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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 19

Apr 20, 2012

Thursday Evening, April 19-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 $1.07 at $115.90
today. Prices closed near the session high on short
covering in a bear market. Bears still possess the solid
overall near-term technical advantage. Prices are in a two-
month-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 last week’s high of
$117.70. The next downside technical breakout objective for
the bears is pushing and closing prices below solid
technical support at last week’s low of $113.95. First
resistance is seen at $116.50 and then at $117.00. First
support is seen at today’s low of $115.15 and then at this
week’s low of $114.80. Wyckoff's Market Rating: 3.0

May feeder cattle closed up $0.05 at $152.07 today. Prices
closed nearer the session high today in quiet trading.
Bears have the slight near-term technical advantage. The
next upside price objective for the feeder bulls is to push
and close prices above technical resistance at $154.00. The
next downside price breakout objective for the bears is to
push and close prices below solid technical support at
$150.00. First resistance is seen at $152.50 and then at
$153.00. First support is seen at this week’s low of
$151.35 and then at $151.00. Wyckoff's Market Rating: 4.5

June lean hogs closed up $1.45 at $88.80 today. Prices
closed near the session high today and saw short covering
in a bear market. Prices Wednesday hit a 13-month low. Hog
bears still have the solid overall near-term technical
advantage. Prices are in a steep seven-week-old downtrend
on the daily bar chart. The next upside price breakout
objective for the hog bulls is to push and close prices
above solid chart resistance at $90.00. The next downside
price breakout objective for the bears is pushing prices
below solid technical support at the contract low of
$85.80. First resistance is seen at $89.50 and then at
$90.00. First support is seen at $88.00 and then at today’s
low of $87.75. Wyckoff's Market Rating: 2.0

*. GRAINS: July corn futures closed up 17 1/2 cents at
$6.11 1/2 today. Prices closed near the session high today
on short covering in a bear market and on some rumors of
fresh Chinese demand for U.S. corn. Still, serious near-
term technical damage has been inflicted in the corn market
and the bears still have the overall near-term technical
advantage. Corn bulls' next upside price breakout objective
is to push and close prices above solid technical
resistance at $6.25. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at this week’s low of $5.91 3/4.
First resistance for July corn is seen at today’s high of
$6.14 1/2 and then at this week’s high of $6.18 3/4. First
support is seen at $6.06 1/2 and then at the March low of
$6.02 1/2. Wyckoff's Market Rating: 3.0

July soybeans closed up 6 3/4 cents at $14.20 1/4 a bushel
today. Prices closed nearer the session low today. Bean
bulls have the overall near-term technical advantage. Bean
prices are still 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 April high
of $14.53 1/4 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 $14.35 3/4 and then at this week’s high
of $14.40. First support is seen at this week’s low of
$14.09 1/2 and then at $14.00. Wyckoff's Market Rating:
7.0.

July soybean meal closed up $2.20 at $396.10 today. Prices
closed near mid-range today. Meal bulls have the 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 $400.00 and then at
$402.50. First support is seen at today’s low of $392.80
and then at this week’s low of $390.00. Wyckoff's Market
Rating: 7.0

July bean oil closed down 3 points at 55.57 cents today.
Prices closed nearer the session low again today and hit a
fresh three-week low. Bean oil bulls still have the overall
near-term technical advantage but are fading. The next
upside price breakout objective for the bean oil bulls is
pushing and closing prices above solid technical resistance
at 57.00 cents. Bean oil bears' next downside technical
price breakout objective is pushing and closing prices
below solid technical support at 54.50 cents. First
resistance is seen at 56.00 cents and then at today’s high
of 56.19 cents. First support is seen at today’s low of
55.42 cents and then at 55.25 cents. Wyckoff's Market
Rating: 6.5

July Chicago SRW wheat closed up 14 1/4 cents at $6.30
today. Prices closed nearer the session high today and saw
short covering in a bear market. Wheat bears still have the
solid overall near-term technical advantage. Bulls’ next
upside breakout objective is to push and close Chicago SRW
prices above solid technical resistance at $6.40 a bushel.
The next downside price breakout objective for the wheat
futures bears is pushing and closing prices below
psychological support at $6.00. First resistance is seen at
today’s high of $6.32 1/2 and then at $6.40. First support
lies at $6.25 and then at $6.20. Wyckoff's Market Rating:
2.0.

