Daily Morning Report

Thursday, June 22–Jim Wyckoff’s morning markets report

Global stock markets were mostly lower overnight. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins. Focus late this week is on central banks. Norway’s central bank raised its main interest rate by 0.5% Thursday. The Bank of England met today on its monetary policy and raise its main interest rate by 0.5%, which surprised many, who expected a 0.25% hike. Meantime, Federal Reserve Chairman Powell will give testimony to a U.S. Senate committee today, following his remarks to a House committee on Wednesday. Powell on Wednesday leaned hawkish but generally repeated comments from his post-FOMC meeting press conference in mid-June. He reiterated the Fed is not happy with inflation levels that are presently well above the central bank’s 2% annual target area. Powell also said two more interest rate increases this year are probable but did not specify the timing.

The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are lower and trading around $71.25 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 3.758%. 

U.S. economic due for release Thursday includes the weekly jobless claims report, the Chicago Fed national activity index, existing home sales, leading economic indicators, the Kansas City Fed manufacturing survey and the weekly DOE liquid energy stocks report.

–Jim

U.S. STOCK INDEXES

September S&P 500 e-mini futures: Prices are weaker in early U.S. trading. Bulls have the solid 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 bearish early today. Today, shorter-term technical resistance comes in at this week’s high of 4,462.00 and then at the June high of 4,485.50. Support for active traders is seen at 4,375.00 and then at 4,350.00. Wyckoff’s Intra-day Market Rating: 4.5

September Nasdaq index futures: Prices are slightly lower in early U.S. trading. Bulls have the solid near-term technical advantage. 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 bearish early today. Shorter-term technical resistance is seen at this week’s high of 15,322.50 and then at the June high of 15,475.50. On the downside, shorter-term support is seen at 14,850.00 and then at 14,700.00. Wyckoff’s Intra-Day Market Rating: 4.5.

U.S. TREASURY BONDS AND NOTES FUTURES

September U.S. T-Bonds: 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 above the 9-day. The 9-day is even with the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at this week’s high of 128 11/32 and then at 129 even. Shorter-term support lies at 127 even and then at this week’s low of 126 12/32. Wyckoff’s Intra-Day Market Rating: 4.0

September 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 below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term resistance lies at this week’s high of 113.17.0 and then at 113.24.0. Shorter-term technical support is seen at this week’s low of 112.23.0 and then at the June low of 112.12.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

EURO CURRENCY

The September Euro currency futures are firmer and hit a five-week high 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 early today. The Euro currency finds shorter-term technical resistance at 1.1100 and then at 1.1150. Shorter-term support is seen at 1.1000 and then at this week’s low of 1.0943. Wyckoff’s Intra Day Market Rating: 6.0

NYMEX CRUDE OIL

August Nymex crude oil prices are lower in early U.S. trading. The shorter-term moving averages are neutral early today as the 4-day is above the 9-day and 18-day. The 9-day is below 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 this week’s high of $72.72 and then at $74.00. Look for sell stops just below technical support at this week’s low of $69.76 and then at $69.00. Wyckoff’s Intra-Day Market Rating: 4.0

GRAINS

Grain futures prices were lower overnight on corrective pullbacks from this week’s strong gains. Extended weather forecasts for the U.S. Midwest are still bullish, calling for mostly dry conditions. A failing Russia-Ukraine grain-shipping deal is also bullish, especially for wheat. Corn, wheat and soybean market bulls all have the firm near-term technical advantage in this weather market. Late June and early July is a critical timeframe for the grain markets. At that time the existing price trends in the grains can be accelerated or reversed.

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

Wednesday, June 21–Jim Wyckoff’s morning markets report

Global stock markets were mostly lower overnight. U.S. stock indexes are pointed toward mixed openings when the New York day session begins. The S&P 500 and Nasdaq stock indexes are not far below last week’s 10-month highs and are in near-term price uptrends.

The marketplace is eagerly awaiting Fed Chair Jerome Powell’s comments at his semi-annual monetary policy report to Congress on Wednesday and Thursday. The marketplace will be closely watching the testimony for any fresh clues on the timing of any future U.S. interest rate increases, or how long the Fed might pause on raising rates.

The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil prices are near steady and trading around $71.25 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching around 3.738%. 

U.S. economic due for release Wednesday includes the MBA mortgage applications survey, the Johnson Redbook weekly retail sales report.

–Jim

U.S. STOCK INDEXES

September S&P 500 e-mini futures: Prices are near steady in early U.S. trading and not far below last week’s 10-month high. Bulls have the solid 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 this week’s high of 4,462.00 and then at the June high of 4,485.50. Support for active traders is seen at 4,400.00 and then at 4,375.00. Wyckoff’s Intra-day Market Rating: 5.0

September Nasdaq index futures: Prices are near steady in early U.S. trading and not far below last week’s 10-month high. Bulls have the solid near-term technical advantage. 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 this week’s high of 15,322.50 and then at the June high of 15,475.50. On the downside, shorter-term support is seen at this week’s low of 15,126.50 and then at 15,000.00. Wyckoff’s Intra-Day Market Rating: 5.0.

U.S. TREASURY BONDS AND NOTES FUTURES

September U.S. T-Bonds: Prices are weaker in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is even with the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at this week’s high of 128 11/32 and then at 129 even. Shorter-term support lies at 127 even and then at this week’s low of 126 12/32. Wyckoff’s Intra-Day Market Rating: 4.5

September 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 below the 9-day. The 9-day is even with the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at this week’s high of 113.17.0 and then at 113.24.0. Shorter-term technical support is seen at this week’s low of 112.23.0 and then at the June low of 112.12.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

EURO CURRENCY

The September Euro currency futures are near steady 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 early today. The Euro currency finds shorter-term technical resistance at the June high of 1.0997 and then at 1.1050. Shorter-term support is seen at this week’s low of 1.0943 and then at 1.0900. Wyckoff’s Intra Day Market Rating: 5.0

NYMEX CRUDE OIL

August Nymex crude oil prices are near steady in early U.S. trading. The shorter-term moving averages are neutral early today as the 4-day is above the 9-day and 18-day. The 9-day is below 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 this week’s high of $72.38 and then at $74.00. Look for sell stops just below technical support at this week’s low of $69.76 and then at $69.00. Wyckoff’s Intra-Day Market Rating: 5.0

GRAINS

Grain futures prices were sharply higher overnight. Extended weather forecasts for the U.S. Midwest are bullish, calling for mostly dry conditions. A failing Russia-Ukraine grain-shipping deal is also bullish. Corn, wheat and soybean market bulls have the firm near-term technical advantage. Late June and early July is a critical timeframe for the grain markets. At that time the existing price trends in the grains can be accelerated or reversed.

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, June 20–Jim Wyckoff’s morning markets report

Global stock markets were mixed overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins. The S&P 500 and Nasdaq stock indexes are not far below last week’s 10-month highs.

In overnight news, China again slightly eased its monetary policy by lowering two key lending rates by 10 basis points. The rate reductions were deemed by China watchers as less than expected.

U.S. Secretary of State Anthony Blinken met on Monday with Chinese President Xi Jinping and said they agreed to “stabilize” badly deteriorated U.S.-China ties, but the U.S.’s top diplomat left Beijing without an agreement on better military communications between the U.S. and China forces. The meeting was the highest-level U.S. visit to China in five years.

Fed Chair Jerome Powell will provide his semi-annual monetary policy report to Congress on Wednesday and Thursday. Powell is widely expected to repeat comments from his post-Fed meeting press conference, which had a hint of caution but still opened the door to higher rates down the road. The marketplace will be closely watching the testimony for any fresh clues on the timing of the rate increases. Should Powell strike a hawkish note, this could boost the U.S. dollar and U.S. Treasury yields. But if he is more downbeat and fails to provide fresh clues, this may weaken the greenback and lower yields. Speeches from Federal Reserve Bank of St. Louis President James Bullard and New York President John Williams today will be closely monitored.

The key outside markets today see the U.S. dollar index higher. Nymex crude oil prices are slightly up and trading around $72.00 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching around 3.779%. 

U.S. economic due for release Tuesday includes new residential construction.

–Jim

U.S. STOCK INDEXES

September S&P 500 e-mini futures: Prices are weaker in early U.S. trading and not far below last week’s 10-month high. Bulls have the solid 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 bearish early today. Today, shorter-term technical resistance comes in at the overnight high of 4,462.00 and then at last week’s high of 4,485.50. Support for active traders is seen at 4,400.00 and then at 4,375.00. Wyckoff’s Intra-day Market Rating: 4.0

September Nasdaq index futures: Prices are slightly lower in early U.S. trading and not far below last week’s 10-month high. Bulls have the solid near-term technical advantage. 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 bearish early today. Shorter-term technical resistance is seen at the overnight high of 15,322.50 and then at last week’s high of 15,475.50. On the downside, shorter-term support is seen at 15,100.00 and then at 15,000.00. Wyckoff’s Intra-Day Market Rating: 4.5.

