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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 8

Dec 09, 2011

Thursday Evening, December 8-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 $0.17 at
$119.60 today. Prices closed nearer the session low today.
The key “outside markets” were bearish for the cattle
market today, as the U.S. dollar index was higher, while
crude oil and the U.S. stock indexes were lower. The cattle
market bears have the near-term technical advantage.
Serious chart damage has been inflicted this week. 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 today’s high of $120.00 and then at $120.50.
First support is seen at today’s low of $119.45 and then at
this week’s low of $118.97. Wyckoff's Market Rating: 4.0

March feeder cattle closed down $0.47 at $144.70 today.
Prices closed near the session low today. 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 today’s high of
$145.60. First support is seen at the November low of
$144.30 and then at $143.50. Wyckoff's Market Rating: 4.0

February lean hogs closed down $1.55 at $87.25 today.
Prices closed near the session low today and hit a fresh
three-week low. The key “outside markets” were bearish for
the hog market today, as the U.S. dollar index was higher,
while crude oil and the U.S. stock indexes were lower.
Bears now have the near-term technical advantage. The next
upside price breakout objective for the bulls is to push
and close prices above solid chart resistance at this
week’s high of $89.30. 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 $87.50 and then at $88.00. First
support is seen at $86.8 and then at $86.00. Wyckoff's
Market Rating: 4.0

*. GRAINS: March corn futures closed up 8 cents at $6.00
3/4 today. Prices closed near the session high today and
scored a bullish “outside day” up on short covering. Solid
weekly USDA export sales data also boosted corn today.
Prices Tuesday hit an 8.5-month low of $5.80 and near-term
technical still favor the bears. My bias is still that
there is not strong downside price pressure left in the
corn market. 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 this week’s high of $6.02 3/4 and
then at $6.05 3/4. First support is seen at $5.95 and then
at $5.90. Wyckoff's Market Rating: 3.0

January soybeans closed up 1 1/2 cents at $11.32 1/2 a
bushel today. Prices closed nearer the session high today
and saw more tepid short covering in a bear market. The key
“outside markets” were bearish for the cattle market today,
as the U.S. dollar index was higher, while crude oil and
the U.S. stock indexes were lower. 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 this week’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 down $0.90 at $288.00 today.
Prices closed near mid-range again today. 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 today’s
high of $290.20 and then at this week’s high of $294.20.
First support is seen at this week’s low of $285.00 and
then at the November low of $283.40. Wyckoff's Market
Rating: 2.5

March bean oil closed up 2 points at 50.93 cents today.
Prices closed nearer the session high today. Tepid short
covering in a bear market was featured. 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 50.50
cents and then at today’s low of 50.24 cents. Wyckoff's
Market Rating: 2.5

March Chicago SRW wheat closed down 5 cents at $5.95 1/2
today. Prices closed near mid-range today. The key “outside
markets” were bearish for the wheat market today, as the
U.S. dollar index was higher, while crude oil and the U.S.
stock indexes were lower. Wheat bears 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 $6.40 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 today’s high of $6.03 and then at
$6.10. First support lies at today’s low of $5.90 3/4 and
then at $5.86. Wyckoff's Market Rating: 2.0.

March K.C. HRW wheat closed down 4 3/4 cents at $6.56 1/2
today. Prices closed near the session low again today.
Bears 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 today’s high of $6.62 1/2 and
then at $6.72. First support is seen at $6.60 and then at
last week’s low of $6.52 1/2. Wyckoff's Market Rating: 2.0

March oats closed up 4 1/2 cents at $3.02 1/2 today. Prices
closed near the session high today on short covering in a
bear market. Oats bears still have the solid overall near-
term technical advantage. Bears' next downside price
breakout objective is pushing and closing prices below
psychological support at the contract low of $2.84 3/4.
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 $2.96 1/4. First resistance is seen
at today’s high of $3.03 and then at $3.05. Wyckoff's
Market Rating: 2.0

*. SOFTS: March sugar closed up 105 points at 24.10 cents
today. Prices closed nearer the session high today and saw
short covering in a bear market. Trading in sugar has
turned very choppy recently. 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 this week’s high
of 24.25 cents and then at 24.50 cents. First support is
seen at 23.75 cents and then at 23.50 cents. Wyckoff's
Market Rating: 3.0

March coffee closed down 70 points at 229.15 cents. Prices
closed near mid-range today. The key “outside markets” were
bearish for the cattle market today, as the U.S. dollar
index was higher, while crude oil and the U.S. stock
indexes were lower. The key “outside markets” were bearish
for the coffee market today, as the U.S. dollar index was
higher, while crude oil and the U.S. stock indexes were
lower. Coffee bears have the solid 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 today’s
high of 232.30 cents and then at 235.00 cents. First
support is seen at today’s low of 227.20 cents and then at
last week’s low of 225.50 cents. Wyckoff's Market Rating:
2.5

March cocoa closed down $14 at $2,128 a ton. Prices closed
nearer the session high today and hit another fresh
contract low. The key “outside markets” were bearish for
the cocoa market today, as the U.S. dollar index was
higher, while crude oil and the U.S. stock indexes were
lower. The cocoa bears still have the solid overall near-
term technical advantage. However, the market is well
overdone on the downside and due for at least a good
corrective upside bounce very soon. 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 $2,000.
First resistance is seen at today’s high of $2,154 and then
at $2,200. First support is seen at $2,100 and then at
today’s contract low of $2,078. Wyckoff's Market Rating:
1.0.

March cotton closed down 26 points at 92.05 cents today.
Prices closed nearer the session low today. The key
“outside markets” were bearish for the cotton market today,
as the U.S. dollar index was higher, while crude oil and
the U.S. stock indexes were lower. Cotton bears 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
this week’s low of 91.51 cents and then at 90.70 cents.
First resistance is seen at 93.00 cents and then at this
week’s high of 93.93 cents. Wyckoff's Market Rating: 2.5

January orange juice closed down 195 points at $1.7240
today. Prices closed nearer the session low today and hit a
fresh three-week low. The key “outside markets” were
bearish for the FCOJ market today, as the U.S. dollar index
was higher, while crude oil and the U.S. stock indexes were
lower. FCOJ bulls still have the overall near-term
technical advantage, but are fading. The next upside price
breakout objective for the FCOJ bulls is pushing and
closing prices above solid technical resistance at the
November high of $1.8100. 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 today’s high of $1.7460 and then at $1.7600.
First support is seen at today’s low of $1.7145 and then at
$1.7000. Wyckoff's Market Rating: 6.0.

January lumber futures closed up $1.40 at $232.40 today.
Prices closed near the session high on short covering. 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 the contract 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 $235.20
and then at this week’s high of $236.20. First support is
seen at today’s low of $230.20 and then at $229.00.
Wyckoff's Market Rating: 2.0

*. METALS: February gold futures closed down $31.00 an
ounce at $1,713.80 today. Prices closed nearer the session
low today and scored a bearish “outside day” down on the
daily bar chart. Bulls faded today as the U.S. dollar index
rallied and crude oil prices sold off. Bulls still have the
slight overall near-term technical advantage. A 10-week-old
uptrend is in place on the daily bar chart, but now just
barely. 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 $1,725.00
and then at $1,750.00. First support is seen at this week’s
low of $1,705.70 and then at $1,700.00. Wyckoff's Market
Rating: 5.5.

March silver futures closed down $0.982 an ounce at $31.65
today. Prices closed nearer the session low today and
scored a bearish “outside day” down on the daily bar chart.
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 $32.00
and then at $32.50. Next support is seen at today’s low of
$31.465 and then at $31.00. Wyckoff's Market Rating: 5.0.

March N.Y. copper closed down 570 points 349.90 cents
today. Prices closed nearer the session low today. The key
“outside markets” were in a bearish posture for copper
today, as the U.S. dollar index was higher while crude oil
and the U.S. stock indexes were lower. Bulls and bears are
on a level near-term technical playing field, but the bulls
did fade today. A minor bullish pennant pattern on the
daily bar chart was negated today. Copper bulls' next
upside breakout objective is pushing and closing prices
above solid technical resistance at the December high of
367.40 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 352.50 cents and then at 355.00
cents. First support is seen at today’s low of 347.90 cents
and then at 345.00 cents. Wyckoff's Market Rating: 5.0.

*. ENERGIES: January crude oil closed down $2.18 a barrel
at $98.31 today. Prices closed near the session low today
and the bulls are fading. Crude bulls do still 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
$94.99. First resistance is seen at $99.00 and then at
$100.00. First support is seen at $98.00 and then at
$97.50. Wyckoff's Market Rating: 6.5.

January heating oil closed down 570 points at $2.9256
today. Prices closed near the session low and hit a fresh
two-month low today. Bulls faded badly today and bears now
have the near-term technical advantage. The bulls' next
upside price breakout objective is closing prices above
major psychological 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 $2.9500 and then at $2.9750. First support is seen
at today’s low of $2.9241 and then at $2.9000. Wyckoff's
Market Rating: 4.0.

January (RBOB) unleaded gasoline closed down 197 points at
$2.5672 today. Prices closed nearer the session low 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 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 $2.6000 and then at today’s
high of $2.6184. First support is seen at today’s low of
$2.5496 and then at $2.5250. Wyckoff's Market Rating: 4.0.

January natural gas closed up 3.0 cents at $3.451 today.
Prices closed nearer the session low today. Tepid short
covering in a bear market was featured. 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 $3.50 and then at this week’s high of
$3.572. First support is seen at the contract low of $3.405
and then at $3.35. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 51 points at 1.3351 today. Prices closed nearer
the session low today and scored a bearish “outside day”
down on the daily bar chart. Bears have the overall near-
term technical advantage. Prices are 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 1.3400 and
then at today’s high of 1.3468. Next support is seen at
today’s low of 1.3296 and then at 1.3240. Wyckoff's Market
Rating: 2.5

The March Japanese yen closed up 1 point at 1.2905 today.
Prices closed nearer the session low today in a big trading
range. 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 1.2950 and then at 1.2963. First support is seen at
today’s low of 1.2882 and then at 1.2850. Wyckoff's Market
Rating: 5.0.

The March Swiss franc closed down 25 points at 1.0811
today. Prices closed nearer the session low today. Bears
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 1.0915 and then at 1.1000. First support is
seen at today’s low of 1.0784 and then at 1.0738. Wyckoff's
Market Rating: 2.0.

The March Australian dollar closed down 105 points at
1.0060 today. Prices closed nearer the session low today
after hitting a fresh four-week high early on today. Prices
today also scored a big and bearish “outside day” down on
the daily bar chart. Bulls and bears are on a level near-
term technical playing field. A bullish pennant pattern on
the daily bar chart was negated today. Bulls' next upside
price breakout objective is closing prices above solid
chart resistance at today’s high of 1.0268. The next
downside breakout objective for the bears is to produce a
close below solid technical support at .9850. First
resistance is seen at 1.0100 and then at 1.0205. Next
support is seen at today’s low of 1.0040 and then at
1.0000. Wyckoff's Market Rating: 5.0

The March Canadian dollar closed down 87 points at .9782
today. Prices closed nearer the session low today and did
hit a fresh five-week high early on. Prices also scored a
bearish “outside day” down on the daily bar chart. Bulls
faded today. Bulls' next upside price breakout objective is
producing a close above chart resistance at today’s high of
.9923. The next downside price breakout objective for the
bears is closing prices below solid technical support at
.9650. First resistance is seen at .9800 and then at .9850.
First support is seen at today’s low of .9748 and then at
.9700. Wyckoff's Market Rating: 4.5.

The March British pound closed down 49 points at 1.5631
today. Prices closed nearer the session low 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 at 1.5700 and then at today’s high
of 1.5753. First support is seen at today’s low of 1.5596
and then at this week’s low of 1.5547. Wyckoff's Market
Rating: 3.0.

The March U.S. dollar index closed up 33 points at 79.36
today. Prices closed nearer the session high and scored a
bullish “outside day” up on the daily bar chart. Bulls have
the overall near-term technical advantage and regained some
upside momentum today. 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 79.54 and then at 80.00.
First support is seen at 79.00 and then at today’s low of
78.62. Wyckoff's Market Rating: 7.0.

March U.S. T-Bonds closed up 17/32 142 13/32 today. Prices
closed nearer the session high again today on fresh safe-
haven buying amid the ongoing EU turmoil. Bond market bulls
have the overall near-term technical advantage and today
regained some upside momentum. The next downside price
breakout objective for the T-Bond bears is closing prices
below solid technical support at last week’s low of 139
24/32. 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
today’s high of 142 25/32 and then at 143 even. First
support is seen at 142 even and then at 141 even. Wyckoff's
Market Rating: 7.0.

March U.S. T Notes closed up 8.0 (32nds) at 130.07.0 today.
Prices closed nearer the session high today and hit a fresh
two-week high. Bulls have the overall near-term technical
advantage and have regained some upside momentum. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at the November high of
130.20.0. 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 today’s high of 130.13.0 and then at 130.20.0.
First support is seen at 130.00.0 and then at 129.24.0.
Wyckoff's Market Rating: 7.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
lower today as traders were unnerved by the ongoing EU debt
crisis. Traders are once again awaiting the latest news to
coming out of the European Union, regarding efforts to
stabilize the EU debt crisis. There is an EU summit that
got under way late today and will go through Friday.

The Nasdaq stock futures index closed down 37.50 at
2,280.00 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
2,300.00 and then at 2,325.00. First support is seen at
today’s low of 2,274.25 and then at 2,250.00. Wyckoff's
Market Rating: 5.5

The S&P 500 futures index closed down 27.50 at 1,230.70.
Prices closed nearer the session low 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 today’s high of 1,249.50 and
then at this week’s high of 1,268.00. First support is seen
at today’s low of 1,225.00 and then at 1,200.00. Wyckoff's
Market Rating: 5.5.

The Dow futures closed down 211 points at 11,935 today.
Prices closed near the session low. 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 11,700. First resistance in the Dow
lies at 12,000 and then at today’s high of 12,085. First
support is seen at 11,950 and then at 11,900. 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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