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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--April 10

Apr 11, 2012

Tuesday Evening, April 10-Jim Wyckoff's Daily Markets
Update

Questions? Just email me at jim@jimwyckoff.com . I enjoy
hearing from my readers worldwide.--Jim

Click below for "Today’s Hot Market" item on my website.

http://www.jimwyckoff.com/hotmarket/hotmarket.asp

Dear Valued Subscriber: Following are today's significant
developments in the U.S. futures markets.

*. LIVESTOCK: June live cattle closed down $1.52 at $114.25
today. Prices closed near the session low again today and
hit a fresh 10.5-month low. It was a “risk off” day in the
market place today and the key “outside markets” were
bearish for cattle today, as the U.S. dollar index was
firmer and crude oil prices were lower. Cattle bears are in
full near-term technical command. While serious chart
damage has been inflicted recently, my bias is still that
the cattle market is near a major low. Prices are in a
steep six-week-old downtrend on the daily bar chart. The
bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at this
week’s high of $116.55. The next downside technical
breakout objective for the bears is pushing and closing
prices below solid technical support at the contract low of
$113.00. First resistance is seen at $115.00 and then at
$115.50. First support is seen at today’s low of $114.25
and then at $114.00. Wyckoff's Market Rating: 1.0

May feeder cattle closed down $0.92 at $147.57 today.
Prices closed near the session low again today. Prices last
week hit a 3.5-month low. Bears have the solid overall
near-term technical advantage. Prices are in a steep five-
week-old downtrend on the daily bar chart. The next upside
price objective for the feeder bulls is to push and close
prices above technical resistance at $150.00. The next
downside price breakout objective for the bears is to push
and close prices below solid technical support at the
December low of $145.30. First resistance is seen at
$148.00 and then at $148.50. First support is seen at
$147.50 and then at $147.00. Wyckoff's Market Rating: 1.5

June lean hogs closed down $0.25 at $93.35 today. Prices
closed near mid-range today. It was a “risk off” day in the
market place today and the key “outside markets” were
bearish for hogs today, as the U.S. dollar index was firmer
and crude oil prices were lower. Bears have the overall
near-term technical advantage. The next upside price
breakout objective for the hog bulls is to push and close
prices above solid chart resistance at $95.00. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at $91.50. First
resistance is seen at today’s high of $93.85 and then at
$94.10. First support is seen at $93.00 and then at today’s
low of $92.65. Wyckoff's Market Rating: 2.5

*. GRAINS: May corn futures closed down 13 cents at $6.35
1/4 today. Prices closed nearer the session low today in
the wake of a mildly bearish USDA report. It was a “risk
off” day in the market place today and the key “outside
markets” were also bearish for corn today, as the U.S.
dollar index was firmer and crude oil prices were lower.
The bulls faded today and some fresh near-term chart damage
was inflicted. Corn bulls and bears are now back on a level
near-term technical playing field. Corn bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at the April high of $6.65 3/4.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$6.25. First resistance for May corn is seen at $6.40 and
then at $6.45. First support is seen at today’s low of
$6.34 1/2 and then at $6.30. Wyckoff's Market Rating: 5.0

May soybeans closed down 1 3/4 cents at $14.29 1/4 a bushel
today. Prices closed nearer the session low today on mild
profit taking after hitting another fresh seven-month high
early on. Today’s monthly USDA supply and demand report was
deemed friendly for soybeans today. It was a “risk off” day
in the market place today and the key “outside markets”
were bearish for soybeans, as the U.S. dollar index was
firmer and crude oil prices were lower. Bean bulls still
have the solid overall near-term technical advantage. Bean
prices are in a four-month-old uptrend on the daily bar
chart. The next near-term upside technical breakout
objective for the soybean bulls is pushing and closing
prices above solid technical resistance at the August 2011
high of $14.68 1/2 a bushel. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $14.00. First
resistance is seen at $14.40 and then at today’s high of
$14.42 1/4. First support is seen at today’s low of $14.21
3/4 and then at $14.14 3/4. Wyckoff's Market Rating: 8.0.

