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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 13

Jun 14, 2012

Wednesday Evening, June 13-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 down $2.32 at
$117.97 today. Prices gapped sharply lower on the daily bar
chart, hit a fresh two-week low and closed near the session
low. Near-term chart damage was inflicted today as the
bears have gained fresh downside near-term technical
momentum and now have the 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 $121.20. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
$117.00. First resistance is seen at $118.50 and then at
$119.00. First support is seen at today’s low of $117.85
and then at $117.50. Wyckoff's Market Rating: 4.0

August feeder cattle closed down $2.80 at $158.35 today.
Prices closed near the session low today on profit taking.
No significant chart damage occurred today but the bulls do
not want to see strong follow-through selling on Thursday
that could produce fresh chart damage. Prices Tuesday hit a
three-month high. Bulls still have the overall near-term
technical advantage. The next upside price breakout
objective for the feeder bulls is to push and close prices
above solid technical resistance at this week’s high of
$161.50. The next downside price breakout objective for the
bears is to push and close prices below solid technical
support at $156.00. First resistance is seen at $159.00 and
then at $159.50. First support is seen at today’s low of
$158.32 and then at $158.00. Wyckoff's Market Rating: 6.0

August lean hogs closed up $0.25 at $92.00 today. Prices
closed nearer the session high today. Prices Monday hit a
two-month high. Hog market bulls 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 today’s high of $92.30 and then
at this week’s high of $92.80. First support is seen at
$91.75 and then at this week’s low of $91.05. Wyckoff's
Market Rating: 6.0

*. GRAINS: July corn futures closed up 8 1/2 cents at $5.92
1/2 today. Prices closed nearer the session high today on a
short-covering bounce and some bargain hunting following
selling pressure Tuesday. Focus has shifted back to the
latest Corn Belt weather forecasts, which to have better
rain chances in the coming days. However, the overall
weather pattern in the Corn Belt remains tilted in favor of
the bulls. Corn market bears do still 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 $6.00 and
then at last week’s high of $6.05 1/2. First support is
seen at $5.85 and then at $5.80. Wyckoff's Market Rating:
3.5

July soybeans closed down 28 cents at $14.07 a bushel
today. Prices closed near the session low today on profit
taking and some better rainfall chances in the U.S. Corn
Belt in the coming days. Prices Tuesday hit a four-week
high. Bean bulls still 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 this week’s high
of $14.49 1/4 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 $14.15 and then at $14.25. First support is seen at
today’s low of $14.04 3/4 and then at $14.00. Wyckoff's
Market Rating: 6.0.

July soybean meal closed down $12.10 at $420.90 today.
Prices closed near the session low today and saw profit
taking after prices on Tuesday hit a contract high. Meal
bulls still have the solid near-term technical advantage.
The next upside price breakout objective for the bulls is
to produce a close above solid technical resistance at the
contract high of $439.90. 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 $425.00 and then at $427.50. First support is seen at
$420.00 and then at $417.50. Wyckoff's Market Rating: 7.5

July bean oil closed down 60 points at 49.12 cents today.
Prices closed near the session low today. Bean oil bears
have the solid 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 49.50 cents and
then at 50.00 cents. First support is seen at this week’s
low of 48.88 cents and then at 48.55 cents. Wyckoff's
Market Rating: 2.0

July Chicago SRW wheat closed down 1/2 cent at $6.15 1/2
today. Prices closed nearer the session low 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 today’s high of $6.23 3/4 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 1/4 cent at $6.40 1/2
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
$6.62. First support is seen at $6.37 and then at $6.32.
Wyckoff's Market Rating: 2.5

July oats closed up 12 cents at $3.07 3/4 today. Prices
closed nearer the session high today and closed at a fresh
three-week high close on short covering. Bears have the
slight overall near-term technical advantage but the bulls
are gaining some upside technical momentum. 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 $3.05 and then at
$3.00. First resistance is seen at $3.10 1/4 and then at
$3.15. Wyckoff's Market Rating: 4.5

*. SOFTS: July sugar closed down 36 points at 20.00 cents
today. Prices closed near mid-range today on a corrective
pullback from recent gains. Sugar bears 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 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
20.26 cents and then at 20.43 cents. First support is seen
at today’s low of 19.81 cents and then at 19.60 cents.
Wyckoff's Market Rating: 2.0.

July coffee closed down 200 points at 152.20 cents. Prices
closed near the session low 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 155.00 cents and then at 158.00
cents. First support is seen at today’s low of 151.85 cents
and then at 150.00 cents. Wyckoff's Market Rating: 1.0

July cocoa closed steady at $2,249 a ton. Prices closed
nearer the session low today. Cocoa bears 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 this week’s
high of $2,282 and then at $2,300. First support is seen at
today’s low of $2,232 and then at $2,200. Wyckoff's Market
Rating: 3.5

July cotton closed down 48 points at 75.09 cents today.
Prices closed near mid-range today. 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 this week’s high of 76.42 cents and then at 77.50
cents. First support is seen at 74.09 cents and then at
73.00 cents. Wyckoff's Market Rating: 2.5

July orange juice closed up 90 points at $1.1095 today.
Prices closed near mid-range today and saw short covering
in a bear market. 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 $1.1250 and then
at today’s high of $1.1575. First support is seen at this
week’s low of $1.0825 and then at $1.0500. Wyckoff's Market
Rating: 2.0.

