Jim's Morning Markets Report--September 26

September 26, 2013 01:48 AM
 

Thursday, September 26--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

In more "Fed speak" this week, Richmond Federal Reserve Bank
president Jeffrey Lacker said Thursday he supported a faster
tapering of the Fed’s monthly bond-buying program and said
he is surprised the process has not already begun. Meantime,
the European Central Bank’s executive board member said
Thursday the ECB needs to continue its expansive monetary
policies. The U.S. budget and debt ceiling issues have moved
to the front burner of the market place. The U.S. government
will have to at least partially shut down early next week if
Congress does not pass a budget by that time. Also, in mid-
October the U.S. will hit its borrowing limit. This matter
could be significantly bearish for most markets in the near
term, as there is talk some of the U.S. government will shut
down for a short time next week. U.S. economic data due for
release Thursday includes the weekly jobless claims report,
the third-quarter gross domestic product report, pending
home sales, and the Kansas City Federal Reserve business
survey.--Jim
   
U.S. STOCK INDEXES

S&P 500 futures: Prices are slightly higher early today.
Bulls still have the overall near-term technical advantage
but have faded a bit. 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 to bearish early today. Today,
shorter-term technical resistance comes in at the overnight
high of 1,693.00 and then at 1,701.00. Buy stops likely
reside just above those levels. Downside support for active
traders today is located at this week’s low of 1,685.00 and
then at 1,675.00. Sell stops are likely located just below
those levels. Wyckoff's Intra-day Market Rating: 5.0

Nasdaq index futures: Prices are firmer early today. The
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 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 3,219.25 and then at 3,230.75. Buy
stops likely reside just above those levels. On the
downside, short-term support is seen at the overnight low of
3,202.25 and then at this week’s low of 3,195.75. 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 still have
the overall near-term technical advantage but are fading.
Buy stops likely reside just above technical resistance at
Wednesday’s high of 15,305 and then at Tuesday’s high of
15,365. Sell stops likely reside just below technical
support at this week’s low of 15,185 and then at 15,125.
Shorter-term moving averages are neutral early today, as the
4-day moving average is below the 9-day. The 9-day moving
average is above the 18-day moving average. Shorter-term
oscillators (RSI, slow stochastics) are bearish early today.
Wyckoff's Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

December U.S. T-Bonds: Prices are weaker early today on some
profit taking after prices hit a two-month high Wednesday.
The bulls have some upside near-term technical momentum.
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 overnight high of 133
15/32 and then at Tuesday’s high of 133 23/32. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 133 even and
then at Wednesday’s low of 132 28/32. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 4.5
 
December U.S. T-Notes: Prices are weaker early today on
profit taking from recent gains. Prices hit a two-month
high Wednesday. The bulls still have upside technical
momentum. 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 overnight
high of 126.08.0 and then at this week’s high of 126.10.0.
Buy stops likely reside just above those levels. Shorter-
term technical support lies at the overnight low of
125.30.0 and then at Wednesday’s low of 125.25.5 Sell stops
likely reside just below those levels. Wyckoff's Intra-Day
Market Rating: 4.5

U.S. DOLLAR INDEX

The December U.S. dollar index is firmer early today. Bears
remain in overall near-term technical command. Slow
stochastics for the dollar index are neutral early today.
The dollar index finds shorter-term technical resistance at
this week’s high of 80.745 and then at 80.949. Shorter-term
support is seen at this week’s low of 80.395 and then at
last week’s low of 80.155. Wyckoff's Intra Day Market
Rating: 5.5

NYMEX CRUDE OIL

November Nymex crude oil prices are firmer early today, on
short covering after hitting a six-week low Wednesday. In
November Nymex crude, look for buy stops to reside just
above resistance at $104.00 and then at $105.00. Look for
sell stops just below technical support at the overnight low
of $102.20 and then at $102.00. Wyckoff's Intra-Day Market
Rating: 5.5

GRAINS

Markets were weaker overnight. Wheat bulls are making a
move as futures prices Wednesday hit multi-week highs.
There are now early technical clues the wheat market has
put in a major low. Soybean and some corn harvesting are
picking up speed this week. Traders are looking ahead to
next Monday’s USDA quarterly grain stocks report.
Technically, the soybean bulls still have the overall
advantage, but have faded, to begin to suggest a market top
is in place. Corn market bears remain in firm technical
command.
 

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