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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 4

Jun 05, 2012

Monday Evening, June 4-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 $0.37 at $119.97
today. Prices closed near the session high again today on
more short covering. Cattle bears still have the slight
overall 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 last week’s low of $117.80. First
resistance is seen at today’s high of $120.00 and then at
$120.60. First support is seen at today’s low of $119.10
and then at $118.50. Wyckoff's Market Rating: 4.5

August feeder cattle closed up $1.10 at $158.47 today.
Prices closed near the session high today and saw more
short covering and bargain hunting. Bulls have regained the
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 $160.00.
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
$159.60. First support is seen at $158.00 and then at
today's low of $157.47. Wyckoff's Market Rating: 5.5

August lean hogs closed down $0.20 at $91.10 today. Prices
closed nearer the session low and did hit a fresh seven-
week high early on today. Hog market bulls have gained
solid upside technical momentum recently to suggest an
uptrend can be sustained. A bullish double-bottom reversal
pattern has formed on the daily bar chart. Bulls have the
slight 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
$89.00. First resistance is seen at today’s high of $91.70
and then at $92.00. First support is seen at $90.50 and
then at $90.00. Wyckoff's Market Rating: 5.5

*. GRAINS: July corn futures closed up 16 cents at $5.67
1/2 today. Prices closed nearer the session high today and
saw short covering and bargain hunting after prices Friday
hit a fresh 17-month low. Drier and warmer weather forecast
for the Corn Belt helped to support corn today. Corn market
bears still have the solid overall near-term technical
advantage. Corn bulls' next upside price breakout objective
is to push and close prices above solid technical
resistance at $5.90. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $5.50. First resistance for July
corn is seen at $5.70 and then at $5.75. First support is
seen at $5.60 and then at today’s low of $5.57 3/4.
Wyckoff's Market Rating: 2.0

July soybeans closed down 5 1/2 cents at $13.38 3/4 a
bushel today. Prices closed nearer the session low today
and closed at a fresh 11-week low close today. Bears have
gained fresh downside near-term technical momentum
recently. Soybean prices are in a four-week-old downtrend
on the daily bar chart. Bean bulls and bears are on a level
near-term technical playing field. The next near-term
upside technical breakout objective for the soybean bulls
is pushing and closing prices above psychological
resistance at $14.00 a bushel. The next downside price
breakout objective for the bears is pushing and closing
prices below psychological support at $13.00. First
resistance is seen at today’s high of $13.55 3/4 and then
at $13.65. First support is seen at today’s low of $13.31
1/2 and then at $13.25. Wyckoff's Market Rating: 5.0.

July soybean meal closed up $1.40 at $395.90 today. Prices
closed near the session low today. Prices Friday hit a six-
week low and closed at a technically bearish weekly low
close. Meal bulls have faded. Bulls and bears are now on a
level near-term technical playing field. The next upside
price breakout objective for the bulls is to produce a
close above solid technical resistance at last week’s high
of $417.20. The next downside price breakout objective for
the bears is pushing and closing prices below solid
technical support at $380.00. First resistance comes in at
$400.00 and then at today’s high of $404.00. First support
is seen at today’s low of $394.80 and then at $292.50.
Wyckoff's Market Rating: 5.0

July bean oil closed down 22 points at 48.37 cents today.
Prices closed near mid-range today and hit another fresh
contract low. Bean oil bears have the solid overall near-
term technical advantage. Bean oil prices are in a two-
month-old downtrend on the daily bar chart. 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 47.50 cents. First resistance is
seen at 49.00 cents and then at today’s high of 49.18
cents. First support is seen at 48.00 cents and then at
today’s low of 47.81 cents. Wyckoff's Market Rating: 1.0

July Chicago SRW wheat closed up 14 1/4 cents at $6.26 1/2
today. Prices closed nearer the session high today and saw
short covering in a bear market after prices Friday hit a
two-week low and closed at a technically bearish weekly low
close. Wheat bears have the solid near-term technical
advantage. Bulls’ next upside breakout objective is to push
and close Chicago SRW prices above solid technical
resistance at $6.60 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 $6.31 1/2 and
then at $6.40. First support lies at 6.20 and then at
today’s low of $6.13 1/4. Wyckoff's Market Rating: 2.5.

