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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--June 7

Jun 07, 2012

Thursday, June 7--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

There were several significant market developments
overnight, led by news China has cuts its interest rate by
0.25% in an effort to stimulate its economy. This is a
bullish factor for most raw commodity markets, as China is a
major raw commodity consumer. In other news overnight, the
French unemployment rate was reported at a 13-year high,
while Greek unemployment was reported at record high of 22%.
European stocks are firmer Thursday and Spanish bond yields
have fallen after well-received Spanish bond auction
Thursday. Meantime, the Bank of England left its key
interest rates unchanged. But the big news of the day is
likely to be Fed Chairman Ben Bernanke’s remarks to the
Joint Economic Committee of the U.S. Congress Thursday
morning. Traders will be closely scrutinizing the Fed
chief’s comments for clues of fresh monetary policy easing
from the U.S. central bank, in the wake of recent
disappointing U.S. economic data. Much of Wednesday’s
rallies in many markets was attributed to ideas the Fed will
initiate fresh quantitative easing of U.S. monetary policy
(QE3).--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9-
and 18-day) are still bearish early today. The 4-day moving
average is below the 9-day. The 9-day is below the 18-day
moving average. Short-term oscillators (RSI, slow
stochastics) are bullish early today. Today, shorter-term
technical resistance comes in at 1,334.20 and then at
1,350.00. Buy stops likely reside just above those levels.
Downside support for active traders today is located at
1,300.00 and then at Wednesday’s low of 1,286.50. Sell stops
are likely located just below those levels. Wyckoff's Intra-
day Market Rating: 6.0

Nasdaq index futures: The shorter-term moving averages (4-
9-and 18-day) are still bearish early today. The 4-day
moving average is below the 9-day. The 9-day average is
below the 18-day. Short-term oscillators (RSI, slow
stochastics) are bullish early today. Shorter-term technical
resistance is located at 2,570.00 and then at 2,585.00. Buy
stops likely reside just above those levels. On the
downside, short-term support is seen at the overnight low of
2,543.25 and then at 2,525.00. 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 12,450 and then at 12,400. Buy stops likely
reside just above technical resistance at 12,500 and then at
12,550. Shorter-term moving averages are bearish early
today, as the 4-day moving average is below the 9-day. The
9-day moving average is below the 18-day moving average.
Shorter-term oscillators (RSI, slow stochastics) are bullish
early today. Wyckoff's Intra-Day Market Rating: 6.0

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
bearish early today. Shorter-term resistance lies at 149
even and then at the overnight high of 149 8/32. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 148 15/32 and
then at 148 even. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.0

September 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. The 9-day is above the 18-day
moving average. Oscillators (RSI, slow stochastics) are
neutral to bearish early today. Shorter-term resistance
lies at the overnight high of 133.17.0 and then at
Wednesday’s high of 134.00.0. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 133.04.5 and then at 133.00.0. Sell
stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 5.0

U.S. DOLLAR INDEX

Prices are lower in early trading, on more profit-taking
pressure. Bulls still have the solid overall near-term
technical advantage. Slow stochastics for the dollar index
are bearish early today. The dollar index finds shorter-term
technical resistance at the overnight high of 82.86 and then
at 83.00. Shorter-term support is seen at 82.50 and then at
82.35. Wyckoff's Intra Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading higher early today on more
short covering. Bears still have the overall near-term
technical advantage. In July crude, look for buy stops to
reside just above resistance at $87.00 and then at $87.50.
Look for sell stops just below technical support at $85.00
and then at the overnight low of $84.51. Wyckoff's Intra-Day
Market Rating: 6.0

GRAINS

Markets were higher in overnight trading, on more short
covering and bargain hunting, and on drier and warmer U.S.
Corn Belt weather forecasts. The China rate cut news this
morning is also boosting the grains.
 

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