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Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--Jan. 10

Jan 10, 2013

Thursday, January 10--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

In overnight news, European stock markets were supported and
the Euro currency rallied following a successful Spanish
bond auction that produced yields that were the lowest in
almost a year. European traders are awaiting today’s monthly
European Central Bank meeting. The ECB is not expected to
make any major moves on interest rates, but the market place
does want to hear ECB chief Draghi’s press conference. The
Bank of England left its monetary policy unchanged at its
meeting today, as expected. There was more positive economic
news coming out of China overnight. China’s trade surplus
rose sharply in December, with exports rising more than
expected. Asian stocks were boosted on that news. U.S.
economic data due for release Thursday includes the weekly
jobless claims report, wholesale trade data, and foreign
holdings of U.S. Treasuries.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are firmer in early trading today,
on more chart consolidation as prices hover near a 2.5-month
high. Bulls have some upside near-term technical momentum.
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 last week’s high of 1,462.50 and then
at the September high of 1,467.50. Buy stops likely reside
just above those levels. Downside support for active traders
today is located at 1,450.00 and then at 1,439.30. Sell
stops are likely located just below those levels. Wyckoff's
Intra-day Market Rating: 5.5

Nasdaq index futures: Prices are firmer early today. Bulls
still have some upside near-term technical momentum. 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 2,736.00 and
then at the January high of 2,747.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at the overnight low of 2,720.75 and then at
Wednesdsay’s low of 2,711.25. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
5.5

Dow futures: Prices are firmer early today. Bulls have
upside near-term technical momentum as prices hover near a
three-month high. Sell stops likely reside just below
technical support at Wednesday’s low of 13,300 and then at
this week’s low of 13,235. Buy stops likely reside just
above technical resistance at the January high of 13,370 and
then at 13,400. 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 early today. Wyckoff's Intra-Day
Market Rating: 5.5

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 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 145 12/32 and
then at this week’s high of 145 20/32. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at Wednesday’s low of 144 25/32 and then at
this week’s low of 144 12/32. 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
have the overall near-term technical advantage. 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 132.00.0 and then
at this week’s high of 132.04.0. Buy stops likely reside
just above those levels. Shorter-term technical support
lies at the overnight low of 131.26.0 and then at
Wednesday’s low of 131.21.5. 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 weaker in early U.S. trading.
Greenback bulls still have some upside near-term technical
momentum but need to show more power soon to keep it. Slow
stochastics for the dollar index are neutral early today.
The dollar index finds shorter-term technical resistance at
this week’s high of 80.80 and then at last week’s high of
80.99. Shorter-term support is seen at Wednesday’s low of
80.45 and then at this week’s low of 80.22. Wyckoff's Intra
Day Market Rating: 4.0

NYMEX CRUDE OIL

Crude oil prices are higher early today and hit a fresh
three-month high. Bulls have the overall near-term technical
advantage and gained more upside momentum today. In February
Nymex crude, look for buy stops to reside just above
resistance at the overnight high of $94.70 and then at
$95.00. Look for sell stops just below technical support at
$94.00 and then at $93.00. Wyckoff's Intra-Day Market
Rating: 6.0

GRAINS

Markets were mixed overnight. Traders will examine today’s
weekly USDA export sales report, but the more important
data of the week comes with Friday’s monthly USDA supply
and demand, quarterly grain stocks and annual grain summary
reports, due out in late morning. That particular batch of
USDA data will important for grain price direction in
coming weeks. The near-term technical postures of the grain
markets remain bearish at present.
 

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