Jim's Morning Markets Report--Apr 29

April 29, 2013 01:54 AM
 

Monday, April 29--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

In overnight news, Italian bond yields fell to a 2.5-year
low at the latest 10-year bond auction as investors embraced
the new Italian coalition government. A German short-term
government debt auction Monday saw funding costs at the
lowest level since November, at virtually zero return for
the debt buyers. This underscores the keener European
investor uncertainty regarding the overall health of the
European Union. Euro zone business confidence declined in
April, it was reported Monday, in the latest dour economic
data coming out of the EU. The European Central Bank holds
its monthly meeting on Thursday, with the market place
anxiously awaiting its outcome. Many market watchers think
the ECB will lower interest rates at Thursday’s gathering.
The Federal Reserve on Wednesday will announce its latest
monetary policy actions in a busy week of world economic
data. U.S. economic data due for release Monday includes
personal income and outlays, the Chicago Fed Midwest
manufacturing index, pending home sales, and the Texas
manufacturing outlook survey.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are firmer early today and hovering
near the recent all-time high. Bulls have the overall near-
term technical advantage. The shorter-term moving averages
(4-, 9- and 18-day) are neutral early today. The 4-day
moving average is above the 9-day and 18-day. The 9-day is
below the 18-day moving average. Short-term oscillators
(RSI, slow stochastics) are bullish early today. Today,
shorter-term technical resistance comes in at last week’s
high of 1,588.00 and then at the April high of 1,592.50. Buy
stops likely reside just above those levels. Downside
support for active traders today is located at the overnight
low of 1,574.50 and then at 1,560.00. Sell stops are likely
located just below those levels. Wyckoff's Intra-day Market
Rating: 5.5

Nasdaq index futures: Prices are higher early today. Bulls
have the overall near-term technical advantage. The shorter-
term moving averages (4- 9-and 18-day) are neutral early
today. The 4-day moving average is above the 9-day and 18-
day. The 9-day average is below the 18-day. Short-term
oscillators (RSI, slow stochastics) are bullish early today.
Shorter-term technical resistance is located at last week’s
high of 2,854.50 and then at the April high of 2,858.50. Buy
stops likely reside just above those levels. On the
downside, short-term support is seen at the overnight low of
2,827.50 and then at 2,814.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
6.0.

Dow futures: Prices are firmer early today. Bulls have the
overall near-term technical advantage. Buy stops likely
reside just above technical resistance at last week’s high
of 14,705 and then at 14,750. Sell stops likely reside just
below technical support at Friday’s low of 14,625 and then
at 14,600. Shorter-term moving averages are neutral early
today, as the 4-day moving average is above 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 bullish early today. Wyckoff's Intra-Day
Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are weaker early today on some
mild profit taking. Bulls still have the solid overall near-
term technical advantage. 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 early today. Shorter-term resistance lies at 149
even and then at last week’s high of 149 6/32. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 148 17/32 and
then at 148 even. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.0
 
June U.S. T-Notes: Prices are near steady early today.
Bulls have the solid overall near-term technical advantage.
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 early
today. Shorter-term resistance lies at the contract high of
133.18.0 and then at 133.24.0. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
133.08.0 and then at 133.00.0. Sell stops likely reside
just below those levels. Wyckoff's Intra-Day Market Rating:
5.0

U.S. DOLLAR INDEX

The U.S. dollar index is lower in early U.S. trading. The
bulls still have the overall near-term technical advantage
but are now fading and need to show fresh power soon. Slow
stochastics for the dollar index are bearish early today.
The dollar index finds shorter-term technical resistance at
the overnight high of 82.520 and then at Friday’s high of
82.905. Shorter-term support is seen at the overnight low of
82.180 and then at 82.000. Wyckoff's Intra Day Market
Rating: 4.0

NYMEX CRUDE OIL

Crude oil prices are slightly higher early today. Bulls
still have some upside technical momentum on their side. In
June Nymex crude, look for buy stops to reside just above
resistance at last week’s high of $93.87 and then at $94.50.
Look for sell stops just below technical support at $92.50
and then at $92.00. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Markets were mostly higher in overnight trading. While
there was a short period of drier and warmer weather in the
U.S. Corn Belt over the weekend, more substantial rains are
in the forecast in the coming days. This will continue to
limit corn planting progress and that is bullish for corn.
Meantime, the annual hard red winter wheat tour kicks off
in the U.S. Plains states this week. The HRW crop is in
very bad shape, overall. The grain market bears continue to
hold the overall near-term advantage on the charts.
 

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