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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--May 29

May 30, 2012

Tuesday Evening, May 29-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 $0.47 at $119.57
today. Prices closed near mid-range today and saw tepid
short covering. 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
$117.40. First resistance is seen at $120.00 and then at
$120.67. First support is seen at $119.00 and then at
$118.50. Wyckoff's Market Rating: 4.5

August feeder cattle closed down $0.95 at $157.55 today.
Prices closed near the session low today and hit a fresh
two-week low. Bulls still have the slight overall near-term
technical advantage, but are fading and need to show fresh
power soon. The next upside price breakout objective for
the feeder bulls is to push and close prices above solid
technical resistance at the May high of $161.40. The next
downside price breakout objective for the bears is to push
and close prices below solid technical support at $156.20.
First resistance is seen at $158.00 and then at $158.50.
First support is seen at $157.50 and then at $157.00.
Wyckoff's Market Rating: 5.5

August lean hogs closed up $1.77 at $88.40 today. Prices
closed near the session high today on solid short covering
in a bear market. While hog bears still have the overall
near-term technical advantage, the did gain some upside
momentum today to suggest a bullish double-bottom reversal
pattern has formed on the daily bar chart and that a market
bottom is in place. The next upside price breakout
objective for the hog bulls is to push and close prices
above solid chart resistance at the May high of $89.50. The
next downside price breakout objective for the bears is
pushing prices below solid technical support at $86.00.
First resistance is seen at $88.50 and then at $89.00.
First support is seen at $88.00 and then at $87.50.
Wyckoff's Market Rating: 3.5

*. GRAINS: July corn futures closed down 17 3/4 cents at
$5.61 today. Prices closed nearer the session low today and
hit a fresh 17-month low. Some beneficial rainfall in the
Corn Belt over the weekend and more in the forecast helped
to hammer corn today. The key “outside markets” were also
mildly bearish for corn today, as the U.S. dollar index was
firmer and crude oil prices were weaker. Corn market bears
have the solid overall near-term technical advantage and
gained more downside power today. 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 $5.50. First
resistance for July corn is seen at $5.65 and then at
$5.70. First support is seen at today’s low of $5.57 and
then at $5.50. Wyckoff's Market Rating: 1.0

July soybeans closed up 3 3/4 cents at $13.85 3/4 a bushel
today. Prices closed nearer the session low today. The key
“outside markets” were mildly bearish for soybeans today,
as the U.S. dollar index was firmer and crude oil prices
were weaker. Soybean prices are still in a four-week-old
downtrend on the daily bar chart as the bulls have faded.
Bean bulls still have the overall near-term technical
advantage. 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 solid technical support at
$13.40. First resistance is seen at $14.00 and then at
$14.10. First support is seen at today’s low of $13.79 1/4
and then at $13.70. Wyckoff's Market Rating: 6.0.

July soybean meal closed up $3.10 at $412.40 today. Prices
closed near mid-range today and saw short covering and
bargain hunting. Meal bulls have the overall near-term
technical advantage. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at last week’s high of $422.50. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
the May low of $397.30. First resistance comes in at
$415.00 and then at today’s high of $417.20. First support
is seen at $410.00 and then at today’s low of $408.20.
Wyckoff's Market Rating: 7.0

July bean oil closed up 3 points at 50.13 cents today.
Prices closed near mid-range today and saw tepid short
covering in a bear market. The key “outside markets” were
mildly bearish for soybean oil today, as the U.S. dollar
index was firmer and crude oil prices were weaker. Bean oil
bears still have the solid overall near-term technical
advantage. Bean oil prices are in a seven-week-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 last
week’s high of 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 50.50 cents and then at today’s high
of 50.74 cents. First support is seen at today’s low of
49.81 cents and then at 49.50 cents. Wyckoff's Market
Rating: 2.0

July Chicago SRW wheat closed down 21 1/4 cents at $6.58
3/4 today. Prices closed nearer the session low today as
bulls have faded a bit amid choppy trading. The key
“outside markets” were mildly bearish for wheat today, as
the U.S. dollar index was firmer and crude oil prices were
weaker. Wheat bulls and bears are still on a level near-
term technical playing field, but bulls need to show fresh
power soon. Bulls’ next upside breakout objective is to
push and close Chicago SRW prices above psychological
resistance at $7.00 a bushel. The next downside price
breakout objective for the wheat futures bears is pushing
and closing prices below solid technical support at $6.40.
First resistance is seen at $6.70 and then at $6.76 1/2.
First support lies at today’s low of $6.55 3/4 and then at
$6.50. Wyckoff's Market Rating: 5.0.

