Jim's Morning Markets Report--May 28

May 28, 2013 01:58 AM
 

Tuesday, May 28--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

After a long U.S. holiday weekend, traders will get a full
dose of fresh U.S. economic data Tuesday. Due for release
Tuesday includes the Chicago Fed midwest manufacturing
index, the S&P/Case-Shiller home price index, the consumer
confidence index, the Richmond Fed business activity survey,
and the Texas manufacturing outlook survey. Following last
week’s news events from the U.S. Federal Reserve—Chairman
Bernanke’s speech to Congress and the latest FOMC minutes’
release—traders and investors will examine the latest U.S.
economic data with a keener sense of whether the economy
continues to grow slowly, or is beginning to fade. U.S.
stock indexes are set for a higher start to the shortened
trading week Tuesday. European stocks were firmer Tuesday,
and on Monday. European Central Bank board member Joerg
Asmussen on Monday said the ECB will keep its easy monetary
policy for as long as necessary. Asian stock markets were
also mostly higher Tuesday.--Jim
   
U.S. STOCK INDEXES

S&P 500 futures: Prices are higher early today as the bulls
are working to regain footing after selling pressure late
last week. A bearish "key reversal" down on the daily bar
chart occurred last week, which is an early clue that a
market top is in place. The shorter-term moving averages (4-
, 9- and 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. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Today, shorter-term
technical resistance comes in at 1,673.00 and then at last
week’s high of 1,685.50. Buy stops likely reside just above
those levels. Downside support for active traders today is
located at 1,650.00 and then at last week’s low of 1,632.70.
Sell stops are likely located just below those levels.
Wyckoff's Intra-day Market Rating: 6.0

Nasdaq index futures: Prices are higher early today. A
bearish "key reversal" down on the daily bar chart occurred
in this index last week, which is an early clue that a
market top is in place. The shorter-term moving averages (4-
9-and 18-day) are neutral early today. The 4-day moving
average is below 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 the overnight high of 3,023.75 and then at
3,036.75. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at 3,000.00 and
then at the overnight low of 2,985.00. Sell stops are likely
located just below those levels. Wyckoff's Intra-Day Market
Rating: 6.0.

Dow futures: Prices are higher early today as the bulls try
to recovery from last week’s bearish "key reversal" down on
the daily bar char, which is an early clue that a market top
is in place. Buy stops likely reside just above technical
resistance at 15,450 and then at 15,500. Sell stops likely
reside just below technical support at 15,350 and then at
15,300. Shorter-term moving averages are still 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 to bearish early today. Wyckoff's Intra-Day
Market Rating: 6.0

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are lower early today. Bears have
the overall near-term technical advantage. Prices are in a
four-week-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 early today. Shorter-term
resistance lies at 143 even and then at the overnight high
of 143 13/32. Buy stops likely reside just above those
levels. Shorter-term technical support lies at the overnight
low of 142 19/32 and then at last week’s low of 142 9/32.
Sell stops likely reside just below those levels. Wyckoff's
Intra-Day Market Rating: 4.0
 
June U.S. T-Notes: Prices are lower early today. Bears have
the 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 and 18-day. The 9-day is
below the 18-day moving average. Oscillators (RSI, slow
stochastics) are neutral to bearish early today. Shorter-
term resistance lies at the overnight high of 131.12.5 and
then at Thursday’s high of 131.16.0. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 130.31.0 and then at
last week’s low of 130.28.0. Sell stops likely reside just
below those levels. Wyckoff's Intra-Day Market Rating: 4.0

U.S. DOLLAR INDEX

The U.S. dollar index is near steady in early U.S. trading.
Bulls still have the overall near-term technical advantage.
Slow stochastics for the dollar index are bearish early
today. The dollar index finds shorter-term technical
resistance at 84.000 and then at the overnight high of
84.070. Shorter-term support is seen at the overnight low of
83.705 and then at last week’s low of 83.500. Wyckoff's
Intra Day Market Rating: 5.0

NYMEX CRUDE OIL

Crude oil prices are firmer early today, on short covering.
Bulls and bears are on an overall level near-term technical
playing field. In July Nymex crude, look for buy stops to
reside just above resistance at $95.00 and then at $96.00.
Look for sell stops just below technical support at $94.00
and then at the overnight low of $93.23. Wyckoff's Intra-Day
Market Rating: 5.0

GRAINS

Markets were mostly firmer in overnight trading. The
feature in the grain markets this week will be U.S. Corn
Belt weather. It was a very soggy holiday weekend in the
central U.S., with heavy rains and flooding. Corn planting
is still behind normal in the Corn Belt. The flooding will
force some re-planting of corn that was already in the
ground, although not likely a significant amount. Corn
bulls have gained upside technical momentum recently.
Soybean bulls still have the near-term technical advantage,
but last week’s price action produced a technically bearish
buying exhaustion tail on the daily chart. Wheat remains
the weak sister of the grains complex, but will follow corn
if that market continues to rally.
 

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