Jim's Morning Markets Report--June 27

June 27, 2013 01:52 AM
 

Thursday, June 27--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

The market place is a bit calmer Thursday morning.
Wednesday’s weaker-than-expected final revision to U.S.
first-quarter gross domestic product—at up 1.8% on an annual
basis versus the previous estimate of up 2.4%—did suggest to
many market watchers worldwide that the Federal Reserve
cannot be too heavy on the brakes in tapering its very easy
monetary policy. Still, the trend of U.S. economic data
released recently has been for stronger data, and most
traders and investors still believe the Fed will start to
back off on its quantitative easing of monetary policy by
the end of this year. Such has been a significantly bearish
weight on the raw commodity sector the past week, while
giving the U.S. dollar index a solid boost. Asian stock
markets were mostly higher Thursday, following Wall Street’s
good gains on Wednesday. European stock markets were weaker
Thursday, but losses were pared after better-than-expected
German unemployment and Euro zone consumer confidence data
were released. U.S. economic data due for release Thursday
includes weekly jobless claims, the Chicago Fed Midwest
manufacturing index, personal income and outlays, the
pending home sales index, and the Kansas City Fed
manufacturing survey.--Jim
   
U.S. STOCK INDEXES

S&P 500 futures: Prices are firmer early today. Bulls are
regaining some near-term momentum, but have more work to do
to suggest an uptrend can be re-established. The shorter-
term moving averages (4-, 9- and 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. Short-term
oscillators (RSI, slow stochastics) are neutral to bullish
early today. Today, shorter-term technical resistance comes
in at 1,610.00 and then at 1,620.00. Buy stops likely reside
just above those levels. Downside support for active traders
today is located at 1,585.00 and then at Wednesday’s low of
1,573.30. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 5.5

Nasdaq index futures: Prices are firmer early today. Bulls
are working to regain upside momentum, but have more heavy
lifting to do in the near term to suggest prices can trend
higher. The shorter-term moving averages (4- 9-and 18-day)
are still bearish early today. The 4-day moving average is
below the 9-day. The 9-day average is below the 18-day.
Short-term oscillators (RSI, slow stochastics) are neutral
to bullish early today. Shorter-term technical resistance is
located at the overnight high of 2,894.50 and then at
2,900.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at 2,875.00 and
then at 2,860.00. Sell stops are likely located just below
those levels. Wyckoff's Intra-Day Market Rating: 5.5.

Dow futures: Prices are firmer early today. Bulls are
regaining some upside momentum late this week, but have more
work to do to suggest prices can begin to trend higher. Buy
stops likely reside just above technical resistance at
14,900 and then at 14,915. Sell stops likely reside just
below technical support at 14,800 and then at Wednesday’s
low of 14,755. Shorter-term moving averages are bearish
early today, as the 4-day moving average is below the 9-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

September U.S. T-Bonds: Prices are firmer early today on
more short covering in a bear market. Bears still have the
solid overall near-term technical advantage. Prices are in a
two-month-old downtrend on the daily bar chart. Shorter-term
moving averages (4- 9- 18-day) are 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 neutral to bullish early today. Shorter-
term resistance lies at the overnight high of 135 14/32 and
then at this week’s high of 135 22/32. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 134 21/32 and then at
134 even. Sell stops likely reside just below those levels.
Wyckoff's Intra-Day Market Rating: 5.5
 
September U.S. T-Notes: Prices are higher early today on
more short covering. Bears still have the solid near-term
technical advantage. Shorter-term moving averages (4- 9-
18-day) are 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 neutral to
bullish early today. Shorter-term resistance lies at this
week’s high of 126.17.5 and then at 126.24.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 126.02.0 and
then at 125.24.0 Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The September U.S. dollar index is weaker in early U.S.
trading, on profit taking after prices hit a three-week high
on Wednesday. Slow stochastics for the dollar index are
bullish early today. The dollar index finds shorter-term
technical resistance at the overnight high of 83.235 and
then at Wednesday’s high of 83.275. Shorter-term support is
seen at 83.000 and then at Wednesday’s low of 82.735.
Wyckoff's Intra Day Market Rating: 4.5

NYMEX CRUDE OIL

Crude oil prices are firmer early today. Trading has been
choppy recently. Bulls and bears are still on an overall
level near-term technical playing field. In August Nymex
crude, look for buy stops to reside just above resistance at
the overnight high of $96.14 and then at $97.00. Look for
sell stops just below technical support at $95.00 and then
at $94.50. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Markets were mostly firmer in overnight trading. Short
covering and pre-report position evening are and likely
will be featured Thursday and early Friday. There is a USDA
report out late Friday morning, which will update planted
acres figures for corn and soybeans. This USDA report will
be one of the more important ones of the year. The grain
market bulls have faded recently amid the generally bearish
attitudes in the raw commodity sector at present. Weather
in the U.S. Corn Belt remains benign at present. However,
many areas in the central Corn Belt remain too wet (Iowa
and Minnesota), which has prevented planting of corn and
soybeans, or stunted their early growth.
 

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