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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--August 22

Aug 22, 2011

Monday, August 22--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Monday morning finds the market place in a calmer state, for the moment, after an uncertain weekend following lower closes in the U.S. stock market Friday. Gold did hit another all-time record high near $1,900.00 an ounce overnight. The European Union debt saga is still on traders' minds, but fresh Libyan unrest is now also on the front burner at present.--Jim

STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9- and 18-day) are bearish early today. The 4-day moving average is below the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical resistance comes in at Friday's high of 1,153.00 and then at 1,175.00. Buy stops likely reside just above those levels. Downside support for active traders today is located at the overnight low of 1,112.80 and then at 1,100.00. Sell stops are likely located just below those levels. Wyckoff's Intra-day Market Rating: 5.0

Nasdaq index futures: The shorter-term moving averages (4- 9-and 18-day) are bearish early today. The 4-day moving average is below the 9-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 Friday's high of 2,102.00 and then at 2,125.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at 2,050.00 and then at the overnight low of 2,022.25. Sell stops are likely located just below those levels. Wyckoff's Intra-Day Market Rating: 5.0

Dow futures: Sell stops likely reside just below support at 10,900 and then more stops just below support at 10,850. Buy stops likely reside just above technical resistance at 10,950 and then at 11,000. Shorter-term moving averages are neutral early today, as the 4-day moving average is above the 9-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

September U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are 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 140 even and then at the overnight high of 140 25/32. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 139 even and then at 138 even. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 5.0

 

September U.S. T-Notes: Shorter-term moving averages (4- 9- 18-day) are 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 today. Shorter-term resistance lies at the overnight high of 131.31.5 and then at the contract high of 131.20.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at 130.00.0 and then at 129.16.0. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 5.0

U.S. DOLLAR INDEX

The September U.S. dollar index is weaker in early trading today. Dollar index bears still have the overall near-term technical advantage. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at the overnight high of 74.24 and then at last week's high of 74.57. Shorter-term support is seen at Friday's low of 73.68 and then at last week's low of 73.51. Wyckoff's Intra Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading higher early today. Price action late last week suggests prices may retest the August low of $76.15. In October crude, look for buy stops to reside just above resistance at $84.00 and then at $85.00. Look for sell stops just below technical support at $82.50 and then at $82.00. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Prices were higher in overnight trading as the world stock and financial markets are a bit calmer to start the trading week. Dry weather over much of the Corn Belt is becoming more bullish for corn and soybeans. The annual Pro Farmer Midwest crop tour kicks off today and it will garner keen trader attention. Grain market bulls do have some technical momentum on their side.

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