Sep 1, 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--May 22

May 22, 2012

Tuesday, May 22--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place received a negative surprise overnight when
the Fitch credit rating agency downgraded Japan’s sovereign
debt rating due to the increasing public sector debt load.
That news boosted the U.S. dollar index but put selling
pressure on many commodity markets and also limited buying
interest in the U.S. stock indexes. Traders are now awaiting
a European Union leaders’ summit meeting in Brussels on
Wednesday. Also on Wednesday the Western powers meet with
Iran in Baghdad, regarding Iran’s nuclear program. The early
talk is that the Baghdad meeting could see progress made,
which would be further bearish news for the crude oil
market.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9-
and 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. Short-term oscillators (RSI, slow
stochastics) are neutral to bullish early today. Today,
shorter-term technical resistance comes in at 1,325.00 and
then at 1,330.30. Buy stops likely reside just above those
levels. Downside support for active traders today is located
at 1,300.00 and then at Monday’s low of 1,287.40. 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 bearish early today. The 4-day moving
average is below the 9-day and 18-day. The 9-day average is
below the 18-day. Short-term oscillators (RSI, slow
stochastics) are neutral to bullish early today. Shorter-
term technical resistance is located at the overnight high
of 2,553.50 and then at 2,575.00. Buy stops likely reside
just above those levels. On the downside, short-term support
is seen at the overnight low of 2,536.75 and then at
2,525.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

Dow futures: Sell stops likely reside just below technical
support at 12,450 and then at 12,400. Buy stops likely
reside just above technical resistance at 12,550 and then at
12,585. 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 to bullish early today. Wyckoff's Intra-Day
Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Some more profit taking is seen today
following safe-haven buying recently. Shorter-term moving
averages (4- 9- 18-day) are still 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 bearish early today. Shorter-term
resistance lies at 147 16/32 and then at the overnight high
of 147 25/32. Buy stops likely reside just above those
levels. Shorter-term technical support lies at 147 even and
then at 146 16/32. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 4.0

June U.S. T-Notes: Prices are seeing some more profit
taking. Shorter-term moving averages (4- 9- 18-day) are
still 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 bearish
early today. Shorter-term resistance lies at the overnight
high of 133.18.5 and then at Monday’s high of 133.24.0. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at 133.08.0 and then at 133.00.0.
Sell stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 4.0

U.S. DOLLAR INDEX

Prices are firmer in early trading on some fresh safe-haven
buying. Bulls still have some upside technical momentum.
Slow stochastics for the dollar index are bearish early
today. The dollar index finds shorter-term technical
resistance at the overnight high of 81.50 and then at
Monday’s high of 81.56. Shorter-term support is seen at the
overnight low of 81.09 and then at 81.00. Wyckoff's Intra
Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading slightly lower early today.
Prices Monday hit another fresh 6.5-month low of $91.12.
Bears still have downside technical momentum on their side.
In July crude, look for buy stops to reside just above
resistance at Monday’s high of $93.34 and then at $94.00.
Look for sell stops just below technical support at $92.00
and then at $91.12. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Markets were mostly lower in overnight trading, on
corrective, profit-taking pullbacks from recent gains. The
key outside markets are also mildly bearish for grains
early today—firmer U.S. dollar index and steady-weak crude
oil prices. Grain traders are growing increasingly
concerned about dry weather in much of the U.S. Corn Belt,
with little rain in the forecast. Recent export demand for
U.S. grains has been strong and that’s a bullish factor for
grains.
 

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