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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. 9

Jan 10, 2013

Wednesday Evening, January 9-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 $1.00 at
$131.55 today. Prices closed near the session low today and
hit a fresh three-week low on profit more taking. A choppy,
two-month-old uptrend on the daily bar chart was at least
temporarily negated today. The recent choppy and volatile
trading at higher price levels has been an early warning
signal of a potential topping process in this market. The
cattle bulls still have the slight overall near-term
technical advantage. The bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at this week’s high of $133.40. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
the December low of $129.77. First resistance is seen at
$132.00 and then at today’s high of $132.65. First support
is seen at today’s low of $131.52 and then at $131.00.
Wyckoff's Market Rating: 5.5

March feeder cattle closed down $1.22 at $153.77 today.
Prices closed near the session low again today on more
profit taking. The feeder bulls still have the slight
overall near-term chart advantage, but are fading this
week. The next upside price breakout objective for the
feeder bulls is to push and close prices above solid
technical resistance at the December high of $157.07. The
next downside price breakout objective for the bears is to
push and close prices below solid technical support at last
week’s low of $153.65. First resistance is seen at $154.00
and then at today’s high of $154.70. First support is seen
at $153.65 and then at 153.00. Wyckoff's Market Rating: 5.5

February lean hogs closed down $2.15 at $84.20 today.
Prices closed near the session low again today. Bulls faded
today as a four-month-old uptrend on the daily chart was at
least temporarily negated today. A weakening cash hog
market helped to pressure the futures today. The bulls
still have the slight overall near-term technical
advantage. 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 $86.95. The next downside
price breakout objective for the bears is pushing prices
below solid technical support at the December low of
$83.20. First resistance is seen at $85.00 and then at
$85.50. First support is seen at $84.00 and then at $83.20.
Wyckoff's Market Rating: 5.5

*. GRAINS: March corn futures last traded up 4 3/4 cents at
6.93 1/2 today in late trading. Prices were nearer the
session high. More tepid short covering in a bear market
was featured. Not much new. Traders are awaiting Friday’s
important USDA supply and demand, quarterly grain stocks
and annual grain production summary for direction. Most
reckon that report will favor the corn bears. At present
the corn bears have the solid near-term technical
advantage. Prices are in a six-week-old downtrend on the
daily bar chart. Corn bulls' next upside price objective is
to push and close prices above solid technical resistance
at $7.08. The next downside price breakout objective for
the bears is pushing and closing prices below solid
technical support at $6.75. First resistance for March corn
is seen at today’s high of $6.96 and then at $7.00. First
support is seen at today’s low of $6.86 1/2 and then at
this week’s low of $6.78. Wyckoff's Market Rating: 3.5

March soybeans were up 1/2 cent at $13.87 a bushel in late
trading today. Prices were near mid-range in more quiet
trading. Not much new. Traders are awaiting Friday’s
important USDA supply and demand, quarterly grain stocks
and annual grain production summary for direction. Traders
are expected a bearish report. Soybean bears have the
overall near-term technical advantage. The next near-term
upside technical breakout objective for the soybean bulls
is pushing and closing January prices above solid technical
resistance at $14.50 a bushel. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at the November low of
$13.56. First resistance is seen at $14.00 and then at
$14.10. First support is seen at $13.76 1/2 and then at
$13.56. Wyckoff's Market Rating: 3.0.

March soybean meal was down $2.10 at $408.80 today in late
trading. Prices were near mid-range. Meal bears have the
overall near-term technical advantage. The next upside
price breakout objective for the bulls is to produce a
close above solid technical resistance at $425.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
late-August low of $393.00. First resistance comes in at
this week’s high of $412.90 and then at $415.00. First
support is seen at today’s low of $406.70 and then at
$403.30. Wyckoff's Market Rating: 3.0

March bean oil was up 25 points at 49.78 cents in late
trading today. Prices were nearer the session high on short
covering in a bear market. Bean oil bears 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 the
December high of 51.85 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
48.73 cents. First resistance is seen at 50.00 cents and
then at 50.34 cents. First support is seen at this week’s
low of 49.25 cents and then at 49.00 cents. Wyckoff's
Market Rating: 3.0

