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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 22

Mar 22, 2012

Thursday, March 22--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

It’s a “risk-off” day in the market place early Thursday,
as some fresh, weak economic data out of China and the
European Union have spooked the market place. So far early
today, only the U.S. dollar index and U.S. Treasury bonds
and notes are seeing price gains.--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 bearish early today. Today, shorter-term
technical resistance comes in at the overnight high of
1,400.70 and then at this week’s high of 1,407.80. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at 1,375.00 and then at
1,366.00. 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 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 bearish early today. Shorter-term technical
resistance is located at the overnight high of 2,740.75 and
then at Wednesday’s high of 2,748.50. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at 2,707.00 and then at 2,700.00. Sell stops
are likely located just below those levels. Wyckoff's Intra-
Day Market Rating: 4.5

Dow futures: Buy stops likely reside just above technical
resistance at 13,066 and then at Wednesday’s high of 13,122.
Sell stops likely reside just below technical support at
13,000 and then more stops just below support at 12,950.
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: 4.5

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: 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 support lies at the
overnight low of 136 15/32 and then at 136 even. Sell stops
likely reside just below those levels. Shorter-term
technical resistance lies at 137 16/32 and then at 138 even.
Buy stops likely reside just above those levels. Wyckoff's
Intra-Day Market Rating: 5.5

June U.S. T-Notes: 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 129.00.0 and then at 129.08.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 128.13.0 and
then at 128.00.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 6.0

U.S. DOLLAR INDEX

The June U.S. dollar index is firmer early today. 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 79.65 and then at
this week’s low of 79.53. Wyckoff's Intra Day Market Rating:
5.5

CRUDE OIL

Crude oil prices are trading lower early today. Bulls have
faded a bit 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 the overnight low
of $105.67 and then at $105.00. Wyckoff's Intra-Day Market
Rating: 4.0

GRAINS

Markets were lower in overnight trading. The corn and wheat
bulls have faded badly this week and need to show fresh
power soon to avoid significant near-term technical damage.
The key “outside markets” are in a bearish posture for
grains, as the U.S. dollar index is firmer and crude oil
prices are weaker today. Traders are awaiting the weekly
USDA export sales report this morning.
 

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