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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 24

Apr 25, 2012

Tuesday Evening, April 24-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 the $3.00 limit
at $111.57 today. Prices hit a fresh contract low today and
were hammered by rumors and then a confirming USDA report
that a case of Mad Cow disease has been discovered in
California. Cattle bears have the solid overall near-term
technical advantage. Prices are in a two-month-old
downtrend on the daily bar chart. There are not yet any
early technical clues that a market low is close at hand.
The bulls' next upside price breakout objective is to push
and close prices above solid technical resistance at the
April high of $114.00. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at $110.00. First resistance is
seen at $112.00 and then at $112.50. First support is seen
at $111.00 and then at $110.50. Wyckoff's Market Rating:
1.0

May feeder cattle closed down the $3.00 limit at $147.85
today. Prices hit a fresh two-week low today and were
pressured by the limit losses in fat cattle futures. Bears
now have the solid near-term technical advantage. 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
April low of $146.45. First resistance is seen at $148.00
and then at $149.00. First support is seen at $147.50 and
then at $147.00. Wyckoff's Market Rating: 3.0

June lean hogs closed down $1.30 at $86.50 today. Prices
closed near the session low today and hit a fresh 13-month
low. Hogs were pressured by the limit-down trade in live
and feeder cattle futures today. Hog bears have the solid
overall near-term technical advantage. Prices are in a two-
month-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 $89.00. 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 $87.00
and then at $87.50. First support is seen at today’s low of
$86.40 and then at $85.80. Wyckoff's Market Rating: 1.0

*. GRAINS: July corn futures closed down 5 1/2 cents at
$6.07 today. Prices closed nearer the session low today as
corn planting in the U.S. is progressing rapidly. The
rumors and then a confirming USDA report of Mad Cow disease
being discovered in California also hurt the corn market
today. A fresh, big USDA export sale of corn today did not
help the bulls but it does show strong worldwide demand for
corn at present price levels. The corn bears 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 last
week’s low of $5.91 3/4. First resistance for July corn is
seen at $6.12 1/2 and then at last week’s high of $6.19.
First support is seen at today’s low of $6.05 and then at
the March low of $6.02 1/2. Wyckoff's Market Rating: 3.0

July soybeans closed up 26 3/4 cents at $14.67 3/4 a bushel
today. Prices closed near the session high today and scored
a fresh contract and nearly four-year high today. Shrinking
soybean crop estimates coming out of South America and
solid export demand for U.S. soybeans has the bulls
snorting. Bean bulls have the solid overall near-term
technical advantage and gained more power today amid no
early clues of a market top being close at hand. 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 major psychological resistance at $15.00 a
bushel. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at the April low of $14.09 1/2. First resistance is
seen at today’s contract high of $14.71 1/4 and then at
$14.80. First support is seen at $14.58 3/4 and then at
$14.50. Wyckoff's Market Rating: 8.5.

July soybean meal closed up $11.90 at $415.30 today. Prices
closed near the session high today and hit a fresh contract
and nearly four-year high. Meal bulls 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 $425.00. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$400.00. First resistance comes in at today’s contract high
of $416.90 and then at $420.00. First support is seen at
$412.50 and then at $410.00. Wyckoff's Market Rating: 8.5

July bean oil closed up 25 points at 55.74 cents today.
Prices closed near mid-range today. The key “outside
markets were bullish for bean oil today as the U.S. dollar
index was weaker and crude oil prices were firmer. Bean oil
bulls have the overall 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 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 this week’s
high of 56.36 cents. First support is seen at today’s low
of 55.54 cents and then at this week’s low of 55.33 cents.
Wyckoff's Market Rating: 6.5

July Chicago SRW wheat closed down 1/2 cent at $6.32 today.
Prices closed nearer the session low today. Wheat bears
have the solid overall near-term technical advantage.
However, my bias is that a market low is in place or close
at hand. Bulls’ next upside breakout objective is to push
and close Chicago SRW prices above solid technical
resistance at $6.50 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 $6.40 and then at today’s high
of $6.47. First support lies at $6.30 and then at $6.25.
Wyckoff's Market Rating: 2.0.

July K.C. HRW wheat closed down 2 1/2 cents at $6.42 1/2
today. Prices closed near the session low today. 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 $6.75.
The bears' next downside breakout objective is pushing and
closing prices below solid technical support at $6.00.
First resistance is seen at last week’s high of $6.52 and
then at today’s high of $6.57. First support is seen at
this week’s low of $6.36 3/4 and then at last week’s low of
$6.33 1/4. Wyckoff's Market Rating: 2.0

July oats closed up 17 1/2 cents at $3.44 1/4 today. Prices
closed near the session high and closed at a fresh five-
month high close today. The market surged on the potential
for frost to damage the oats crop in the coming days. Bulls
today regained the near-term technical advantage. Bears'
next downside price breakout objective is pushing and
closing prices below solid technical support at this week’s
and last week’s low of $3.22. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at $3.50. First support lies at
$3.40 and then at $3.35. First resistance is seen at
today’s high and the March high of $3.45 and then at $3.50.
Wyckoff's Market Rating: 6.0

*. SOFTS: July sugar closed up 9 points at 21.63 cents
today. Prices closed near mid-range today. The key “outside
markets were bullish for sugar oil today as the U.S. dollar
index was weaker and crude oil prices were firmer. Sugar
bears still have the solid near-term technical advantage.
Bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at last
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 this week’s high of 21.85 cents and then at 22.00 cents.
First support is seen at today’s low of 21.52 cents and
then at this week’s low of 21.41 cents. Wyckoff's Market
Rating: 2.5.

July coffee closed up 385 points at 182.80 cents. Prices
closed nearer the session high today and saw short covering
in a bear market. The key “outside markets were bullish for
coffee today as the U.S. dollar index was weaker and crude
oil prices were firmer. 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 184.50 cents and then at 187.10 cents.
First support is seen at 180.00 cents and then at today’s
low of 179.00 cents. Wyckoff's Market Rating: 2.0

July cocoa closed up $72 at $2,276 a ton. Prices closed
nearer the session high and hit a fresh four-week high
today. The key “outside markets were bullish for cocoa
today as the U.S. dollar index was weaker and crude oil
prices were firmer. Cocoa trading has turned very choppy.
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 $2,425. 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 $2,300 and then at
today’s high of $2,312. First support is seen at $2,250 and
then at $2,225. Wyckoff's Market Rating: 4.0

July cotton closed down 118 points at 91.30 cents today.
Prices closed near mid-range today and did hit a fresh
three-week high early on. Bulls and bears are now on a
level near-term technical playing field. 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 the April low of 86.55 cents. First resistance is seen
at 92.00 cents and then at 92.25 cents. First support is
seen at 91.00 cents and then at 90.00 cents. Wyckoff's
Market Rating: 5.0

July orange juice closed down 80 points at $1.4185 today.
Prices closed near the session low and closed at another
fresh contract low close today. FCOJ bears have the solid
overall near-term technical advantage. Prices are in a
seven-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 contract low of $1.3930. First
resistance is seen at $1.4250 and then at $1.4500. First
support is seen at this week’s low of $1.4065 and then at
$1.3930. Wyckoff's Market Rating: 1.0.

May lumber futures closed up $7.40 at $277.40 today. Prices
hit a fresh six-week high today as bulls gained upside
near-term technical momentum. Prices are in a choppy four-
week-old uptrend on the daily bar chart. The bulls have
gained the near-term technical advantage. The next downside
technical breakout objective for the lumber bears is
pushing and closing prices below solid technical support at
$265.00. The next upside price breakout objective for the
bulls is pushing and closing prices above solid technical
resistance at the February high of $285.40. First
resistance is seen at $280.00 and then at $282.50. First
support is seen at $275.00 and then at $273.00. Wyckoff's
Market Rating: 6.0

*. METALS: June gold futures closed up $11.80 an ounce at
$1,644.40 today. Prices closed near mid-range today and saw
short covering and bargain hunting. The key “outside
markets” were in a bullish posture for gold today as the
U.S. dollar index was weaker and crude oil prices were
firmer. Gold bears still have the overall near-term
technical advantage. Prices are still 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
$1,650.10 and then at last week’s high of $1,659.60. First
support is seen at today’s low of $1,634.60 and then at
this week’s low of $1,623.60. Wyckoff's Market Rating: 4.0.

