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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 31

Feb 01, 2012

Tuesday 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.

*. LIVESTOCK: April live cattle closed up $0.80 at $128.55
today. Prices closed nearer the session high today. Cattle
futures bulls have the overall near-term technical
advantage. Prices are in a seven-week-old uptrend on the
daily bar chart. The bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at the contract high of $129.70. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
$126.50. First resistance is seen at today’s high of
$128.90 and then at last week’s high of $129.45. First
support is seen at today’s low of $127.90 and then at this
week’s low of $127.22. Wyckoff's Market Rating: 7.0

March feeder cattle closed up $1.17 at $155.52 today.
Prices closed near the session high, hit a fresh contract
high and closed at a bullish monthly high close today.
Feeder bulls have the solid overall 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 $157.50. The next downside
price breakout objective for the bears is to push and close
prices below solid technical support at $152.50. First
resistance is seen at today’s contract high of $155.55 and
then at $156.00. First support is seen at $155.00 and then
at today’s low of $154.55. Wyckoff's Market Rating: 8.5

April lean hogs closed up $1.60 at $88.75 today. Prices
closed nearer the session high today and saw short covering
and bargain-hunting buying interest. Hog bears still have
the overall near-term technical advantage. The next upside
price breakout objective for the bulls is to push and close
prices above solid chart resistance at last week’s high of
$89.22. 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 $88.90 and then at $89.22. First support is
seen at $88.00 and then at $87.50. Wyckoff's Market Rating:
3.5

*. GRAINS: March corn futures closed up 7 3/4 cents at
$6.39 1/2 today. Prices closed nearer the session high
today. Corn bulls and bears are back on a level near-term
technical playing field. A bullish pennant pattern has
formed on the daily bar chart. Corn bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at $6.50. The next downside
price breakout objective for the bears is pushing and
closing prices below psychological support at $6.00. First
resistance for March corn is seen at today’s high of $6.42
and then at last week’s high of $6.45 3/4. First support is
seen at $6.35 and then at today’s low of $6.31. Wyckoff's
Market Rating: 5.0

March soybeans closed up 15 1/4 cents at $12.00 1/2 a
bushel today. Prices closed near the session high today on
a corrective bounce from solid losses Monday. Soybean bears
still have the 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 last week’s high of $12.31 a
bushel. The next downside price breakout objective for the
bears is pushing and closing prices below technical support
at the January low of $11.50. First resistance is seen at
$12.10 and then at this week’s high of $12.18 1/2. First
support is seen at today’s low of $11.84 1/4 and then at
$11.75. Wyckoff's Market Rating: 4.5.

March soybean meal closed up $6.10 at $318.80 today. Prices
closed near the session high today on a corrective bounce
from Monday’s solid losses. 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 last week’s high of
$327.30. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at the October low of $307.00. First resistance
comes in at $320.00 and then at this week’s high of
$321.70. First support is seen at $315.00 and then at this
week’s low of $313.50. Wyckoff's Market Rating: 5.0

March bean oil closed up 45 points at 50.70 cents today.
Prices closed nearer the session high today and saw short
covering in a bear market. Bean oil bears still 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 52.00 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 today’s high of 50.81 cents and then
at 51.00 cents. First support is seen at 50.50 cents and
then at this week’s low of 50.25 cents. Wyckoff's Market
Rating: 3.5

March Chicago SRW wheat closed up 21 1/2 cents at $6.66 1/4
today. Prices closed near the session high today, hit a
fresh four-week high and closed at a bullish monthly high
close today. Talk of Russia imposing duties on its wheat
exports boosted the wheat market today. Bulls gained fresh
upside near-term technical momentum today. Wheat bulls and
bears are back on a level near-term technical playing
field. Bulls' next upside price breakout objective is to
push and close Chicago SRW prices above solid technical
resistance at the January high of $6.70 3/4 a bushel. The
next downside price breakout objective for the wheat
futures bears is pushing and closing prices below solid
technical support at this week’s low of $6.35 1/4. First
resistance is seen at today’s high of $6.67 1/2 and then at
$6.70 3/4. First support lies at $6.58 1/4 and then at
$6.50. Wyckoff's Market Rating: 5.0.

March K.C. HRW wheat closed up 18 cents at $7.15 1/2 today.
Prices closed nearer the session high today, hit a fresh
four-week high and closed at a bullish monthly high close.
Bulls and bears are back on a level near-term technical
playing field. Bulls' next upside price breakout objective
is pushing and closing prices above solid technical
resistance at the January high of $7.31 1/2. The bears'
next downside breakout objective is pushing and closing
prices below solid technical support at $6.80. First
resistance is seen at today’s high of $7.17 and then at
$7.25. First support is seen at today’s low of $7.08 1/2
and then at $7.00. Wyckoff's Market Rating: 5.0

March oats closed up 6 1/2 cents at $2.98 1/2 today. Prices
closed near the session high today and saw short covering
in a bear market. Oats bears still have the overall near-
term technical advantage. Bears' next downside price
breakout objective is pushing and closing prices below
solid technical support at the contract low of $2.78 1/2.
Bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at last
week’s high of $3.06 1/2. First support lies at $2.95 and
then at today’s low of $2.90 1/4. First resistance is seen
at $3.00 and then at $3.02. Wyckoff's Market Rating: 3.0

*. SOFTS: March sugar closed down 7 points at 23.78 cents
today. Prices closed nearer the session low today and hit a
fresh two-week low. Bulls have faded recently and bears
have the near-term technical advantage. Sugar bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at last week’s high of
25.21 cents. Bears' next downside price breakout objective
is to push and close prices below solid technical support
at 23.52 cents. First resistance is seen at 24.00 cents and
then at today’s high of 24.21 cents. First support is seen
at today’s low of 23.61 cents and then at 23.50 cents.
Wyckoff's Market Rating: 4.0

March coffee closed down 205 points at 214.55 cents. Prices
closed nearer the session low today, hit a fresh five-week
low, scored a bearish “outside day” down on the daily bar
chart and closed at a bearish monthly low close today.
Coffee bears have the solid overall near-term technical
advantage and gained more power today. The coffee bulls'
next upside breakout objective is to close prices above
solid technical resistance at 222.50 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the December low of
212.35 cents a pound. First resistance is seen at 217.50
cents and then at today’s high of 219.65 cents. First
support is seen at today’s low of 213.10 cents and then at
212.35 cents. Wyckoff's Market Rating: 1.5

March cocoa closed up $27 at $2,307 a ton. Prices closed
near mid-range today, on short covering. Bulls have faded.
Cocoa bears have the slight overall near-term technical
advantage. A bullish double-bottom reversal pattern has
formed on the daily bar chart, but the bulls need to step
up and show more power soon. 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
$2,480. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $2,230. First resistance is seen at today’s high
of $2,340 and then at this week’s high of $2,359. First
support is seen at this week’s low of $2,274 and then at
$2,250. Wyckoff's Market Rating: 4.5.

March cotton closed down 90 points at 93.25 cents today.
Prices closed near the session low, hit a fresh four-week
low and closed at a bearish monthly low close today. Cotton
bulls are fading and the bears have gained fresh downside
near-term technical momentum. Bears mow have the slight
near-term technical advantage. The next upside price
objective for the bulls is to produce a close above solid
technical resistance at 98.00 cents. The next downside
price breakout objective for the cotton bears is to push
and close prices below solid technical support at 90.00
cents. First support is seen at 92.50 cents and then at
92.00 cents. First resistance is seen at 94.00 cents and
then at today’s high of 95.29 cents. Wyckoff's Market
Rating: 4.5

March orange juice closed up 15 points at $2.0995 today.
Prices closed near the session low today. Price action in
FCOJ recently has been extremely volatile. Look for the
higher volatility to continue in the near term. The next
upside price breakout objective for the FCOJ bulls is
pushing and closing prices above technical resistance at
the recent all-time high of $2.2695. The next downside
technical breakout objective for the FCOJ bears is to
produce a close below psychological support at $2.0000.
First resistance is seen at today’s high of $2.1320 and
then at this week’s high of $2.1625. First support is seen
at this week’s low of $2.0820 and then at $2.0775.
Wyckoff's Market Rating: 8.0.

March lumber futures closed up the $10.00 limit at $248.20
today. Prices saw short covering in a bear market. Prices
last week hit a contract low. The lumber bears still have
the overall near-term technical advantage. However, a steep
three-week-old downtrend on the daily bar chart was negated
today. The next downside technical breakout objective for
the lumber bears is pushing and closing prices below solid
technical support at the contract low of $234.80. The next
upside price breakout objective for the bulls is pushing
and closing prices above solid technical resistance at
$255.00. First resistance is seen at $250.00 and then at
$252.50. First support is seen at $245.00 and then at
today’s low of $243.10. Wyckoff's Market Rating: 3.0

*. METALS: April gold futures closed up $4.00 an ounce at
$1,783.30 today. Prices closed near mid-range today, hit a
fresh seven-week high and closed at a bullish monthly high
close. Gold bulls still have the solid overall near-term
technical advantage and still have upside near-term
technical momentum. A steep four-week-old uptrend is in
place on the daily bar chart. Bulls' next upside technical
breakout objective is to produce a close above solid
technical resistance at the December high of $1,769.70.
Bears' next near-term downside price objective is closing
prices below chart trend-line support at $1,680.00. First
resistance is seen at today’s high of $1,750.60 and then at
$1,760.00. First support is seen at today’s low of
$1,727.00 and then at this week’s low of $1,718.80.
Wyckoff's Market Rating: 7.5.

March silver futures closed down $0.317 an ounce at $33.21
today. Prices closed nearer the session low today and
scored another bearish “outside day” down on the daily bar
chart after scoring a fresh 10-week high early on. Profit
taking was featured and no significant chart damage
occurred. Silver bulls still have the overall near-term
technical advantage. A four-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 the October high of $35.68 an ounce. The next
downside price breakout objective for the bears is closing
prices below solid technical support at last week’s low of
$31.525. First resistance is seen at $33.50 and then at
$34.00. Next support is seen at today’s low of $32.93 and
then at $32.50. Wyckoff's Market Rating: 6.0.

March N.Y. copper closed down 345 points 370.20 cents
today. Prices closed nearer the session low and saw more
profit-taking pressure after hitting a 4.5-month high on
Friday. Copper bulls still have the near-term technical
advantage. Prices are in a six-week-old uptrend on the
daily bar chart. Copper bulls' next upside breakout
objective is pushing and closing prices above major
psychological resistance at 400.00 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 367.50 cents. First
resistance is seen at 385.00 cents and then at 390.00
cents. First support is seen at today’s low of 376.50 cents
and then at 375.00 cents. Wyckoff's Market Rating: 6.5.

*. ENERGIES: March crude oil closed down $0.42 a barrel at
$98.35 today. Prices closed nearer the session low today
and scored a bearish “outside day” down on the daily bar
chart. Prices were pressured by a firmer U.S. dollar index
today. 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 the January high of $103.90 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 $100.00 and then at
last week’s high of $101.39 and then at $102.00. First
support is seen at last week’s low of $97.40 and then at
$97.00. Wyckoff's Market Rating: 6.5.

March heating oil closed up 127 points at $3.0505 today.
Prices closed nearer the session low today. Bulls still
have the overall near-term technical advantage. The bulls'
next upside price breakout objective is closing prices
above solid technical resistance at the January high of
$3.1286. Bears' next downside price breakout objective is
producing a close below solid technical support at $2.9500.
First resistance lies at today’s high of $3.0900 and then
at $3.1000. First support is seen at this week’s low of
$3.0288 and then at $3.0000. Wyckoff's Market Rating: 6.5.

March (RBOB) unleaded gasoline closed up 184 points at
$2.8911 today. Prices closed near mid-range today. Prices
last Friday hit a fresh nine-month high. Bulls have the
solid overall near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above major psychological resistance at $3.0000.
Bears' next downside price breakout objective is closing
prices below solid support at last week’s low of $2.7789.
First resistance is seen at today’s high of $2.9106 and
then at this week’s high of $2.9280. First support is seen
at today’s low of $2.8750 and then at $2.8500. Wyckoff's
Market Rating: 7.5.

March natural gas closed down 20.9 cents at $2.504 today.
Prices closed nearer the session low today. Bulls faded
today. Bears have the overall near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above major psychological
resistance at $3.00. The next downside price breakout
objective for the bears is closing prices below solid
technical support at this month’s contract low of $2.289.
First resistance is seen at $2.60 and then at today’s high
of $2.689. First support is seen at today’s low of $2.48
and then at $2.40. Wyckoff's Market Rating: 1.5.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 42 points at 1.3084 today. Prices closed nearer
the session low again today. Bears have the overall near-
term technical advantage. Euro bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at 1.3400. The next downside
price breakout objective for the bears is closing prices
below solid chart support at 1.2800. First resistance for
the Euro lies at 1.3150 and then at 1.3200. Next support is
seen at today’s low of 1.3043 and then at 1.3000. Wyckoff's
Market Rating: 3.0

The March Japanese yen closed up 18 points at 1.3132 today.
Prices closed nearer the session high today, hit a fresh
three-month high and closed at a bullish monthly high
close. Bulls solid upside technical momentum and have the
overall near-term technical advantage. Bulls' next upside
price breakout objective is closing prices above solid
resistance at the October spike high of 1.3279. Bears' next
downside breakout objective is closing prices below solid
technical support at last week’s low of 1.2779. First
resistance is seen at today’s high of 1.3140 and then at
1.3161. First support is seen at today’s low of 1.3092 and
then at 1.3075. Wyckoff's Market Rating: 7.0.

The March Swiss franc closed down 20 points at 1.0877
today. Prices closed nearer the session low again today and
saw more profit taking from recent gains. Prices Friday hit
a fresh two-month high. Bears have the overall near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 1.1000. The next downside price breakout
objective for the bears is closing prices below solid
technical support at 1.0650. First resistance is seen at
last week’s high of 1.0979 and then at 1.1000. First
support is seen at today’s low of 1.0845 and then at
1.0800. Wyckoff's Market Rating: 3.0.

