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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--December 20

Dec 20, 2011

Tuesday, December 20--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Some better-than-expected German economic data has the market
place in a “risk on” mood early Tuesday. The death of North Korea
leader Kim Jong Il and the implications have at least temporarily
subsided. Barring any surprise geopolitical developments, look
for most markets to be range-bound and quiet until after the
holidays.--Jim

U.S. STOCK INDEXES

S&P 500 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 is below the 18-day moving
average. Short-term oscillators (RSI, slow stochastics) are
neutral early today. Today, shorter-term technical resistance
comes in at Monday’s high of 1,219.70 and then at 1,226.30. Buy
stops likely reside just above those levels. Downside support for
active traders today is located at Monday’s low of 1,195.50 and
then at 1,175.00. 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 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 neutral
early today. Shorter-term technical resistance is located at the
overnight high of 2,236.00 and then at Monday’s high of 2,251.00.
Buy stops likely reside just above those levels. On the downside,
short-term support is seen at the overnight low of 2,212.25 and
then at 2,200.00. 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 11,700 and then more stops just below support at
Monday’s low of 11,665. Buy stops likely reside just above
technical resistance at 11,800 and then at Monday’s high of
11,850. Shorter-term moving averages are neutral early today, as
the 4-day moving average is below 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 bearish. Wyckoff's Intra-
Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: 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 to bearish early
today. Shorter-term support lies at the overnight low of 145
13/32 and then at 145 even. Sell stops likely reside just below
those levels. Shorter-term technical resistance lies at the
overnight high of 146 3/32 and then at Monday’s high of 146
11/32. Buy stops likely reside just above those levels. Wyckoff's
Intra-Day Market Rating: 4.5

March U.S. T-Notes: 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 bearish early today. Shorter-term
resistance lies at the overnight high of 131.10.5 and then at
Monday’s high of 131.14.0. Buy stops likely reside just above
those levels. Shorter-term technical support lies at the
overnight low of 130.30.5 and then at 130.17.5. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 4.5

U.S. DOLLAR INDEX

The March U.S. dollar index is weaker in early trading today and
is seeing more profit taking after hitting an 11-month high last
week. Dollar index bulls still have the 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 80.94 and then at
Monday’s high of 81.07. Shorter-term support is seen at the
overnight low of 80.38 and then at 80.00. Wyckoff's Intra Day
Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading higher early today, on short-
covering from recent strong losses. In February crude, look for
buy stops to reside just above resistance at the overnight high
of $95.49 and then at $96.00. Look for sell stops just below
technical support at the overnight low of $94.24 and then at
$94.00. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Prices were firmer in overnight trading, on some follow-through
strength from solid gains posted Monday. The key “outside
markets” are bullish for grains today—firmer crude oil and stock
index futures, and a weaker U.S. dollar index. Grain market bears
still possess the overall near-term technical advantage in the
markets, but my bias is that market lows are in place or close at
hand.
 

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