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Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Jan. 28

Jan 29, 2013

Monday Evening, January 28-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 up $2.67 at $133.42
today. Prices gapped sharply higher on the daily bar chart
today and closed nearer the session high. The market was
boosted by a bullish USDA cattle report on Friday and on
news Monday that Japan will import more U.S. beef. A four-
week-old downtrend on the daily bar chart was negated today
and the bulls have fresh upside near-term technical
momentum to suggest a market bottom is in place and that
prices can now trend sideways to higher in the near term.
The bulls' next upside price breakout objective is to push
and close prices above solid technical resistance at
$135.00. The next downside technical breakout objective for
the bears is pushing and closing prices below solid
technical support at $131.25. First resistance is seen at
today’s high of $133.60 and then at $134.00. First support
is seen at $133.00 and then at $132.50. Wyckoff's Market
Rating: 5.5

March feeder cattle closed up $1.95 at $149.90 today.
Prices closed nearer the session high again today and saw
heavy short covering and bargain hunting. The feeder bulls
have quickly gained upside technical momentum to suggest a
market bottom is now in place and that prices can now trend
sideways to higher in the near term. The next upside price
breakout objective for the feeder bulls is to push and
close prices above solid technical resistance at $152.00.
The next downside price breakout objective for the bears is
to push and close prices below solid technical support at
the November low of $146.85. First resistance is seen at
today’s high of $150.00 and then at $150.60. First support
is seen at today’s low of $149.45 and then at 149.00.
Wyckoff's Market Rating: 5.5

April lean hogs closed up $0.12 at $89.05 today. Prices
closed nearer the session low today. The hog bulls and
bears are now on a level near-term technical playing field.
The next upside price breakout objective for the hog bulls
is to push and close prices above solid chart resistance at
$91.00. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
the January low of $86.90. First resistance is seen at
today’s high of $89.50 and then at $90.00. First support is
seen at $88.50 and then at $88.00. Wyckoff's Market Rating:
5.0

*. GRAINS: March corn futures last traded up 7 3/4 cents at
$7.28 1/2 today in late trading. Prices were nearer the
session high. Bulls and bears are presently on a level
near-term technical playing field. Corn bulls' next upside
price objective is to push and close prices above solid
technical resistance at $7.50. The next downside price
breakout objective for the bears is pushing and closing
prices below psychological support at $7.00. First
resistance for March corn is seen at the January high of
$7.35 and then at $7.40. First support is seen at $7.25 and
then at today’s low of $7.19. Wyckoff's Market Rating: 5.0

March soybeans were up 6 1/2 cents at $14.47 1/2 a bushel
in late trading today. Prices were nearer the session high.
Bulls and bears are on a level near-term technical playing
field. A bullish double-bottom reversal pattern has formed
on the daily bar chart. The next near-term upside technical
breakout objective for the soybean bulls is pushing and
closing prices above psychological resistance at $15.00 a
bushel. The next downside price breakout objective for the
bears is pushing and closing prices below psychological
support at $14.00. First resistance is seen at last week’s
high of $14.60 3/4 and then at $14.75. First support is
seen at today’s low of $14.34 3/4 and then at $14.25.
Wyckoff's Market Rating: 5.0.

March soybean meal was up $3.10 at $419.50 today in late
trading. Prices were nearer the session high. Meal bulls
and bears are on a level near-term technical playing field.
The next upside price breakout objective for the bulls is
to produce a close above solid technical resistance at
$435.00. The next downside price breakout objective for the
bears is pushing and closing prices below psychological
support at $400.00. First resistance comes in at today’s
high of $421.20 and then at last week’s high of $425.30.
First support is seen at today’s low of $414.60 and then at
$411.60. Wyckoff's Market Rating: 5.0

March bean oil was down 25 points at 51.85 cents in late
trading today. Prices were nearer the session low on a
corrective, profit-taking pullback from recent gains. Bean
oil bulls have the slight 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 bean oil
bulls is pushing and closing prices above solid technical
resistance at 53.31 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below major technical support at 50.00 cents. First
resistance is seen at 52.00 cents and then at today’s high
of 52.36 cents. First support is seen at 51.50 cents and
then at 51.00 cents. Wyckoff's Market Rating: 5.5

March Chicago SRW wheat was up 1 1/4 cents at $7.77 3/4 in
late trading today. Prices were nearer the session high.
Wheat bears have the overall near-term technical advantage.
Wheat bulls’ next upside breakout objective is to push and
close Chicago SRW prices above solid technical resistance
at $8.00 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 $7.36 1/4. First resistance is seen at today’s high
of $7.83 and then at $7.90. First support lies at today’s
low of $7.70 1/2 and then at last week’s low of $7.63.
Wyckoff's Market Rating: 4.0.

March K.C. HRW wheat was up 3 cents at $8.32 1/2 in late
trading today. Prices were nearer the session high. HRW
bears have the overall near-term technical advantage.
Bulls’ next upside price breakout objective is pushing and
closing prices above solid technical resistance at the
January high of $8.52. The bears' next downside breakout
objective is pushing and closing prices below solid
technical support at the January low of $7.85 1/4. First
resistance is seen at today’s high of $8.35 1/4 and then at
$8.41. First support is seen at today’s low of $8.24 3/4
and then at last week’s low of $8.16 3/4. Wyckoff's Market
Rating: 4.0

March oats were down 1 1/2 cents at $3.61 1/2 in late
trading today. Prices were nearer the session high. Oats
bulls and bears are on a level near-term technical playing
field. Bears' next downside price breakout objective is
pushing and closing prices below solid technical support at
$3.50. Bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at $3.75. First support lies at today’s low of $3.57 1/4
and then at last week’s low of $3.54 3/4. First resistance
is seen at the January high of $3.65 and then at $3.67 3/4.
Wyckoff's Market Rating: 5.0

*. SOFTS: March sugar closed up 40 points at 18.78 cents
today. Prices closed nearer the session high and saw short
covering in a bear market. Prices last week hit a 25-month
low. The sugar bears still have the solid overall near-term
technical advantage. Bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at 19.19 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at last week’s low of 18.06 cents. First
resistance is seen at today’s high of 18.96 cents and then
at 19.19 cents. First support is seen at 18.50 cents and
then at today’s low of 18.35 cents. Wyckoff's Market
Rating: 2.5.

March coffee closed up 110 points at 149.40 cents today.
Prices closed nearer the session high today on tedpid short
covering in a bear market. The coffee bears still have the
overall near-term technical advantage. The next upside
breakout objective for the bulls is to close prices above
solid technical resistance at the January high of 157.90
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the contract low of 141.24 cents a pound. First resistance
is seen at 150.00 cents and then at 151.80 cents. First
support is seen at last week’s low of 146.10 cents and then
at 145.00 cents. Wyckoff's Market Rating: 2.5.

March cocoa closed up $5 at $2,178 a ton. Prices closed
nearer the session high today after hitting a fresh seven-
month low early on. Tepid short covering in a bear market
was featured. The cocoa bears still have the 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
$2,313. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $2,115. First resistance is seen at $2,200 and
then at $2,225. First support is seen at today’s low of
$2,157 and then at $2,125. Wyckoff's Market Rating: 2.0

March cotton closed up 53 points at 81.05 cents today.
Prices closed nearer the session high today. The cotton
bulls 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 last week’s high of 84.00 cents. The next
downside price breakout objective for the cotton bears is
to push and close prices below solid technical support at
77.00 cents. First resistance is seen at today’s high of
81.38 cents and then at 82.00 cents. First support is seen
at 80.00 cents and then at 78.94 cents. Wyckoff's Market
Rating: 7.5.

