Sep 20, 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--Nov. 2

Nov 02, 2012

Friday, November 2--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

The market place awaits the all-important U.S. employment
report that is due out Friday morning. The key non-farm
payrolls component of the jobs report is forecast to come in
at up 125,000 in October. Look for active trading in many
markets in the immediate aftermath of the jobs report. In
European trading, stocks fell overnight and the Euro
currency was pressured following some fresh economic news
out of Spain showing its manufacturing sector weakened
further in October. It was also reported Friday that the
overall European Union manufacturing sector continued to
contract in October for the 15th straight month, with a PMI
reading of 45.4. Any PMI reading below 50.0 depicts a
contracting manufacturing sector. Recent economic data
coming from the European Union paints a gloomy economic
picture for the EU in the coming months. Meantime, Hong
Kong’s Hang Seng stock index notched a 15-month high Friday,
as Asian markets reacted to the improving U.S. economic data
coming out of the U.S. on Thursday. Other U.S. economic data
due for release Friday includes manufacturers’ shipments and
inventories and the global manufacturing purchasing managers
index.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are near steady early today. 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 to bullish
early today. Today, shorter-term technical resistance comes
in at 1,433.10 and then at 1,450.00. Buy stops likely reside
just above those levels. Downside support for active traders
today is located at 1,410.00 and then at Thursday’s low of
1,399.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 5.0

Nasdaq index futures: Prices are near steady early today.
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
2,700.00 and then at 2,725.00. Buy stops likely reside just
above those levels. On the downside, short-term support is
seen at 2,675.00 and then at 2,650.00. Sell stops are likely
located just below those levels. Wyckoff's Intra-Day Market
Rating: 5.0

Dow futures: Prices are near steady early today. Sell stops
likely reside just below technical support at 13,100 and
then at Thursday’s low of 13,070. Buy stops likely reside
just above technical resistance at Thursday’s high of 13,210
and then at 13,250. Shorter-term moving averages are bearish
early today, as the 4-day moving average is below the 9-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

December U.S. T-Bonds: Prices are slightly lower early today
as trading remains choppy. 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 resistance lies at the
overnight high of 148 24/32 and then at 149 even. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 148 10/32 and
then at 148 even. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.0

December U.S. T-Notes: Prices are near steady early today.
Shorter-term moving averages (4- 9- 18-day) are neutral
early today. The 4-day moving average is above the 9-day
and 18-day. The 9-day is below the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral to bullish
early today. Shorter-term resistance lies at the overnight
high of 132.28.5 and then at this week’s high of 133.02.0.
Buy stops likely reside just above those levels. Shorter-
term technical support lies at the overnight low of
132.20.5 and then at this week’s low of 132.12.5. Sell
stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 5.0

U.S. DOLLAR INDEX

The December U.S. dollar index is higher in early U.S.
trading today and poked to a fresh seven-week high
overnight. Bulls have now regained some upside momentum late
this week. Slow stochastics for the dollar index are neutral
early today. The dollar index finds shorter-term technical
resistance at the overnight high of 80.48 and then at 80.75.
Shorter-term support is seen at the overnight low of 80.09
and then at Thursday’s low of 79.92. Wyckoff's Intra Day
Market Rating: 6.0

NYMEX CRUDE OIL

Crude oil prices are weaker early today. Bears still have
the overall near-term technical advantage as a seven-week-
old downtrend is in place on the daily bar chart. In
December Nymex crude, look for buy stops to reside just
above resistance at this week’s high of $87.42 and then at
$88.00. Look for sell stops just below technical support at
$86.00 and then at $85.00. Wyckoff's Intra-Day Market
Rating: 4.0

GRAINS

Markets were lower in overnight trading. The key outside
markets are bearish for the grains early today, as the U.S.
dollar index is higher and crude oil prices are lower.
Grains will likely react to this morning’s U.S. jobs
report. Weekly USDA export sales data is also out this
morning, delayed by one day due to the storm.
 

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