May soybean meal closed up $0.20 at $389.00 today. Prices
closed nearer the session low today after hitting another
fresh seven-month high early on. Meal bulls still have the
solid overall near-term technical advantage. Prices are in
a four-month-old uptrend on the daily bar chart. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at $400.00. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$380.00. First resistance comes in at $393.10 and then at
today’s high of $396.60. First support is seen at today’s
low of $385.60 and then at $382.50. Wyckoff's Market
Rating: 8.0

May bean oil closed up 20 points at 56.91 cents today.
Prices closed nearer the session low today and hit another
fresh seven-month high early on. Bean oil bulls have the
solid near-term technical advantage. The next upside price
breakout objective for the bean oil bulls is pushing and
closing prices above solid technical resistance at 58.00
cents. Bean oil bears' next downside technical price
breakout objective is pushing and closing prices below
solid technical support at 55.70 cents. First resistance is
seen at 57.18 cents and then at today’s high of 57.45
cents. First support is seen at today’s low of 56.71 cents
and then at this week’s low of 56.48 cents. Wyckoff's
Market Rating: 7.5

May Chicago SRW wheat closed down 18 cents at $6.25 today.
Prices closed near the session low today and scored a
bearish “outside day” down on the daily bar chart today.
The wheat market did get a mildly bullish USDA report
today. However, it was a “risk off” day in the market place
today and the key “outside markets” were bearish for wheat
today, as the U.S. dollar index was firmer and crude oil
prices were lower. Wheat bears have the solid near-term
technical advantage. Bulls’ next upside breakout objective
is to push and close Chicago SRW prices above solid
technical resistance at today’s high of $6.53 1/4 a bushel.
The next downside price breakout objective for the wheat
futures bears is pushing and closing prices below solid
technical support at the March low of $6.11 1/4. First
resistance is seen at $6.35 and then at $6.45. First
support lies at today’s low of $6.24 and then at $6.11 1/4.
Wyckoff's Market Rating: 2.0.

May K.C. HRW wheat closed down 19 cents at $6.41 today.
Prices closed nearer the session low today and hit a fresh
contract low. The bears have the solid overall near-term
technical advantage. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at $6.70. The bears' next downside
breakout objective is pushing and closing prices below
solid technical support at $6.25. First resistance is seen
at $6.53 and then at $6.60. First support is seen at
today’s low of $6.38 1/2 and then at $6.30. Wyckoff's
Market Rating: 1.0

May oats closed down 4 1/4 cents at $3.34 today. Prices
closed nearer the session low today. Bulls still have the
overall near-term technical advantage. Bears' next downside
price breakout objective is pushing and closing prices
below solid technical support at $3.22. Bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at last week’s high of
$3.50. First support lies at today’s low of $3.32 1/2 and
then at $3.30. First resistance is seen at $3.37 and then
at $3.40. Wyckoff's Market Rating: 5.5

*. SOFTS: May sugar closed down 62 points at 23.81 cents
today. Prices closed near the session low today and hit a
fresh four-week low. Prices also saw a bearish downside
“breakout” from a sideways trading range today. It was a
“risk off” day in the market place today and the key
“outside markets” were bearish for sugar today, as the U.S.
dollar index was firmer and crude oil prices were lower.
Bears now have the near-term technical advantage. Sugar
bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at this
week’s high of 24.86 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at the March low of 23.26 cents. First
resistance is seen at today’s low of 23.80 cents and then
at 23.70 cents. First support is seen at 24.00 cents and
then at 24.15 cents. Wyckoff's Market Rating: 4.0.

May coffee closed down 20 points at 177.85 cents. Prices
closed near the session low again today. It was a “risk
off” day in the market place today and the key “outside
markets” were bearish for coffee, as the U.S. dollar index
was firmer and crude oil prices were lower. Coffee prices
are still in a seven-month-old downtrend on the daily bar
chart. The bears still have the solid overall near-term
technical advantage. The coffee bulls' next upside breakout
objective is to close prices above solid technical
resistance at last week’s high of 190.45 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the March low of
174.45 cents a pound. First resistance is seen at 180.00
cents and then at today’s high of 182.35 cents. First
support is seen at 176.00 cents and then at 174.45 cents.
Wyckoff's Market Rating: 1.5

May cocoa closed down $41 at $2,067 a ton. Prices closed
nearer the session low today and hit a fresh three-month
low. Prices also scored a bearish “outside day” down on the
daily bar chart. It was a “risk off” day in the market
place today and the key “outside markets” were bearish for
cocoa today, as the U.S. dollar index was firmer and crude
oil prices were lower. Cocoa bears have the solid near-term
technical advantage. The next upside price breakout
objective for the cocoa bulls is to push and close prices
above solid technical resistance at $2,169. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
January low of $2,030. First resistance is seen at $2,100
and then at today’s high of $2,127. First support is seen
at today’s low of $2,052 and then at $2,030. Wyckoff's
Market Rating: 2.0

