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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 6

Mar 06, 2012

Tuesday, March 6--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

It’s a “risk off” day in the market place today, as the
European Union sovereign debt crisis is on the front burner
of the market place again. Worries about Greek debt swaps
occurring in an orderly fashion are in the focus today.
This has the U.S. dollar stronger and most commodity
markets under selling pressure.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9-
and 18-day) are neutral early today. The 4-day moving
average is below the 9-day. The 9-day is above the 18-day
moving average. Short-term oscillators (RSI, slow
stochastics) are bearish early today. Today, shorter-term
technical resistance comes in at the overnight high of
1,365.40 and then at last week’s high of 1,377.00. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at 1,350.00 and then at
1,334.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 4.0

Nasdaq index futures: The shorter-term moving averages (4-
9-and 18-day) are still 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 bearish early today. Shorter-term
technical resistance is located at the overnight high of
2,617.50 and then at 2,635.00. Buy stops likely reside just
above those levels. On the downside, short-term support is
seen at 2,590.00 and then at 2,578.75. Sell stops are likely
located just below those levels. Wyckoff's Intra-Day Market
Rating: 4.0

Dow futures: Buy stops likely reside just above technical
resistance at 12,900 and then at Monday’s high of 12,960.
Sell stops likely reside just below technical support at
12,865 and then more stops just below support at 12,800.
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 bearish early today.
Wyckoff's Intra-Day Market Rating: 4.0

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: 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
bullish early today. Shorter-term support lies at 141 even
and then at the overnight low of 140 21/32. Sell stops
likely reside just below those levels. Shorter-term
technical resistance lies at the overnight high of 141 19/32
and then at 142 even. Buy stops likely reside just above
those levels. Wyckoff's Intra-Day Market Rating: 6.0

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. The 9-day is abve the 18-day moving
average. Oscillators (RSI, slow stochastics) are bullish
early today. Shorter-term resistance lies at the overnight
high of 131.08.0 and then at 131.16.0. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 130.25.5 and then at
130.16.0. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 6.0

U.S. DOLLAR INDEX

The June U.S. dollar index is higher early today. Bulls have
regained some upside near-term technical momentum. Slow
stochastics for the dollar index are bullish early today.
The dollar index finds shorter-term technical resistance at
Monday’s high of 80.40 and then at the February high of
80.58. Shorter-term support is seen at the overnight low of
79.71 and then at 79.50. Wyckoff's Intra Day Market Rating:
6.0

CRUDE OIL

Crude oil prices are trading weaker early today. Bulls have
faded a bit recently. In April crude, look for buy stops to
reside just above resistance at the overnight high of
$107.34 and then at $108.00. Look for sell stops just below
technical support at the overnight low of $105.81 and then
at $105.00. Wyckoff's Intra-Day Market Rating: 4.5

GRAINS

Markets were lower in overnight trading. The key “outside
markets” are bearish for the grains today, as the U.S.
dollar index is higher while crude oil is lower. Grain
traders are awaiting Friday morning’s monthly USDA supply
and demand report. That report is expected to be friendly
for corn and soybeans and a bit negative for wheat.
 

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