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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 23

Jan 23, 2012

Monday, January 23--Jim Wyckoff's Morning Web Log

* JIM'S MARKET THOUGHT OF THE DAY *

It’s a “risk on” trading day in the market place Monday, as
commodity and stock markets are higher amid better investor
attitudes about the European Union sovereign debt crisis
stabilizing. Traders this week will closely scrutinize the
results of this week’s FOMC meeting of the Federal
Reserve.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices poked to a nearly six-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 early today. Today, shorter-term
technical resistance comes in at the overnight high of
1,314.00 and then at 1,325.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at the overnight low of 1,305.10 and then
at 1,300.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-day Market Rating: 6.0

Nasdaq index futures: Prices hit a fresh 11-year high last
week and are hovering near that high today. 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 last week’s high of
2,442.50 and then at 2,450.00. Buy stops likely reside just
above those levels. On the downside, short-term support is
seen at the overnight low of 2,425.50 and then at 2,400.00.
Sell stops are likely located just below those levels.
Wyckoff's Intra-Day Market Rating: 6.0

Dow futures: Prices hit a fresh six-month high overnight.
Sell stops likely reside just below technical support at
12,600 and then more stops just below support at Friday’s
low of 12,570. Buy stops likely reside just above technical
resistance at the July high of 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
neutral. Wyckoff's Intra-Day Market Rating: 6.0

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Prices hit a fresh two-week low
overnight. 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 bearish
early today. Shorter-term support lies at 141 even and then
at 140 16/32. Sell stops likely reside just below those
levels. Shorter-term technical resistance lies at 142 even
and then at the overnight high of 142 14/32. Buy stops
likely reside just above those levels. Wyckoff's Intra-Day
Market Rating: 4.5

March U.S. T-Notes: Prices hit a fresh four-week low
overnight. 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 to
bearish early today. Shorter-term resistance lies at the
overnight high of 130.18.0 and then at 130.26.5. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at 129.25.0 and then at 129.16.0.
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 weaker again in early trading
today and hit a fresh three-week low overnight. Bulls are
fading and need to show fresh power soon. Slow stochastics
for the dollar index are bearish early today. The dollar
index finds shorter-term technical resistance at 80.25 and
then at the overnight high of 80.585. Shorter-term support
is seen at the January low of 79.83 and then at 79.50.
Wyckoff's Intra Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are trading higher early today after
hitting a fresh four-week low in overnight trading. Bulls
have faded a bit recently but still have the overall near-
term technical advantage. In March crude, look for buy stops
to reside just above resistance at $100.00 and then at
$101.00. Look for sell stops just below technical support at
$99.90 and then at $98.00. Wyckoff's Intra-Day Market
Rating: 6.0

GRAINS

Markets were higher in overnight trading, on a corrective
upside bounce and short covering from recent selling
pressure. 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 firmer. The
grain markets are still in bearish near-term technical
postures.
 

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