Aug 22, 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 7

Sep 07, 2012

Friday, September 7--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

The highly anticipated U.S. employment report for August is
released shortly. The forecast for the key non-farm payrolls
figure of the jobs report is up 125,000. However, the
stronger ADP jobs figure Thursday has many wondering if the
Friday jobs report will be stronger than forecast. Many
believe a weak jobs report on Friday would open the door
wide for a fresh U.S. monetary stimulus announcement by the
Federal Reserve at its FOMC meeting in two weeks. Look for
volatile price action in many markets in the immediate
aftermath of the employment report. In overnight news,
European stock markets were firmer in the wake of the
European Central Bank’s announcement of a fresh bond-buying
plan Thursday. Spanish and Italian bond yields were down
overnight, which suggests the European Union debt crisis is
stabilizing. There was an upbeat economic report coming out
of Germany overnight, as industrial output rose more than
expected. Also, the Chinese government has announced a major
infrastructure investment plan, in order to help
reinvigorate its economy. Asian stock markets rallied on the
China news and on the ECB stimulus plan.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices hit 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 bullish early today. Today, shorter-term
technical resistance comes in at 1,450.00 and then at
1,460.00. Buy stops likely reside just above those levels.
Downside support for active traders today is located at the
overnight low of 1,430.40 and then at 1,424.60. Sell stops
are likely located just below those levels. Wyckoff's Intra-
day Market Rating: 6.0

Nasdaq index futures: Prices hit a fresh 12-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. 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
the overnight high of 2,836.25 and then at 2,850.00. Buy
stops likely reside just above those levels. On the
downside, short-term support is seen at the overnight low of
2,823.75 and then at 2,802.50. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
6.0

Dow futures: Prices hit a fresh four-year high overnight.
Sell stops likely reside just below technical support at
13,275 and then at 13,250. Buy stops likely reside just
above technical resistance at 13,350 and then at 13,400.
Shorter-term moving averages are neutral early today, as the
4-day moving average is above the 9-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: 6.0

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: 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 149 even and
then at the overnight high of 149 15/32. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 148 10/32 and then at
148 even. 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 132.24.0 and then at 133.00.0. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 132.08.0 and then at
132.00.0. 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 a fresh four-month low overnight.
Bears have the overall near-term technical advantage as a
six-week-old downtrend line is in place on the daily bar
chart. Slow stochastics for the dollar index are bearish
early today. The dollar index finds shorter-term technical
resistance at 81.25 and then at the overnight high of 81.39.
Shorter-term support is seen at 80.75 and then at 80.50.
Wyckoff's Intra Day Market Rating: 4.0

NYMEX CRUDE OIL

Crude oil prices are higher early today. Bulls have the
overall near-term technical advantage. In October Nymex
crude, look for buy stops to reside just above resistance at
$97.00 and then at $97.50. Look for sell stops just below
technical support at $95.00 and then at last week’s low of
$93.95. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Markets were narrowly mixed in overnight trading. Traders
are awaiting this morning’s weekly USDA export sales report
to get a gauge on demand at the higher price levels in the
grains. Grain market bulls still have the overall near-term
technical advantage.
 

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