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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--August 29

Aug 29, 2011

Monday, August 29--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The commodity futures markets are trading mostly higher in the early going Monday as the market place is in a mood of better risk appetite following Fed Chairman Bernanke's speech in Jackson Hole, Wyoming, Friday. Bernanke on Friday hinted the Fed remains ready to implement more monetary stimulus to the U.S. economy, if need be.--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 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 1,206.50 and then at 1,225.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at the overnight low of 1,173.00 and then at 1,150.00. Sell stops are likely located just below those levels. Wyckoff's Intra-day Market Rating: 5.5

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 2,200.00 and then at 2,214.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at 2,170.00 and then at the overnight low of 2,158.00. 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 support at 11,300 and then more stops just below support at 11,250. Buy stops likely reside just above technical resistance at 11,400 and then at 11,450. Shorter-term moving averages are neutral early today, as the 4-day moving average is above the 9-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Wyckoff's Intra-Day Market Rating: 5.5

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 bearish early today. Shorter-term resistance lies at the overnight high of 138 5/32 and then at 139 even. Buy stops likely reside just above those levels. Shorter-term technical support lies at 137 even and then at last week's low of 136 2/32. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 4.5

 

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 bearish today. Shorter-term resistance lies at the overnight high of 130.08.5 and then at 130.16.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 129.26.5 and then at 129.16.0. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 4.5

U.S. DOLLAR INDEX

The December U.S. dollar index is weaker again in early trading today and hit a fresh contract low overnight. Dollar index bears have the strong overall near-term technical advantage. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 74.20 and then at 74.50. Shorter-term support is seen at the overnight contract low of 73.90 and then at 73.75. Wyckoff's Intra Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading firmer early today. Bulls had 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 last week's high of $86.59 and then at $87.00. Look for sell stops just below technical support at $85.00 and then at $84.00. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Prices were solidly higher in overnight trading, with corn and soybean futures hitting fresh contract highs and wheat futures hitting multi-month highs. Grain market bulls have good near-term technical momentum to start the trading week.

 

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