May cotton closed up 25 points at 89.73 cents today. Prices
closed near mid-range and saw tepid short covering in a
bear market today. It was a “risk off” day in the market
place today and the key “outside markets” were bearish for
cotton today, as the U.S. dollar index was firmer and crude
oil prices were lower. Cotton bears still have the near-
term technical advantage. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at 93.00 cents. The next downside
price breakout objective for the cotton bears is to push
and close prices below solid technical support at the March
low of 87.01 cents. First resistance is seen at today’s
high of 90.90 cents and then at 92.00 cents. First support
is seen at 89.00 cents and then at last week’s low of 88.20
cents. Wyckoff's Market Rating: 3.0

May orange juice closed down 590 points at $1.4690 today.
Prices closed near mid-range today and hit a fresh contract
and 1.5-year low. Very serious near-term chart damage has
been inflicted in FCOJ recently. Bears have the solid near-
term technical advantage. Prices are in a steep five-week-
old downtrend on the daily bar chart. The next upside price
breakout objective for the FCOJ bulls is pushing and
closing prices above technical resistance at this week’s
high of $1.5790. The next downside technical breakout
objective for the FCOJ bears is to produce a close below
solid technical support at $1.4000. First resistance is
seen at $1.5000 and then at today’s high of $1.5240. First
support is seen at today’s low of $1.4365 and then at
$1.4250. Wyckoff's Market Rating: 1.0.

May lumber futures closed down $1.70 at $262.10 today.
Prices closed near the session low today. The bears have
the overall near-term technical advantage. The next
downside technical breakout objective for the lumber bears
is pushing and closing prices below solid technical support
at the March low of $254.00. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at $275.00. First resistance is
seen at $265.00 and then at $267.00. First support is seen
at $260.00 and then at $258.00. Wyckoff's Market Rating:
3.0

*. METALS: June gold futures closed up $19.40 an ounce at
$1,663.40 today. Prices closed nearer the session high
today on a late-session surge and also scored a bullish
“outside day” up on the daily bar chart. More short
covering, bargain hunting and some safe-haven buying were
featured today. Gold made good gains today besides the key
outside markets being in a bearish posture—firmer U.S.
dollar index and weaker crude oil prices. A five-week-old
downtrend is still in place on the daily bar chart. The
gold bulls’ next upside price breakout objective is to
produce a close above solid technical resistance at last
week’s high of $1,685.40. Bears' next near-term downside
price objective is closing prices below technical support
at last week’s low of $1,613.00. First resistance is seen
at today’s high of $1,664.80 and then at $1,675.00. First
support is seen at $1,650.00 and then at $1,640.00.
Wyckoff's Market Rating: 4.5.

May silver futures closed down $0.066 an ounce at $31.56
today. Prices closed near mid-range today. The key “outside
markets” were bearish for silver today, as the U.S. dollar
index was firmer and crude oil prices were lower. Silver
bears have the near-term technical advantage. A five-week-
old downtrend is in place on the daily bar chart. Bulls’
next upside price breakout objective is closing prices
above solid technical resistance at last week’s high of
$33.295 an ounce. The next downside price breakout
objective for the bears is closing prices below
psychological support at $30.00. First resistance is seen
at this week’s high of $32.10 and then at $32.50. Next
support is seen at today’s low of $31.11 and then at last
week’s low of $30.98. Wyckoff's Market Rating: 4.0.

May N.Y. copper closed down 660 points 365.30 cents today.
Prices closed near the session low and hit a fresh three-
month low today. The key “outside markets” were bearish for
copper today, as the U.S. dollar index was firmer and crude
oil prices were lower. Fresh chart damage was inflicted in
copper today as prices saw a bearish downside “breakout”
from a sideways and choppy trading range at higher price
levels. Berish economic data coming out of China this week
has also pressured copper. Copper bulls' next upside
breakout objective is pushing and closing prices above
solid technical resistance at 385.00 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 350.00 cents. First
resistance is seen at 367.50 cents and then at 370.00
cents. First support is seen at today’s low of 364.50 cents
and then at 362.50 cents. Wyckoff's Market Rating: 4.0.

