Sep 22, 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 6

Aug 06, 2012

Monday, August 6--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place is in a bit more of a “risk-on” mode Monday
morning, following Friday’s surprisingly strong U.S. jobs
report. However, trading action to start the new week is
quieter and lethargic, as much of Europe is on vacation and
the “dog days” of summer are at hand in the U.S. Asian
stocks rallied overnight, following the U.S. employment
report. Asian traders are starting to look toward the end of
the week, when a fresh batch of Chinese economic data is due
for release. There was also some upbeat news coming out of
the European Union, as reports said European Central Bank
officials are claiming they don’t need unanimous EU approval
to buy bonds of the struggling EU countries.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices poked to a fresh three-month 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 is above the 18-day moving
average. Short-term oscillators (RSI, slow stochastics) are
neutral early today. Today, shorter-term technical
resistance comes in at 1,400.00 and then at the May high of
1,411.50. Buy stops likely reside just above those levels.
Downside support for active traders today is located at
1,375.00 and then at Friday’s low of 1,360.00. Sell stops
are likely located just below those levels. Wyckoff's Intra-
day Market Rating: 5.5

Nasdaq index futures: Prices poked to a fresh three-month
high overnight. The shorter-term moving averages (4- 9-and
18-day) are still 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 2,700.00 and then at 2,725.00. Buy
stops likely reside just above those levels. On the
downside, short-term support is seen at the overnight low of
2,671.75 and then at 2,650.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
5.5

Dow futures: Prices hit a fresh three-month high overnight.
Sell stops likely reside just below technical support at
13,000 and then at Friday’s low of 12,988. Buy stops likely
reside just above technical resistance at 13,100 and then at
13,150. Shorter-term moving averages are bullish early
today, as the 4-day moving average is above the 9-day. The
9-day moving average is above the 18-day moving average.
Shorter-term oscillators (RSI, slow stochastics) are neutral
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 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
neutral early today. Shorter-term resistance lies at 150
16/32 and then at 151 even. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 149 17/32 and then at last week’s low
of 149 8/32. 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 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
neutral to bearish early today. Shorter-term resistance
lies at 134.16.0 and then at Friday’s high of 134.22.5. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at last week’s low of 133.24.5 and
then at 133.16.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

Prices are firmer in early U.S. trading, but did hit a fresh
four-week low overnight. Bulls are fading. Slow stochastics
for the dollar index are bearish early today. The dollar
index finds shorter-term technical resistance at 82.80 and
then at 83.00. Shorter-term support is seen at the overnight
low of 82.14 and then at 82.00. Wyckoff's Intra Day Market
Rating: 5.0

NYMEX CRUDE OIL

Crude oil prices are weaker early today, on a corrective
pullback from Friday’s big gains. In September Nymex crude,
look for buy stops to reside just above resistance at
Friday’s high of $91.74 and then at $92.50. Look for sell
stops just below technical support at the overnight low of
$90.63 and then at $90.00. Wyckoff's Intra-Day Market
Rating: 5.0

GRAINS

Markets were lower in overnight trading, with soybeans
leading the way. There were some scattered rains over the
weekend in the Corn Belt, with cooler temps and some rain
chances on tap this week. Remember that a major bull market
needs to digest fresh, bullish fundamental news often. This
major bull run in grains is mature, and now with very
little fresh, bullish fundamental fodder to digest. My bias
is that there is not much more room on the upside in the
grains, on a sustainable basis. Traders and analysts are
anxiously awaiting Friday’s USDA supply and demand report.
 

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