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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Morning Markets Report--Jan. 28

Jan 28, 2013

Monday, January 28--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

It’s a generally quiet start to the new trading week Monday.
However, later in the week the economic data action picks
up. The U.S. Federal Reserve’s FOMC meeting and interest
rate announcement occurs on Wednesday, while the U.S.
employment report is out Friday morning. The solid rally in
the U.S. stock market, which sees major indexes at five-year
highs, is attracting the interest of the general investing
public, which is limiting investment interest in the safe-
haven gold market. Asian stock markets also hit fresh multi-
month highs overnight. U.S. economic data due for release
Monday includes durable goods orders, the Chicago Fed
midwest manufacturing index, pending home sales, and the
Texas manufacturing survey.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are slightly higher in early trading
today and hovering near a five-year high. Bulls have the
solid 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 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
1,500.00 and then at 1,510.00. Buy stops likely reside just
above those levels. Downside support for active traders
today is located at Friday’s low of 1,486.80 and then at
last week’s low of 1,475.10. Sell stops are likely located
just below those levels. Wyckoff's Intra-day Market Rating:
5.5

Nasdaq index futures: Prices are slightly higher early and
are hovering near a three-month high. Bulls 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 to bearish early today.
Shorter-term technical resistance is located at Friday’s
high of 2,739.50 and then at 2,750.00. Buy stops likely
reside just above those levels. On the downside, short-term
support is seen at last week’s low of 2,707.75 and then at
2,700.00. Sell stops are likely located just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

Dow futures: Prices are slightly firmer early today and
hovering near a five-year high. Bulls have upside near-term
technical momentum. Sell stops likely reside just below
technical support at Friday’s low of 13,780 and then at
13,750. Buy stops likely reside just above technical
resistance at Friday’s high of 13,830 and then at 13,850.
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 near steady early today.
Bears have the overall near-term technical advantage and
have recently gained fresh downside momentum. 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 below the 18-day moving average. Oscillators (RSI,
slow stochastics) are neutral to bearish early today.
Shorter-term resistance lies at the overnight high of 144
11/32 and then at 144 16/32. Buy stops likely reside just
above those levels. Shorter-term technical support lies at
the overnight low of 143 23/32 and then at the January low
of 143 17/32. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 4.5

March U.S. T-Notes: Prices are slightly lower early today.
Bears have downside near-term technical momentum. 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 resistance lies at the overnight high
of 131.16.5 and then at 131.22.0. Buy stops likely reside
just above those levels. Shorter-term technical support
lies at the overnight low of 131.06.0 and then at the
January low of 131.04.0. 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 firmer early today on short
covering. Greenback bears still have the overall near-term
technical advantage. Slow stochastics for the dollar index
are neutral early today. The dollar index finds shorter-term
technical resistance at 80.00 and then at Friday’s high of
80.17. Shorter-term support is seen at the overnight low of
79.83 and then at 79.50. Wyckoff's Intra Day Market Rating:
5.5

NYMEX CRUDE OIL

Crude oil prices are slightly higher early today and
hovering near a four-month high. Bulls still have some
upside momentum as a seven-week-old uptrend is in place on
the daily bar chart. In March Nymex crude, look for buy
stops to reside just above resistance at last week’s high of
$96.92 and then at $97.50. Look for sell stops just below
technical support at the overnight low of $95.75 and then at
$95.00. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Markets were firmer overnight. Grain futures traders will
examine today’s weekly USDA export inspections report. Dry
weather in Argentina and the U.S. Plains and Corn Belt is
still bullish for the grains.
 

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