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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--September 26

Sep 26, 2012

Wednesday, September 26--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

There is a “risk-off” trader mentality in the market place
Wednesday morning, as the European Union sovereign debt
crisis is back on the front burner. There are fresh worries
the summertime bailout agreement reached among EU officials
may now be unraveling. Protesting in the streets is
occurring in Spain and Greece over their governments’
austerity programs. European stock markets dropped amid the
protesting and amid fresh, unsettling comments from various
EU officials on their debt crisis. The Euro currency dropped
to a fresh two-week low Wednesday. Yields on Spanish and
Italian bond yields are on the rise again. Meantime, Asian
stock markets were under pressure as tensions between China
and Japan remain high over some disputed islands. Major
Japanese industry is now curtailing its work force in
China.--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 below the 9-day. The 9-day is above the 18-day
moving average. Short-term oscillators (RSI, slow
stochastics) are bearish early today. Today, shorter-term
technical resistance comes in at 1,450.00 and then at
Tuesday’s high of 1,456.60. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at 1,428.50 and then at 1,421.60. Sell
stops are likely located just below those levels. Wyckoff's
Intra-day Market Rating: 4.5

Nasdaq index futures: The shorter-term moving averages (4-
9-and 18-day) are neutral early today. The 4-day moving
average is below the 9-day. The 9-day average is above the
18-day. Short-term oscillators (RSI, slow stochastics) are
bearish early today. Shorter-term technical resistance is
located at the overnight high of 2,807.75 and then at
2,825.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at 2,775.00 and
then at 2,760.00. Sell stops are likely located just below
those levels. Wyckoff's Intra-Day Market Rating: 4.5

Dow futures: Sell stops likely reside just below technical
support at 13,350 and then at 13,300. Buy stops likely
reside just above technical resistance at 13,450 and then at
13,500. Shorter-term moving averages are neutral early
today, as the 4-day moving average is below the 9-day. The
9-day moving average is above the 18-day moving average.
Shorter-term oscillators (RSI, slow stochastics) are bearish
early today. Wyckoff's Intra-Day Market Rating: 4.5

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices are higher again today on more
safe-haven demand. Bulls have regained upside near-term
technical momentum. Shorter-term moving averages (4- 9- 18-
day) are neutral early today. The 4-day moving average is
above the 9-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 149 10/32 and then at 149 23/32. 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: 6.0

December U.S. T-Notes: Prices are higher early today on
more safe-haven demand. Bulls have regained upside
momentum. 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 bullish
early today. Shorter-term resistance lies at the overnight
high of 133.15.0 and then at the September high of
133.26.5. Buy stops likely reside just above those levels.
Shorter-term technical support lies at the overnight low of
133.04.5 and then at 133.00.0. Sell stops likely reside
just below those levels. Wyckoff's Intra-Day Market Rating:
6.0

U.S. DOLLAR INDEX

The December U.S. dollar index is higher in early U.S.
trading today, on more short covering and more safe-haven
demand. Bears still have the overall near-term technical
advantage, but bulls have gained some near-term momentum
recently. Slow stochastics for the dollar index are bullish
early today. The dollar index finds shorter-term technical
resistance at 80.00 and then at 80.25. Shorter-term support
is seen at the overnight low of 79.67 and then at Tuesday’s
low of 79.37. Wyckoff's Intra Day Market Rating: 6.0

NYMEX CRUDE OIL

Crude oil prices are lower early today and prices hit a
fresh seven-week low overnight. Bears have downside near-
term technical momentum. Prices action today has seen a
downside “breakout” from a bearish pennant pattern on the
daily bar chart. In November Nymex crude, look for buy stops
to reside just above resistance at the overnight high of
$91.34 and then at $92.00. Look for sell stops just below
technical support at $90.00 and then at $89.00. Wyckoff's
Intra-Day Market Rating: 4.0

GRAINS

Markets were lower in overnight trading, amid bearish
outside markets—lower crude oil and higher U.S. dollar
index—and amid the “risk off” day in the market place
today. U.S. harvest pressure is also weighing down corn and
soybean prices. Grain bears have gained some near-term
downside momentum. Traders are awaiting Friday morning’s
USDA quarterly grain stocks report.

 

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