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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 22

Dec 22, 2011

Thursday, December 22--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Markets are quieter across the board early today, as the holidays
approach. Barring a major geopolitical development, price action
in most markets will be subdued until the start of the new year.-
-Jim

U.S. 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 bullish early today.
Today, shorter-term technical resistance comes in at Wednesday’s
high of 1,249.00 and then at 1,254.30. Buy stops likely reside
just above those levels. Downside support for active traders
today is located at the overnight low of 1,232.10 and then at
Wednesday’s low of 1,223.10. 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 stilll 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
to bullish early today. Shorter-term technical resistance is
located at the overnight high of 2,254.50 and then at 2,275.00.
Buy stops likely reside just above those levels. On the downside,
short-term support is seen at the overnight low of 2,234.50 and
then at Wednesday’s low of 2,217.75. 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 12,000 and then more stops just below support at
Wednesday’s low of 11,935. Buy stops likely reside just above
technical resistance at 12,100 and then at 12,150. Shorter-term
moving averages are bearish early today, as the 4-day moving
average is below the 9-day and 18-day. The 9-day moving average
is below the 18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are neutral to bearish. Wyckoff's Intra-
Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Bulls are fading a bit. Shorter-term moving
averages (4- 9- 18-day) are still 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 143 2/32 and then at 142 16/32. Sell stops
likely reside just below those levels. Shorter-term technical
resistance lies at the overnight high of 143 19/32 and then at
144 even. Buy stops likely reside just above those levels.
Wyckoff's Intra-Day Market Rating: 5.5

March U.S. T-Notes: Shorter-term moving averages (4- 9- 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.
Oscillators (RSI, slow stochastics) are neutral to bearish early
today. Shorter-term resistance lies at Wednesday’s high of
130.28.5 and then at 131.08.0. Buy stops likely reside just above
those levels. Shorter-term technical support lies at the
overnight low of 130.10.5 and then at 130.00.0. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 5.5

U.S. DOLLAR INDEX

The March U.S. dollar index is weaker again in early trading
today as the bulls are fading. Dollar index bulls do still have
the overall near-term technical advantage but need to show fresh
power soon. Slow stochastics for the dollar index are bearish
early today. The dollar index finds shorter-term technical
resistance at the overnight high of 80.40 and then at 80.58.
Shorter-term support is seen at the overnight low of 79.95 and
then at Wednesday’s low of 79.55. Wyckoff's Intra Day Market
Rating: 4.5

CRUDE OIL

Crude oil prices are trading firmer early today. Bulls this week
have regained upside near-term technical momentum. In February
crude, look for buy stops to reside just above resistance at
$100.00 and then at $101.00. Look for sell stops just below
technical support at $98.00 and then at $97.00. Wyckoff's Intra-
Day Market Rating: 5.5

GRAINS

Prices were firmer in overnight trading. The key “outside
markets” are mildly bullish for grains today—firmer crude oil and
stock index futures, and a weaker U.S. dollar index. Grain market
bulls are having a good week. My bias is still that market lows
are in place or close at hand for the grains. The dry weather in
South American corn and soybean regions is starting to get more
attention.
 

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