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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--February 23

Feb 24, 2012

Thursday Evening, February 23-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: April live cattle closed down $1.47 at
$129.67 today. Prices closed near the session low today on
profit-taking pressure from recent good gains. No chart
damage occurred today. Cattle futures bulls still have the
solid overall near-term technical advantage and there are
no early clues of a market top being close at hand. The
bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at $132.50.
The next downside technical breakout objective for the
bears is pushing and closing prices below solid technical
support at $128.50. First resistance is seen at $130.00 and
then at $130.50. First support is seen at today’s low of
$129.60 and then at $129.00. Wyckoff's Market Rating: 8.0

May feeder cattle closed down $0.60 at $161.72 today.
Prices closed near mid-range today and saw modest profit-
taking pressure. Prices Tuesday hit a contract high. Feeder
bulls still have the solid overall near-term technical
advantage. The next upside price objective for the feeder
bulls is to push and close prices above technical
resistance at $163.00. The next downside price breakout
objective for the bears is to push and close prices below
solid technical support at $160.00. First resistance is
seen at $162.00 and then at the contract high of $162.35.
First support is seen at today’s low of $161.35 and then at
$161.00. Wyckoff's Market Rating: 8.0

April lean hogs closed down $0.72 at $89.60 today. Prices
closed near the session low today. Hog market bulls still
have the slight near-term technical advantage. Prices are
in a very choppy five-week-old uptrend on the daily bar
chart. The sharply higher cattle and feeder cattle futures
prices recently are also positive for hogs. The next upside
price breakout objective for the hog bulls is to push and
close prices above solid chart resistance at this week’s
high of $90.95. The next downside price breakout objective
for the bears is pushing prices below solid technical
support at the February low of $87.87. First resistance is
seen at $90.00 and then at today’s high of $90.50. First
support is seen at today’s low of $89.55 and then at
$89.22. Wyckoff's Market Rating: 5.5

*. GRAINS: May corn futures closed up 1 1/4 cents at $6.42
1/2 today. Prices closed nearer the session high today.
Some more fresh export demand for corn was reported by USDA
today. Today’s USDA ag outlook conference acreage forecast
was in line with market expectations. The key “outside
markets” were bullish for corn today, as the U.S. dollar
index was lower and crude oil prices were solidly higher.
Corn market bulls and bears are on a level near-term
technical playing field. Corn bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at the February high of $6.56. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
the February low of $6.26. First resistance for March corn
is seen at this week’s high of $6.48 and then at $6.50.
First support is seen at $6.40 and then at today’s low of
$6.35 1/4. Wyckoff's Market Rating: 5.0

May soybeans closed up 4 3/4 cents at $12.83 1/2 a bushel
today. Prices closed nearer the session high today and hit
a fresh four-month high. Today’s USDA ag outlook conference
U.S. acreage figure was in line with trade expectations.
The key “outside markets” were bullish for corn today, as
the U.S. dollar index was lower and crude oil prices were
solidly higher. Soybeans are also seeing good U.S. export
demand. Soybean bulls have the near-term technical
advantage. Prices are in a nine-week-old uptrend 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 the
October high of $12.91 3/4 a bushel. The next downside
price breakout objective for the bears is pushing and
closing prices below solid technical support at $12.40.
First resistance is seen at today’s high of $12.86 1/4 and
then at $12.91 3/4. First support is seen at today’s low of
$12.72 1/4 and then at this week’s low of $12.66 1/2.
Wyckoff's Market Rating: 6.5.

