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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 Morning Markets Report--April 26

Apr 26, 2012

Thursday, April 26--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

With the FOMC event out of the way and no major surprises
from it, the market place the rest of this week will focus
on U.S. economic reports due for release. The FOMC
statement and Bernanke’s remarks Wednesday reiterated the
U.S. economy is on a slow, wobbly growth path, with just
enough economic growth to keep the stock index bulls
optimistic.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices hit a fresh three-week high
overnight. The shorter-term moving averages (4-, 9- and 18-
day) are neutral early today. The 4-day moving average is
above the 9-day. The 9-day is below 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 the overnight high of
1,392.20 and then at 1,400.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at Wednesday’s low of 1,371.00 and then at
Tuesday’s low of 1,361.20. Sell stops are likely located
just below those levels. Wyckoff's Intra-day Market Rating:
5.0

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 neutral early today. Shorter-term technical
resistance is located at the overnight high of 2,713.75 and
then at 2,735.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at
2,675.00 and then at 2,650.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
5.0

Dow futures: Sell stops likely reside just below technical
support at Wednesday’s low of 12,990 and then at 12,959. Buy
stops likely reside just above technical resistance at
Wednesday’s high of 13,055 and then at last week’s high of
13,070. 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:
5.0

U.S. TREASURY BONDS AND NOTES

June 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 and 18-day. The 9-day is above the 18-day
moving average. Oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term support lies at 142 even
and then at the overnight low of 141 22/32. Sell stops
likely reside just below those levels. Shorter-term
technical resistance lies at the overnight high of 142 16/32
and then at 143 even. Buy stops likely reside just above
those levels. Wyckoff's Intra-Day Market Rating: 6.0

June U.S. T-Notes: 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
early today. Shorter-term resistance lies at 132.00.0 and
then at the January and February highs of 132.05.5. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 131.19.0 and
then at 131.14.5. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The June U.S. dollar index is near steady early today and
hit another fresh three-week low overnight. Bulls are fading
again. Slow stochastics for the dollar index are bearish
early today. The dollar index finds shorter-term technical
resistance at 79.25 and then at 79.41. Shorter-term support
is seen at the overnight low of 78.90 and then at the April
low of 78.79. Wyckoff's Intra Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading near steady early today. Bulls
and bears are on a level near-term technical playing field.
In June crude, look for buy stops to reside just above
resistance at this week’s high of $104.57 and then at
$105.00. Look for sell stops just below technical support at
$103.50 and then at $103.00. Wyckoff's Intra-Day Market
Rating: 5.0

GRAINS

Markets were mostly firmer in overnight trading. Traders
will closely scrutinize this morning’s weekly USDA export
sales report. The key “outside markets” are neutral for the
grains early today, as the U.S. dollar index and crude oil
prices are near steady. Corn and wheat are still in near-
term technical trouble. Soybean bulls are still very
strong. The weekend U.S. Midwest weather forecasts are not
quite as cool as earlier forecast, which has eased some
fears of frost damage to the crops in the region.
 

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