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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 5

Oct 05, 2012

Friday, October 5--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

As usual the market place early Friday is anxiously awaiting
what is arguably the most important U.S. economic report of
the month: the employment situation report due out at 8:30
a.m. eastern time. The key non-farm payrolls figure is seen
rising by 118,000 in September. More volatile trading in
many markets is possible in the wake of the jobs report. In
overnight news, the Euro zone economy contracted in the
second quarter—down 0.9% from the second quarter of last
year. The market place is still waiting on a financial
bailout request from the European Union by Spain. It is
believed that when Spain asks the EU for financial
assistance, the European Central Bank would then step in to
buy Spanish bonds. In other news, the Bank of Japan left its
interest rates unchanged and did not announce fresh stimulus
measures after its regular meeting. Other U.S. economic data
due for release Friday includes consumer installment
credit.--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 and 18-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 September high of
1,467.50 and then at 1,475.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at Thursday’s low of 1,444.10 and then at
Wednesday’s low of 1,436.00. 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 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
bullish early today. Shorter-term technical resistance is
located at 2,836.25 and then at 2,850.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at Thursday’s low of 2,807.75 and then at
Wednesday’s low of 2,788.00. 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 Thursday’s low of 13,450 and then at 13,400. Buy
stops likely reside just above technical resistance at
13,545 and then at the September high of 13,580. 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 neutral to
bullish early today. Wyckoff's Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Bulls are fading to end the week.
Shorter-term moving averages (4- 9- 18-day) are neutral
early today. The 4-day moving average is below the 9-day and
18-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 149
even and then at 149 16/32. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 148 15/32 and then at 148 even. Sell
stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 4.0

December U.S. T-Notes: Bulls are fading a bit. Shorter-term
moving averages (4- 9- 18-day) are still 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 bearish early
today. Shorter-term resistance lies at the overnight high
of 133.15.5 and then at Thursday’s high of 133.24.5. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at 133.08.0 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 December U.S. dollar index is near steady in early U.S.
trading today. Bears still have the overall near-term
technical advantage. Slow stochastics for the dollar index
are bearish early today. The dollar index finds shorter-term
technical resistance at 79.75 and then at Thursday’s high of
80.00. Shorter-term support is seen at this week’s low of
79.35 and then at 79.00. Wyckoff's Intra Day Market Rating:
5.0

NYMEX CRUDE OIL

Crude oil prices are lower early today. Traders are trying
to recover from the high volatility seen the past two days.
Bulls and bears are back on an overall level near-term
technical playing field. In November Nymex crude, look for
buy stops to reside just above resistance at the overnight
high of $91.62 and then at $92.50. Look for sell stops just
below technical support at $90.00 and then at the September
low of $88.95. Wyckoff's Intra-Day Market Rating: 4.5

GRAINS

Markets were mixed in overnight trading. The grain market
bulls have faded amid harvest pressure and weakening
worldwide demand for grains at higher price levels. Grain
trading today is likely to follow the outside markets, in
the aftermath of the key U.S. jobs report.
 

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