Jim's Morning Markets Report--Apr 12

April 12, 2013 02:15 AM
 

Friday, April 12--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

A heavy slate of U.S. economic data is due for release
Friday, including the producer price index, retail sales,
the University of Michigan consumer sentiment survey, and
manufacturing and trade inventories. Markets could be
impacted by the fresh batch of statistics on the health of
the U.S. economy—especially since there is no other major
fundamental event on the front burner of the market place
Friday morning. There is some concern among gold traders
that if Cyprus sells some of its official gold reserves to
help finance its European Union bailout package, other
countries like Italy, Portugal and Spain may do the same.
Earlier this week it was reported Cyprus would sell about 10
tons of its gold reserves to help finance its EU bailout. In
overnight news, European Union industrial production rose
more than expected in February. The 17-country Euro zone
industrial production rose by 0.4% from January to February.
European and Asian stock markets were slightly lower Friday.
--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are weaker early today on profit
taking after hitting an all-time high Thursday. 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.
The 9-day is above the 18-day moving average. Short-term
oscillators (RSI, slow stochastics) are neutral to bearish
early today. Today, shorter-term technical resistance comes
in at Thursday’s all-time high of 1,592.50 and then at
1,600.00. Buy stops likely reside just above those levels.
Downside support for active traders today is located at
1,575.00 and then at 1,568.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-day Market Rating:
4.5

Nasdaq index futures: Prices are weaker early today on
profit taking after hitting a six-month high Thursday. Bulls
still have the 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.
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 Thursday’s
high of 2,858.50 and then at 2,875.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at 2,823.00 and then at 2,800.00. Sell stops
are likely located just below those levels. Wyckoff's Intra-
Day Market Rating: 4.5.

Dow futures: Prices are weaker early today on profit taking
after hitting another all-time high on Thursday. Bulls still
have the solid overall near-term technical advantage. Sell
stops likely reside just below technical support at
Thursday’s low of 14,720 and then at Wednesday’s low of
14,660. Buy stops likely reside just above technical
resistance at Thursday’s high of 14,818 and then at 14,850.
Shorter-term moving averages are bullish early today, as the
4-day moving average is above the 9-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: 4.5

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are higher early today. Bulls have
the overall near-term technical advantage. Shorter-term
moving averages (4- 9- 18-day) are still 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 early today.
Shorter-term resistance lies at the overnight high of 146
30/32 and then at 147 16/32. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 146 5/32 and then at this week’s low of
145 26/32. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 6.0
 
June U.S. T-Notes: Prices are higher early today. Bulls
have the 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 neutral early today. Shorter-term resistance lies at
the overnight high of 132.27.5 and then at 133.00.0. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 132.16.5 and
then at this week’s low of 132.10.5. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 6.0

U.S. DOLLAR INDEX

The U.S. dollar index is firmer in early U.S. trading. The
index has turned choppy this week. The greenback bulls have
the overall near-term technical advantage but have faded a
bit recently. Slow stochastics for the dollar index are
bearish early today. The dollar index finds shorter-term
technical resistance at Thursday’s high of 82.680 and then
at 82.820. Shorter-term support is seen at this week’s low
of 82.140 and then at 82.000. Wyckoff's Intra Day Market
Rating: 5.5

NYMEX CRUDE OIL

Crude oil prices are lower early today. Bulls are fading
again. In May Nymex crude, look for buy stops to reside just
above resistance at $93.00 and then at the overnight high of
$93.52. Look for sell stops just below technical support at
the April low of $91.91 and then at $90.50. Wyckoff's Intra-
Day Market Rating: 4.0

GRAINS

Markets were mostly higher overnight. Wet, cold weather in
the U.S. Midwest is supporting the bullish camp in corn,
due to ideas of planting delays, even though soil moisture
profiles in the Corn Belt continue to improve. Meantime,
freezing weather in the U.S. Plains states this week is
supporting buying interest in wheat futures due to worries
of frost or freeze damage to the wheat crop. The first
grain market "weather scare" of the U.S. planting and
growing season is now on the doorstep.
 

Back to news


Comments

 
Spell Check

No comments have been posted to this News Article

Corn College TV Education Series

2014_Team_Shot_with_Logo

Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!

Markets

Market Data provided by QTInfo.com
Brought to you by Beyer
Close