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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. 14

Jan 14, 2013

Monday, January 14--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

Most commodity markets, including the precious metals, are
trading higher early Monday. Investor risk appetite has
modestly improved to start the new year, which has been a
bullish underlying factor for the commodity markets.
European stocks markets and the Euro currency were lifted
overnight on ideas the European Union sovereign debt crisis
has turned the corner toward recovery. The Paris-based OECD
reported overnight that the Euro zone economic slowdown has
bottomed out and that other major world economies are likely
to see better growth in the coming months. Gains in European
markets were limited by a weak Euro zone industrial
production report Monday that showed a 0.3% decline from
October to November. There is no major U.S. economic data
due for release Monday. However, Federal Reserve Chairman
Bernanke is scheduled to speak at an event in Michigan.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are near steady in early trading
today, and did poke to another fresh five-year high
overnight. Bulls have 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 the overnight high of 1,471.30 and
then at 1,480.00. Buy stops likely reside just above those
levels. Downside support for active traders today is located
at 1,460.00 and then at 1,450.00. Sell stops are likely
located just below those levels. Wyckoff's Intra-day Market
Rating: 5.5

Nasdaq index futures: Prices are weaker early today after
hitting a fresh three-month high earlier today. Bulls still
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 the
overnight high of 2,750.25 and then at 2,760.00. Buy stops
likely reside just above those levels. On the downside,
short-term support is seen at 2,725.00 and then at 2,713.75.
Sell stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 4.5

Dow futures: Prices are weaker early today on some profit
taking from recent gains as prices hover near a three-month
high. Bulls still have some upside near-term technical
momentum. Sell stops likely reside just below technical
support at Friday’s low of 13,380 and then at 13,325. Buy
stops likely reside just above technical resistance at
Friday’s high of 13,435 and then at 13,500. 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: 5.0

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Prices are higher early today on more
short covering. 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 bullish early today.
Shorter-term resistance lies at 146 even and then at 146
10/32. Buy stops likely reside just above those levels.
Shorter-term technical support lies at 145 16/32 and then at
the overnight low of 144 13/32. Sell stops likely reside
just below those levels. Wyckoff's Intra-Day Market Rating:
6.0

March U.S. T-Notes: Prices are higher early today on short
covering. 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 bullish early
today. Shorter-term resistance lies at 132.08.0 and then at
132.12.0. Buy stops likely reside just above those levels.
Shorter-term technical support lies at 132.00.0 and then at
the overnight low of 131.27.5. Sell stops likely reside
just below those levels. Wyckoff's Intra-Day Market Rating:
6.0

U.S. DOLLAR INDEX

The March U.S. dollar index is near steady early today and
did hit a fresh three-week low overnight. Greenback bears
still have downside near-term technical momentum. Slow
stochastics for the dollar index are bearish early today.
The dollar index finds shorter-term technical resistance at
79.75 and then at Friday’s high of 79.93. Shorter-term
support is seen at the overnight low of 79.40 and then at
79.25. Wyckoff's Intra Day Market Rating: 5.0

NYMEX CRUDE OIL

Crude oil prices are firmer early today. Prices late last
week hit a four-month high. Bulls still some upside momentum
and have the overall near-term technical advantage. In
February Nymex crude, look for buy stops to reside just
above resistance at last week’s high of $94.70 and then at
$95.00. Look for sell stops just below technical support at
$93.00 and then at last week’s low of $92.42. Wyckoff's
Intra-Day Market Rating: 5.5

GRAINS

Markets were higher overnight on short covering and bargain
hunting following Friday’s USDA data that was neutral to
bullish, overall. Grain futures markets showed good upside
price action on Friday to give the bulls some hope. There
are now some very early technical clues the grain markets
may have put in near-term lows. However, the bulls need to
prove themselves this week. This week’s price action will
be extra important in the grain markets.
 

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