March orange juice closed up 70 points at $1.1410 today.
Prices closed nearer the session low today. Tepid short
covering was featured. FCOJ bears have the overall near-
term technical advantage. The next upside price breakout
objective for the FCOJ bulls is pushing and closing prices
above technical resistance at $1.2000. The next downside
technical breakout objective for the FCOJ bears is to
produce a close below solid technical support at the
January low of $1.0910. First resistance is seen at today’s
high of 1.1600 and then at last week’s high of $1.1780.
First support is seen at last week’s low of $1.1285 and
then at $1.1000. Wyckoff's Market Rating: 2.5.

March lumber futures closed down $6.10 at $352.70 today.
Prices closed nearer the session low today and hit a fresh
six-week low. Chart damage has been inflicted recently and
bears have gained downside near-term technical momentum to
suggest a market top is in place. The next downside
technical breakout objective for the lumber bears is
pushing and closing prices below solid technical support at
$340.00. The next upside price breakout objective for the
bulls is pushing and closing prices above solid technical
resistance at $370.00. First resistance is seen at $355.00
and then at today’s high of $359.00. First support is seen
at today’s low of $351.00 and then at $350.00. Wyckoff's
Market Rating: 4.5

*. METALS: February gold futures closed down $2.60 an ounce
at $1,653.90 today. Prices closed nearer the session low
today. Prices hit a fresh two-week low today as the bulls
are fading. Gold closed at a bearish weekly low close on
Friday and closed lower for the fourth straight session
today. Bears now have the slight near-term technical
advantage but also have momentum on their side. The gold
bulls’ next upside price breakout objective is to produce a
close above solid technical resistance at $1,675.00. Bears'
next near-term downside breakout price objective is closing
prices below solid technical support at the January low of
$1,626.00. First resistance is seen at today’s high of
$1,661.60 and then at $1,671.60. First support is seen at
$1,650.00 and then at $1,640.00. Wyckoff’s Market Rating:
4.5

March silver futures closed down $0.406 an ounce at $30.80
today. Prices closed nearer the session low today. The
silver bulls have faded recently, including a bearish
weekly low close on Friday. Bulls and bears are now on a
level near-term technical playing field. Bulls’ next upside
price breakout objective is closing prices above solid
technical resistance at last week’s high of $32.485 an
ounce. The next downside price breakout objective for the
bears is closing prices below major psychological support
at $30.00. First resistance is seen at $31.00 and then at
today’s high of $31.32. Next support is seen at today’s low
of $30.745 and then at $31.535. Wyckoff's Market Rating:
5.0.

March N.Y. copper closed up 45 points at 365.65 cents
today. Prices closed near mid-range today. Copper bulls and
bears are presently on a level near-term technical playing
field. Prices are in a choppy 10-week-old uptrend on the
daily bar chart. A bullish symmetrical triangle 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 January high of 375.90
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the January low of 359.95 cents. First resistance is seen
at today’s high of 367.70 cents and then at 370.00 cents.
First support is seen at today’s low of 364.45 cents and
then at 362.500 cents. Wyckoff's Market Rating: 5.0.

*. ENERGIES: March crude oil closed up $0.57 a barrel at
$96.45 today. Prices closed nearer the session high today
and are hovering near a four-month high. The crude bulls
have the overall near-term technical advantage. Prices are
in a six-week-old uptrend on the daily bar chart. The next
near-term upside price breakout objective for the crude oil
bulls is producing a close above major psychological
resistance at $100.00 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 $93.00.
First resistance is seen at last week’s high of $96.92 and
then at $97.50. First support is seen at $96.00 and then at
today’s low of $95.47. Wyckoff's Market Rating: 6.0

March heating oil closed up 50 points at $3.0618 today.
Prices closed near mid-range today. Bulls have the near-
term technical advantage. A choppy six-week-old uptrend is
in place on the daily bar chart. The bulls' next upside
price breakout objective is closing prices above solid
technical resistance at the January high of $3.1137. Bears'
next downside price breakout objective is producing a close
below solid technical support at the January low of
$2.9809. First resistance lies at today’s high of $3.0850
and then at $3.1000. First support is seen at today’s low
of $3.0456 and then at $3.0200. Wyckoff's Market Rating:
6.0.

