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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 6

Dec 07, 2011

Tuesday Evening, December 6-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 $0.70 at
$119.55 today. Prices closed nearer the session low and hit
a fresh 2.5-month low today. The cattle market bulls have
faded badly this week as serious chart damage has been
inflicted. The bulls' next upside price breakout objective
is to push and close prices above solid technical
resistance at $122.50. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at the September low of $118.50.
First resistance is seen at $120.00 and then at $120.50.
First support is seen at today’s low of $119.20 and then at
$118.50. Wyckoff's Market Rating: 4.0

March feeder cattle closed down $1.75 at $144.70 today.
Prices closed near the session low again today and closed
at a fresh two-month low close. Serious near-term chart
damage has been inflicted this week to suggest a major
market top is in place. The next upside price objective for
the feeder bulls is to push and close prices above
technical resistance at $148.00. The next downside price
breakout objective for the bears is to push and close
prices below solid technical support at $142.00. First
resistance is seen at $145.00 and then at $145.50. First
support is seen at the November low of $144.30 and then at
$143.50. Wyckoff's Market Rating: 4.5

February lean hogs closed up $0.95 at $89.07 today. Prices
closed nearer the session high today after hitting a fresh
two-week low. Short covering was featured and the market
did see a bullish “outside day” up scored on the daily bar
chart today. Bulls and bears are now back on a level near-
term technical playing field. The next upside price
breakout objective for the bulls is to push and close
prices above solid chart resistance at $90.00. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at the November low of
$86.80. First resistance is seen at today’s high of $89.30
and then at $90.00. First support is seen at $88.50 and
then at today’s low of $87.90. Wyckoff's Market Rating: 5.0

*. GRAINS: March corn futures closed up 5 1/2 cents at
$5.96 1/2 today. Prices closed near the session high today
on short covering in a bear market after hitting a fresh
8.5-month low of $5.80 early on today. The near-term
technicals still fully favor the bears. Prices are in a
four-week-old downtrend on the daily bar chart. Corn bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at $6.25. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at $5.75.
First resistance for March corn is seen at $6.00 and then
at $6.05. First support is seen at $5.90 and then at $5.86.
Wyckoff's Market Rating: 3.0

January soybeans closed up 3 1/4 cents at $11.29 1/2 a
bushel today. Prices closed near the session high today and
saw tepid short covering in a bear market. Soybean bears
still have the solid overall near-term technical advantage.
Prices are in a seven-week-old downtrend 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 $11.75 a bushel.
The next downside price breakout objective for the bears is
pushing and closing prices below psychological support at
$11.00. First resistance is seen at $11.40 and then at
$11.50. First support is seen at today’s low of $11.20 1/4
and then at last week’s low of $11.11 1/2. Wyckoff's Market
Rating: 2.5.

March soybean meal closed up $1.30 at $287.90 today. Prices
closed near the session high today on tepid short covering
in a bear market. Meal bears still have the solid overall
near-term technical advantage. The next upside price
breakout objective for the bulls is to produce a close
above solid technical resistance at $300.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at
$275.00. First resistance comes in at $290.00 and then at
this week’s high of $294.20. First support is seen at
today’s low of $285.00 and then at the November low of
$283.40. Wyckoff's Market Rating: 2.5

March bean oil closed down 6 points at 50.64 cents today.
Prices closed near the session high today. Bears still 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
51.60 cents. Bean oil bears' next downside technical price
breakout objective is pushing and closing prices below
solid technical support at the November low of 48.78 cents.
First resistance is seen at 51.00 cents and then at this
week’s high of 51.23 cents. First support is seen at
today’s low of 50.30 cents and then at 50.00 cents.
Wyckoff's Market Rating: 2.5

March Chicago SRW wheat closed up 1 1/2 cents at $6.13
today. Prices closed nearer the session high today and saw
tepid short covering in a bear market. Wheat bears still
have the solid overall near-term technical advantage.
Bulls' next upside price breakout objective is to push and
close Chicago SRW prices above solid technical resistance
at $6.50 a bushel. The next downside price breakout
objective for the wheat futures bears is pushing and
closing prices below solid technical support at the
November low of $5.86. First resistance is seen at $6.20
and then at this week’s high of $6.31 3/4. First support
lies at $6.00 and then at $5.86. Wyckoff's Market Rating:
2.5.

