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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--Nov. 27

Nov 27, 2012

Tuesday, November 27--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

In overnight trading, the European stock markets rallied on
news that Euro zone leaders meeting in Brussels agreed late
Monday to disburse fresh bailout funds to cash-starved
Greece. Most market watchers had reckoned EU leaders would
grant new monies to Greece. The gist of the deal calls for
Greece to cut its debt to 124% of GDP by 2020 and a
reduction in the interest rate charged to Greece on the
loans. The Euro currency also was somewhat supported on the
Greece news. However, the world market place showed no
significant reaction to the as-expected news. A heavy slate
of U.S. economic data due for release Tuesday could produce
significant market moves. U.S. data due for release Tuesday
includes the weekly Johnson Redbook and Goldman Sachs retail
sales reports, advance durable goods orders, the Chicago Fed
midwest manufacturing index, the S&P/Case-Shiller home price
index, the Richmond Fed business survey, and the consumer
confidence index. Traders and investors are also focused on
the negotiations among U.S. lawmakers and President Obama
regarding the so-called “fiscal cliff” tax increases and
spending cuts that are approaching. Congress is back from
its Thanksgiving break, so there will likely be some more
news on the fiscal cliff front this week, which could be
market-sensitive. Meantime, in the Middle East there are
growing tensions in Egypt, as its president awarded himself
major powers last week, and the public did not like it.
Protesting in the streets is occurring this week. This
situation bears close watching and if it escalates, it will
more significantly impact markets.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are near steady early today but did
hit a fresh three-week high overnight. Bulls still have some
upside near-term momentum on their side. 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 to bullish
early today. Today, shorter-term technical resistance comes
in at the overnight high of 1,407.40 and then at 1,415.00.
Buy stops likely reside just above those levels. Downside
support for active traders today is located at Monday’s low
of 1,395.20 and then at 1,387.10. Sell stops are likely
located just below those levels. Wyckoff's Intra-day Market
Rating: 5.0

Nasdaq index futures: Prices are firmer early today and hit
a fresh three-week high overnight. 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
average is below the 18-day. Short-term oscillators (RSI,
slow stochastics) are bullish early today. Shorter-term
technical resistance is located at 2,660.00 and then at
2,675.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at the overnight
low of 2,646.25 and then at Monday’s low of 2,623.00. Sell
stops are likely located just below those levels. Wyckoff's
Intra-Day Market Rating: 5.5

Dow futures: Prices are near steady early today. Bulls still
have some upside near-term technical momentum. Sell stops
likely reside just below technical support at 12,900 and
then at 12,865. Buy stops likely reside just above technical
resistance at 12,961 and then at 13,000. 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 bullish early today.
Wyckoff's Intra-Day Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Prices are near steady early today.
Bulls still have the overall near-term technical advantage.
Shorter-term moving averages (4- 9- 18-day) are neutral
early today. The 4-day moving average is below the 9-day and
18-day. The 9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral early today.
Shorter-term resistance lies at the overnight high of 149
22/32 and then at 150 even. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 148 31/32 and then at Monday’s low of
148 20/32. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 5.0

March U.S. T-Notes: Prices are near steady early today. The
bulls still have the overall near-term technical advantage.
Shorter-term moving averages (4- 9- 18-day) are neutral
early today. The 4-day moving average is below the 9-day
and 18-day. The 9-day is above the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral early
today. Shorter-term resistance lies at the overnight high
of 133.05.5 and then at 133.08.0. Buy stops likely reside
just above those levels. Shorter-term technical support
lies at the overnight low of 132.29.0 and then at Monday’s
low of 132.25.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.0

U.S. DOLLAR INDEX

The March U.S. dollar index is slightly higher in early U.S.
trading today but did hit a fresh three-week low overnight.
Bulls have faded. Slow stochastics for the dollar index are
bearish early today. The dollar index finds shorter-term
technical resistance at the overnight high of 80.60 and then
at 80.75. Shorter-term support is seen at the overnight low
of 80.27 and then at 80.00. Wyckoff's Intra Day Market
Rating: 5.0

NYMEX CRUDE OIL

Crude oil prices are slightly higher early today. A bullish
rounding-bottom reversal pattern has formed on the daily bar
chart. In January Nymex crude, look for buy stops to reside
just above resistance at $89.00 and then at $90.00. Look for
sell stops just below technical support at Monday’s low of
$87.27 and then at $86.71. Wyckoff's Intra-Day Market
Rating: 5.0

GRAINS

Markets were firmer in overnight trading. Grain market
bulls are still working to regain upside near-term
technical momentum. Perceived bargain hunting and short
covering have been seen recently. Focus of traders this
week will be on fresh demand news and on weather in South
American corn and soybean regions.
 

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