July K.C. HRW wheat closed up 18 cents at $6.55 today.
Prices closed near the session high and saw short covering
in a bear market after prices Friday hit a two-week low and
closed at a bearish weekly low close. Bears have the solid
near-term technical advantage. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at $6.80. The bears' next
downside breakout objective is pushing and closing prices
below solid technical support at $6.25. First resistance is
seen at today’s high of $6.55 and then at $6.65 1/2. First
support is seen at today’s low of $6.46 1/2 and then at
last week’s low of $6.37. Wyckoff's Market Rating: 3.0

July oats closed up 4 cents at $2.89 today. Prices closed
near the session high on short covering in a bear market.
Serious near-term chart damage has been inflicted recently.
Bears still have the near-term technical advantage. Bears'
next downside price breakout objective is pushing and
closing prices below solid technical support at the
contract low of $2.62 1/4. Bulls' next upside price
breakout objective is pushing and closing prices above
psychological resistance at $3.00. First support lies at
$2.85 and then at $2.80. First resistance is seen at $2.90
and then at $2.95. Wyckoff's Market Rating: 2.5

*. SOFTS: July sugar closed down 12 points at 18.97 cents
today. Prices closed near mid-range and hit a fresh 1.5-
year low today. Prices Friday closed at a technically
bearish weekly low close. Sugar bears have the solid overall
near-term technical advantage. Prices are in a 10-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at 20.50 cents. Bears' next downside
price breakout objective is to push and close prices below
solid technical support at 17.50 cents. First resistance is
seen at today’s high of 19.13 cents and then at 19.36
cents. First support is seen at today’s low of 18.86 cents
and then at 18.75 cents. Wyckoff's Market Rating: 1.0.

July coffee closed up 25 points at 157.75 cents. Prices
closed nearer the session high today and saw tepid short
covering in a bear market after hitting a fresh 21-month
low early on today. 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 160.00 cents and then at
162.50 cents. First support is seen at today’s low of
154.65 cents and then at 152.50 cents. Wyckoff's Market
Rating: 1.0

July cocoa closed up $30 at $2,093 a ton. Prices closed
nearer the session high today and saw short covering in a
bear market. Prices Friday hit a fresh contract low and
matched that low today. Cocoa bears have the solid 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 $2,200. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at $2,000.
First resistance is seen at $2,100 and then at $2,125.
First support is seen at $2,056 and then at today’s
contract low of $2,026. Wyckoff's Market Rating: 1.5

July cotton closed down 6 points at 68.53 cents today.
Prices closed nearer the session high today and hit yet
another fresh contract low early on today. The cotton bears
have the solid near-term technical advantage. Prices are in
a four-month-old downtrend on the daily bar chart. There
are no early clues of a market low being close at hand. The
next upside price breakout objective for the bulls is to
produce a close above solid technical resistance at 72.50
cents. The next downside price breakout objective for the
cotton bears is to push and close prices below solid
technical support at 65.00 cents. First resistance is seen
at 70.00 cents and then at 71.00 cents. First support is
seen at today’s contract low of 66.10 cents and then at
65.00 cents. Wyckoff's Market Rating: 1.0

July orange juice closed down 10 points at $1.1160 today.
Prices closed near the session high today. FCOJ bears have
the solid overall near-term technical advantage. Prices are
in a four-month-old downtrend on the daily bar chart. 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 May low of $.9710. First resistance is seen
at $1.1445 and then at last week’s high of $1.1735. First
support is seen at last week’s low of $1.0785 and then at
$1.0500. Wyckoff's Market Rating: 2.0.

July lumber futures closed up $2.30 at $282.40 today.
Prices closed nearer the session low today and saw some
short covering. Bulls and bears are on a level near-term
technical playing field. 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 today’s high of $283.70 and then at
$285.00. First support is seen at today’s low of $282.00
and then at $280.00. Wyckoff's Market Rating: 5.0

*. METALS: August gold futures closed down $7.00 an ounce
at $1,615.00 today. Prices closed nearer the session low
and saw a corrective pullback from Friday’s huge gains.
Gold bulls have gained fresh upside near-term technical
momentum as price action Friday scored a big and bullish
"outside day" up on the daily bar chart and also closed at
a technically bullish weekly high close. Bulls and bears
are now on a level near-term technical playing field. A
three-month-old downtrend on the daily bar chart was
negated with Friday’s strong gains. The gold bulls’ next
upside price breakout objective is to produce a close above
solid technical resistance at the May high of $1,674.30.
Bears' next near-term downside price objective is closing
prices below what is now psychological support at
$1,600.00. First resistance is seen at Friday’s high of
$1,632.00 and then at $1,640.00. First support is seen at
today’s low of $1,610.00 and then at $1,600.00. Wyckoff’s
Market Rating: 5.0