The March Australian dollar closed up 20 points at 1.0559
today. Prices closed nearer the session low today and did
hit a fresh six-month high early on. Bulls have the solid
near-term technical advantage. Prices are in a two-month-
old uptrend on the daily bar chart. Bulls' next upside
price breakout objective is closing prices above solid
chart resistance at the July 2011 high of 1.0696. The next
downside breakout objective for the bears is to produce a
close below solid technical support at 1.0250. First
resistance is seen at today’s high of 1.0629 and then at
1.0696. Next support is seen at 1.0500 and then at this
week’s low of 1.0469. Wyckoff's Market Rating: 7.5

The March Canadian dollar closed up 6 points at .9967
today. Prices closed near mid-range today and did hit a
fresh three-month high early on. Bulls still have the near-
term technical advantage and have some upside momentum. A
six-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 October
high of 1.0075. The next downside price breakout objective
for the bears is closing prices below solid technical
support at .9800. First resistance is seen at 1.0000 and
then at today’s high of 1.0024. First support is seen at
this week’s low of .9919 and then at .9900. Wyckoff's
Market Rating: 6.5.

The March British pound closed up 61 points at 1.5753
today. Prices closed near mid-range today, hit a fresh 2.5-
month high and closed at a bullish monthly high close. The
bulls have gained upside momentum recently and are now on w
level technical playing field with the bears. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at the October high
of 1.6120. Bears' next downside technical breakout
objective is closing prices below solid support at 1.5500.
First resistance is seen at today’s high of 1.5794 and then
at 1.5900. First support is seen at today’s low of 1.5691
and then at this week’s low of 1.5647. Wyckoff's Market
Rating: 5.0.

The March U.S. dollar index closed up 8 points at 79.38
today. Prices closed nearer the session high today on a
short-covering bounce after prices hit a seven-week low
early on. Bulls have the overall near-term technical
advantage but have faded badly recently and need to show
more power this week. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at 81.00. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at 78.00. Next resistance lies at today’s
high of 79.63 and then at 80.00. First support is seen at
today’s low of 78.85 and then at 78.50. Wyckoff's Market
Rating: 6.0.

March U.S. T-Bonds closed up 22/32 at 145 10/32 today.
Prices closed nearer the session high today, hit a fresh
six-week high and closed at a bullish monthly high close.
The bond market bulls have the solid overall near-term
technical advantage and have regained upside momentum
recently. 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 December high of 146 11/32. First
resistance is seen at today’s high of 145 15/32 and then at
146 even. First support is seen at 144 16/32 and then at
144 even. Wyckoff's Market Rating: 8.0.

March U.S. T Notes closed up 6.5 (32nds) at 132.07.5 today.
Prices closed nearer the session high, hit a fresh contract
and all-time high and closed at a bullish monthly high
close today. Bulls have the solid overall near-term
technical advantage and have good upside momentum. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at 133.00.0. The next
downside price breakout objective for the bears is
producing a close below solid technical support at
130.24.0. First resistance is seen at today’s contract high
of 132.09.5 and then at 132.16.0. First support is seen at
today’s low of 131.22.0 and then at 131.16.0. Wyckoff's
Market Rating: 9.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
narrowly mixed today. The stock index bulls still have some
upside near-term technical momentum on their side. The next
potentially big market-moving data will be Friday’s U.S.
jobs report. Trading may be more subdued leading up to the
Friday morning data.

The Nasdaq stock futures index closed down 6.00 at
2,456.00. Prices closed near mid-range today and did poke
to a fresh 11-year high early on. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 2,500.00. The bears' next downside price breakout
objective is closing prices below solid technical support
at 2,348.50. First resistance is seen at today’s high of
2,478.50 and then at 2,500.00. First support is seen at
today’s low of 2,448.75 and then at this week’s low of
2,429.25. Wyckoff's Market Rating: 8.0

The S&P 500 futures index closed down 1.40 points at
1,307.50. Prices closed near mid-range today. 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 1,250.00. First resistance is
seen at today’s high of 1,317.50 and then at last week’s
high of 1,329.50. First support is seen at 1,300.00 and
then at this week’s low of 1,296.00. Wyckoff's Market
Rating: 7.5.

The Dow futures closed down 17 points at 12,585 today.
Prices closed near mid-range today. The next upside price
objective for the bulls is closing prices above solid
technical resistance at the May 2011 high of 12,827. The
next downside price objective for the bears is closing
prices below solid technical support at the January low of
12,250. First resistance in the Dow lies at 12,600 and then
at today’s high of 12,664. First support is seen at today’s
low of 12,523 and then at this week’s low of 12,475.
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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