May silver futures closed up $0.234 an ounce at $30.765
today. Prices closed nearer the session low today and saw
some short covering and bargain hunting. Prices Monday hit
a three-month low and also saw a bearish downside
“breakout” from a sideways and choppy trading range. 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 firmer. The silver bears still have the near-
term technical advantage. Bulls’ next upside price breakout
objective is closing prices above solid technical
resistance at $32.58 an ounce. The next downside price
breakout objective for the bears is closing prices below
major psychological support at $30.00. First resistance is
seen at today’s high of $31.11 and then at $31.50. Next
support is seen at today’s low of $30.63 and then at this
week’s low of $30.45. Wyckoff's Market Rating: 3.5.

May N.Y. copper closed up 455 points 367.10 cents today.
Prices closed nearer the session high today and saw short
covering. 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 firmer. Copper bears still
have the slight 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 this week’s high
of 369.20 cents and then at last week’s high of 371.25
cents. First support is seen at 365.00 cents and then at
today’s low of 362.50 cents. Wyckoff's Market Rating: 4.5.

*. ENERGIES: June crude oil closed up $0.39 a barrel at
$103.50 today. Prices closed near mid-range again 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 $104.10 and then at $104.68. First support is seen
at today’s low of $102.79 and then at 102.00. Wyckoff's
Market Rating: 5.0

June heating oil closed down 65 points at $3.1364 today.
Prices closed near mid-range today. 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 $3.1623. First
support is seen at today’s low of $3.1234 and then at this
week’s low of $3.1090. Wyckoff's Market Rating: 5.0.

June (RBOB) unleaded gasoline closed down 232 points at
$3.1244 today. Prices closed near mid-range today. Bulls
and bears are on a level near-term technical playing field.
However, prices have been trending lower for four weeks.
The next upside price breakout objective for the bulls is
closing prices above solid technical resistance at $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 $3.1750. First support is seen
at today’s low of $3.1096 and then at this week’s low of
$3.0744. Wyckoff's Market Rating: 5.0.

June natural gas closed down 3.2 cents at $2.064 today.
Prices closed near the session low today. Prices Friday hit
a contract and 10-year low. The bears have the solid
overall near-term technical advantage. There are still 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 $2.119 and then
at $2.20. First support is seen at this week’s of $2.005
and then at the contract low of $1.982. Wyckoff's Market
Rating: 1.5.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed up 39 points at 1.3187 today. Prices closed near
mid-range again 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 the April low of
1.3000. First resistance for the Euro lies at last week’s
high of 1.3232 and then at 1.3250. Next support is seen at
today’s low of 1.3148 and then at this week’s low of
1.3107. Wyckoff's Market Rating: 5.0

The June Japanese yen closed down 22 points at 1.2308
today. Prices closed near the session low today. Bulls and
bears are on a level near-term technical playing field.
Prices are still in a four-week-old uptrend on the daily
bar chart. Bulls' next upside price breakout objective is
closing prices above solid resistance at the April 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 1.2374 and then at
1.2400. First support is seen at this week’s low of 1.2251
and then at last week’s low of 1.2233. Wyckoff's Market
Rating: 5.0.

The June Swiss franc closed up 38 points at 1.0981 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 the April
low of 1.0817. First resistance is seen at last week’s high
of 1.1016 and then at 1.1060. First support is seen at
today’s low of 1.0945 and then at 1.0900. Wyckoff's Market
Rating: 5.0.

