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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Nov. 14

Nov 15, 2012

Wednesday Evening, November 14-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: February live cattle closed down $0.67 at
$129.12 today. Prices closed nearer the session low today
as trading has turned choppy. Cattle bears have the overall
near-term technical advantage. A choppy two-month-old
downtrend line is in place on the daily bar chart. The
bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at the
November high of $130.25. The next downside technical
breakout objective for the bears is pushing and closing
prices below solid technical support at the September low
of $127.90. First resistance is seen at $129.55 and then at
this week’s high of $129.85. First support is seen at
today’s low of $128.90 and then at $128.45. Wyckoff's
Market Rating: 4.0

January feeder cattle closed down $1.27 at $144.87 today.
Prices closed nearer the session low today and hit a fresh
four-month low. Bears have the solid near-term technical
advantage and gained fresh downside momentum today. The
next upside price breakout objective for the feeder bulls
is to push and close prices above solid technical
resistance at this week’s high of $146.30. The next
downside price breakout objective for the bears is to push
and close prices below solid technical support at the July
low of $142.37. First resistance is seen at $145.00 and
then at today’s high of $145.70. First support is seen at
today’s low of $144.37 and then at $144.00. Wyckoff's
Market Rating: 1.5

February lean hogs closed down $0.80 at $86.05 today.
Prices closed near the session low today on profit taking.
Prices Tuesday hit a contract high. Bulls still have the
solid overall near-term technical advantage as prices are
in a nine-week-old uptrend on the daily bar chart. However,
it’s near present price levels that in recent months have
put in market tops for lean hogs. The next upside price
breakout objective for the hog bulls is to push and close
prices above solid chart resistance at $90.00. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at $85.00. First
resistance is seen at today’s high of $86.60 and then at
the contract high of $87.27. First support is seen at this
week’s low of $85.95 and then at $85.32. Wyckoff's Market
Rating: 7.5

*. GRAINS: March corn futures were up 3 1/4 cents at 7.29
1/2 in late trading today. Prices were nearer the session
high on short covering and some bargain hunting. The key
“outside markets” were in a bullish posture for corn today
as the U.S. dollar index was weaker and crude oil prices
were firmer. The corn bears still have the slight overall
near-term technical advantage. Corn bulls' next upside
price objective is to push and close prices above solid
technical resistance at $7.50. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at the September low
of $7.08 3/4. First resistance for March corn is seen at
today’s high of $7.31 1/2 and then at $7.38. First support
is seen at today’s low of $7.22 1/4 and then at this week’s
low of $7.14 1/4. Wyckoff's Market Rating: 4.5

January soybeans were up 11 3/4 cents at $14.19 3/4 a
bushel in late trading today. Prices were near mid-range
and saw short covering in a bear market after prices hit a
4.5-month low on Tuesday. The key “outside markets” were in
a bullish posture for soybeans today as the U.S. dollar
index was weaker and crude oil prices were firmer. There
was some fresh demand for U.S. soybeans from China today,
and cash soybean basis levels firmed today. Soybean bears
still have the solid overall near-term technical advantage.
A 2.5-month-old downtrend is in place on the daily bar
chart. The next near-term upside technical breakout
objective for the soybean bulls is pushing and closing
January prices above solid technical resistance at $14.50 a
bushel. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $13.50. First resistance is seen at today’s high
of $14.28 1/2 and then at $14.40. First support is seen at
today’s low of $14.07 1/4 and then at $14.00. Wyckoff's
Market Rating: 3.0.

March soybean meal was up $2.90 at $420.90 in late trading
today. Prices were near mid-range and saw short covering
after hitting a 3.5-month low on Tuesday. Meal bears still
have the solid overall 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
to produce a close above solid technical resistance at
$440.00. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $400.00. First resistance comes in at today’s
high of $423.90 and then at $425.00. First support is seen
at today’s low of $417.30 and then at $415.00. Wyckoff's
Market Rating: 3.0

