Jim's Morning Markets Report--Apr 19

April 19, 2013 02:00 AM
 

Friday, April 19--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

Asian and European stocks were higher overnight, with U.S.
stock indexes also higher early Friday morning, amid an
improved investor risk appetite to end the week. In the
U.S., focus of traders and investors Friday morning was not
on the markets but on an intense manhunt for one terrorist
involved in the Boston Marathon bombing. A second terrorist
suspect was killed overnight. There is a Group of 20 meeting
in Washington, D.C. that began Thursday. The market place
will pay close attention to any proclamations regarding
foreign exchange rate, financial and/or economic policies
coming out of the confab. There is no major U.S. economic
data due for release Friday.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are firmer early today as trading
has turned choppy this week. Bulls still have the overall
near-term technical advantage. The shorter-term moving
averages (4-, 9- and 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. Short-term oscillators
(RSI, slow stochastics) are neutral early today. Today,
shorter-term technical resistance comes in at Thursday’s
high of 1,553.20 and then at this week’s high of 1,570.00.
Buy stops likely reside just above those levels. Downside
support for active traders today is located at this week’s
low of 1,531.00 and then at 1,515.00. Sell stops are likely
located just below those levels. Wyckoff's Intra-day Market
Rating: 5.5

Nasdaq index futures: Prices are higher early today as
trading has turned choppy this week. Bulls still have the
overall near-term technical advantage, but have faded. The
shorter-term moving averages (4- 9-and 18-day) are neutral
early today. The 4-day moving average is below 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 2,775.00 and
then at Thursday’s high of 2,788.00. Buy stops likely reside
just above those levels. On the downside, short-term support
is seen at the overnight low of 2,745.25 and then at this
week’s low of 2,724.00. Sell stops are likely located just
below those levels. Wyckoff's Intra-Day Market Rating: 5.5.

Dow futures: Prices are firmer early today as trading has
turned choppy this week. Bulls still have the overall near-
term technical advantage but have faded a bit. Sell stops
likely reside just below technical support at 14,450 and
then at this week’s low of 14,400. Buy stops likely reside
just above technical resistance at 14,500 and then at
Thursday’s high of 14,560. Shorter-term moving averages are
neutral early today, as the 4-day moving average is below
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 bearish early today. Wyckoff's Intra-Day
Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Prices are lower early today. Trading is
choppy this week. Bulls still have the overall near-term
technical advantage. Shorter-term moving averages (4- 9- 18-
day) are still 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. Oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term resistance lies at the
overnight high of 148 14/32 and then at this week’s high of
148 20/32. Buy stops likely reside just above those levels.
Shorter-term technical support lies at the overnight low of
147 28/32 and then at 147 13/32. Sell stops likely reside
just below those levels. Wyckoff's Intra-Day Market Rating:
4.5
 
June U.S. T-Notes: Prices are weaker early today. Bulls
still have the near-term technical advantage. Shorter-term
moving averages (4- 9- 18-day) are still bullish early
today. The 4-day moving average is above the 9-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 this week’s high of
133.09.0 and then at the April high of 133.11.5. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at this week’s low of 132.25.5 and
then at 132.20.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 4.5

U.S. DOLLAR INDEX

The U.S. dollar index is slightly lower in early U.S.
trading. The index has turned choppy recently but the bulls
on Wednesday did regain upside near-term technical momentum.
Slow stochastics for the dollar index are bullish early
today. The dollar index finds shorter-term technical
resistance at this week’s high of 82.815 and then at 83.000.
Shorter-term support is seen at 82.460 and then at 82.250.
Wyckoff's Intra Day Market Rating: 4.5

NYMEX CRUDE OIL

Crude oil prices are firmer early today on short covering
after hitting a 9.5-month low of $85.61 on Thursday. Bears
still have the near-term technical advantage. In May Nymex
crude, look for buy stops to reside just above resistance at
$89.00 and then at $90.00. Look for sell stops just below
technical support at $87.50 and then at $87.00. Wyckoff's
Intra-Day Market Rating: 5.5

GRAINS

Markets were slightly lower overnight. Recent moisture in
the U.S. Corn Belt and Plains states is deemed a bearish
underlying factor for grains, even though it could turn to
a bullish factor for corn, due to the specter of corn-
planting delays now likely this spring. The corn-planting
delay issue could become be a major market factor when
trading gets under way next week. Grain traders will
continue to look to the outside markets for direction,
especially given the volatile trading seen in crude oil and
gold recently.
 

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