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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--March 12

Mar 13, 2012

Monday Evening, March 12-Jim Wyckoff's Daily Markets Update

Questions? Just email me at jim@jimwyckoff.com . I enjoy
hearing from my readers worldwide.--Jim

Click below for "Today’s Hot Market" item on my website.

http://www.jimwyckoff.com/hotmarket/hotmarket.asp

Dear Valued Subscriber: Following are today's significant
developments in the U.S. futures markets.

*. LIVESTOCK: April live cattle closed up $0.72 at $126.75
today. Prices closed near the session high today and scored
a bullish “outside day” up on the daily bar chart. Short
covering and bargain hunting were featured today following
recent strong losses. There are still some near-term cash
market fundamental worries about the bulls in live cattle
futures. Also, serious near-term technical damage has been
inflicted in cattle recently. A bear flag may be forming on
the daily bar chart. Bulls have more work to do in the near
term to repair the recent chart damage. The bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at $128.00. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
the January low of $124.15. First resistance is seen at
$127.00 and then at $127.50. First support is seen at
$126.00 and then at $125.50. Wyckoff's Market Rating: 5.5

May feeder cattle closed up $0.47 at $157.62 today. Prices
closed near the session high again today after hitting a
fresh two-month low early on. Short covering and bargain
hunting were featured today. Still, significant near-term
technical damage has been inflicted recently to suggest a
market top is in place. The next upside price objective for
the feeder bulls is to push and close prices above
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 today’s low of
$155.50. First resistance is seen at $158.00 and then at
$158.67. First support is seen at $157.00 and then at
$156.50. Wyckoff's Market Rating: 6.0

April lean hogs closed down $0.42 at $87.40 today. Prices
closed nearer the session high today. Cash hog market
fundamentals have deteriorated recently. Serious near-term
technical damage has also been inflicted recently. Bears
have the solid near-term technical advantage. A bear flag
pattern may be forming on the daily bar chart. The next
upside price breakout objective for the hog bulls is to
push and close prices above solid chart resistance at
$89.40. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
the December low of $85.50. First resistance is seen at
today’s high of $87.70 and then at $88.10. First support is
seen at $87.00 and then at last week’s low of $86.60.
Wyckoff's Market Rating: 3.0

*. GRAINS: May corn futures closed up 15 cents at $6.60
today. Prices closed nearer the session high today and were
supported on short covering, bargain hunting and on rumors
China may be in the market for U.S. corn. Corn market bulls
have regained the slight near-term technical advantage.
Just in time the bulls have shown fresh power and are on
the verge of producing a bullish upside “breakout” on the
daily chart. Corn bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at the March high of $6.65 1/4. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
February low of $6.26. First resistance for March corn is
seen at today’s high of $6.61 1/2 and then at $6.65 1/4.
First support is seen at $6.55 and then at $6.50. Wyckoff's
Market Rating: 5.5

May soybeans closed down 3 1/2 cents at $13.34 1/4 a bushel
today. Prices closed nearer the session low today and saw
some mild profit taking from recent gains that saw prices
Friday hit a nearly six-month high. Bulls have the solid
near-term technical advantage. Bean prices are in a three-
month-old uptrend on the daily bar chart. The next near-
term upside technical breakout objective for the soybean
bulls is pushing and closing prices above solid technical
resistance at Friday’s high of $13.55 1/2 a bushel. The
next downside price breakout objective for the bears is
pushing and closing prices below psychological support at
$13.15 1/4. First resistance is seen at today’s high of
$13.41 3/4 and then at $13.50. First support is seen at
$13.24 and then at $13.15. Wyckoff's Market Rating: 7.5.

