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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--June 12

Jun 13, 2012

Tuesday Evening, June 12-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: August live cattle closed steady at $120.30
today in quieter trading. Prices closed nearer the session
low again today. Bulls still have the slight near-term
technical advantage. The bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at the May high of $122.40. The next downside
technical breakout objective for the bears is pushing and
closing prices below solid technical support at $117.80.
First resistance is seen at today’s high of $120.80 and
then at this week’s high of $121.20. First support is seen
at $120.00 and then at $119.50. Wyckoff's Market Rating:
5.5

August feeder cattle closed up $0.90 at $161.15 today.
Prices closed near mid-range today and hit a fresh three-
month high. Bulls have the overall near-term technical
advantage and have some fresh near-term momentum on their
side. The next upside price breakout objective for the
feeder bulls is to push and close prices above solid
technical resistance at the contract high of $164.40. The
next downside price breakout objective for the bears is to
push and close prices below solid technical support at
$159.00. First resistance is seen at today’s high of
$161.50 and then at $162.00. First support is seen at
today’s low of $160.70 and then at $160.27. Wyckoff's
Market Rating: 7.0

August lean hogs closed down $0.95 at $91.75 today. Prices
closed near mid-range today and saw a profit-taking,
corrective pullback from recent gains. No chart damage
occurred. Prices Monday hit a two-month high. Hog market
bulls still have the 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
the April high of $95.15. The next downside price breakout
objective for the bears is pushing prices below solid
technical support at $90.00. First resistance is seen at
$92.00 and then at $92.50. First support is seen at today’s
low of $91.05 and then at $90.60. Wyckoff's Market Rating:
5.5

*. GRAINS: July corn futures closed down 9 cents at $5.83
today. Prices closed nearer the session low today on a
bearish USDA supply and demand report issued this morning.
Focus will quickly shift back to the latest Corn Belt
weather forecasts, however. Corn market bears have the
overall near-term technical advantage. Corn bulls' next
upside price breakout objective is to push and close prices
above psychological resistance at $6.00. The next downside
price breakout objective for the bears is pushing and
closing prices below solid technical support at the June
low of $5.51. First resistance for July corn is seen at
$5.90 and then at $5.95. First support is seen at today’s
low of $5.75 1/2 and then at $5.72 1/4. Wyckoff's Market
Rating: 3.0

July soybeans closed up 11 cents at $14.35 3/4 a bushel
today. Prices closed near mid-range today and hit a fresh
four-week high early on. Tuesday morning’s USDA supply and
demand report was bullish. Bean bulls 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 $14.60 a bushel. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $13.50. First resistance is seen
at today’s high of $14.49 1/4 and then at $14.60. First
support is seen at today’s low of $14.16 1/4 and then at
$14.08 1/4. Wyckoff's Market Rating: 6.5.

July soybean meal closed up $4.20 at $432.20 today. Prices
closed near mid-range today and hit a fresh contract high.
Meal bulls have the solid near-term technical advantage and
gained more upside momentum today. 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
$415.00. First resistance comes in at the May high of
$437.60 and then at today’s contract high of $439.90. First
support is seen at today’s low of $426.10 and then at
Monday’s low of $424.40. Wyckoff's Market Rating: 8.0

July bean oil closed up 3 points at 49.77 cents today.
Prices closed near mid-range today and saw more tepid 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
51.28 cents. Bean oil bears' next downside technical price
breakout objective is pushing and closing prices below
solid technical support at the June week’s low of 47.81
cents. First resistance is seen at 50.00 cents and then at
today’s high of 50.15 cents. First support is seen at
today’s low of 49.38 cents and then at 49.00 cents.
Wyckoff's Market Rating: 2.5

July Chicago SRW wheat closed down 12 1/4 cents at $6.18
1/4 today. Prices closed nearer the session low today.
Traders deemed Tuesday morning USDA supply and demand
report as neutral, but the weaker corn market weighed on
wheat prices today. Wheat bears have the solid overall
near-term technical advantage. Bulls’ next upside breakout
objective is to push and close Chicago SRW prices above
solid technical resistance at last week’s high of $6.44 3/4
a bushel. The next downside price breakout objective for
the wheat futures bears is pushing and closing prices below
psychological support at $6.00. First resistance is seen at
$6.25 and then at $6.30. First support lies at the June low
of $6.11 and then at $6.00. Wyckoff's Market Rating: 2.5.

July K.C. HRW wheat closed down 12 1/4 cents at $6.40 3/4
today. Prices closed near the session low again today.
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 $6.70.
The bears' next downside breakout objective is pushing and
closing prices below solid technical support at the June
low of $6.37. First resistance is seen at $6.50 and then at
today’s high of $6.62. First support is seen at $6.37 and
then at $6.32. Wyckoff's Market Rating: 2.5

July oats closed down 1 cent at $2.94 1/4 today. Prices
closed nearer the session low today. Bears have the overall
near-term technical advantage. Bears' next downside price
breakout objective is pushing and closing prices below
solid technical support at $2.80. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at this week’s high of $3.10
1/4. First support lies at today’s low of $2.90 3/4 and
then at $2.85. First resistance is seen at $3.00 and then
at $3.05. Wyckoff's Market Rating: 3.5

*. SOFTS: July sugar closed down 16 points at 20.31 cents
today. Prices closed near mid-range today and hit another
fresh four-week high early on. Sugar bears still have the
overall near-term technical advantage. Bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at 21.00 cents. Bears' next
downside price breakout objective is to push and close
prices below solid technical support at the June low of
18.86 cents. First resistance is seen at today’s high of
20.62 cents and then at 20.93 cents. First support is seen
at today’s low of 20.14 cents and then at this week’s low
of 20.00 cents. Wyckoff's Market Rating: 2.5.

July coffee closed down 65 points at 154.45 cents. Prices
closed near mid-range today and hit another fresh 21-month
low. Coffee prices are in an 8.5-month-old downtrend on the
daily bar chart. The bears have the solid overall near-term
technical advantage. The coffee bulls' next upside breakout
objective is to close prices above solid technical
resistance at 170.00 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 150.00 cents a pound. First
resistance is seen at 156.50 cents and then at 158.00
cents. First support is seen at today’s low of 153.30 cents
and then at 152.50 cents. Wyckoff's Market Rating: 1.0

July cocoa closed up $63 at $2,260 a ton. Prices closed
nearer the session high and hit a fresh three-week high
today. Short covering was featured. 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 $2,300.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
the June low of $2,026. First resistance is seen at today’s
high of $2,282 and then at $2,300. First support is seen at
$2,225 and then at $2,200. Wyckoff's Market Rating: 3.5

July cotton closed up 48 points at 75.57 cents today.
Prices closed nearer the session high today and hit a fresh
three-week high. More short covering and bargain hunting in
a bear market were seen. Prices are still in a four-month-
old downtrend on the daily bar chart. The next upside price
breakout objective for the bulls is to produce a close
above solid technical resistance at 78.00 cents. The next
downside price breakout objective for the cotton bears is
to push and close prices below solid technical support at
the June low of 66.10 cents. First resistance is seen at
today’s high of 76.42 cents and then at 77.50 cents. First
support is seen at today’s low of 74.09 cents and then at
73.00 cents. Wyckoff's Market Rating: 3.0

July orange juice closed down 205 points at $1.1100 today.
Prices closed near mid-range today. A mildly bearish USDA
report helped to pressure FCOJ. FCOJ bears have the solid
overall near-term technical advantage. The next upside
price breakout objective for the FCOJ bulls is pushing and
closing prices above technical resistance at $1.2000. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at the May low of $.9710. First resistance is seen at
today’s high of $1.1350 and then at $1.1500. First support
is seen at $1.1000 and then at today’s low of $1.0825.
Wyckoff's Market Rating: 2.0.

July lumber futures closed down $3.00 at $283.10 today.
Prices closed nearer the session high today. Bulls and
bears are on a level near-term technical playing field amid
choppy trading. The next downside technical breakout
objective for the lumber bears is pushing and closing
prices below solid technical support at the May low of
$276.00. The next upside price breakout objective for the
bulls is pushing and closing prices above solid technical
resistance at the February high of $294.00. First
resistance is seen at $285.00 and then at $288.00. First
support is seen at $282.00 and then at today’s low of
$280.50. Wyckoff's Market Rating: 5.0

*. METALS: August gold futures closed up $17.00 an ounce at
$1,614.00 today. Prices closed nearer the session high
today and saw short covering, bargain hunting and fresh
safe-haven demand. Gold market bulls and bears are back on
a level near-term technical playing field amid choppy
trading. The gold bulls’ next upside price breakout
objective is to produce a close above solid technical
resistance at the June high of $1,642.40. Bears' next near-
term downside price objective is closing prices below solid
technical support at last week’s low of $1,556.40. First
resistance is seen at today’s high of $1,618.90 and then at
$1,625.00. First support is seen at $1,600.00 and then at
today’s low of $1,586.40. Wyckoff’s Market Rating: 5.0

July silver futures closed up $0.274 an ounce at $28.89
today. Prices closed nearer the session high today. Bears
have the slight overall near-term technical advantage.
Bulls’ next upside price breakout objective is closing
prices above major psychological resistance at $30.00 an
ounce. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the June low of $27.17. First resistance is seen at today’s
high of $29.05 and then at $29.50. Next support is seen at
today’s low of $28.315 and then at $28.00. Wyckoff's Market
Rating: 4.5.

July N.Y. copper closed down 70 points 333.60 cents today.
Prices closed near mid-range today. Copper bears still have
the overall near-term technical advantage. Prices are in a
10-week-old downtrend on the daily bar chart. Copper bulls'
next upside breakout objective is pushing and closing
prices above solid technical resistance at 345.00 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support at the
contract low of 308.00 cents. First resistance is seen at
today’s high of 335.85 cents and then at this week’s high
of 340.00 cents. First support is seen at 330.00 cents and
then at 326.35 cents. Wyckoff's Market Rating: 3.0.

*. ENERGIES: July crude oil closed up $0.65 a barrel at
$83.35 today. Prices closed near the session high today and
saw short covering in a bear market after hitting a fresh
eight-month low early on. The crude bears still have the
solid overall near-term technical advantage. There are
still no early technical clues to suggest a market bottom
is close at hand. The next near-term upside price breakout
objective for the crude oil bulls is producing a close
above solid technical resistance at $87.00 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 $80.00. First resistance is seen at $84.00 and
then at $85.00. First support is seen at $82.50 and then at
$82.00. Wyckoff's Market Rating: 1.5

July heating oil closed down 109 points at $2.6248 today.
Prices closed near mid-range today. Bears have the solid
overall near-term technical advantage as prices are in a
2.5-month-old downtrend on the daily bar chart. The bulls'
next upside price breakout objective is closing prices
above solid technical resistance at $2.8000. Bears' next
downside price breakout objective is producing a close
below solid technical support at $2.5000. First resistance
lies at today’s high of $2.6534 and then at $2.6750. First
support is seen at $2.6000 and then at the June low of
$2.5641. Wyckoff's Market Rating: 1.5.

July (RBOB) unleaded gasoline closed down 45 points at
$2.6510 today. Prices closed near mid-range. Bears have the
solid near-term technical advantage. A 10-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 $2.8000. Bears'
next downside price breakout objective is closing prices
below solid support at $2.5000. First resistance is seen at
today’s high of $2.6685 and then at $2.7000. First support
is seen at today’s low of $2.6311 and then at the June low
of $2.5971. Wyckoff's Market Rating: 1.5.

July natural gas closed up 1.9 cents at $2.237 today.
Prices closed nearer the session high and hit another fresh
six-week low early on today. Bears 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 $2.50. The next downside
price breakout objective for the bears is closing prices
below solid technical support at the April low of $2.096.
First resistance is seen at this week’s high of $2.285 and
then at $2.35. First support is seen at today’s low of
$2.173 and then at $2.15. Wyckoff's Market Rating: 2.0.

*.STOCKS, FINANCIALS, CURRENCIES: The September Euro
currency closed down 2 points at 1.2507 today. Prices
closed nearer the session high today. The Euro bears still
have the overall near-term technical advantage. Euro prices
are still in a 3.5-month-old downtrend on the daily bar
chart. Euro bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at 1.2838. The next downside price breakout objective for
the bears is closing prices below solid chart support at
1.2250. First resistance for the Euro lies at 1.2550 and
then at 1.2600. Next support is seen at today’s low of
1.2455 and then at 1.2400. Wyckoff's Market Rating: 2.5

The September Japanese yen closed down 1 point at 1.2599
today. Prices closed near mid-range today. Bulls still have
the overall near-term technical advantage, but have faded a
bit recently. Prices are still in a three-month-old uptrend
on the daily bar chart, but now just barely. Bulls' next
upside price breakout objective is closing prices above
solid resistance at the June high of 1.2895. Bears' next
downside breakout objective is closing prices below solid
technical support at 1.2435. First resistance is seen at
today’s high of 1.2646 and then at 1.2700. First support is
seen at last week’s low of 1.2547 and then at 1.2500.
Wyckoff's Market Rating: 5.5.

The September Swiss franc closed down 1 point at 1.0431
today. Prices closed near mid-range today. The bears have
the solid near-term technical advantage in the Swissy.
Prices are in a three-month-old downtrend. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at 1.0684. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the June low of 1.0280. First
resistance is seen at today’s high of 1.0457 and then at
1.0500. First support is seen at today’s low of 1.0390 and
then at 1.0350. Wyckoff's Market Rating: 2.0.