March K.C. HRW wheat closed up 3 1/2 cents at $6.76 today.
Prices closed near the session high today and saw short
covering in a bear market. Bears still have the solid
overall near-term technical advantage. Bulls' next upside
price breakout objective is pushing and closing prices
above psychological resistance at $7.00. The bears' next
downside breakout objective is pushing and closing prices
below solid technical support at $6.25. First resistance is
seen at last week’s high of $6.88 and then at $7.00. First
support is seen at today’s low of $6.64 and then at last
week’s low of $6.52 1/2. Wyckoff's Market Rating: 2.5

March oats closed down 3 1/4 cents at $3.03 3/4 today.
Prices closed near mid-range today. Oats bears have the
solid overall near-term technical advantage. Bears' next
downside price breakout objective is pushing and closing
prices below psychological support at $3.00. Bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at last week’s high
of $3.22 1/2. First support lies at $3.00 and then at
today’s low of $2.98. First resistance is seen at today’s
high of $3.07 1/2 and then at $3.10. Wyckoff's Market
Rating: 2.0

*. SOFTS: March sugar closed up 17 points at 24.25 cents
today. Prices closed near the session high today and hit a
fresh two-week high on short covering in a bear market.
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 25.00 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at the November low of 22.71 cents. First
resistance is seen at 24.32 cents and then at 24.50 cents.
First support is seen at 24.00 cents and then at today’s
low of 23.86 cents. Wyckoff's Market Rating: 3.5

March coffee closed down 65 points at 235.75 cents. Prices
closed nearer the session high today. Coffee bears still
have the overall near-term technical advantage. The coffee
bulls' next upside breakout objective is to close prices
above solid technical resistance at the November high of
243.30 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the October low of 223.15 cents a pound. First
resistance is seen at last week’s high of 238.95 cents and
then at 240.50 cents. First support is seen at 234.00 cents
and then at today’s low of 232.35 cents. Wyckoff's Market
Rating: 3.0

March cocoa closed down $21 at $2,185 a ton. Prices closed
near mid-range today and hit another fresh contract low.
The cocoa bears 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 $2,350. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $2,100. First
resistance is seen at today’s high of $2,216 and then at
this week’s high of $2,249. First support is seen at
today’s contract low of $2,161 and then at $2,150.
Wyckoff's Market Rating: 1.0.

March cotton closed down up 159 points at 93.81 cents
today. Prices closed near the session high, hit a fresh
three-week high and scored a bullish “outside day” upon the
daily bar chart today. More short covering in a bear market
was seen today. 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 96.00 cents. The next downside price breakout
objective for the cotton bears is to push and close prices
below solid technical support at the November low of 88.50
cents. First support is seen at 93.00 cents and then at
92.00 cents. First resistance is seen at today’s high of
93.93 cents and then at 95.00 cents. Wyckoff's Market
Rating: 3.0

January orange juice closed down 225 points at $1.7605
today. Prices closed nearer the session low today on profit
taking. FCOJ bulls still have the solid overall near-term
technical advantage. The next upside price breakout
objective for the FCOJ bulls is pushing and closing prices
above solid technical resistance at the contract high of
$1.8420. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at $1.7000. First resistance is seen at $1.7750 and
then at today’s high of $1.7850. First support is seen at
$1.7500 and then at $1.7400. Wyckoff's Market Rating: 7.0.

January lumber futures closed down $2.80 at $230.00 today.
Trading has been volatile, but that’s the nature of lumber
futures. The lumber bears still 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 last week’s
low of $218.20. The next upside price breakout objective
for the bulls is pushing and closing prices above solid
technical resistance at $242.50. First resistance is seen
at $232.50 and then at $235.00. First support is seen at
$227.50 and then at $225.00. Wyckoff's Market Rating: 2.0

*. METALS: February gold futures closed down $6.80 an ounce
at $1,727.70 today. Prices closed nearer the session high
today and more of corrective pullback from recent gains and
some more consolidation and profit taking. Bulls still have
the overall near-term technical advantage, but are fading
and need to show fresh power soon. A nine-week-old uptrend
is still in place 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
$1,767.10. Bears' next near-term downside price objective
is closing prices below psychological support at $1,700.00.
First resistance is seen at today’s high of $1,732.50 and
then at $1,740.00. First support is seen at $1,720.00 and
then at today’s low of $1,705.70. Wyckoff's Market Rating:
5.5.

March silver futures closed up $0.348 an ounce at $32.72
today. Prices closed near the session high today and saw
short covering and bargain hunting. Bulls’ next upside
price breakout objective is closing prices above solid
technical resistance at $34.00 an ounce. The next downside
price breakout objective for the bears is closing prices
below solid technical support at the November low of
$30.74. First resistance is seen at this week’s high of
$33.085 and then at $33.50. Next support is seen at $32.50
and then at $32.00. Wyckoff's Market Rating: 5.0.

March N.Y. copper closed down 465 points 356.90 cents
today. Prices closed nearer the session high today. Bulls
still have some upside near-term technical momentum
recently to suggest a market low is in place. A minor
bullish pennant pattern has formed on the daily bar chart.
Copper bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at the
October high of 376.80 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the November low of 321.85
cents. First resistance is seen at this week’s high of
363.60 cents and then at last week’s high of 367.40 cents.
First support is seen at today’s low of 352.50 cents and
then at 350.00 cents. Wyckoff's Market Rating: 5.0.

*. ENERGIES: January crude oil closed up $0.14 a barrel at
$101.13 today. Prices closed nearer the session high today.
Crude bulls have the overall 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 November high of $103.37 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 last week’s low of $94.99. First resistance is
seen at $102.00 and then at this week’s high of $102.44.
First support is seen at $100.00 and then at $99.00.
Wyckoff's Market Rating: 7.0.

January heating oil closed up 291 points at $3.0215 today.
Prices closed near the session high today and saw short
covering. Bulls and bears are on a level near-term
technical playing field. The bulls' next upside price
breakout objective is closing prices above solid technical
resistance at this week’s high of $3.0685. Bears' next
downside price breakout objective is producing a close
below solid technical support at last week’s low of
$2.9288. First resistance lies at $3.0500 and then at
$3.0685. First support is seen at $3.0000 and then at
today’s low of $2.9800. Wyckoff's Market Rating: 5.0.

January (RBOB) unleaded gasoline closed up 272 points at
$2.6409 today. Prices closed nearer the session high today
and closed at a fresh three-week high close. 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 this week’s high
of $2.6777. Bears' next downside price breakout objective
is closing prices below solid support at $2.5000. First
resistance is seen at today’s high of $2.6600 and then at
$2.6777. First support is seen at $2.6000 and then at
$2.5750. Wyckoff's Market Rating: 4.0.

January natural gas closed up 2.4 cents at $3.483 today.
Prices closed nearer the session high today and saw tepid
short covering in a bear market after dropping to another
fresh contract low early on today. 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 $3.72. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $3.25. First
resistance is seen at this week’s high of $3.572 and then
at $3.65. First support is seen at today’s contract low of
$3.405 and then at $3.35. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 8 points at 1.3418 today. Prices closed nearer
the session high today and saw tepid short covering in a
bear market. Bears still have the overall near-term
technical advantage. Prices are still in a six-week-old
downtrend on the daily bar chart. Euro bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at 1.3576. The next
downside price breakout objective for the bears is closing
prices below solid chart support at the November low of
1.3240. First resistance for the Euro lies at 1.3500 and
then at last week’s high of 1.3550. Next support is seen at
today’s low of 1.3343 and then at 1.3300. Wyckoff's Market
Rating: 3.0

The March Japanese yen closed up 9 points at 1.2902 today.
Prices closed nearer the session high today in quieter
trading. Short covering was seen again 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 1.3000. Bears' next
downside breakout objective is closing prices below solid
technical support at last week’s low of 1.2812. First
resistance is seen at 1.2930 and then at 1.2963. First
support is seen at today’s low of 1.2879 and then at
1.2850. Wyckoff's Market Rating: 5.0.

The March Swiss franc closed down 66 points at 1.0822
today. Prices closed nearer the session low today. 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 1.1058. The next downside price breakout objective for
the bears is closing prices below solid technical support
at the November low of 1.0738. First resistance is seen at
today’s high of 1.0888 and then at 1.1000. First support is
seen at today’s low of 1.0794 and then at 1.0738. Wyckoff's
Market Rating: 2.0.

The March Australian dollar closed down 27 points at 1.0136
today. Prices closed nearer the session high today. Bulls
still have some upside technical momentum and are on a
level near-term technical playing field with the bears. A
bullish pennant pattern has formed on the daily bar chart.
Bulls' next upside price breakout objective is closing
prices above solid chart resistance at 1.0300. The next
downside breakout objective for the bears is to produce a
close below solid technical support at .9850. First
resistance is seen at last week’s high of 1.0205 and then
at 1.0250. Next support is seen at today’s low of 1.0043
and then at 1.0000. Wyckoff's Market Rating: 5.0

The March Canadian dollar closed up 77 points at .9887
today. Prices closed nearer the session high today and
closed at a fresh four-week high close. Bulls and bears are
back on a level near-term technical playing field. Bulls'
next upside price breakout objective is producing a close
above chart resistance at .9925. The next downside price
breakout objective for the bears is closing prices below
solid technical support at .9650. First resistance is seen
at last week’s high of .9895 and then at .9925. First
support is seen at .9850 and then at .9800. Wyckoff's
Market Rating: 5.0.

The March British pound closed down 44 points at 1.5586
today. Prices closed near mid-range today. Bears have the
overall near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at 1.5900. Bears' next
downside technical breakout objective is closing prices
below solid support at the November low of 1.5415. First
resistance is seen today’s high of 1.5647 and then at this
week’s high of 1.5707. First support is seen at today’s low
of 1.5547 and then at 1.5500. Wyckoff's Market Rating: 3.0.

The March U.S. dollar index closed down 41 points at 79.06
today. Prices closed nearer the session low today. Bulls
still have the overall near-term technical advantage but
need to show fresh power soon. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at the October high of 80.58. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at 77.50. Next
resistance lies at today’s high of 79.41 and then at 79.75.
First support is seen at this week’s low of 78.72 and then
at last week’s low of 78.25. Wyckoff's Market Rating: 6.5.

March U.S. T-Bonds closed down 20/32 at 140 29/32 today.
Prices closed nearer the session low today. Trading has
been choppy lately. Bond market bulls still have the
overall near-term technical advantage, but are fading and
need to show more power soon. The next downside price
breakout objective for the T-Bond bears is closing prices
below solid technical support at 138 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 this week’s high of
142 4/32 and then at 143 even. First support is seen at
today’s low of 140 21/32 and then at 140 even. Wyckoff's
Market Rating: 6.0.

March U.S. T Notes closed down 4.5 (32nds) at 129.13.5
today. Prices closed near mid-range today. Bulls still have
the overall near-term technical advantage but are fading
and need to show more power soon. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at last week’s high of 130.01.5. The next
downside price breakout objective for the bears is
producing a close below solid technical support at last
week’s low of 128.20.0. First resistance is seen at this
week’s high of 129.23.5 and then at 130.01.5. First support
is seen at today’s low of 129.07.5 and then at 128.28.0.
Wyckoff's Market Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
narrowly mixed today. The stock index bulls are hoping the
seasonal “Santa Claus” rally in the U.S. stock market will
continue.

The Nasdaq stock futures index closed down 2.00 at 2,323.00
today. Prices closed nearer the session low today. Bulls'
next upside price breakout objective is closing prices
above solid resistance at the October high of 2,408.75. 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 last week’s high of
2,344.75 and then at 2,375.00. First support is seen at
this week’s low of 2,309.00 and then at 2,284.00. Wyckoff's
Market Rating: 6.0

The S&P 500 futures index closed up 0.80 at 1,255.80.
Prices closed near mid-range today. Bulls' next upside
price breakout objective is closing prices above solid
resistance at the October high of 1,288.70. The next
downside price breakout objective for the bears is closing
prices below solid support at the November low of 1,147.50.
First resistance is seen at this week’s high of 1,266.00
and then at the November high of 1,275.00. First support is
seen at today’s low of 1,245.30 and then at 1,236.00.
Wyckoff's Market Rating: 5.5.

The Dow futures closed up 85 points at 12,151 today. Prices
closed near mid-range today but did hit another fresh five-
week high. The next upside price objective for the bulls is
closing prices above solid technical resistance at the
October high of 12,230. The next downside price objective
for the bears is closing prices below solid technical
support at 11,500. First resistance in the Dow lies at
today’s high of 12,200 and then at 12,230. First support is
seen at today’s low of 12,089 and then at 12,000. 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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