Daily Morning Report

Wednesday, April 28–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed to mostly firmer overnight. U.S. stock indexes are pointed toward mixed openings when the New York day session begins. It’s a big day for markets Wednesday. The data point of the week is the conclusion of the Federal Reserve’s Open Market Committee (FOMC) meeting that began Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chair Powell. While no change in U.S. monetary policy is expected, the marketplace will closely scrutinize the Fed’s inflation outlook and any comments on the future path of monetary policy. Also, President Biden today is set to lay out to a joint session of Congress another big government spending program in order to continue to pry the U.S. economy away from the grip of the pandemic. Biden’s $1.8 trillion “American Families Plan” includes $1 trillion in spending and $800 million in tax cuts and credits for middle- and lower-income American families. The 10-year plan would be part funded by increased taxes and wealthy Americans.

The key outside markets today see the U.S. dollar index firmer. Nymex crude oil prices are higher and trading around $63.15 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.64%. Bond yields are on the rise again at mid-week. 

Other U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the advance economic indicators report and the weekly DOE liquid energy stocks report.

–Jim

U.S. STOCK INDEXES

June S&P 500 e-mini futures: Prices are slightly up in early U.S. trading and near this week’s contract and record high. Bulls have the solid overall near-term technical advantage. There are no early clues to suggest a market top is close at hand. 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 bullish early today. Today, shorter-term technical resistance comes in at the record high of 4,192.50 and then at 4,200.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at this week’s low of 4,163.75 and then at 4,150.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 6.0

June Nasdaq index futures: Prices are a bit weaker in early U.S. trading and not far below last week’s record high. 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 seen at the contract and record high of 14,059.50 and then at 14,100.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at this week’s low of 13,865.50 and then at last week’s low of 13,700.50. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5.

U.S. TREASURY BONDS AND NOTES FUTURES

June U.S. T-Bonds: Prices are lower in early U.S. trading today. Bears have the overall 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 bearish early today. Shorter-term technical resistance is seen at 158 even and then at this week’s high of 158 22/32. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 156 29/32 and then at 156 16/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

June U.S. T-Notes: Prices are lower and hit a two-week low in early U.S. trading. 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 bearish early today. Shorter-term resistance lies at the overnight high of 132.02.5 and then at 132.08.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 131.25.5 and then at 131.20.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

EURO CURRENCY

The June Euro currency futures are weaker in early U.S. trading. The shorter-term moving averages for the Euro are bullish early today, as the 4-day is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators for the Euro are neutral to bearish today. The Euro currency finds shorter-term technical resistance at the overnight high of 1.2103 and then at this week’s high of 1.2129. Buy stops likely reside just above those levels. Shorter-term support is seen at 1.2050 and then at 1.2000. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 4.5

NYMEX CRUDE OIL

June Nymex crude oil prices are firmer in early U.S. trading. Bulls have the overall near-term technical advantage and they are having a good week, so far. The shorter-term moving averages are neutral early today as the 4-day is even with the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral to bullish early today. Look for buy stops to reside just above technical resistance at $63.50 and then at $64.00. Look for sell stops just below technical support at the overnight low of $62.27 and then at $62.00. Wyckoff’s Intra-Day Market Rating: 5.5

GRAINS

U.S. grain futures are solidly lower in early U.S. pre-market trading, on profit taking and some chart consolidation after recent very strong gains that pushed prices to multi-year highs. The grain markets had gone nearly “parabolic”—meaning nearly straight up. History suggests such price moves mean market tops are getting closer. The bulls still have the solid overall near-term technical advantage. However, the psychology of the marketplace should be at least a bit worrisome for the bulls. Reason: All of the bullish fundamental news for the grains may now be factored into the futures price structure. Remember that a big bull market in the grains needs to be fed fresh fundamental fodder often. Stay tuned right here and in my afternoon reports, to get the very early clues on when the price trend may change.

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%):

1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff

Tuesday, April 27–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly weaker overnight. U.S. stock indexes are pointed toward mixed openings when the New York day session begins.

