Sep 2, 2014
Home| Tools| Blogs| Discussions| Sign UpLogin


Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--Feb. 15

Feb 15, 2013

Friday, February 15--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

The Group of 20 nations are meeting in Moscow on Friday and
Saturday. In the days heading up to the meeting there have
been finance officials’ remarks and a G-7 statement, mostly
directed toward and trying to downplay the much-talked-about
prospect of “currency wars.” Many industrialized nations
have in recent months, or longer, worked to devalue their
currencies to revive their economic growth. Japan has been
aggressively moving to devalue the yen in recent months.
Reports Friday said the G-20 will issue a statement pledging
to work toward growing their economies and not devaluing
their currencies. The fact world finance ministers are
working so hard to play down the matter is a clue that they
are actually very worried about the prospect of currency
wars. European markets were subdued Friday, ahead of the
weekend G-20 meetings. This overall situation could be an
underlying bullish factor for the precious metals down the
road, due to the inflationary implications. The Lunar New
Year celebration is occurring this week in Asia. China, the
number-two economy in the world, is on holiday all week for
the celebration. That is keeping Asian markets quiet and is
also keeping physical demand for gold coming out of Asia on
the light side. U.S. economic data due for release Friday
includes the Empire State manufacturing survey, Treasury
international capital data, industrial production and
capacity utilization, the University of Michigan consumer
sentiment survey, and quarterly e-commerce retail sales.--
Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are slightly lower in early trading
today on some mild profit taking. Prices are hovering near a
five-year high. Bulls still have the solid overall near-term
technical advantage. The shorter-term moving averages (4-,
9- and 18-day) are 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 neutral early today. Today, shorter-term
technical resistance comes in at this week’s high of
1,521.80 and then at 1,535.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at 1,500.00 and then at last week’s low of
1,490.50. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 5.0

Nasdaq index futures: Prices are weaker in early trading on
some more profit taking. Bulls still have the overall near-
term technical advantage. 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 neutral early today. Shorter-term technical
resistance is located at the overnight high of 2,769.00 and
then at this week’s high of 2,783.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at 2,750.00 and then at 2,725.00. Sell stops
are likely located just below those levels. Wyckoff's Intra-
Day Market Rating: 4.5

Dow futures: Prices are slightly lower early today on mild
profit taking after hitting a five-year high on Wednesday.
Bulls still have the solid overall near-term technical
advantage. Sell stops likely reside just below technical
support at 13,900 and then at 13,850. Buy stops likely
reside just above technical resistance at this week’s high
of 14,004 and then at 14,050. 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
above 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

March U.S. T-Bonds: Prices are firmer early today on short
covering in a bear market. Prices are still not far above
the recent contract low. Bears still have the solid overall
near-term technical advantage. Shorter-term moving averages
(4- 9- 18-day) are still bearish early today. The 4-day
moving average is below the 9-day. The 9-day is below the
18-day moving average. Oscillators (RSI, slow stochastics)
are bullish early today. Shorter-term resistance lies at the
overnight high of 143 30/32 and then at 144 even. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 143 14/32 and
then at 143 even. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

March U.S. T-Notes: Prices are slightly higher early today
on mild short covering. Bears 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. The 9-day is above the 18-day
moving average. Oscillators (RSI, slow stochastics) are
bullish early today. Shorter-term resistance lies at the
overnight high of 131.23.5 and then at 131.29.5. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 131.16.5 and
then at 131.08.0. 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 firmer early today and
hovering near a five-week high. The greenback bears still
have the overall near-term technical advantage. However, the
bulls are showing the kind of power recently to suggest a
market bottom is in place. Slow stochastics for the dollar
index are neutral early today. The dollar index finds
shorter-term technical resistance at Thurday’s high of 80.71
and then at the January high of 80.99. Shorter-term support
is seen at the overnight low of 80.30 and then at Thursday’s
of 80.14. Wyckoff's Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

Crude oil prices are slightly lower early today on mild
profit taking, and are seeing limited buying interest from a
firmer U.S. dollar. However, the bulls still have the
overall near-term technical advantage. In March Nymex crude,
look for buy stops to reside just above resistance at the
overnight high of $97.47 and then at $98.00. Look for sell
stops just below technical support at the overnight low of
$96.61 and then at $96.00. Wyckoff's Intra-Day Market
Rating: 5.0

GRAINS

Markets were firmer overnight on short covering. Grain
market bulls have faded recently as the seasonal “February
Break” phenomenon is at hand. Bears have the near-term
technical advantage in the grains.
 

Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.

Receive the latest news, information and commentary customized for you. Sign up to receive Top Producer's eNewsletter today!

 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions