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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--January 10

Jan 10, 2012

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

* JIM'S MARKET THOUGHT OF THE DAY *

Gold prices are solidly higher this morning on some short
covering and bargain hunting. My bias is that gold prices
have put in a near-term low and will trend sideways to
higher in the coming weeks. It’s also my bias that gold
will be supported during 2012 by fresh safe-haven
investment demand that seemed to have dried up in late
2011.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices hit a fresh 2.5-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 the October
high of 1,288.70 and then at 1,300.00. Buy stops likely
reside just above those levels. Downside support for active
traders today is located at the overnight low of 1,274.60
and then at 1,260.00. Sell stops are likely located just
below those levels. Wyckoff's Intra-day Market Rating: 6.0

Nasdaq index futures: Prices hit a fresh seven-week 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 2,375.00 and then at 2,400.00. Buy
stops likely reside just above those levels. On the
downside, short-term support is seen at the overnight low of
2,346.25 and then at 2,325.00. Sell stops are likely located
just below those levels. Wyckoff's Intra-Day Market Rating:
6.0

Dow futures: Prices hit a fresh 5.5-month high overnight.
Sell stops likely reside just below technical support at
12,350 and then more stops just below support at 12,300. 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 bearish early today. The 4-day moving average is
below 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 142 10/32 and then at 142 even. Sell stops
likely reside just below those levels. Shorter-term
technical resistance lies at the overnight high of 142 29/32
and then at 143 even. 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 neutral early today. The 4-day moving average is
below 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 the
overnight high of 130.27.0 and then at 131.00.0. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 130.17.5 and
then at last week’s low of 130.03.0. 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 weaker in early trading today
on some mild profit-taking pressure after hitting a fresh
contract and 16-month high on Monday. 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 81.40 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 solidly higher early today.
Bulls have the solid overall near-term technical advantage.
In February crude, look for buy stops to reside just above
resistance at last week’s high of $103.74 and then at
$104.00. Look for sell stops just below technical support at
$102.00 and then at the overnight low of $101.30. Wyckoff's
Intra-Day Market Rating: 6.5

GRAINS

Markets were weaker in overnight trading, on corrective
pullbacks from solid gains posted on Monday. Grain market
bulls still have some upside near-term technical momentum
but need to show more upside power soon. The dry weather in
South American corn and soybean regions is still a
significantly bullish fundamental for corn and soybean
futures at present. Wheat will be a follower of corn and
soybeans. Traders are also awaiting Thursday morning’s USDA
supply and demand report.
 

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