The June Australian dollar closed down 18 points at 1.0226
today. Prices closed near mid-range 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 1.0400. The next downside
breakout objective for the bears is to produce a close
below solid technical support at the April low of 1.0150.
First resistance is seen at today’s high of 1.0265 and then
at 1.0300. Next support is seen at today’s low of 1.0182
and then at 1.0150. Wyckoff's Market Rating: 5.0

The June Canadian dollar closed up 33 points at 1.0101
today. Prices closed nearer the session high again today.
The bulls 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 1.0133 and then
at 1.0150. First support is seen at today’s low of 1.0059
and then at this week’s low of 1.0009. Wyckoff's Market
Rating: 6.5.

The June British pound closed up 10 points at 1.6129 today.
Prices closed near mid-range today and hit a fresh eight-
month high today. Bulls have the solid overall near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at 1.6250. Bears' next downside
technical breakout objective is closing prices below solid
support at 1.6000. First resistance is seen at today’s high
of 1.6158 and then at 1.6200. First support is seen at
today’s low of 1.6104 and then at this week’s low of
1.6071. Wyckoff's Market Rating: 7.0.

The June U.S. dollar index closed down 19 points at 79.34
today. Prices closed near mid-range again today and hit a
fresh three-week low. 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
today’s high of 79.53 and then at this week’s high of
79.77. First support is seen at today’s low of 79.18 and
then at 79.00. Wyckoff's Market Rating: 5.0.

June U.S. T-Bonds closed down 16/32 at 142 7/32 today.
Prices closed near the session low today and saw profit
taking after hitting an 11-week high Monday. Bulls still
have the overall near-term technical advantage. Prices are
in a five-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 141 even.
The next upside technical objective for the bulls is to
produce a close above solid technical resistance at 144
even. First resistance is seen at 142 16/32 and then at
today’s high of 143 even. First support is seen at this
week’s low of 142 1/32 and then at 141 16/32. Wyckoff's
Market Rating: 6.5.

June U.S. T Notes closed down 7.5 (32nds) at 131.24.0
today. Prices closed near the session low and saw profit
taking after hitting an 11-week high Monday. Bulls still
have the overall near-term technical advantage. Prices are
in a five-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
132.00.0 and then at  132.05.5. First support is seen at
this week’s low of 131.22.5 and then at 131.18.0. Wyckoff's
Market Rating: 7.0

GENERAL STOCK MARKET COMMENT: It was a modest “risk on”
trading day in the market place Tuesday, as the stock
indexes closed mixed. The Dow and S&P recovered from
selling pressure Monday. There were government debt
auctions in Spain, Italy and the Netherlands that were
fairly well subscribed Tuesday and that somewhat lifted
investor sentiment. Still, the overall European Union
sovereign debt and financial crisis appears to be gradually
creeping back to the front burner of the market place. The
EU is in economic recession, which makes getting its debt
problems under control a very difficult proposition. The
Federal Open Market Committee of the Federal Reserve is now
meeting to discuss monetary policy. The meeting concludes
early Wednesday afternoon with a statement from the FOMC
and a press conference from Fed Chairman Bernanke. The
statement and press conference could be the most important
U.S. economic readings of the week for the stock indexes.
Traders will scrutinize the statement and Bernanke’s
remarks for any clues regarding further easing of U.S.
monetary policy, or lack thereof.

The Nasdaq stock futures index closed down 17.75 at
2,632.50. Prices closed nearer the session low today and
hit another fresh seven-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
today’s high of 2,666.00 and then at this week’s high of
2,675.00. First support is seen at today’s low of 2,624.75
and then at 2,600.00. Wyckoff's Market Rating: 6.0

The S&P 500 futures index closed up 7.80 at 1,370.50.
Prices closed nearer the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1,400.00. 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 this week’s high of 1,374.60 and then
at last week’s high of 1,390.00. First support is seen at
today’s low of 1,361.20 and then at the April low of
1,352.50. Wyckoff's Market Rating: 6.0.

The Dow futures closed up 88 points at 12,959 today. Prices
closed nearer the session high 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 last
week’s high of 13,070. First support is seen at today’s low
of 12,895 and then at 12,850. 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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