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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--March 13

Mar 13, 2012

Tuesday, March 13--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Here are some of my market biases, as of today: Grains and
gold have more upside in the near term, coffee, natural gas
and cotton are near market bottoms, crude oil will remain
range-bound, as will the U.S. dollar index and U.S.
Treasuries.--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 bullish early today. Today, shorter-term
technical resistance comes in at the February high of
1,377.00 and then at 1,390.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at the overnight low of 1,366.10 and then
at Monday’s low of 1,360.50. Sell stops are likely located
just below those levels. Wyckoff's Intra-day Market Rating:
6.0

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. 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
2,675.00 and then at 2,700.00. Buy stops likely reside just
above those levels. On the downside, short-term support is
seen at the overnight low of 2,645.25 and then at Monday’s
low of 2,630.75. Sell stops are likely located just below
those levels. Wyckoff's Intra-Day Market Rating: 6.5

Dow futures: Buy stops likely reside just above technical
resistance at 13,000 and then at the February high of
13,035. Sell stops likely reside just below technical
support at 12,900 and then more stops just below support at
Monday’s low of 12,850. Shorter-term moving averages are
bearish early today, as the 4-day moving average is below
the 9-day and 18-day. The 9-day moving average is below 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: 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
bearish early today. Shorter-term support lies at 140 2/32
and then at last week’s low of 139 26/32. Sell stops likely
reside just below those levels. Shorter-term technical
resistance lies at the overnight high of 140 19/32 and then
at 141 even. Buy stops likely reside just above those
levels. Wyckoff's Intra-Day Market Rating: 4.5

June U.S. T-Notes: Shorter-term moving averages (4- 9- 18-
day) are neutral early today. The 4-day moving average is
below the 9-day and 18-day. The 9-day is above the 18-day
moving average. Oscillators (RSI, slow stochastics) are
bearish early today. Shorter-term resistance lies at the
overnight high of 130.25.5 and then at Monday’s high of
131.04.5. Buy stops likely reside just above those levels.
Shorter-term technical support lies at last week’s low of
130.17.0 and then at the March low of 130.10.0. Sell stops
likely reside just below those levels. Wyckoff's Intra-Day
Market Rating: 4.5

U.S. DOLLAR INDEX

The June U.S. dollar index is firmer early today. The bulls
have some upside near-term technical momentum. Slow
stochastics for the dollar index are neutral early today.
The dollar index finds shorter-term technical resistance at
Monday’s high of 80.58 and then at 81.00. Shorter-term
support is seen at Monday’s low of 80.27 and then at 80.00.
Wyckoff's Intra Day Market Rating: 5.5

CRUDE OIL

Crude oil prices are trading firmer early today. Bulls still
have the overall near-term technical advantage. In April
crude, look for buy stops to reside just above resistance at
$107.00 and then at Monday’s high of $107.56. Look for sell
stops just below technical support at $106.00 and then at
Monday’s low of $105.38. Wyckoff's Intra-Day Market Rating:
5.5

GRAINS

Markets were higher in overnight trading. Soybean bulls
have solid upside technical momentum, with the corn and
wheat bulls having also gained some on Monday. The key
“outside markets” are neutral for the grains today, as
crude oil prices are firmer and the U.S. dollar index is
also firmer. Good export demand and firm U.S. cash basis
levels are fueling the rallies in corn and soybeans. Wheat
will likely follow corn and beans.
 

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