The main U.S. economic event of the week will be the Federal Reserve’s Open Market Committee (FOMC) meeting that begins Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chair Powell. While no change in U.S. monetary policy is expected, the marketplace will closely scrutinize the Fed’s inflation outlook and any comments on the future path of monetary policy.

Speaking of inflation, in the raw commodity world let’s take a peek at what’s going on in several markets. Corn futures prices just hit a nearly eight-year high overnight, and are trading above $7.20 a bushel. Soybeans are also at a nearly eight-year and high nearing $16.00 a bushel, and wheat futures are at an eight-year high above $7.50 a bushel. Hog futures are at 6.5-year high. Copper futures are at a 10-year high, Chinese steel futures are at record highs, coffee futures prices hit a nearly four-year high this week, and lumber futures are at record highs. For perspective in lumber, the last bull run in 2018 saw futures prices hit a then-record-high of $659.00 per thousand board feet. This week prices have skyrocketed to $1,420.00 and are still climbing. Many Americans who wanted to build new homes this year are putting it off because lumber prices are too high. Those who think consumer and producer price inflation won’t become problematic down the road my want to ponder this paragraph.

The key outside markets today see the U.S. dollar index firmer. Nymex crude oil prices are higher and trading around $62.35 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.577%. 

U.S. economic data due for release Tuesday includes the weekly Johnson Redbook and Goldman Sachs retail sales reports, the U.S. house price index, the S&P-Case-Shiller home price indexes, the Richmond Fed business survey, and the consumer confidence index.

–Jim

U.S. STOCK INDEXES

June S&P 500 e-mini futures: Prices are slightly up in early U.S. trading and hit another contract and record high overnight. Bulls have the solid overall near-term technical advantage. There are no early clues to suggest a market top is close at hand. 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 bullish early today. Today, shorter-term technical resistance comes in at the overnight record high of 4,192.50 and then at 4,200.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at Monday’s low of 4,163.75 and then at 4,150.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 6.0

June Nasdaq index futures: Prices are a bit firmer in early U.S. trading and very close to last week’s record high. 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 to bullish early today. Shorter-term technical resistance is seen at the contract and record high of 14,059.50 and then at 14,100.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at Monday’s low of 13,865.50 and then at last week’s low of 13,700.50. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0.

U.S. TREASURY BONDS AND NOTES FUTURES

June U.S. T-Bonds: Prices are lower in early U.S. trading today. Bears have the overall near-term technical advantage. However, recent sideways-to-higher price action at lower levels may be “basing” that puts in a market bottom. Prices are also in an uptrend on the daily chart. Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at Monday’s high of 158 22/32 and then at the April high of 159 1/32. Buy stops likely reside just above those levels. Shorter-term support lies at Monday’s low of 157 24/32 and then at 157 even. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

June U.S. T-Notes: Prices are lower in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is even with the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at Monday’s high of 132.16.0 and then at 132.20.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at Monday’s low of 132.05.0 and then at 132.00.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

EURO CURRENCY

The June Euro currency futures are weaker in early U.S. trading. The shorter-term moving averages for the Euro are bullish early today, as the 4-day is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators for the Euro are neutral to bearish today. The Euro currency finds shorter-term technical resistance at Monday’s high of 1.2129 and then at 1.2150. Buy stops likely reside just above those levels. Shorter-term support is seen at 1.2050 and then at 1.2000. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 4.5

NYMEX CRUDE OIL

June Nymex crude oil prices are firmer in early U.S. trading. Bulls have the overall near-term technical advantage but trading has turned sideways and choppy. The shorter-term moving averages are neutral early today as the 4-day is below the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral early today. Look for buy stops to reside just above technical resistance at the overnight high of $62.74 and then at $63.00. Look for sell stops just below technical support at the overnight low of $61.91 and then at $61.00. Wyckoff’s Intra-Day Market Rating: 5.5

GRAINS

U.S. grain futures are sharply up in early U.S. pre-market trading, with corn leading gainers and setting a nearly eight-year high. The grain markets are going “parabolic”—meaning nearly straight up. History suggests such price moves mean market tops are getting closer. China demand rumors, recent cold weather in the U.S. midsection and a bullish global supply and demand balance are fueling the grain market bulls. Stay tuned right here and in my afternoon reports, to get the very early clues on when the price trend may change.