July K.C. HRW wheat closed down 22 cents at $6.78 today.
Prices closed near the session low today. Bulls faded
today. Wheat bulls and bears are still on an overall level
near-term technical playing field. Bulls' next upside price
breakout objective is pushing and closing prices above
psychological resistance at $7.00. The bears' next downside
breakout objective is pushing and closing prices below
solid technical support at $6.65. First resistance is seen
at $6.85 and then at $6.90. First support is seen at
today’s low of $6.77 1/4 and then at $6.70. Wyckoff's
Market Rating: 5.0

July oats closed down 13 3/4 cents at $2.82 1/2 today.
Prices hit a fresh contract low as very serious near-term
chart damage has been inflicted recently. Bears have the
solid near-term technical advantage. Bears' next downside
price breakout objective is pushing and closing prices
below solid technical support at $2.65. Bulls' next upside
price breakout objective is pushing and closing prices
above psychological resistance at $3.00. First support lies
at today’s contract low of $2.76 1/4 and then at $2.75.
First resistance is seen at $2.85 and then at $2.90.
Wyckoff's Market Rating: 1.0

*. SOFTS: July sugar closed steady at 19.62 cents today.
Prices closed near mid-range today. The key “outside
markets” were mildly bearish for sugar today, as the U.S.
dollar index was firmer and crude oil prices were weaker.
Sugar bears have the solid overall near-term technical
advantage. Prices are in a nine-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 last week’s high of 20.93 cents. Bears' next
downside price breakout objective is to push and close
prices below solid technical support at 19.00 cents. First
resistance is seen at today’s high of 19.82 cents and then
at 20.00 cents. First support is seen at last week’s low of
19.36 cents and then at 19.00 cents. Wyckoff's Market
Rating: 1.0.

July coffee closed down 225 points at 165.55 cents. Prices
closed near the session low today and hit a fresh 21-month
low. The key “outside markets” were mildly bearish for
soybeans today, as the U.S. dollar index was firmer and
crude oil prices were weaker. 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 182.50 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 160.00 cents a
pound. First resistance is seen at 170.00 cents and then at
173.50 cents. First support is seen at today’s low of
164.75 cents and then at 162.50 cents. Wyckoff's Market
Rating: 1.0

July cocoa closed up $5 at $2,115 a ton. Prices closed near
mid-range today and saw tepid short covering in a bear
market. The key “outside markets” were mildly bearish for
cocoa today, as the U.S. dollar index was firmer and crude
oil prices were weaker. 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 $2,250. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
April low of $2,056. First resistance is seen at today’s
high of $2,156 and then at $2,175. First support is seen at
last week’s low of $2,092 and then at $2,075. Wyckoff's
Market Rating: 2.0

July cotton closed down 82 points at 72.80 cents today.
Prices closed nearer  the session low and scored a bearish
“outside day” down on the daily bar chart today. The key
“outside markets” were mildly bearish for cotton today, as
the U.S. dollar index was firmer and crude oil prices were
weaker. 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 78.00 cents. The next downside
price breakout objective for the cotton bears is to push
and close prices below solid technical support at 70.00
cents. First resistance is seen at 74.00 cents and then at
today’s high of 75.33 cents. First support is seen at
today’s low of 72.45 cents and then at last week’s low of
70.53 cents. Wyckoff's Market Rating: 1.5

July orange juice closed up 300 points at $1.1230 today.
Prices closed near mid-range today and saw short covering
in a bear market. FCOJ bears still have the solid overall
near-term technical advantage. Prices are still 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
$1.1500 and then at today’s high of $1.1735. First support
is seen at $1.1000 and then at today’s low of $1.0785.
Wyckoff's Market Rating: 2.5.

July lumber futures closed up $2.60 at $291.80 today.
Prices closed near mid-range today and hit a fresh three-
month high. Bulls have the solid near-term technical
advantage. The next downside technical breakout objective
for the lumber bears is pushing and closing prices below
solid technical support at $284.00. 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 $292.70 and then at $294.00. First support is seen at
$290.00 and then at $288.00. Wyckoff's Market Rating: 7.0

*. METALS: August gold futures closed down $19.20 an ounce
at $1,551.90 today. Prices closed near the session low and
scored a bearish “outside day” down on the daily bar chart
today after losing early, modest gains. The key “outside
markets” turned mildly bearish for gold as the day wore on—
the U.S. dollar index firmed and crude oil prices weakened.
Gold bears still have the solid overall near-term technical
advantage. A three-month-old downtrend is in place on the
daily bar chart. The gold bulls’ next upside price breakout
objective is to produce a close above psychological
resistance at $1,600.00. Bears' next near-term downside
price objective is closing prices below solid technical
support at the May low of $1,529.30. First resistance is
seen at $1,560.00 and then at $1,570.00. First support is
seen at today’s low of $1,548.00 and then at $1,540.00.
Wyckoff's Market Rating: 3.0.

July silver futures closed down $0.606 an ounce at $27.78
today. Prices closed near the session low and scored a
bearish “outside day” down on the daily bar chart today.
The key “outside markets” turned mildly bearish for silver
as the day wore on—the U.S. dollar index firmed and crude
oil prices weakened. Silver bears still have the solid
overall near-term technical advantage. A three-month-old
downtrend is 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 $28.00 and then at
$28.50. Next support is seen at $27.50 and then at last
week’s low of $27.08. Wyckoff's Market Rating: 3.0.

July N.Y. copper closed up 80 points 345.60 cents today.
Prices closed nearer the session low today. Gains in copper
were limited today by the key “outside markets” turning
mildly bearish as the day wore on—the U.S. dollar index
firmed and crude oil prices weakened. Copper bears still
have the overall near-term technical advantage. Prices are
in a four-week-old downtrend on the daily bar chart. Copper
bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at 357.75
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the December low of 327.00 cents. First resistance is seen
at 350.00 cents and then at last week’s high of 353.80
cents. First support is seen at today’s low of 344.85 cents
and then at 341.75 cents. Wyckoff's Market Rating: 3.0.

*. ENERGIES: July crude oil closed down $0.12 a barrel at
$90.75 today. Prices closed nearer the session low today
and were pressured by a firmer U.S. dollar index. The crude
bears still have the solid overall near-term technical
advantage. The next near-term upside price breakout
objective for the crude oil bulls is producing a close
above solid technical resistance at $96.00 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 $87.00. First resistance is seen at today’s high
of $92.21 and then at $93.00. First support is seen at
today’s low of $90.25 and then at $90.00. Wyckoff's Market
Rating: 2.5

July heating oil closed down 172 points at $2.8157 today.
Prices closed nearer the session low today and scored a
bearish “outside day” down on the daily bar chart. 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 $2.9500.
Bears' next downside price breakout objective is producing
a close below solid technical support at $2.7500. First
resistance lies at $2.8500 and then at $2.8655. First
support is seen at last week’s low of $2.8048 and then at
$2.7800. Wyckoff's Market Rating: 3.0.

July (RBOB) unleaded gasoline closed up 40 points at
$2.8365 today. Prices closed nearer the session low today.
Bears still have the near-term technical advantage. A two-
month-old downtrend is in place on the daily bar chart. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at $2.9700.
Bears' next downside price breakout objective is closing
prices below solid support at $2.7500. First resistance is
seen at $2.8500 and then at today’s high of $2.8725. First
support is seen at today’s low of $2.8219 and then at
$2.8000. Wyckoff's Market Rating: 3.0.

July natural gas closed down 14.2 cents at $2.485 today.
Prices closed near the session low today and hit a fresh
two-week low as the bulls faded today. A four-week-old
uptrend on the daily bar chart was negated today. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at the May high of
$2.838. 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 today’s low of $2.466 and then at
$2.40. Wyckoff's Market Rating: 4.0.

*.STOCKS, FINANCIALS, CURRENCIES: The September Euro
currency closed down 29 points at 1.2499 today. Prices
closed nearer the session low again today and hit a fresh
22-month low. Prices also scored a bearish “outside day”
down on the daily bar chart today. The Euro bears have the
solid overall near-term technical advantage. 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 1.2838. The next downside price breakout
objective for the bears is closing prices below solid chart
support at 1.2400. First resistance for the Euro lies at
1.2550 and then at today’s high of 1.2630. Next support is
seen at today’s low of 1.2472 and then at 1.2400. Wyckoff's
Market Rating: 1.0

The September Japanese yen closed up 19 points at 1.2592
today. Prices closed near mid-range today. Bulls still have
the slight 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 the May high of 1.2669.
Bears' next downside breakout objective is closing prices
below solid technical support at 1.2435. First resistance
is seen at today’s high of 1.2629 and then at 1.2663. First
support is seen at 1.2550 and then at 1.2500. Wyckoff's
Market Rating: 6.0.

The September Swiss franc closed down 16 points at 1.0431
today. Prices closed nearer the session low today and hit a
fresh nearly two-year low. Prices also scored a bearish
“outside day” down on the daily bar chart. The bears have
the solid near-term technical advantage in the Swissy.
Prices are in a two-month-old downtrend. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at last week’s high of 1.0684. The
next downside price breakout objective for the bears is
closing prices below solid technical support at 1.0300.
First resistance is seen at 1.0500 and then at 1.0565.
First support is seen at today’s low of 1.0415 and then at
1.0400. Wyckoff's Market Rating: 1.0.

The September Australian dollar closed up 70 points at
.9752 today. Prices closed near mid-range today and saw
short covering in a bear market. Bears still have the
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 1.0000. The next downside
breakout objective for the bears is to produce a close
below solid technical support at .9500. First resistance is
seen at today’s high of .9800 and then at .9850. Next
support is seen at .9700 and then at .9650. Wyckoff's
Market Rating: 3.0

The September Canadian dollar closed up 51 points at .9741
today. Prices closed near mid-range today and saw short
covering in a bear market. Prices Friday hit a 5.5-month
low. Bears have the near-term technical advantage. Bulls'
next upside price breakout objective is producing a close
above chart resistance at .9900. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the December low of .9572. First
resistance is seen at today’s high of .9770 and then at
.9800. First support is seen at today’s low of .9710 and
then at last week’s low of .9679. Wyckoff's Market Rating:
3.5.

The September British pound closed down 7 points at 1.5627
today. Prices closed nearer the session low today and hit a
fresh four-month low. Bears have the solid near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at 1.5850. Bears' next downside
technical breakout objective is closing prices below solid
support at 1.5500. First resistance is seen at today’s high
of 1.5704 and then at 1.5750. First support is seen at
today’s low of 1.5599 and then at 1.5550. Wyckoff's Market
Rating: 3.0.

The September U.S. dollar index closed up 3 points at 83.01
today. Prices closed nearer the session high today and hit
another fresh 21-month high today. Bulls have the solid
overall near-term technical advantage. Bulls' next upside
price breakout objective is to close prices above solid
technical resistance at 84.00. The next downside price
breakout objective for the bears is to produce a close
below solid technical support at 81.41. Next resistance
lies at today’s high of 83.12 and then at 83.50. First
support is seen at today’s low of 82.51 and then at 82.35.
Wyckoff's Market Rating: 8.0.

September U.S. T-Bonds closed up 1/32 at 147 5/32 today.
Prices closed near mid-range today. Bulls still have the
solid overall near-term technical advantage. Prices are in
a nine-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 145 even. The next upside technical objective
for the bulls is to produce a close above solid technical
resistance at 150 even. First resistance is seen at today’s
high of 147 21/32 even and then at the contract high of 148
3/32. First support is seen at today’s low of 146 15/32 and
then at last week’s low of 146 2/32. Wyckoff's Market
Rating: 8.0.

September U.S. T Notes closed up 1.5 (32nds) at 132.26.5
today. Prices closed near mid-range today and hit a fresh
contract high. Bulls 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 135.00.0. The next downside price breakout
objective for the bears is producing a close below solid
technical support at 131.16.0. First resistance is seen at
today’s contract high of 133.02.5 and then at 136.16.0.
First support is seen at today’s low of 132.16.0 and then
at last week’s low of 132.03.0. Wyckoff's Market Rating:
8.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today on short covering and bargain hunting. Traders
are awaiting Friday morning’s key U.S. jobs report, which
is arguably the most important data point of the month.

The Nasdaq stock futures index closed up 39.75 at 2,563.75.
Prices closed nearer the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 2,650.00. The bears' next downside
price breakout objective is closing prices below solid
technical support at the May low of 2,465.00. First
resistance is seen at today’s high of 2,570.00 and then at
2,600.00. First support is seen at 2,550.00 and then at
today’s low of 2,531.50. Wyckoff's Market Rating: 5.5

The S&P 500 futures index closed up 18.80 at 1,333.80.
Prices closed near the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1,380.00. The next downside price
breakout objective for the bears is closing prices below
solid support at the May low of 1,287.40. First resistance
is seen at 1,340.00 and then at 1,350.00. First support is
seen at today’s low of 1,318.00 and then at 1,300.00.
Wyckoff's Market Rating: 5.5.

The Dow futures closed up 146 points at 12,575 today.
Prices closed nearer the session high today. The next
upside price objective for the bulls is closing prices
above solid technical resistance at 13,000. The next
downside price objective for the bears is closing prices
below solid technical support at 12,000. First resistance
in the Dow lies at 12,600 and then at 12,650. First support
is seen at 12,500 and then at 12,450. 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
 

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