July silver futures closed down $0.427 an ounce at $28.08
today. Prices closed nearer the session low. Price action
Friday also scored a bullish "outside day" up on the daily
bar chart and closed at a technically bullish weekly high
close on Friday. However, the silver bears still have the
solid overall near-term technical advantage and could not
garner the strong safe-haven demand that did gold on
Friday. Silver still sees a three-month-old downtrend in
place on the daily bar chart. Bulls’ next upside price
breakout objective is closing prices above solid technical
resistance at $29.00 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the December low of $26.50.
First resistance is seen at today’s and Friday’s high of
$28.68 and then at $28.895. Next support is seen at $27.50
and then at last week’s low of $27.17. Wyckoff's Market
Rating: 3.5.

July N.Y. copper closed up 30 points 331.65 cents today.
Prices closed nearer the session high on tepid short
covering in a bear market after hitting a fresh 7.5-month
low early on. Weak worldwide economic data has helped to
sink the copper market. Copper bears have the solid overall
near-term technical advantage. Prices are in a five-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 335.00 cents and
then at 337.50 cents. First support is seen at 330.00 cents
and then at 327.50 cents. Wyckoff's Market Rating: 2.5.

*. ENERGIES: July crude oil closed up $0.83 a barrel at
$84.05 today. Prices closed nearer the session high today
and saw short covering in a bear market after prices hit a
fresh eight-month low early on today. 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 $90.00 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
$85.00 and then at $86.00. First support is seen at $83.00
and then at today’s low of $81.21. Wyckoff's Market Rating:
1.5

July heating oil closed up 8 points at $2.6287 today.
Prices closed nearer the session high today and did hit
another fresh eight-month low 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 $2.6500 and then at $2.6750. First support is seen
at $2.6000 and then at today’s low of $2.5641. Wyckoff's
Market Rating: 1.0.

July (RBOB) unleaded gasoline closed up 177 points at
$2.6745 today. Prices closed nearer the session high after
hitting a fresh 5.5-month low early on. 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
$2.7000 and then at $2.7250. First support is seen at
$2.6500 and then at $2.6250. Wyckoff's Market Rating: 1.5.

July natural gas closed up 9.1 cents at $2.417 today.
Prices closed nearer the session high today on short
covering. Prices Friday hit a four-week low. 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 $2.60. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $2.25. First
resistance is seen at $2.50 and then at $2.55. First
support is seen at last week’s low of $2.313 and then at
$2.25. Wyckoff's Market Rating: 3.0.

*.STOCKS, FINANCIALS, CURRENCIES: The September Euro
currency closed up 81 points at 1.2507 today. Prices closed
nearer the session high today on short covering in a bear
market. Prices Friday hit a nearly two-year low. The Euro
bears still have the solid overall near-term technical
advantage. There are still no early technical clues of a
market bottom being close at hand. Euro prices are in a
three-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 last
week’s high of 1.2630. 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
today’s high of 1.2522 and then at 1.2600. Next support is
seen at today’s low of 1.2401 and then at 1.2350. Wyckoff's
Market Rating: 2.0

The September Japanese yen closed down 44 points at 1.2780
today. Prices closed nearer the session low today and saw
profit taking after prices Friday hit a 3.5-month high and
closed at a technically bullish weekly high close. Bulls
have the overall near-term technical advantage. Prices are
in a 2.5-month-old uptrend on the daily bar chart. Bulls'
next upside price breakout objective is closing prices
above solid resistance at 1.3000. Bears' next downside
breakout objective is closing prices below solid technical
support at last week’s low of 1.2568. First resistance is
seen at today’s high of 1.2842 and then at last week’s high
of 1.2895. First support is seen at 1.2750 and then at
1.2724. Wyckoff's Market Rating: 7.0.

The September Swiss franc closed up 66 points at 1.0428
today. Prices closed nearer the session high today and saw
short covering in a bear market after prices Friday hit a
nearly two-year low. The bears still 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 last week’s high of 1.0506. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 1.0250. First resistance
is seen at today’s high of 1.0441 and then at 1.0500. First
support is seen at today’s low of 1.0350 and then at
1.0311. Wyckoff's Market Rating: 2.0.

The September Australian dollar closed up 32 points at
.9634 today. Prices closed nearer the session high today
and saw short covering in a bear market. Prices Friday hit
a fresh 6.5-month low. Bears still have the solid overall
near-term technical advantage. Prices are in a three-month-
old downtrend on the daily bar chart. Bulls' next upside
price breakout objective is closing prices above solid
chart resistance at .9900. The next downside breakout
objective for the bears is to produce a close below solid
technical support at .9400. First resistance is seen at
.9700 and then at .9742. Next support is seen at today’s
low of .9549 and then at last week’s low of .9499.
Wyckoff's Market Rating: 3.0

The September Canadian dollar closed down 4 points at .9592
today. Prices closed near mid-range today and hit a fresh
6.5-month low. Bears have the solid near-term technical
advantage. Bulls' next upside price breakout objective is
producing a close above chart resistance at last week’s
high of .9770. 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 .9624 and then at .9661. First support is seen at
today’s low of .9554 and then at .9525. Wyckoff's Market
Rating: 2.5.

The September British pound closed up 5 points at 1.5371
today. Prices closed near mid-range today on tepid short
covering in a bear market. Prices Friday hit a fresh
contract low and closed at a technically bearish weekly low
close. Bears still have the solid near-term technical
advantage. A steep five-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 1.5600. Bears' next downside
technical breakout objective is closing prices below solid
support at 1.5250. First resistance is seen at today’s high
of 1.5409 and then at 1.5500. First support is seen at
today’s low of 1.5336 and then at the contract low of
1.5266. Wyckoff's Market Rating: 2.0.

The September U.S. dollar index closed down 29 points at
83.04 today. Prices closed nearer the session low today and
saw profit taking after prices Friday hit a nearly two-year
high. Bulls still have the solid overall near-term
technical advantage. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at 85.00. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at 82.00. Next resistance lies at today’s
high of 83.52 and then at last week’s high of 84.00. First
support is seen at today’s low of 82.95 and then at 82.50.
Wyckoff's Market Rating: 8.0.

September U.S. T-Bonds closed down 19/32 at 161 16/32
today. Prices closed nearer the session low today and saw
mild profit taking after prices hit a fresh contract and
all-time high today. Bulls still have the solid overall
near-term technical advantage. Prices are in a 10-week-old
uptrend on the daily bar chart. There are 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
148 even. The next upside technical objective for the bulls
is to produce a close above solid technical resistance at
155 even. First resistance is seen at 152 even and then at
today’s contract high of 152 19/32. First support is seen
at 151 even and then at 150 even. Wyckoff's Market Rating:
9.0.

September U.S. T Notes closed down 19.5 (32nds) at 134.04.0
today. Prices closed nearer the session low today and saw
profit taking. Prices Friday hit an all-time record high.
Bulls still have the solid overall near-term technical
advantage. Prices are in a 2.5-month-old uptrend on the
daily bar chart. The next upside price breakout objective
for the bulls is closing prices above solid resistance at
136.00.0. 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 134.16.0
and then at the contract high of 134.30.5. First support is
seen at 134.00.0 and then at 133.14.5. Wyckoff's Market
Rating: 9.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mixed to weaker today and saw short covering following
recent losses. The market place was jittery Monday, but the
tone was not as bad as many reckoned it could be following
Friday’s rout of the U.S. stock market after a very weak
U.S. jobs report issued Friday morning—and with the
European Union debt situation still fluid. Still, this will
be an extra important trading week. There are two key
events traders are awaiting this week: A European Central
Bank officials meeting on Wednesday, and U.S. Federal
Reserve Chairman Ben Bernanke’s testimony before U.S.
lawmakers on Thursday. The market place is wondering if the
U.S. and/or EU will hint of further easing of their
monetary policies this week, in the wake of their recent
weaker U.S. economic data. The stock index bulls have faded
recently.

The Nasdaq stock futures index closed up 14.00 at 2,469.00.
Prices closed nearer the session high today after hitting a
fresh five-month low early on. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 2,600.00. 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
2,480.25 and then at 2,500.00. First support is seen at
today’s low of 2,433.75 and then at 2,415.00. Wyckoff's
Market Rating: 4.5

The S&P 500 futures index closed down 0.90 at 1,273.00.
Prices closed near mid-range and  hit a fresh five-month
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 1,200.00. First resistance is
seen at today’s high of 1,281.20 and then at 1,300.00.
First support is seen at today’s low of 1,262.30 and then
at 1,250.00. Wyckoff's Market Rating: 5.0.

The Dow futures closed down 40 points at 12,063 today.
Prices closed near mid-range today and hit a fresh five-
month low. 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 12,120 and
then at 12,200. First support is seen at today’s low of
12,030 and then at 12,000. 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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