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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 11

Apr 12, 2012

Wednesday Evening, April 11-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 up $0.80 at $115.10
today. Prices closed nearer the session high today and saw
short covering after hitting another fresh 10.5-month low
early on. The key “outside markets” were in a bullish
posture for cattle today, as the U.S. dollar index was
lower and crude oil prices were higher. Cattle bears are
still 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 today’s high of
$115.70 and then at $116.05. First support is seen at
$114.50 and then at today’s low of $113.95. Wyckoff's
Market Rating: 1.5

May feeder cattle closed up $1.82 at $149.42 today. Prices
closed near the session high today and scored a bullish
“outside day” up on the daily bar chart. Short covering in
a bear market was featured. Bears still have the overall
near-term technical advantage. Prices are still 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
$150.00 and then at $151.00. First support is seen at
$149.00 and then at $148.50. Wyckoff's Market Rating: 2.5

June lean hogs closed down $0.70 at $92.65 today. Prices
closed nearer the session low today. The key “outside
markets” were in a bullish posture for hogs today, as the
U.S. dollar index was lower and crude oil prices were
higher. Yet, hogs sold off anyway, which is a bearish clue
for hogs. Hog market bears have the solid 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 $93.00 and then at today’s high of $93.60. First
support is seen at today’s low of $92.20 and then at
$91.40. Wyckoff's Market Rating: 2.0

*. GRAINS: May corn futures closed up 1 3/4 cents at $6.36
1/2 today. Prices closed nearer the session high today in
quieter trading. Tepid short covering was featured today.
The key “outside markets” were in a bullish posture for
corn today, as the U.S. dollar index was lower and crude
oil prices were higher. The corn bulls have faded and some
near-term chart damage has been inflicted this week. Corn
bulls and bears are 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 $6.31 and then at
$6.26. Wyckoff's Market Rating: 5.0

May soybeans closed down 6 1/2 cents at $14.19 1/2 a bushel
today. Prices closed nearer the session low today on more
mild profit taking after hitting a seven-month high on
Monday. 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 contract 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 today’s high of $14.31
1/4 and then at $14.40. First support is seen at today’s
low of $14.15 and then at $14.00. Wyckoff's Market Rating:
8.0.

May soybean meal closed down $2.10 at $387.70 today. Prices
closed near mid-range today. 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 $390.00 and then at
$393.00. First support is seen at this week’s low of
$385.60 and then at $382.50. Wyckoff's Market Rating: 8.0

May bean oil closed down 60 points at 56.37 cents today.
Prices closed nearer the session low today and saw profit
taking. Prices Tuesday hit a seven-month high. Bean oil
bulls still 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 today’s high of 56.95 cents and then
at this week’s high of 57.45 cents. First support is seen
at today’s low of 56.22 cents and then at 56.00 cents.
Wyckoff's Market Rating: 7.0

May Chicago SRW wheat closed up 2 1/4 cents at $6.28 today.
Prices closed near mid-range today and was tepid short
covering in a bear market. The key “outside markets” were
in a bullish posture for wheat today, as the U.S. dollar
index was lower and crude oil prices were higher. Wheat
bears still 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 this
week’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 today’s
high of $6.33 3/4 and then at $6.45. First support lies at
today’s low of $6.19 3/4 and then at $6.11 1/4. Wyckoff's
Market Rating: 2.0.

May K.C. HRW wheat closed up 3 cents at $6.44 today. Prices
closed near mid-range today and saw tepid short covering in
a bear market. The bears still 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 this
week’s low of $6.38 1/2 and then at $6.30. Wyckoff's Market
Rating: 1.5

May oats closed down 3 3/4 cents at $3.29 1/4 today. Prices
closed nearer the session low again today and hit a fresh
three-week low. Bulls are fading. 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 the March high of
$3.50. First support lies at today’s low of $3.26 1/2 and
then at $3.25. First resistance is seen at $3.32 and then
at today’s high of $3.35 3/4. Wyckoff's Market Rating: 5.0

*. SOFTS: May sugar closed up 8 points at 23.95 cents
today. Prices closed near mid-range today on short covering
following solid losses Tuesday. The key “outside markets”
were in a bullish posture for sugar today, as the U.S.
dollar index was lower and crude oil prices were higher.
Bears 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 24.11 cents and then at 24.25 cents. First
support is seen at today’s low of 23.80 cents and then at
23.50 cents. Wyckoff's Market Rating: 4.0.

