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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 31

Jan 31, 2012

Tuesday, January 31--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

Today is the last trading day of the month and it’s a more
important day, technically, for the markets. A market
posting a high or low close for the month on the last
trading day of the month is a technically very significant
development. There are several markets that could do such
today.--Jim

U.S. STOCK INDEXES

S&P 500 futures: 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 early today. Today, shorter-term
technical resistance comes in at the overnight high of
1,317.50 and then at last week’s high of 1,329.50. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at the overnight low of
1,308.60 and then at Monday’s low of 1,296.00. Sell stops
are likely located just below those levels. Wyckoff's Intra-
day Market Rating: 5.5

Nasdaq index futures: Prices poked to a fresh 11-year 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 early today. Shorter-term technical resistance is
located at the overnight high of 2,478.00 and then at
2,500.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at the overnight
low of 2,461.00 and then at 2,450.00. Sell stops are likely
located just below those levels. Wyckoff's Intra-Day Market
Rating: 5.5

Dow futures: Sell stops likely reside just below technical
support at 12,600 and then more stops just below support at
12,550. Buy stops likely reside just above technical
resistance at 12,700 and then at 12,750. 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 bearish early today.
Wyckoff's Intra-Day Market Rating: 5.5

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 and 18-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 28/32 and then at Monday’s low of 143
13/32. Sell stops likely reside just below those levels.
Shorter-term technical resistance lies at the overnight high
of 144 16/32 and then at Monday’s high of 145 3/32. 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 to bearish early today. Shorter-term resistance
lies at the overnight high of 132.00.5 and then at Monday’s
contract high of 132.07.0. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 131.22.0 and then at 131.16.0. 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 lower in early trading today
and hit a fresh seven-week low overnight. The dollar index
is poised for a technically bearish monthly low close today.
Bears have downside near-term technical momentum and bulls
need to good power this week to avoid more serious near-term
chart damage. Slow stochastics for the dollar index are
bearish early today. The dollar index finds shorter-term
technical resistance at the overnight high of 79.16 and then
at 79.50. Shorter-term support is seen at the overnight low
of 78.85 and then at 78.62. Wyckoff's Intra Day Market
Rating: 4.0

CRUDE OIL

Crude oil prices are trading higher early today. Bulls have
the overall near-term technical advantage. In March crude,
look for buy stops to reside just above resistance at the
overnight high of $100.69 and then at last week’s high of
$101.39. Look for sell stops just below technical support at
$99.00 and then at $98.00. Wyckoff's Intra-Day Market
Rating: 6.0

GRAINS

Markets were higher in overnight trading. The key “outside
markets” are in a bullish posture for grains this morning,
as the U.S. dollar index is lower, while crude oil and the
U.S. stock indexes are higher. Grains are closely tracking
the outside markets and will continue to be heavily
influenced by them, on a day-to-day basis.
 

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