Jul 12, 2014
Home| Tools| Events| Blogs| Discussions Sign UpLogin


Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--January 13

Jan 13, 2012

Friday, January 13--Jim Wyckoff's Morning Web Log

Note: I am out of the office this morning. My friend and fellow analyst/trader Ken
Seehusen produced my morning report. Ken's style is a bit different than mine, but I think
you'll also benefit from Ken's work.--Jim

The STOCK INDEXES

The March NASDAQ 100 was steady to slightly higher overnight as it
extends the rally off November’s low. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to
higher prices are possible near-term. If March extends the rally off
December’s low, November’s high crossing at 2394.25 is the next upside
target. Closes below the 20-day moving average crossing at 2299.01 would
confirm that a short-term top has been posted. First resistance is the
overnight high crossing at 2386.75. Second resistance is November’s high
crossing at 2394.25. First support is the 10-day moving average crossing
at 2344.52. Second support is the 20-day moving average crossing at
2299.01.

The March S&P 500 index was slightly lower due to light profit taking in
overnight trading as it consolidates some of the rally off November’s
low. The low-range close sets the stage for a steady to lower opening
when the day session begins trading. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to
higher prices are possible near-term. If March extends the rally off
December’s low, the 87% retracement level of the 2011-decline crossing
at 1309.43 is the next upside target. Closes below the 20-day moving
average crossing at 1257.12 would confirm that a short-term top has been
posted. First resistance is Thursday’s high crossing at 1297.50. Second
resistance is the 87% retracement level of the 2011-decline crossing at
1309.43. First support is the 10-day moving average crossing at 1277.71.
Second support is the 20-day moving average crossing at 1257.12.

INTEREST RATES

March T-bonds were higher in overnight trading as it extends this week’s
rally. The high-range close sets the stage for a steady to higher
opening when the day session begins trading later this morning.
Stochastics and the RSI are bullish signaling that sideways to higher
prices are possible near-term. If March extends this week’s rally, the
reaction high crossing at 145-08 and then December’s high crossing at
146-11 are the next upside targets. Closes below the reaction low
crossing at 141-10 would confirm that a short-term top has been posted
while at the same time opening the door for a possible test of
December’s low later this month. First resistance is the reaction high
crossing at 145-08. Second resistance is December’s high crossing at
146-11. First support is the reaction low crossing at 141-10. Second
support is December’s low crossing at 139-24.

ENERGY MARKETS

February crude oil was lower in overnight trading as it extended
Thursday’s decline below the 20-day moving average crossing at 99.40
confirming that a short-term top has been posted. Stochastics and the
RSI are bearish signaling that sideways to lower prices are possible
near-term. If February extends this week’s decline, minor support
crossing at 95.16 is the next downside target. First resistance is last
Wednesday’s high crossing at 103.74. Second resistance is the 75%
retracement level of 2011-decline crossing at 104.84. First support is
the reaction low crossing at 98.30. Second support is the reaction low
crossing at 95.16.

CURRENCIES

The March Dollar was higher due to short covering in overnight trading.
Stochastics and the RSI are overbought but remain neutral to bullish
signaling that sideways to higher prices are possible near-term. If
March extends this rally, the 62% retracement level of the 2010-2011-
decline on the weekly continuation chart crossing at 82.89 is the next
upside target. Closes below last Tuesday’s low crossing at 79.83 would
confirm that a short-term top has been posted. First resistance is
Monday’s high crossing at 81.86. Second resistance is the 62%
retracement level of the 2010-2011-decline on the weekly continuation
chart crossing at 82.89. First support is the 20-day moving average
crossing at 80.79. Second support is last Tuesday’s low crossing at
79.83.

GRAINS

March corn was fractionally higher due to short covering in overnight
trading as it consolidates some of Thursday’s limit down trade. The
bearish USDA supply-demand report released on Thursday has set a bearish
tone for the near-term trend in the corn market. Stochastics and the RSI
are bearish signaling that sideways to lower prices are possible near-
term. If March extends this week’s decline, December’s low crossing at
5.76 1/4 is the next downside target. Closes above Thursday’s high
crossing at 6.59 1/2 would confirm that a short-term low has been
posted. First resistance is the 20-day moving average crossing at 6.28
1/4. Second resistance is last Tuesday’s high crossing at 6.64 1/4.
First support is the overnight low crossing at 6.05. Second support is
December’s low crossing at 5.76 1/4.

March wheat was higher due to short covering in overnight trading as it
consolidates some of Thursday’s decline. Stochastics and the RSI remain
bearish signaling that additional weakness is possible near-term. If
March extends this week’s decline, December’s low crossing at 5.77 1/4
is the next downside target. Closes above Thursday’s high crossing at
6.48 3/4 would confirm that a short-term low has been posted. First
resistance is the 20-day moving average crossing at 6.26. Second
resistance is Thursday’s high crossing at 6.48 3/4. First support is
Thursday’s low crossing at 5.92. Second support is December’s low
crossing at 5.77 1/4.

March soybeans were higher due to short covering overnight as it
consolidates some of Thursday’s decline but remains below the 20-day
moving average crossing at 11.89 1/2. Stochastics and the RSI have
turned bearish signaling that sideways to lower prices are possible
near-term. If March extends this week’s decline, December’s low crossing
at 11.04 1/2 is the next downside target. Closes above the 10-day moving
average crossing at 12.10 1/2 would confirm that a short-term low has
been posted. First resistance is the 10-day moving average crossing at
12.10 1/2. Second resistance is the 38% retracement level of the August-
December decline crossing at 12.46 1/2. First support is Thursday’s low
crossing at 11.50. Second support is December’s low crossing at 11.04
1/2.
 

Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions