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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--May 3

May 03, 2012

Thursday, May 3--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The raw commodity sector, in general, is still in technical
trouble as the daily and weekly charts for the Continuous
Commodity Index are in solid price downtrends. The CCI is a
basket of 17 major raw commodity futures prices. The
technical posture of the CCI will have to improve
(downtrends negated) in order for raw commodity markets to
see any marked, sustainable price gains.--Jim

U.S. STOCK INDEXES

S&P 500 futures: 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 Wednesday’s high of
1,404.40 and then at this week’s high of 1,411.50. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at Wednesday’s low of
1,390.00 and then at 1,371.00. 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 bullish early today. The 4-day moving
average is above the 9-day and 18-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 this week’s high of 2,753.00 and
then at 2,775.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at the
overnight low of 2,725.00 and then at 2,700.00. 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 13,200 and then at Wednesday’s low of 13,140. Buy
stops likely reside just above technical resistance at
Wednesday’s high of 13,280 and then at 13,300. 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 neutral early today.
Wyckoff's Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

June 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 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
142 16/32 and then at this week’s low of 141 30/32. Sell
stops likely reside just below those levels. Shorter-term
technical resistance lies at the overnight high of 143 even
and then at last week’s high of 143 18/32. Buy stops likely
reside just above those levels. Wyckoff's Intra-Day Market
Rating: 5.0

June 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 bearish
early today. Shorter-term resistance lies at the overnight
high of 132.09.5 and then at the contract high of 132.17.0.
Buy stops likely reside just above those levels. Shorter-
term technical support lies at this week’s low of 131.27.5
and then at 131.19.0. Sell stops likely reside just below
those levels. Wyckoff's Intra-Day Market Rating: 5.0

U.S. DOLLAR INDEX

The June U.S. dollar index is firmer early today, on safe-
haven buying interest and short covering. Slow stochastics
for the dollar index are bullish early today. The dollar
index finds shorter-term technical resistance at 79.50 and
then at 79.75. Shorter-term support is seen at the overnight
low of 79.20 and then at 79.00. Wyckoff's Intra Day Market
Rating: 5.5

CRUDE OIL

Crude oil prices are trading weaker early today. A bearish
weekly DOE report on Wednesday and the firmer greenback are
pressure crude early today. In June crude, look for buy
stops to reside just above resistance at the overnight high
of $105.42 and then at $106.00. Look for sell stops just
below technical support at the overnight low of $104.66 and
then at $104.00. Wyckoff's Intra-Day Market Rating: 4.5

GRAINS

Markets were mostly weaker in overnight trading. The key
outside markets are bearish as the U.S. dollar index is
firmer and crude oil prices are weaker. Traders will
closely examine today’s weekly USDA export sales report.
Soybean bulls remain strong, but corn and wheat bulls faded
badly on Wednesday. Focus will be on the Corn Belt weather
forecasts for the next several weeks.
 

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