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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Jan. 31

Feb 01, 2013

Thursday Evening, January 31-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.

(Note: I’ve been posting daily dispatches on Twitter for
quite some time. I invite you to follow me, and it’s free:
@jimwyckoff )

*. LIVESTOCK: April live cattle closed down $0.12 at
$132.80 today. Prices closed near the session low again
today. The bulls still have the slight near-term technical
advantage. The recent pause after Monday’s big gains is not
bearish. 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
$133.00 and then at this week’s high of $133.60. First
support is seen at $132.50 and then at $132.00. Wyckoff's
Market Rating: 5.5

March feeder cattle closed up $0.45 at $149.55 today.
Prices closed near mid-range today in quieter trading. The
feeder bulls still have some technical momentum to suggest
a market bottom is in place and that prices can trend
sideways to higher in the near term. The recent pause is
not bearish. The next upside price breakout objective for
the feeder bulls is to push and close prices above solid
technical resistance at $151.00. 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 $150.00 and then at
this week’s high of $150.45. First support is seen at
$149.00 and then at this week’s low of 148.75. Wyckoff's
Market Rating: 5.5

April lean hogs closed up $0.15 at $89.40 today. Prices
closed nearer the session low today. The hog bulls and
bears are 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 $89.95 and then at this week’s high of
$90.25. First support is seen at this week’s low of $88.95
and then at $88.65. Wyckoff's Market Rating: 5.0

*. GRAINS: March corn futures last traded down 1/2 cent at
$7.39 3/4 today in late trading. Prices were near mid-range
and hit another fresh seven-week high today. Corn bulls
have gained some fresh upside technical momentum and they
have the slight near-term technical advantage. 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 solid technical support at last
week’s low of $7.14 1/2. First resistance for March corn is
seen at today’s high of $7.44 1/2 and then at $7.50. First
support is seen at today’s low of $7.34 1/4 and then at
$7.30. Wyckoff's Market Rating: 5.5

March soybeans were down 12 cents at $14.66 3/4 a bushel in
late trading today. Prices were near mid-range and did hit
another fresh six-week high early on today. Some rain in
the forecast for dry Argentina soybean regions spooked the
bulls a bit today. Bulls still have the slight near-term
technical advantage. 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 $14.75 and
then at today’s high of $14.84 1/4. First support is seen
at today’s low of $14.55 and then at $14.50. Wyckoff's
Market Rating: 5.5.

March soybean meal was down $6.50 at $426.20 today in late
trading. Prices were nearer the session low and hit another
fresh five-week high early on today. Bulls have the slight
near-term technical advantage. The next upside price
breakout objective for the bulls is to produce a close
above solid technical resistance at $450.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at last
week’s low of $408.00. First resistance comes in at $430.00
and then at today’s high of $434.40. First support is seen
at today’s low of $424.10 and then at $422.00. Wyckoff's
Market Rating: 5.5

March bean oil was up 5 points at 52.65 cents in late
trading today. Prices were nearer the session high and hit
another fresh three-month high today. Bean oil bulls have
the near-term technical advantage. 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 51.00 cents. First resistance is
seen at today’s high of 52.82 cents and then at 53.00
cents. First support is seen at 52.36 cents and then at
52.00 cents. Wyckoff's Market Rating: 6.0

March Chicago SRW wheat was down 10 cents at $7.77 in late
trading today. Prices were nearer the session low. 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 $7.85 and then at today’s
high of $7.91. First support lies at this week’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 down 6 1/4 cents at $8.34 1/2 in
late trading today. Prices were nearer the session low. 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 $8.44 1/4 and then at
$8.52. First support is seen at today’s low of $8.29 3/4
and then at this week’s low of $8.24 3/4. Wyckoff's Market
Rating: 4.0

March oats were down 1 cent at $3.61 in late trading today.
Prices were 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 $3.50. 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 $3.56 1/2 and then at last week’s
low of $3.54 3/4. First resistance is seen at $3.65 and
then at this week’s high of $3.69 3/4. Wyckoff's Market
Rating: 5.5

*. SOFTS: March sugar closed up 12 points at 18.83 cents
today. Prices closed near the session high today on more
short covering in a bear market. 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 18.85 cents and then at this week’s high of
18.96 cents. First support is seen at today’s low of 18.46
cents and then at this week’s low of 18.27 cents. Wyckoff's
Market Rating: 2.5.

March coffee closed down 60 points at 147.10 cents today.
Prices closed nearer the session low again today. The
coffee bears 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 today’s high of 148.60
cents and then at 150.00 cents. First support is seen at
last week’s low of 146.10 cents and then at 145.00 cents.
Wyckoff's Market Rating: 2.0.

March cocoa closed up $17 at $2,196 a ton. Prices closed
near mid-range today and saw short covering in a bear
market. The cocoa bears still have the solid 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 today’s high
of $2,214 and then at $2,225. First support is seen at
today’s low of $2,180 and then at this week’s low of
$2,155. Wyckoff's Market Rating: 3.0

March cotton closed up 5 points at 83.01 cents today.
Prices closed nearer the session high today and closed at a
bullish monthly high close. Prices are also hovering near
an 8.5-month high. The cotton bulls 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 83.34 cents and then at 84.00 cents.
First support is seen at today’s low of 82.08 cents and
then at 81.45 cents. Wyckoff's Market Rating: 7.5.

March orange juice closed up 85 points at $1.2015 today.
Prices closed nearer the session low today and did hit a
fresh four-week high early on. More short covering and
bargain hunting were seen today, on news that some colder
weather is headed for Florida citrus regions in the coming
days. Recent price action has seen a bullish upside
“breakout” from the recent choppy and sideways trading
range. FCOJ bulls have the slight near-term technical
advantage. The next upside price breakout objective for the
FCOJ bulls is pushing and closing prices above technical
resistance at $1.2500. The next downside technical breakout
objective for the FCOJ bears is to produce a close below
solid technical support at $1.1250. First resistance is
seen at $1.2200 and then at today’s high of $1.2320. First
support is seen at today’s low of $1.1880 and then at
$1.1780. Wyckoff's Market Rating: 5.5.

March lumber futures closed up the $10.00 limit at $352.70
today. Short covering and bargain hunting were seen today.
Prices are still in a five-week-old downtrend on the daily
bar chart. The next downside technical breakout objective
for the lumber bears is pushing and closing prices below
solid technical support at $335.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at $362.50. First
resistance is seen at $355.00 and then at $357.50. First
support is seen at $350.00 and then at $347.70. Wyckoff's
Market Rating: 5.0

*. METALS: April gold futures closed down $19.90 an ounce
at $1,661.80 today. Prices closed nearer the session low
today and gave back all of Wednesday’s solid gains. Bulls
and bears are now back on a level near-term technical
playing field. The gold bulls’ next upside price breakout
objective is to produce a close above solid technical
resistance at $1,700.00. Bears' next near-term downside
breakout price objective is closing prices below solid
technical support at this week’s low of $1,653.20. First
resistance is seen at $1,670.00 and then at today’s high of
$1,681.70. First support is seen at today’s low of
$1,658.40 and then at $1,653.20. Wyckoff’s Market Rating:
5.0

March silver futures closed down $0.787 an ounce at $31.385
today. Prices closed nearer the session low today and gave
back most of Wednesday’s big gains. Silver bulls and bears
are now back 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 solid
technical support at this week’s low of $30.745. First
resistance is seen at $31.535 and then at $31.75. Next
support is seen at today’s low of $31.12 and then at
$31.00. Wyckoff's Market Rating: 5.0.

March N.Y. copper closed down 190 points at 373.10 cents
today. Prices closed nearer the session low today and did
hit a fresh 3.5-month high early on. Profit taking was
featured. Copper bulls have the overall near-term technical
advantage. Prices are in a choppy 10-week-old uptrend on
the daily bar chart. Copper bulls' next upside breakout
objective is pushing and closing prices above solid
technical resistance at the September high of 384.80 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support at last week’s
low of 364.05 cents. First resistance is seen at today’s
high of 377.25 cents and then at 380.00 cents. First
support is seen at today’s low of 371.70 cents and then at
370.00 cents. Wyckoff's Market Rating: 6.0.

*. ENERGIES: March crude oil closed down $0.45 a barrel at
$97.49 today. Prices closed near mid-range today and saw
mild profit taking after prices Wednesday hit a 4.5-month
high. The crude bulls still have the overall near-term
technical advantage. Prices are in a seven-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 $94.00. First resistance
is seen at $98.00 and then at this week’s high of $98.24
and then at $99.00. First support is seen at today’s low of
$96.84 and then at $96.00. Wyckoff's Market Rating: 6.5

March heating oil closed up 125 points at $3.1298 today.
Prices closed nearer the session high today and hit another
fresh 3.5-month high. Bulls have the near-term technical
advantage and have gained fresh upside momentum this week.
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
October high of $3.1798. Bears' next downside price
breakout objective is producing a close below solid
technical support at $3.0000. First resistance lies at
today’s high of $3.1351 and then at $3.1500. First support
is seen $3.1000 and then at $3.0750. Wyckoff's Market
Rating: 6.5.

March (RBOB) unleaded gasoline closed down 129 points at
$3.0258 today. Prices closed nearer the session high today.
Prices Wednesday hit a contract high. The market has been
boosted this week 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 $3.10. Bears' next downside price
breakout objective is closing prices below solid support at
$2.8750. First resistance is seen at the contract high of
$3.0500 and then at $3.0750. First support is seen at
$3.0000 and then at $2.9618. Wyckoff's Market Rating: 8.0.

March natural gas closed up 0.6 cents at $3.341 today.
Prices closed near mid-range. Nat gas bears are still 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 $3.646. The
next downside price breakout objective for the bears is
closing prices below solid technical support at the January
low of $3.10. First resistance is seen at this week’s high
of $3.414 and then at $3.50. First support is seen at $3.30
and then at this week’s low of $3.232. Wyckoff's Market
Rating: 2.5.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 8 points at 1.3578 today. Prices closed near mid-
range and hit another fresh 13-month high today. Prices
also closed at a bullish monthly high close. Bulls have the
solid overall near-term technical advantage. 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 1.3750. The next
downside price breakout objective for the bears is closing
prices below solid chart support at 1.3400. First
resistance for the Euro lies at today’s high of 1.3598 and
then at 1.3650. Next support is seen at today’s low of
1.3545 and then at 1.3500. Wyckoff's Market Rating: 8.5

The March Japanese yen closed down 23 points at 1.0946
today. Prices closed near the session low today, closed at
a bearish monthly low close, and hit another contract low.
Bears 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 this week’s high of 1.1074 and
then at 1.1100. First support is seen at today’s contract
low of 1.0941 and then at 1.0900. Wyckoff's Market Rating:
1.0.

The March Swiss franc closed up 16 points at 1.0998 today.
Prices closed near mid-range today and hit a fresh five-
week high today. Prices also closed at a bullish monthly
high close. The Swissy bulls have the near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above solid resistance at the
December high of 1.1026. The next downside price breakout
objective for the bears is closing prices below solid
technical support at this week’s low of 1.0766. First
resistance is seen at 1.1026 and then at 1.1050. First
support is seen at today’s low of 1.0969 and then at
1.0900. Wyckoff's Market Rating: 7.5.

The March Australian dollar closed up 30 points at 1.0405
today. Prices closed nearer the session high and did hit a
fresh four-week low early on today. Bulls still have the
overall near-term technical advantage. 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 today’s high of 1.0417
and then at this week’s high of 1.0434. Next support is
seen at today’s low of 1.0346 and then at 1.0300. Wyckoff's
Market Rating: 6.0

The March Canadian dollar closed up 43 points at 1.0015
today. Prices closed nearer the session high again today
and saw more short covering and bargain hunting. Bears
still have the slight 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 this week’s
low of .9889. First resistance is seen at today’s high of
1.0032 and then at 1.0050. First support is seen at today’s
low of .9955 and then at .9936. Wyckoff's Market Rating:
4.5.

The March British pound closed up 73 points at 1.5860
today. Prices closed nearer the session high again today on
more short covering and bargain hunting. Bears still have
the overall near-term technical advantage. Prices are in a
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 this week’s low of 1.5670.
First resistance is seen at today’s high of 1.5872 and then
at 1.5900. First support is seen at 1.5800 and then at
today’s low of 1.5771. Wyckoff's Market Rating: 3.5.

The March U.S. dollar index closed down 10 points at 79.22
today. Prices closed nearer the session low and hit another
fresh five-week low today. The bears have the solid overall
near-term technical advantage and this week have gained
more downside momentum. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at 80.27. 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 today’s high of 79.40 and then at 79.66.
First support is seen at today’s low of 79.16 and then at
79.01. Wyckoff's Market Rating: 1.5.

March U.S. T-Bonds closed up 12/32 at 143 14/32 today.
Prices closed near mid-range today and saw short covering
in a bear market. Prices Wednesday hit a contract low. T-
Bond bears have the solid overall near-term technical
advantage and this week have gained more downside momentum.
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 143 24/32 and then at 144 even. First
support is seen at today’s low of 143 even and then at the
contract low of 142 19/32. Wyckoff's Market Rating: 1.5.

March U.S. T Notes closed up 2.5 (32nds) at 131.08.5 today.
Prices closed nearer the session low on more short covering
in a bear market. 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 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 131.18.0 and then at 131.24.0. First
support is seen at today’s low of 131.04.5 and then at this
week’s low of 130.30.0. Wyckoff's Market Rating: 3.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker today on more profit taking. Bulls still have the
overall near-term technical advantage as the indexes are
not far from their recent highs. The market place is now
focusing on Friday morning’s U.S. employment report for
January. The key non-farm payrolls figure is forecast to
come in at up 165,000 versus up 155,000 the previous month.
The unemployment rate is forecast at 7.8%, which is
unchanged from the previous month. European stocks were
weaker Thursday and the Euro currency fell following a
reported drop in German retail sales and rise in German
unemployment. Italian government bond yields rose Thursday
to multi-week highs. Still, the Euro currency is on a bull
run versus the U.S. dollar and investor sentiment toward
the European Union is on the upswing. Markets were also
still digesting the FOMC meeting that ended Wednesday
afternoon with its official policy statement indicating a
still very easy U.S. monetary policy—meaning continuing
bond purchases by the Fed on a monthly basis.

The Nasdaq stock futures index closed down 7.00 at 2,729.00
today. Prices closed nearer the session low today. Bulls
still 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
this week’s high of 2,751.75 and then at last week’s high
of 2,768.75. First support is seen at this week’s low of
2,716.25 and then at last week’s low of 2,707.75. Wyckoff's
Market Rating: 6.5

The S&P 500 futures index closed down 1.50 at 1,493.80.
Prices closed nearer the daily low today. Bulls still 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 1,500.00
and then at this week’s high of 1,505.90. First support is
seen at this week’s low of 1,491.20 and then at last week’s
low of 1,475.10. Wyckoff's Market Rating: 7.5.

The Dow futures closed down 23 points at 13,815. Prices
closed near the session low today. 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 13,880 and then at this week’s high
of 13,908. First support is seen at this week’s low of
13,805 and then at 13,750. Wyckoff's Market Rating: 7.5.

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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