U.S. TREASURY BONDS AND NOTES FUTURES

September U.S. T-Bonds: Prices are weaker 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 even with 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 127 20/32 and then at 128 even. Shorter-term support lies at 127 even and then at last week’s low of 126 4/32. Wyckoff’s Intra-Day Market Rating: 4.5

September U.S. T-Notes: Prices are near steady in early U.S. trading. 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 the overnight high of 113.07.5 and then at 113.18.0. Shorter-term technical support is seen at the overnight low of 112.23.0 and then at the June low of 112.12.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0

EURO CURRENCY

The September Euro currency futures are slightly lower 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 early today. The Euro currency finds shorter-term technical resistance at last week’s high of 1.0997 and then at 1.1050. Shorter-term support is seen at 1.0950 and then at 1.0900. Wyckoff’s Intra Day Market Rating: 4.5

NYMEX CRUDE OIL

July Nymex crude oil prices are slightly higher in early U.S. trading. The shorter-term moving averages are neutral early today as the 4-day is above the 9-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are bullish early today. Look for buy stops to reside just above technical resistance at $73.50 and then at the June high of $75.06. Look for sell stops just below technical support at the overnight low of $70.63 and then at $70.00. Wyckoff’s Intra-Day Market Rating: 5.5

GRAINS

Grain futures prices were mixed to lower overnight. Parts of the U.S. Corn Belt received good rains over the weekend. But extended weather forecasts for the U.S. Midwest are for mostly dry conditions. Corn and soybean market bulls have the near-term technical advantage. Wheat markets are still overall bearish but will be pulled higher if corn and soybeans resume their rallies. Late June and early July is a critical timeframe for the grain markets. At that time the existing price trends in the grains can be accelerated or reversed.

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, June 16–Jim Wyckoff’s morning markets report

Global stock markets were mixed overnight. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins. So far Friday, it’s a quieter end to a very busy economic data week. U.S. traders and investors are looking forward to a three-day holiday weekend, as the new Juneteenth federal holiday next Monday has the U.S. government and markets closed.

In overnight news, the Euro zone consumer price index in May rose 6.1%, year-on-year, which was right in line with market expectations.

The U.S. is pushing to improve U.S.-China relations, as U.S. Secretary of State Blinken is headed to China for talks this weekend.

The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil prices are weaker and trading around $70.25 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching around 3.7%. 

U.S. economic due for release Friday is light and includes the University of Michigan consumer sentiment survey.

–Jim

U.S. STOCK INDEXES

September S&P 500 e-mini futures: Prices are slightly up in early U.S. trading. Prices hit a 10-month high Thursday. Bulls have the solid 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 to bullish early today. Today, shorter-term technical resistance comes in at this week’s high of 4,485.50 and then at 4,500.00. Support for active traders is seen at 4,450.00 and then at 4,400.00. Wyckoff’s Intra-day Market Rating: 5.5

September Nasdaq index futures: Prices are slightly higher in early U.S. trading. Prices hit a 10-month high Thursday. Bulls have the solid near-term technical advantage. 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 this week’s high of 15,441.00 and then at 15,500.00. On the downside, shorter-term support is seen at Thursday’s low of 15,066.00 and then at this week’s low of 14,732.00. Wyckoff’s Intra-Day Market Rating: 5.5.

U.S. TREASURY BONDS AND NOTES FUTURES

September U.S. T-Bonds: Prices are near steady 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 even with the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at this week’s high of 128 13/32 and then at 129 even. Shorter-term support lies at the 127 even and then at this week’s low of 126 4/32. Wyckoff’s Intra-Day Market Rating: 5.0

September U.S. T-Notes: Prices are weaker in early U.S. trading. 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 the overnight high of 113.16.5 and then at this week’s high of 114.00.0. Shorter-term technical support is seen at 113.00.0 and then at 112.20.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

EURO CURRENCY

The September Euro currency futures are slightly higher and hit a four-week high 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 early today. The Euro currency finds shorter-term technical resistance at 1.1050 and then at 1.1100. Shorter-term support is seen at 1.0950 and then at 1.0900. Wyckoff’s Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

