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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 5

Mar 06, 2012

Monday Evening, March 5-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 down $1.55 at
$128.40 today. Prices closed near the session low again
today on more profit-taking pressure. No chart damage has
been inflicted but the bulls are fading a bit and need to
show fresh power soon. Cattle futures bulls still have the
overall near-term technical advantage. Prices are still in
a 2.5-month-old uptrend on the daily bar chart. The bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at the contract
high of $131.50. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at last week’s low of $127.95.
First resistance is seen at $129.00 and then at $129.50.
First support is seen at $127.95 and then at $127.50.
Wyckoff's Market Rating: 7.0

May feeder cattle closed down $2.30 at $160.55 today.
Prices closed nearer the session low today and saw heavy
profit-taking pressure. Prices just Friday hit a fresh
contract high. Feeder bulls still have the solid overall
near-term technical advantage. The next upside price
objective for the feeder bulls is to push and close prices
above technical resistance at the contract high of $163.35.
The next downside price breakout objective for the bears is
to push and close prices below solid technical support at
last week’s low of $159.80. First resistance is seen at
$161.00 and then at $161.50. First support is seen at
$159.80 and then at $159.00. Wyckoff's Market Rating: 7.5

April lean hogs closed down $1.00 at $89.42 today. Prices
closed near the session low today. Bulls still 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 February high of
$90.95. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
last week’s low of $87.70. First resistance is seen at
$90.00 and then at today’s high of $90.35. First support is
seen at $89.00 and then at $88.25. Wyckoff's Market Rating:
5.5

*. GRAINS: May corn futures closed up 6 cents at $6.61
today. Prices closed nearer the session high today and hit
a fresh seven-week high. Corn market bulls have the near-
term technical advantage. Traders are awaiting Friday
morning’s USDA monthly supply and demand report, which they
reckon will favor the bulls this time. Corn bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at the January high of
$6.72 1/2. The next downside price breakout objective for
the bears is pushing and closing prices below solid
technical support at last week’s low of $6.36 1/2. First
resistance for March corn is seen at today’s high of $6.65
1/4 and then at $6.72 1/2. First support is seen at $6.56
and then at today’s low of $6.52 1/4. Wyckoff's Market
Rating: 6.0

May soybeans closed down 8 3/4 cents at $13.24 1/4 a bushel
today. Prices closed near the session low today and saw
profit-taking pressure after hitting a fresh 5.5-month high
early on today. Soybean bulls still have the solid near-
term technical advantage. Prices are in an 11-week-old
uptrend on the daily bar chart. Traders are awaiting Friday
morning’s USDA monthly supply and demand report, which they
expect will be bullish. The next near-term upside technical
breakout objective for the soybean bulls is pushing and
closing prices above solid technical resistance at $13.50 a
bushel. The next downside price breakout objective for the
bears is pushing and closing prices below pyschological
support at $13.00. First resistance is seen at today’s high
of $13.36 1/2 and then at $13.50. First support is seen at
$13.16 1/4 and then at $13.06 1/4. Wyckoff's Market Rating:
7.0.

May soybean meal closed down $1.40 at $357.70 today. Prices
closed near the session low today after hitting another
fresh 5.5-month high early on. Meal bulls still have the
solid near-term technical advantage. Prices are in an 11-
week-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 $370.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at last
week’s low of $336.30. First resistance comes in at today’s
high of $360.40 and then at $362.50. First support is seen
at $355.00 and then at $353.00. Wyckoff's Market Rating:
7.5

May bean oil closed down 27 points at 53.81 cents today.
Prices closed nearer the session low today and hit a fresh
two-week low. Prices also scored a mildly bearish “outside
day” down on the daily bar chart. Bean oil bulls still have
the overall near-term technical advantage, but are fading a
bit and need to show fresh power soon. The next upside
price breakout objective for the bean oil bulls is pushing
and closing prices above solid technical resistance at the
February high of 55.25 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at 53.00 cents. First
resistance is seen at 54.00 cents and then at today’s high
of 54.35 cents. First support is seen at today’s low of
53.75 cents and then at 53.50 cents. Wyckoff's Market
Rating: 6.0

May Chicago SRW wheat closed down 3 1/2 cents at $6.71
today. Prices closed nearer the session low today after
hitting a fresh four-week high early on. The wheat bulls
still have some upside near-term technical momentum. Bulls
have the slight near-term technical advantage. Traders are
awaiting Friday morning’s USDA monthly supply and demand
report, which they reckon will favor the bears. Bulls’ next
upside breakout objective is to push and close Chicago SRW
prices above solid technical resistance at the February
high of $6.96 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 $6.77 3/4 and then at $6.85. First support lies at
today’s low of $6.67 3/4 and then at $6.57 1/2. Wyckoff's
Market Rating: 5.5.

