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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--March 9

Mar 09, 2012

Friday, March 9--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Today finds what is arguably the biggest economic report of
the month on tap: the U.S. employment report. Most markets
overnight were “on hold” ahead of this data. Look for
active trading in many markets in the immediate aftermath
of the report. The key non-farm payrolls component of the
report is expected to show a rise of just over 200,000
workers.--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 and 18-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 1,364.70 and then at last week’s high of 1,376.90.
Buy stops likely reside just above those levels. Downside
support for active traders today is located at Thursday’s
low of 1,351.70 and then at this week’s low of 1,338.80.
Sell stops are likely located just below those levels.
Wyckoff's Intra-day Market Rating: 5.0

Nasdaq index 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 average is above the
18-day. Short-term oscillators (RSI, slow stochastics) are
neutral to bullish early today. Shorter-term technical
resistance is located at Thursday’s high of 2,640.00 and
then at last week’s high of 2,650.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at 2,615.00 and then at 2,600.00. Sell stops
are likely located just below those levels. Wyckoff's Intra-
Day Market Rating: 5.0

Dow futures: Buy stops likely reside just above technical
resistance at Thursday’s high of 12,860 and then at 12,900.
Sell stops likely reside just below technical support at
Thursday’s low of 12,790 and then more stops just below
support at 12,750. Shorter-term moving averages are neutral
early today, as the 4-day moving average is below 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 neutral early today. Wyckoff's Intra-Day
Market Rating: 5.0

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 even with the 18-
day moving average. Oscillators (RSI, slow stochastics) are
neutral to bearish early today. Shorter-term support lies at
the overnight low of 140 13/32 and then at 140 2/32. Sell
stops likely reside just below those levels. Shorter-term
technical resistance lies at the overnight high of 140 26/32
and then at 141 even. Buy stops likely reside just above
those levels. Wyckoff's Intra-Day Market Rating: 5.0

June 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. 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
131.00.0 and then at Thursday’s high of 131.08.5. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 130.25.0 and
then at 130.16.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.0

U.S. DOLLAR INDEX

The June U.S. dollar index is firmer early today. Trading
has turned choppy this week. Slow stochastics for the dollar
index are bearish early today. The dollar index finds
shorter-term technical resistance at 80.00 and then at
Thursday’s high of 80.30. Shorter-term support is seen at
Thursday’s low of 79.53 and then at 79.25. Wyckoff's Intra
Day Market Rating: 5.5

CRUDE OIL

Crude oil prices are trading slightly higher early today.
Bulls have regained upside momentum. In April crude, look
for buy stops to reside just above resistance at this week’s
high of $107.42 and then at $108.00. Look for sell stops
just below technical support at $106.00 and then at $105.00.
Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Markets were higher in overnight trading, with soybeans
solidly higher. Grain traders are awaiting this morning’s
monthly USDA supply and demand report. The monthly report
is expected to be friendly for corn and soybeans and a bit
negative for wheat. Soybean bulls have good technical
momentum on their side, but the corn and wheat bulls have
some work to do. Look for active trading in the grains
today, after the USDA report and the U.S. jobs report.
 

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