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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--August 29

Aug 30, 2012

Wednesday Evening, August 29-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: October live cattle closed up $1.75 at
$125.50 today. Prices closed nearer the session high today
and scored a bullish “outside day” up on the daily bar
chart. Bulls regained some upside technical momentum today
and are now back on a level near-term playing field with
the bears. The bulls' next upside price breakout objective
is to push and close prices above solid technical
resistance at the August high of $127.22. The next downside
technical breakout objective for the bears is pushing and
closing prices below solid technical support at this week’s
low of $123.40. First resistance is seen at today’s high of
$125.90 and then at $126.45. First support is seen at
$125.00 and then at $124.50. Wyckoff's Market Rating: 5.0

October feeder cattle closed up $0.32 at $144.80 today.
Prices closed near mid-range today and scored a mildly
bullish “outside day” up on the daily bar chart. Feeder
cattle bulls and bears are on a level near-term technical
playing field. The next upside price breakout objective for
the feeder bulls is to push and close prices above solid
technical resistance at the August high of $145.95. The
next downside price breakout objective for the bears is to
push and close prices below solid technical support at
$141.00. First resistance is seen at $145.95 and then at
$146.50. First support is seen at today’s low of $143.90
and then at $143.00. Wyckoff's Market Rating: 5.0

October lean hogs closed up $0.45 at $73.70 today. Prices
closed nearer the session high today and scored a bullish
“outside day” up on the daily bar chart. Short covering in
a bear market was featured today. Hog bears still have the
overall near-term technical advantage. However, my bias is
that the downside is limited for hog futures at present
price levels. The next upside price breakout objective for
the hog bulls is to push and close prices above solid chart
resistance at $75.50. The next downside price breakout
objective for the bears is pushing prices below solid
technical support at $70.00. First resistance is seen at
today’s high of $73.95 and then at $74.50. First support is
seen at $73.00 and then at this week’s low of $72.55.
Wyckoff's Market Rating: 2.5

*. GRAINS: December corn futures were up 16 cents at $8.11
1/2 in late trading today. Prices were nearer the session
high on some short covering and perceived bargain hunting.
Focus in the corn market is less on the supply and more on
what record high prices have done to demand for corn. The
corn bulls have the solid overall near-term technical
advantage. Corn bulls' next upside price objective is to
push and close prices above solid technical resistance at
the contract high of $8.49. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at the last “reaction
low” on the daily chart, at $7.86. First resistance for
December corn is seen at this week’s high of $8.18 and then
at $8.25. First support is $8.00 and then at today’s low of
$7.93 1/4. Wyckoff's Market Rating: 8.0

November soybeans were up 24 cents at $17.46 1/4 a bushel
in late trading today. Prices were nearer the session high
and poised to produce a fresh contract high close. Soybean
bulls have the solid overall near-term technical advantage.
The next near-term upside technical breakout objective for
the soybean bulls is pushing and closing November prices
above psychological resistance at $18.00 a bushel. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at last
week’s low of $16.41. First resistance is seen at the
contract high of $17.60 1/2 and then at $17.75. First
support is seen at today’s low of $17.16 1/2 and then at
$17.00. Wyckoff's Market Rating: 8.5.

December soybean meal was up $5.50 at $527.30 in late
trading today. Prices were nearer the session high and
poised to close at a fresh contract high close. Meal bulls
have the solid overall near-term technical advantage.
Prices are in a three-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 $535.00. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at last week’s low of $497.30.
First resistance comes in at the contract high of $531.90
and then at $535.00. First support is seen at $525.00 and
then at $520.00. Wyckoff's Market Rating: 8.5

December bean oil was up 91 points at 57.30 cents in late
trading today. Prices were nearer the session high and
poised to close at a fresh 4.5-month high close. 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 the April high of 58.45 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 today’s high of
57.28 cents and then at this week’s high of 57.85 cents.
First support is seen at 57.00 cents and then at 56.50
cents. Wyckoff's Market Rating: 7.0

December Chicago SRW wheat was up 29 3/4 cents at $9.05 1/2
in late trading today. Prices were near the session high.
Wheat bulls have the overall near-term technical advantage
and regained upside momentum today. Still, the choppiness
and sideways trading at higher price levels, amid some
higher volatility, is a warning signal of a topping
process. Wheat bulls’ next upside breakout objective is to
push and close Chicago SRW prices above solid technical
resistance at the July high of $9.53 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 August low of $8.57 1/4. First resistance is
seen at today’s high of $9.08 1/4 and then at last week’s
high of $9.26 1/4. First support lies at $8.90 and then at
$8.80. Wyckoff's Market Rating: 7.0.

December K.C. HRW wheat was up 24 1/2 cents at $9.17 3/4 in
late trading today. Prices were near the session high. The
bulls have the overall near-term technical advantage and
regained some upside momentum today. Bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at the July high of $9.57
1/4. The bears' next downside breakout objective is pushing
and closing prices below solid technical support at the
August low of $8.74 1/4. First resistance is seen at
today’s high of $9.23 1/4 and then at last week’s high of
$9.36 1/2. First support is seen at $9.00 and then at
today’s low of $8.91. Wyckoff's Market Rating: 7.0

December oats were up 14 1/4 cents at $3.96 3/4 today in
late trading. Prices were near the session high and right
back near the recent highs. Oats bulls have the solid
overall near-term technical advantage and regained upside
momentum today. Bears' next downside price breakout
objective is pushing and closing prices below solid
technical support at $3.65. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at last week’s high of $4.00.
First support lies at $3.90 and then at $3.85. First
resistance is seen at today’s high of $3.96 3/4 and then at
$4.00. Wyckoff's Market Rating: 8.5

*. SOFTS: October sugar closed down 44 points at 19.69
cents today. Prices closed near the session low today. The
key “outside markets” were bearish for the sugar market
today, as the U.S. dollar index was firmer and crude oil
prices were weaker. Sugar bears have the solid overall
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 20.70 cents.
Bears' next downside price breakout objective is to push
and close prices below solid technical support at the June
low of 19.24 cents. First resistance is seen at 20.00 cents
and then at 20.25 cents. First support is seen at this
week’s low of 19.45 cents and then at 19.24 cents.
Wyckoff's Market Rating: 2.0.

December coffee closed down 200 points at 165.95 cents.
Prices closed near the session low today. The key “outside
markets” were bearish for the coffee market today, as the
U.S. dollar index was firmer and crude oil prices were
weaker. Coffee bears have the overall near-term technical
advantage. The coffee bulls' next upside breakout objective
is to close prices above solid technical resistance at
172.50 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the August low of 160.25 cents a pound. First
resistance is seen at today’s high of 169.10 cents and then
at 170.00 cents. First support is seen at this week’s low
of 164.50 cents and then at 162.50 cents. Wyckoff's Market
Rating: 3.0

December cocoa closed up $12 at $2,580 a ton. Prices closed
near mid-range today and hit another fresh 9.5-month high.
Cocoa bulls have the solid 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 $2,700. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at this week’s low of
$2,400. First resistance is seen at today’s high of $2,600
and then at $2,625. First support is seen at today’s low of
$2,560 and then at $2,500. Wyckoff's Market Rating: 7.5

December cotton closed up 91 points at 76.53 cents today.
Prices closed nearer the session high today. Cotton bulls
have the near-term technical advantage. Prices are in a
three-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 80.00 cents.
The next downside price breakout objective for the cotton
bears is to push and close prices below solid technical
support at last week’s low of 73.30 cents. First resistance
is seen at today’s high of 76.88 cents and then at the
August high of 77.49 cents and then at 78.00 cents. First
support is seen at today’s low of 75.40 cents and then at
74.72 cents. Wyckoff's Market Rating: 6.0

November orange juice closed up 385 points at $1.1785
today. Prices closed nearer the session high today on more
short covering and bargain hunting. Bulls regained the
slight near-term technical advantage today. Trading remains
choppy and volatile. Traders will continue to watch for any
fresh storms brewing in the Atlantic. The next upside price
breakout objective for the FCOJ bulls is pushing and
closing prices above technical resistance at last week’s
high of $1.2275. The next downside technical breakout
objective for the FCOJ bears is to produce a close below
solid technical support at the August low of $1.0350. First
resistance is seen at today’s high of $1.1855 and then at
$1.2000. First support is seen at $1.1600 and then at
today’s low of $1.1450. Wyckoff's Market Rating: 5.5.

November lumber futures closed up $0.20 at $287.20 today.
Prices hit another fresh three-week low today as bulls are
fading. Bears have 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 $276.00. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at this week’s high of $296.60.
First resistance is seen at today’s high of $287.90 and
then at $290.00. First support is seen at today’s low of
$285.80 and then at $283.00. Wyckoff's Market Rating: 4.0

*. METALS: December gold futures closed down $6.80 an ounce
at $1,662.90 today. Prices closed near mid-range today.
More profit taking and chart consolidation were featured.
The key “outside markets” were bearish for the gold market
today, as the U.S. dollar index was firmer and crude oil
prices were weaker. Gold prices are in a choppy, two-month-
old uptrend on the daily bar chart. The gold market bulls
have the overall near-term technical advantage. The gold
bulls’ next upside price breakout objective is to produce a
close above psychological resistance at $1,700.00. Bears'
next near-term downside price objective is closing prices
below solid technical support at $1,633.30. First
resistance is seen at today’s high of $1,672.50 and then at
this week’s high of $1,679.30. First support is seen at
today’s low of $1,654.40 and then at $1,650.00. Wyckoff’s
Market Rating: 6.0

December silver futures closed down $0.088 an ounce at
$30.875 today. Prices closed nearer the session high today
and saw mild profit-taking pressure. The key “outside
markets” were bearish for the silver market today, as the
U.S. dollar index was firmer and crude oil prices were
weaker. Silver bulls still have the overall near-term
technical advantage. Bulls’ next upside price breakout
objective is closing prices above solid technical
resistance at $31.50 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 $31.03 and then at this week’s high
of $31.315. Next support is seen at this week’s low of
$30.575 and then at $30.285. Wyckoff's Market Rating: 6.5.

December N.Y. copper closed down 210 points at 344.80 cents
today. Prices closed near mid-range today. The key “outside
markets” were bearish for the copper market today, as the
U.S. dollar index was firmer and crude oil prices were
weaker. Copper bulls and bears are on a level near-term
technical playing field. Copper bulls' next upside breakout
objective is pushing and closing prices above solid
technical resistance at the July high of 355.65 cents. The
next downside price breakout objective for the bears is
closing prices below solid technical support at the August
low of 328.85 cents. First resistance is seen at today’s
high of 347.30 cents and then at last week’s high of 351.70
cents. First support is seen at today’s low of 342.80 cents
and then at 340.00 cents. Wyckoff's Market Rating: 5.0.

*. ENERGIES: October crude oil closed down $0.90 a barrel
at $95.43 today. Prices closed near mid-range today and
were pressured a bit by a bearish weekly DOE storage report
and be no significant damage caused by the hurricane in the
Gulf of Mexico. Crude oil bulls still have the overall
near-term technical advantage. A two-month-old price
uptrend is in place on the daily bar chart. The next near-
term upside price breakout objective for the crude oil
bulls is producing a close above major psychological
resistance at $100.00 a barrel. The next near-term downside
price breakout objective for the crude oil bears is to
produce a close below solid technical support at $92.00.
First resistance is seen at today’s high of $96.37 and then
at $97.00. First support is seen at today’s low of $94.76
and then at this week’s low of $94.41. Wyckoff's Market
Rating: 6.0

October heating oil closed up 6 points at $3.1294 today.
Prices closed nearer the session high today. Bulls have the
solid overall near-term technical advantage. Prices are in
a two-month-old uptrend on the daily bar chart. The bulls'
next upside price breakout objective is closing prices
above solid technical resistance at $3.2500. Bears' next
downside price breakout objective is producing a close
below solid technical support at $3.0000. First resistance
lies at $3.1500 and then at last week’s high of $3.1685.
First support is seen at $3.1000 and then at $3.0750.
Wyckoff's Market Rating: 7.5.

October (RBOB) unleaded gasoline closed down 57 points at
$2.9276 today. Prices closed nearer the session high and
saw mild profit taking. Bulls still have the solid overall
near-term technical advantage. Prices are in a two-month-
old uptrend on the daily bar chart. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at the March high of $3.0402.
Bears' next downside price breakout objective is closing
prices below solid support at $2.8000. First resistance is
seen at $2.9679 and then at this week’s high of $3.0098.
First support is seen at today’s low of $2.8913 and then at
$2.8600. Wyckoff's Market Rating: 7.5.

October natural gas closed up 5.7 cents at $2.69 today.
Prices closed nearer the session high today after hitting
another fresh nine-week low early on today. Prices did
score a mildly bullish “outside day” up on the daily bar
chart today. Short covering was featured. Bears still have
the overall near-term technical advantage as a four-week-
old downtrend line is still in place on the daily bar
chart. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
$3.00. The next downside price breakout objective for the
bears is closing prices below solid technical support at
$2.50. First resistance is seen at this week’s high of
$2.792 and then at $2.85. First support is seen at today’s
low of $2.61 and then at $2.55. Wyckoff's Market Rating:
4.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed down 36 points at 1.2543 today. Prices
closed near the session low today and saw some profit
taking. The Euro bulls still have the overall near-term
technical advantage. Prices are in a five-week-old uptrend
on the daily bar chart. Euro bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at 1.2700. The next downside
price breakout objective for the bears is closing prices
below solid chart support at 1.2270. First resistance for
the Euro lies at today’s high of 1.2592 and then at last
week’s high of 1.2607. Next support is seen at 1.2500 and
then at this week’s low of 1.2484. Wyckoff's Market Rating:
6.0

The December Japanese yen closed down 27 points at 1.2721
today. Prices closed nearer the session low today. A bull
flag pattern has formed on the daily bar chart. Bulls have
the overall near-term technical advantage. Bulls' next
upside price breakout objective is closing prices above
solid resistance at the July high of 1.2851. Bears' next
downside breakout objective is closing prices below solid
technical support at the August low of 1.2565. First
resistance is seen at this week’s high of 1.2756 and then
at last week’s high of 1.2788. First support is seen at
this week’s low of 1.2698 and then at 1.2675. Wyckoff's
Market Rating: 6.5.

The December Swiss franc closed down 32 points at 1.0454
today. Prices closed near the session low and saw some
profit taking. The Swissy 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 1.0600. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 1.0250. First resistance is seen
at last week’s high of 1.0499 and then at 1.0525. First
support is seen at this week’s low of 1.0402 and then at
1.0370. Wyckoff's Market Rating: 6.0.

The December Australian dollar closed down 17 points at
1.0254 today. Prices closed near the session low and closed
at a fresh five-week low close. Bulls still have the
overall near-term technical advantage but are fading a bit
and need to show fresh power soon. Bulls' next upside price
breakout objective is closing prices above solid chart
resistance at last week’s high of 1.0430. The next downside
breakout objective for the bears is to produce a close
below solid technical support at 1.0100. First resistance
is seen at this week’s high of 1.0301 and then at 1.0350.
Next support is seen at this week’s low of 1.0232 and then
at 1.0200. Wyckoff's Market Rating: 6.0

The December Canadian dollar closed down 12 points at
1.0083 today. Prices closed nearer the session low today on
some profit taking. Bulls still have the solid near-term
technical advantage. Prices are in a three-month-old
uptrend on the daily bar chart. Bulls' next upside price
breakout objective is producing a close above chart
resistance at the April high of 1.0136. The next downside
price breakout objective for the bears is closing prices
below solid technical support at the August low of .9890.
First resistance is seen at today’s high of 1.0109 and then
at 1.0136. First support is seen at this week’s low of
1.0058 and then at last week’s low of 1.0026. Wyckoff's
Market Rating: 7.5.

The December British pound closed up 15 points at 1.5832
today. Prices closed near mid-range today. Bulls have the
overall near-term technical advantage. Prices are in a six-
week-old uptrend on the daily chart. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at 1.6000. Bears' next downside
technical breakout objective is closing prices below solid
support at last week’s low of 1.5684. First resistance is
seen at today’s high of 1.5850 and then at last week’s high
of 1.5907. First support is seen at today’s low of 1.5801
and then at this week’s low of 1.5747. Wyckoff's Market
Rating: 6.0.

The December U.S. dollar index closed up 17 points at 81.86
today. Prices closed near the session  high today and saw
short covering. The bears still have the slight near-term
technical advantage. Prices are in a five-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at 83.25. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at 81.00. Next resistance lies at this
week’s high of 82.13 and then at 82.37. First support is
seen at last week’s low of 81.52 and then at 81.25.
Wyckoff's Market Rating: 4.5.

December U.S. T-Bonds closed down 10/32 at 149 25/32 today.
Prices closed near mid-range today and saw some profit
taking from recent good gains. Bulls still have the overall
near-term technical advantage. The next downside price
breakout objective for the T-Bond bears is closing prices
below solid technical support at last week’s low of 145
23/32. The next upside technical objective for the bulls is
to produce a close above solid technical resistance at 152
even. First resistance is seen at today’s high of 150 07/32
and then at this week’s high of 150 15/32. First support is
seen at today’s low of 149 11/32 and then at 149 even.
Wyckoff's Market Rating: 6.5.

December U.S. T Notes closed down 4.0 (32nds) at 132.24.0
today. Prices closed near mid-range today and saw profit
taking. 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 133.16.0.
The next downside price breakout objective for the bears is
producing a close below solid technical support at last
week’s low of 132.02.5. First resistance is seen at this
week’s high of 133.00.0 and then at 133.08.0. First support
is seen at today’s low of 132.18.0 and then at this week’s
low of 132.11.5. Wyckoff's Market Rating: 6.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
narrowly mixed  in quiet trading today. Stock index bulls
still have the overall near-term technical advantage. The
world market place is a bit subdued as it awaits the U.S.
Federal Reserve’s annual meeting at Jackson Hole, Wyoming,
which begins Thursday. Fed Chairman Bernanke’s Friday
speech will be the highlight of the event, after European
Central Bank chief Mario Draghi on Tuesday cancelled his
scheduled appearance in Jackson Hole. Next week’s monthly
European Central Bank meeting (September 6) will also be an
important central bank meeting. Anticipation is high that
both the U.S. and EU central banks will announce fresh
monetary stimulus initiatives at these meetings. Many
markets are subdued ahead of these key events. In overnight
news, European stock markets were boosted on news that ECB
president Draghi said in a German newspaper article that
maintaining price stability in the European Union is
paramount and will require exceptional measures. There was
also a successful debt auction in Italy Wednesday, as
borrowing costs declined. And Greece’s finance minister
says his country is close to finalizing budget cut plans.
In Asia, reports said China’s central bank is looking to
inject more liquidity into the country’s banking system, in
order to stimulate economic growth.

The Nasdaq stock futures index closed up 0.50 at 2,781.25.
Prices closed near mid-range again today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 2,850.00. The bears' next downside
price breakout objective is closing prices below solid
technical support at 2,650.00. First resistance is seen at
this week’s high of 2,795.75 and then at last week’s high
of 2,802.50. First support is seen at this week’s low of
2,771.00 and then at 2,750.00. Wyckoff's Market Rating: 6.5

The S&P 500 futures index closed down 0.60 at 1,407.20.
Prices closed near mid-range today. Bulls' next upside
price breakout objective is closing prices above solid
resistance at 1,450.00. The next downside price breakout
objective for the bears is closing prices below solid
support at the August low of 1,350.00. First resistance is
seen at this week’s high of 1,415.90 and then at last
week’s high of 1,424.60. First support is seen at 1,400.00
and then at last week’s low of 1,395.40. Wyckoff's Market
Rating: 6.5.

The Dow futures closed down 2 points at 13,084 today.
Prices closed nearer the session low today. The next upside
price objective for the bulls is closing prices above solid
technical resistance at 13,500. The next downside price
objective for the bears is closing prices below solid
technical support at the August low of 12,730. First
resistance in the Dow lies at this week’s high of 13,155
and then at 13,200. First support is seen at last week’s
low of 13,015 and then at 13,000. 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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