Aug 30, 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 30

May 30, 2012

Wednesday, May 30--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The market place is tilting toward a “risk-off” trading day
so far Wednesday, as the U.S. stock indexes are weaker,
while the U.S. dollar index and U.S. Treasury prices are
trading higher. The markets are still reacting to Tuesday’s
news that Spain’s sovereign debt was downgraded by Egan-
Jones. There are concerns regarding the entire Spanish
banking system after the European Central Bank reportedly
said it will not support funding of the bailout of Spain’s
largest bank, Bankia. In other news overnight, a poll shows
Greece citizens want to stay in Euro zone. Also, the
European Commission reportedly wants more banking union
among EU nations. And reports out of China say China’s new
economic stimulus package will not be at all large. That was
a bit bearish for the raw commodity market sector.

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 neutral early today. Today, shorter-term
technical resistance comes in at Tuesday’s high of 1,334.20
and then at 1,350.00. Buy stops likely reside just above
those levels. Downside support for active traders today is
located at Tuesday’s low of 1,318.00 and then at 1,300.00.
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 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 early today. Shorter-term technical resistance is
located at Tuesday’s high of 2,570.00 and then at 2,583.00.
Buy stops likely reside just above those levels. On the
downside, short-term support is seen at Tuesday’s low of
2,531.50 and then at 2,518.25. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
4.0

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 12,500 and then at
12,550. Shorter-term moving averages are neutral early
today, as the 4-day moving average is above the 9-day. The
9-day moving average is below the 18-day moving average.
Shorter-term oscillators (RSI, slow stochastics) are bullish
early today. Wyckoff's Intra-Day Market Rating: 4.0

U.S. TREASURY BONDS AND NOTES

September U.S. T-Bonds: Prices set a fresh contract high
overnight on safe-haven investment demand. Shorter-term
moving averages (4- 9- 18-day) are bullish early today. The
4-day moving average is even with 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 the overnight contract high of 148 5/32
and then at 148 16/32. Buy stops likely reside just above
those levels. Shorter-term technical support lies at 147
16/32 and then at 147 even. Sell stops likely reside just
below those levels. Wyckoff's Intra-Day Market Rating: 6.0

September U.S. T-Notes: Prices hit another fresh contract
high overnight. 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 bullish
early today. Shorter-term resistance lies at the overnight
contract high of 133.08.5 and then at 133.16.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at 133.00.0 and then at the
overnight low of 132.21.5. Sell stops likely reside just
below those levels. Wyckoff's Intra-Day Market Rating: 6.0

U.S. DOLLAR INDEX

Prices are firmer in early trading and hit another fresh 21-
month high overnight. Bulls have upside technical momentum
amid recent safe-haven demand for greenbacks. Slow
stochastics for the dollar index are neutral early today.
The dollar index finds shorter-term technical resistance at
the overnight high of 83.24 and then at 83.50. Shorter-term
support is seen at the overnight low of 83.00 and then at
82.75. Wyckoff's Intra Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading lower early today and hit a
fresh 6.5-month low of $88.94 overnight. Bears have downside
technical momentum on their side. In July crude, look for
buy stops to reside just above resistance at $90.00 and then
at the overnight high of $90.92. Look for sell stops just
below technical support at the overnight low of $88.94 and
then at $88.00. Wyckoff's Intra-Day Market Rating: 4.0

GRAINS

Markets were mixed but mostly lower in overnight trading.
Recent U.S. weather and the latest forecasts for the Corn
Belt and Plains are a mixed bag but mostly bearish due to
the beneficial precip and a bit more in the forecast. The
key outside markets are bearish for grains early today—
firmer U.S. dollar index and lower crude oil prices.
 

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