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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--November 10

Nov 10, 2011

Thursday, November 10--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Given the present macro-economic situation in the world market
place, my bias is that commodity markets will fare well in the
coming weeks and months. The main reason being the European Union
debt crisis and tepid world economic growth will continue to
foster monetary policy easing by the major central banks of the
world. That suggests inflationary price pressures, which would be
significantly commodity-market bullish.--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. 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
1,250.00 and then at this week’s high of 1,275.00. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at the overnight low of 1,218.80
and then at last week’s low of 1,208.00. Sell stops are likely
located just below those levels. Wyckoff's Intra-day Market
Rating: 5.5

Nasdaq index 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 average is below the 18-
day. Short-term oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term technical resistance is located at
2,350.00 and then at 2,375.00, Buy stops likely reside just above
those levels. On the downside, short-term support is seen at the
overnight low of 2,301.50 and then at last week’s low of
2,279.00. Sell stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 5.5

Dow futures: Sell stops likely reside just below technical
support at 11,800 and then more stops just below support 11,750.
Buy stops likely reside just above technical resistance at 11,900
and then at Wednesday’s high of 11,935. Shorter-term moving
averages are bullish early today, as the 4-day moving average is
above the 9-day. The 9-day moving average is above the 18-day
moving average. Shorter-term oscillators (RSI, slow stochastics)
are neutral. Wyckoff's Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral to
bearish early today. Shorter-term support lies at 141 even and
then at this week’s low of 140 6/32. Sell stops likely reside
just below those levels. Shorter-term technical resistance lies
at 142 even and then at the overnight high of 142 29/32. Buy
stops likely reside just above those levels. Wyckoff's Intra-Day
Market Rating: 4.0

December U.S. T-Notes: Shorter-term moving averages (4- 9- 18-
day) are still 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 bearish early
today. Shorter-term resistance lies at the overnight high of
130.28.5 and then at this week’s high of 131.00.0. Buy stops
likely reside just above those levels. Shorter-term technical
support lies at 130.00.0 and then at this week’s low of 129.27.5.
Sell stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 4.0

U.S. DOLLAR INDEX

The December U.S. dollar index is lower in early trading today,
on a corrective pullback from strong gains posted Wednesday. Slow
stochastics for the dollar index are neutral early today. The
dollar index finds shorter-term technical resistance at 78.00 and
then at the overnight high of 78.42. Shorter-term support is seen
at 77.50 and then at 77.00. Wyckoff's Intra Day Market Rating:
4.0

CRUDE OIL

Crude oil prices are trading higher today. Bulls have the solid
near-term technical advantage. In December crude, look for buy
stops to reside just above resistance at this week’s high of
$97.84 and then at $98.00. Look for sell stops just below
technical support at $97.00 and then at $96.00. Wyckoff's Intra-
Day Market Rating: 6.0

GRAINS

Prices were higher in overnight trading, on corrective bounces
from selling pressure seen Wednesday. Traders are awaiting this
morning’s weekly USDA export sales report. The key “outside
markets” are bullish early today—weaker U.S. dollar index and
higher crude oil and stock index prices. Trading has turned
choppy in the grain markets recently. My bias is that there is
not strong downside price pressure left in the grains.
 

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