Sunday, April 20, 2014

Traders Await Apple Earnings Wednesday P.M.

Wednesday, January 23rd, 2013

Wednesday, January 23–Jim Wyckoff’s Morning Web Log

* LATEST MARKET DEVELOPMENTS *

It’s been a quieter trading week so far. U.S. traders are
focused on quarterly corporate earnings reports. Heavyweight
Apple reports its earnings after the markets close
Wednesday. There is also a U.S. House of Representatives
vote Wednesday on raising the U.S. government debt ceiling.
The World Economic Forum gets under way in Davos,
Switzerland Wednesday. Market watchers will be watching
proclamations coming out of that annual gathering of world
“movers and shakers”–celebrity business and government
types, including some Hollywood celebrities. U.S. economic
data due for release Wednesday includes the weekly MBA
mortgage applications survey, the weekly Goldman Sachs and
Johnson Redbook retail sales reports, the house price index.
The IMF’s world economic outlook is also out Wednesday.–Jim

U.S. STOCK INDEXES

S&P 500 futures: Prices are near steady in early trading
today and hovering near a five-year high. Bulls have the
overall near-term technical advantage. The shorter-term
moving averages 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 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 Tuesday’s low of 1,475.10 and then at
1,465.00. Sell stops are likely located just below those
levels. Wyckoff’s Intra-day Market Rating: 5.5

Nasdaq index futures: Prices are firmer early and are
hovering near a three-month high. Bulls have the overall
near-term technical advantage. The shorter-term moving
averages 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 are neutral early today. Shorter-term
technical resistance is located at 2,765.00 and then at
2,775.00. Buy stops likely reside just above those levels.
On the downside, short-term support is seen at the overnight
low of 2,747.75 and then at 2,730.00. Sell stops are likely
located just below those levels. Wyckoff’s Intra-Day Market
Rating: 5.5

Dow futures: Prices are near steady early today but are at a
five-year high. Bulls still have upside near-term technical
momentum. Sell stops likely reside just below technical
support at 13,650 and then at 13,600. Buy stops likely
reside just above technical resistance at Tuesday’s for-the-
move high of 13,700 and then at 13,750. 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 are neutral to bullish
early today. Wyckoff’s Intra-Day Market Rating: 5.5

U.S. TREASURY BONDS AND NOTES

March U.S. T-Bonds: Prices are slightly lower early today.
Bears still have the overall near-term technical advantage.
Shorter-term moving averages are neutral
early today. The 4-day moving average is above the 9-day.
The 9-day is below the 18-day moving average. Oscillators
are neutral to bullish early today.
Shorter-term resistance lies at the overnight high of 146
9/32 and then at last week’s high of 146 17/32. Buy stops
likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 145 26/32 and
then at Tuesday’s low of 145 8/32. 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.
Bulls and bears are back on a level overall near-term
technical playing field. Shorter-term moving averages are neutral early today. The 4-day moving
average is above the 9-day. The 9-day is below the 18-day
moving average. Oscillators are
neutral to bullish early today. Shorter-term resistance
lies at the overnight high of 132.12.5 and then at last
week’s high of 132.15.5. Buy stops likely reside just above
those levels. Shorter-term technical support lies at the
overnight low of 132.05.0 and then at 132.00.0. Sell stops
likely reside just below those levels. Wyckoff’s Intra-Day
Market Rating: 5.0

U.S. DOLLAR INDEX

The March U.S. dollar index is weaker early today. Greenback
bears have the 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 80.05 and then at this week’s high of
80.19. Shorter-term support is seen at the overnight low of
79.76 and then at 79.50. Wyckoff’s Intra Day Market Rating:
4.0

NYMEX CRUDE OIL

Crude oil prices are slightly higher early today and hit a
fresh four-month high overnight. Bulls have upside momentum
as a six-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 $97.50 and then at $98.00. Look for
sell stops just below technical support at the overnight low
of $96.44 and then at $96.00. Wyckoff’s Intra-Day Market
Rating: 5.5

GRAINS

Markets were slightly higher overnight. Grain futures
markets have shown good upside price action recently to
give the bulls early technical clues the grain markets have
put in near-term lows and that price uptrends can now be
established. Dry weather in Argentina and the U.S. Plains
and Corn Belt is bullish for the grains. Fresh speculative
money appears to be flowing into the grain markets on the
long side.

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