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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 9

Apr 10, 2012

Monday Evening, April 9-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 $0.05 at $115.77
today. Prices closed near the session low today. Bears are
in full near-term technical command. Prices last week hit a
10.5-month low. 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 $117.50. The next downside
technical breakout objective for the bears is pushing and
closing prices below solid technical support at $114.00.
First resistance is seen at $116.00 and then at today’s
high of $116.55. First support is seen at $115.20 and then
at last week’s low of $114.60. Wyckoff's Market Rating: 2.0

May feeder cattle closed up $0.17 at $148.50 today. Prices
closed nearer the session low today and saw tepid short
covering in a bear market. Prices last week hit a 3.5-month
low. Bears still have the solid overall near-term technical
advantage. Prices are in a steep five-week-old downtrend on
the daily bar chart. However, this market is also overdone
on the downside and due for a good corrective bounce very
soon. The next upside price objective for the feeder bulls
is to push and close prices above technical resistance at
$152.00. 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 today’s high of $149.15 and then at $150.00. First
support is seen at $148.00 and then at $147.55. Wyckoff's
Market Rating: 2.0

June lean hogs closed up $0.07 at $93.60 today. Prices
closed nearer the session low today and saw tepid short
covering. Prices did hit a fresh three-week high early on
today. Bulls have gained some fresh upside near-term
technical momentum to suggest that a market low is in
place. However, bulls have more work to do to suggest an
uptrend can be sustained. Bears still 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 $94.10 and then at today’s high of
$94.40. First support is seen at $93.00 and then at $92.50.
Wyckoff's Market Rating: 3.0

*. GRAINS: May corn futures closed down 8 1/2 cents at
$6.49 3/4 today. Prices closed nearer the session low today
and scored a bearish “outside day” down on the daily bar
chart. Profit-taking from recent gains was featured today
and no chart damage occurred. Also, traders are squaring
positions ahead of Tuesday morning’s monthly USDA supply
and demand report. Corn bulls still have the slight overall
near-term technical advantage. Focus of grain traders has
turned to U.S. weather in the Midwest. Corn bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at the March high of $6.75
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
$6.55 and then at $6.60. First support is seen at today’s
low of $6.48 1/2 and then at $6.44. Wyckoff's Market
Rating: 5.5

May soybeans closed down 4 cents at $14.30 a bushel today.
Prices closed nearer the session low today on mild profit
taking after hitting a fresh seven-month high early on.
Traders were also squaring positions ahead of Tuesday
morning’s monthly USDA supply and demand report. 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 $14.34 1/4 and then at today’s high
of $14.44 3/4. First support is seen at today’s low of
$14.23 1/2 and then at $14.14 3/4. Wyckoff's Market Rating:
8.0.

May soybean meal closed down $2.60 at $389.30 today. Prices
closed nearer the session low today and scored a mildly
bearish “outside day” down on the daily bar chart after
hitting a 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 $395.70. First
support is seen at today’s low of $387.30 and then at last
week’s low of $385.80. Wyckoff's Market Rating: 8.0

May bean oil closed up 12 points at 56.76 cents today.
Prices closed near mid-range today and hit a 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 57.50 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 57.00 cents and then at today’s high of 57.18 cents.
First support is seen at today’s low of 56.48 cents and
then at 56.25 cents. Wyckoff's Market Rating: 7.5

May Chicago SRW wheat closed up 4 1/4 cents at $6.42 3/4
today. Prices closed near mid-range today and saw short
covering in a bear market. There was also some position
evening ahead of Tuesday morning’s USDA supply and demand
report. Wheat bears still have the near-term technical
advantage. But my bias is still that the market has put in
a near-term low. Bulls’ next upside breakout objective is
to push and close Chicago SRW prices above solid technical
resistance at the March high of $6.77 3/4 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 $6.49 and then at
$6.58 3/4. First support lies at today’s low of $6.36 1/2
and then at $6.30. Wyckoff's Market Rating: 3.0.

May K.C. HRW wheat closed down 2 cents at $6.60 today.
Prices closed near the session low today. The bears have
the solid overall near-term technical advantage. However,
my bias is still that HRW wheat has put in a market low or
is close to doing so. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at $7.00. The bears' next downside
breakout objective is pushing and closing prices below
solid technical support at last week’s low of $6.53. First
resistance is seen at today’s high of $6.68 and then at
$6.75. First support is seen at today’s low of $6.60 and
then at the March low of $6.53. Wyckoff's Market Rating:
2.5

May oats closed up 1 1/4 cents at $3.38 1/4 today. Prices
closed near mid-range again today. Bulls 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 $3.36 1/4 and then at
$3.35. First resistance is seen at $3.40 and then at
today’s high of $3.42. Wyckoff's Market Rating: 6.0

*. SOFTS: May sugar closed down 8 points at 24.50 cents
today. Prices closed nearer the session low today. Bulls
and bears are on a level near-term technical playing field
amid choppy trading. Sugar bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at 25.00 cents. Bears' next downside
price breakout objective is to push and close prices below
solid technical support at 24.00 cents. First resistance is
seen at 24.78 cents and then at today’s high of 24.86
cents. First support is seen at today’s low of 24.37 cents
and then at 24.11 cents. Wyckoff's Market Rating: 5.0.

May coffee closed down 535 points at 177.65 cents. Prices
closed near the session low today. 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 183.60 cents. First support is seen at
176.00 cents and then at 174.45 cents. Wyckoff's Market
Rating: 1.5

May cocoa closed up $28 at $2,113 a ton. Prices closed
nearer the session high today and saw short covering in a
bear market. Prices last week hit an 11-week low. Cocoa
bears still 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 $2,200. 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 $2,132 and then at $2,150. First
support is seen at $2,100 and then at last week’s low of
$2,060. Wyckoff's Market Rating: 2.5

May cotton closed up 94 points at 89.48 cents today. Prices
closed near mid-range and saw short covering in a bear
market today. 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 90.24 cents and then at 90.44 cents. First support
is seen at last week’s low of 88.20 cents and then at 87.50
cents. Wyckoff's Market Rating: 3.0

May orange juice closed down 650 points at $1.5220 today.
Prices closed near the session low again today and hit
another fresh six-month 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
$1.6500. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at $1.5000. First resistance is seen at $1.5500 and
then at today’s high of $1.5790. First support is seen at
today’s low of $1.5175 and then at $1.5000. Wyckoff's
Market Rating: 2.0.

May lumber futures closed down $3.10 at $263.8 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 $15.90 an ounce at
$1,645.90 today. Prices closed nearer the session high
today and saw more short covering and bargain hunting
following last week’s selling pressure. The weaker U.S.
dollar index supported buying interest in gold today, but
lower crude oil prices limited gains 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 last week’s high
of $1,685.40. Bears' next near-term downside price
objective is closing prices below psychological support at
$1,600.00. First resistance is seen at $1,650.00 and then
at $1,660.00. First support is seen at today’s low of
$1,636.70 and then at $1,629.80. Wyckoff's Market Rating:
4.0.

May silver futures closed down $0.16 an ounce at $31.57
today. Prices closed nearer the session low today. Weaker
crude oil prices helped to pressure silver today, but the
weaker U.S. dollar index did limit selling in silver.
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 today’s high of $32.10 and then at $32.50. Next support
is seen at today’s low of $31.31 and then at last week’s
low of $30.98. Wyckoff's Market Rating: 4.0.

May N.Y. copper closed down 76 points 371.95 cents today.
Prices closed nearer the session low and hit a fresh seven-
week low today. Lower crude oil prices and some weak
economic data coming out of China pressured copper today as
the bulls have faded. Bulls and bears are now on a level
near-term technical playing field. Copper bulls' next
upside breakout objective is pushing and closing prices
above solid technical resistance at 400.00 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the February low of
370.25 cents. First resistance is seen at 375.00 cents and
then at 377.50 cents. First support is seen at 370.25 cents
and then at 367.50 cents. Wyckoff's Market Rating: 5.0.

*. ENERGIES: May crude oil closed down $0.85 a barrel at
$102.47 today. Prices closed near the session high today
and did hit a fresh seven-week low early on. Last Friday’s
weak U.S. jobs report and some more weak economic data
coming out of China today pressured crude. 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.
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 $103.40 and then at
$104.00. First support is seen at $102.00 and then at
today’s low of 100.81. Wyckoff's Market Rating: 5.0

May heating oil closed down 214 points at $3.1478 today.
Prices closed nearer the session high today and hit a fresh
seven-week low early on. Bulls have the slight overall
near-term technical advantage. The bulls' next upside price
breakout objective is closing prices above solid technical
resistance at the March high of $3.3127. Bears' next
downside price breakout objective is producing a close
below solid technical support at $3.1000. First resistance
lies at today’s high of $3.1650 and then at $3.1895. First
support is seen at today’s low of $3.1109 and then at
$3.1000. Wyckoff's Market Rating: 5.5.

May (RBOB) unleaded gasoline closed down 400 points at
$3.3005 today. Prices closed near mid-range today and hit a
fresh three-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 $3.5000. Bears' next downside
price breakout objective is closing prices below solid
support at $3.1900. First resistance is seen at today’s
high of $3.3340 and then at $3.3500. First support is seen
at $3.2750 and then at today’s low of $3.2555. Wyckoff's
Market Rating: 7.0.