July K.C. HRW wheat closed up 12 1/2 cents at $6.47 today.
Prices closed nearer the session high today and saw 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 $6.75. The bears' next
downside breakout objective is pushing and closing prices
below solid technical support at $6.00. First resistance is
seen at this week’s high of $6.52 and then at $6.60. First
support is seen at today’s low of $6.43 1/4 and then at
this week’s low of $6.33 1/4. Wyckoff's Market Rating: 2.0

July oats closed up 2 1/2 cents at $3.25 1/4 today. Prices
closed nearer the session low today. Bulls and bears are on
a level near-term technical playing field. Bears' next
downside price breakout objective is pushing and closing
prices below solid technical support at $3.12 3/4. Bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at last week’s high
of $3.39. First support lies at this week’s low of $3.22
and then at $3.20. First resistance is seen at today’s high
of $3.30 and then at this week’s high of $3.31 1/4.
Wyckoff's Market Rating: 5.0

*. SOFTS: July sugar closed down 27 points at 21.74 cents
today. Prices closed near the session low today, hit a
fresh 11-month low today. Bears have the solid 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 22.92 cents.
Bears' next downside price breakout objective is to push
and close prices below solid technical support at 21.00
cents. First resistance is seen at 22.00 cents and then at
22.20 cents. First support is seen at today’s low of 21.67
cents and then at 21.50 cents. Wyckoff's Market Rating:
2.0.

July coffee closed up 20 points at 175.20 cents. Prices
closed nearer the session low today. Not much new. Coffee
prices are in a 7.5-month-old downtrend on the daily bar
chart. The bears 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 193.00 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 170.00 cents a pound. First
resistance is seen at today’s high of 177.30 cents and then
at this week’s high of 178.40 cents. First support is seen
at this week’s low of 173.90 cents and then at 172.50
cents. Wyckoff's Market Rating: 1.0

July cocoa closed down $49 at $2,208 a ton. Prices closed
nearer the session low today. Cocoa bears 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 $2,350. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
February low of $2,168. First resistance is seen at $2,225
and then at today’s high of $2,260. First support is seen
at today’s low of $2,200 and then at $2,175. Wyckoff's
Market Rating: 4.0

July cotton closed up 78 points at 90.80 cents today.
Prices closed near mid-range and close at a fresh two-week
high close today. Bulls and bears are on a level near-term
technical playing field amid very choppy trading.
The next upside price breakout objective for the bulls is
to produce a close above solid technical resistance at
94.00 cents. The next downside price breakout objective for
the cotton bears is to push and close prices below solid
technical support at this week’s low of 86.55 cents. First
resistance is seen at today’s high of 91.41 cents and then
at this week’s high of 92.25 cents. First support is seen
at today’s low of 89.70 cents and then at 89.00 cents.
Wyckoff's Market Rating: 5.0

July orange juice closed up 400 points at $1.4965 today.
Prices closed near the session high on short covering in a
bear market. Bears still have the overall near-term
technical advantage. Prices are still in a six-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 $1.5500. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at the April low of $1.3930. First resistance is seen at
this week’s high of $1.5090 and then at $1.5250. First
support is seen at $1.4750 and then at this week’s low of
$1.4500. Wyckoff's Market Rating: 3.0.

May lumber futures closed up $2.70 at $268.70 today. The
bears have the slight 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 the April high of
$270.00 and then at $272.50. First support is seen at
$265.60 and then at $263.00. Wyckoff's Market Rating: 4.5

*. METALS: June gold futures closed up $0.50 an ounce at
$1,640.10 today. Prices closed near mid-range today. Bears
have the overall near-term technical advantage. Prices are
in a seven-week-old downtrend 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
today’s high of $1,654.90 and then at this week’s high of
$1,659.60. First support is seen at today’s low of
$1,631.20 and then at the March low of $1,629.80. Wyckoff's
Market Rating: 4.0.

