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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 9

Jan 09, 2012

Monday, January 9--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Reports today are saying two major commodity indexes are
doing an annual rebalancing of their commodity market mixes
this week—Dow Jones/UBS and Standard & Poors/GSCI. Such
could make for some temporary bigger price movements in
some commodity futures markets this week. Major fund
managers track those two commodity indexes and will have to
readjust their positions to reflect the changes in the
indexes.--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 and 18-day. The 9-day is above
the 18-day moving average. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Today, shorter-term
technical resistance comes in at last week’s high of
1,281.50 and then at the October high of 1,288.70. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at 1,260.00 and then at
1,243.10. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 5.0

Nasdaq index futures: Prices hit a fresh seven-week 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 2,375.00 and then at 2,400.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at the overnight low of 2,342.00 and then at
2,325.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

Dow futures: Sell stops likely reside just below technical
support at Friday’s low of 12,275 and then more stops just
below support at 12,225. Buy stops likely reside just above
technical resistance at Friday’s high of 12,365 and then at
last week’s high of 12,415. 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 to bearish. 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 bullish early today. Shorter-term support lies at
the overnight low of 142 19/32 and then at 142 even. Sell
stops likely reside just below those levels. Shorter-term
technical resistance lies at the overnight high of 143 9/32
and then at last week’s high of 143 31/32. 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
neutral to bullish early today. Shorter-term resistance
lies at the overnight high of 130.29.0 and then at
131.00.0. Buy stops likely reside just above those levels.
Shorter-term technical support lies at the overnight low of
130.19.0 and then at last week’s low of 130.03.0. 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 weaker in early trading today
after hitting a fresh contract high early on. Dollar index
bulls have the solid overall near-term technical advantage.
Slow stochastics for the dollar index are bullish early
today. The dollar index finds shorter-term technical
resistance at the overnight contract high of 81.85 and then
at 82.00. Shorter-term support is seen at the overnight low
of 80.30 and then at 80.00. Wyckoff's Intra Day Market
Rating: 5.0

CRUDE OIL

Crude oil prices are trading weaker early today, on a
corrective pullback from recent gains that last week saw
prices hit a seven-month high. Bulls still have the overall
near-term technical advantage. In February crude, look for
buy stops to reside just above resistance at the overnight
high of $102.15 and then at $103.00. Look for sell stops
just below technical support at the overnight low of $100.83
and then at $100.00. Wyckoff's Intra-Day Market Rating: 4.5

GRAINS

Markets were higher in overnight trading. Grain market
bulls still have some upside near-term technical momentum
but needed to show fresh upside power. The dry weather in
South American corn and soybean regions is still a
significantly bullish fundamental for corn and soybean
futures at present. Wheat will be a follower of corn and
soybeans.
 

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