Jim's Morning Markets Report--Apr 22

April 22, 2013 01:51 AM
 

Monday, April 22--Jim Wyckoff's Morning Web Log

* LATEST MARKET DEVELOPMENTS *

Strong demand has surfaced for physical gold (bars, coins,
jewelry) in the wake of this month’s collapse in prices.
This is a major factor working to lift gold prices up from
last week’s lows and beginning to suggest a market bottom is
in place. In overnight news, the Japanese stock market
rallied and the yen dropped against the U.S. dollar as the
Group of 20 nations at its weekend meeting in Washington,
D.C., gave tacit approval of the Bank of Japan’s aggressive
monetary policy action recently. Such also hints the major
central banks of the world may want to continue their own
aggressive monetary policy easing measures for at least the
next several months. European stocks were also firmer Monday
as Italian bond yields declined amid ideas of better
political stability in Italy. U.S. economic data due for
release Monday includes the Chicago Fed national activity
index and existing home sales.--Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are firmer early today. 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 bullish early
today. Today, shorter-term technical resistance comes in at
1,570.00 and then at last week’s high of 1,582.80. Buy stops
likely reside just above those levels. Downside support for
active traders today is located at the overnight low of
1,548.40 and then at last week’s low of 1,531.00. 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. Bulls
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 average is above the 18-day. Short-term
oscillators (RSI, slow stochastics) are bullish early today.
Shorter-term technical resistance is located at 2,800.00 and
then at 2,823.00. Buy stops likely reside just above those
levels. On the downside, short-term support is seen at the
overnight low of 2,770.75 and then at 2,760.00. Sell stops
are likely located just below those levels. Wyckoff's Intra-
Day Market Rating: 6.0.

Dow futures: Prices are firmer early today. Bulls have the
overall near-term technical advantage. Sell stops likely
reside just below technical support at 14,500 and then at
14,450. Buy stops likely reside just above technical
resistance at 14,560 and then at 14,600. 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 neutral 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. 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 to bearish
early today. Shorter-term resistance lies at the overnight
high of 148 3/32 and then at 148 9/32. Buy stops likely
reside just above those levels. Shorter-term technical
support lies at the overnight low of 147 15/32 and then at
last week’s low of 147 5/32. 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 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. 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 132.31.5 and then at 133.07.5. Buy stops likely reside
just above those levels. Shorter-term technical support
lies at the overnight low of 132.24.5 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 firmer in early U.S. trading and
hit a two-week high overnight. The bulls have the overall
near-term technical advantage. 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
the overnight low of 82.750 and then at 82.500. Wyckoff's
Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

Crude oil prices are firmer early today on short covering
after hitting a 9.5-month low of $85.90 last week. Bears
still have the near-term technical advantage. In June Nymex
crude, look for buy stops to reside just above resistance at
$89.40 and then at $90.00. Look for sell stops just below
technical support at $88.00 and then at $87.50. Wyckoff's
Intra-Day Market Rating: 5.5

GRAINS

Markets were lower overnight. Recent moisture in the U.S.
Corn Belt and Plains states is a bearish factor for grains,
even though it could turn to a bullish factor for corn
soon, due to the specter of corn-planting delays in the
U.S. However, there is drier weather forecast for the U.S.
Corn Belt in the extended forecast. Traders will closely
scrutinize Monday morning’s weekly USDA export inspections
reports. Grain traders will also continue to look to the
outside markets for direction.
 

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