May silver futures closed up $0.263 an ounce at $31.75
today. Prices closed near mid-range today and scored a
mildly bullish “outside day” up on the daily bar chart. The
silver bears still have the slight near-term technical
advantage. Bulls’ next upside price breakout objective is
closing prices above solid technical resistance at the
April high of $33.295 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the April low of $30.98. First
resistance is seen at today’s high of $32.015 and then at
last week’s high of $32.58. Next support is seen at today’s
low of $31.29 and then at $30.98. Wyckoff's Market Rating:
4.5.

May N.Y. copper closed down 35 points 362.75 cents today.
Prices closed near mid-range today. Copper bears have the
near-term technical advantage. Copper bulls' next upside
breakout objective is pushing and closing prices above
solid technical resistance at 380.00 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 365.50 cents and then
at this week’s high of 367.45 cents. First support is seen
at 360.00 cents and then at this week’s low of 356.90
cents. Wyckoff's Market Rating: 4.0.

*. ENERGIES: June crude oil closed down $0.32 a barrel at
$102.80 today. Prices closed near mid-range today. 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
$103.66 and then at $104.00. First support is seen at
today’s low of $102.13 and then at last week’s low of
101.22. Wyckoff's Market Rating: 5.0

June heating oil closed up 21 points at $3.1240 today.
Prices closed nearer the session low. 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
$3.2666. Bears' next downside price breakout objective is
producing a close below major psychological support at
$3.0500. First resistance lies at $3.1500 and then at
$3.1750. First support is seen at $3.1000 and then at last
week’s low of $3.0885. Wyckoff's Market Rating: 5.0.

June (RBOB) unleaded gasoline closed down 334 points at
$3.1155 today. Prices closed nearer the session low and
closed at a fresh two-month low close today. Bulls and
bears are on a level near-term technical playing field. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at last
week’s high of $3.2913. Bears' next downside price breakout
objective is closing prices below solid support at $3.0500.
First resistance is seen at $3.1500 and then at today’s
high of $3.1718. First support is seen at this week’s low
of $3.0985 and then at $3.0750. Wyckoff's Market Rating:
5.0.

June natural gas closed down 4.7 cents at $1.995 today.
Prices closed near the session low today and hit another
fresh contract and 10-year low. 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 $2.056 and then at
this week’s high of $2.128. First support is seen at
today’s contract low of $1.992 and then at $1.90. Wyckoff's
Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed up 5 points at 1.3136 today. Prices closed near mid-
range today. Bulls are on a level near-term technical
playing field with the bears. 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 this week’s low of 1.3000.
First resistance for the Euro lies at this week’s high of
1.3178 and then at last week’s high of 1.3218. Next support
is seen at today’s low of 1.3072 and then at 1.3037.
Wyckoff's Market Rating: 5.0

The June Japanese yen closed down 51 points at 1.2265
today. Prices closed nearer the session low today and saw
more profit taking. Bulls and bears are on a level near-
term technical playing field, but the bulls are fading and
need to show fresh power soon. Prices are still in a four-
week-old uptrend on the daily bar chart, but now just
barely. Bulls' next upside price breakout objective is
closing prices above solid resistance at this week’s high
of 1.2462. Bears' next downside breakout objective is
closing prices below solid technical support at 1.2200.
First resistance is seen at today’s high of 1.2327 and then
at 1.2373. First support is seen at today’s low of 1.2240
and then at 1.2200. Wyckoff's Market Rating: 5.0.

The June Swiss franc closed up 3 points at 1.0932 today.
Prices closed near mid-range today. The bulls and bears are
on a level near-term technical playing field. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at the April high of 1.1119.
The next downside price breakout objective for the bears is
closing prices below solid technical support at this week’s
low of 1.0817. First resistance is seen at this week’s high
of 1.0967 and then at last week’s high of 1.1009. First
support is seen at today’s low of 1.0883 and then at
1.0817. Wyckoff's Market Rating: 5.0.

