Sep 22, 2014
Home | Tools| Events| Blogs| Discussions Sign UpLogin

AgDay Blog


Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--May 10

May 11, 2012

Thursday Evening, May 10-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: June live cattle closed down $0.70 at $115.90
today. Prices closed nearer the session low today on a
corrective pullback after hitting a three-week high on
Wednesday. Cattle bears have the overall near-term
technical advantage. The bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at $117.70. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at $114.00. First resistance is
seen at this week’s high of $116.97 and then at $117.70.
First support is seen at $115.32 and then at $115.00.
Wyckoff's Market Rating: 3.5

August feeder cattle closed steady at $158.90 today. Prices
closed near the session low today. The bulls still have the
overall near-term technical advantage. A bullish pennant
pattern has formed on the daily bar chart. The next upside
price objective for the feeder bulls is to push and close
prices above solid technical resistance at $161.00. The
next downside price breakout objective for the bears is to
push and close prices below solid technical support at
$157.00. First resistance is seen at $159.40 and then at
this week’s high of $159.70. First support is seen at
$158.35 and then at this week’s low of $157.80. Wyckoff's
Market Rating: 6.0

June lean hogs closed down $0.40 at $84.45 today. Prices
closed nearer the session low today. Hog bears have the
solid overall near-term technical advantage. Prices are in
a steep 10-week-old downtrend 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
$87.50. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
$82.50. First resistance is seen at today’s high of $85.15
and then at this week’s high of $85.45. First support is
seen at $84.00 and then at $83.50. Wyckoff's Market Rating:
1.5

*. GRAINS: July corn futures closed down 20 cents at $5.87
1/4 today. Prices closed nearer the session low again today
and hit a fresh 14-month low in the wake of a bearish USDA
report issued Thursday morning. Serious near-term technical
damage was inflicted today. It’s going to take a serious
weather market scare this summer to jump-start any serious
price rally in the corn market. Corn bulls' next upside
price breakout objective is to push and close prices above
psychological resistance at $6.00. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $5.70. First
resistance for July corn is seen at $5.91 3/4 and then at
$6.00. First support is seen at today’s low of $5.85 1/2
and then at $5.80. Wyckoff's Market Rating: 2.0

July soybeans closed up 27 1/4 cents at $14.57 1/2 a bushel
today. Prices closed near the session high today in the
wake of a bullish USDA supply and demand report issued
Thursday morning. Bean bulls have the overall near-term
technical advantage and regained some fresh upside momentum
today. Bean prices are in a four-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 this
week’s high of $14.78 3/4 a bushel. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at this week’s low of
$14.13 1/4. First resistance is seen at today’s high of
$14.58 3/4 and then at $14.71 1/4. First support is seen at
$14.50 and then at $14.40. Wyckoff's Market Rating: 7.5.

July soybean meal closed up $8.30 at $424.30 today. Prices
closed nearer the session high today. Meal bulls have the
overall near-term technical advantage and regained some
upside momentum today. Prices are in a four-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 last week’s contract
high of $437.60. The next downside price breakout objective
for the bears is pushing and closing prices below solid
technical support at this week’s low of $408.40. First
resistance comes in at today’s high of $425.50 and then at
$428.20. First support is seen at $422.50 and then at
$420.00. Wyckoff's Market Rating: 7.5

July bean oil closed up 64 points at 53.46 cents today.
Prices closed nearer the session high today and saw short
covering and bargain hunting. Prices Wednesday hit a three-
month low. Bean oil bears still have the slight near-term
technical advantage. Bean oil prices have been trending
lower for four weeks. The next upside price breakout
objective for the bean oil bulls is pushing and closing
prices above solid technical resistance at 54.50 cents.
Bean oil bears' next downside technical price breakout
objective is pushing and closing prices below solid
technical support at 52.50 cents. First resistance is seen
at today’s high of 53.65 cents and then at 54.00 cents.
First support is seen at 53.25 cents and then at 53.00
cents. Wyckoff's Market Rating: 4.5

July Chicago SRW wheat closed up 1 1/2 cents at $6.01 1/2
today. Prices closed near mid-range today and hit another
fresh contract low. Thursday morning’s USDA monthly supply
and demand report was deemed neutral to friendly for wheat,
but the big losses in corn today limited any upside in
wheat. Wheat bears have the solid overall near-term
technical advantage. Bulls’ next upside breakout objective
is to push and close Chicago SRW prices above solid
technical resistance at $6.25 a bushel. The next downside
price breakout objective for the wheat futures bears is
pushing and closing prices below solid technical support at
$5.75. First resistance is seen at $6.09 1/4 and then at
$6.18. First support lies at today’s contract low of $5.95
and then at $5.90. Wyckoff's Market Rating: 1.0.

July K.C. HRW wheat closed down 2 cents at $6.17 today.
Prices closed nearer the session low today and hit another
fresh 23-month low. The bears have the solid overall near-
term technical advantage. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at $6.50. The bears' next downside
breakout objective is pushing and closing prices below
solid technical support at $6.00. First resistance is seen
at today’s high of $6.21 1/2 and then at $6.30 1/2. First
support is seen at today’s low of $6.15 1/2 and then at
$6.10. Wyckoff's Market Rating: 1.0

July oats closed steady at $3.36 today. Prices closed near
mid-range again today. Bulls still have the near-term
technical advantage. Bears' next downside price breakout
objective is pushing and closing prices below solid
technical support at the April low of $3.22. Bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at last Friday’s
high of $3.50. First support lies at today’s low of $3.34
and then at $3.30. First resistance is seen at today’s high
of $3.39 1/4 and then at this week’s high of $3.42 1/2.
Wyckoff's Market Rating: 5.5

*. SOFTS: July sugar closed up 1 points at 20.39 cents
today. Prices closed nearer the session low today and saw
tepid short covering in a bear market. Prices hit a 12-
month low on Wednesday. Sugar bears have the solid overall
near-term technical advantage. There are no early technical
clues to suggest a market low is in place. Prices are in a
six-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 this week’s high of
21.17 cents. Bears' next downside price breakout objective
is to push and close prices below solid technical support
at 20.00 cents. First resistance is seen at today’s high of
20.70 cents and then at 21.00 cents. First support is seen
at today’s low of 20.30 cents and then at this week’s low
of 20.13 cents. Wyckoff's Market Rating: 1.0.

July coffee closed up 290 points at 177.95 cents. Prices
closed nearer the session high today and saw more short
covering in a bear market. Prices Wednesday hit a 1.5-year
low. Coffee prices are still in an eight-month-old
downtrend on the daily bar chart. The bears still have the
solid overall near-term technical advantage. The coffee
bulls' next upside breakout objective is to close prices
above solid technical resistance at last week’s high of
185.70 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at 170.00 cents a pound. First resistance is seen
at 180.00 cents and then at 182.50 cents. First support is
seen at today’s low of 174.85 cents and then at this week’s
low of 172.20 cents. Wyckoff's Market Rating: 2.0

July cocoa closed down $5 at $2,329 a ton. Prices closed
near mid-range today. Trading has been very choppy and
prices have pushed up to a downtrend line on the daily
chart. Cocoa bulls and bears are on a level near-term
technical playing field. The next upside price breakout
objective for the cocoa bulls is to push and close prices
above solid technical resistance at the March high of
$2,443. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at this week’s low of $2,251. First resistance is
seen at this week’s high of $2,363 and then at $2,400.
First support is seen at today’s low of $2,305 and then at
$2,284. Wyckoff's Market Rating: 5.0

July cotton closed down the 400-point limit at 81.82 cents
today. Prices hit a fresh 1.5-year low today as the bears
gained more downside technical power. There was a USDA
supply and demand report issued on cotton today, but I
could find no outstandingly or surprisingly bearish figures
in it. Cotton bears have the solid near-term technical
advantage. 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 85.00 cents. The next downside price breakout
objective for the cotton bears is to push and close prices
below solid technical support at 80.00 cents. First
resistance is seen at 83.00 cents and then at 84.00 cents.
First support is seen at 81.00 cents and then at 80.00
cents. Wyckoff's Market Rating: 1.0

July orange juice closed up 370 points at $1.2120 today.
Prices closed near mid-range today on more short covering
in a bear market. Prices Tuesday hit a contract low. FCOJ
bears still have the solid overall near-term technical
advantage. There are still no early clues of a market low
being close at hand. Prices are in a 3.5-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 $1.3000. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at $1.1000. First resistance is seen at today’s high of
$1.2430 and then at $1.2500. First support is seen at
$1.2000 and then at today’s low of $1.1600. Wyckoff's
Market Rating: 1.5.

July lumber futures closed up $2.10 at $280.10 today. 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 $275.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at this week’s high
of $288.00. First resistance is seen at today’s high of
$282.40 and then at $284.00. First support is seen at
today’s low of $278.80 and then at this week’s low of
$276.00. Wyckoff's Market Rating: 5.0

*. METALS: June gold futures closed up $1.90 an ounce at
$1,596.10 today. Prices closed near mid-range and tried to
stabilize and consolidate today. Prices Wednesday hit a 17-
week low. Serious near-term chart damage has been inflicted
this week. Gold bears have the solid near-term technical
advantage. A nine-week-old downtrend is in place on the
daily bar chart. The gold bulls’ next upside price breakout
objective is to produce a close above solid technical
resistance at this week’s high of $1,644.00. Bears' next
near-term downside price objective is closing prices below
technical support at the December low of $1,528.60. First
resistance is seen at Wednesday’s high of $1,607.00 and
then at $1,613.00. First support is seen at today’s low of
$1,585.00 and then at Wednesday’s low of $1,578.50.
Wyckoff's Market Rating: 3.0.

July silver futures closed down $0.016 an ounce at $29.21
today. Prices closed near mid-range today. Prices Wednesday
hit a 17-week low. Silver prices are in a nine-week-old
downtrend on the daily bar chart. The silver bears have the
solid near-term technical advantage. Bulls’ next upside
price breakout objective is closing prices above solid
technical resistance at this week’s high of $30.39 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
Wednesday’s high of $29.50 and then at $30.00. Next support
is seen today’s low of at $28.94 and then at Wednesday’s
low of $28.615. Wyckoff's Market Rating: 3.0.

July N.Y. copper closed up 310 points 369.05 cents today.
Prices closed nearer the session high today and saw some
short covering today after prices Wednesday hit a three-
week low. Copper bulls and bears are on a level near-term
technical playing field. Copper bulls' next upside breakout
objective is pushing and closing prices above solid
technical resistance at last week’s high of 386.15 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support at the April
low of 357.75 cents. First resistance is seen at today’s
high of 371.35 cents and then at 375.00 cents. First
support is seen at today’s low of 364.35 cents and then at
this week’s low of 361.00 cents. Wyckoff's Market Rating:
5.0.

*. ENERGIES: June crude oil closed up $0.15 a barrel at
$96.96 today. Prices closed near mid-range today and saw
tepid short covering in a bear market. The bears still have
the overall near-term technical advantage. A bearish
pennant pattern has formed on the daily bar chart. The next
near-term upside price breakout objective for the crude oil
bulls is producing a close above major psychological
resistance at $100.00 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 this
week’s low of $95.17. First resistance is seen at today’s
high of $97.69 and then at $98.00. First support is seen at
$96.00 and then at $95.17. Wyckoff's Market Rating: 3.5

June heating oil closed down 187 points at $2.9804 today.
Prices closed nearer the session low today. Prices Tuesday
hit a 3.5-month low. Bears still have the near-term
technical advantage as prices are in a two-month-old
downtrend on the daily bar chart. A bearish pennant pattern
has formed on the daily bar chart. The bulls' next upside
price breakout objective is closing prices above solid
technical resistance at $3.1000. Bears' next downside price
breakout objective is producing a close below solid
technical support at $2.9000. First resistance lies at
$3.0000 and then at $3.0250. First support is seen at
$2.9578 and then at this week’s low of $2.9380. Wyckoff's
Market Rating: 3.5.

June (RBOB) unleaded gasoline closed down 198 points at
$3.0043 today. Prices closed near mid-range today. Prices
Monday hit a 3.5-month low. Bears have the near-term
technical advantage. A six-week-old downtrend is still in
place on the daily bar chart. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at $3.1000. Bears' next downside
price breakout objective is closing prices below solid
support at $2.8500. First resistance is seen at $3.0258 and
then at $3.0500. First support is seen at $2.9740 and then
at $2.9500. Wyckoff's Market Rating: 4.0.

June natural gas closed up 1.6 cents at $2.481 today.
Prices closed near mid-range today and hit another fresh
six-week high. The bulls have gained some fresh upside
near-term technical momentum this week. The bears do still
have the overall near-term technical advantage, however.
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 today’s high of $2.519 and then
at $2.55. First support is seen at today’s low of $2.407
and then at $2.35. Wyckoff's Market Rating: 3.5.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed up 5 points at 1.2953 today. Prices closed near mid-
range again today and saw tepid short covering in a bear
market. Prices Wednesday hit a 3.5-month low. Bears still
have the near-term technical advantage. Prices are in a 10-
week-old downtrend on the daily bar chart. Euro bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at 1.3100. The next
downside price breakout objective for the bears is closing
prices below solid chart support at 1.2800. First
resistance for the Euro lies at 1.3000 and then at this
week’s high of 1.3068. Next support is seen at this week’s
low of 1.2913 and then at 1.2900. Wyckoff's Market Rating:
3.0

The June Japanese yen closed down 35 points at 1.2519
today. Prices closed nearer the session low today. Bulls
still have the overall near-term technical advantage.
Prices are in a seven-week-old uptrend on the daily bar
chart. Bulls' next upside price breakout objective is
closing prices above solid resistance at 1.2700. Bears'
next downside breakout objective is closing prices below
solid technical support at 1.2233. First resistance is seen
at this week’s high of 1.2595 and then at 1.2650. First
support is seen at this week’s low of 1.2491 and then at
1.2450. Wyckoff's Market Rating: 6.0.

The June Swiss franc closed up 1 point at 1.0786 today.
Prices closed near mid-range again today. Prices Wednesday
hit a seven-week low. The bears have the near-term
technical advantage in the Swissy. Prices are in a 2.5-
month-old downtrend. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 1.0950. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the March low of 1.0725. First
resistance is seen at today’s high of 1.0807 and then at
1.0832. First support is seen at this week’s low of 1.0754
and then at 1.0725. Wyckoff's Market Rating: 3.0.

The June Australian dollar closed up 40 points at 1.0061
today. Prices closed near mid-range again today and saw
short covering in a bear market. Prices Wednesday hit a
four-month low. Bears still have the near-term technical
advantage. Prices are in a nine-week-old downtrend on the
daily bar chart. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
1.0250. The next downside breakout objective for the bears
is to produce a close below solid technical support at
.9900. First resistance is seen at today’s high of 1.0106
and then at this week’s high of 1.0177. Next support is
seen at this week’s low of .9981 and then at .9950.
Wyckoff's Market Rating: 3.5

The June Canadian dollar closed steady at .9978 today.
Prices closed nearer the session low today. Prices
Wednesday hit a 3.5-month low was bulls are fading and are
on a level near-term technical playing field with the
bears. Bulls' next upside price breakout objective is
producing a close above chart resistance at 1.0100. The
next downside price breakout objective for the bears is
closing prices below solid technical support at .9900.
First resistance is seen at today’s high of 1.0014 and then
at 1.0025. First support is seen at today’s low of .9960
and then at this week’s low of .9928. Wyckoff's Market
Rating: 5.0.

The June British pound closed up 8 points at 1.6149 today.
Prices closed nearer the session high today. Bulls have the
overall near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at the April high of
1.6298. Bears' next downside technical breakout objective
is closing prices below solid support at 1.6000. First
resistance is seen at this week’s high of 1.6195 and then
at 1.6244. First support is seen at this week’s low of
1.6062 and then at 1.6000. Wyckoff's Market Rating: 6.5.

The June U.S. dollar index closed up 2 points at 80.26
today. Prices closed nearer the session high today in
quieter trading after prices Wednesday and hit a seven-week
high. Bulls have some upside near-term technical momentum
and have the slight overall near-term technical advantage.
Bulls' next upside price breakout objective is to close
prices above solid technical resistance at the March high
of 81.16. The next downside price breakout objective for
the bears is to produce a close below solid technical
support at the May low of 78.66. Next resistance lies at
this week’s high of 80.41 and then at 80.58. First support
is seen at 79.97 and then at this week’s low of 79.63.
Wyckoff's Market Rating: 5.5.

June U.S. T-Bonds closed down 6/32 at 144 9/32 today.
Prices closed near mid-range today and saw mild profit
taking. Bulls still have the solid overall near-term
technical advantage. Prices are in a seven-week-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 142 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at 146 even. First
resistance is seen at today’s high of 144 26/32 and then at
145 even. First support is seen at 144 even and then at
today’s low of 143 18/32. Wyckoff's Market Rating: 8.0.

June U.S. T Notes closed down 5.5 (32nds) at 132.23.5
today. Prices closed near mid-range today and saw profit
taking. Bulls still have the solid overall near-term
technical advantage. Prices are in a seven-week-old uptrend
on the daily bar chart. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 134.00.0. The next downside price breakout
objective for the bears is producing a close below solid
technical support at 131.06.0. First resistance is seen at
today’s high of 133.01.0 and then at the contract high of
133.08.5. First support is seen at today’s low of 132.17.5
and then at 132.10.0. Wyckoff's Market Rating: 8.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mixed today on some tepid short covering and bargain
hunting. The entire market place tried to stabilize today,
amid the EU debt crisis that has escalated a bit recently.
Trading in the stock indexes will be extra important on
Friday. While the stock index bulls maintain the slight
overall near-term technical advantage, they have faded and
need to show fresh power soon.

The Nasdaq stock futures index closed down 2.50 at
2,616.50. Prices closed near mid-range today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 2,800.00. The bears' next downside
price breakout objective is closing prices below solid
technical support at the March low of 2,575.00. First
resistance is seen at this week’s high of 2,648.25 and then
at 2,675.00. First support is seen at 2,600.00 and then at
this week’s low of 2,583.25. Wyckoff's Market Rating: 5.5

The S&P 500 futures index closed up 5.30 at 1,356.30.
Prices closed near mid-range again today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at the March high of 1,419.60. The next
downside price breakout objective for the bears is closing
prices below solid support at 1,300.00. First resistance is
seen at this week’s high of 1,370.00 and then at 1,388.90.
First support is seen at the March low of 1,338.00 and then
at 1,325.00. Wyckoff's Market Rating: 5.5.

The Dow futures closed down 5 points at 12,790 today.
Prices closed near the session low today. The next upside
price objective for the bulls is closing prices above solid
technical resistance at the May high of 13,280. The next
downside price objective for the bears is closing prices
below solid technical support at the April low of 12,650.
First resistance in the Dow lies at today’s high of 12,874
and then at 12,900. First support is seen at this week’s
low of 12,705 and then at 12,650. Wyckoff's Market Rating:
5.5.

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
 

Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.

MARKETS

CROPSLIVESTOCKFINANCEENERGYMETALS
Market Data provided by Barchart.com
Enter Zip Code below to view live local results:
bayer
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions