Sep 16, 2014
Home| Tools| Events| Blogs| Discussions Sign UpLogin


Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--Mar 25

Mar 25, 2013

Monday, March 25--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

In an 11th-hour agreement early Monday morning, European
Union finance ministers, the International Monetary Fund and
the Cyprus government came to terms on a bailout for Cyprus’
financial system that keeps the island nation within the
European monetary system. The agreement ensures the
depositors with 100,000 Euros or less in the Cyprus banks
will keep all their funds. Those with over 100,000 Euros in
Cyprus banks are going to take a big hit. Asian, European
and U.S. stock markets rose on the Cyprus bailout news, as
did the Euro currency, as investor risk appetite has up-
ticked to start the new trading week. U.S. economic data due
for release Monday includes the Chicago Fed national
activity index and midwest manufacturing index, and the
Texas manufacturing outlook survey.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are firmer early today and hit a
fresh five-year high overnight. Bulls still have the firm
overall near-term technical advantage. The shorter-term
moving averages (4-, 9- and 18-day) are neutral early today.
The 4-day moving average is even with the 9-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 the
overnight high of 1,560.30 and then at 1,575.00. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at the overnight low of
1,549.10 and then at Friday’s low of 1,534.90. Sell stops
are likely located just below those levels. Wyckoff's Intra-
day Market Rating: 6.0

Nasdaq index futures: Prices are higher early today and near
a six-month high. Bulls have the overall near-term technical
advantage. The shorter-term moving averages (4- 9-and 18-
day) are neutral early today. The 4-day moving average is
even with the 9-day. The 9-day average is above the 18-day.
Short-term oscillators (RSI, slow stochastics) are bullish
early today. Shorter-term technical resistance is located at
the March high of 2,817.50 and then at 2,825.00. Buy stops
likely reside just above those levels. On the downside,
short-term support is seen at the overnight low of 2,792.75
and then at 2,775.00. Sell stops are likely located just
below those levels. Wyckoff's Intra-Day Market Rating: 6.0.

Dow futures: Prices are firmer early today and hit a fresh
all-time record high overnight. Bulls have the solid near-
term technical advantage. Sell stops likely reside just
below technical support at 14,460 and then at Friday’s low
of 14,400. Buy stops likely reside just above technical
resistance at 14,550 and then at 14,600. Shorter-term moving
averages are neutral early today, as the 4-day moving
average is below the 9-day. The 9-day moving average is
above the 18-day moving average. Shorter-term oscillators
(RSI, slow stochastics) are neutral early today. Wyckoff's
Intra-Day Market Rating: 6.0

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are lower early today on the
better investor risk appetite to start the new trading week.
Bears still have the overall near-term technical advantage.
Shorter-term moving averages (4- 9- 18-day) are neutral
early today. The 4-day moving average is above the 9-day and
18-day. The 9-day is even with the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral early today.
Shorter-term resistance lies at 143 even and then at the
overnight high of 143 16/32. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 142 23/32 and then at last week’s low
of 142 10/32. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 4.0
 
June U.S. T-Notes: Prices were lower overnight. Bulls and
bears are presently on a level near-term technical playing
field. 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 to
bearish early today. Shorter-term resistance lies at
131.08.0 and then at the overnight high of 131.16.0. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at last week’s low of 131.02.5 and
then at 131.00.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 4.0

U.S. DOLLAR INDEX

The U.S. dollar index is near steady early today, but well
up from its early spike low that was hit on the Cyprus
bailout agreement. The greenback bulls still have the
overall near-term technical advantage, but are now fading.
Slow stochastics for the dollar index are bearish early
today. The dollar index finds shorter-term technical
resistance at the overnight high of 82.660 and then at
83.000. Shorter-term support is seen at 82.2550 and then at
the overnight low of 81.835. Wyckoff's Intra Day Market
Rating: 4.5

NYMEX CRUDE OIL

Crude oil prices are firmer early today. Bulls have the
slight near-term technical advantage. In May Nymex crude,
look for buy stops to reside just above resistance at last
week’s high of $94.47 and then at $95.00. Look for sell
stops just below technical support at the overnight low of
$93.70 and then at $93.00. Wyckoff's Intra-Day Market
Rating: 5.5

GRAINS

Markets were weaker overnight. Corn and wheat market bulls
still have a bit of upside near-term technical momentum,
with soybean bulls trying to regain some momentum after
posting good gains late last week. Grain traders will
scrutinize this morning’s USDA export inspections report.
However, traders are looking ahead to Thursday’s USDA
planting intentions and quarterly grain stocks reports. The
plantings intentions report is one of the most important
USDA grain reports of the year. Trading in grain futures
markets is likely to be more subdued ahead of Thursday’s
batch of important USDA data.
 

Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions