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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 27

Jun 28, 2012

Wednesday Evening, June 27-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 up $1.77 at $117.25
today. Prices closed nearer the session high today and saw
short covering in a bear market. While serious near-term
chart damage has been inflicted recently, good follow-
through buying on Thursday or Friday would be an early clue
that a bullish double-bottom reversal pattern has developed
on the daily bar chart and that a market low is in place.
But right now the bears still 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
today’s high of $117.75 and then at $118.25. First support
is seen at $117.00 and then at $116.50. Wyckoff's Market
Rating: 3.0

August feeder cattle closed up $1.15 at $148.85 today.
Prices hit a fresh nine-month low early on today and then
reversed course to close solidly higher and score a bullish
“outside day” up on the daily bar chart. If there is good
follow-through buying on Thursday, then a bullish key
reversal up would be confirmed on the daily bar chart,
which would be one early clue that a market low is in
place. Short covering in a bear market was featured today.
Bears do still 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 $149.75 and then at
$150.00. First support is seen at $148.00 and then at
Tuesday’s low of $147.10. Wyckoff's Market Rating: 2.0

August lean hogs closed up $2.70 at $91.70 today. Prices
closed nearer the session high today on short covering and
bargain hunting, and on position evening ahead of Friday’s
quarterly USDA hogs and pigs report. Hog bulls and bears
are now back on a level near-term technical playing field.
The next upside price breakout objective for the hog bulls
is to push and close prices above solid chart resistance at
the June high of $93.50. The next downside price breakout
objective for the bears is pushing prices below solid
technical support at this week’s low of $88.10. First
resistance is seen at today’s high of $92.00 and then at
this week’s high of $92.45. First support is seen at $91.00
and then at $90.50. Wyckoff's Market Rating: 5.0

*. GRAINS: December corn futures closed up 10 3/4 cents at
$6.34 3/4 today. Prices closed near mid-range and hit
another fresh nine-month high of $6.56 3/4 today. A major
weather market is unfolding in the U.S. Corn Belt. A “heat
dome” is 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.
Traders are awaiting Friday morning’s USDA acreage and
quarterly stocks report, which is normally a very important
report. However, the Corn Belt weather will also trump that
report. Corn bulls' next upside price breakout objective is
to push and close prices above solid technical resistance
at the contract high of $6.73 1/2. The next downside price
breakout objective for the bears is pushing and closing
prices below psychological support at $6.00. First
resistance for July corn is seen at $6.40 and then at
$6.45. First support is seen at $6.25 and then at today’s
low of $6.17 1/4. Wyckoff's Market Rating: 8.0

November soybeans closed up 2 3/4 cents at $14.15 3/4 a
bushel today. Prices closed nearer the session low today
after hitting a fresh contract and four-year high early on.
Mild 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. Traders are awaiting Friday
morning’s USDA acreage and quarterly stocks report, which
is normally a very important report. However, the Corn Belt
weather will also trump that report. Bean bulls still have
the strong overall near-term technical advantage. 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 $14.25 and then at today’s
contract high of $14.39 3/4. First support is seen at
Tuesday’s low of $14.06 1/4 and then at $14.00. Wyckoff's
Market Rating: 8.5.

December soybean meal closed down $0.40 at $412.70 today.
Prices closed near the session low today. Mild 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 $415.00 and then at
$417.50. First support is seen at this week’s low of
$409.70 and then at $405.00. Wyckoff's Market Rating: 8.5

December bean oil closed up 48 points at 52.25 cents today.
Prices closed nearer the session high today, hit a fresh
six-week high and scored a bullish “outside day” up on the
daily bar chart. Bean oil bulls still have some upside
technical momentum. Bulls and bears are on a near-term
level technical playing field. 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 today’s high of 52.64 cents and then at 53.00
cents. First support is seen at 52.00 cents and then at
today’s low of 51.56 cents. Wyckoff's Market Rating: 5.0

December Chicago SRW wheat closed up 5 3/4 cents at $7.72
today. Prices closed near mid-range today and hit another
fresh 9.5-month high. The wheat market is following corn
and soybeans and there are also some weather problems in
eastern Europe and Australia wheat regions. Traders are
awaiting Friday morning’s USDA acreage and quarterly stocks
report, which is normally a very important report. However,
the Corn Belt weather will also trump that report. Wheat
bulls have gained solid upside near-term technical momentum
recently. Bulls have the near-term technical advantage.
However, it’s now my bias that wheat has become over-
extended on the upside and is near a market top. 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 $7.83 1/4 and then at $8.00. First
support lies at today’s low of $7.59 and then at $7.45 1/2.
Wyckoff's Market Rating: 7.5.

December K.C. HRW wheat closed up 5 cents at $7.79 1/4
today. Prices closed near mid-range today and hit another
fresh 7.5-month high early on. Bulls have gained good
upside near-term technical momentum recently and have the
solid 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 $7.90 1/4 and
then at $8.00. First support is seen at today’s low of
$7.67 and then at $7.62. Wyckoff's Market Rating: 7.0

December oats closed up 10 1/2 cents at $3.37 1/2 today.
Prices hit a fresh five-week high today and closed nearer
the session high. Oats are following the major grains on a
bull run. Oats bulls have the solid 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
$3.30 and then at today’s low of $3.24. First resistance is
seen at today’s high of $3.45 1/2 and then at $3.50.
Wyckoff's Market Rating: 7.5

*. SOFTS: October sugar closed up 61 points at 20.84 cents
today. Prices closed nearer the session high today on more
short covering and bargain hunting. The bears have the
overall near-term technical advantage. However, good
follow-through buying on Thursday would hint that a market
low is in place. 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
21.05 cents and then at 21.14 cents. First support is seen
at 20.50 cents and then at 20.36 cents. Wyckoff's Market
Rating: 3.5.

September coffee closed down 90 points at 164.85 cents.
Prices closed near mid-range today and hit a fresh four-
week high early on. A corrective pullback from Tuesday’s
big gains was featured today. Bulls have gained some upside
momentum 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 168.55 cents and then
at 170.00 cents. First support is seen at today’s low of
162.75 cents and then at 160.00 cents. Wyckoff's Market
Rating: 3.0

September cocoa closed up $79 at $2,228 a ton. Prices
closed nearer the session high today and saw more short
covering. Cocoa bears still have the overall near-term
technical advantage, but good follow-through buying on
Thursday would provide the bulls with some fresh upside
near-term technical momentum. 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 this week’s low of $2,085. First resistance is
seen at today’s high of $2,254 and then at $2,271. First
support is seen at $2,200 and then at $2,175. Wyckoff's
Market Rating: 3.5

December cotton closed down 24 points at 67.96 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 today’s high of 69.19 cents and
then at 70.00 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 up 255 points at $1.1370
today. Prices closed nearer the session high today on short
covering. FCOJ bears have the overall near-term technical
advantage. However, this market may be “basing” at lower
price levels, which means a market low may be in place. 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 $1.1515 and then at last week’s high of $1.1850.
First support is seen at this week’s low of $1.1020 and
then at the June low of $1.0765. Wyckoff's Market Rating:
3.0.

July lumber futures closed up $0.10 at $274.50 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 today’s high of $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 up $3.30 an ounce at
$1,578.20 today. Prices closed nearer the session high and
saw some short covering, bargain hunting and some fresh
safe-haven buying ahead of the EU summit that begins
Thursday. Gold market bears still 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 today’s high of $1,584.60 and then at
this week’s high of $1,589.00. First support is seen at
today’s low of $1,563.10 and then at last week’s low of
$1,558.60. Wyckoff’s Market Rating: 4.0

July silver futures closed down $0.148 an ounce at $26.89
today. Prices closed near mid-range 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 today’s high of $27.275 and then at this week’s high of
$27.59. Next support is seen at today’s low of $26.60 and
then at last week’s low of $26.51. Wyckoff's Market Rating:
3.0.

July N.Y. copper closed up 315 points 334.45 cents today.
Prices closed nearer the session high today on short
covering and some perceived bargain hunting. 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 335.50 cents
and then at 337.50 cents. First support is seen at 330.00
cents and then at this week’s low of 327.85 cents.
Wyckoff's Market Rating: 3.0.

*. ENERGIES: August crude oil closed up $1.07 a barrel at
$80.44 today. Prices closed nearer the session high today
and saw short covering in a bear market. The crude bears
still 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 $81.00 and then at $82.00.
First support is seen at $79.00 and then at $78.00.
Wyckoff's Market Rating: 1.5

August heating oil closed up 202 points at $2.5934 today.
Prices closed nearer the session high today on more 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 $2.6072 and then at $2.6250. First support is seen at
today’s low of $2.5509 and then at this week’s low of
$2.5084. Wyckoff's Market Rating: 1.5.

August (RBOB) unleaded gasoline closed down 170 points at
$2.5059 today. Prices closed near mid-range today. Bears
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 $2.5303 and then at $2.5500. First
support is seen at today’s low of $2.4872 and then at this
week’s low of $2.4611. Wyckoff's Market Rating: 2.0.

August natural gas closed down 1.0 cents at $2.797 today.
Prices closed near the session low today after hitting a
fresh four-month high early on. Bulls may have become
exhausted with today’s push higher, given today’s low-range
close. Still, 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 today’s of $2.975. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $2.50. First
resistance is seen at the May high of $2.881 and then at
$2.975. 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 down 26 points at 1.2480 today. Prices
closed near mid-range today and closed at a fresh three-
week low close. 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 the June 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 1.2542 and then at this
week’s high of 1.2569. Next support is seen at this week’s
low of 1.2451 and then at 1.2400. Wyckoff's Market Rating:
3.0

The September Japanese yen closed down 44 points at 1.2554
today. Prices closed nearer the session low today. 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 this week’s high of 1.2636 and then at 1.2675. First
support is seen at today’s low of 1.2535 and then at
1.2500. Wyckoff's Market Rating: 5.0.

The September Swiss franc closed down 23 points at 1.0405
today. Prices closed near mid-range and closed at a fresh
three-week low close 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 1.0456 and then at this week’s
high of 1.0477. First support is seen at this week’s low of
1.0383 and then at 1.0350. Wyckoff's Market Rating: 3.0.

The September Australian dollar closed up 6 points at
1.0006 today. Prices closed nearer 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 1.0015 and then at 1.0050. Next support is seen at
today’s low of .9966 and then at this week’s low of .9894.
Wyckoff's Market Rating: 5.0

The September Canadian dollar closed down 14 points at
.9733 today. Prices closed near mid-range 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 this week’s high of
.9755 and then at .9783. 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 down 67 points at 1.5567
today. Prices closed nearer the session low 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 this week’s high of 1.5647 and
then at 1.5700. First support is seen at this week’s low of
1.5534 and then at 1.5500. Wyckoff's Market Rating: 5.0.

The September U.S. dollar index closed up 22 points at
82.76 today. Prices closed near mid-range today and did 
poke to a fresh two-week high. 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 82.90 and
then at 83.00. First support is seen at this week’s low of
82.43 and then at 82.00. Wyckoff's Market Rating: 6.5.

September U.S. T-Bonds closed up 5/32 at 149 2/32 today in
quieter trading. Prices closed nearer the session high
today. 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 this week’s high of
149 13/32 and then at 149 22/32. First support is seen at
148 14/32 and then at this week’s low of 148 1/32.
Wyckoff's Market Rating: 7.0.

September U.S. T Notes closed up 3.5 (32nds) at 133.17.5
today. Prices closed nearer the session high. 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
this week’s high of 133.20.5 and then at last week’s high
of 133.31.5. First support is seen at 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 more short covering and bargain hunting. It
was a bit of a subdued market place Wednesday, heading into
European Union summit meeting on Thursday and Friday. The
focus of the EU summit is the bloc’s debt crisis. There are
low expectations for concrete results coming out of this
latest gathering of EU officials. German leader Angela
Merkel’s hawkish comments on EU country bailouts this week
have helped to set the tone of a potentially divisive and
unproductive summit. For the past two years the EU debt
crisis has been on or near the front burner of the market
place, with little progress made by EU leaders during that
time. The smart money in the market place reckons the EU
cannot survive in its present form and function. What is
more in question is how the EU debt debacle will impact the
other major economies of the world in the coming months,
with the worry being a worldwide debt contagion emanating
from the EU.

The Nasdaq stock futures index closed up 9.50 at 2,557.75.
Prices closed near mid-range 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 today’s low of 2,542.50 and then
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 10.00 at 1,325.50.
Prices closed nearer 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 today’s high of 1,328.20 and then at 1,341.00.
First support is seen at today’s low of 1,312.20 and then
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 67 points at 12,553 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 12,570 and then at 12,600. First
support is seen at today’s low of 12,488 and then at 12,450
and then at 12,400. 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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