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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--February 22

Feb 22, 2012

Wednesday, February 22--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

I write a twice-a-week column for CNBC’s crazy Jim Cramer
on RealMoney.com. Yesterday’s story focused on explaining
the daily “risk on” and “risk off” mentality of the market
place--and on three key markets all traders need to watch
daily. If you’d like to read this story, send me an email
at jim@jimwyckoff.com and I’ll attach it and email it back
to you.--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. The 9-day is above the 18-day
moving average. Short-term oscillators (RSI, slow
stochastics) are neutral to bearish early today. Today,
shorter-term technical resistance comes in at the May 2011
high of 1,372.70 and then at 1,385.00. Buy stops likely
reside just above those levels. Downside support for active
traders today is located at 1,350.00 and then at last week’s
low of 1,334.00. 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 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 neutral early today. Shorter-term technical
resistance is located at last week’s and the overnight high
of 2,600.50 and then at 2,620.00. Buy stops likely reside
just above those levels. On the downside, short-term support
is seen at 2,572.00 and then at 2,550.00. 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 Tuesday’s low of 12,905 and then more stops just
below support at 12,850. Buy stops likely reside just above
technical resistance at Tuesday’s high of 12,980 and then at
13,000. 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: 5.0

U.S. TREASURY BONDS AND NOTES

March 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 to bearish early today. Shorter-term support lies at
Tuesday’s low of 140 31/32 and then at the February low of
140 23/32. Sell stops likely reside just below those levels.
Shorter-term technical resistance lies 142 even and then at
142 16/32. 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 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
bearish early today. Shorter-term resistance lies at
Tuesday’s high of 130.27.0 and then at 131.00.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at Tuesday’s low of 130.12.0 and
then at 130.00.0. 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 firmer early today. Bulls
still have the overall near-term technical advantage, but
need to show more power soon to keep it. Slow stochastics
for the dollar index are bearish early today. The dollar
index finds shorter-term technical resistance at the
overnight high of 79.40 and then at 79.86. Shorter-term
support is seen at last week’s low of 78.91 and then at the
February low of 78.43. Wyckoff's Intra Day Market Rating:
5.5

CRUDE OIL

Crude oil prices are trading weaker early today on a mild
corrective pullback after hitting a nine-month high of
$106.48 Tuesday. Bulls still have good upside near-term
technical momentum. In April crude, look for buy stops to
reside just above resistance at $106.48 and then at $107.00.
Look for sell stops just below technical support at $105.00
and then at $104.00. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Markets were weaker in overnight trading. The key “outside
markets” are mildly bearish for the grains today, as the
U.S. dollar index is firmer while crude oil and the U.S.
stock indexes are weaker. Soybean bulls still have some
upside technical momentum and soybeans are presently
leading price action in the entire grains complex. Corn
trading has turned choppy and wheat bears are gaining
downside momentum. Traders are awaiting Friday’s USDA
annual ag outlook conference supply and demand projections.
 

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