May soybean meal closed down $0.20 at $362.50 today. Prices
closed near mid-range today and saw mild profit taking
after hitting a six-month high Friday. Meal bulls have the
solid 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 to produce a
close above solid technical resistance at $375.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at
$350.00. First resistance comes in at today’s high of
$364.00 and then at $367.20. First support is seen at
$360.00 and then at $357.50. Wyckoff's Market Rating: 7.5

May bean oil closed down 26 points at 54.01 cents today.
Prices closed near the session low today and were pressured
by lower crude oil prices and some profit taking. Bean oil
bulls still have the slight 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 last week’s high of 54.35 cents.
Bean oil bears' next downside technical price breakout
objective is pushing and closing prices below solid
technical support at last week’s low of 52.88 cents. First
resistance is seen at today’s high of 54.53 cents and then
at 54.75 cents. First support is seen at 53.75 cents and
then at 53.50. Wyckoff's Market Rating: 5.5

May Chicago SRW wheat closed up 8 1/4 cents at $6.51 1/4
today. Prices closed nearer the session high today and saw
short covering in the wake of a friendly USDA report issued
last Friday morning. Wheat bears still have the overall
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 solid technical
support at the February low of $6.28. First resistance is
seen at today’s high of $6.53 1/4 and then at $6.60. First
support lies at today’s low of $6.38 and then at last
week’s low of $6.33 1/2. Wyckoff's Market Rating: 3.5.

May K.C. HRW wheat closed up 11 cents at $6.95 today.
Prices closed near the session high today on short
covering. Bears still have the near-term technical
advantage. Bulls' next upside price breakout objective is
pushing and closing prices above major psychological
resistance at $7.00. The bears' next downside breakout
objective is pushing and closing prices below solid
technical support at the February low of $6.76 1/2. First
resistance is seen at today’s high of $6.96 and then at
$7.00. First support is seen at today’s low of $6.81 and
then at last week’s low of $6.76. Wyckoff's Market Rating:
3.5

May oats closed up 14 1/2 cents at $3.02 today. Prices
closed nearer the session high and saw short covering in a
bear market. Prices last Friday hit the recent contract
low. 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 $2.81 1/2. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at the February high of $3.24.
First support lies at $3.00 and then at $2.97. First
resistance is seen at today’s high of $3.05 1/2 and then at
$3.08. Wyckoff's Market Rating: 2.5

*. SOFTS: May sugar closed up 19 points at 23.85 cents
today. Prices closed near the session high today after
hitting a fresh four-week low early on. Short covering and
bargain hunting were featured. Bulls are fading and need to
show more power soon. Sugar bears have the near-term
technical advantage. Sugar bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at 25.00 cents. Bears' next downside
price breakout objective is to push and close prices below
solid technical support at the February low of 22.85 cents.
First resistance is seen at 24.00 cents and then at
Friday’s high of 24.19 cents. First support is seen at
23.50 cents and then at today’s low of 23.26 cents.
Wyckoff's Market Rating: 4.0.

May coffee closed down 130 points at 184.90 cents. Prices
closed nearer the session high today after hitting another
fresh 15-month low. There are reports Brazil, the number-
one coffee producer, is set to harvest a massive crop this
year. Prices are in a choppy, 6.5-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 major
psychological resistance at 200.00 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 175.00 cents a pound.
First resistance is seen at today’s high of 185.75 cents
and then at 187.50 cents. First support is seen at today’s
low of 181.05 cents and then at 180.00 cents. Wyckoff's
Market Rating: 1.0

May cocoa closed down $27 at $2,383 a ton. Prices closed
nearer the session low today. Bulls have the slight 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 February high of
$2,467. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at last week’s low of $2,260. First resistance is
seen at today’s high of $2,426 and then at $2,450. First
support is seen at today’s low of $2,360 and then at
$2,325. Wyckoff's Market Rating: 5.5.

May cotton closed down 80 points at 88.00 cents today.
Prices closed near mid-range today and hit a fresh nearly
three-month low. News that India has said it will resume
cotton exports is a bearish factor for cotton. 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
March high of 94.24 cents. The next downside price breakout
objective for the cotton bears is to push and close prices
below solid technical support at the December low of 84.23
cents. First support is seen at today’s low of 87.01 cents
and then at 86.00 cents. First resistance is seen at
today’s high of 89.16 cents and then at 90.00 cents.
Wyckoff's Market Rating: 2.5

May orange juice closed down 425 points at $1.8455 today.
Prices closed nearer the session low today as FCOJ sold off
with the other softs markets. FCOJ bulls and bears are now
back on a level near-term technical playing field. The next
upside price breakout objective for the FCOJ bulls is
pushing and closing prices above technical resistance at
lasst week’s high of $1.9695. The next downside technical
breakout objective for the FCOJ bears is to produce a close
below solid technical support at $1.8000. First resistance
is seen at today’s high of $1.8840 and then at $1.9000.
First support is seen at today’s low of $1.8310 and then at
$1.8200. Wyckoff's Market Rating: 5.0.

May lumber futures closed down $2.10 at $270.60 today.
Prices closed nearer the session low today. The lumber
bulls and bears are back on a level near-term technical
playing field amid choppy trading. The next downside
technical breakout objective for the lumber bears is
pushing and closing prices below solid technical support at
last week’s low of $267.70. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at the February high of $285.40.
First resistance is seen at today’s high of $273.00 and
then at $275.00. First support is seen at today’s low of
$269.60 and then at $267.70. Wyckoff's Market Rating: 5.0

*. METALS: April gold futures closed down $12.00 an ounce
at $1,699.50 today. Prices closed nearer the session low
today. The key “outside markets” were neutral for gold
today, as the U.S. dollar index was lower while crude oil
prices were also lower. The bulls need to show fresh power
soon to re-establish any upside technical momentum. The
bulls’ next upside price breakout objective is to produce a
close above solid technical resistance at $1,727.30. Bears'
next near-term downside price objective is closing prices
below solid technical support at last week’s low of
$1,663.40. First resistance is seen at today’s high of
$1,717.40 and then at $1,727.30. First support is seen at
today’s low of $1,682.50 and then at Friday’s low of
$1,677.00. Wyckoff's Market Rating: 5.0.

May silver futures closed down $0.667 an ounce at $33.545
today. Prices closed nearer the session low today. The key
“outside markets” were neutral for silver today, as the
U.S. dollar index was lower while crude oil prices were
also lower. Bulls’ next upside price breakout objective is
closing prices above solid technical resistance at $35.00
an ounce. The next downside price breakout objective for
the bears is closing prices below solid technical support
at last week’s low of $32.49. First resistance is seen at
$34.00 and then at today’s high of $34.41. Next support is
seen at today’s low of $33.38 and then at $33.00. Wyckoff's
Market Rating: 5.0.

May N.Y. copper closed down 175 points 384.10 cents today.
Prices closed near mid-range today in quieter trading. The
key “outside markets” were neutral for copper today, as the
U.S. dollar index was lower while crude oil prices were
also lower. Copper bulls have the overall near-term
technical advantage, but need to show more power soon to
re-establish upside momentum. Copper bulls' next upside
breakout objective is pushing and closing prices above
solid technical resistance at 400.00 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the February low of
370.25 cents. First resistance is seen at today’s high of
386.50 cents and then at Friday’s high of 387.75 cents.
First support is seen at today’s low of 381.70 cents and
then at 380.00 cents. Wyckoff's Market Rating: 5.5.

*. ENERGIES: April crude oil closed down $1.02 a barrel at
$106.38 today. Prices closed near mid-range today. The
market was pressured by some negative economic data coming
out of China today. Crude oil bulls still have the overall
near-term technical advantage. The next near-term upside
price breakout objective for the crude oil bulls is
producing a close above psychological resistance at $110.00
a barrel. The next near-term downside price breakout
objective for the crude oil bears is to produce a close
below major psychological support at $100.00. First
resistance is seen at $107.00 and then at today’s high of
$107.56. First support is seen at $106.00 and then at
today’s low of $105.38 and then at $105.00. Wyckoff's
Market Rating: 7.0

April heating oil closed down 191 points at $3.2447 today.
Prices closed near mid-range today. Bulls still have the
solid overall near-term technical advantage. The bulls'
next upside price breakout objective is closing prices
above solid technical resistance at the April 2011 high of
$3.3422. Bears' next downside price breakout objective is
producing a close below solid technical support at $3.1605.
First resistance lies at last week’s high of $3.2822 and
then at $3.3000. First support is seen at today’s low of
$3.2198 and then at $3.2100. Wyckoff's Market Rating: 7.0.

April (RBOB) unleaded gasoline closed down 78 points at
$3.3250 today. Prices closed nearer the session high today.
Bulls still 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
the March high of $3.3868. Bears' next downside price
breakout objective is closing prices below solid support at
$3.1968. First resistance is seen at last week’s high of
$3.3407 and then at $3.3500. First support is seen at
$3.3000 and then at $3.2828. Wyckoff's Market Rating: 7.5.

April natural gas closed down 5.9 cents at $2.265 today.
Prices closed near mid-range today and closed at another
fresh contract low close, and hit a fresh 10-year low,
basis the nearby futures contract. 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 $2.15. First
resistance is seen at $2.335 and then at $2.40. First
support is seen at today’s contract low of $2.235 and then
at $2.20. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed up 46 points at 1.3160 today. Prices closed near the
session high today after hitting a fresh four-week low
early on. Bulls and bears are on a level near-term
technical playing field. Euro bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at the February high of 1.3494.
The next downside price breakout objective for the bears is
closing prices below solid chart support at 1.3000. First
resistance for the Euro lies at 1.3200 and then at 1.3250.
Next support is seen at today’s low of 1.3164 and then at
1.3100. Wyckoff's Market Rating: 5.0

The June Japanese yen closed up 42 points at 1.2168 today.
Prices closed near mid-range today and saw tepid short
covering in a bear market. Prices Friday hit a fresh
contract low. Bears still have the solid overall near-term
technical advantage. Prices are in a steep six-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is closing prices above solid resistance
at the March high of 1.2421. Bears' next downside breakout
objective is closing prices below solid technical support
at 1.2100. First resistance is seen at 1.2200 and then at
1.2250. First support is seen at Friday’s contract low of
1.2112 and then at 1.2100. Wyckoff's Market Rating: 1.5.

The June Swiss franc closed up 38 points at 1.0919 today.
Prices closed near the session high after hitting a fresh
four-week low early on 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 resistance at the February high of 1.1213. The
next downside price breakout objective for the bears is
closing prices below solid technical support at the
February low of 1.0781. First resistance is seen at 1.0950
and then at 1.1000. First support is seen at today’s low of
1.0859 and then at 1.0800. Wyckoff's Market Rating: 5.0.

The June Australian dollar closed down 66 points at 1.0388
today. Prices closed nearer the session low and hit a fresh
seven-week low today. Bulls still have the overall near-
term technical advantage but are now fading a bit. Bulls'
next upside price breakout objective is closing prices
above solid chart resistance at the February high of
1.0720. The next downside breakout objective for the bears
is to produce a close below solid technical support at
1.0300. First resistance is seen at today’s high of 1.0459
and then at 1.0500. Next support is seen at today’s low of
1.0359 and then at 1.0300. Wyckoff's Market Rating: 6.5

The June Canadian dollar closed down 33 points at 1.0045
today. Prices closed nearer the session low. Bulls still
have the solid overall near-term technical advantage. A
3.5-month-old uptrend line is in place on the daily bar
chart. Bulls' next upside price breakout objective is
producing a close above chart resistance at the February
high of 1.0133. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the March low of .9949. First resistance is seen
at today’s high of 1.0032 and then at last week’s high of
1.0106. First support is seen at today’s low of 1.0032 and
then at 1.0000. Wyckoff's Market Rating: 7.0.

The June British pound closed down 32 points at 1.5625
today. Prices closed nearer the session low today and hit a
fresh seven-week low. Bulls have faded badly recently and
bears have the near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at the February
high of 1.5971. Bears' next downside technical breakout
objective is closing prices below solid support at 1.5500.
First resistance is seen at today’s high of 1.5685 and then
at 1.5750. First support is seen at today’s low of 1.5591
and then at 1.5550. Wyckoff's Market Rating: 4.0.

