Sep 18, 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--Dec. 24

Dec 24, 2012

Monday, December 24--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

Overseas it has been and will most likely continue to be a
very quiet, pre-holiday trading day Monday. Most U.S.
markets trade a half-day Monday, ahead of the Christmas
holiday on Thursday. Investors and traders continue to worry
about the U.S. fiscal cliff negotiations that have stalled
and now with only a few days left for U.S. lawmakers to
reach a deal. Lawmakers have until January 3 to come to
agreement before the government falls off the fiscal cliff.
Markets do not like uncertainty and most markets remain
jittery as the deadline draws closer. Credit ratings
agencies have recently warned that if the U.S. does go over
the fiscal cliff it risks sovereign credit downgrades. There
are no major U.S. economic reports due for release Monday.--
Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are weaker in early trading today.
Bulls have faded as a four-week-old uptrend on the daily bar
chart has been negated. 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 is above the
18-day moving average. Short-term oscillators (RSI, slow
stochastics) are bearish early today. Today, shorter-term
technical resistance comes in at the overnight high of
1,424.10 and then at 1,433.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at the overnight low of 1,417.50 and then
at 1,406.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 4.5

Nasdaq index futures: Prices are lower early today. Bulls
have faded. 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 and 18-day. The 9-day average is above
the 18-day. Short-term oscillators (RSI, slow stochastics)
are bearish early today. Shorter-term technical resistance
is located at the overnight high of 2,662.75 and then at
2,675.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at Friday’s low
of 2,636.25 and then at 2,625.00. Sell stops are likely
located just below those levels. Wyckoff's Intra-Day Market
Rating: 4.0

Dow futures: Prices are lower early today. Bulls are fading.
Sell stops likely reside just below technical support at
Friday’s low of 13,060 and then at 13,000. Buy stops likely
reside just above technical resistance at Friday’s high of
13,160 and then at 13,200. Shorter-term moving averages are
still 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 neutral early today. Wyckoff's
Intra-Day Market Rating: 4.0

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Prices are weaker early today. Bulls are
trying to recover from recent losses but have more work to
do. Shorter-term moving averages (4- 9- 18-day) are still
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 the overnight
high of 147 14/32 and then Friday’s high of 147 23/32. Buy
stops likely reside just above those levels. Shorter-term
technical support lies the 147 even and then at 146 24/32.
Sell stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 4.0

March U.S. T-Notes: Prices are weaker early. Bulls are
trying to forge a market bottom but have more heavy lifting
to do. Shorter-term moving averages (4- 9- 18-day) are
still 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 the
overnight high of 132.15.0 and then at Friday’s high of
132.20.5. Buy stops likely reside just above those levels.
Shorter-term technical support lies at 132.08.0 and then at
Friday’s low of 132.02.0. Sell stops likely reside just
below those levels. Wyckoff's Intra-Day Market Rating: 4.0

U.S. DOLLAR INDEX

The March U.S. dollar index is lower in early U.S. trading.
Bears still have the solid overall near-term technical
advantage. Prices last week hit a three-month low. Slow
stochastics for the dollar index are bullish early today.
The dollar index finds shorter-term technical resistance at
the overnight high of 79.76 and then at 80.00. Shorter-term
support is seen at Friday’s low of 79.34 and then at last
week’s low of 79.01. Wyckoff's Intra Day Market Rating: 4.0

NYMEX CRUDE OIL

Crude oil prices are slightly lower early today. Bulls and
bears are struggling for near-term technical control, with
neither gaining much headway. In February Nymex crude, look
for buy stops to reside just above resistance at $89.00 and
then at $90.00. Look for sell stops just below technical
support at $88.00 and then at $87.50. Wyckoff's Intra-Day
Market Rating: 4.5

GRAINS

Markets were firmer in overnight trading, on more short
covering. The grain market bulls have faded badly recently
and bears still have some downside near-term technical
momentum on their side. Bulls are seeking some fresh,
bullish fundamental inputs for the grains. Bullish news in
the grains has been scarce recently.
 

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