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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--July 10

Jul 10, 2012

Tuesday, July 10--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

In overnight news, Chinese economic data showed a trade
surplus for that nation in June, which indicates slowing
demand coming out of the second-largest economy in the
world. This helped to put Asian stock markets under pressure
Tuesday. Meantime, Eurozone finance ministers are meeting to
try to figure out how to implement the recently agreed upon
measures to stabilize the EU banking and financial system.
They have decided to give Spain an extra year to get its
financial house in order. European stocks were trading not
far from unchanged. Spanish bond yields are still hovering
around 7%. Now the market place is now awaiting Wednesday’s
FOMC minutes from the Federal Reserve for any clues on U.S.
monetary policy actions upcoming. The Bank of Japan governor
said Tuesday the BOJ is taking strong steps of monetary
easing to ward of deflationary price pressures.--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 1,363.60 and then at last
week’s high of 1,374.90. Buy stops likely reside just above
those levels. Downside support for active traders today is
located at the overnight low of 1,343.00 and then at
1,325.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 5.5

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 the June high of
2,628.25 and then at Friday’s high of 2,644.75. Buy stops
likely reside just above those levels. On the downside,
short-term support is seen at last week’s low of 2,590.50
and then at 2,575.00. 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 12,685 and then at Monday’s low of 12,625. Buy
stops likely reside just above technical resistance at
12,750 and then at 12,800. 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 early today. Wyckoff's Intra-Day
Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Shorter-term moving averages (4- 9-
18-day) are bullish early today. The 4-day moving average is
above the 9-day. The 9-day is above the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral to
bullish early today. Shorter-term resistance lies at the
overnight high of 150 23/32 and then at 151 even. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at 150 even and then at Monday’s low
of 149 26/32. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 4.5

September U.S. T-Notes: Shorter-term moving averages (4- 9-
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. Oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term resistance lies at
Monday’s high of 134.20.0 and then at the June high of
134.30.5. Buy stops likely reside just above those levels.
Shorter-term technical support lies at Monday’s low of
134.10.5 and then at 134.00.0. Sell stops likely reside
just below those levels. Wyckoff's Intra-Day Market Rating:
4.5

U.S. DOLLAR INDEX

Prices are weaker in early U.S. trading, on profit taking.
The greenback bulls still have some upside technical
momentum. Slow stochastics for the dollar index are neutral
early today. The dollar index finds shorter-term technical
resistance at the overnight high of 83.46 and then at
Monday’s high of 83.63. Shorter-term support is seen at the
overnight low of 83.13 and then at 83.00. Wyckoff's Intra
Day Market Rating: 4.5

NYMEX CRUDE OIL

Crude oil prices are slightly lower in early trading. The
crude oil market may have put in a near-term low. In August
Nymex crude, look for buy stops to reside just above
resistance at Monday’s high of $86.48 and then at $87.00.
Look for sell stops just below technical support at the
overnight low of $85.00 and then at $84.00. Wyckoff's Intra-
Day Market Rating: 5.0

GRAINS

Markets were lower in overnight trading, on profit taking
from recent strong gains. The major weather market in the
grains remains fully in place and fully bullish for prices.
Corn and soybean crops continue to deteriorate amid the key
pollination growth stage for corn. Look for very high
volatility in the grain futures in the coming couple weeks.
The key “outside markets” are neutral for the grains early
today, as the U.S. dollar index is weaker and crude oil
prices are slightly lower. Traders are awaiting Wednesday
morning’s monthly USDA supply and demand report.
 

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