on” day in the market place Wednesday as the
German Constitutional Court rejected arguments to delay the
implementation of the European Stability Mechanism. That
news, although not surprising, did boost bullish sentiment
in many markets, as the European stock markets rallied along
with the Euro currency. The closely watched Italian and
Spanish bond yields declined following the court ruling,
which is another step on the path to stabilizing the
European Union sovereign debt crisis.Now, focus of the
market place is squarely on the two-day meeting of the
Federal Open Market Committee of the U.S. Federal Reserve,
starting Wednesday. The FOMC meeting ends on Thursday
afternoon with Fed Chairman Bernanke holding a press
conference. Last week’s downbeat U.S. jobs report likely
opened the door wider for a fresh U.S. monetary stimulus
announcement by the FOMC. Such would be at least initially
bullish for the stock and commodity markets.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices poked to a fresh four-plus year high
overnight. The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Today, shorter-term
technical resistance comes in at 1,450.00 and then at
1,465.00. Buy stops likely reside just above those levels.
Downside support for active traders today is located at the
overnight low of 1,428.80 and then at this week’s low of
1,421.60. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 6.0

Nasdaq index futures: The shorter-term moving averages (4-
9-and 18-day) are bullish early today. The 4-day moving
average is above the 9-day. The 9-day average is above the
18-day. Short-term oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term technical resistance is
located at the overnight high of 2,800.25 and then at this
week’s high of 2,823.75. Buy stops likely reside just above
those levels. On the downside, short-term support is seen at
the overnight low of 2,777.75 and then at 2,766.50. Sell
stops are likely located just below those levels. Wyckoff's
Intra-Day Market Rating: 6.0

Dow futures: Sell stops likely reside just below technical
support at 13,300 and then at 13,265. Buy stops likely
reside just above technical resistance at 13,400 and then at
13,450. Shorter-term moving averages are bullish early
today, as the 4-day moving average is above the 9-day and
18-day. The 9-day moving average is above the 18-day moving
average. Shorter-term oscillators (RSI, slow stochastics)
are bullish early today. Wyckoff's Intra-Day Market Rating:
6.0

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices hit a fresh three-week low
overnight as the bulls are fading. Shorter-term moving
averages (4- 9- 18-day) are neutral early today. The 4-day
moving average is below the 9-day and 18-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 148 26/32 and then
at 149 even. Buy stops likely reside just above those
levels. Shorter-term technical support lies at the overnight
low of 147 22/32 and then at 147 16/32. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 4.0

December 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 bearish
early today. Shorter-term resistance lies at the overnight
high of 132.27.5 and then at 133.00.0. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 132.13.0 and then at
last week’s low of 132.08.0. Sell stops likely reside just
below those levels. Wyckoff's Intra-Day Market Rating: 4.0

U.S. DOLLAR INDEX

The December U.S. dollar index is lower in early U.S.
trading and slumped to another fresh four-month low
overnight. Bears have the solid overall near-term technical
advantage as a seven-week-old downtrend line is in place on
the daily bar chart. Slow stochastics for the dollar index
are neutral early today. The dollar index finds shorter-term
technical resistance at 80.00 and then at the overnight high
of 80.15. Shorter-term support is seen at the overnight low
of 79.64 and then at 79.50. Wyckoff's Intra Day Market
Rating: 4.0

NYMEX CRUDE OIL

Crude oil prices are firmer early today and did hit a fresh
three-week high overnight. Bulls have the overall near-term
technical advantage. In October Nymex crude, look for buy
stops to reside just above resistance at the August high of
$98.29 and then at $99.00. Look for sell stops just below
technical support at $97.00 and then at $96.00. Wyckoff's
Intra-Day Market Rating: 6.0

GRAINS

Markets were mixed in overnight trading. Corn bulls have
faded as traders are awaiting this morning’s monthly USDA
report in order to get a fresh reading on the supply and
demand situation in the grains. Grain market bulls still
have the overall near-term technical advantage. However,
these are very mature bull market runs.
 

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