*. ENERGIES: May crude oil closed down $1.08 a barrel at
$101.37 today. Prices closed nearer the session low today
and hit another fresh seven-week low. A firmer U.S. dollar
index pressured crude today. A five-week-old downtrend line
is in place on the daily bar chart. Bulls and bears are on
a level near-term technical playing field but the bulls are
fading. The next near-term upside price breakout objective
for the crude oil bulls is producing a close above solid
technical resistance at $106.00 a barrel. The next near-
term downside price breakout objective for the crude oil
bears is to produce a close below major psychological
support at $100.00. First resistance is seen at $102.00 and
then at $102.50. First support is seen at today’s low of
$100.68 and then at 100.00. Wyckoff's Market Rating: 5.0

May heating oil closed down 481 points at $3.0978 today.
Prices closed nearer the session low today and hit a fresh
two-month low. Bulls and bears are now back on a level
near-term technical playing field as the bulls have faded.
The bulls' next upside price breakout objective is closing
prices above solid technical resistance at the April high
of $3.2610. Bears' next downside price breakout objective
is producing a close below major psychological support at
$3.0000. First resistance lies at $3.1250 and then at
$3.1500. First support is seen at today’s low of $3.0883
and then at $3.0500. Wyckoff's Market Rating: 5.0.

May (RBOB) unleaded gasoline closed down 477 points at
$3.2490 today. Prices closed near the session low today and
hit a fresh four-week low. Bulls still have the overall
near-term technical advantage, but are fading. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at the April high
of $3.4278. Bears' next downside price breakout objective
is closing prices below solid support at $3.1900. First
resistance is seen at today’s high of $3.3011 and then at
this week’s high of $3.3340. First support is seen at
today’s low of $3.2435 and then at $3.2250. Wyckoff's
Market Rating: 6.5.

May natural gas closed down 7.4 cents at $2.032 today.
Prices closed near the session low today and hit another
fresh contract and 10-year low today. The bears have the
solid overall near-term technical advantage. There are no
early clues to suggest a market low is close at hand. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at $2.40.
The next downside price breakout objective for the bears is
closing prices below major psychological support at $2.00.
First resistance is seen at today’s high of $2.126 and then
at last week’s high of $2.204. First support is seen at the
contract low of $2.029 and then at $2.00. Wyckoff's Market
Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed down 47 points at 1.3078 today. Prices closed nearer
the session low today. Bears have the slight near-term
technical advantage. Euro bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at 1.3300. The next downside price
breakout objective for the bears is closing prices below
solid chart support at the March low of 1.3009. First
resistance for the Euro lies at today’s high of 1.3150 and
then at 1.3169. Next support is seen at this week’s low of
1.3037 and then at 1.3009. Wyckoff's Market Rating: 4.5

The June Japanese yen closed up 129 points at 1.2388 today.
Prices closed near the session high today, scored a bullish
“outside day” up on the daily bar chart and and hit another
fresh four-week high. Bulls gained some fresh upside near-
term technical momentum today but have more work to do to
suggest an uptrend can be sustained. Bulls' next upside
price breakout objective is closing prices above solid
resistance at the March high of 1.2421. Bears' next
downside breakout objective is closing prices below solid
technical support at 1.2000. First resistance is seen at
today’s high of 1.2403 and then at 1.2421. First support is
seen at 1.2300 and then at today’s low of 1.2225. Wyckoff's
Market Rating: 4.0.

The June Swiss franc closed down 33 points at 1.0893 today.
Prices closed nearer the session low today. The bears have
the overall near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at last week’s high of 1.1119. The
next downside price breakout objective for the bears is
closing prices below solid technical support at the March
low of 1.0725. First resistance is seen at today’s high of
1.0946 and then at 1.1000. First support is seen at last
week’s low of 1.0854 and then at 1.0800. Wyckoff's Market
Rating: 4.0.

The June Australian dollar closed down 74 points at 1.0175
today. Prices closed near the session low today and scored
a bearish “outside day” down on the daily bar chart. Bears
have the near-term technical advantage. Prices have been
trending lower for six weeks. Bulls' next upside price
breakout objective is closing prices above solid chart
resistance at 1.0461. The next downside breakout objective
for the bears is to produce a close below solid technical
support at 1.0000. First resistance is seen at today’s high
of 1.0278 and then at 1.0350. Next support is seen at last
week’s low of 1.0163 and then at 1.0100. Wyckoff's Market
Rating: 4.0

The June Canadian dollar closed down 77 points at .9946
today. Prices closed nearer the session low today and hit a
fresh six-week low as the bulls faded. Bulls still have the
slight overall near-term technical advantage. Bulls' next
upside price breakout objective is producing a close above
chart resistance at the April high of 1.0097. The next
downside price breakout objective for the bears is closing
prices below solid technical support at .9800. First
resistance is seen at 1.0000 and then at today’s high of
1.0035. First support is seen at today’s low of .9935 and
then at .9900. Wyckoff's Market Rating: 5.5.