July lumber futures closed down $4.30 at $278.80 today.
Prices hit a fresh four-week low today. Bulls and bears are
still on a level near-term technical playing field but the
bulls are fading and need to show fresh power soon. 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 this week’s high
of $289.50. First resistance is seen at $280.00 and then at
$282.00. First support is seen at $276.00 and then at
$275.00. Wyckoff's Market Rating: 5.0

*. METALS: August gold futures closed up $5.70 an ounce at
$1,619.60 today. Prices closed nearer the session high
today and saw more short covering, bargain hunting and
fresh safe-haven demand. Gold market bulls and bears are on
a level near-term technical playing field. The gold bulls’
next upside price breakout objective is to produce a close
above solid technical resistance at 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 $1,626.00 and then at $1,632.00. First
support is seen at today’s low of $1,607.00 and then at
$1,600.00. Wyckoff’s Market Rating: 5.0

July silver futures closed down $0.099 an ounce at $28.85
today. Prices closed near mid-range 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 $29.095
and then at $29.50. Next support is seen at this week’s low
of $28.255 and then at $28.00. Wyckoff's Market Rating:
4.5.

July N.Y. copper closed down 80 points 332.75 cents today.
Prices closed nearer the session low today. Copper bears
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 336.95 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 down $0.97 a barrel at
$82.35 today. Prices closed near the session low today and
closed at a fresh eight-month low close. The crude bears
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
$83.00 and then at $84.00. First support is seen at this
week’s low of $81.07 and then at $80.00. Wyckoff's Market
Rating: 1.5

July heating oil closed down 141 points at $2.6074 today.
Prices closed near the session low today and closed at a
fresh 8.5-month low close. 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 $2.6518 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 10 points at
$2.6492 today. Prices closed nearer the session low today.
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 $2.6922 and then at $2.7263. First
support is seen at this week’s low of $2.6285 and then at
the June low of $2.5971. Wyckoff's Market Rating: 1.5.

July natural gas closed down 4.4 cents at $2.188 today.
Prices closed near the session low and closed at a fresh
six-week low close 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 this week’s low of
$2.173 and then at $2.15. Wyckoff's Market Rating: 2.0.

*.STOCKS, FINANCIALS, CURRENCIES: The September Euro
currency closed up 69 points at 1.2581 today. Prices closed
nearer the session high again today on short covering. 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 the June low of 1.2298.
First resistance for the Euro lies at today’s high of
1.2621 and then at this week’s high of 1.2680. Next support
is seen at 1.2500 and then at this week’s low of 1.2455.
Wyckoff's Market Rating: 2.5

The September Japanese yen closed up 26 points at 1.2620
today. Prices closed near the session high today. Bulls
have the overall near-term technical advantage. Prices are
still in a three-month-old uptrend on the daily bar chart,
but 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 this week’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 up 58 points at 1.0492
today. Prices closed nearer the session high today on short
covering. The bears still have the solid near-term
technical advantage in the Swissy. Prices are in a 3.5-
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 1.0527 and then at
this week’s high of 1.0580. First support is seen at
today’s low of 1.0413 and then at 1.0380. Wyckoff's Market
Rating: 2.5.

The September Australian dollar closed up 10 points at
.9863 today. Prices closed nearer the session low today and
saw tepid 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 today’s high of .9920 and then at 1.0000. Next support
is seen at this week’s low of .9766 and then at .9739.
Wyckoff's Market Rating: 4.0

The September Canadian dollar closed down 29 points at
.9695 today. Prices closed near the session low today.
Bears 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 .9745 and then at this week’s high
of .9783. First support is seen at this week’s low of .9663
and then at .9600. Wyckoff's Market Rating: 3.0.

The September British pound closed down 51 points at 1.5511
today. Prices closed near the session low today. Bears 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 this week’s low of
1.5448 and then at 1.5397. Wyckoff's Market Rating: 3.0.

The September U.S. dollar index closed down 28 points at
82.60 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 83.00 and then at this
week’s high of 83.19. First support is seen at today’s low
of 82.36 and then at this week’s low of 82.10. Wyckoff's
Market Rating: 6.5.

September U.S. T-Bonds closed up 1 1/32 at 149 8/32 today.
Prices closed near the session high today on safe-haven
buying. Bulls have the solid overall near-term technical
advantage. Prices are still in a three-month-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
this week’s high of 149 24/32 and then at 150 even. First
support is seen at 149 even and then at 148 16/32.
Wyckoff's Market Rating: 7.5.

September U.S. T Notes closed up 15.5 (32nds) at 133.22.5
today. Prices closed nearer the session high today on safe-
haven buying. Bulls 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 this week’s high of
133.30.5 and then at 134.05.5. First support is seen at
133.05.0 and then at today’s low of 132.29.0. Wyckoff's
Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
lower today. The market place was tentative and nervous.
Fitch downgraded (again) Spain’s credit rating today.
Traders and investors are awaiting the Greek elections
Sunday, to see how the new Greek government addresses that
nation’s economic problems. It was reported Wednesday that
Euro zone industrial output fell sharply in April, which is
in line with recent weak data coming out of the European
Union. France is presently in “economic emergency,” says
its industry minister. Traders are also anticipating an
OPEC oil ministers meeting on Thursday.

The Nasdaq stock futures index closed down 19.75 at
2,525.25. Prices closed nearer the session low 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 today’s high of last week’s high of 2,552.75 and
then at last week’s high of 2,564.75. First support is seen
at this week’s low of 2,505.00 and then at 2,481.50.
Wyckoff's Market Rating: 5.0

The S&P 500 futures index closed down 10.90 at 1,309.20.
Prices closed nearer the session low 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 this week’s low of 1,298.00 and then at
1,286.50. Wyckoff's Market Rating: 5.0.

The Dow futures closed down 83 points at 12,431 today.
Prices closed nearer the session low 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 today’s low of 12,400
and then at 12,350. Wyckoff's Market Rating: 5.0.

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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