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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 26

Jun 27, 2012

Tuesday Evening, June 26-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 $0.40 at
$115.47 today. Prices closed near the session low and hit
another fresh seven-week low today. The market is seeing
pressure from last Friday afternoon’s bearish USDA cattle
on feed report. Serious near-term chart damage has been
inflicted recently as the bears 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 last week’s high of $118.25. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
the April low of $114.70. First resistance is seen at
$116.00 and then at this week’s high of $116.60. First
support is seen at today’s low of $115.40 and then at
$115.00. Wyckoff's Market Rating: 1.5

August feeder cattle closed down $2.10 at $147.70 today.
Prices hit a fresh eight-month low today. The huge gains in
corn recently have strongly pressured the feeders. Very
serious near-term chart damage has occurred in feeders
recently. Bears have the solid 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 $150.00. The next downside price
breakout objective for the bears is to push and close
prices below solid technical support at $145.00. First
resistance is seen at today’s high of $148.35 and then at
$149.00. First support is seen at today’s low of $147.10
and then at $146.50. Wyckoff's Market Rating: 1.0

August lean hogs closed down $0.15 at $89.00 today. Prices
closed nearer the session high today after hitting a fresh
four-week low early on. Recent losses in the cattle market
have weighed on hogs. Hog market bears 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 this week’s high of $92.45.
The next downside price breakout objective for the bears is
pushing prices below solid technical support at $87.50.
First resistance is seen at today’s high of $89.50 and then
at $90.00. First support is seen at $88.50 and then at
today’s low of $88.10. Wyckoff's Market Rating: 4.0

*. GRAINS: December corn futures closed up 22 cents at
$6.16 today. Prices closed nearer the session high and hit
a fresh nine-month high today. A major weather market is
unfolding in the U.S. Corn Belt. There is now talk of a
“heat dome” building over the region right during the
critical pollination stage of growth for corn. Weather in
the Corn Belt the next several weeks will trump the
technicals. Corn market bulls have the solid near-term
technical advantage. Corn bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at $6.45. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $5.90. First resistance for July
corn is seen at today’s high of $6.23 3/4 and then at
$6.30. First support is seen at $6.10 and then at $6.00.
Wyckoff's Market Rating: 7.5

November soybeans closed down 11 cents at $14.14 1/2 a
bushel today. Prices closed nearer the session low today
after hitting a fresh contract and four-year high early on.
Profit taking was featured today. The recent dry and hot
weather in the Corn Belt, and more in the forecast, is
still very bullish for beans. Bean bulls still have the
strong overall near-term technical advantage. If the
weather remains hot and dry in the Corn Belt, soybeans will
continue to react strongly to the upside. The next near-
term upside technical breakout objective for the soybean
bulls is pushing and closing prices above major
psychological resistance at $15.00 a bushel. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at $13.64
1/2. First resistance is seen at today’s contract high of
$14.38 3/4 and then at $14.50. First support is seen at
today’s low of $14.06 1/4 and then at $14.00. Wyckoff's
Market Rating: 8.5.

December soybean meal closed down $6.00 at $413.10 today.
Prices closed nearer the session low today after hitting a
fresh contract and four-year high early on. Profit taking
was featured. Meal bulls still have the strong overall
near-term technical advantage. The next upside price
breakout objective for the bulls is to produce a close
above solid technical resistance at $425.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at
$400.00. First resistance comes in at $417.50 and then at
$420.00. First support is seen at today’s low of $409.70
and then at $405.00. Wyckoff's Market Rating: 8.5

December bean oil closed down 25 points at 51.91 cents
today. Prices closed near mid-range today and saw a
corrective pullback from recent good gains. Bean oil bulls
still have some upside technical momentum. The next upside
price breakout objective for the bean oil bulls is pushing
and closing prices above solid technical resistance at
54.00 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 this week’s high of 52.47 cents and then at 52.75
cents. First support is seen at today’s low of 51.61 cents
and then at this week’s low of 51.21 cents. Wyckoff's
Market Rating: 5.0

December Chicago SRW wheat closed up 1 cent at $7.60 1/4
today. Prices closed near mid-range today and hit a fresh
9.5-month high early on. The wheat market is following corn
and soybeans and there are also some weather problems in
eastern Europe and Australia wheat regions. Wheat bulls
have gained solid upside near-term technical momentum
recently. Bulls have the near-term technical advantage. If
corn and soybeans continue to rally on a weather market
bull run, wheat will follow. Wheat bulls’ next upside
breakout objective is to push and close Chicago SRW prices
above major psychological resistance at $8.00 a bushel. The
next downside price breakout objective for the wheat
futures bears is pushing and closing prices below
psychological support at $7.00. First resistance is seen at
today’s high of $7.72 3/4 and then at $7.80. First support
lies at today’s low of $7.44 1/2 and then at $7.36 1/4.
Wyckoff's Market Rating: 7.0.

