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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--May 25

May 25, 2012

Friday, May 25--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place is just a bit calmer Friday morning,
heading into a long U.S. holiday weekend that will likely
see U.S. traders and investors hit the exit doors early
today. Overnight on the European Union debt crisis front,
better German and French consumer confidence data has given
a modest lift to European stock markets. Italian Prime
Minister Monti reportedly said he believes Greece will stay
in the EU and that Eurobond issuance is gaining more support
among EU officials. However, the German Bundesbank president
overnight reiterated his opposition to Eurobonds. While the
EU sovereign debt and financial crisis has seen the heat
turned down just a bit Friday morning, don’t be surprised to
see the matter back to a medium boil next week—with markets
still reacting to the latest developments coming out of
Europe.--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 above the 9-day. The 9-day is below the 18-day
moving average. Short-term oscillators (RSI, slow
stochastics) are bullish early today. Today, shorter-term
technical resistance comes in at the overnight high of
1,329.60 and then at 1,340.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at the overnight low of 1,316.60 and then
at Thursday’s low of 1,306.10. 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 above the 9-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 this week’s high of 2,561.50 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 2,525.25 and then at 2,500.00. 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 12,500 and then at 12,470. Buy stops likely
reside just above technical resistance at this week’s high
of 12,550 and then at 12,600. 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: 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 above the 18-day moving
average. Oscillators (RSI, slow stochastics) are bearish
early today. Shorter-term resistance lies at the overnight
high of 147 15/32 and then at 148 even. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 146 31/32 and then at
this week’s low of 146 22/32. Sell stops likely reside just
below 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. 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 the
contract high of 133.28.5 and then at 134.00.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 133.10.5 and
then at this week’s low of 133.04.0. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 5.0

U.S. DOLLAR INDEX

Prices are weaker in early trading on profit taking after
hitting another fresh 21-month high overnight. Bulls still
have upside technical momentum amid safe-haven demand for
greenbacks. Slow stochastics for the dollar index are
bearish early today. The dollar index finds shorter-term
technical resistance at the overnight high of 82.56 and then
at 82.75. Shorter-term support is seen at the overnight low
of 82.12 and then at 82.00. Wyckoff's Intra Day Market
Rating: 4.5

CRUDE OIL

Crude oil prices are trading slightly higher early today on
short covering after hitting a 6.5-month low of $89.28 on
Wednesday. Bears still have some downside technical momentum
on their side. In July crude, look for buy stops to reside
just above resistance at the overnight high of $91.32 and
then at $92.00. Look for sell stops just below technical
support at $90.00 and then at $89.28. Wyckoff's Intra-Day
Market Rating: 5.0

GRAINS

Markets were mostly higher in overnight trading on short
covering and some bargain hunting following recent selling
pressure. Trading today may be tentative heading into a
long holiday weekend. Updated weather forecasts for the
Corn Belt as the day progresses will be closely
scrutinized. The key outside markets are mildly bullish for
grains early today—weaker U.S. dollar index and firmer
crude oil prices.
 

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