Sep 18, 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. 29

Nov 29, 2012

Thursday, November 29--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

It’s a keener risk mentality day in the market place early
Thursday. As the rhetoric continues among U.S. lawmakers and
President Obama regarding the so-called “fiscal cliff” tax
increases and spending cuts that are approaching, House
Speaker John Boehner said late Wednesday he is optimistic
there will be a deal reached by the end of the year. There
was more upbeat commentary coming from the U.S. lawmakers
Wednesday, which boosted the U.S. stock market and spilled
over into more positive attitudes in Asia and Europe
overnight. There was also some more upbeat economic data
coming out of the European Union Thursday. Lower
unemployment in Germany and upbeat business confidence in
the EU were reported. The Euro rose against the U.S. dollar
overnight, while Spanish and Italian bond yields declined to
their lowest levels in months. Declining Spanish and Italian
bond yields suggest a stabilizing European Union debt
situation, even though serious financial problems in the
bloc remain. The Wall Street Journal reported Wednesday that
the December meeting of the U.S. Federal Reserve’s FOMC
would produce further monetary policy stimulus (QE4). That
was mildly market-sensitive and has given the raw commodity
sector a bit of support. In the Middle East, the Egyptian
political unrest continues to simmer. Meantime, a report
from the United Nations said Iran continues to expand its
nuclear enrichment program. U.S. economic data due for
release Thursday includes the weekly jobless claims report,
gross domestic product data for the third quarter, pending
home sales, the Kansas City Fed manufacturing survey, and
the ICSC chain store sales report.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are firmer today and hit a fresh
three-week high as the bulls are gaining some fresh upside
technical momentum. 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 bullish early today. Today, shorter-term
technical resistance comes in at 1,425.00 and then at the
November high of 1,431.40. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at the overnight low of 1,405.00 and then
at 1,395.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 6.0

Nasdaq index futures: Prices are higher early today and hit
a fresh three-week high overnight. Bulls have upside
momentum. 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 average is above the 18-day.
Short-term oscillators (RSI, slow stochastics) are bullish
early today. Shorter-term technical resistance is located at
the November high of 2,694.00 and then at 2,700.00. Buy
stops likely reside just above those levels. On the
downside, short-term support is seen at the overnight low of
2,659.75 and then at 2,650.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
6.0

Dow futures: Prices are higher early today and hit a fresh
three-week high overnight. Sell stops likely reside just
below technical support at 13,000 and then at 12,965. Buy
stops likely reside just above technical resistance at
13,100 and then at 13,150. Shorter-term moving averages are
neutral early today, as the 4-day moving average is above
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 bullish early today. Wyckoff's Intra-Day
Market Rating: 6.0

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Prices are lower early today on some
profit taking and amid a “risk-on” day in the market place.
Bulls still have the overall near-term technical advantage.
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 bearish early today.
Shorter-term resistance lies at the overnight high of 149
26/32 and then at 150 even. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 149 16/32 and then at 149 even. Sell
stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 4.0

March U.S. T-Notes: Prices are weaker early today on profit
taking. Bulls still have the overall near-term technical
advantage. 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 to
bearish early today. Shorter-term resistance lies at the
overnight high of 133.13.5 and then at this week’s high of
133.18.5. Buy stops likely reside just above those levels.
Shorter-term technical support lies at Wednesday’s low of
133.08.5 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

The March U.S. dollar index is lower in early U.S. trading
today. Bears have some fresh downside near-term technical
momentum. Slow stochastics for the dollar index are neutral
early today. The dollar index finds shorter-term technical
resistance at the overnight high of 80.54 and then at this
week’s high of 80.82. Shorter-term support is seen at this
week’s low of 80.27 and then at 80.00. Wyckoff's Intra Day
Market Rating: 4.0

NYMEX CRUDE OIL

Crude oil prices are higher early today, on short covering
and perceived bargain hunting. In January Nymex crude, look
for buy stops to reside just above resistance at $89.00 and
then at $90.00. Look for sell stops just below technical
support at $87.00 and then at $86.00. Wyckoff's Intra-Day
Market Rating: 6.0

GRAINS

Markets were firmer in overnight trading, amid the “risk
on” trader mentality in the market place and bullish
outside market forces--lower U.S. dollar index and higher
crude oil. Grain market bulls have been working to regain
upside near-term technical momentum to suggest that near-
term market lows are in place. Traders will closely
scrutinize today’s weekly USDA export sales report.
 

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