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%):

1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff

Monday, April 26–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed overnight. U.S. stock indexes are pointed toward mixed openings when the New York day session begins. Traders and investors are weighing the bullish aspect of strengthening global economies that are emerging from the pandemic, but also the bearish aspect of the virus that is still raging in some regions of the global, including a major crisis in India. Also somewhat denting investor enthusiasm is a move by the Biden administration to raise taxes.

The main economic event of the  week will be the Federal Reserve’s Open Market Committee (FOMC) meeting that begins Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chair Powell. While no change in U.S. monetary policy is expected, the marketplace will closely scrutinize the Fed’s inflation outlook and any comments on the future path of monetary policy.

The key outside markets today see the U.S. dollar index lower amid a near-term price downtrend in place. Nymex crude oil prices are modestly lower and trading around $61.15 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.57%. For perspective, the German 10-year bond (bund) is presently yielding -0.256% and the U.K. 10-year bond (gilt) is fetching 0.753%.

U.S. economic data due for release Monday includes durable goods orders and the Texas manufacturing outlook survey.

–Jim

U.S. STOCK INDEXES

June S&P 500 e-mini futures: Prices are slightly down in early U.S. trading. 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 early today. Today, shorter-term technical resistance comes in at the record high of 4,186.75 and then at 4,200.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at 4,130.00 and then at last week’s low of 4,110.50. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 5.0

June Nasdaq index futures: Prices are a bit weaker in early U.S. trading. 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 to bearish early today. Shorter-term technical resistance is seen at Friday’s high of 13,981.00 and then at the contract high of 14,059.50. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at 13,800.00 and then at last week’s low of 13,700.50. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0.

U.S. TREASURY BONDS AND NOTES FUTURES

June U.S. T-Bonds: Prices are lower in early U.S. trading today. Bears have the overall near-term technical advantage. However, recent sideways-to-higher price action at lower levels may be “basing” that puts in a market bottom. Prices are also in an uptrend on the daily chart. Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at the overnight high of 158 17/32 and then at the April high of 159 1/32. Buy stops likely reside just above those levels. Shorter-term support lies at 157 16/32 and then at 157 even. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

June U.S. T-Notes: Prices are lower in early U.S. trading. 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 bearish early today. Shorter-term resistance lies at the overnight high of 132.15.0 and then at 132.20.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 132.07.5 and then at 132.00.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

EURO CURRENCY

The June Euro currency futures are near steady in early U.S. trading and hit a seven-week high overnight. The shorter-term moving averages for the Euro are bullish early today, as the 4-day is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators for the Euro are neutral today. The Euro currency finds shorter-term technical resistance at the overnight high of 1.2129 and then at 1.2150. Buy stops likely reside just above those levels. Shorter-term support is seen at 1.2050 and then at 1.2000. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

June Nymex crude oil prices are lower in early U.S. trading. Bulls still have the overall near-term technical advantage but trading has turned sideways and choppy. The shorter-term moving averages are neutral early today as the 4-day is below the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are bearish early today. Look for buy stops to reside just above technical resistance at $62.00 and then at the overnight high of $62.31. Look for sell stops just below technical support at last week’s low of $60.61 and then at $60.00. Wyckoff’s Intra-Day Market Rating: 4.0

GRAINS

U.S. grain futures are higher to sharply up in early U.S. pre-market trading, with corn leading gainers and setting multi-year highs. The grain markets are going “parabolic”—meaning nearly straight up. History suggests such price moves mean market tops are getting closer. China demand rumors, recent cold weather in the U.S. midsection and a bullish global supply and demand balance are fueling the grain market bulls. On tap today is the weekly USDA export inspections report.

