Sep 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.

Wednesday, October 12

Oct 12, 2011

* JIM'S MARKET THOUGHT OF THE DAY *

The U.S. dollar index has backed well down from its early-October
high and the uptrend on the daily bar chart has been negated, to
suggest the index has put in a near-term top. The weakening
dollar index suggests investor risk appetite has increased in the
market place. That’s bullish for the stock and commodities
markets and bearish for not only the dollar index, but also U.S.
T-bonds and T-notes.--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
bullish early today. Today, shorter-term technical resistance
comes in at 1,214.50 and then at 1,229.50. Buy stops likely
reside just above those levels. Downside support for active
traders today is located at the overnight low of 1,180.80 and
then at Monday’s low of 1,156.80. 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 neutral early today. The 4-day moving average is
above 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
September high of 2,332.50 and then at 2,350.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at the overnight low of 2,274.50 and then at
Tuesday’s low of 2,262.25. 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 11,380 and then more stops just below support at
Tuesday’s low of 11,300. Buy stops likely reside just above
technical resistance at 11,500 and then at 11,600. 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 to bullish. 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 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. Oscillators (RSI, slow stochastics) are bearish early
today. Shorter-term support lies at this week’s low of 138 19/32
even and then at 138 even. Sell stops likely reside just below
those levels. Shorter-term technical resistance lies at 139 even
and then at 140 even. Buy stops likely reside just above those
levels. Wyckoff's Intra-Day Market Rating: 4.0

December U.S. T-Notes: Shorter-term moving averages (4- 9- 18-
day) are 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. Oscillators (RSI, slow stochastics) are neutral to
bearish early today. Shorter-term resistance lies at 128.00.0 and
then at the overnight high of 128.15.5. Buy stops likely reside
just above those levels. Shorter-term technical support lies at
this week’s low of 127.18.0 and then at 127.00.0. 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 trading today
and hit a fresh three-week low overnight. Bulls have faded badly
recently and bears now have downside technical momentum. Slow
stochastics for the dollar index are bearish early today. The
dollar index finds shorter-term technical resistance at 77.50 and
then at 78.00. Shorter-term support is seen at the overnight low
of 77.11 and then at 77.00. Wyckoff's Intra Day Market Rating:
4.0

CRUDE OIL

Crude oil prices are trading firmer early today. The bulls still
have good upside technical momentum to suggest prices can
continue to trend sideways to higher in the near term. In
November crude, look for buy stops to reside just above
resistance at this week’s high of $86.64 and then at $87.00. Look
for sell stops just below technical support at $85.00 and then at
the overnight low of $84.52. Wyckoff's Intra-Day Market Rating:
5.5

GRAINS

Prices were mixed in overnight trading, with wheat and soybeans
weaker and corn firmer. Traders are awaiting this morning’s
monthly USDA supply and demand report. The grain market bulls on
Tuesday gained good upside technical momentum. It is looking more
like "harvest lows" are in place for the grains and that prices
can work sideways to higher into the end of the year.


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