July Nymex crude oil prices are slightly lower in early U.S. trading. The shorter-term moving averages are bearish early today as the 4-day is below the 9-day. The 9-day is below 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 this week’s high of $70.96 and then at $72.00. Look for sell stops just below technical support at the overnight low of $69.95 and then at $69.00. Wyckoff’s Intra-Day Market Rating: 5.0

GRAINS

Grain futures prices were higher overnight. The corn and soybean futures markets are in full-blown weather scares. Weather forecasts for the U.S. Midwest are mostly dry for the next two weeks. Corn and soybean market bulls have the firm near-term technical advantage. Wheat markets are still overall bearish but will be pulled higher if corn and soybeans continue to rally. Late June and early July is a critical timeframe for the grain markets. At that time the existing price trends in the grains can be accelerated or reversed.

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

Thursday, June 15–Jim Wyckoff’s morning markets report

Global stock markets were mixed overnight. U.S. stock indexes are pointed toward weaker openings when the New York day session begins. Traders and investors are digesting the just-concluded FOMC meeting of the Federal Reserve, in which the Fed paused on its rate-hike cycle, but the FOMC statement and Fed Chair Powell’s press conference leaned firmly hawkish on U.S. monetary policy. The Fed’s “hawkish pause” pushed the U.S. dollar index and U.S. Treasury yields higher. The European Central Bank is presently meeting and is expected to raise its main interest rate by 25 basis points.

In overnight news, China’s central bank made another move to ease its monetary policy by cutting another key interest rate. The move follows a batch of downbeat economic data released by China Thursday.

The key outside markets today see the U.S. dollar index higher. Nymex crude oil prices are firmer and trading around $69.00 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 3.82%. 

It’s a very busy day for U.S. economic released Thursday, including the weekly jobless claims report, the Empire State manufacturing survey, the Philadelphia Fed business outlook survey, retail sales, import and export prices, industrial production and capacity utilization, Treasury international capital data, and manufacturing and trade inventories.

–Jim

U.S. STOCK INDEXES

September S&P 500 e-mini futures: Prices are weaker in early U.S. trading, on a corrective pullback after hitting a 10-month high Wednesday. Bulls have the solid 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 bearish early today. Today, shorter-term technical resistance comes in at this week’s high of 4,439.50 and then at 4,475.00. Support for active traders is seen at Wednesday’s low of 4,383.50 and then at this week’s low of 4,348.75. Wyckoff’s Intra-day Market Rating: 4.5

September Nasdaq index futures: Prices are lower in early U.S. trading, on a downside correction after hitting a 10-month high Wednesday. Bulls have the solid near-term technical advantage. 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 bearish early today. Shorter-term technical resistance is seen at this week’s high of 15,243.50 and then at 15,400.00. On the downside, shorter-term support is seen at Wednesday’s low of 14,976.00 and then at this week’s low of 14,732.00. Wyckoff’s Intra-Day Market Rating: 4.0.

U.S. TREASURY BONDS AND NOTES FUTURES

September U.S. T-Bonds: 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 below the 9-day. The 9-day is even with the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at the overnight high of 127 1/32 and then at 128 even. Shorter-term support lies at the June low of 125 27/32 and then at the May low of 125 9/32. Wyckoff’s Intra-Day Market Rating: 4.0

September U.S. T-Notes: Prices are lower in early U.S. trading. 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 bearish early today. Shorter-term resistance lies at the overnight high of 112.31.5 and then at 113.10.0. Shorter-term technical support is seen at this week’s low of 112.12.5 and then at 112.00.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

EURO CURRENCY

The September Euro currency futures are slightly 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 bullish early today. The Euro currency finds shorter-term technical resistance at this week’s high of 1.0919 and then at 1.0950. Shorter-term support is seen at the overnight low of 1.0855 and then at this week’s low of 1.0792. Wyckoff’s Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

July Nymex crude oil prices are higher in early U.S. trading. The shorter-term moving averages are bearish early today as the 4-day is below the 9-day. The 9-day is below 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 this week’s high of $70.49 and then at $72.00. Look for sell stops just below technical support at the overnight low of $67.97 and then at this week’s low of $66.80. Wyckoff’s Intra-Day Market Rating: 5.5

GRAINS

Grain futures prices were higher overnight. Corn and soybean market bulls have the near-term technical advantage. Wheat markets are still bearish. Weather in the Corn Belt leans bullish for the grain markets, as it is dry in some regions. We are now in a weather market scare for corn and soybeans. Late June and early July is a critical timeframe for the grain markets. On tap today is the weekly USDA export sales 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