December K.C. HRW wheat closed down 2 1/4 cents at $7.68
1/2 today. Prices closed near mid-range today and hit a
fresh 7.5-month high early on. Bulls have gained good
upside near-term technical momentum recently and have the
overall near-term technical advantage. Bulls' next upside
price breakout objective is pushing and closing prices
above major psychological resistance at $8.00. The bears'
next downside breakout objective is pushing and closing
prices below solid technical support at $7.25. First
resistance is seen at today’s high of $7.83 1/4 and then at
$7.90. First support is seen at today’s low of $7.57 1/2
and then at $7.50. Wyckoff's Market Rating: 6.5

December oats closed up 9 cents at $3.26 today. Prices hit
a fresh four-week high again today and closed near mid-
range. Oats are following the major grains on a bull run.
Oats bulls have the overall near-term technical advantage.
Bears' next downside price breakout objective is pushing
and closing prices below major psychological support at
$3.00. Bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at $3.50. First support lies at $3.20 and then at today’s
low of $3.17. First resistance is seen at $3.30 and then at
$3.35. Wyckoff's Market Rating: 7.0

*. SOFTS: October sugar closed up 29 points at 20.22 cents
today. Prices closed nearer the session high today on more
short covering. The bears have the overall near-term
technical advantage. Bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at the June high of 21.14 cents. Bears' next
downside price breakout objective is to push and close
prices below solid technical support at the June low of
19.24 cents. First resistance is seen at today’s high of
20.36 cents and then at 20.50 cents. First support is seen
at 20.00 cents and then at last week’s low of 19.65 cents.
Wyckoff's Market Rating: 3.0.

September coffee closed up 725 points at 166.00 cents.
Prices closed near the session high today on heavy short
covering and bargain hunting. Bulls gained upside momentum
today as this market appears to have put in a major low.
The bears still have the overall near-term technical
advantage. The coffee bulls' next upside breakout objective
is to close prices above solid technical resistance at
175.00 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the June low of 150.10 cents a pound. First
resistance is seen at today’s high of 166.35 cents and then
at 170.00 cents. First support is seen at 165.00 cents and
then at 162.50 cents. Wyckoff's Market Rating: 3.5

September cocoa closed up $58 at $2,160 a ton. Prices
closed nearer the session high today and saw more short
covering in a bear market. 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 the June high of
$2,271. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at the June low of $2,031. First resistance is seen
at today’s high of $2,165 and then at $2,200. First support
is seen at today’s low of $2,118 and then at $2,100.
Wyckoff's Market Rating: 2.5

December cotton closed down 185 points at 68.20 cents
today. Prices closed near the session low. The cotton bears
have the solid overall near-term technical advantage. The
next upside price breakout objective for the bulls is to
produce a close above solid technical resistance at the
June high of 74.80 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 64.61
cents. First resistance is seen at 70.00 cents and then at
71.00 cents. First support is seen at last week’s low of
67.38 cents and then at 66.00 cents. Wyckoff's Market
Rating: 2.5

September orange juice closed down 265 points at $1.1250
today. Prices closed near mid-range today. There was some
speculative buying ahead of ideas a hurricane or tropical
storm could strike southeastern U.S. citrus groves, but the
weather threat has subsided for now. FCOJ bears have the
overall near-term technical advantage. The next upside
price breakout objective for the FCOJ bulls is pushing and
closing prices above technical resistance at $1.2500. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at the June low of $1.0765. First resistance is seen at
today’s high of $1.1515 and then at last week’s high of
$1.1850. First support is seen at today’s low of $1.1020
and then at the June low of $1.0765. Wyckoff's Market
Rating: 2.5.

July lumber futures closed down $1.60 at $274.40 today.
Bears have the overall near-term technical advantage. The
next downside technical breakout objective for the lumber
bears is pushing and closing prices below solid technical
support at the April low of $262.50. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at $280.00. First
resistance is seen at $276.00 and then at $278.00. First
support is seen at $272.00 and then at $270.60. Wyckoff's
Market Rating: 4.0

*. METALS: August gold futures closed down $14.10 an ounce
at $1,574.20 today. Prices closed nearer the session low
and saw some options related selling pressure and chart
consolidation. Gold market bears have the overall near-term
technical advantage. The gold bulls’ next upside price
breakout objective is to produce a close above
psychological resistance at $1,600.00. Bears' next near-
term downside price objective is closing prices below solid
technical support at the May low of $1,529.30. First
resistance is seen at $1,580.00 and then at this week’s
high of $1,589.00. First support is seen at today’s low of
$1,568.20 and then at last week’s low of $1,558.60.
Wyckoff’s Market Rating: 4.0

July silver futures closed down $0.53 an ounce at $26.99
today. Prices closed nearer the session low today. Bears
have the solid overall near-term technical advantage.
Bulls’ next upside price breakout objective is closing
prices above solid technical resistance at last week’s high
of $29.095 an ounce. The next downside price breakout
objective for the bears is closing prices below solid
technical support at last October’s low of $26.20. First
resistance is seen at this week’s high of $27.59 and then
at $28.00. Next support is seen at today’s low of $26.735
and then at last week’s low of $26.51. Wyckoff's Market
Rating: 3.0.

July N.Y. copper closed down 35 points 331.25 cents today.
Prices closed near mid-range today. Copper bears still have
the solid overall near-term technical advantage. Copper
bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at last
week’s high of 347.75 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the June low of 323.80 cents.
First resistance is seen at today’s high of 333.55 cents
and then at 335.00 cents. First support is seen at 330.00
cents and then at this week’s low of 327.85 cents.
Wyckoff's Market Rating: 2.5.

*. ENERGIES: August crude oil closed up $0.13 a barrel at
$79.36 today. Prices closed nearer the session high today
in quieter trading and are hovering near last week’s 8.5-
month low. The crude bears have the solid overall near-term
technical advantage. The next near-term upside price
breakout objective for the crude oil bulls is producing a
close above solid technical resistance at $85.00 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 $75.00. First resistance is seen at
$80.00 and then at this week’s high of $80.68. First
support is seen at today’s low of $78.36 and then at lst
week’s low of $77.56. Wyckoff's Market Rating: 1.0

August heating oil closed up 381 points at $2.5729 today.
Prices closed near the session high today on short covering
after hitting a fresh 1.5-year low on Monday. Bears still
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 $2.7000.
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 $2.5758 and then at
$2.5903. First support is seen at today’s low of $2.5277
and then at this week’s low of $2.5084. Wyckoff's Market
Rating: 1.5.

August (RBOB) unleaded gasoline closed up 244 points at
$2.5226 today. Prices closed nearer the session high today
on more short covering in a bear market. Prices last week
hit an 8.5-month low. Bears still have the solid near-term
technical advantage. A three-month-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 $2.6000. Bears' next downside
price breakout objective is closing prices below solid
support at $2.4000. First resistance is seen at today’s
high of $2.5288 and then at $2.5500. First support is seen
at today’s low of $2.4890 and then at this week’s low of
$2.4611. Wyckoff's Market Rating: 2.0.

August natural gas closed up 7.2 cents at $2.806 today.
Prices closed near the session high today and hit another
fresh four-week high. Short covering and bargain hunting
were seen today. Bulls have gained the slight near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at the May high of $2.881. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $2.50. First
resistance is seen at today’s high of $2.814 and then at
$2.881. First support is seen at $2.75 and then at this
week’s low of $2.682. Wyckoff's Market Rating: 5.5.

*.STOCKS, FINANCIALS, CURRENCIES: The September Euro
currency closed up 1 point at 1.2507 today. Prices closed
near mid-range today and hit a fresh two-week low early on.
The Euro 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 last week’s high of 1.2759. The next downside
price breakout objective for the bears is closing prices
below solid chart support at 1.2450. First resistance for
the Euro lies at today’s high of 1.2542 and then at this
week’s high of 1.2569. Next support is seen at today’s low
of 1.2451 and then at 1.2400. Wyckoff's Market Rating: 3.0

The September Japanese yen closed up 34 points at 1.2598
today. Prices closed near mid-range today and saw more
short covering and bargain hunting. Bulls are on a level
near-term technical playing field with the bears. Bulls'
next upside price breakout objective is closing prices
above solid resistance at 1.2737. Bears' next downside
breakout objective is closing prices below solid technical
support at 1.2300. First resistance is seen at today’s high
of 1.2636 and then at 1.2675. First support is seen at
today’s low of 1.2547 and then at 1.2500. Wyckoff's Market
Rating: 5.0.

