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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--January 17

Jan 17, 2012

Tuesday, January 17--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Some positive economic news coming out of China and the
European Union is boosting commodity markets to start the
shorter U.S. trading week Tuesday. The present world
economic environment is more bullish for the commodity
markets: recent better economic data coming from the major
industrial countries, and the accommodative monetary
policies in place for most of the major industrial
countries.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices hit another fresh 5.5-month high
overnight. 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 to bullish early today. Today,
shorter-term technical resistance comes in at 1,315.00 and
then at 1,325.00. Buy stops likely reside just above those
levels. Downside support for active traders today is located
at the overnight low of 1,281.30 and then at 1,272.70. Sell
stops are likely located just below those levels. Wyckoff's
Intra-day Market Rating: 6.0

Nasdaq index futures: Prices hit another fresh two-month
high overnight. 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 bullish early today. Shorter-term technical
resistance is located at the October high of 2,408.75 and
then at 2,425.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at
2,375.00 and then at the overnight low of 2,361.50. Sell
stops are likely located just below those levels. Wyckoff's
Intra-Day Market Rating: 6.0

Dow futures: Prices hit a fresh six-month high overnight.
Sell stops likely reside just below technical support at
12,450 and then more stops just below support at 12,400. Buy
stops likely reside just above technical resistance at
12,550 and then at 12,600. Shorter-term moving averages are
bullish early today, as the 4-day moving average is above
the 9-day and 18-day. The 9-day moving average is above the
18-day moving average. Shorter-term oscillators (RSI, slow
stochastics) are neutral. Wyckoff's Intra-Day Market Rating:
6.0

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
above the 9-day. The 9-day is below the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term support lies at 144 even and then
at 143 15/32. Sell stops likely reside just below those
levels. Shorter-term technical resistance lies at 144 24/32
and then at 145 even. Buy stops likely reside just above
those levels. Wyckoff's Intra-Day Market Rating: 4.0

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 and 18-day. The 9-day is above
the 18-day moving average. Oscillators (RSI, slow
stochastics) are neutral early today. Shorter-term
resistance lies at 131.16.0 and then at last week’s high of
131.23.5. Buy stops likely reside just above those levels.
Shorter-term technical support lies at 131.00.0 and then at
130.22.0. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 4.0

U.S. DOLLAR INDEX

The March U.S. dollar index is lower in early trading today,
on profit taking from recent gains. Dollar index bulls still
have the solid overall near-term technical advantage. Slow
stochastics for the dollar index are neutral early today.
The dollar index finds shorter-term technical resistance at
81.31 and then at the overnight high of 81.68. Shorter-term
support is seen at 81.00 and then at last week’s low of
80.73. Wyckoff's Intra Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading sharply higher early today, on
a corrective bounce from recent strong selling pressure and
from more saber-rattling by Iran. In February crude, look
for buy stops to reside just above resistance at $102.00 and
then at $103.00. Look for sell stops just below technical
support at $100.00 and then at $99.00. Wyckoff's Intra-Day
Market Rating: 6.0

GRAINS

Markets were higher in overnight trading, on a corrective
bounce from last week’s strong selling pressure. The key
“outside markets” are in a bullish posture this morning, as
the U.S. dollar index is weaker, while crude oil and the
U.S. stock indexes are higher. The dry and hot weather in
South America remains a bullish underlying factor for corn
and soybeans.
 

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