March Chicago SRW wheat was down 3 cents at $7.47 1/2 in
late trading today. Prices were nearer the session low and
hovering near a 6.5-month low. Traders are awaiting
Friday’s important USDA supply and demand, quarterly grain
stocks and annual grain production summary for direction.
Wheat bears have the solid near-term technical advantage. A
two-month-old downtrend is in place on the daily bar chart.
Wheat bulls’ next upside breakout objective is to push and
close Chicago SRW prices above solid technical resistance
at $7.90 a bushel. The next downside price breakout
objective for the wheat futures bears is pushing and
closing prices below solid technical support at $7.25.
First resistance is seen at this week’s high of $7.60 1/2
and then at $7.75. First support lies at last week’s low of
$7.39 3/4 and then at $7.30. Wyckoff's Market Rating: 2.5.

March K.C. HRW wheat was down 4 3/4 cents at $8.04 in late
trading today. Prices were nearer the session low and
hovering near a six-month low. HRW bears have the solid
overall near-term technical advantage. Bulls’ next upside
price breakout objective is pushing and closing prices
above solid technical resistance at last week’s high of
$8.41. The bears' next downside breakout objective is
pushing and closing prices below solid technical support at
$7.75. First resistance is seen at today’s high of $8.13
1/4 and then at $8.25. First support is seen at last week’s
low of $7.96 3/4 and then at $7.90. Wyckoff's Market
Rating: 2.5

March oats were up 4 1/4 cents at $3.36 in late trading
today. Prices were nearer the session high. Short covering
in a bear market was featured. Oats bears still have the
solid near-term technical advantage. Bears' next downside
price breakout objective is pushing and closing prices
below solid technical support at $3.20. Bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at $3.50. First support
lies at today’s low of $3.32 and then at this week’s low of
$3.28 1/2. First resistance is seen today’s high of $3.37
and then at this week’s high of $3.38 1/2. Wyckoff's Market
Rating: 3.0

*. SOFTS: March sugar closed up 13 points at 18.80 cents
today. Prices closed near the session high today and saw
tepid short covering after hitting another fresh three-week
low early on. 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 last week’s high of 19.75 cents.
Bears' next downside price breakout objective is to push
and close prices below solid technical support at the
December low of 18.31 cents. First resistance is seen at
19.00 cents and then at 19.15 cents. First support is seen
at today’s low of 18.52 cents and then at 18.31 cents.
Wyckoff's Market Rating: 2.0.

March coffee closed up 35 points at 148.50 cents today.
Prices closed nearer the session high today and saw short
covering in a bear market. The coffee bears have the solid
overall near-term technical advantage. The next upside
breakout objective for the bulls is to close prices above
solid technical resistance at 157.50 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 last week’s high of 151.95 cents. First
support is seen at this week’s low of 145.65 cents and then
at 142.60 cents. Wyckoff's Market Rating: 2.0.

March cocoa closed up $18 at $2,233 a ton. Prices closed
nearer the session high today on short covering in a bear
market. Prices Wednesday hit a six-month low. The cocoa
bears still have the near-term technical advantage. Prices
are in a five-week-old downtrend on the daily bar chart.
The next upside price breakout objective for the cocoa
bulls is to push and close prices above solid technical
resistance at $2,325. 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 $2,250 and then at this week’s high of $2,276. First
support is seen at this week’s low of $2,206 and then at
$2,200. Wyckoff's Market Rating: 3.0

March cotton closed down 24 points at 74.88 cents today.
Prices closed nearer the session low again today. Traders
are awaiting Friday’s important USDA supply and demand and
annual production summary for direction. The cotton bulls
still have the slight overall near-term technical
advantage, but need to show fresh power soon to keep it.
The next upside price breakout objective for the bulls is
to produce a close above solid technical resistance at the
December high of 77.10 cents. The next downside price
breakout objective for the cotton bears is to push and
close prices below solid technical support at last week’s
low of 73.72 cents. First resistance is seen at today’s
high of 75.50 cents and then at this week’s high of 75.86
cents. First support is seen at today’s low of 74.60 cents
and then at 74.00 cents. Wyckoff's Market Rating: 5.5.

March orange juice closed up 160 points at $1.1095 today.
Prices closed nearer the session high on short covering
after hitting another fresh seven-week low early on. FCOJ
bears still have the solid near-term technical advantage.
No threatening cold weather for the southeastern U.S. has
sucked speculative money out of the FCOJ market. The market
is still overdone on the downside and due for at least a
good upside corrective bounce very soon. The next upside
price breakout objective for the FCOJ bulls is pushing and
closing prices above technical resistance at $1.1800. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at the October low of $1.0675. First resistance is seen at
1.1245 and then at this week’s high of $1.1445. First
support is seen at $1.0900 and then at $1.0800. Wyckoff's
Market Rating: 2.0.

March lumber futures closed down $0.80 at $375.20 today.
Prices closed nearer the session low. Mild profit taking
was featured. The lumber bulls still have the 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 $365.00.
The next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at the contract high of $397.00. First resistance is seen
at today’s high of $379.00 and then at this week’s high of
$383.00. First support is seen at this week’s low of
$371.90 and then at $370.00. Wyckoff's Market Rating: 7.0

*. METALS: February gold futures closed down $5.70 an ounce
at $1,656.50 today. Prices closed near mid-range today.
Prices were pressured by a firmer U.S. dollar index today.
The gold bears have the overall near-term technical
advantage. A three-month-old downtrend is in place on the
daily bar chart. The gold bulls’ next upside price breakout
objective is to produce a close above solid technical
resistance at last week’s high of $1,695.40. Bears' next
near-term downside breakout price objective is closing
prices below solid technical support at last week’s low of
$1,626.00. First resistance is seen at today’s high of
$1,666.00 and then at $1,675.00. First support is seen at
1,650.00 and then at this week’s low of $1,642.60.
Wyckoff’s Market Rating: 3.5

March silver futures closed down $0.10 an ounce at $30.37
today. Prices closed near mid-range today. The silver bears
have the overall near-term technical advantage. Bulls’ next
upside price breakout objective is closing prices above
solid technical resistance at last week’s high of $31.535
an ounce. The next downside price breakout objective for
the bears is closing prices below solid technical support
at last week’s low of $29.24. First resistance is seen at
this week’s high of $30.59 and then at $30.79. Next support
is seen at today’s low of $30.065 and then at this week’s
low of $29.86. Wyckoff's Market Rating: 4.0.

March N.Y. copper closed down 15 points at 367.05 cents
today. Prices closed near the session low today. Copper
bulls still have the overall near-term technical advantage.
Prices are in a two-month-old uptrend on the daily bar
chart. Copper bulls' next upside breakout objective is
pushing and closing prices above solid technical resistance
at last week’s high of 375.90 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 365.00 cents. First
resistance is seen at 370.00 cents and then at this week’s
high of 371.35 cents. First support is seen at this week’s
low of 365.25 cents and then at 362.50 cents. Wyckoff's
Market Rating: 6.0.

*. ENERGIES: February crude oil closed down $0.02 a barrel
at $93.14 today. Prices closed near mid-range again today.
A bearish weekly DOE report limited buying interest in
crude today, as did a firmer U.S. dollar index. The crude
bulls still have the overall near-term technical advantage.
Prices are in a four-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 solid
technical resistance at $95.00 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
$88.00. First resistance is seen at last week’s high of
$93.87 and then at $94.50. First support is seen at today’s
low of $92.68 and then at $92.00. Wyckoff's Market Rating:
6.0

February heating oil closed up 135 points at $3.0720 today.
Prices closed nearer the session high today and closed at a
fresh five-week high close. Bulls have the near-term
technical advantage and have gained fresh upside momentum
this week. The bulls' next upside price breakout objective
is closing prices above solid technical resistance at the
December high of $3.1026. Bears' next downside price
breakout objective is producing a close below solid
technical support at last week’s low of $2.9809. First
resistance lies at this week’s high of $3.0752 and then at
$3.1026. First support is seen at today’s low of $3.0472
and then at $3.0323. Wyckoff's Market Rating: 6.0.

February (RBOB) unleaded gasoline closed down 201 points at
$2.7743 today. Prices closed near mid-range today. Bulls
still have the near-term technical advantage. Prices are in
a four-week-old uptrend on the daily bar chart. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at the September
high of $2.8660. Bears' next downside price breakout
objective is closing prices below solid support at $2.6500.
First resistance is seen at today’s high of $2.7865 and
then at last week’s high of $2.8136. First support is seen
at this week’s low of $2.7433 and then at $2.7250.
Wyckoff's Market Rating: 6.5.

February natural gas closed down 9.2 cents at $3.126 today.
Prices closed nearer the session low today and closed at a
fresh eight-month low close. Nat gas bears have the solid
overall near-term technical advantage. A six-week-old
downtrend is in place on the daily bar chart. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at $3.40. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the contract low of
$3.050. First resistance is seen at today’s high of $3.227
and then at $3.281. First support is seen at today’s low of
$3.087 and then at $3.05. Wyckoff's Market Rating: 1.5.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 20 points at 1.3071 today. Prices closed near
mid-range today. The Euro bulls have the overall near-term
technical advantage but have faded recently. A bear flag
pattern has formed on the daily bar chart. Euro bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at 1.3250. The next
downside price breakout objective for the bears is closing
prices below solid chart support at the December low of
1.2892. First resistance for the Euro lies at today’s high
of 1.3104 and then at this week’s high of 1.3148. Next
support is seen at today’s low of 1.3044 and then at last
week’s low of 1.3005. Wyckoff's Market Rating: 6.0

The March Japanese yen closed up 76 points at 1.1398 today.
Prices closed nearer the session low today. Bears have the
solid overall near-term technical advantage. Prices are in
a steep three-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 1.1700. Bears'
next downside breakout objective is closing prices below
solid technical support at 1.1200. First resistance is seen
at today’s high of 1.1522 and then at 1.1600. First support
is seen at today’s low of 1.1367 and then at the contract
low of 1.1317. Wyckoff's Market Rating: 1.0.

The March Swiss franc closed down 16 points at 1.0818
today. Prices closed near mid-range today. The Swissy bulls
have the slight overall near-term technical advantage but
have faded recently. A bear flag pattern has formed on the
daily bar chart. 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 the December low of 1.0678.
First resistance is seen at today’s high of 1.0794 and then
at this week’s high of 1.0878. First support is seen at
today’s low of 1.0794 and then at last week’s low of
1.0760. Wyckoff's Market Rating: 5.5.

The March Australian dollar closed up 15 points at 1.0457
today. Prices closed near mid-range today and did hit a
fresh three-week high early on. Bulls have the solid
overall near-term technical advantage. Bulls' next upside
price breakout objective is closing prices above solid
chart resistance at the December high of 1.0520. 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 1.0482
and then at 1.0500. Next support is seen at this week’s low
of 1.0413 and then at 1.0350. Wyckoff's Market Rating: 7.5

The March Canadian dollar closed down 5 points at 1.0111
today. Prices closed nearer the session low today. Bulls
still have the slight overall near-term technical
advantage. Bulls' next upside price breakout objective is
producing a close above chart resistance at the December
high of 1.0158. The next downside price breakout objective
for the bears is closing prices below solid technical
support at 1.0000. First resistance is seen at today’s high
of 1.0132 and then at last week’s high of 1.0149 and then
at 1.0158. First support is seen at this week’s low of
1.0100 and then at 1.0080. Wyckoff's Market Rating: 5.5.

The March British pound closed down 35 points at 1.6019
today. Prices closed near mid-range today and did close at
a fresh six-week low close. Bulls still have the slight
overall near-term technical advantage but have faded badly
recently, and a bearish double-top reversal pattern may be
forming on the daily bar chart. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at the contract high of 1.6314.
Bears' next downside technical breakout objective is
closing prices below solid support at last week’s low of
1.5945. First resistance is seen at today’s high of 1.6071
and then at this week’s high of 1.6123. First support is
seen at today’s low of 1.5988 and then at 1.5945. Wyckoff's
Market Rating: 5.5.

