Sep 19, 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, 2011

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

* JIM'S MARKET THOUGHT OF THE DAY *

Look for more subdued trading in most markets today, as traders anticipate this afternoon's FOMC meeting statement. After that FOMC statement, those markets that are still open could see more active trading. Many believe the Fed today will announce another monetary policy stimulus plan, which should be bullish for most commodity markets and the stock market. The surprise to the market place would be no significant move by the Fed today.--Jim

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 neutral early today. Today, shorter-term technical resistance comes in at the overnight high of 1,203.70 and then at Tuesday's high of 1,214.50. Buy stops likely reside just above those levels. Downside support for active traders today is located at Tuesday's low of 1,185.40 and then at 1,176.00. Sell stops are likely located just below those levels. Wyckoff's Intra-day Market Rating: 5.0

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. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is located at the overnight high of 2,307.50 and then at Tuesday's high of 2,332.50. Buy stops likely reside just above those levels. On the downside, short-term support is seen at Tuesday's low of 2,283.75 and then at this week's low of 2,254.25. Sell stops are likely located just below those levels. Wyckoff's Intra-Day Market Rating: 5.0

Dow futures: Sell stops likely reside just below support at Tuesday's low of 11,305 and then more stops just below support at 11,250. Buy stops likely reside just above technical resistance at 11,400 and then at 11,450. 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: 5.0

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term support lies at the overnight low of 140 28/32 and then at 140 16/32. Sell stops likely reside just below those levels. Shorter-term technical resistance lies at the overnight high of 141 18/32 and then at the contract high of 141 31/32. Buy stops likely reside just above those levels. Wyckoff's Intra-Day Market Rating: 5.0

 

December U.S. T-Notes: Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term resistance lies at Tuesday's high of 130.23.5 and then at the contract high of 131.04.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 130.09.5 and then at 130.00.0. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The December U.S. dollar index is firmer in early trading today. A bullish symmetrical triangle pattern has formed on the daily bar chart. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at this week's high of 78.06 and then at last week's high of 78.29. Shorter-term support is seen at the overnight low of 77.41 and then at this week's low of 77.32. Wyckoff's Intra Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are trading slightly lower early today. The bulls have faded a bit recently and needed to show more power soon. In November crude, look for buy stops to reside just above resistance at $87.00 and then at $87.50. Look for sell stops just below technical support at $86.00 and then at Tuesday's low of $85.25. Wyckoff's Intra-Day Market Rating: 4.5

GRAINS

Prices were firmer in overnight trading. Grain market bulls have faded recently and needed to show fresh power yet this week to avoid more significant near-term technical damage being inflicted. My bias is that all three grain markets are close to near-term lows, but bulls have some heavy lifting to do very soon to confirm my bias.


 

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