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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--January 12

Jan 12, 2012

Thursday, January 12--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

The U.S. stock indexes are in sneaky, unassuming near-term
price uptrends and have hit multi-month highs this week.
Any time a market can trend higher and do so with little
fanfare so as to remain under the radar screen of the
general investing public, then that’s a good bet the
uptrend can continue.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices hit a fresh 5.5-month high
overnight. 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 to bullish early today. Today,
shorter-term technical resistance comes in at 1,300.00 and
then at 1,315.00. Buy stops likely reside just above those
levels. Downside support for active traders today is located
at the overnight low of 1,285.40 and then at 1,274.60. Sell
stops are likely located just below those levels. Wyckoff's
Intra-day Market Rating: 6.0

Nasdaq index futures: Prices hit a fresh two-month high
overnight. 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 to bullish early today. Shorter-term technical
resistance is located at the October high of 2,408.75 and
then at 2,425.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at the
overnight low of 2,363.75 and then at 2,350.00. Sell stops
are likely located just below those levels. Wyckoff's Intra-
Day Market Rating: 6.0

Dow futures: Sell stops likely reside just below technical
support at 12,400 and then more stops just below support at
Wednesday’s low of 12,345. Buy stops likely reside just
above technical resistance at 12,500 and then at 12,550.
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. Wyckoff's Intra-Day Market Rating: 6.0

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: 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 support lies at the overnight low
of 143 14/32 and then at 143 even. Sell stops likely reside
just below those levels. Shorter-term technical resistance
lies at the overnight high of 143 29/32 and then at this
week’s high of 144 6/32. Buy stops likely reside just above
those levels. Wyckoff's Intra-Day Market Rating: 4.5

March U.S. T-Notes: 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 131.10.0 and then at 131.14.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at Wednesday’s low of 130.22.0 and
then at this week’s low of 130.14.5. Sell stops likely
reside just below those levels. Wyckoff's Intra-Day Market
Rating: 4.5

U.S. DOLLAR INDEX

The March U.S. dollar index is weaker in early trading
today, on profit taking from recent gains. Prices Monday hit
a fresh contract and 16-month high. Dollar index bulls still
have the solid overall near-term technical advantage. Slow
stochastics for the dollar index are bearish early today.
The dollar index finds shorter-term technical resistance at
the overnight high of 81.64 and then at the contract high of
81.85. Shorter-term support is seen at 81.00 and then at
80.50. Wyckoff's Intra Day Market Rating: 4.5

CRUDE OIL

Crude oil prices are trading higher early today. Bulls have
the solid overall near-term technical advantage. However,
the going on the upside gets tough with prices above $100.00
a barrel. In February crude, look for buy stops to reside
just above resistance at $103.00 and then at this month’s
high of $103.74. Look for sell stops just below technical
support at $101.00 and then at $100.00. Wyckoff's Intra-Day
Market Rating: 6.0

GRAINS

Markets were higher in overnight trading. The key “outside
markets” are in a bullish posture this morning, as the U.S.
dollar index is weaker, while crude oil and the U.S. stock
indexes are higher. Grain market bulls still have some
upside near-term technical momentum but need to show more
upside power soon. Traders are awaiting Thursday morning’s
USDA supply and demand report and the weekly export sales
report.
 

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