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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--January 18

Jan 19, 2012

Wednesday Evening, January 18-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 $0.10 at
$126.70 today. Prices closed nearer the session high today
and saw mild profit-taking pressure from recent gains. Cash
cattle market fundamentals are deemed more bullish this
week. Cattle futures bulls have the near-term technical
advantage. The bulls' next upside price breakout objective
is to push and close prices above solid technical
resistance at the December high of $127.90. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
the January low of $124.15. First resistance is seen at
$127.00 and then at this week’s high of $127.45. First
support is seen at today’s low of $126.25 and then at
$126.00. Wyckoff's Market Rating: 6.0

March feeder cattle closed up $0.40 at $152.77 today.
Prices closed at a fresh contract high close today. Feeder
bulls have the solid near-term technical advantage and
there are still no early technical clues that a market top
is close at hand. The next upside price objective for the
feeder bulls is to push and close prices above technical
resistance at $154.00. 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 $149.30.
First resistance is seen at the contract high of $153.47
and then at $154.00. First support is seen at $152.37 and
then at $152.00. Wyckoff's Market Rating: 8.5

April lean hogs closed up $0.50 at $87.90 today. Prices
closed near mid-range, hit a fresh two-week high today and
saw more short covering. Cash hog market fundamentals are
deemed as improving recently. While hog bears still have
the overall near-term technical advantage, a bullish
double-bottom reversal pattern may be forming on the daily
bar chart. However, prices are still in a seven-week-old
downtrend on the daily bar chart. The next upside price
breakout objective for the bulls is to push and close
prices above solid chart resistance at $89.42. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at the December low of
$85.50. First resistance is seen at today’s high of $88.05
and then at $88.50. First support is seen at $87.50 and
then at $87.00. Wyckoff's Market Rating: 3.5

*. GRAINS: March corn futures closed down 11 cents at $5.93
today. Prices closed near the session low today and hit a
fresh four-week low. Bears gained more downside technical
momentum today. Serious near-term chart damage has been
inflicted in corn recently. Corn bears have the solid
overall near-term technical advantage. Corn bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at $6.20. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
December low of $5.76 1/4. First resistance for March corn
is seen at $6.00 and then at today’s high of $6.06 1/2.
First support is seen at today’s low of $5.92 1/2 and then
at $5.90. Wyckoff's Market Rating: 3.0

March soybeans closed down 1 cent at $11.82 1/2 a bushel
today. Prices closed nearer the session high today. Near-
term chart damage has been inflicted in soybeans recently.
A minor bearish pennant pattern has formed on the daily bar
chart. 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
prices above solid technical resistance at the December
high of $12.18 3/4 a bushel. The next downside price
breakout objective for the bears is pushing and closing
prices below technical support at last week’s low of
$11.50. First resistance is seen at $11.90 and then at
$12.00. First support is seen at today’s low of $11.72 1/4
and then at this week’s low of $11.62 3/4. Wyckoff's Market
Rating: 3.5.

March soybean meal closed up $1.80 at $312.30 today. Prices
closed nearer the session high today and saw 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 to produce a close
above solid technical resistance at last week’s high of
$324.50. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at last week’s low of $296.40. First resistance
comes in at today’s high of $313.20 and then at $315.00.
First support is seen at $3100.00 and then at today’s low
of $307.50. Wyckoff's Market Rating: 3.5

March bean oil closed down 47 points at 50.30 cents today.
Prices closed nearer the session low today. 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 last week’s high of 52.55 cents. Bean oil bears' next
downside technical price breakout objective is pushing and
closing prices below solid technical support at 50.00
cents. First resistance is seen at 50.50 cents and then at
today’s high of 50.85 cents. First support is seen at last
week’s low of 50.16 cents and then at 50.00 cents.
Wyckoff's Market Rating: 3.5

March Chicago SRW wheat closed down 12 1/4 cents at $5.92
1/2 today. Prices closed nearer the session low today and
hit a fresh four-week low. Bears gained some fresh downside
technical momentum today. Serious near-term chart damage
has been inflicted in wheat recently. Wheat will remain a
follower of corn and beans for at least the near term.
Bulls' next upside price breakout objective is to push and
close Chicago SRW prices above solid technical resistance
at $6.25 a bushel. The next downside price breakout
objective for the wheat futures bears is pushing and
closing prices below solid technical support at the
December low of $5.77 1/4. First resistance is seen at
$6.00 and then at this week’s high of $6.11 3/4. First
support lies at today’s low of $5.90 and then at $5.77 1/4.
Wyckoff's Market Rating: 2.5.

March K.C. HRW wheat closed down 20 cents at $6.53 today.
Prices closed near the session low today and hit a fresh
four-week low. Serious near-term chart damage has been
inflicted recently. Bears have the solid overall near-term
technical advantage. Bulls' next upside price breakout
objective is pushing and closing prices above major
psychological resistance at $7.00. The bears' next downside
breakout objective is pushing and closing prices below
solid technical support at the December low of $6.35. First
resistance is seen at $6.60 and then at today’s high of
$6.69. First support is seen at $6.50 and then at $6.40.
Wyckoff's Market Rating: 2.5

March oats closed down 2 cents at $2.84 3/4 today. Prices
closed near mid-range today. Oats bears have the solid
overall near-term technical advantage. Bears' next downside
price breakout objective is pushing and closing prices
below solid technical support at $2.75. Bulls' next upside
price breakout objective is pushing and closing prices
above psychological resistance at $3.00. First support lies
at today’s low of $2.81 and then at $2.80 First resistance
is seen at today’s high of $2.88 3/4 and then at $2.90.
Wyckoff's Market Rating: 1.5

*. SOFTS: March sugar closed up 19 points at 24.05 cents
today. Prices closed near mid-range today on more short
covering in a bear market. Sugar bears still have the
overall near-term technical advantage. Prices have been
trading choppy and sideways at lower levels for two months.
Sugar bulls' next upside price breakout objective is to
push and close prices above solid technical resistance at
the January high of 24.65 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at the December low of 22.62 cents. First
resistance is seen at this week’s high of 24.22 cents and
then at 24.50 cents. First support is seen at today’s low
of 23.85 cents and then at this week’s low of 23.52 cents.
Wyckoff's Market Rating: 3.5

March coffee closed down 150 points at 223.65 cents. Prices
closed nearer the session low today. Coffee bears have the
overall near-term technical advantage. The coffee bulls'
next upside breakout objective is to close prices above
solid technical resistance at the November high of 243.30
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the January low of 216.60 cents a pound. First resistance
is seen at today’s high of 227.00 cents and then at this
week’s high of 229.25 cents. First support is seen at this
week’s low of 221.10 cents and then at 220.00 cents.
Wyckoff's Market Rating: 3.0

March cocoa closed up $25 at $2,295 a ton. Prices closed
near the session high today and saw more short covering. A
bullish pennant pattern has formed on the daily bar chart
just recently. Cocoa bears still have the overall 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 last week’s high of
$2,388. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $2,100. First resistance is seen at $2,300 and
then at $2,350. First support is seen at today’s low of
$2,259 and then at this week’s low of $2,230. Wyckoff's
Market Rating: 3.5.

March cotton closed down 66 points at 97.53 cents today.
Prices closed nearer the session high today. Cotton bulls
have regained the near-term technical advantage. The next
upside price objective for the bulls is to produce a close
above major psychological resistance at 100.00 cents. The
next downside price breakout objective for the cotton bears
is to push and close prices below solid technical support
at 92.00 cents. First support is seen at 97.00 cents and
then at this week’s low of 95.67 cents. First resistance is
seen at today’s high of 98.16 cents and then at this week’s
high of 99.47 cents. Wyckoff's Market Rating: 6.0

March orange juice closed up 770 points at $1.9205 today.
Prices closed nearer the session high. Price action in FCOJ
recently has been extremely volatile recently. The recent
higher volatility at higher price levels is one warning
signal that a market top is in place. Look for the higher
volatility to continue for a bit longer. The next upside
price breakout objective for the FCOJ bulls is pushing and
closing prices major psychological resistance at $2.0000.
The next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at $1.7810. First resistance is seen at today’s high of
$1.9300 and then at $1.9500. First support is seen at
$1.9000 and then at $1.8750. Wyckoff's Market Rating: 7.0.

March lumber futures closed up $0.90 at $242.90 today. The
lumber bears have the solid overall near-term technical
advantage. The next downside technical breakout objective
for the lumber bears is pushing and closing prices below
solid technical support at $225.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at $250.00. First
resistance is seen at $245.00 and then at this week’s high
of $247.00 and then at $250.00. First support is seen at
$240.00 and then at $237.50. Wyckoff's Market Rating: 1.5

*. METALS: February gold futures closed up $3.10 an ounce
at $1,658.70 today. Prices closed nearer the session high
and closed at a fresh five-week high close. The gold market
was boosted by technical buying and by a weaker U.S. dollar
index today. Gold bulls have the overall near-term
technical advantage. A three-week-old uptrend is in place
on the daily bar chart. Bulls' next upside technical
breakout objective is to produce a close above
psychological resistance at $1,700.00. Bears' next near-
term downside price objective is closing prices below
psychological support at $1,600.00. First resistance is
seen at this week’s high of $1,668.00 and then at
$1,675.00. First support is seen at $1,650.00 and then at
today’s low of $1,642.10. Wyckoff's Market Rating: 6.0.

March silver futures closed up $0.245 an ounce at $30.375
today. Prices closed nearer the session high today and
closed at a fresh five-week high close. The weaker U.S.
dollar index was supportive for silver today. Silver bulls
have the slight near-term technical advantage. A three-
week-old uptrend is in place on the daily bar chart. Bulls’
next upside price breakout objective is closing prices
above solid technical resistance at $32.50 an ounce. The
next downside price breakout objective for the bears is
closing prices below solid technical support at last week’s
low of $28.55. First resistance is seen at last week’s high
of $30.675 and then at $31.00. Next support is seen at
today’s low of $29.74 and then at this week’s low of
$29.455. Wyckoff's Market Rating: 5.5.

March N.Y. copper closed up 225 points 375.20 cents today.
Prices closed nearer the session high again today and
closed at a fresh 2.5-month high close. The copper market
was supported by a weaker U.S. dollar index today. Copper
bulls have the near-term technical advantage. Prices are in
a four-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
October high of 376.80 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 350.00 cents. First resistance
is seen at 376.80 cents and then at 380.00 cents. First
support is seen at 370.00 cents and then at 367.40 cents.
Wyckoff's Market Rating: 6.5.

*. ENERGIES: February crude oil closed up $0.03 a barrel at
$100.68 today. Prices closed near mid-range today. Trading
remains choppy and right around the key $100.00 level.
Crude oil bulls have the overall near-term technical
advantage. However, the going does get tough for the bulls
once prices move above the key $100.00 level. The next
near-term upside price breakout objective for the crude oil
bulls is producing a close above solid technical resistance
at $105.00 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 $95.00. First
resistance is seen at today’s high of $102.06 and then at
$102.50. First support is seen at today’s low of $99.84 and
then at $99.00. Wyckoff's Market Rating: 6.5.

February heating oil closed down 257 points at $3.0115
today. Prices hit a fresh three-week low today and closed
nearer the session low. Bulls still have the overall near-
term technical advantage. The bulls' next upside price
breakout objective is closing prices above solid technical
resistance at last week’s high of $3.1364. Bears' next
downside price breakout objective is producing a close
below solid technical support at $2.9500. First resistance
lies at $3.0500 and then at today’s high of $3.0900. First
support is seen at today’s low of $2.9928 and then at
$2.9750. Wyckoff's Market Rating: 6.0.

February (RBOB) unleaded gasoline closed up 494 points at
$2.8207 today. Prices closed near mid-range today and hit a
fresh 5.5-month high. Bulls have the overall near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at the August high of $2.9448. Bears'
next downside price breakout objective is closing prices
below solid support at $2.7178. First resistance is seen at
today’s high of $2.8529 and then at $2.8750. First support
is seen at $2.8000 and then at today’s low of $2.7676.
Wyckoff's Market Rating: 6.5.

February natural gas closed down 0.9 cents at $2.479 today.
Prices closed nearer the session low today. Generally warm
weather over much of the U.S. is bearish for nat gas. Bears
have the solid overall near-term technical advantage. There
are no early clues of a market low being close at hand. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at $2.80.
The next downside price breakout objective for the bears is
closing prices below solid technical support at $2.25.
First resistance is seen at this week’s high of $2.587 and
then at $2.70. First support is seen at Tuesday’s contract
low of $2.439 and then at $2.40. Wyckoff's Market Rating:
1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 122 points at 1.2846 today. Prices closed nearer
the session high today and saw more short covering in a
bear market. Bears still have the solid overall near-term
technical advantage. Prices are in an 11-week-old downtrend
on the daily bar chart. There are no early clues to suggest
a market low is close at hand. Euro bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at 1.3000. The next
downside price breakout objective for the bears is closing
prices below solid chart support at 1.2500. First
resistance for the Euro lies at last week’s high of 1.2884
and then at 1.2950. Next support is seen at 1.2800 and then
at today’s low of 1.2736. Wyckoff's Market Rating: 2.0

The March Japanese yen closed up 7 points at 1.3032 today.
Prices closed near mid-range today. Bulls have the slight
near-term technical advantage. Prices are in a four-week-
old uptrend on the daily bar chart. Bulls' next upside
price breakout objective is closing prices above solid
resistance at the November high of 1.3101. Bears' next
downside breakout objective is closing prices below solid
technical support at 1.2833. First resistance is seen at
today’s high of 1.3055 and then at this week’s high of
1.3075. First support is seen at 1.3000 and then at last
week’s low of 1.2973. Wyckoff's Market Rating: 6.0.

The March Swiss franc closed up 113 points at 1.0646 today.
Prices closed nearer the session high today and saw more
short covering in a bear market. Bears still have the solid
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 1.0768. The
next downside price breakout objective for the bears is
closing prices below solid technical support at 1.0400.
First resistance is seen at today’s high of 1.0669 and then
at 1.0700. First support is seen at 1.0600 and then at
today’s low of 1.0538. Wyckoff's Market Rating: 2.5.

The March Australian dollar closed up 52 points at 1.0352
today. Prices closed near the session high today and closed
at a fresh 2.5-month high close. Bulls have the near-term
technical advantage. Prices are in a seven-week-old uptrend
on the daily bar chart. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
the October high of 1.0569. The next downside breakout
objective for the bears is to produce a close below solid
technical support at the January low of 1.0065. First
resistance is seen at this week’s high of 1.0378 and then
at 1.0400. Next support is seen at today’s low of 1.0287
and then at 1.0200. Wyckoff's Market Rating: 6.5

The March Canadian dollar closed up 39 points at .9870
today. Prices closed near the session high today. Bulls
have the near-term technical advantage. A five-week-old
uptrend line is in place on the daily bar chart. Bulls'
next upside price breakout objective is producing a close
above chart resistance at the December high of .9923. The
next downside price breakout objective for the bears is
closing prices below solid technical support at the January
low of .9675. First resistance is seen at this week’s high
of .9876 and then at the January high of .9908. First
support is seen at today’s low of .9811 and then at this
week’s low of .9738. Wyckoff's Market Rating: 6.0.

The March British pound closed up 111 points at 1.5429
today. Prices closed near the session high today and saw
short covering in a bear market. Bears still have the solid
overall near-term technical advantage. Prices are in an 11-
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 last week’s high of
1.5492. Bears' next downside technical breakout objective
is closing prices below solid support at the contract low
of 1.5222. First resistance is seen at 1.5492 and then at
1.5550. First support is seen at today’s low of 1.5319 and
then at thi week’s low of 1.5273. Wyckoff's Market Rating:
2.0.

The March U.S. dollar index closed down 66 points at 80.76
today. Prices closed near the session low today and saw
more profit taking from recent gains. Bulls still have the
solid overall near-term technical advantage. There are
still no early clues of a market top being close at hand.
Bulls' next upside price breakout objective is to close
prices above solid technical resistance at 82.50. The next
downside price breakout objective for the bears is to
produce a close below solid technical support at 79.55.
Next resistance lies at 81.00 and then at today’s high of
81.37. First support is seen at 80.50 and then at 80.00.
Wyckoff's Market Rating: 7.0.

March U.S. T-Bonds closed down 29/32 at 144 8/32 today.
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. Profit taking
was featured. The bond market bulls still have the solid
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
141 10/32 even. The next upside technical objective for the
bulls is to produce a close above solid technical
resistance at the December high of 146 11/32. First
resistance is seen at 145 even and then at today’s high of
145 13/32. First support is seen at today’s low of 144 2/32
and then at today’s low of 143 15/32. Wyckoff's Market
Rating: 7.0.

March U.S. T Notes closed down 10.0 (32nds) at 131.09.0
today. Prices closed nearer the session low today and saw
profit taking. Bulls still have the solid overall near-term
technical advantage. Prices Friday hit a fresh contract
high. The next upside price breakout objective for the
bulls is closing prices above solid resistance at 132.00.0.
The next downside price breakout objective for the bears is
producing a close below solid technical support at the
January low of 130.03.0. First resistance is seen at
Friday’s contract high of 131.23.5 and then at 132.00.0.
First support is seen at this week’s low of 131.05.5 and
then at 131.00.0. Wyckoff's Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher again today and again set multi-month highs. The
stock index bulls have good upside technical momentum on
their side.

The Nasdaq stock futures index closed up 29.50 at 2,419.00
today. Prices closed near the session high and hit a fresh
nearly six-month high today. Bulls' next upside price
breakout objective is closing prices above solid resistance
at the July high of 2,434.50. The bears' next downside
price breakout objective is closing prices below solid
technical support at 2,300.00. First resistance is seen at
today’s high of 2,423.00 and then at 2,434.50. First
support is seen at 2,400.00 and then at today’s low of
2,387.75. Wyckoff's Market Rating: 7.0

The S&P 500 futures index closed up 13.00 points at
1,302.30 today. Prices hit a fresh 5.5-month high again
today and closed near the session high. Bulls' next upside
price breakout objective is closing prices above solid
resistance at the July high of 1,354.50. The next downside
price breakout objective for the bears is closing prices
below solid support at 1,225.00. First resistance is seen
at today’s high of 1,304.20 and then at 1,315.00. First
support is seen at today’s low of 1,286.70 and then at last
week’s low of 1,267.80. Wyckoff's Market Rating: 7.0.

The Dow futures closed up 100 points at 12,520 today.
Prices closed near the session high and hit another fresh
5.5-month high. The next upside price objective for the
bulls is closing prices above solid technical resistance at
the July high of 12,700. The next downside price objective
for the bears is closing prices below solid technical
support at the December low of 11,665. First resistance in
the Dow lies at today’s high of 12,520 and then at 12,600.
First support is seen at 12,500 and then at 12,450.
Wyckoff's Market Rating: 7.0.

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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