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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 27

Apr 27, 2012

Friday, April 27--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The trading tone Friday will likely be set following the
release of the advance gross domestic product estimate for
the first quarter. Forecasts call for a 2.6% annual GDP
growth rate in the first quarter. Any figure significantly
deviating from that forecast will likely be a market-mover
Friday.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices hit another 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 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 1,400.00 and then at
1,410.00. Buy stops likely reside just above those levels.
Downside support for active traders today is located at the
overnight low of 1,386.70 and then at 1,371.00. 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 bullish early today. Shorter-term technical
resistance is located at 2,735.00 and then at 2,750.00. Buy
stops likely reside just above those levels. On the
downside, short-term support is seen at 2,700.00 and then at
2,675.00. 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 13,100 and then at Thursday’s low of 13,025. Buy
stops likely reside just above technical resistance at
13,200 and then at the March high of 13,220. Shorter-term
moving averages are bullish early today, as the 4-day moving
average is above the 9-day and 18-day. The 9-day moving
average is above 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: Prices hit a fresh three-month high
overnight. 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 16/32 and then
at 142 even. Sell stops likely reside just below those
levels. Shorter-term technical resistance lies at 143 even
and then at the overnight high of 143 18/32. Buy stops
likely reside just above those levels. Wyckoff's Intra-Day
Market Rating: 6.0

June U.S. T-Notes: Prices hit a fresh contract high
overnight. 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 the overnight
contract high of 132.17.0 and then at 132.24.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at 132.00.0 and then at Thursday’s
low of 131.19.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 6.0

U.S. DOLLAR INDEX

The June U.S. dollar index is steady-weak early today and
hit another fresh three-week low overnight. Bulls are
fading. Slow stochastics for the dollar index are neutral
early today. The dollar index finds shorter-term technical
resistance at the overnight high of 79.33 and then at 79.50.
Shorter-term support is seen at the April low of 78.79 and
then at 78.50. Wyckoff's Intra Day Market Rating: 5.0

CRUDE OIL

Crude oil prices are trading weaker early today. Bulls have
gained a bit of upside momentum this week, but have more
work to do to try to sustain an uptrend. In June crude, look
for buy stops to reside just above resistance at this week’s
high of $104.92 and then at $105.50. Look for sell stops
just below technical support at the overnight low of $103.74
and then at $103.00. Wyckoff's Intra-Day Market Rating: 4.5

GRAINS

Markets were firmer in overnight trading. 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. Weather forecasts for
the U.S. Corn Belt will gain in importance in the coming
weeks.
 

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