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%):

1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff

Friday, April 23–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins, on a rebound from selling pressure Thursday afternoon, on news President Biden will propose nearly doubling the capital gains tax rate on the rich to fund programs aimed at more economic equality for all Americans. For those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means federal tax rates for wealthy investors could be as high as 43.4%. Republicans slammed the proposal. The U.S. stock indexes have wavered this week amid the conflict of a likely expanding U.S. economy in the months ahead, but with a pandemic that is still seriously impacting much of the world.

In overnight developments, the Eurozone April composite purchasing managers index (PMI) came in at 53.7 versus 53.2 in March, and was above market expectations. A reading above 50.0 suggest growth. The Euro zone manufacturing PMI was 63.3 in the same period.

In other news, Bitcoin has taken it on the chin this week, hitting a six-week low on Friday and trading below $50,000, after trading near $65,000 just a couple weeks ago. The phrase comes to mind, “easy come, easy go.” Also, the gold and silver markets have rallied at the same time Bitcoin has sold off.

Also, it’s difficult for stock, financial and currency market traders to ignore what is going on in the grain futures markets this week. Corn, soybean and wheat futures have rocketed to multi-year highs amid an expected surge in demand for grains from China and its booming economy. Surging grain prices are just one more in a string of clues (and it’s a strong one) that global inflation is on the rise and may become untamable down the road.

The key outside markets today see the U.S. dollar index lower amid a near-term price downtrend in place. Nymex crude oil prices are modestly higher and trading around $61.65 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.56%.

U.S. economic data due for release Friday includes the U.S. flash manufacturing and services purchasing managers indexes (PMI), and new residential sales.

–Jim

U.S. STOCK INDEXES

June S&P 500 e-mini futures: Prices are slightly up in early U.S. trading. Bulls still have the solid 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 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 record high of 4,183.50 and then at 4,200.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at this week’s low of 4,110.50 and then at 3,980.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 5.5

June Nasdaq index futures: Prices are slightly higher in early U.S. trading. 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 to bearish early today. Shorter-term technical resistance is seen at Thursday’s high of 13,944.75 and then at the contract high of 14,059.50. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at this week’s low of 13,701.75 and then at 13,600.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5.

U.S. TREASURY BONDS AND NOTES FUTURES

June U.S. T-Bonds: Prices are firmer in early U.S. trading today. Bears have the overall near-term technical advantage. However, recent sideways-to-higher price action at lower levels may be “basing” that puts in a market bottom. Prices are also in a fledgling uptrend on the daily chart. Shorter-term moving averages (4- 9- 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. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at the April high of 159 1/32 and then at 159 16/32. Buy stops likely reside just above those levels. Shorter-term support lies at 158 even and then at 157 16/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

June U.S. T-Notes: Prices are firmer in early U.S. trading. 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 this week’s high of 132.24.5 and then at 132.28.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 132.13.5 and then at 132.08.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

EURO CURRENCY

The June Euro currency futures are solidly higher in early U.S. trading. The shorter-term moving averages for the Euro are bullish early today, as the 4-day is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators for the Euro are neutral to bullish today. The Euro currency finds shorter-term technical resistance at this week’s high of 1.2093 and then at 1.2150. Buy stops likely reside just above those levels. Shorter-term support is seen at 1.2000 and then at this week’s low of 1.1956. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 6.5

NYMEX CRUDE OIL

June Nymex crude oil prices are firmer in early U.S. trading. Bulls still have the overall near-term technical advantage. The shorter-term moving averages are neutral early today as the 4-day is below the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral early today. Look for buy stops to reside just above technical resistance at $62.56 and then at $63.00. Look for sell stops just below technical support at this week’s low of $60.61 and then at $60.00. Wyckoff’s Intra-Day Market Rating: 5.5

GRAINS

U.S. grain futures are lower in early U.S. pre-market trading, on corrective pullbacks from limit or near daily limit gains on Thursday that pushed corn, beans and wheat to multi-year highs. China demand rumors, cold weather in the U.S. midsection this week and a bullish global supply and demand balance is fueling the grain market bulls. More upside in the grains is likely in the coming months.

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%):

1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff