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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Dec. 10

Dec 11, 2012

Monday Evening, December 10-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: February live cattle closed down $0.12 at
$130.27 today. Prices closed near mid-range today. Trading
has been choppy recently. Cattle bulls and bears are on a
level near-term technical playing field. The bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at $131.80. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
$129.00. First resistance is seen at $130.75 and then at
$131.00. First support is seen at $130.00 and then at last
week’s low of $129.77. Wyckoff's Market Rating: 5.0

March feeder cattle closed up $1.05 at $152.20 today.
Prices closed near the session high and hit a fresh seven-
week high today. The bulls have gained good upside near-
term technical momentum and have the overall chart
advantage. The next upside price breakout objective for the
feeder bulls is to push and close prices above solid
technical resistance at the October high of $153.20. 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
$153.20. First support is seen at today’s low of $151.30
and then at $150.60. Wyckoff's Market Rating: 6.0

February lean hogs closed up $0.45 at $83.92 today. Prices
closed near the session high on short covering following
recent strong selling pressure. Prices Friday sold off
sharply to hit a fresh four-week low. The hog bears now
have the slight 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
the October high of $86.05. The next downside price
breakout objective for the bears is pushing prices below
solid technical support at the November low of $82.65.
First resistance is seen at $84.35 and then at $85.00.
First support is seen at last week’s low of $83.20 and then
at $82.65. Wyckoff's Market Rating: 4.5

*. GRAINS: March corn futures were down 8 1/4 cents at 7.29
in late trading today. Prices were nearer the session low
and hit a fresh three-week low today. Bulls are fading as
prices Friday closed at a technically bearish weekly low
close. Recent weak export demand for U.S. corn has also
prompted selling pressure. Traders are awaiting Tuesday
morning’s monthly USDA supply and demand report. Bears now
have the slight overall near-term technical advantage. Corn
bulls' next upside price objective is to push and close
prices above solid technical resistance at $7.50. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
November low of $7.14 1/4. First resistance for March corn
is seen at today’s high of $7.36 1/4 and then at $7.40.
First support is seen at today’s low of $7.25 1/4 and then
at $7.20. Wyckoff's Market Rating: 4.5

January soybeans were up 1 cent at $14.73 1/4 a bushel in
late trading today. Prices were nearer the session high.
Soybean bears still have the slight overall near-term
technical advantage. However, the bulls have gained some
upside momentum recently and my bias is that a near-term
market low is in place. Traders are awaiting Tuesday
morning’s monthly USDA supply and demand report. The next
near-term upside technical breakout objective for the
soybean bulls is pushing and closing January prices above
psychological resistance at $15.00 a bushel. The next
downside price breakout objective for the bears is pushing
and closing prices below psychological support at $14.00.
First resistance is seen at $14.80 and then at $15.00.
First support is seen at $14.60 and then at today’s low of
$14.53. Wyckoff's Market Rating: 4.5.

March soybean meal was up $1.40 at $439.30 in late trading
today. Prices were nearer the session high today. Meal
bears have the slight near-term technical advantage, but
the bulls have shown upside momentum recently to suggest a
market bottom is in place. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at $450.00. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $425.00. First
resistance comes in at today’s high of $440.00 and then at
$445.00. First support is seen at $435.00 and then at
today’s low of $431.30. Wyckoff's Market Rating: 4.5

March bean oil was down 8 points at 51.54 cents in late
trading today. Prices were nearer the session high. The
bean oil bears still have the slight overall near-term
technical advantage. However, the bulls have gained some
upside technical momentum recently. The next upside price
breakout objective for the bean oil bulls is pushing and
closing prices above solid technical resistance at 52.31
cents. Bean oil bears' next downside technical price
breakout objective is pushing and closing prices below
solid technical support at last week’s low of 49.43 cents.
First resistance is seen at last week’s high of 51.85 cents
and then at 52.00 cents. First support is seen at today’s
low of 51.11 cents and then at 50.76 cents. Wyckoff's
Market Rating: 4.5

March Chicago SRW wheat was down 11 1/4 cents at $8.49 3/4
in late trading today. Prices were nearer the session low
and poised to close at a fresh five-month low close today.
Bulls are fading again and prices are back at the bottom of
the recent sideways trading range. Bulls and bears are now
back on a level near-term technical playing field. Traders
are awaiting Tuesday morning’s monthly USDA supply and
demand report. Wheat bulls’ next upside breakout objective
is to push and close Chicago SRW prices above solid
technical resistance at $8.80 a bushel. The next downside
price breakout objective for the wheat futures bears is
pushing and closing prices below solid technical support at
the November low of $8.45. First resistance is seen at
today’s high of $8.62 1/2 and then at $8.70. First support
lies at $8.45 and then at $8.40. Wyckoff's Market Rating:
5.0.

March K.C. HRW wheat was down 4 1/2 cents at $9.05 1/4 in
late trading today. Prices were nearer the session low. HRW
bulls have the slight overall near-term technical
advantage. Bulls’ next upside price breakout objective is
pushing and closing prices above solid technical resistance
at $9.40. The bears' next downside breakout objective is
pushing and closing prices below solid technical support at
the September low of $8.85. First resistance is seen at
today’s high of $9.11 3/4 and then at $9.20. First support
is seen at last week’s low of $8.98 and then at $8.85.
Wyckoff's Market Rating: 5.5

March oats were down 2 3/4 cents at $3.88 1/2 today in late
trading. Prices were near mid-range. Prices Friday hit a
six-week high. Oats bulls still have the solid overall
near-term technical advantage. Bears' next downside price
breakout objective is pushing and closing prices below
solid technical support at $3.67 1/4. Bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at the October high of
$4.05. First support lies at today’s low of $3.85 1/4 and
then at $3.80. First resistance is seen at today’s high of
$3.93 and then at $3.95. Wyckoff's Market Rating: 7.0

*. SOFTS: March sugar closed down 43 points at 18.78 cents
today. Prices closed nearer the session low today and hit a
fresh four-week low. Sugar bears have the solid overall
near-term technical advantage and gained fresh downside
momentum today. Bulls' next upside price breakout objective
is to push and close prices above solid technical
resistance at 19.50 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at the November low of 18.66 cents. First
resistance is seen at 19.00 cents and then at today’s high
of 19.24 cents. First support is seen at today’s low of
18.72 cents and then at 18.66 cents. Wyckoff's Market
Rating: 1.0.

March coffee closed down 700 points at 146.85 cents. Prices
closed near the session low today and closed at a fresh
contract low close. The coffee 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
breakout objective for the bulls is to close prices above
solid technical resistance at 157.50 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 140.00 cents a
pound. First resistance is seen at 150.00 cents and then at
152.50 cents. First support is seen at the contract low of
146.35 cents and then at 145.00 cents. Wyckoff's Market
Rating: 1.0.

March cocoa closed down $28 at $2,384 a ton. Prices closed
nearer the session low today and hit a fresh three-week
low. The cocoa bears have regained the slight 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 $2,475. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
November low of $2,322. First resistance is seen at today’s
high of $2,407 and then at $2,432. First support is seen at
today’s low of $2,372 and then at $2,354. Wyckoff's Market
Rating: 4.5

March cotton closed down 39 points at 73.40 cents today.
Prices closed nearer the session low today. Cotton bulls
and bears are on a level near-term technical playing field.
However, prices are still in a four-week-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 75.00 cents. The next downside price breakout
objective for the cotton bears is to push and close prices
below solid technical support at 71.28 cents. First
resistance is seen at 74.00 cents and then at last week’s
high of 74.41 cents. First support is seen at 73.00 cents
and then at last week’s low of 72.43 cents. Wyckoff's
Market Rating: 5.0.

January orange juice closed up 85 points at $1.2540 today.
Prices closed nearer the session low today. FCOJ bulls have
the overall near-term technical advantage. A bullish
pennant pattern has formed on the daily bar chart. The next
upside price breakout objective for the FCOJ bulls is
pushing and closing prices above technical resistance at
the September high of $1.3010. The next downside technical
breakout objective for the FCOJ bears is to produce a close
below solid technical support at $1.1700. First resistance
is seen at last week’s high of $1.2710 and then at $1.2800.
First support is seen at $1.2400 and then at $1.2335.
Wyckoff's Market Rating: 6.0.

January lumber futures closed up $0.80 at $344.00 today.
Prices Friday hit a fresh contract high and 6.5-year high.
The lumber bulls have the solid 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 December low of $332.70. The
next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at $360.00. First resistance is seen at $345.80 and then at
Friday’s contract high of $350.00. First support is seen at
today’s low of $342.10 and then at $340.00. Wyckoff's
Market Rating: 9.0

*. METALS: February gold futures closed up $8.90 an ounce
at $1,714.40 today. Prices closed nearer the session high
today on some more safe-haven buying, short covering and
bargain hunting. The weaker U.S. dollar index was also a
supportive factor for gold today. Gold bulls have the
slight overall near-term technical advantage but have more
work to do to gain decent chart momentum. The gold bulls’
next upside price breakout objective is to produce a close
above solid technical resistance at $1,725.00. Bears' next
near-term downside breakout price objective is closing
prices below solid technical support at the November low of
$1,674.70. First resistance is seen at today’s high of
$1,718.80 and then at $1,725.00. First support is seen at
today’s low of $1,703.30 and then at $1,700.00. Wyckoff’s
Market Rating: 5.5

March silver futures closed up $0.184 an ounce at $33.315
today. Prices closed near mid-range today. Short covering
and bargain hunting were seen. A weaker U.S. dollar index
was also supportive for silver. The silver bulls have the
slight overall near-term technical advantage. Bulls’ next
upside price breakout objective is closing prices above
solid technical resistance at the November high of $34.49
an ounce. The next downside price breakout objective for
the bears is closing prices below solid technical support
at $32.50. First resistance is seen at $33.50 and then at
$33.75. Next support is seen at today’s low of $33.09 and
then at $33.00. Wyckoff's Market Rating: 6.0.

March N.Y. copper closed up 440 points at 370.70 cents
today. Prices closed nearer the session high today and hit
a fresh six-week high. Some positive economic news coming
out of China and the weaker U.S. dollar index today boosted
copper. Copper bulls still have the overall near-term
technical advantage. Copper bulls' next upside breakout
objective is pushing and closing prices above solid
technical resistance at 375.00 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 355.00 cents. First
resistance is seen at today’s high of 371.90 cents and then
at 375.00 cents. First support is seen at 367.50 cents and
then at today’s low of 365.60 cents. Wyckoff's Market
Rating: 6.5.

*. ENERGIES: January crude oil closed down $0.35 a barrel
at $85.58 today. Prices closed nearer the session low today
and closed at a fresh four-week low close. Bulls have faded
and need to show fresh power soon to avoid more chart
damage being inflicted. Crude oil bears have the slight
near-term technical advantage. The next near-term upside
price breakout objective for the crude oil bulls is
producing a close above solid technical resistance at the
December high of $90.33 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 the
November low of $84.53. First resistance is seen at today’s
high of $86.78 and then at $87.50. First support is seen at
today’s low of $85.33 and then at $84.53. Wyckoff's Market
Rating: 4.5

January heating oil closed down 205 points at $2.8950
today. Prices closed near the session low again today and
hit another fresh four-month low. Warm weather in the
northeastern U.S. is bearish for “2 oil.” Bears have the
near-term technical advantage. Prices are in a three-month-
old downtrend on the daily bar chart. The bulls' next
upside price breakout objective is closing prices above
solid technical resistance at $3.0000. Bears' next downside
price breakout objective is producing a close below solid
technical support at $2.8500. First resistance lies at
$2.9250 and then at $2.9500. First support is seen at
today’s low of $2.8936 and then at $2.8750. Wyckoff's
Market Rating: 3.5.

January (RBOB) unleaded gasoline closed down 1 point at
$2.5975 today. Prices closed nearer the session low again
today. Bulls and bears are still on a level near-term
technical playing field, but the bulls are fading a bit.
The next upside price breakout objective for the bulls is
closing prices above solid technical resistance at last
week’s high of $2.7627. Bears' next downside price breakout
objective is closing prices below solid support at the
November low of $2.5324. First resistance is seen at
today’s high of $2.6397 and then at $2.6589. First support
is seen at last week’s low of $2.5893 and then at $2.5600.
Wyckoff's Market Rating: 4.5.

January natural gas closed down 9.1 cents at $3.46 today.
Prices closed near mid-range and hit a fresh 2.5-month low
today. Warm weather in the eastern U.S. is bearish. Bears
have regained the near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at $3.75. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $3.35. First
resistance is seen at today’s high of $3.52 and then at
$3.55. First support is seen at today’s low of $3.415 and
then at $3.35. Wyckoff's Market Rating: 3.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 10 points at 1.2951 today. Prices closed nearer
the session high today and saw some short covering and
bargain hunting. The bulls have faded recently and need to
show fresh power soon to keep their near-term technical
advantage. The Euro bulls do still have the slight overall
near-term technical advantage. However, a bearish triple-
top reversal pattern may be forming on the daily bar chart.
Euro bulls' next upside price breakout objective is pushing
and closing prices above solid technical resistance at last
week’s high of 1.3142. The next downside price breakout
objective for the bears is closing prices below solid chart
support at 1.2800. First resistance for the Euro lies at
1.3000 and then at 1.3050. Next support is seen at last
week’s low of 1.2892 and then at 1.2850. Wyckoff's Market
Rating: 5.5

The March Japanese yen closed up 2 points at 1.2151 today.
Prices closed near mid-range today. Bears still have the
solid overall near-term technical advantage. Prices are in
a steep nine-week-old downtrend on the daily bar chart.
Bulls' next upside price breakout objective is closing
prices above solid resistance at 1.2345. Bears' next
downside breakout objective is closing prices below solid
technical support at 1.2000. First resistance is seen at
today’s high of 1.2188 and then at 1.2200. First support is
seen at today’s low of 1.2112 and then at last week’s low
of 1.2084. Wyckoff's Market Rating: 1.5.

The March Swiss franc closed up 13 points at 1.0733 today.
Prices closed nearer the session high today and saw some
short covering. Prices Friday hit a two-week low. The
Swissy bulls still have the slight near-term technical
advantage but have faded recently. A bearish head-and-
shoulders top reversal pattern may be forming on the daily
bar chart. The next upside price breakout objective for the
bulls is closing prices above solid resistance at the
November high of 1.0843. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the October low of 1.0647. First
resistance is seen at 1.0750 and then at 1.0775. First
support is seen at today’s low of 1.0696 and then at last
week’s low of 1.0678. Wyckoff's Market Rating: 5.5.

The March Australian dollar closed up 2 points at 1.0410
today. Prices closed near mid-range today and closed at a
fresh three-month high close. Bulls have the solid overall
near-term technical advantage. Bulls' next upside price
breakout objective is closing prices above solid chart
resistance at the September high of 1.0470. The next
downside breakout objective for the bears is to produce a
close below solid technical support at the November low of
1.0203. First resistance is seen at last week’s high of
1.0435 and then at 1.0470. Next support is seen at 1.0364
and then at this week’s low of 1.0311. Wyckoff's Market
Rating: 8.0

The March Canadian dollar closed up 30 points at 1.0111
today. Prices closed nearer the session high and hit a
fresh seven-week high today. Bulls have regained the slight
near-term technical advantage. Prices are in a three-week-
old uptrend on the daily bar chart. Bulls' next upside
price breakout objective is producing a close above chart
resistance at 1.0200. The next downside price breakout
objective for the bears is closing prices below solid
technical support at 1.0000. First resistance is seen at
today’s high of 1.0114 and then at 1.0125. First support is
seen at today’s low of 1.0092 and then at 1.0075. Wyckoff's
Market Rating: 5.5.

The March British pound closed up 39 points at 1.6070
today. Prices closed nearer the session high today. 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 1.6165.
Bears' next downside technical breakout objective is
closing prices below solid support at the October low of
1.5913. First resistance is seen at last week’s high of
1.6126 and then at the November high of 1.6140. First
support is seen at 1.6000 and then at 1.5960. Wyckoff's
Market Rating: 6.0.

The March U.S. dollar index closed down 9 points at 80.46
today. Prices closed near the session low today on a
corrective pullback from recent gains. The bears still have
the slight near-term technical advantage. Bulls' next
upside price breakout objective is to close prices above
solid technical resistance at the November high of 81.70.
The next downside price breakout objective for the bears is
to produce a close below solid technical support at the
October low of 79.20. Next resistance lies at today’s high
of 80.75 and then at last week’s high of 81.05. First
support is seen at 80.00 and then at last week’s low of
79.78. Wyckoff's Market Rating: 4.5.

