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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--October 14

Oct 14, 2011

Friday, October 14--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

One thing I love about the business of trading markets is all the
old sayings and the lore of the market place. One of the
strangest market tales is called “The Voice from the Tomb.” If
you’d like to read this strange tale, send me an email at
jim@jimwyckoff.com and I’ll attach the story an email it back to
you. Jim

U.S. STOCK INDEXES

S&P 500 futures: 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
neutral to bullish early today. Today, shorter-term technical
resistance comes in at this week’s high of 1,215.50 and then at
1,229.50. Buy stops likely reside just above those levels.
Downside support for active traders today is located at the
overnight low of 1,193.00 and then at 1,180.80. Sell stops are
likely located just below those levels. Wyckoff's Intra-day
Market Rating: 5.5

Nasdaq index futures: 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 neutral
to bullish early today. Shorter-term technical resistance is
located at the overnight high of 2,348.75 and then at 2,375.00.
Buy stops likely reside just above those levels. On the downside,
short-term support is seen at the overnight low of 2,320.25 and
then at 2,300.00. 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 11,400 and then more stops just below support at
11,350. Buy stops likely reside just above technical resistance
at 11,500 and then at 11,550. Shorter-term moving averages are
bullish early today, as the 4-day moving average is above the 9-
day and 18-day. The 9-day moving average is above the 18-day
moving average. Shorter-term oscillators (RSI, slow stochastics)
are neutral. Wyckoff's Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral early
today. Shorter-term support lies at the overnight low of 138
16/32 even and then at this week’s low of 137 30/32. Sell stops
likely reside just below those levels. Shorter-term technical
resistance lies at the overnight high of 139 22/32 and then at
140 even. Buy stops likely reside just above those levels.
Wyckoff's Intra-Day Market Rating: 4.5
 
December U.S. T-Notes: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral early
today. Shorter-term resistance lies at the overnight high of
128.19.0 and then at 129.00.0. Buy stops likely reside just above
those levels. Shorter-term technical support lies at the
overnight low of 128.00.0 and then at this week’s low of
127.16.5. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 4.5

U.S. DOLLAR INDEX

The December U.S. dollar index is near steady in early trading
today and did hit a fresh four-week low overnight. Bulls have
faded badly recently and bears have some downside 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 77.56 and then at Thursday’s high of
77.74. Shorter-term support is seen at the overnight low of 77.07
and then at 76.75. Wyckoff's Intra Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading higher early today. The bulls still
have some upside technical momentum to suggest prices can
continue to trend sideways to higher in the near term. In
November crude, look for buy stops to reside just above
resistance at $86.00 and then at this week’s high of $86.64. Look
for sell stops just below technical support at $85.0 and then at
$84.00. Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Prices were firmer in overnight trading. Corn bulls are fading a
bit, wheat bears are back in command and soybean bulls have
gained some upside momentum. It is still my bias that "harvest
lows" are in place for corn and soybeans, but wheat now looks
more shaky.
 

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