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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 24

Aug 24, 2011

* JIM'S MARKET THOUGHT OF THE DAY *

Avoiding making mistakes in trading the markets is as big a factor in getting successful results as is picking the right market at the right time. I wrote a feature story a while back on the top 10 trading mistakes traders make. If you'd like to read that story, send me an email at

jim@jimwyckoff.com and I'll send it back to you. Jim

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 the overnight high of 1,161.20 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 1,142.70 and then at Tuesday's low of 1,120.50. 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 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 to bullish early today. Shorter-term technical resistance is located at Tuesday's high of 2,129.25 and then at 2,150.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at the overnight low of 2,096.25 and then at 2,075.00. Sell stops are likely located just below those levels. Wyckoff's Intra-Day Market Rating: 4.5

Dow futures: Sell stops likely reside just below support at 11,000 and then more stops just below support at 10,950. Buy stops likely reside just above technical resistance at 11,100 and then at 11,150. Shorter-term moving averages are bearish early today, as the 4-day moving average is below the 9-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral early today. Wyckoff's Intra-Day Market Rating: 4.5

U.S. TREASURY BONDS AND NOTES

September 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. 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 139 16/32 and then at 140 even. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 138 15/32 and then at 138 even. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 6.0

 

September 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 today. Shorter-term resistance lies at the overnight high of 130.17.5 and then at 131.00.0. 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: 5.5

U.S. DOLLAR INDEX

The December U.S. dollar index is weaker again in early trading today. Dollar index bears have the strong overall near-term technical advantage as prices hover near the recent lows. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 74.44 and then at this week's high of 74.57. Shorter-term support is seen at last week's low of 73.90 and then at 73.50. Wyckoff's Intra Day Market Rating: 3.5

CRUDE OIL

Crude oil prices are trading near steady early today. Bulls have regained some upside technical momentum. In October crude, look for buy stops to reside just above resistance at Tuesday's high of $86.39 and then at $87.00. Look for sell stops just below technical support at $85.00 and then at the overnight low of $84.55. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices were weaker in overnight trading, on corrective price pullbacks from recent gains. The U.S. stock indexes are lower early today, which means there is more of a "risk off" trader mentality today, and that's a bit bearish for the grains. The annual Pro Farmer Midwest Crop Rour this week is garnering keen trader attention. Grain market bulls still have some near-term technical momentum on their side.

 

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