March U.S. T-Bonds closed up 6/32 at 149 23/32 today.
Prices closed near mid-range today. Bulls still have the
overall technical advantage. The next downside price
breakout objective for the T-Bond bears is closing prices
below solid technical support at 149 8/32. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at the November high of
151 10/32. First resistance is seen at today’s high of 150
2/32 and then at 150 16/32. First support is seen at
today’s low of 149 15/32 and then at 149 1/32. Wyckoff's
Market Rating: 6.0.

March U.S. T Notes closed up 2.0 (32nds) at 133.20.0 today.
Prices closed nearer the session low today. Bulls still
have the solid overall near-term technical advantage. The
next upside price breakout objective for the bulls is
closing prices above solid resistance at 134.16.0. The next
downside price breakout objective for the bears is
producing a close below solid technical support at the
November low of 131.24.5. First resistance is seen at
today’s high of 133.26.5 and then at the contract high of
134.01.0. First support is seen at Friday’s low of 133.15.0
and then at 133.08.0. Wyckoff's Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer today. Bulls have regained some upside near-term
technical momentum as prices have rebounded smartly from
the November lows, as the “Santa Claus” rally appears to
have started this year. The OECD issued a report overnight
that said the U.S., China and U.K economies will continue
to grow slowly in 2013, but that economies in the European
Union, Japan and Canada will contract. The OECD said
China’s economic slowdown has ended. Over the weekend
Chinese industrial output was reported up 10% on an
annualized basis in November, which was above expectations.
The China news was also a bullish underlying factor for the
stock indexes. The market place is awaiting this week’s
last Federal Reserve FOMC meeting of the year, on Tuesday
and Wednesday. The “Operation Twist” program ends and the
FOMC members must decide whether to extend a bond-buying
program. Many believe the Fed will announce it will
continue to purchase longer-term U.S. Treasuries, while
stopping its sales of shorter-term government debt, as was
the case in the Twist operations. The new plan would be
ostensibly printing of greenbacks by the Fed and would be
raw-commodity market bullish, including bullish for gold
and silver markets. Also in the U.S., focus of the market
place remains on the “fiscal cliff” tax increases and
spending cuts that is fast approaching. President Obama and
House Speaker Boehner did meet face-to-face on Sunday to
discuss the matter. While the market place presently
perceives odds are higher than not that there will be a
last-minute agreement among U.S. lawmakers to avoid the
fiscal cliff, the overall situation continues to be a
bearish drag on many markets, including the raw commodities
and stock markets.

The Nasdaq stock futures index closed up 12.50 at 2,648.25.
Prices closed nearer the session high today. Bulls and
bears are on a level near-term technical playing field.
Bulls' next upside price breakout objective is closing
prices above solid resistance at 2,750.00. The bears' next
downside price breakout objective is closing prices below
solid technical support at 2,600.00. First resistance is
seen at today’s high of 2,660.75 and then at 2,679.25.
First support is seen at last week’s low of 2,622.50 and
then at 2,611.50. Wyckoff's Market Rating: 5.0

The S&P 500 futures index closed up 2.20 at 1,418.50.
Prices closed nearer the session high today. Bulls and
bears are on a level near-term technical playing field.
Bulls' next upside price breakout objective is closing
prices above solid resistance at the November high of
1,431.40. The next downside price breakout objective for
the bears is closing prices below solid support at
1,380.00. First resistance is seen at last week’s high of
1,423.90 and then at 1,431.40. First support is seen at
today’s low of 1,411.00 and then at last week’s low of
1,397.00. Wyckoff's Market Rating: 5.0.

The Dow futures closed up 22 points at 13,165. Prices
closed near mid-range today and hit a fresh four-week high.
Bulls have the slight near-term technical advantage. The
next upside price objective for the bulls is closing prices
above solid technical resistance at the November high of
13,225. The next downside price objective for the bears is
closing prices below solid technical support at 12,740.
First resistance in the Dow lies at today’s high of 13,185
and then at 13,225. First support is seen at 13,100 and
then at 13,050. Wyckoff's Market Rating: 5.5.

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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