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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 30

May 31, 2012

Wednesday Evening, May 30-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 down $1.67 at
$117.92 today. Prices gapped sharply lower on the daily bar
chart, hit a fresh two-week low and closed near the session
low. The key “outside markets” were fully bearish for
cattle today as the U.S. dollar index was higher and crude
oil prices were sharply lower. Cattle bears have the
overall near-term technical advantage and gained fresh
downside momentum today. The bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at $120.00. 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 today’s high of $118.72 and
then at $119.00. First support is seen at today’s low of
$117.80 and then at $117.40. Wyckoff's Market Rating: 3.0

August feeder cattle closed down $1.50 at $156.07 today.
Prices closed nearer the session high today and did hit a
fresh four-week low early on today. Bulls faded again today
and are now back on a level near-term technical playing
field with the bears. The next upside price breakout
objective for the feeder bulls is to push and close prices
above solid technical resistance at $158.00. The next
downside price breakout objective for the bears is to push
and close prices below solid technical support at $154.00.
First resistance is seen at today’s high of $156.37 and
then at $157.00. First support is seen at $155.50 and then
at $155.00. Wyckoff's Market Rating: 5.0

August lean hogs closed up $0.52 at $88.82 today. Prices
closed nearer the session high today on more short covering
in a bear market. While hog bears still have the overall
near-term technical advantage, they have gained some upside
momentum this week 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 today’s high of $89.00 and then
at $89.50. First support is seen at $88.00 and then at
today’s low of $87.70. Wyckoff's Market Rating: 3.5

*. GRAINS: July corn futures closed down 2 1/2 cents at
$5.60 today. Prices closed near mid-range today and hit
another fresh 17-month low. The key “outside markets” were
fully bearish for corn today as the U.S. dollar index was
higher and crude oil prices were sharply lower. Some
beneficial rainfall in the Corn Belt over the weekend and
more in the forecast also helped to pressure corn today.
Corn market bears have the solid overall near-term
technical advantage. Corn bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at $5.90. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $5.50. First resistance for July
corn is seen at today’s high of $5.68 1/4 and then at $5.72
1/4. First support is seen at today’s low of $5.53 1/2 and
then at $5.50. Wyckoff's Market Rating: 1.0

July soybeans closed down 9 cents at $13.77 3/4 a bushel
today. Prices closed near mid-range today. The key “outside
markets” were fully bearish for soybeans today as the U.S.
dollar index was higher and crude oil prices were sharply
lower. Soybean prices are 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 today’s high of $13.94 1/2 and
then at $14.00. First support is seen at today’s low of
$13.64 1/4 and then at the May low of $13.51. Wyckoff's
Market Rating: 6.0.

July soybean meal closed down $2.60 at $409.90 today.
Prices closed near mid-range today and saw profit taking.
Meal bulls still 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 $412.50 and
then at today’s high of $415.00. First support is seen at
$407.00 and then at today’s low of $404.70. Wyckoff's
Market Rating: 6.5

July bean oil closed down 49 points at 49.68 cents today.
Prices closed nearer the session low today. The key
“outside markets” were fully bearish for bean oil today as
the U.S. dollar index was higher and crude oil prices were
sharply lower. Bean oil bears 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 50.00 cents and then at today’s high
of 50.36 cents. First support is seen at today’s low of
49.40 cents and then at 49.00 cents. Wyckoff's Market
Rating: 1.5

July Chicago SRW wheat closed down 5 1/4 cents at $6.51 1/2
today. Prices closed near mid-range today and hit a fresh
two-week low. The key “outside markets” were fully bearish
for wheat today as the U.S. dollar index was higher and
crude oil prices were sharply lower. Wheat bulls have faded
badly this week. Bears have regained the near-term
technical advantage. Bulls’ next upside breakout objective
is to push and close Chicago SRW prices above solid
technical resistance at $6.90 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 today’s high of $6.61
1/4 and then at $6.70. First support lies at today’s low of
$6.44 1/4 and then at $6.40. Wyckoff's Market Rating: 4.0.

July K.C. HRW wheat closed up 1 cent at $6.79 today. Prices
closed near the session high after hitting a fresh two-week
low early on today. Bulls are fading. Bears now have the
slight near-term technical advantage. 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 $6.68 and then at $6.65. Wyckoff's Market
Rating: 4.5

July oats closed down 9 1/2 cents at $2.71 today. Prices
hit another fresh contract low as very serious near-term
chart damage has been inflicted recently. Bears have the
solid near-term technical advantage, but the market is now
way overdone on the downside. Bears' next downside price
breakout objective is pushing and closing prices below
solid technical support at $2.60. 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 $2.66 1/4 and then at $2.65. First
resistance is seen at $2.75 and then at $2.80. Wyckoff's
Market Rating: 1.0

*. SOFTS: July sugar closed down 6 points at 19.47 cents
today. Prices closed near the session low today. The key
“outside markets” were fully bearish for sugar today as the
U.S. dollar index was higher and crude oil prices were
sharply lower. Sugar bears have the solid overall near-term
technical advantage. Prices are in a 10-week-old downtrend
on the daily bar chart. Bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at 20.50 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at 19.00 cents. First resistance is seen
at today’s high of 19.77 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 175 points at 163.65 cents. Prices
closed nearer the session low today and hit a fresh 21-
month low. The key “outside markets” were fully bearish for
coffee today as the U.S. dollar index was higher and crude
oil prices were sharply lower. 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 150.00 cents a
pound. First resistance is seen at today’s high of 166.40
cents and then at 170.00 cents. First support is seen at
today’s low of 162.30 cents and then at 160.00 cents.
Wyckoff's Market Rating: 1.0

July cocoa closed down $40 at $2,070 a ton. Prices closed
near mid-range today and hit a fresh nearly six-month low.
The key “outside markets” were fully bearish for cocoa
today as the U.S. dollar index was higher and crude oil
prices were sharply lower. 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
December low of $2,027. First resistance is seen at today’s
high of $2,105 and then at $2,133. First support is seen at
today’s low of $2,047 and then at $2,027. Wyckoff's Market
Rating: 1.5

July cotton closed down 189 points at 70.91 cents today.
Prices closed nearer the session low and hit a fresh
contract low today. The key “outside markets” were fully
bearish for cotton today as the U.S. dollar index was
higher and crude oil prices were sharply lower. 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 72.50 cents and then at today’s high
of 73.15 cents. First support is seen at today’s contract
low of 70.38 cents and then at 70.00 cents. Wyckoff's
Market Rating: 1.0

July orange juice closed down 220 points at $1.0945 today.
Prices closed nearer the session low today. The key
“outside markets” were fully bearish for FCOJ today as the
U.S. dollar index was higher and crude oil prices were
sharply lower. FCOJ bears have the solid overall near-term
technical advantage. Prices are in a four-month-old
downtrend on the daily bar chart. The next upside price
breakout objective for the FCOJ bulls is pushing and
closing prices above technical resistance at $1.2500. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at the May low of $.9710. First resistance is seen at
today’s high of $1.1275 and then at $1.1500. First support
is seen at this week’s low of $1.0785 and then at $1.0500.
Wyckoff's Market Rating: 2.0.

July lumber futures closed down $8.80 at $283.00 today.
Prices closed nearer the session low today were pressured
by a weak U.S. housing report. Profit taking was featured.
Bulls still have the overall near-term technical advantage.
The next downside technical breakout objective for the
lumber bears is pushing and closing prices below solid
technical support at the May low of $276.00. The next
upside price breakout objective for the bulls is pushing
and closing prices above solid technical resistance at the
February high of $294.00. First resistance is seen at
$285.00 and then at $286.00. First support is seen at
today’s low of $282.00 and then at $280.00. Wyckoff's
Market Rating: 6.0

*. METALS: August gold futures closed up $14.70 an ounce at
$1,565.50 today. Prices closed nearer the session high
today and saw fresh safe-haven demand and bargain hunting.
The fact that gold rallied at the same time the U.S. dollar
index rallied is a clue that solid, fresh safe-haven demand
has entered the market. Gold market bulls were also
encouraged by the market’s ability to hold above strong
chart support at the May low of $1,529.30. Gold bears do
still have the overall near-term technical advantage. A
three-month-old downtrend is still 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 $1,575.00 and then at this week’s high of
$1,585.70. First support is seen at $1,550.00 and then at
$1,540.00. Wyckoff's Market Rating: 3.5.

July silver futures closed up $0.234 an ounce at $28.02
today. Prices closed nearer the session high and saw short
covering and bargain hunting. The key “outside markets”
were fully bearish for silver—the U.S. dollar index was
higher and crude oil prices were lower. 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
$28.50 and then at this week’s high of $28.76. Next support
is seen at $27.71 and then at today’s low of $27.355.
Wyckoff's Market Rating: 3.0.

July N.Y. copper closed down 715 points 339.10 cents today.
Prices closed nearer the session low and hit a fresh 5.5-
month low today. The key “outside markets” were fully
bearish today—the U.S. dollar index was higher and crude
oil prices were lower. Copper bears have the overall near-
term technical advantage and gained fresh downside momentum
today. 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 this week’s high of 350.85 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 340.00 cents and then at
343.00 cents. First support is seen at today’s low of
337.25 cents and then at 335.00 cents. Wyckoff's Market
Rating: 3.0.

*. ENERGIES: July crude oil closed down $3.16 a barrel at
$87.60 today. Prices closed nearer the session low today
and hit a fresh seven-month low. A stronger U.S. dollar
index and EU debt crisis worries pressured crude today. The
crude bears still have the solid overall near-term
technical advantage and gained still more power today. The
next near-term upside price breakout objective for the
crude oil bulls is producing a close above solid technical
resistance at this week’s high of $92.21 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 $85.00. First resistance is seen at $88.00 and
then at $89.00. First support is seen at today’s low of
$87.35 and then at $87.00. Wyckoff's Market Rating: 1.5

July heating oil closed down 723 points at $2.7409 today.
Prices closed nearer the session low today and hit a fresh
eight-month low. 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 $2.9000. Bears' next downside price
breakout objective is producing a close below solid
technical support at $2.6500. First resistance lies at
$2.7500 and then at $2.7750. First support is seen at
today’s low of $2.7353 and then at $2.7250. Wyckoff's
Market Rating: 2.0.

July (RBOB) unleaded gasoline closed down 644 points at
$2.7691 today. Prices closed nearer the session low and hit
a fresh five-month low today. Bears have the solid near-
term technical advantage. A nine-week-old downtrend is in
place on the daily bar chart. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at $2.9000. Bears' next downside
price breakout objective is closing prices below solid
support at $2.7000. First resistance is seen at $2.8000 and
then at $2.8250. First support is seen at today’s low of
$2.7555 and then at $2.7250. Wyckoff's Market Rating: 2.5.

July natural gas closed down 5.2 cents at $2.433 today.
Prices closed nearer the session low today and hit a fresh
three-week low as the bulls have faded badly. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at $2.70. 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 $2.508 and then at
$2.55. First support is seen at today’s low of $2.393 and
then at $2.35. Wyckoff's Market Rating: 3.5.

*.STOCKS, FINANCIALS, CURRENCIES: The September Euro
currency closed down 119 points at 1.2380 today. Prices
closed nearer the session low again today and hit a fresh
nearly two-year low. The Euro bears have the solid overall
near-term technical advantage. There are no early technical
clues of a market bottom being close at hand. Euro prices
are in a three-month-old downtrend on the daily bar chart.
Euro bulls' next upside price breakout objective is pushing
and closing prices above solid technical resistance at this
week’s high of 1.2630. The next downside price breakout
objective for the bears is closing prices below solid chart
support at 1.2250. First resistance for the Euro lies at
1.2400 and then at 1.2450. Next support is seen at today’s
low of 1.2375 and then at 1.2300. Wyckoff's Market Rating:
1.0

The September Japanese yen closed up 66 points at 1.2658
today. Prices closed nearer the session high today and hit
a fresh 3.5-month high. Bulls still have the overall near-
term technical advantage and gained fresh upside momentum
today. Prices are in a 2.5-month-old uptrend on the daily
bar chart. Bulls' next upside price breakout objective is
closing prices above solid resistance at 1.2800. Bears'
next downside breakout objective is closing prices below
solid technical support at 1.2500. First resistance is seen
at today’s high of 1.2693 and then at 1.2750. First support
is seen at 1.2600 and then at today’s low of 1.2586.
Wyckoff's Market Rating: 6.5.

