Jul 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--September 21

Sep 21, 2012

Friday, September 21--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

In overnight news, European stocks rose amid notions Spain
will ask the EU for more bailout funding. Reports said EU
and Spanish officials are now working on a bailout deal. In
recent days there was speculation Spain may not ask for, or
would delay asking for EU financial help. Periphery EU
country bond yields fell on the news Friday, while the Euro
currency rose. It is believed the European Central Bank will
kick off its new monetary stimulus package, including the
European Stabilization Mechanism (ESM) by buying Spanish
bonds, once Spain agrees to such. However, reports Friday
said the ESM will begin on October 8 without two key
leverage components because Finland is now concerned about
its exposure to the ESM. This raises questions about whether
other stable EU countries will balk about certain details of
the ESM and how it impacts them. This situation is not
surprising to some, who always reckoned the ESM would find
“the devil being in the details.”--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9-
and 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. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Today, shorter-term
technical resistance comes in at the overnight high of
1,460.00 and then at last week’s high of 1,467.50. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at this week’s low of
1,443.80 and then at 1,428.50. 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 still bullish early today. The 4-day
moving average is above the 9-day. The 9-day average is
above the 18-day. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Shorter-term technical
resistance is located at this week’s high of 2,866.25 and
then at 2,875.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at the
overnight low of 2,853.75 and then at this week’s low of
2,837.25. 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 13,500 and then at 13,450. Buy stops likely
reside just above technical resistance at last week’s high
of 13,570 and then at 13,600. Shorter-term moving averages
are still 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 early today. Wyckoff's
Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices are near steady today. Bulls
are regaining some upside near-term technical momentum.
Shorter-term moving averages (4- 9- 18-day) are still
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 bullish
early today. Shorter-term resistance lies at the overnight
high of 146 30/32 and then at this week’s high of 147 19/32.
Buy stops likely reside just above those levels. Shorter-
term technical support lies at the overnight low of 146
10/32 and then at 146 even. Sell stops likely reside just
below those levels. Wyckoff's Intra-Day Market Rating: 5.0

December U.S. T-Notes: Prices are slightly higher early
today. Bulls have regained some upside momentum. Shorter-
term moving averages (4- 9- 18-day) are still 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 bullish early
today. Shorter-term resistance lies at 132.18.0 and then at
this week’s high of 132.28.0. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 132.08.0 and then at 132.00.0. 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 slightly lower in early
U.S. trading today. Bears still have the overall near-term
technical advantage as a two-month-old downtrend line is
still in place on the daily bar chart. Slow stochastics for
the dollar index are bullish early today. The dollar index
finds shorter-term technical resistance at the overnight
high of 79.52 and then at this week’s high of 79.755.
Shorter-term support is seen at the overnight low of 79.11
and then at this week’s low of 78.83. Wyckoff's Intra Day
Market Rating: 5.0

NYMEX CRUDE OIL

Crude oil prices are firmer early today on short covering.
Prices Thursday hit a six-week low. In November Nymex crude,
look for buy stops to reside just above resistance at the
overnight high of $93.48 and then at $94.00. Look for sell
stops just below technical support at $92.50 and then at
$92.00. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Markets were mostly firmer in overnight trading. The key
“outside markets” are in a bullish posture for the grain
markets today, as the U.S. dollar index is weaker and crude
oil prices are firmer. Corn and soybean bulls faded on
Thursday, especially beans. With harvest pressure occurring
in corn and soybeans, there are ideas market tops in the
grain futures are in place.
 

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