The June British pound closed down 46 points at 1.5855
today. Prices closed near mid-range today and scored a
mildly bearish “outside day” down on the daily bar chart.
Bulls still have the slight overall near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
the April high of 1.6056. Bears' next downside technical
breakout objective is closing prices below solid support at
1.5700. First resistance is seen at today’s high of 1.5925
and then at 1.5971. First support is seen at last week’s
low of 1.5797 and then at 1.5761. Wyckoff's Market Rating:
5.5.

The June U.S. dollar index closed up 17 points at 80.09
today. Prices closed near mid-range today. Bulls have
regained some upside near-term technical momentum but need
to show more power soon to keep it. Bulls have the slight
near-term technical advantage. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at the March high of 80.19. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at last week’s low of
78.79. Next resistance lies at last week’s high of 80.36
and then at 80.58. First support is seen at today’s low of
79.77 and then at 79.50. Wyckoff's Market Rating: 5.5.

June U.S. T-Bonds closed up 27/32 at 141 14/32 today.
Prices closed nearer the session high again today and hit
another fresh four-week high. Bulls have regained the near-
term technical advantage and have upside near-term
technical momentum on their side, amid flight-to-quality
buying. The next downside price breakout objective for the
T-Bond bears is closing prices below solid technical
support at 139 even. The next upside technical objective
for the bulls is to produce a close above solid technical
resistance at the March high of 142 10/32. First resistance
is seen at today’s high of 141 27/32 and then at 142 even.
First support is seen at 141 even and then at 140 16/32.
Wyckoff's Market Rating: 6.0.

June U.S. T Notes closed up 13.5 (32nds) at 131.18.0 today.
Prices closed nearer the session high today and hit a fresh
two-month high. Bulls have the near-term technical
advantage and have upside momentum on their side. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at the January and February
high of 132.05.5. The next downside price breakout
objective for the bears is producing a close below solid
technical support at 130.00.0. First resistance is seen at
today’s high of 131.23.5 and then at 132.00.0. First
support is seen at 131.10.0 and then at 131.00.0. Wyckoff's
Market Rating: 6.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
solidly lower today on more profit taking from the winter’s
gains and in the wake of a weak U.S. employment report,
released last Friday. Stock index bulls are fading and need
to show fresh power soon to avoid significant near-term
technical damage being inflicted.

The Nasdaq stock futures index closed down 31.50 at
2,697.00. Prices closed nearer the session low again today
and hit a fresh four-week low. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 2,800.00. The bears' next downside price breakout
objective is closing prices below solid technical support
at the March low of 2,575.00. First resistance is seen at
2,725.00 and then at today’s high of 2,746.00. First
support is seen at today’s low of 2,684.25 and then at
2,675.00. Wyckoff's Market Rating: 6.5

The S&P 500 futures index closed down 18.10 at 1,356.80.
Prices closed nearer the session low today and hit another
fresh four-week low. Bulls' next upside price breakout
objective is closing prices above solid resistance at
1,425.00. The next downside price breakout objective for
the bears is closing prices below solid support at the
March low of 1,338.80. First resistance is seen at 1,370.00
and then at today’s high of 1,380.70. First support is seen
at today’s low of 1,352.50 and then at 1,338.80. Wyckoff's
Market Rating: 6.0.

The Dow futures closed down 170 points at 12,680 today.
Prices closed near the session low again today and hit a
fresh nine-week low. The next upside price objective for
the bulls is closing prices above solid technical
resistance at 13,000. The next downside price objective for
the bears is closing prices below solid technical support
at 12,500. First resistance in the Dow lies at 12,750 and
then at 12,800. First support is seen at today’s low of
12,650 and then at 12,600. Wyckoff's Market Rating: 6.0.

Click below for my welcome letter to all new customers and
for an explanation of my Market Rating System.

http://www.jimwyckoff.com/newsletter/WelcomeAboard/

IMPORTANT NOTE: I am not a futures broker and do not manage
any trading accounts other than my own personal account. It
is my goal to point out to you potential trading
opportunities. However, it is up to you to: (1) decide when
and if you want to initiate any traders and (2) determine
the size of any trades you may initiate. Any trades I
discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission
(CFTC) has said about futures trading (and I agree 100%):
1. Trading commodity futures and options is not for
everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS.
Before you invest any money in futures or options
contracts, you should consider your financial experience,
goals and financial resources, and know how much you can
afford to lose above and beyond your initial payment to a
broker. You should understand commodity futures and options
contracts and your obligations in entering into those
contracts. You should understand your exposure to risk and
other aspects of trading by thoroughly reviewing the risk
disclosure documents your broker is required to give you.

Jim Wyckoff
 

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