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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--December 27

Dec 28, 2011

Tuesday Evening, December 27-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 $1.12 at
$123.20 today. Prices backed off today on profit-taking
after recent strong gains that saw prices Friday hit a
fresh four-week high. Futures rallied sharply last week on
improving cash cattle market fundamentals. The cattle bulls
still have good upside near-term technical momentum and
have the overall near-term technical advantage. The bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at the December
high of $124.35. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at $120.25. First resistance is
seen at today’s high of $123.90 and then at $124.35. First
support is seen at $123.00 and then at $122.50. Wyckoff's
Market Rating: 6.5

March feeder cattle closed down $0.17 at $150.27 today.
Prices closed nearer the session high today. Prices Friday
hit a fresh five-week high. The feeders have been boosted
from the strong gains in fat cattle futures recently.
Feeder bulls 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 the
November high of $150.87. The next downside price breakout
objective for the bears is to push and close prices below
solid technical support at $146.50. First resistance is
seen at last week’s high of $150.50 and then at $150.87.
First support is seen at today’s low of $149.25 and then at
$149.00. Wyckoff's Market Rating: 7.5

February lean hogs down $0.10 at $85.75 today. Prices
closed nearer the session high today. The key “outside
markets” were bullish for the hogs today, as the U.S.
dollar index was slightly lower, while crude oil and the
U.S. stock indexes were higher. Hog bears still have the
overall near-term technical advantage. The next upside
price breakout objective for the bulls is to push and close
prices above solid chart resistance at $87.50. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at the December low of
$82.62. First resistance is seen at last week’s high of
$86.05 and then at $86.50. First support is seen at today’s
low of $85.35 and then at $85.00. Wyckoff's Market Rating:
3.0

*. GRAINS: March corn futures closed up 14 cents at $6.33
1/2 today. Prices gapped higher on the daily bar chart,
closed nearer the session high today and hit a fresh six-
week high. More short covering and bargain hunting were
featured today. Recent hot and dry weather in South
American corn regions is also bullish for corn. The key
“outside markets” were bullish for corn today, as the U.S.
dollar index was slightly lower, while crude oil and the
U.S. stock indexes were higher. The corn bulls and bears
are now back on a level near-term technical playing field,
but the bulls are gaining upside technical momentum to
suggest a market low is in place. Corn bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at $6.50. The next downside
price breakout objective for the bears is pushing and
closing prices below major psychological support at $6.00.
First resistance for March corn is seen at today’s high of
$6.36 3/4 and then at $6.40. First support is seen at $6.30
and then at today’s low of $6.24 3/4. Wyckoff's Market
Rating: 5.0

March soybeans closed up 37 cents at $12.09 1/2 a bushel
today. Prices gapped higher on the daily bar chart, closed
nearer the session high today and hit a fresh six-week
high. The key “outside markets” were bullish for the beans
today, as the U.S. dollar index was slightly lower, while
crude oil and the U.S. stock indexes were higher. More
short covering and bargain hunting were seen in beans
today. Dry and hot weather in South American soybean
regions is bullish for soybeans. Soybean bulls and bears
are back on a level near-term technical playing field.
However, the bean bulls have gained good upside technical
momentum recently to suggest a market low is in place. The
next near-term upside technical breakout objective for the
soybean bulls is pushing and closing prices above solid
technical resistance at $12.50 a bushel. The next downside
price breakout objective for the bears is pushing and
closing prices below technical support at last week’s low
of $11.42. First resistance is seen at today’s high of
$12.15 and then at $12.25. First support is seen at $12.00
1/2 and then at today’s low of $11.82. Wyckoff's Market
Rating: 5.0.

March soybean meal closed up $10.90 at $311.70 today.
Prices closed nearer the session high today and hit a fresh
six-week high. Meal bulls and bears are now back on a level
near-term technical playing field, but the bulls are
gaining upside momentum to suggest a market low is in
place. The next upside price breakout objective for the
bulls is to produce a close above solid technical
resistance at $325.00. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $295.00. First resistance comes
in at today’s high of $314.00 and then at $315.00. First
support is seen at $310.00 and then at $307.50. Wyckoff's
Market Rating: 5.0

March bean oil closed up 86 points at 52.23 cents today.
Prices closed nearer the session high today and hit a fresh
six-week high. More short covering and bargain hunting were
featured. The key “outside markets” were bullish for bean
oil today, as the U.S. dollar index was slightly lower,
while crude oil and the U.S. stock indexes were higher.
Bean oil bulls and bears are back on a level near-term
technical playing field. The next upside price breakout
objective for the bean oil bulls is pushing and closing
prices above solid technical resistance at the November
high of 53.25 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at 50.00 cents. First
resistance is seen at today’s high of 52.67 cents and then
at 53.00 cents. First support is seen at 52.00 cents and
then at today’s low of 51.47 cents. Wyckoff's Market
Rating: 5.0

March Chicago SRW wheat closed up 22 3/4 cents at $6.44 3/4
today. Prices closed nearer the session high today and hit
a fresh six-week high. More short covering and bargain
hunting were featured today. The key “outside markets” were
bullish for wheat today, as the U.S. dollar index was
slightly lower, while crude oil and the U.S. stock indexes
were higher. Wheat bears still have the slight overall
near-term technical advantage, but the bulls are gaining
upside technical momentum. Bulls' next upside price
breakout objective is to push and close Chicago SRW prices
above solid technical resistance at the December high of
$6.88 1/2 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 $6.50 and then at $6.60. First
support lies at $6.32 and then at today’s low of $6.27.
Wyckoff's Market Rating: 4.0.

March K.C. HRW wheat closed up 20 3/4 cents at $6.95 3/4
today. Prices closed nearer the session high today and saw
more short covering and bargain hunting. Prices hit a fresh
six-week high today. Bears still have the slight overall
near-term technical advantage. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at $7.25. The bears' next
downside breakout objective is pushing and closing prices
below solid technical support at $6.60. First resistance is
seen at $7.00 and then at $7.10. First support is seen at
today’s low of $6.81 and then at $6.75. Wyckoff's Market
Rating: 4.0

March oats closed up 6 3/4 cents at $3.18 today. Prices
closed near the session high today and hit a fresh three-
week high. More short covering and bargain hunting was
seen. Oats bears still have the overall near-term technical
advantage. Bears' next downside price breakout objective is
pushing and closing prices below major psychological
support at $3.00. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at the December high of $3.22 1/2.
First support lies at $3.15 and then at today’s low of
$3.13 1/2. First resistance is seen at today’s high of
$3.18 1/2 and then at $3.20. Wyckoff's Market Rating: 4.0

*. SOFTS: March sugar closed up 11 points at 23.70 cents
today. Prices closed near mid-range today on tepid short
covering in a bear market. The key “outside markets” were
bullish for sugar today, as the U.S. dollar index was
slightly lower, while crude oil and the U.S. stock indexes
were higher.  Sugar bears still have the overall near-term
technical advantage. Sugar bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at the December high of 24.25 cents.
Bears' next downside price breakout objective is to push
and close prices below solid technical support at 22.00
cents. First resistance is seen at last week’s high of
23.86 cents and then at 24.00 cents. First support is seen
at 23.50 cents and then at 23.25 cents. Wyckoff's Market
Rating: 3.0

March coffee closed up 300 points at 222.65 cents. Prices
closed near the session high today on short covering in a
bear market. The key “outside markets” were bullish for
coffee today, as the U.S. dollar index was slightly lower,
while crude oil and the U.S. stock indexes were higher.
Coffee 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 232.50 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at last week’s low of 212.35 cents
a pound. First resistance is seen at last week’s high of
224.05 cents and then at 225.00 cents. First support is
seen at 220.00 cents and then at today’s low of 218.35
cents. Wyckoff's Market Rating: 2.5

March cocoa closed down $5 at $2,213 a ton. Prices closed
near mid-range today. Cocoa bears have the overall near-
term technical advantage. The next upside price breakout
objective for the cocoa bulls is to push and close prices
above solid technical resistance at $2,274. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
contract low of $1,983. First resistance is seen at last
week’s high of $2,253 and then at $2,274. First support is
seen at today’s low of $2,186 and then at $2,173. Wyckoff's
Market Rating: 2.5.

March cotton closed up 71 points at 87.95 cents today.
Prices closed near the session high today in more quiet
trading. Short covering in a bear market was featured. The
key “outside markets” were bullish for cotton today, as the
U.S. dollar index was slightly lower, while crude oil and
the U.S. stock indexes were higher. Cotton bears still have
the overall near-term technical advantage. The next upside
price objective for the bulls is to produce a close above
solid technical resistance at 90.00 cents. The next
downside price breakout objective for the cotton bears is
to push and close prices below solid technical support at
the December low of 84.35 cents. First support is seen at
today’s low of 87.24 cents and then at 86.00 cents. First
resistance is seen at 88.29 cents and then at 90.00 cents.
Wyckoff's Market Rating: 2.5

March orange juice closed up 335 points at $1.7065 today.
Prices closed near the session high today and hit a fresh
three-week high. Bulls have regained upside momentum. The
next upside price breakout objective for the FCOJ bulls is
pushing and closing prices above solid technical resistance
at the November high of $1.7530. The next downside
technical breakout objective for the FCOJ bears is to
produce a close below solid technical support at $1.6400.
First resistance is seen at today’s high of $1.7095 and
then at $1.7200. First support is seen at $1.7000 and then
at $1.6900. Wyckoff's Market Rating: 6.5.

March lumber futures closed up $4.30 at $254.10 today.
Prices closed near mid-range today and did hit a fresh
four-week high. While the lumber bears still have the
overall near-term technical advantage the bulls have gained
some upside momentum recently. The next downside technical
breakout objective for the lumber bears is pushing and
closing prices below solid technical support at the
December contract low of $235.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at the November
high of $266.20. First resistance is seen at today’s high
of $255.20 and then at $257.50. First support is seen at
today’s low of $253.00 and then at $250.00. Wyckoff's
Market Rating: 3.5

*. METALS: February gold futures closed down $11.00 an
ounce at $1,595.00 today. Prices closed near the session
low today in quieter, pre-holiday consolidative trading.
Prices are still in a seven-week-old downtrend on the daily
bar chart. Bulls' next upside technical breakout objective
is to produce a close above solid technical resistance at
last week’s high of $1,643.70. Bears' next near-term
downside price objective is closing prices below solid
technical support at the December low of $1,562.50. First
resistance is seen at $1,600.00 and then at today’s high of
$1,609.20. First support is seen at today’s low of
$1,591.10 and then at $1,585.00. Wyckoff's Market Rating:
4.0.

March silver futures closed down $0.419 an ounce at $28.665
today. Prices closed near the session low today in
consolidative trading. Silver prices are still in a six-
week-old downtrend on the daily bar chart. Bulls’ next
upside price breakout objective is closing prices above
solid technical resistance at $31.00 an ounce. The next
downside price breakout objective for the bears is closing
prices below major technical support at the September low
of $26.185. First resistance is seen at $29.00 and then at
today’s high of $29.22. Next support is seen at $28.50 and
then at the December low of $28.12. Wyckoff's Market
Rating: 3.5.

March N.Y. copper closed down 570 points 341.25 cents
today. Prices closed near mid-range today. The key “outside
markets” were bullish for copper today, as the U.S. dollar
index was weaker, while crude oil and the U.S. stock
indexes were higher. Yet, copper sold off anyway, which is
a bearish clue. Copper bears have the slight overall near-
term technical advantage. Copper bulls' next upside
breakout objective is pushing and closing prices above
solid technical resistance at 350.00 cents. The next
downside price breakout objective for the bears is closing
prices below major psychological support at the November
low of 323.25 cents. First resistance is seen at today’s
high of 345.60 cents and then at last week’s high of 347.90
cents. First support is seen at today’s low of 336.50 cents
and then at 332.50 cents. Wyckoff's Market Rating: 4.5.

