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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--Jan. 22

Jan 22, 2013

Tuesday, January 22--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

After a long U.S. holiday weekend traders will again focus
on corporate earnings reports. Heavyweight Apple reports its
earnings Wednesday. In overnight news, the German ZEW
economic indicators index came out stronger than expected,
which supported European stock markets and the Euro
currency. Spanish bond yields dropped again for the latest
auction of Spanish government debt. This is a sign of
improving investor sentiment toward the European Union and
its handling of its sovereign debt crisis. The Bank of Japan
announced more monetary policy stimulus measures Tuesday,
but the move was expected by the market place and Asian
markets were little moved. U.S. economic data due for
release Tuesday includes the Chicago Fed national activity
index, existing home sales, and the Richmond Fed business
survey.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are near steady in early trading
today and did hit another fresh five-year high overnight.
Bulls have the 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 and
18-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 overnight high of 1,484.60 and then at 1,490.00. Buy
stops likely reside just above those levels. Downside
support for active traders today is located at the overnight
low of 1,475.10 and then at 1,465.00. Sell stops are likely
located just below those levels. Wyckoff's Intra-day Market
Rating: 5.5

Nasdaq index futures: Prices are near steady early and are
hovering near a three-month high. Bulls have the 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 and 18-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 last week’s high of
2,751.50 and then at 2,765.00. Buy stops likely reside just
above those levels. On the downside, short-term support is
seen at the overnight low of 2,726.75 and then at last
week’s low of 2,705.00. Sell stops are likely located just
below those levels. Wyckoff's Intra-Day Market Rating: 5.5

Dow futures: Prices are slightly lower early today. Prices
are hovering near a three-month high and bulls still have
some upside near-term technical momentum. Sell stops likely
reside just below technical support at Friday’s low of
13,520 and then at 13,500. Buy stops likely reside just
above technical resistance at Friday’s for-the-move high of
13,580 and then at 13,600. Shorter-term moving averages are
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 bullish early today. Wyckoff's
Intra-Day Market Rating: 5.0

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Prices are lower early today. Bears
still 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 above 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 145 28/32 and
then at 146 even. Buy stops likely reside just above those
levels. Shorter-term technical support lies at the overnight
low of 145 8 and then at 145 even. Sell stops likely reside
just below those levels. Wyckoff's Intra-Day Market Rating:
4.0

March U.S. T-Notes: Prices are lower early today. Bears
still have the slight overall near-term technical
advantage. 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 below the 18-day moving average.
Oscillators (RSI, slow stochastics) are neutral early
today. Shorter-term resistance lies at the overnight high
of 132.04.5 and then at 132.08.0. Buy stops likely reside
just above those levels. Shorter-term technical support
lies at the overnight low of 131.28.0 and then at last
week’s low of 131.22.0. Sell stops likely reside just below
those levels. Wyckoff's Intra-Day Market Rating: 4.0

U.S. DOLLAR INDEX

The March U.S. dollar index is lower early today. Greenback
bears have the overall near-term technical advantage. Slow
stochastics for the dollar index are bullish early today.
The dollar index finds shorter-term technical resistance at
80.00 and then at the overnight high of 80.19. Shorter-term
support is seen at the overnight low of 79.78 and then at
79.50. Wyckoff's Intra Day Market Rating: 4.0

NYMEX CRUDE OIL

Crude oil prices are near steady early today and are
hovering near a four-month high. Bulls still have upside
momentum as a six-week-old uptrend is in place on the daily
bar chart. In March Nymex crude, look for buy stops to
reside just above resistance at last week’s high of $96.50
and then at $97.00. Look for sell stops just below technical
support at $95.00 and then at $94.00. Wyckoff's Intra-Day
Market Rating: 5.0

GRAINS

Markets were higher overnight. Grain futures markets have
shown good upside price action recently to give the bulls
early technical clues the grain markets have put in near-
term lows and that price uptrends can now be established.
Fresh speculative money appears to be flowing into the
grain markets on the long side.
 

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