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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 29

Dec 29, 2011

Thursday, December 29--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Don’t remind gold traders it was supposed to be a quiet, holiday
trading week this week. Gold futures prices are being hammered
lower late this week, with February gold hitting a fresh six-
month low overnight. A stronger U.S. dollar index and weaker Euro
currency are pounding gold, amid fresh European Union debt
worries. Serious near-term technical damage has been inflicted in
gold recently.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9- and 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. Short-term oscillators (RSI, slow stochastics) are
neutral early today. Today, shorter-term technical resistance
comes in at the December high of 1,268.00 and then at the
November high of 1,275.00. Buy stops likely reside just above
those levels. Downside support for active traders today is
located at Wednesday’s low of 1,243.10 and then at 1,232.00. Sell
stops are likely located just below those levels. Wyckoff's
Intra-day Market Rating: 5.0

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 neutral
early today. Shorter-term technical resistance is located at
2,275.00 and then at Wednesday’s high of 2,292.25. Buy stops
likely reside just above those levels. On the downside, short-
term support is seen at Wednesday’s low of 2,253.75 and then at
2,234.50. Sell stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 5.0

Dow futures: Sell stops likely reside just below technical
support at 12,000 and then more stops just below support at
11,935. Buy stops likely reside just above technical resistance
at 12,150 and then at 12,200. Shorter-term moving averages are
neutral early today, as the 4-day moving average is above 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. Wyckoff's Intra-Day Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

March 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 neutral to bullish early today.
Shorter-term support lies at the overnight low of 143 31/32 and
then at 143 16/32. Sell stops likely reside just below those
levels. Shorter-term technical resistance lies at Wednesday’s
high of 144 18/32 and then at 145 even. Buy stops likely reside
just above those levels. Wyckoff's Intra-Day Market Rating: 5.0

March 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 and 18-day. The 9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral to bullish early
today. Shorter-term resistance lies at Wednesday’s high of
130.23.0 and then at 131.00.0. Buy stops likely reside just above
those levels. Shorter-term technical support lies at the
overnight low of 130.14.5 and then at 130.00.0. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 5.0

U.S. DOLLAR INDEX

The March U.S. dollar index is solidly higher in early trading
today. Dollar index bulls have quickly regained solid upside
near-term technical momentum. Slow stochastics for the dollar
index are bullish early today. The dollar index finds shorter-
term technical resistance at the December high of 81.41 and then
at 81.75. Shorter-term support is seen at 81.00 and then at the
overnight low of 80.85. Wyckoff's Intra Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading near steady early today. Trading has
turned choppy at higher price levels. Bulls still have the
overall near-term technical advantage, but there is stiff
overhead resistance when prices push above the $100-a-barrel
level. 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 $99.00 and then at $98.00.
Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices were weaker overnight on a corrective pullback from recent
impressive gains. The key “outside markets” are neutral to
bearish for grains today—steady crude oil, near-steady stock
index futures, and a stronger U.S. dollar index. Grain market
bulls have gained upside near-term technical momentum recently.
The dry weather in South American corn and soybean regions is a
bullish fundamental for corn and soybean futures at present.
 

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