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Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Thursday, October 6

Oct 06, 2011

* JIM'S MARKET THOUGHT OF THE DAY *

The business and technology world lost someone who
is irreplaceable Wednesday: Steve Jobs. We all know
his accomplishments, which were extraordinary. What
made me so fond of Jobs, and why I think he was so
beloved by so many, is that Jobs was not
conventional, took crap from nobody, and did things
his own way--no matter what others thought about
him or his ideas. And he almost always wound up
being right. I think most of us wish we had at
least a little bit of Steve Jobs in us.--Jim

U.S. STOCK INDEXES

S&P 500 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 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 1,150.00 and then at
1,170.00. Buy stops likely reside just above those
levels. Downside support for active traders today
is located at the overnight low of 1,131.00 and
then at Wednesday's low of 1,106.80. 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 bearish early today.
The 4-day moving average is below the 9-day and 18-
day. The 9-day average is below the 18-day. Short-
term oscillators (RSI, slow stochastics) are
bullish early today. Shorter-term technical
resistance is located at the overnight high of
2,187.25 and then at 2,200.00. Buy stops likely
reside just above those levels. On the downside,
short-term support is seen at the overnight low of
2,148.50 and then at 2,125.00. 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 10,875 and then more stops
just below support at 10,800. Buy stops likely
reside just above technical resistance at 11,000
and then at 11,100. Shorter-term moving averages
are bearish early today, as the 4-day moving
average is below the 9-day. The 9-day moving
average is below the 18-day moving average.
Shorter-term oscillators (RSI, slow stochastics)
are neutral to bearish. 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 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 to bearish early
today. Shorter-term support lies at the overnight
low of 143 10/32 and then at 143 even. Sell stops
likely reside just below those levels. Shorter-term
technical resistance lies at the overnight high of
144 8/32 and then at 145 even. Buy stops likely
reside just above those levels. Wyckoff's Intra-Day
Market Rating: 5.5

December U.S. T-Notes: Shorter-term moving averages
(4- 9- 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.
Oscillators (RSI, slow stochastics) are neutral to
bearish early today. Shorter-term resistance lies
at the overnight high of 130.11.0 and then at
131.00.0. Buy stops likely reside just above those
levels. Shorter-term technical support lies at the
overnight low of 129.29.5 and then at 129.16.0.
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 firmer in early
trading today. Bulls remain powerful. Slow
stochastics for the dollar index are neutral early
today. The dollar index finds shorter-term
technical resistance at Wednesday's high of 79.87
and then at 80.00. Shorter-term support is seen at
the overnight low of 79.17 and then at 79.00.
Wyckoff's Intra Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading higher again early
today, on good follow-through buying from strong
gains posted Wednesday. If today's gains can be
held into the close, the bulls would gain the
upside momentum to suggest prices this week put in
a near-term low. In November crude, look for buy
stops to reside just above resistance at the
overnight high of $81.15 and then at $82.00. Look
for sell stops just below technical support at
$80.00 and then at the overnight low of $79.42.
Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Prices were higher in overnight trading, on more
short covering following recent losses. Traders
will closely examine this morning's weekly USDA
export sales data. I do look for "harvest lows" to
be put in place for the grains in the near term,
with corn possibly having put in a market low this
week.

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