May K.C. HRW wheat closed down 3 cents at $7.16 today.
Prices closed nearer the session low today after hitting a
fresh four-week high early on. Bulls still have the slight
near-term technical advantage. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at the February high of $7.37
1/4. 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 $7.22 1/2 and then at $7.25. First support
is seen at $7.10 and then at $7.00. Wyckoff's Market
Rating: 5.5

May oats closed up 2 1/2 cents at $3.08 1/4 today. Prices
closed nearer the session low today. Oats bulls have faded
recently and are on a level near-term techical playing
field with the bears. Bears' next downside price breakout
objective is pushing and closing prices below solid
technical support at last week’s low of $3.03 1/2. Bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at last week’s high
of $3.16 1/4. First support lies at today’s low of $3.05
1/2 and then at $3.03 1/2. First resistance is seen at
$3.10 and then at $3.12. Wyckoff's Market Rating: 5.0

*. SOFTS: May sugar closed down 28 points at 24.68 cents
today. Prices closed nearer the session low today and saw
some more profit taking from recent gains. Sugar bulls
still have the slight overall near-term technical advantage
but have faded a bit and need to show fresh power soon.
Sugar bulls' next upside price breakout objective is to
push and close prices above solid technical resistance at
the February high of 25.81 cents. Bears' next downside
price breakout objective is to push and close prices below
solid technical support at 24.00 cents. First resistance is
seen at 25.00 cents and then at 25.16 cents. First support
is seen at today’s low of 24.60 cents and then at last
week’s low of 24.45 cents. Wyckoff's Market Rating: 5.5

May coffee closed down 30 points at 201.50 cents. Prices
closed nearer the session high today and hit a fresh three-
week low early on. Prices are still in a choppy, six-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 210.00 cents. The next
downside price breakout objective for the bears is closing
prices below major psychological support at 200.00 cents a
pound. First resistance is seen at today’s high of 202.50
cents and then at 205.00 cents. First support is seen at
200.00 cents and then at the February low of 197.80 cents.
Wyckoff's Market Rating: 1.5

May cocoa closed down $27 at $2,307 a ton. Prices closed
near mid-range today and hit a fresh three-week low.
Trading has been choppy in cocoa. Bears have gained 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 $2,250. First resistance is seen at
today’s high of $2,341 and then at $2,375. First support is
seen at today’s low of $2,273 and then at $2,250. Wyckoff's
Market Rating: 4.5.

May cotton closed up the 400-point daily limit at 92.23
cents today. The market was shocked by the surprise
announcement from the world’s number-two cotton producer
India that it is banning all cotton exports. Cotton bears
still have the overall near-term technical advantage, at
least right now. Prices are in a six-week-old downtrend on
the daily bar chart. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at 94.57 cents. The next downside
price breakout objective for the cotton bears is to push
and close prices below solid technical support at last
week’s low of 87.80 cents. First support is seen at 91.00
cents and then at 90.00 cents. First resistance is seen at
92.74 cents and then at 94.57 cents. Wyckoff's Market
Rating: 4.0

May orange juice closed up 30 points at $1.9065 today.
Prices closed near the session low today after hitting a
fresh four-week high early on today. Bulls have the overall
near-term technical advantage. The next upside price
breakout objective for the FCOJ bulls is pushing and
closing prices above psychological resistance at $2.00. 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 last week’s high of
$1.9370 and then at today’s high of $1.9695. First support
is seen at $1.9000 and then at $1.8775. Wyckoff's Market
Rating: 7.0.

May lumber futures closed down $3.90 at $276.20 today. The
lumber bulls still have the slight near-term technical
advantage amid choppy trading. The next downside technical
breakout objective for the lumber bears is pushing and
closing prices below solid technical support at $269.70.
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 $278.00 and then at $280.00. First support is seen at
$274.00 and then at $272.00. Wyckoff's Market Rating: 5.5

*. METALS: April gold futures closed down $5.80 an ounce at
$1,704.00 today. Prices closed near mid-range today as the
market continues to consolidated following last week’s big
losses. A slightly lower U.S. dollar index and slightly
higher crude oil prices did limit the downside in gold
today. The gold market bulls need to show fresh power soon.
A bearish pennant pattern may be forming on the daily bar
chart. The bulls next upside price breakout objective is to
produce a close above solid technical resistance at the
February high of $1,792.70. Bears' next near-term downside
price objective is closing prices below solid technical
support at the February low of $1,688.40. First resistance
is seen at today’s high of $1,718.00 and then at $1,727.30.
First support is seen at today’s low of $1,694.40 and then
at $1,688.40. Wyckoff's Market Rating: 6.0.

May silver futures closed down $0.76 an ounce at $33.76
today. Prices closed nearer the session low today and hit a
fresh two-week low as bears gained some fresh downside
momentum. A two-month-old uptrend on the daily bar chart
was at least temporarily negated today. Bulls’ next upside
price breakout objective is closing prices above solid
technical resistance at the February high of $37.58 an
ounce. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the February low of $32.715. First resistance is seen at
$34.00 and then at $34.50. Next support is seen at today’s
low of $33.55 and then at $33.00. Wyckoff's Market Rating:
6.0.

May N.Y. copper closed down 415 points 386.15 cents today.
Prices closed nearer the session low today. The market was
pressured today by some slower economic growth projections
coming out of China. Copper bulls still have the overall
near-term technical advantage. Copper bulls' next upside
breakout objective is pushing and closing prices above
major psychological 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 390.00 cents and
then at today’s high of 393.25 cents. First support is seen
at today’s low of 383.55 cents and then at 380.00 cents.
Wyckoff's Market Rating: 6.0.

*. ENERGIES: April crude oil closed up $0.06 a barrel at
$106.76 today. Prices closed nearer the session high today
in quieter trading. Crude oil bulls 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 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 $107.50 and then at $108.00. First
support is seen at $106.00 and then at today’s low of
$105.50. Wyckoff's Market Rating: 7.5

April heating oil closed up 178 points at $3.2198 today.
Prices closed nearer the session high today. Bulls 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 last
week’s low of $3.1605. First resistance lies at today’s
high of $3.2340 and then at $3.2500. First support is seen
at $3.2000 and then at today’s low of $3.1851. Wyckoff's
Market Rating: 7.5.

April (RBOB) unleaded gasoline closed down 99 points at
$3.2624 today. Prices closed nearer the session low today
and saw profit taking. 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 $3.4000. Bears' next downside
price breakout objective is closing prices below solid
support at last week’s low of $3.1968. First resistance is
seen at today’s high of $3.2936 and then at $3.3342. First
support is seen at today’s low of $3.2475 and then at
$3.2250. Wyckoff's Market Rating: 8.0.

April natural gas closed down 12.0 cents at $2.364 today.
Prices closed nearer the session low today and hit another
fresh contract low. 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 $2.65. The next downside price
breakout objective for the bears is closing prices below
solid technical support at $2.25. First resistance is seen
at today’s high of $2.441 and then at $2.50. First support
is seen at today’s contract low of $2.35 and then at $2.30.
Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed up 16 points at 1.3230 today. Prices closed nearer
the session high today after hitting a fresh nearly three-
week low early on today. Bulls still have the slight near-
term technical advantage. A seven-week-old uptrend on the
daily bar chart is still in place. Euro bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at 1.3500. The next
downside price breakout objective for the bears is closing
prices below solid chart support at the February low of
1.2987. First resistance for the Euro lies at 1.3300 and
then at 1.3338. Next support is seen at today’s low of
1.3170 and then at 1.3100. Wyckoff's Market Rating: 5.5

The June Japanese yen closed up 54 points at 1.2290 today.
Prices closed near mid-range and saw tepid short covering
in a bear market. Bears still have the solid overall near-
term technical advantage. Prices are in a steep five-week-
old downtrend on the daily bar chart. Bulls' next upside
price breakout objective is closing prices above solid
resistance at last week’s high of 1.2512. Bears' next
downside breakout objective is closing prices below solid
technical support at 1.2100. First resistance is seen at
today’s high of 1.2333 and then at 1.2375. First support is
seen at last week’s low of 1.2226 and then at 1.2200.
Wyckoff's Market Rating: 1.5.