The March U.S. dollar index closed up 21 points at 80.655
today. Prices closed nearer the session high today. The
bears still have the overall near-term technical advantage.
However, the bulls have gained some fresh upside near-term
technical momentum recently. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at the December high of 81.05. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at 79.42. Next
resistance lies at this week’s high of 80.80 and then at
last week’s high of 80.99. First support is seen at today’s
low of 80.45 and then at this week’s low of 80.22.
Wyckoff's Market Rating: 4.0.

March U.S. T-Bonds closed up 5/32 at 145 11/32 today.
Prices closed nearer the session high and saw more short
covering in a bear market. T-Bond bears still 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 September low
of 143 8/32. The next upside technical objective for the
bulls is to produce a close above solid technical
resistance at 146 23/32. First resistance is seen at
today’s high of 145 20/32 and then at 146 even. First
support is seen at 145 even and then at today’s low of 144
25/32. Wyckoff's Market Rating: 3.0.

March U.S. T Notes closed up 4.5 (32nds) at 132.00.0 today.
Prices closed nearer the session high on more short
covering. 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 resistance at
133.02.5. 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 132.04.0 and then at 132.08.0.
First support is seen at today’s low of 131.21.5 and then
at this week’s low of 131.16.0. Wyckoff's Market Rating:
4.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer today. Bulls have the overall near-term technical
advantage. The market place has been quieter this week amid
the lack of major, fresh fundamental news developments.
Traders and investors are wondering what the next moves
will be by U.S. lawmakers and the Obama administration
regarding taxing and spending measures. Most look for a big
fight among the politicians, which is keeping a lot of
speculative and investment money on the sidelines at
present. Traders are awaiting Thursday’s monthly European
Central Bank meeting. Asian traders are awaiting a fresh
batch of Chinese economic data due out later this week and
during the weekend.

The Nasdaq stock futures index closed up 8.75 at 2,722.75
today. Prices closed near mid-range again 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 the December low of 2,580.00. First
resistance is seen at 2,736.00 and then at last week’s high
of 2,747.00. First support is seen at today’s low of
2,711.25 and then at this week’s low of 2,698.50. Wyckoff's
Market Rating: 6.0

The S&P 500 futures index closed up 3.50 at 1,455.80.
Prices closed near mid-range again today. Bulls still have
the near-term technical advantage. Bulls' next upside price
breakout objective is closing prices above solid resistance
at the September high of 1,467.50. The next downside price
breakout objective for the bears is closing prices below
solid support at the December low of 1,383.00. First
resistance is seen at last week’s high of 1,462.50 and then
at 1,467.50. First support is seen at today’s low of
1,451.60 and then at this week’s low of 1,446.20. Wyckoff's
Market Rating: 6.0.

The Dow futures closed up 58 points at 13,325. Prices
closed near mid-range on again today. Bulls have the near-
term technical advantage. The next upside price objective
for the bulls is closing prices above solid technical
resistance at the October high of 13,597. The next downside
price objective for the bears is closing prices below solid
technical support at the December low of 12,777. First
resistance in the Dow lies at today’s high of 13,355 and
then at last week’s high of 13,370. First support is seen
at today’s low of 13,300 and then at this week’s low of
13,235. Wyckoff's Market Rating: 6.0.

Click below for my welcome letter to all new customers and
for an explanation of my Market Rating System.

http://www.jimwyckoff.com/newsletter/WelcomeAboard/

IMPORTANT NOTE: I am not a futures broker and do not manage
any trading accounts other than my own personal account. It
is my goal to point out to you potential trading
opportunities. However, it is up to you to: (1) decide when
and if you want to initiate any traders and (2) determine
the size of any trades you may initiate. Any trades I
discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission
(CFTC) has said about futures trading (and I agree 100%):
1. Trading commodity futures and options is not for
everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS.
Before you invest any money in futures or options
contracts, you should consider your financial experience,
goals and financial resources, and know how much you can
afford to lose above and beyond your initial payment to a
broker. You should understand commodity futures and options
contracts and your obligations in entering into those
contracts. You should understand your exposure to risk and
other aspects of trading by thoroughly reviewing the risk
disclosure documents your broker is required to give you.

Jim Wyckoff
 

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