May coffee closed up 280 points at 180.95 cents. Prices
closed near mid-range today and saw short covering in a
bear market. The key “outside markets” were in a bullish
posture for coffee today, as the U.S. dollar index was
lower and crude oil prices were higher. 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 the April 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 today’s
high of 182.95 cents and then at 185.00 cents. First
support is seen at this week’s low of 177.55 cents and then
at 174.45 cents. Wyckoff's Market Rating: 2.5

May cocoa closed up $47 at $2,111 a ton. Prices closed
nearer the session high today and saw short covering in a
bear market. The key “outside markets” were in a bullish
posture for cocoa today, as the U.S. dollar index was lower
and crude oil prices were higher. Cocoa bears still have
the overall 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 this
week’s high of $2,127 and then at $2,150. First support is
seen at $2,080 and then at this week’s low of $2,052.
Wyckoff's Market Rating: 2.5

May cotton closed up 165 points at 91.38 cents today.
Prices closed near mid-range and saw more short covering
today. The key “outside markets” were in a bullish posture
for cotton today, as the U.S. dollar index was lower and
crude oil prices were higher. 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 the March high of 94.39
cents. The next downside price breakout objective for the
cotton bears is to push and close prices below solid
technical support at the April low of 88.20 cents. First
resistance is seen at 92.00 cents and then at today’s high
of 92.62 cents. First support is seen at 91.00 cents and
then at 90.00 cents. Wyckoff's Market Rating: 4.0

May orange juice closed down 665 points at $1.4030 today.
Prices closed nearer the session low today and hit another
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
$1.5000. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at $1.3000. First resistance is seen at $1.4500 and
then at today’s high of $1.4725. First support is seen at
today’s low of $1.3835 and then at $1.3500. Wyckoff's
Market Rating: 1.0.

May lumber futures closed up $2.10 at $264.20 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 $262.00 and then at $260.00. Wyckoff's
Market Rating: 3.5

*. METALS: June gold futures closed down $1.70 an ounce at
$1,659.00 today. Prices closed near mid-range in quieter,
consolidative trading. The key outside markets were in a
bullish posture today, as the U.S. dollar index was weaker
and crude oil prices were higher. That did limit the
downside in gold today. The bears still have the slight
near-term technical advantage in gold. A five-week-old
downtrend is 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 the April high of
$1,685.40. Bears' next near-term downside price objective
is closing prices below technical support at the April low
of $1,613.00. First resistance is seen at this week’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 $0.144 an ounce at $31.535
today. Prices closed near mid-range today. The key outside
markets were in a bullish posture for silver today, as the
U.S. dollar index was weaker and crude oil prices were
higher. Yet, silver sold off anyway, which is a bearish
clue. 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 $31.37 and then at this
week’s low of $31.11. Wyckoff's Market Rating: 4.0.

May N.Y. copper closed down 90 points 364.10 cents today.
Prices closed nearer the session low and hit another fresh
three-month low today. The key outside markets were in a
bullish posture for copper today, as the U.S. dollar index
was weaker and crude oil prices were higher. Yet, copper
could not post gains, which is another bearish clue for
copper. Fresh chart damage has been inflicted in copper
this week as prices have seen a bearish downside “breakout”
from a sideways and choppy trading range. 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 today’s high of 367.30
cents and then at 370.00 cents. First support is seen at
today’s low of 363.05 cents and then at 362.50 cents.
Wyckoff's Market Rating: 4.0.

*. ENERGIES: May crude oil closed up $1.59 a barrel at
$102.63 today. Prices closed nearer the session high today
and saw short covering after prices Tuesday hit a seven-
week low. A weaker U.S. dollar index supported crude today.
A five-week-old downtrend line is still in place on the
daily bar chart. Bulls and bears are on a level near-term
technical playing field. 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 today’s high of $103.13 and then at $104.00. First
support is seen at $102.00 and then at 101.00. Wyckoff's
Market Rating: 5.0

May heating oil closed up 157 points at $3.1114 today.
Prices closed near mid-range today and did hit a fresh two-
month low early on. Bulls and bears are on a level near-
term technical playing field. 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 today’s high of $3.1326 and then at
$3.1500. First support is seen at today’s low of $3.0796
and then at $3.0500. Wyckoff's Market Rating: 5.0.