May natural gas closed up 2.5 cents at $2.115 today. Prices
closed near the session high today and saw tepid short
covering in a bear market. Prices hit a 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 $2.159 and then at last week’s high
of $2.204. First support is seen at the contract low of
$2.061 and then at $2.00. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed up 36 points at 1.3123 today. Prices closed nearer
the session high today and hit another fresh three-week low
early on. Prices saw short covering today and scored a
mildly bullish “outside day” up on the daily bar chart.
Bears still 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 1.3140 and then at 1.3169. Next support is
seen at today’s low of 1.3037 and then at 1.3009. Wyckoff's
Market Rating: 4.5

The June Japanese yen closed down 16 points at 1.2258
today. Prices closed near the session low today and did hit
a fresh four-week high early on. Bears still have the
overall near-term technical advantage. 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 1.2325 and then at 1.2400. First support is
seen at 1.2200 and then at of 1.2120. Wyckoff's Market
Rating: 3.0.

The June Swiss franc closed up 23 points at 1.0926 today.
Prices closed nearer the session high and scored a mildly
bullish “outside day” up on the daily bar chart today. The
bears still 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 1.0940 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 up 18 points at 1.0251
today. Prices closed near the session high today and saw
short covering. Prices last week hit a 2.5-month low. Bears
have the slight near-term technical advantage. Prices have
been trending lower for five 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
1.0300 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 up 15 points at 1.0023
today. Prices closed nearer the session high today. Bulls
have the overall near-term technical advantage. Bulls' next
upside price breakout objective is producing a close above
chart resistance at the February high of 1.0133. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the March low of
.9946. First resistance is seen at today’s high of 1.0041
and then at 1.0079. First support is seen at today’s low of
.9982 and then at .9946. Wyckoff's Market Rating: 6.5.

The June British pound closed up 30 points at 1.5899 today.
Prices closed nearer the session high today. 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 last
week’s high of 1.6056. Bears' next downside technical
breakout objective is closing prices below solid support at
1.5832. First resistance is seen at today’s high of 1.5908
and then at 1.5971. First support is seen at today’s low of
1.5829 and then at last week’s low of 1.5797. Wyckoff's
Market Rating: 5.5.

The June U.S. dollar index closed down 14 points at 79.94
today. Prices closed nearer the session low 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 79.83 and then at 79.50. Wyckoff's Market
Rating: 5.5.

June U.S. T-Bonds closed up 12/32 at 140 20/32 today.
Prices closed nearer the session high today and hit a fresh
four-week high. Bulls have regained the slight near-term
technical advantage and have upside near-term technical
momentum on their side. The next downside price breakout
objective for the T-Bond bears is closing prices below
solid technical support at last week’s low of 136 12/32.
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 140 26/32 and then at 141 even. First
support is seen at 140 even and then at 139 16/32.
Wyckoff's Market Rating: 5.5.

June U.S. T Notes closed up 3.0 (32nds) at 131.04.5 today.
Prices closed near mid-range today and hit a fresh four-
week high. Bulls have the slight 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 131.19.5. The next
downside price breakout objective for the bears is
producing a close below solid technical support at last
week’s low of 128.24.5. First resistance is seen at today’s
high of 131.10.0 and then at 131.16.0. First support is
seen at today’s low of 130.28.5 and then at 130.16.0.
Wyckoff's Market Rating: 5.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
lower today on more profit taking from the winter’s gains
and in the wake of a weak U.S. employment report, released
Friday morning. Stock index bulls are fading a bit.

The Nasdaq stock futures index closed down 23.75 at
2,729.75. Prices closed nearer the session low today and
hit a fresh two-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
2,700.00. First resistance is seen at today’s high of
2,748.00 and then at Thursday’s high of 2,761.25. First
support is seen at today’s low of 2,718.75 and then at
2,700.00. Wyckoff's Market Rating: 7.0

The S&P 500 futures index closed down 15.30 at 1,374.90.
Prices closed nearer the session low today and hit a fresh
four-week low 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
1,350.00. First resistance is seen at today’s high of
1,382.50 and then at 1,400.00. First support is seen at
today’s low of 1,372.00 and then at 1,350.00. Wyckoff's
Market Rating: 6.5.

The Dow futures closed down 128 points at 12,850 today.
Prices closed near the session low today and hit a fresh
four-week low. The next upside price objective for the
bulls is closing prices above solid technical resistance at
the April high of 13,227. The next downside price objective
for the bears is closing prices below solid technical
support at the March low of 12,698. First resistance in the
Dow lies at 12,900 and then at 13,000. First support is
seen at today’s low of 12,841 and then at 12,800. Wyckoff's
Market Rating: 6.5.

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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