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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 27

Feb 27, 2012

Monday, February 27--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Here are my market biases at present: Crude oil is close to
a near-term top; grains will trade sideways to higher in
the coming weeks, gold and the U.S. stock indexes will
continue to trade sideways to higher, the U.S. dollar index
will trade sideways, and many of the soft commodity markets
are at or close to putting in bottoms.--Jim

U.S. STOCK INDEXES

S&P 500 futures: 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 neutral to bearish early today. Today,
shorter-term technical resistance comes in at last week’s
high of 1,368.70 and then at the May 2011 high of 1,372.70.
Buy stops likely reside just above those levels. Downside
support for active traders today is located at last week’s
low of 1,350.30 and then at 1,334.30. Sell stops are likely
located just below those levels. Wyckoff's Intra-day Market
Rating: 4.5

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 to bearish early today. Shorter-
term technical resistance is located at last week’s high of
2,609.50 and then at 2,625.00. Buy stops likely reside just
above those levels. On the downside, short-term support is
seen at 2,580.00 and then at last week’s low of 2,569.25.
Sell stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 4.5

Dow futures: Buy stops likely reside just above technical
resistance at 12,961 and then at 13,000. Sell stops likely
reside just below technical support at 12,900 and then more
stops just below support at last week’s low of 12,860.
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: 4.5

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Prices look like they put in a near-term
low last week. Shorter-term moving averages (4- 9- 18-day)
are neutral early today. The 4-day moving average is above
the 9-day and 18-day. The 9-day is below the 18-day moving
average. Oscillators (RSI, slow stochastics) are bullish
early today. Shorter-term support lies at the overnight low
of 142 31/32 and then at 142 16/32. Sell stops likely reside
just below those levels. Shorter-term technical resistance
lies at 143 27/32 and then at 144 even. Buy stops likely
reside just above those levels. Wyckoff's Intra-Day Market
Rating: 6.0

March U.S. T-Notes: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are bullish
early today. Shorter-term resistance lies at 131.24.5 and
then at 132.00.0. Buy stops likely reside just above those
levels. Shorter-term technical support lies at the
overnight low of 131.05.0 and then at 131.00.0. Sell stops
likely reside just below those levels. Wyckoff's Intra-Day
Market Rating: 6.0

U.S. DOLLAR INDEX

The March U.S. dollar index is firmer early today on short
covering. Bears still have some downside technical momentum.
Slow stochastics for the dollar index are bearish early
today. The dollar index finds shorter-term technical
resistance at 78.82 and then at 79.00. Shorter-term support
is seen at last week’s low of 78.26 and then at 78.00.
Wyckoff's Intra Day Market Rating: 5.5

CRUDE OIL

Crude oil prices are trading lower early today on profit
taking from recent strong gains. Bulls still have some
upside near-term technical momentum. In April crude, look
for buy stops to reside just above resistance at $109.00 and
then at $110.00. Look for sell stops just below technical
support at $107.50 and then at $107.00. Wyckoff's Intra-Day
Market Rating: 4.0

GRAINS

Markets were mostly weaker in overnight trading. The key
“outside markets” are 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. Wheat is the weak sister of the
grains at present.
 

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