The September Swiss franc closed down 4 points at 1.0424
today. Prices closed near mid-range and hit a fresh three-
week low today. The bears have the overall near-term
technical advantage in the Swissy. 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 1.0456 and then at
this week’s high of 1.0477. First support is seen at
today’s low of 1.0383 and then at 1.0350. Wyckoff's Market
Rating: 3.0.

The September Australian dollar closed up 87 points at
1.0001 today. Prices closed near the session high today.
Bulls and bears are on a level near-term technical playing
field. Bulls' next upside price breakout objective is
closing prices above solid chart resistance at last week’s
high of 1.0142. The next downside breakout objective for
the bears is to produce a close below solid technical
support at .9750. First resistance is seen at today’s high
of 1.0009 and then at 1.0050. Next support is seen at
today’s low of .9926 and then at this week’s low of .9894.
Wyckoff's Market Rating: 5.0

The September Canadian dollar closed up 56 points at .9752
today. Prices closed near the session high today. Bears
have the overall near-term technical advantage. Bulls' next
upside price breakout objective is producing a close above
chart resistance at the June high of .9824. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the June low of
.9554. First resistance is seen at .9775 and then at .9800.
First support is seen at .9700 and then at this week’s low
of .9674. Wyckoff's Market Rating: 3.5.

The September British pound closed up 80 points at 1.5639
today. Prices closed near the session high today. Bulls and
bears are on a level near-term technical playing field. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at the June
high of 1.5773. Bears' next downside technical breakout
objective is closing prices below solid support at 1.5450.
First resistance is seen at 1.5700 and then at 1.5750.
First support is seen at today’s low of 1.5560 and then at
this week’s low of 1.5534. Wyckoff's Market Rating: 5.0.

The September U.S. dollar index closed down 14 points at
82.52 today. Prices closed nearer the session low today.
Bulls 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 last week’s low of 81.39. Next resistance lies at
today’s high of 82.86 and then at 83.00. First support is
seen at today’s low of 82.43 and then at 82.00. Wyckoff's
Market Rating: 6.5.

September U.S. T-Bonds closed down 19/32 at 148 22/32
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 3.5-month-old uptrend
on the daily bar chart. 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
this week’s high of 149 13/32. First support is seen at
today’s low of 148 14/32 and then at 148 even. Wyckoff's
Market Rating: 7.0.

September U.S. T Notes closed down 7.0 (32nds) at 133.11.0
today. Prices closed nearer the session low on profit
taking. Bulls still have the solid overall near-term
technical advantage. Prices are in a 3.5-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 today’s high of
133.20.5 and then at last week’s high of 133.31.5. First
support is seen at today’s low of 133.06.5 and then at this
week’s low of 132.00.0. Wyckoff's Market Rating: 7.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer today on short covering. The overall market place
was a bit quieter Tuesday. Traders and investors are
awaiting the European Union summit meeting that begins
Thursday. The main focus of that gathering will be the EU
debt crisis and what to do about it. German leader Angela
Merkel’s hawkish comments on EU bailouts Monday lessened
even more the already low expectations for this week’s EU
summit meeting. Italian and Spanish bond auctions Tuesday
fetched still-higher yields, which is not a good signal.
And Moody’s late Monday downgraded over two dozen Spanish
banks’ credit ratings.

The Nasdaq stock futures index closed up 22.00 at 2,548.25.
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 the June low of 2,433.75. First
resistance is seen at this week’s high of 2,577.25 and then
at 2,600.00. First support is seen at this week’s low of
2,521.00 and then at 2,500.00. Wyckoff's Market Rating: 5.0

The S&P 500 futures index closed up 9.20 at 1,315.80.
Prices closed near the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1,375.00. The next downside price
breakout objective for the bears is closing prices below
solid support at the June low of 1,262.30. First resistance
is seen at this week’s high of 1,326.00 and then at
1,341.00. First support is seen at this week’s low of
1,302.70 and then at 1,287.40. Wyckoff's Market Rating:
5.0.

The Dow futures closed up 34 points at 12,465 today. Prices
closed nearer the session high today. The next upside price
objective for the bulls is closing prices above solid
technical resistance at 13,000. The next downside price
objective for the bears is closing prices below solid
technical support at 12,300. First resistance in the Dow
lies at today’s high of 12,500 and then at 12,550. 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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