The September Swiss franc closed down 99 points at 1.0332
today. Prices closed near the session low today and hit a
fresh nearly two-year low. The bears have the solid near-
term technical advantage in the Swissy. Prices are in a
three-month-old downtrend. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at this week’s high of 1.0506. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 1.0250. First resistance
is seen at 1.0400 and then at today’s high of 1.0420. First
support is seen at today’s low of 1.0329 and then at
1.0300. Wyckoff's Market Rating: 1.0.

The September Australian dollar closed down 130 points at
.9622 today. Prices closed near the session low today.
Bears have the solid overall near-term technical advantage.
Prices are in a three-month-old downtrend on the daily bar
chart. Bulls' next upside price breakout objective is
closing prices above solid chart resistance at .9900. The
next downside breakout objective for the bears is to
produce a close below solid technical support at .9500.
First resistance is seen at .9700 and then at today’s high
of .9742. Next support is seen at last week’s low of .9605
and then at .9550. Wyckoff's Market Rating: 2.5

The September Canadian dollar closed down 51 points at
.9690 today. Prices closed nearer the session low today and
hit a six-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 .9750 and then at this
week’s high of .9770. First support is seen at today’s low
of .9675 and then at .9650. Wyckoff's Market Rating: 3.0.

The September British pound closed down 155 points at
1.5470 today. Prices closed near the session low today and
hit a fresh 4.5-month low. Bears have the solid near-term
technical advantage and have gained fresh downside power
this week. A steep four-week-old downtrend is in place on
the daily bar chart. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at this week’s high of 1.5704. Bears'
next downside technical breakout objective is closing
prices below solid support at the December low of 1.5266.
First resistance is seen at 1.5500 and then at 1.5550.
First support is seen at today’s low of 1.5467 and then at
1.5400. Wyckoff's Market Rating: 2.5.

The September U.S. dollar index closed up 50 points at
83.50 today. Prices closed nearer the session high today
and hit a fresh nearly two-year 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 82.00. Next
resistance lies at today’s high of 83.57 and then at 84.00.
First support is seen at today’s low of 83.00 and then at
this week’s low of 82.51. Wyckoff's Market Rating: 8.5.

September U.S. T-Bonds closed up 2 full points at 149 8/32
today. Prices closed near the session high and hit a fresh
contract high today. Safe-haven buying was featured. 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 146 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 contract high of 149 9/32
even and then at 150 even. First support is seen at 148
3/32 and then at today’s low of 146 29/32. Wyckoff's Market
Rating: 9.0.

September U.S. T Notes closed up 30.0 (32nds) at 133.25.0
today. Prices closed near the session high today and hit a
fresh all-time record 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 132.16.0. First resistance is
seen at today’s contract high of 133.25.5 and then at
134.00.0. First support is seen at 133.16.0 and then at
133.00.0. Wyckoff's Market Rating: 9.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
lower today amid a big “risk-off” trading day due to EU
debt crisis fears. The stock index bulls faded today.
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 down 28.75 at
2,530.75. Prices closed nearer the session low 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 2,550.00 and then at this week’s high
of 2,570.00. First support is seen at today’s low of
2,520.25 and then at 2,500.00. Wyckoff's Market Rating: 5.0

The S&P 500 futures index closed down 24.80 at 1,308.60.
Prices closed near the session low 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 1,325.00 and then at this week’s high of
1,334.20. First support is seen at 1,300.00 and then at the
May low of 1,287.40. Wyckoff's Market Rating: 5.0.

The Dow futures closed down 202 points at 12,381 today.
Prices closed near the session low today. The next upside
price objective for the bulls is closing prices above solid
technical resistance at 12,800. The next downside price
objective for the bears is closing prices below solid
technical support at 12,000. First resistance in the Dow
lies at today’s high of 12,460 and then at 12,500. First
support is seen at 12,350 and then at the May low of
12,290. Wyckoff's Market Rating: 5.0.

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

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

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

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

Jim Wyckoff
 

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