The June Swiss franc closed up 22 points at 1.0981 today.
Prices closed nearer the session high today after hitting a
fresh two-week low early on. Bulls still have the slight
near-term technical advantage as a seven-week-old uptrend
is still in place on the daily bar chart. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at the February high of 1.1200. 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 1.1015
and then at 1.1039. First support is seen at today’s low of
1.0931 and then at 1.0900. Wyckoff's Market Rating: 5.5.

The June Australian dollar closed down 63 points at 1.0546
today. Prices closed nearer the session low today and saw
profit taking from recent gains. Bulls still have the solid
overall near-term technical advantage. Prices are in a
three-month-old uptrend on the daily bar chart. Bulls' next
upside price breakout objective is closing prices above
solid chart resistance at the contract high of 1.0720. The
next downside breakout objective for the bears is to
produce a close below solid technical support at 1.0465.
First resistance is seen at today’s high of 1.0611 and then
at 1.0682. Next support is seen at today’s low of 1.0531
and then at 1.0500. Wyckoff's Market Rating: 7.5

The June Canadian dollar closed down 55 points at 1.0040
today. Prices closed nearer the session low and saw profit
taking today. 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 February low of
.9923. First resistance is seen at today’s high of 1.0091
and then at 1.0133. First support is seen at today’s low of
1.0018 and then at 1.0000. Wyckoff's Market Rating: 7.5.

The June British pound closed up 35 points at 1.5855 today.
Prices closed nearer the session high today. Bulls have the
near-term technical advantage. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at last week’s high of 1.5971.
Bears' next downside technical breakout objective is
closing prices below solid support at the February low of
1.5632. First resistance is seen at 1.5900 and then at
1.5971. First support is seen at today’s low of 1.5777 and
then at 1.5700. Wyckoff's Market Rating: 6.0.

The June U.S. dollar index closed down 6 points at 79.73
today. Prices closed nearer the session low today after
hitting a fresh nearly three-week high early on. Bulls have
the slight near-term technical advantage. Bulls' next
upside price breakout objective is to close prices above
solid technical resistance at the February 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 80.00 and
then at today’s high of 80.40. First support is seen at
today’s low of 79.60 and then at 79.23. Wyckoff's Market
Rating: 5.5.

June U.S. T-Bonds closed down 9/32 at 140 30/32 today.
Prices closed nearer the session low today. The bond market
bulls still have the overall near-term technical advantage,
but are fading a bit and need to show fresh power soon. 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 143 1/32. First
resistance is seen at today’s high of 141 21/32 and then at
142 even. First support is seen at today’s low of 140 27/32
and then at 140 15/32. Wyckoff's Market Rating: 6.0.

June U.S. T Notes closed down 6.5 (32nds) at 130.28.5
today. Prices closed nearer the session low today. Bulls
still have the overall near-term technical advantage. 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 131.09.0.
First support is seen at today’s low of 130.27.0 and then
at 130.16.5. Wyckoff's Market Rating: 6.5

GENERAL STOCK MARKET COMMENT: The U.S. ock indexes closed
weaker today and saw some profit-taking pressure. The stock
index bulls still have the solid overall near-term
technical advantage.

The Nasdaq stock futures index closed down 27.50 at
2,616.00. Prices were closed the session low 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 2,542.75. First resistance is
seen at 2,650.00 and then at 2,675.00. First support is
seen at today’s low of 2,605.50 and then at 2,600.00.
Wyckoff's Market Rating: 7.5

The S&P 500 futures index closed down 4.40 at 1,364.40.
Prices closed near mid-range. 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
1,334.30. First resistance is seen at last week’s high of
1,377.00 and then at 1,385.00. First support is seen at
last week’s low of 1,353.00 and then at 1,334.00. Wyckoff's
Market Rating: 7.5.

The Dow futures closed down 7 points at 12,961 today.
Prices closed near the session high. 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 12,500. First resistance in the Dow
lies at last week’s high of 13,035 and then at 13,100.
First support is seen at 12,900 and then at last week’s low
of 12,865. 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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