May soybean meal closed up $1.50 at $335.30 today. Prices
closed near mid-range today and hit a fresh five-month
high. Meal bulls have the firm near-term technical
advantage. Prices are in a nine-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 $350.00. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at last week’s low of $323.40.
First resistance comes in at today’s high of $337.60 and
then at $340.00. First support is seen at today’s low of
$331.60 and then at this week’s low of $329.80. Wyckoff's
Market Rating: 6.0

May bean oil closed down 2 points at 54.59 cents today.
Prices closed nearer the session high today and hit a fresh
four-month high. Bean oil bulls have the near-term technical
advantage. The next upside price breakout objective for the
bean oil bulls is pushing and closing prices above solid
technical resistance at the October high of 54.74 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 52.92 cents. First
resistance is seen at 54.74 cents and then at 55.00 cents.
First support is seen at today’s low of 54.30 cents and
then at 54.11 cents. Wyckoff's Market Rating: 6.5

May Chicago SRW wheat closed down 4 3/4 cents at $6.41
today. Prices closed near mid-range today. Wheat bears have
the near-term technical advantage. Bulls' next upside price
breakout objective is to push and close Chicago SRW prices
above solid technical resistance at $6.60 a bushel. The
next downside price breakout objective for the wheat
futures bears is pushing and closing prices below solid
technical support at the January low of $6.12 1/2. First
resistance is seen at today’s high of $6.47 1/4 and then at
this week’s high of $6.52 1/4 and then at $6.65. First
support lies at today’s low of $6.35 1/4 and then at this
week’s low of $6.28. Wyckoff's Market Rating: 3.5.

May K.C. HRW wheat closed down 5 1/2 cents at $6.87 today.
Prices closed near mid-range today. Bears have the 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 the January low of $6.60. First
resistance is seen at this week’s high of $6.94 1/2 and
then at $7.00. First support is seen at today’s low of
$6.83 and then at last week’s low of $6.76 1/2. Wyckoff's
Market Rating: 3.5

May oats closed up 1 1/4 cents at $3.13 1/2 today. Prices
closed near mid-range today. Oats bulls have the slight
near-term technical advantage. Bears' next downside price
breakout objective is pushing and closing prices below
solid technical support at $3.06. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at this week’s high of $3.24.
First support lies at this week’s low of $3.11 1/2 and then
at $3.10. First resistance is seen at today’s high of $3.16
and then at $3.17 1/2. Wyckoff's Market Rating: 5.5

*. SOFTS: May sugar closed up 18 points at 24.89 cents
today. Prices closed near the session high again today and
hit another fresh 3.5-month high. The key “outside markets”
were bullish for sugar today, as the U.S. dollar index was
lower and crude oil prices were solidly higher. Sugar bulls
have gained good upside near-term technical momentum this
week. The bulls have the 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 this week’s low of 23.81 cents. First resistance is seen
at 25.00 cents and then at 25.25 cents. First support is
seen at 24.50 cents and then at 24.29 cents. Wyckoff's
Market Rating: 6.0

May coffee closed down 20 points at 201.65 cents. Prices
closed near the session low today. A bear flag has formed
on the daily bar chart. Prices are also in a choppy, five-
month-old downtrend on the daily bar chart. The 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 215.00 cents. The next
downside price breakout objective for the bears is closing
prices below major psychological support at 200.00 cents a
pound. First resistance is seen at 205.00 cents and then at
this week’s high of 206.75 cents. First support is seen at
200.00 cents and then at last week’s low of 197.80 cents.
Wyckoff's Market Rating: 1.5

May cocoa closed down $101 at $2,337 a ton. Prices closed
nearer the session low today and scored a bearish “outside
day” down on the daily bar chart. Prices hit a fresh four-
week high early on today. Bulls faded today and lost their
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 the January high
of $2,499. The next downside price breakout objective for
the bears is pushing and closing prices below solid
technical support at $2,250. First resistance is seen at
$2,363 and then at $2,400. First support is seen at today’s
low of $2,307 and then at $2,276. Wyckoff's Market Rating:
5.0.

