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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 25

Jan 25, 2012

Wednesday, January 25--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

I’ve notice many markets are now trading in choppy and
sideways trading ranges on the daily charts. I’ve also
noticed that price volatility in many markets has declined.
What does this suggest, going forward? It’s hard to tell,
but I suspect we’ll see more of the same for at least a
little while longer.--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 and 18-day. The 9-day is above
the 18-day moving average. Short-term oscillators (RSI, slow
stochastics) are bearish early today. Today, shorter-term
technical resistance comes in at this week’s high of
1,318.00 and then at 1,325.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at 1,300.00 and then at 1,286.70. Sell
stops are likely located just below those levels. Wyckoff's
Intra-day Market Rating: 4.5

Nasdaq index futures: Prices hit a fresh 11-year 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 early today. Shorter-term technical resistance is
located at the overnight high of 2,469.00 and then at
2,475.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at the overnight
low of 2,438.00 and then at this week’s low of 2,419.50.
Sell stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 6.0

Dow futures: Sell stops likely reside just below technical
support at 12,550 and then more stops just below support at
12,500. Buy stops likely reside just above technical
resistance at 12,600 and then at Tuesday’s high of 12,630.
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
bearish. Wyckoff's Intra-Day Market Rating: 4.5

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Bulls are fading. 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 bullish early today. Shorter-term support
lies at 141 even and then at this week’s low of 140 21/32.
Sell stops likely reside just below those levels. Shorter-
term technical resistance lies at 142 even and then at this
week’s high of 142 14/32. Buy stops likely reside just above
those levels. Wyckoff's Intra-Day Market Rating: 5.5

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
bullish early today. Shorter-term resistance lies at this
week’s high of 130.18.0 and then 130.26.5. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at 130.00.0 and then at this week’s low of
129.26.0. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The March U.S. dollar index is higher in early trading
today. Bulls needed to show fresh power. Slow stochastics
for the dollar index are bullish early today. The dollar
index finds shorter-term technical resistance at this week’s
high of 80.585 and then at 80.80. Shorter-term support is
seen at 80.00 and then at this week’s low of 79.75.
Wyckoff's Intra Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading lower early today. Bulls have
faded a bit recently but still have the overall near-term
technical advantage. In March crude, look for buy stops to
reside just above resistance at $99.00 and then at the
overnight high of $99.37. Look for sell stops just below
technical support at this week’s low of $97.40 and then at
$97.00. Wyckoff's Intra-Day Market Rating: 4.0

GRAINS

Markets were mixed to firmer in overnight trading. Corn and
soybean bulls have gained a bit of upside momentum
recently, but have more heavy lifting to do to suggest
uptrends can be sustained. The key “outside markets” are in
a bearish posture again this morning, as the U.S. dollar
index is firmer, while crude oil and the U.S. stock indexes
are weaker. U.S. cash corn and soybean basis levels are
firming up, which is a bullish clue for those markets.
 

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