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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--March 21

Mar 21, 2012

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

* JIM'S MARKET THOUGHT OF THE DAY *

U.S. Treasury bond and note futures prices have recently
plunged from higher levels that were in place for several
months. This is a strong clue that investor risk appetite
in the overall market place has improved, and not just on a
short-term basis. Such has also been bad news for the safe-
haven gold market. Continue to keep an eye on T-Bonds and
T-Notes futures prices, as a gauge of overall investor risk
sentiment.--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 early today. Today, shorter-term
technical resistance comes in at this week’s high of
1,407.80 and then at 1,425.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at this week’s low of 1,391.00 and then at
1,375.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 5.5

Nasdaq index futures: Prices poked to another fresh 11-year
high overnight. 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
early today. Shorter-term technical resistance is located at
2,750.00 and then at 2,775.00. Buy stops likely reside just
above those levels. On the downside, short-term support is
seen at 2,725.00 and then at Tuesday’s low of 2,707.25. Sell
stops are likely located just below those levels. Wyckoff's
Intra-Day Market Rating: 6.0

Dow futures: Buy stops likely reside just above technical
resistance at 13,167 and then at this week’ high of 13,200.
Sell stops likely reside just below technical support at
Tuesday’s low of 13,060 and then more stops just below
support at 13,000. 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 below the 18-day
moving average. Shorter-term oscillators (RSI, slow
stochastics) are bearish early today. Wyckoff's Intra-Day
Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

June 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 135 13/32 and then at this week’s low of
135 5/32. Sell stops likely reside just below those levels.
Shorter-term technical resistance lies at the overnight high
of 135 30/32 and then at 136 16/32. Buy stops likely reside
just above those levels. Wyckoff's Intra-Day Market Rating:
5.0

June 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 128.04.0 and then at Tuesday’s high of
128.13.0. Buy stops likely reside just above those levels.
Shorter-term technical support lies at Tuesday’s low of
127.23.0 and then at 127.16.0. Sell stops likely reside
just below those levels. Wyckoff's Intra-Day Market Rating:
5.0

U.S. DOLLAR INDEX

The June U.S. dollar index is slightly lower early today.
The bulls have faded recently and need to show fresh power
soon. Slow stochastics for the dollar index are bearish
early today. The dollar index finds shorter-term technical
resistance at this week’s high of 80.18 and then at 80.50.
Shorter-term support is seen at the overnight low of 79.53
and then at 79.25. Wyckoff's Intra Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading firmer early today. Bulls faded
on Tuesday but still have the overall near-term technical
advantage. In May crude, look for buy stops to reside just
above resistance at $107.00 and then at $107.50. Look for
sell stops just below technical support at $106.00 and then
at Tuesday’s low of $105.70. Wyckoff's Intra-Day Market
Rating: 5.5

GRAINS

Markets were narrowly mixed in overnight trading. The bulls
faded Tuesday and need to show fresh power soon to avoid
significant near-term technical damage. The key “outside
markets” are in a mildly bullish posture for grains, as the
U.S. dollar index is weaker and crude oil prices are firmer
today. Traders are looking forward to the March 31 USDA
planting intentions report.
 

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