March (RBOB) unleaded gasoline closed up 511 points at
$2.9265 today. Prices closed nearer the session high today
and hit a fresh contract month high. The market was boosted
today by a refinery closure on the U.S. east coast.
Gasoline bulls 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
$3.00. Bears' next downside price breakout objective is
closing prices below solid support at $2.8200. First
resistance is seen at today’s contract high of $2.9442 and
then at $2.9750. First support is seen at $2.9000 and then
at $2.8750. Wyckoff's Market Rating: 8.0.

March natural gas closed down 15.3 cents at $3.291 today.
Prices closed near the session low today and hit a fresh
two-week low. Nat gas bears are back in near-term technical
control. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
the January high of $3.645. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the January low of $3.05. First
resistance is seen at today’s high of $3.396 and then at
$3.48. First support is seen at today’s low of $3.285 and
then at $3.25. Wyckoff's Market Rating: 3.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 10 points at 1.3459 today. Prices closed near
mid-range today. Bulls have the solid overall near-term
technical advantage as prices hover near an 11-month high.
Prices are in a 2.5-month-old uptrend on the daily bar
chart. Euro bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at 1.3600. The next downside price breakout objective for
the bears is closing prices below solid chart support at
1.3250. First resistance for the Euro lies at last week’s
high of 1.3485 and then at 1.3500. Next support is seen at
today’s low of 1.3429 and then at 1.3400. Wyckoff's Market
Rating: 8.0

The March Japanese yen closed up 28 points at 1.1021 today.
Prices closed nearer the session high today and saw tepid
short covering in a bear market. Prices hit a fresh
contract low early on today. Bears still have the solid
overall near-term technical advantage. Prices are in a
steep four-month-old downtrend on the daily bar chart.
There are still no early clues of a market bottom being
close at hand. Bulls' next upside price breakout objective
is closing prices above solid resistance at 1.1400. Bears'
next downside breakout objective is closing prices below
solid technical support at 1.0800. First resistance is seen
at 1.1100 and then at 1.1150. First support is seen at
today’s contract low of 1.0961 and then at 1.0900.
Wyckoff's Market Rating: 1.0.

The March Swiss franc closed down 2 points at 1.0799 today.
Prices closed nearer the session high today. The Swissy
bulls and bears are presently on a level near-term
technical playing field. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 1.0900. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the January low of 1.0657. First
resistance is seen at today’s high of 1.0807 and then at
last week’s high of 1.0849. First support is seen at
today’s low of 1.0766 and then at 1.0700. Wyckoff's Market
Rating: 5.0.

The March Australian dollar closed down 1 point at 1.0374
today. Prices closed near mid-range today and hit a fresh
three-week low. Bulls still have the overall near-term
technical advantage but are fading. A 3.5-month-old uptrend
line on the daily bar chart was at least temporarily
negated today. Bulls' next upside price breakout objective
is closing prices above solid chart resistance at the
January high of 1.0547. The next downside breakout
objective for the bears is to produce a close below solid
technical support at the December low of 1.0281. First
resistance is seen at 1.0400 and then at 1.0431. Next
support is seen at today’s low of 1.0347 and then at
1.0300. Wyckoff's Market Rating: 6.5

The March Canadian dollar closed up 14 points at .9924
today. Prices closed nearer the session high today and saw
short covering after prices Friday hit a six-month low.
Bulls have faded badly recently. Bears now have the overall
near-term technical advantage. Bulls' next upside price
breakout objective is producing a close above chart
resistance at 1.0100. The next downside price breakout
objective for the bears is closing prices below solid
technical support at .9800. First resistance is seen at
.9950 and then at 1.0000. First support is seen at today’s
low of .9889 and then at .9850. Wyckoff's Market Rating:
4.0.

The March British pound closed down 106 points at 1.5689
today. Prices closed nearer the session low today and hit a
fresh six-month low. Bears have the solid overall near-term
technical advantage. Prices are in a steep four-week-old
downtrend on the daily bar chart. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at 1.6000. Bears' next downside
technical breakout objective is closing prices below solid
support at 1.5500. First resistance is seen at today’s high
of 1.5791 and then at 1.5850. First support is seen at
today’s low of 1.5670 and then at 1.5600. Wyckoff's Market
Rating: 3.0.

The March U.S. dollar index closed up 4 points at 79.86
today. Prices closed near mid-range today. Short covering
in a bear market was featured. The bears still have the
overall near-term technical advantage. Bulls' next upside
price breakout objective is to close prices above solid
technical resistance at the January high of 80.99. The next
downside price breakout objective for the bears is to
produce a close below solid technical support at the
December low of 79.01. Next resistance lies at 80.00 and
then at last week’s high of 80.27. First support is seen at
79.75 and then at 79.50. Wyckoff's Market Rating: 2.5.

March U.S. T-Bonds closed down 10/32 at 143 24/32 today.
Prices closed near mid-range today and hit a fresh contract
low. Bulls have quickly faded. T-Bond bears have the solid
overall near-term technical advantage and gained more
downside momentum today. The next downside price breakout
objective for the T-Bond bears is closing prices below
solid technical support at 142 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at the January high of 146
17/32. First resistance is seen at today’s high of 144
11/32 and then at 145 even. First support is seen at
today’s contract low of 143 3/32 and then at 143 even.
Wyckoff's Market Rating: 1.0.

March U.S. T Notes closed down 5.0 (32nds) at 131.08.0
today. Prices closed near mid-range today and hit a fresh
4.5-month low. Bulls have faded badly, quickly. Bears have
the overall near-term technical advantage and gained more
downside momentum today. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at the January high of 132.17.5. The next
downside price breakout objective for the bears is
producing a close below solid technical support at the
September low of 130.10.5. First resistance is seen at
today’s high of 131.16.5 and then at 131.24.0. First
support is seen at today’s low of 130.30.0 and then at
130.24.0. Wyckoff's Market Rating: 3.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
narrowly mixed today. Bulls still have the overall near-
term technical advantage as the indexes hover near the
recent highs. U.S. durable goods orders rose a strong 4.6%
in December, which supported the stock market. However,
weaker pending home sales work to offset the durables data.
Traders and investors are awaiting important U.S. economic
data due out later in the week. The U.S. Federal Reserve’s
FOMC meeting begins Tuesday and its interest rate
announcement occurs on Wednesday afternoon. Also, the U.S.
employment report is out Friday morning.

 

The Nasdaq stock futures index closed up 10.00 at 2,738.00
today. Prices closed near mid-range today. Bulls have the
near-term technical advantage. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 2,800.00. The bears' next downside price breakout
objective is closing prices below solid technical support
at 2,675.00. First resistance is seen at today’s high of
2,747.50 and then at last week’s high of 2,768.75. First
support is seen at today’s low of 2,726.25 and then at last
week’s low of 2,707.75. Wyckoff's Market Rating: 6.5

The S&P 500 futures index closed up 1.40 at 1,497.10.
Prices closed near mid-range today and poked to a fresh
five-year high. Bulls have the solid near-term technical
advantage. Bulls' next upside price breakout objective is
closing prices above solid resistance at 1,525.00. The next
downside price breakout objective for the bears is closing
prices below solid support at 1,457.00. First resistance is
seen at today’s high of 1,500.00 and then at 1,510.00.
First support is seen at today’s low of 1,491.50 and then
at last week’s low of 1,475.10. Wyckoff's Market Rating:
8.0.

The Dow futures closed up 20 points at 13,832. Prices
closed near mid-range today and hit another fresh five-year
high. Bulls have the solid near-term technical advantage.
The next upside price objective for the bulls is closing
prices above solid technical resistance at 14,000. The next
downside price objective for the bears is closing prices
below solid technical support at 13,500. First resistance
in the Dow lies at today’s high of 13,858 and then at
13,900. First support is seen at today’s low of 13,805 and
then at 13,750. Wyckoff's Market Rating: 8.5.

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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