May (RBOB) unleaded gasoline closed up 409 points at
$3.2907 today. Prices closed near the session high today
and hit a fresh five-week low early on. Bulls still have
the 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
$3.4278. Bears' next downside price breakout objective is
closing prices below solid support at $3.1900. First
resistance is seen at $3.3011 and then at this week’s high
of $3.3340. First support is seen at $3.2500 and then at
today’s low of $3.2317. Wyckoff's Market Rating: 6.5.

May natural gas closed down 4.4 cents at $1.987 today.
Prices closed near the session low again 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
$2.25. The next downside price breakout objective for the
bears is closing prices below solid technical support at
$1.75. First resistance is seen at today’s high of $2.049
and then at $2.10. First support is seen at today’s
contract low of $1.976 and then at $1.90. Wyckoff's Market
Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed up 26 points at 1.3108 today. Prices closed near
mid-range 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 1.3163 and then at 1.3200.
Next support is seen at today’s low of 1.3072 and then at
this week’s low of 1.3037 and then at 1.3009. Wyckoff's
Market Rating: 4.5

The June Japanese yen closed down 20 points at 1.2370
today. Prices closed near mid-range today and did hit
another fresh four-week high early on. Bulls have gained
some upside near-term technical momentum recently 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 1.2420 and then at 1.2500. First
support is seen at today’s low of 1.2335 and then at
1.2300. Wyckoff's Market Rating: 4.0.

The June Swiss franc closed up 12 points at 1.0909 today.
Prices closed nearer the session low again 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 1.0967 and then at 1.1000. First support is
seen at today’s low of 1.0889 and then at last week’s low
of 1.0854 and then at 1.0800. Wyckoff's Market Rating: 4.0.

The June Australian dollar closed up 41 points at 1.0218
today. Prices closed near mid-range today on short covering
and did hit a fresh three-month low early on. Bears still
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 this week’s
high of 1.0278 and then at 1.0350. Next support is seen at
today’s low of 1.0150 and then at 1.0100. Wyckoff's Market
Rating: 4.0

The June Canadian dollar closed down 2 points at .9945
today. Prices closed nearer the session low today and hit
another fresh six-week low. The bulls have 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 today’s high of .9977
and then at 1.0000. First support is seen at today’s low of
.9933 and then at .9900. Wyckoff's Market Rating: 5.5.

The June British pound closed up 47 points at 1.5900 today.
Prices closed near mid-range again today. Bulls 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 1.5933 and then
at 1.5971. First support is seen at today’s low of 1.5845
and then at last week’s low of 1.5797. Wyckoff's Market
Rating: 5.5.

The June U.S. dollar index closed down 11 points at 79.98
today. Prices closed near mid-range today. Bulls have the
slight near-term technical advantage but need to show fresh
power soon to keep it. 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
79.71 and then at 79.50. Wyckoff's Market Rating: 5.5.

June U.S. T-Bonds closed down 19/32 at 140 26/32 today.
Prices closed nearer the session low today and saw profit
taking from recent solid gains. Bulls still have the near-
term technical advantage. 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
16/32 and then at this week’s high of 141 27/32. First
support is seen at today’s low of 140 14/32 and then at 140
even. Wyckoff's Market Rating: 6.0.

June U.S. T Notes closed down 8.5 (32nds) at 131.10.5
today. Prices closed near mid-range today and saw a
corrective pullback from recent solid gains. Bulls still
have the overall near-term technical advantage. 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 131.19.0 and then at this week’s high of
131.23.5. First support is seen at today’s low of 131.04.5
and then at this week’s low of 130.28.5. Wyckoff's Market
Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today on a corrective bounce and some bargain
hunting following recent selling pressure. Stock index
bulls have faded and need to show more power soon to
restart their near-term price uptrends.

The Nasdaq stock futures index closed up 9.50 at 2,706.50.
Prices closed near mid-range today. 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 today’s high of 2,723.75 and then at Tuesday’s high
of 2,746.00. First support is seen at this week’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 up 7.20 at 1,364.30.
Prices closed near mid-range today. 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 1,375.00 and then at this week’s high of 1,382.50.
First support is seen at this week’s low of 1,352.50 and
then at 1,338.80. Wyckoff's Market Rating: 6.0.

The Dow futures closed up 64 points at 12,744 today. Prices
closed nearer the session low again today. 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 today’s high of 12,783 and then at 12,800. First
support is seen at 12,700 and then at this week’s low of
12,650. 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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