*. ENERGIES: February crude oil closed up $1.66 a barrel at
$101.33 today. Prices closed nearer the session high today.
A weaker U.S. dollar and higher stock indexes supported
crude today. Also, some more saber-rattling coming out of
Iran this week has boosted crude oil bulls. Crude oil bulls
have the near-term technical advantage and have gained
fresh upside momentum recently. The next near-term upside
price breakout objective for the crude oil bulls is
producing a close above strong technical resistance at the
November high of $103.28 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
$97.00. First resistance is seen at today’s high of $101.77
and then at the December high of $102.56. First support is
seen at $100.00 and then at today’s low of $99.37.
Wyckoff's Market Rating: 7.0.

February heating oil closed up 80 points at $2.9075 today.
Prices closed nearer the session low today. Bears still
have the overall near-term technical advantage. Prices are
still in a six-week-old downtrend on the daily bar chart.
The bulls' next upside price breakout objective is closing
prices above solid technical resistance at $2.9500. Bears'
next downside price breakout objective is producing a close
below solid technical support at the December low of
$2.7859. First resistance lies at today’s high of $2.9434
and then at $2.9500. First support is seen at $2.9000 and
then at $2.8618. Wyckoff's Market Rating: 4.0.

February (RBOB) unleaded gasoline closed down 65 points at
$2.6716 today. Prices closed nearer the session low today
and did hit a fresh seven-week high early on. Bulls have
regained the slight near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at the October high
of $2.7560. Bears' next downside price breakout objective
is closing prices below solid support at $2.5000. First
resistance is seen at today’s high of $2.7075 and then at
the November high of $2.7326. First support is seen at
$2.6500 and then at $2.6250. Wyckoff's Market Rating: 5.5.

February natural gas closed up 1.1 cents at $3.158 today.
Prices produced closed near mid-range and saw more tepid
short covering in a bear market. Bears still 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 $3.40. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $3.00. First
resistance is seen at today’s high of $3.219 and then at
$3.25. First support is seen at the contract low of $3.10
and then at $3.05. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 14 points at 1.3085 today. Prices closed near
mid-range today in quiet, holiday trading. Bears still have
the solid overall near-term technical advantage. Prices are
in a two-month-old downtrend on the daily bar chart. 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 1.2750. First
resistance for the Euro lies at 1.3133 and then at last
week’s high of 1.3224. Next support is seen at 1.3000 and
then at the December low of 1.2965. Wyckoff's Market
Rating: 2.0

The March Japanese yen closed up 29 points at 1.2865 today.
Prices closed nearer the session low today. Short covering
was featured. Bears have the overall near-term technical
advantage. Prices are in a six-week-old downtrend on the
daily bar chart. Bulls' next upside price breakout
objective is closing prices above solid resistance at
1.3000. Bears' next downside breakout objective is closing
prices below solid technical support at 1.2800. First
resistance is seen at 1.2900 and then at 1.2935. First
support is seen at 1.2850 and then at 1.2800. Wyckoff's
Market Rating: 4.0.

The March Swiss franc closed up 29 points at 1.0730 today.
Prices closed near mid-range today. Bears have the solid
overall near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at 1.1058. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the December low of 1.0501.
First resistance is seen at 1.0767 and then at last week’s
high of 1.0839. First support is seen at 1.0666 and then at
1.0644. Wyckoff's Market Rating: 2.0.

