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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--September 16

Sep 16, 2011

Friday, September 16--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The feel of the market place late this week suggests to me that traders and investors have factored in all the bad news coming out of, and expected to come out of, the European Union, regarding its sovereign debt crisis. The situation there does appear to be de-escalating. Such would be bullish for the U.S. stock market and the commodity markets.--Jim

STOCK INDEXES

S&P 500 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. The 9-day is below the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical resistance comes in at the overnight high of 1,208.20 and then at 1,229.50. Buy stops likely reside just above those levels. Downside support for active traders today is located at Thursday's low of 1,176.00 and then at 1,160.00. 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 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 to bullish early today. Shorter-term technical resistance is located at 2,300.00 and then at 2,325.00. Buy stops likely reside just above those levels. On the downside, short-term support is seen at the overnight low of 2,269.25 and then at 2,250.00. 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 11,300 and then more stops just below support at 11,250. Buy stops likely reside just above technical resistance at Thursday's high of 11,375 and then at 11,400. Shorter-term moving averages are bearish early today, as the 4-day moving average is below the 9-day and 18-day. The 9-day moving average is below the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Wyckoff's Intra-Day Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: 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 neutral to bearish early today. Shorter-term resistance lies at the overnight high of 139 21/32 and then at 140 even. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 139 2/32 and then at Thursday's low of 138 23/32. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 5.5

 

December U.S. T-Notes: 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 neutral to bearish early today. Shorter-term resistance lies at 130.00.0 and then at Thursday's high of 130.08.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 129.10.5 and then at Thursday's low of 129.02.0. Sell stops likely reside just below those levels. Wyckoff's Intra-Day Market Rating: 5.0

U.S. DOLLAR INDEX

The December U.S. dollar index is firmer in early trading today. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 77.23 and then at 77.50. Shorter-term support is seen at the overnight low of 76.81 and then at this week's low of 76.58. Wyckoff's Intra Day Market Rating: 5.5

CRUDE OIL

Crude oil prices are trading slightly lower early today. Bulls still have some upside technical momentum as a four-week-old uptrend is in place on the daily bar chart. In October crude, look for buy stops to reside just above resistance at $90.00 and then at this week's high of $90.52. Look for sell stops just below technical support at $89.00 and then at $88.00. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices were higher in overnight trading. Corn market bulls have faded and need to show fresh power soon. Soybean and wheat bulls have faded badly. The key "outside markets" will continue to have an influence on the grains. The outside markets are mildly bearish for the grains today--firmer dollar index, weaker crude oil prices and weaker U.S. stock indexes. I am still bullish corn and soybeans, and believe wheat will be a follower of corn and beans.


 

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