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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--May 2

May 02, 2012

Wednesday, May 2--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

As the European markets reopened Wednesday after the May
Day holiday on Tuesday, as expected the European Union and
its debt and financial/economic problems are on the front
burner of the market place—again. There was a very weak
overall EU manufacturing report released Wednesday to
suggest the entire EU has slipped into economic recession.
The U.S. dollar index is supported on that news. I do not
see much more downside in the U.S. dollar index, as the
greenback will continue to benefit from the EU’s woes and
the weakening Euro currency that is likely to result.--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 bearish early today. Today, shorter-term
technical resistance comes in at the overnight high of
1,404.40 and then at Tuesday’s high of 1,411.50. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at 1,386.70 and then at
1,371.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 4.5

Nasdaq index futures: The shorter-term moving averages (4-
9-and 18-day) are neutral early today. The 4-day moving
average is above the 9-day and 18-day. The 9-day average is
below the 18-day. Short-term oscillators (RSI, slow
stochastics) are bearish early today. Shorter-term technical
resistance is located at the overnight high of 2,727.75 and
then at Tuesday’s high of 2,753.00. Buy stops likely reside
just above those levels. On the downside, short-term support
is seen at 2,695.00 and then at 2,675.00. Sell stops are
likely located just below those levels. Wyckoff's Intra-Day
Market Rating: 4.5

Dow futures: Sell stops likely reside just below technical
support at Tuesday’s low of 13,130 and then at 13,100. Buy
stops likely reside just above technical resistance at
13,220 and then at 13,250. Shorter-term moving averages are
bullish early today, as the 4-day moving average is above
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: 4.5

U.S. TREASURY BONDS AND NOTES

June 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 and 18-day. The 9-day is above the 18-day
moving average. Oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term support lies at the
overnight low of 141 30/32 and then at 141 16/32. Sell stops
likely reside just below those levels. Shorter-term
technical resistance lies at the overnight high of 142 23/32
and then at 143 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 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
early today. Shorter-term resistance lies at Tuesday’s high
of 132.13.0 and then at the contract high of 132.17.0. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 131.27.5 and
then at 131.19.0. 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, on safe-
haven buying interest and short covering. Slow stochastics
for the dollar index are bullish early today. The dollar
index finds shorter-term technical resistance at 79.50 and
then at 79.75. Shorter-term support is seen at 79.00 and
then at Tuesday’s low of 78.66. Wyckoff's Intra Day Market
Rating: 6.0

CRUDE OIL

Crude oil prices are trading weaker early today. Bulls have
gained upside momentum recently as prices Tuesday hit a
fresh five-week high. In June crude, look for buy stops to
reside just above resistance at the overnight high of
$105.05 and then at Tuesday’s high of $106.43. Look for sell
stops just below technical support at $105.00 and then at
Tuesday’s low of $104.39. Wyckoff's Intra-Day Market Rating:
4.5

GRAINS

Markets were mostly weaker in overnight trading. It’s a
“risk off” day in the market place, which is bearish for
grains. Also, the key outside markets are bearish as the
U.S. dollar index is higher and crude oil prices are
weaker. Soybean bulls remain very strong. Focus will be on
the Corn Belt weather forecasts for the next several weeks.
 

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