The March Australian dollar closed down 10 points at 1.0065
today. Prices closed near mid-range today in quieter
trading. 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 the
December high of 1.0268. The next downside breakout
objective for the bears is to produce a close below solid
technical support at the December low of .9761. First
resistance is seen at last week’s high of 1.0119 and then
at 1.0200. Next support is seen at 1.0000 and then at
.9950. Wyckoff's Market Rating: 5.0

The March Canadian dollar closed down 4 points at .9798
today. Prices closed near the session high today and hit a
fresh three-week high. Bulls and bears are on a level near-
term technical playing field. Bulls' next upside price
breakout objective is producing a close above chart
resistance at the December high of .9923. The next downside
price breakout objective for the bears is closing prices
below solid technical support at the December low of .9573.
First resistance is seen at today’s high of .9807 and then
at .9850. First support is seen at today’s low of .9758 and
then at .9700. Wyckoff's Market Rating: 5.0.

The March British pound closed up 37 points at 1.5653
today. Prices closed nearer the session high today. Bears
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 last
week’s high of 1.5761. Bears' next downside technical
breakout objective is closing prices below solid support at
the December low of 1.5394. First resistance is seen at
1.5716 and then at 1.5761. First support is seen at today’s
low of 1.5620 and then at 1.5570. Wyckoff's Market Rating:
4.0.

The March U.S. dollar index closed down 10 points at 80.13
today. Prices closed near mid-range today. Bulls still have
the overall near-term technical advantage, but have faded a
bit and need to show fresh power soon. Bulls' next upside
price breakout objective is to close prices above solid
technical resistance at the December high of 81.41. The
next downside price breakout objective for the bears is to
produce a close below solid technical support at 79.00.
Next resistance lies at 80.58 and then at 80.94. First
support is seen at 80.00 and then at last week’s low of
79.55. Wyckoff's Market Rating: 7.5.

March U.S. T-Bonds closed up 17/32 at 142 16/32 today.
Prices closed near the session high today on some short
covering from recent selling pressure. No serious chart
damage has occurred recently but the bulls need to show
some more power soon. Bond market 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 the December low of
139 24/32 even. The next upside technical objective for the
bulls is to produce a close above solid technical
resistance at the November high of 145 8/32. First
resistance is seen at 143 even and then at 143 16/32. First
support is seen at 142 even and then at last week’s low of
141 28/32. Wyckoff's Market Rating: 6.5.

March U.S. T Notes closed up 4.0 (32nds) at 129.31.5 today.
Prices closed near mid-range today. No significant chart
damage has occurred recently but the bulls are fading a bit
and need to show more power soon. 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 the December high of
131.14.0. The next downside price breakout objective for
the bears is producing a close below solid technical
support at the December low of 128.20.0. First resistance
is seen at today’s high of 130.03.0 and then at 130.16.0.
First support is seen at today’s low of 129.25.0 and then
at 129.16.0. Wyckoff's Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mixed higher today in quiet, low-volume holiday trading.
Look for quieter and range-bound trading until after the
holidays.

The Nasdaq stock futures index closed up 6.00 at 2,284.50
today. Prices closed near mid-range today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at the December high of 2,344.75. The
bears' next downside price breakout objective is closing
prices below solid technical support at the November low of
2,135.75. First resistance is seen at today’s high of
2,296.50 and then at 2,323.00. First support is seen at
today’s low of 2,275.00 and then at 2,260.00. Wyckoff's
Market Rating: 5.5

The S&P 500 futures index closed down 0.10 at 1,260.20.
Prices closed near mid-range today and poked to a fresh
three-week high. Bulls' next upside price breakout
objective is closing prices above solid resistance at the
December high of 1,268.00. The next downside price breakout
objective for the bears is closing prices below solid
support at the December low of 1,195.50. First resistance
is seen at 1,168.00 and then at the November high of
1,175.00. First support is seen at 1,248.80 and then at
1,232.00. Wyckoff's Market Rating: 5.5.

The Dow futures closed up 2 points at 12,219 today. Prices
closed near mid-range today and hit a fresh five-month
high. The next upside price objective for the bulls is
closing prices above solid technical resistance at 12,500.
The next downside price objective for the bears is closing
prices below solid technical support at the December low of
11,665. First resistance in the Dow lies at today’s high of
12,252 and then at 12,300. First support is seen at today’s
low of 12,195 and then at 12,100. 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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