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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--September 28

Sep 28, 2011

* JIM'S MARKET THOUGHT OF THE DAY *

The market place finally appears to be moving away from the keen focus on the European Union debt crisis. World stock and commodity markets have posted rebounds this week. It would likely take a serious surprise coming out of the EU debt crisis to put that situation back on the front burner of the market place. Focus will likely shift to U.S. and other world economic data points for near-term price direction.--Jim

STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9- and 18-day) are still bearish early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are bullish early today. Today, shorter-term technical resistance comes in at Tuesday's high of 1,189.80 and then at 1,200.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at the overnight low of 1,162.30 and then at 1,150.00. Sell stops are likely located just below those levels. Wyckoff's Intra-day Market Rating: 5.5

Nasdaq index futures: The shorter-term moving averages (4- 9-and 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are bullish early today. Shorter-term technical resistance is located at Tuesday's high of 2,285.25 and then at 2,300.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at the overnight low of 2,239.25 and then at Tuesday's low of 2,221.25. Sell stops are likely located just below those levels. Wyckoff's Intra-Day Market Rating: 5.5

Dow futures: Sell stops likely reside just below technical support at 11,150 and then more stops just below support at 11,100. Buy stops likely reside just above technical resistance at 11,250 and then at Tuesday's high of 11,286. Shorter-term moving averages are bearish early today, as the 4-day moving average is below 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 Wyckoff's Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term support lies at 141 even and then at this week's low of 140 24/32. Sell stops likely reside just below those levels. Shorter-term technical resistance lies at the overnight high of 142 4/32 and then at 143 even. 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 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 130.03.0 and then at 130.16.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at this week's low of 129.17.5 and then at 129.00.0. 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 near steady in early trading today. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 78.50 and then at 79.00. Shorter-term support is seen at the overnight low of 77.83 and then at 77.50. Wyckoff's Intra Day Market Rating: 5.5

CRUDE OIL

Crude oil prices are trading slightly lower early today, following big gains posted Tuesday. The bulls have gained upside technical momentum. In November crude, look for buy stops to reside just above resistance at Tuesday's high of $84.77 and then at $85.00. Look for sell stops just below technical support at $83.00 and then at the overnight low of $82.66. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices were lower in overnight trading. U.S. harvest pressure is bearish for the grains at present. Fears of a worldwide economic recession are also still an underlying bearish factor for the grains.

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