May cotton closed down 130 points at 89.23 cents today.
Prices closed near the session low today and hit another
fresh seven-week low. Wednesday’s price action produced a
bearish downside “breakout” from a sideways trading range
on the daily chart and the bears have gained fresh
technical power. Cotton bears have the solid overall near-
term technical advantage. The next upside price objective
for the bulls is to produce a close above solid technical
resistance at 94.00 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 84.23
cents. First support is seen at today’s low of 89.01 cents
and then at 88.00 cents. First resistance is seen at 90.00
cents and then at today’s high of 91.15 cents. Wyckoff's
Market Rating: 2.0

May orange juice closed up 460 points at $1.8340 today.
Prices closed nearer the session high. Bulls still have the
near-term technical advantage amid choppy and volatile
trading. The next upside price breakout objective for the
FCOJ bulls is pushing and closing prices above solid
technical resistance at last week’s high of $1.8720. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at the February low of $1.7440. First resistance is seen at
today’s high of $1.8545 and then at $1.8720. First support
is seen at $1.8250 and then at $1.8100. Wyckoff's Market
Rating: 6.0.

March lumber futures closed up $2.30 at $266.60 today.
Prices closed nearer the session low and saw more short
covering and bargain hunting. The lumber bulls have the
near-term technical advantage. The next downside technical
breakout objective for the lumber bears is pushing and
closing prices below solid technical support at $255.00.
The next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at the February high of $276.20. First resistance is seen
at today’s high of $268.20 and then at $270.00. First
support is seen at $265.00 and then at $262.50. Wyckoff's
Market Rating: 6.0

*. METALS: April gold futures closed up $15.10 an ounce at
$1,786.40 today. Prices closed nearer the session high
again today and hit another fresh three-month high. More
safe-haven buying due to the tensions in the Middle East
boosted gold today. The key “outside markets” were bullish
for gold today as the U.S. dollar index was weaker and
crude oil prices were firmer. The bulls this week have
gained strong upside near-term technical momentum. Gold
bulls have the solid overall near-term technical advantage.
Bulls' next upside technical breakout objective is to
produce a close above strong technical resistance at the
November high of $1,808.00. Bears' next near-term downside
price objective is closing prices below solid technical
support at the February low of $1,706.70. First resistance
is seen at today’s high of $1,789.50 and then at $1,800.00.
First support is seen at today’s low of $1,773.30 and then
at $1,765.90. Wyckoff's Market Rating: 8.0.

March silver futures closed up $1.261 an ounce at $35.52
today. Prices closed nearer the session high today and hit
a fresh nearly four-month high. The key “outside markets”
were bullish for silver today as the U.S. dollar index was
weaker and crude oil prices were firmer. Silver bulls have
the solid overall near-term technical advantage and gained
more power today. Prices are in a seven-week-old uptrend on
the daily bar chart. Bulls’ next upside price breakout
objective is closing prices above solid technical
resistance at the October high of $35.68 an ounce. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the February low of
$32.64. First resistance is seen at $35.68 and then at
$36.00. Next support is seen at $35.00 and then at $34.50.
Wyckoff's Market Rating: 8.0.

March N.Y. copper closed down 275 points 380.60 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 and crude oil prices were firmer. Yet,
copper suffered losses, which is a bearish clue. Copper
bulls still have the overall near-term technical advantage.
Copper bulls' next upside breakout objective is pushing and
closing prices above major psychological resistance at
400.00 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the February low of 369.35 cents. First
resistance is seen at this week’s high of 385.15 cents and
then at 387.50 cents. First support is seen at today’s low
of 377.35 cents and then at 376.30 cents. Wyckoff's Market
Rating: 6.0.

*. ENERGIES: April crude oil closed up $1.92 a barrel at
$108.20 today. Prices closed near the session high today
and hit another fresh 9.5-month high. Tensions in the
Middle East are rising and that’s bullish for crude. Prices
have this week seen a bullish upside “breakout” from the
recent sideways trading range at higher price levels. Crude
oil bulls have the solid overall near-term technical
advantage. However, the market is now technically overdone
on the upside and due for a corrective pullback very soon.
The next near-term upside price breakout objective for the
crude oil bulls is producing a close above psychological
resistance at $110.00 a barrel. The next near-term downside
price breakout objective for the crude oil bears is to
produce a close below major psychological support at
$100.00. First resistance is seen at today’s high of
$108.24 and then at $109.00. First support is seen at
$107.50 and then at $107.00. Wyckoff's Market Rating: 8.5.

April heating oil closed up 222 points at $3.2872 today.
Prices closed nearer the session high today and hit another
fresh 9.5-month high. Bulls have the solid overall near-
term technical advantage. However, the market is now
technically overbought. The bulls' next upside price
breakout objective is closing prices above solid technical
resistance at the April 2011 high of $3.3422. Bears' next
downside price breakout objective is producing a close
below solid technical support at this week’s low of
$3.1793. First resistance lies at today’s high of $3.3056
and then at $3.3250. First support is seen at today’s low
of $3.2546 and then at $3.2250. Wyckoff's Market Rating:
8.5.

April (RBOB) unleaded gasoline closed up 315 points at
$3.2945 today. Prices closed near the session high today
and hit another fresh contract high. Bulls have the solid
overall near-term technical advantage. However, this market
is also technically overbought and due for a corrective
pullback very soon. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at $3.3500. Bears' next downside price
breakout objective is closing prices below solid support at
$3.1500. First resistance is seen at today’s contract high
of $3.2978 and then at $3.3100. First support is seen at
$3.2700 and then at $3.2500. Wyckoff's Market Rating: 8.5.

April natural gas closed down 2.3 cents at $2.752 today.
Prices closed near mid-range. Bears have the overall near-
term technical advantage. However, my bias is that a market
low is in place, or close at hand. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at $2.942. The next downside
price breakout objective for the bears is closing prices
below solid technical support at the contract low of
$2.438. First resistance is seen at last week’s high of
$2.862 and then at $2.942. First support is seen at this
week’s low of $2.666 and then at $2.60. Wyckoff's Market
Rating: 3.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 129 points at 1.3374 today. Prices closed near
the session high today and hit a fresh nine-week high.
Bulls gained upside technical momentum today and gained the
slight near-term technical advantage. A five-week-old
uptrend on the daily bar chart was re-established today.
Euro bulls' next upside price breakout objective is pushing
and closing prices above solid technical resistance at
1.3500. The next downside price breakout objective for the
bears is closing prices below solid chart support at
1.3100. First resistance for the Euro lies at today’s high
of 1.3381 and then at 1.3400. Next support is seen at
1.3325 and then at 1.3300. Wyckoff's Market Rating: 5.5

The March Japanese yen closed up 39 points at 1.2507 today.
Prices closed nearer the session high today on short
covering in a bear market after prices Wednesday hit a
seven-month low. Bears still have the solid overall near-
term technical advantage. Bulls' next upside price breakout
objective is closing prices above solid resistance at this
week’s high of 1.2603. Bears' next downside breakout
objective is closing prices below solid technical support
at the July 2011 low of 1.2338. First resistance is seen at
today’s high of 1.2526 and then at 1.2545. First support is
seen at this week’s low of 1.2439 and then at 1.2400.
Wyckoff's Market Rating: 2.0.

The March Swiss franc closed up 117 points at 1.1101 today.
Prices closed near the session high today and hit a fresh
three-month high. Bulls have gained the near-term technical
advantage as a six-week-old uptrend is in place on the
daily bar chart. The next upside price breakout objective
for the bulls is closing prices above solid resistance at
1.1200. The next downside price breakout objective for the
bears is closing prices below solid technical support at
this week’s low of 1.0913. First resistance is seen at
today’s high of 1.1102 and then at 1.1150. First support is
seen at 1.1023 and then at 1.1000. Wyckoff's Market Rating:
5.5.

The March Australian dollar closed up 76 points at 1.0689
today. Prices closed near the session high today after
hitting a fresh three-week low early on. Prices today also
scored a bullish “outside day” up on the daily bar chart.
Bulls have the solid overall near-term technical advantage.
Prices are in a three-month-old uptrend on the daily bar
chart. Bulls' next upside price breakout objective is
closing prices above solid chart resistance at the contract
high of 1.0795. The next downside breakout objective for
the bears is to produce a close below solid technical
support at 1.0450. First resistance is seen at 1.0700 and
then at 1.0750. Next support is seen at 1.0600 and then at
today’s low of 1.0569. Wyckoff's Market Rating: 7.5

The March Canadian dollar closed up 21 points at 1.0021
today. Prices closed near mid-range today. Bulls have the
overall near-term technical advantage. A three-month-old
uptrend line is still in place 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 .9925. First resistance is
seen at today’s high of 1.0041 and then at this week’s high
of 1.0090. First support is seen at this week’s low of
.9974 and then at last week’s low of .9941. Wyckoff's
Market Rating: 7.0.

The March British pound closed up 71 points at 1.5740
today. Prices closed near the session high today on a
corrective bounce from recent strong selling pressure. A
bearish double-top reversal pattern has formed on the daily
bar chart. Bulls and bears are on a level near-term
technical playing field. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at the February high of 1.5924. Bears'
next downside technical breakout objective is closing
prices below solid support at the February low of 1.5641.
First resistance is seen at 1.5800 and then at 1.5850.
First support is seen at 1.5700 and then at the Febhruary
low of 1.5641. Wyckoff's Market Rating: 5.0.

The March U.S. dollar index closed down 63 points at 78.67
today. Prices closed near the session low today. Bulls are
fading. Prices are in a five-week-old downtrend on the
daily bar chart. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at the February high of 80.24. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at 78.00. Next
resistance lies at 79.00 and then at this week’s high of
79.46. First support is seen at the February low of 78.43
and then at 78.00. Wyckoff's Market Rating: 5.0.

March U.S. T-Bonds closed up 8/32 at 142 16/32 today.
Prices closed nearer the session high today. Tensions in
the Middle East are bullish for U.S. Treasuries. The bond
market bulls 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 January low of 140 21/32. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at last week’s high of 143
27/32. First resistance is seen at today’s high of 142
29/32 and then at 143 even. First support is seen at 142
even and then at today’s low of 141 21/32. Wyckoff's Market
Rating: 6.5.

March U.S. T Notes closed up 2.0 (32nds) at 131.03.5 today.
Prices closed nearer the session high again today. Bulls
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
131.24.5. The next downside price breakout objective for
the bears is producing a close below solid technical
support at the January low of 129.26.0. First resistance is
seen at today’s high of 131.09.5 and then at 131.16.0.
First support is seen at today’s low of 130.23 and then at
this week’s low of 130.12.0. Wyckoff's Market Rating: 7.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer today. Prices have recently hit for-the-move highs.
The stock index bulls have the solid overall near-term
technical advantage.

The Nasdaq stock futures index closed up 12.00 at 2,600.25.
Prices closed near the session high today and poked to a
fresh 11-year high. Bulls' next upside price breakout
objective is closing prices above solid resistance at
2,625.00. The bears' next downside price breakout objective
is closing prices below solid technical support at
2,500.00. First resistance is seen at today’s high of
2,602.00 and then at 2,615.00. First support is seen at
today’s low of 2,569.25 and then at 2,550.00. Wyckoff's
Market Rating: 8.0

The S&P 500 futures index closed up 7.00 at 1,362.90.
Prices closed near the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at the May 2011 high of 1,372.70. The next
downside price breakout objective for the bears is closing
prices below solid support at 1,296.00. First resistance is
seen at this week’s high of 1,368.70 and then at 1,372.70.
First support is seen at today’s low of 1,350.30 and then
at 1,334.00. Wyckoff's Market Rating: 8.0.

The Dow futures closed up 58 points at 12,974 today. Prices
closed near the session high today and closed at a fresh
four-year high close. The next upside price objective for
the bulls is closing prices above major psychological
resistance at 13,000. The next downside price objective for
the bears is closing prices below solid technical support
at the January low of 12,250. First resistance in the Dow
lies at this week’s high of 12,980 and then at 13,000.
First support is seen at 12,900 and then at today’s low of
12,860. Wyckoff's Market Rating: 8.0.

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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