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Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Mornging Markets Report--March 15

Mar 15, 2012

Thursday, March 15--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Major technical damage has been inflicted in the U.S. T-
Bond and T-Note futures markets this week, as investor risk
appetite has up-ticked significantly in the wake of the
upbeat FOMC statement and improving U.S. economic data.
Near-term technicals now suggest major market tops are in
place for bonds and notes and that prices will continue to
drift sideways to lower in the near term.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices hit another fresh four-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 to bullish early today. Today,
shorter-term technical resistance comes in at 1,400.00 and
then at 1,415.00. Buy stops likely reside just above those
levels. Downside support for active traders today is located
at the overnight low of 1,385.00 and then at Tuesday’s low
of 1,366.10. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 5.5

Nasdaq index futures: Prices hit another fresh 11-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 neutral
to bullish early today. Shorter-term technical resistance is
located at the overnight high of 2,714.75 and then at
2,725.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at 2,700.00 and
then at 2,686.00. Sell stops are likely located just below
those levels. Wyckoff's Intra-Day Market Rating: 5.5

Dow futures: Buy stops likely reside just above technical
resistance at Wednesday’s high of 13,150 and then at 13,200.
Sell stops likely reside just below technical support at
Wednesday’s low of 13,105 and then more stops just below
support at Tuesday’s low of 12,925. 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 bullish early today.
Wyckoff's Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices hit another fresh 4.5-month low
overnight. 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 136 even and then
at the overnight low of 135 18/32. Sell stops likely reside
just below those levels. Shorter-term technical resistance
lies at the overnight high of 136 27/32 and then at 137
even. Buy stops likely reside just above those levels.
Wyckoff's Intra-Day Market Rating: 4.0

June U.S. T-Notes: Prices hit a fresh 3.5-month low
overnight. 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 resistance lies at the overnight
high of 128.28.5 and then at 129.00.0. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 128.07.0 and then at
128.00.0. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 3.5

U.S. DOLLAR INDEX

The June U.S. dollar index is slightly lower early today and
did hit another fresh two-month high overnight. The bulls
still have some upside near-term technical momentum. Slow
stochastics for the dollar index are neutral early today.
The dollar index finds shorter-term technical resistance at
the overnight high of 81.16 and then at 81.50. Shorter-term
support is seen at the overnight low of 80.79 and then at
80.57. Wyckoff's Intra Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading near steady early today. Bulls
still have the overall near-term technical advantage. In
April crude, look for buy stops to reside just above
resistance at $106.00 and then at $107.00. Look for sell
stops just below technical support at $105.00 and then at
the March low of $104.35. Wyckoff's Intra-Day Market Rating:
5.0

GRAINS

Markets were higher in overnight trading. Soybean and corn
bulls have good upside technical momentum. Wheat is the
laggard. The key “outside markets” are mildly bullish for
the grains today, as crude oil prices are steady-firmer and
the U.S. dollar index is slightly weaker. Traders will
scrutinize this morning’s weekly USDA export sales report.
 

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