* 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 (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 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 (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 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 (RSI, slow stochastics) 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 (4- 9- 18-day) 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 (RSI, slow stochastics) 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 (4- 9- 18-day) 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 (RSI, slow stochastics) 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.