The June U.S. dollar index closed down 19 points at 80.31
today. Prices closed near the session low today but did hit
a fresh four-week high early on. Bulls still have slight
near-term technical advantage but trading has turned
choppy. Bulls' next upside price breakout objective is to
close prices above solid technical resistance at the
February and today’s high of 80.58. The next downside price
breakout objective for the bears is to produce a close
below solid technical support at the February low of 78.42.
Next resistance lies at 80.58 and then at 81.00. First
support is seen at 80.00 and then at last week’s low of
79.53. Wyckoff's Market Rating: 5.5.

June U.S. T-Bonds closed up 8/32 at 140 18/32 today. Prices
closed nearer the session low today. The bulls are fading
again but still have the overall near-term technical
advantage. The next downside price breakout objective for
the T-Bond bears is closing prices below solid technical
support at the January low of 139 11/32. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at last week’s high of 142
10/32. First resistance is seen at today’s high of 141 5/32
and then at 141 17/32. First support is seen at today’s low
of 140 13/32 and then at 140 2/32. Wyckoff's Market Rating:
5.5.

June U.S. T Notes closed up 1.5 (32nds) at 130.24.5 today.
Prices closed near the session low today. Bulls still have
the overall near-term technical advantage but are fading a
bit. The next upside price breakout objective for the bulls
is closing prices above solid resistance at last week’s
high of 131.19.5. The next downside price breakout
objective for the bears is producing a close below solid
technical support at the February low of 130.03.0. First
resistance is seen at 131.00.0 and then at today’s high of
131.04.5. First support is seen at today’s low of 130.23.5
and then at 130.16.0. Wyckoff's Market Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. ock indexes closed
mixed today. The stock index bulls still have the solid
overall near-term technical advantage.

The Nasdaq stock futures index closed up 0.25 at 2,644.00.
Prices closed nearer the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 2,700.00. The bears' next downside
price breakout objective is closing prices below solid
technical support at last week’s low of 2,575.00. First
resistance is seen at last week’s high of 2,650.00 and then
at 2,675.00. First support is seen at today’s low of
2,630.75 and then at 2,605.00. Wyckoff's Market Rating: 8.0

The S&P 500 futures index closed down 0.30 at 1,366.50.
Prices closed near the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1,400.00. The next downside price
breakout objective for the bears is closing prices below
solid support at last week’s low of 1,338.80. First
resistance is seen at last week’s high of 1,369.40 and then
at the February high of 1,377.00. First support is seen at
today’s low of 1,360.50 and then at 1,350.00. Wyckoff's
Market Rating: 8.0.

The Dow futures closed up 32 points at 12,895 today. Prices
closed nearer the session high today. The next upside price
objective for the bulls is closing prices above major
psychological resistance at 13,000. The next downside price
objective for the bears is closing prices below solid
technical support at last week’s low of 12,698. First
resistance in the Dow lies at 12,961 and then at 13,000.
First support is seen at today’s low of 12,855 and then at
12,800. Wyckoff's Market Rating: 7.5.

Click below for my welcome letter to all new customers and
for an explanation of my Market Rating System.

http://www.jimwyckoff.com/newsletter/WelcomeAboard/

IMPORTANT NOTE: I am not a futures broker and do not manage
any trading accounts other than my own personal account. It
is my goal to point out to you potential trading
opportunities. However, it is up to you to: (1) decide when
and if you want to initiate any traders and (2) determine
the size of any trades you may initiate. Any trades I
discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission
(CFTC) has said about futures trading (and I agree 100%):
1. Trading commodity futures and options is not for
everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS.
Before you invest any money in futures or options
contracts, you should consider your financial experience,
goals and financial resources, and know how much you can
afford to lose above and beyond your initial payment to a
broker. You should understand commodity futures and options
contracts and your obligations in entering into those
contracts. You should understand your exposure to risk and
other aspects of trading by thoroughly reviewing the risk
disclosure documents your broker is required to give you.

Jim Wyckoff
 

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