The September Australian dollar closed up 38 points at
.9844 today. Prices closed near the session high today and
saw short covering. Bears still have the overall near-term
technical advantage. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
1.0000. The next downside breakout objective for the bears
is to produce a close below solid technical support at the
June low of .9499. First resistance is seen at this week’s
high of .9918 and then at 1.0000. Next support is seen at
today’s low of .9766 and then at .9739. Wyckoff's Market
Rating: 4.0

The September Canadian dollar closed up 33 points at .9716
today. Prices closed nearer the session high today and saw
short covering. Bears still have the overall near-term
technical advantage. Bulls' next upside price breakout
objective is producing a close above chart resistance at
.9800. The next downside price breakout objective for the
bears is closing prices below solid technical support at
.9500. First resistance is seen at today’s high of .9729
and then at this week’s high of .9783. First support is
seen at today’s low of .9663 and then at .9600. Wyckoff's
Market Rating: 3.5.

The September British pound closed up 72 points at 1.5563
today. Prices closed nearer the session high today and
scored a bullish “outside day” up on the daily bar chart.
More short covering was seen today. Bears still have the
overall near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at 1.5700. Bears' next
downside technical breakout objective is closing prices
below solid support at the June low of 1.5266. First
resistance is seen at last week’s high of 1.5593 and then
at 1.5650. First support is seen at 1.5500 and then at
today’s low of 1.5448. Wyckoff's Market Rating: 3.5.

The September U.S. dollar index closed down 6 points at
82.90 today. Prices closed nearer the session low today.
Bulls still have the overall near-term technical advantage.
Bulls' next upside price breakout objective is to close
prices above solid technical resistance at the June high of
84.00. The next downside price breakout objective for the
bears is to produce a close below solid technical support
at 81.50. Next resistance lies at today’s high of 83.19 and
then at 83.45. First support is seen at 82.50 and then at
this week’s low of 82.10. Wyckoff's Market Rating: 7.0.

September U.S. T-Bonds closed down 1 2/32 at 148 8/32
today. Prices closed near the session low today on profit
taking. Bulls still have the overall near-term technical
advantage. Prices are still in an 11-week-old uptrend on
the daily bar chart. There are still no early technical
clues to suggest a market top is close at hand. The next
downside price breakout objective for the T-Bond bears is
closing prices below solid technical support at 146 even.
The next upside technical objective for the bulls is to
produce a close above solid technical resistance at the
contract high of 152 19/32. First resistance is seen at 149
even and then at today’s high of 149 24/32. First support
is seen at 148 even and then at 147 16/32. Wyckoff's Market
Rating: 7.0.

September U.S. T Notes closed down 18.0 (32nds) at 133.07.0
today. Prices closed nearer the session low today on profit
taking. Bulls still have the solid overall near-term
technical advantage. Prices are in a three-month-old
uptrend on the daily bar chart. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at the contract high of 134.30.5. The next
downside price breakout objective for the bears is
producing a close below solid technical support at
132.16.0. First resistance is seen at 133.16.0 and then at
today’s high of 133.30.5. First support is seen at today’s
low of 133.05.0 and then at 133.00.0. Wyckoff's Market
Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today on short covering and bargain hunting. Trading
has been choppy recently. Today, traders were in a bit more
of a risk-on mood, as evidenced by firmer U.S. stock index
prices and weaker U.S. Treasury prices. However, as has
been the case for quite some time, concerns regarding the
European Union’s sovereign debt and financial crisis were
on the front burner of the market place. The weekend
announcement of Spain’s banking sector bailout is now seen
as questionable by the market place. Spanish and Italian
bond yields are on the rise, with both above the critical
6% level. Traders are also anxious ahead of Sunday’s Greek
elections.

The Nasdaq stock futures index closed up 35.75 at 2,545.75.
Prices closed near the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 2,650.00. The bears' next downside
price breakout objective is closing prices below solid
technical support at 2,400.00. First resistance is seen at
last week’s high of 2,564.75 and then at this week’s high
of 2,598.00. First support is seen at today’s low of
2,505.00 and then at 2,481.50. Wyckoff's Market Rating: 5.5

The S&P 500 futures index closed up 19.00 at 1,319.30.
Prices closed near the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1,360.00. The next downside price
breakout objective for the bears is closing prices below
solid support at 1,250.00. First resistance is seen at last
week’s high of 1,322.80 and then at 1,334.20. First support
is seen at 1,300.00 and then at 1,286.50. Wyckoff's Market
Rating: 5.5.

The Dow futures closed up 175 points at 12,485 today.
Prices closed near the session high today. The next upside
price objective for the bulls is closing prices above solid
technical resistance at 12,800. The next downside price
objective for the bears is closing prices below solid
technical support at 11,500. First resistance in the Dow
lies at today’s high of 12,510 and then at this week’s high
of 12,575. First support is seen at 12,450 and then at
12,400. Wyckoff's Market Rating: 5.5.

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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