Sep 1, 2014
Home| Tools| Events| Blogs| Discussions Sign UpLogin


Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--August 26

Aug 26, 2011

Friday, August 26--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Most markets are quiet early Friday morning, as traders and investors await Fed Chairman Bernanke's speech on the U.S. economy, at Jackson Hole, Wyoming. Look for more active trading after Bernanke's mid-morning talk.--Jim

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. 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 1,166.40 and then at this week's high of 1,188.50. Buy stops likely reside just above those levels. Downside support for active traders today is located at 1,142.00 and then at 1,120.50. 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 neutral early today. The 4-day moving average is above the 9-day. The 9-day average is below 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 2,128.00 and then at this week's high of 2,152.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at 2,096.25 and then at 2,075.00. 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 support at Thursday's low of 10,090 and then more stops just below support at 10,050. Buy stops likely reside just above technical resistance at 11,150 and then at 11,200. Shorter-term moving averages are still 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 early today. Wyckoff's Intra-Day Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below 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 resistance lies at 138 even and then at 138 16/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 137 1/32 and then at 136 16/32. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 5.5

 

September U.S. T-Notes: Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish today. Shorter-term resistance lies at 130.17.5 and then at 130.27.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 129.25.0 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 weaker in early trading today. Dollar index bears have the strong overall near-term technical advantage as prices hover near the recent lows. Slow stochastics for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at the overnight high of 74.60 and then at this week's high of 74.81. Shorter-term support is seen at the overnight low of 74.34 and then at this week's low of 74.02. Wyckoff's Intra Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading weaker early today. Bulls have regained some upside technical momentum recently, but need to show fresh power soon to keep it. In October crude, look for buy stops to reside just above resistance at this week's high of $86.59 and then at $87.00. Look for sell stops just below technical support at $84.00 and then at $83.00. Wyckoff's Intra-Day Market Rating: 4.5

GRAINS

Prices were weaker in overnight trading, on corrective and profit-taking price pullbacks from recent gains. Grain market bulls still have some near-term technical momentum on their side. Grain traders will be heavily influenced Friday by how the outside markets react to Bernanke's highly anticipated speech.

 

Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.
 
 
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