The June Australian dollar closed down 27 points at 1.0264
today. Prices closed nearer the session low today. Bulls
and bears are on a level near-term technical playing field.
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 last week’s low of
1.0150. First resistance is seen at this week’s high of
1.0348 and then at last week’s high of 1.0380. Next support
is seen at this week’s low of 1.0235 and then at 1.0200.
Wyckoff's Market Rating: 5.0

The June Canadian dollar closed down 49 points at 1.0032
today. Prices closed nearer the session low today and
scored a bearish “outside day” down on the daily bar chart.
Profit taking was featured. The bulls still have the
overall near-term technical advantage. Bulls' next upside
price breakout objective is producing a close above chart
resistance at the March high of 1.0133. The next downside
price breakout objective for the bears is closing prices
below solid technical support at the April low of .9933.
First resistance is seen at 1.0100 and then at this week’s
high of 1.0125. First support is seen at today’s low of
1.0023 and then at 1.0000. Wyckoff's Market Rating: 6.0.

The June British pound closed up 24 points at 1.6047 today.
Prices closed nearer the session high and hit a fresh five-
month high today. Bulls have the overall near-term
technical advantage and have gained fresh upside momentum
this week. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
the November high of 1.6094. Bears' next downside technical
breakout objective is closing prices below solid support at
the April low of 1.5797. First resistance is seen at 1.6094
and then at 1.6200. First support is seen at 1.6000 and
then at 1.5950. Wyckoff's Market Rating: 6.5.

The June U.S. dollar index closed up 3 points at 79.71
today. Prices closed near mid-range today. Bulls and bears
are on a level near-term technical playing field amid
choppy and sideways trading. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at the April high of 80.38. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at the April low of
78.79. Next resistance lies at 80.00 and then at 80.38.
First support is seen at today’s low of 79.51 and then at
last week’s low of 79.36. Wyckoff's Market Rating: 5.0.

June U.S. T-Bonds closed up 10/32 at 142 3/32 today. Prices
closed nearer the session high today and hit a fresh seven-
week high. Bulls have the overall near-term technical
advantage. Prices are in a four-week-old uptrend on the
daily bar chart. The next downside price breakout objective
for the T-Bond bears is closing prices below solid
technical support at 140 even. The next upside technical
objective for the bulls is to produce a close above solid
technical resistance at 143 even. First resistance is seen
at today’s high of 142 11/32 and then at 142 24/32. First
support is seen at today’s low of 141 14/32 and then at
this week’s low of 141 4/32. Wyckoff's Market Rating: 6.0.

June U.S. T Notes closed up 4.5 (32nds) at 131.22.5 today.
Prices closed nearer the session high today. Bulls have the
overall near-term technical advantage. Prices are in a
four-week-old uptrend on the daily bar chart. 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 130.16.0. First resistance is seen at
today’s high of 131.26.0 and then at this week’s high of
131.29.0. First support is seen at today’s low of 131.13.5
and then at this week’s low of 131.09.5. Wyckoff's Market
Rating: 7.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
lower today as it turned from a “risk on” day early to a
“risk off” trading day as the session wore on. A downbeat
weekly U.S. jobless claims report helped to pressure the
U.S. stock indexes today.

The Nasdaq stock futures index closed down 7.00 at
2,688.00. Prices closed nearer the session low 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 2,735.00 and then at
last week’s high of 2,748.00. First support is seen at
today’s low of 2,671.50 and then at this week’s low of
2,654.25. Wyckoff's Market Rating: 6.0

The S&P 500 futures index closed down 4.30 at 1,374.00.
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 today’s high of 1,390.00 and then at 1,400.00.
First support is seen at today’s low of 1,365.70 and then
at this week’s low of 1,359.60. Wyckoff's Market Rating:
6.0.

The Dow futures closed down 46 points at 12,911 today.
Prices closed near mid-range today. The next upside price
objective for the bulls is closing prices above solid
technical resistance at the March high of 13,220. The next
downside price objective for the bears is closing prices
below solid technical support at last week’s low of 12,650.
First resistance in the Dow lies at 13,000 and then at
today’s high of 13,025. First support is seen at this
week’s low of 12,830 and then at 12,800. 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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