March bean oil was up 68 points at 48.51 cents in late
trading today. Prices were nearer the session high and saw
short covering in a bear market. The key “outside markets”
were in a bullish posture for bean oil today as the U.S.
dollar index was weaker and crude oil prices were higher.
Bean oil bears still have the solid overall near-term
technical advantage. The next upside price breakout
objective for the bean oil bulls is pushing and closing
prices above solid technical resistance at 50.00 cents.
Bean oil bears' next downside technical price breakout
objective is pushing and closing prices below solid
technical support at 46.00 cents. First resistance is seen
at today’s high of 48.96 cents and then at 49.50 cents.
First support is seen at 48.00 cents and then at today’s
low of 47.84 cents. Wyckoff's Market Rating: 2.0

March Chicago SRW wheat was down 2 1/4 cents at $8.63 1/2
in late trading today. Prices were nearer the session low
today. Wheat bulls have faded quickly and have lost their
near-term technical advantage. Wheat bulls’ next upside
breakout objective is to push and close Chicago SRW prices
above solid technical resistance at $9.00 a bushel. The
next downside price breakout objective for the wheat
futures bears is pushing and closing prices below solid
technical support at the October low of $8.53. First
resistance is seen at today’s high of $8.72 3/4 and then at
$8.80. First support lies at this week’s low of $8.60 1/2
and then at $8.53. Wyckoff's Market Rating: 5.0.

March K.C. HRW wheat was up 2 3/4 cents at $9.07 1/2 in
late trading today. Prices were near mid-range. Recent
price action has produced a virtual “key reversal” down on
the daily bar chart, which is an early warning signal that
a market top is in place. The HRW bulls have lost their
overall near-term technical advantage. Bulls’ next upside
price breakout objective is pushing and closing prices
above solid technical resistance at $9.45. The bears' next
downside breakout objective is pushing and closing prices
below solid technical support at the September low of
$8.85. First resistance is seen at $9.13 1/4 and then at
$9.25. First support is seen at this week’s low of $8.98
and then at $8.85. Wyckoff's Market Rating: 5.0

March oats were up 4 cents at $3.76 1/2 today in late
trading. Prices were nearer the session high and saw some
more short covering. Prices Monday hit a 4.5-month low.
Oats bulls and bears are now back on a level near-term
technical playing field. Bears' next downside price
breakout objective is pushing and closing prices below
solid technical support at $3.60. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at $3.85. First support lies at
today’s low of $3.70 3/4 and then at $3.66. First
resistance is seen at today’s high of $3.77 3/4 and then at
$3.80. Wyckoff's Market Rating: 5.0

*. SOFTS: March sugar closed down 12 points at 19.23 cents
today. Prices closed nearer the session low today. The key
“outside markets” were in a bullish posture for sugar today
as the U.S. dollar index was weaker and crude oil prices
were higher. Yet, sugar sold off anyway, which is another
bearish clue. Sugar bears have the solid near-term
technical advantage. Prices are in a five-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 20.00 cents. Bears' next downside
price breakout objective is to push and close prices below
solid technical support at 18.00 cents. First resistance is
seen at this week’s high of 19.64 cents and then at last
week’s high of 19.77 cents. First support is seen at
today’s low of 19.19 cents and then at this week’s low of
19.04 cents. Wyckoff's Market Rating: 1.5.

March coffee closed up 130 points at 152.55 cents. Prices
closed near mid-range today and saw short covering in a
bear market. Prices Tuesday hit a 22-month low. The key
“outside markets” were in a bullish posture for coffee
today as the U.S. dollar index was weaker and crude oil
prices were firmer. Coffee bears still have the solid
overall near-term technical advantage. Prices are in a
five-week-old downtrend on the daily bar chart. The next
upside breakout objective for the bulls is to close prices
above solid technical resistance at 160.00 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 153.70
cents and then at 155.00 cents. First support is seen at
this week’s low of 150.90 cents and then at 150.00 cents.
Wyckoff's Market Rating: 1.5.

March cocoa closed up $63 at $2,450 a ton. Prices closed
nearer the session high today and made solid gains due to
political unrest in leading cocoa-producing country Ivory
Coast. The key “outside markets” were also in a bullish
posture for cocoa today as the U.S. dollar index was weaker
and crude oil prices were higher. Cocoa bears still have
the overall near-term technical advantage. A nine-week-old
downtrend on the daily bar chart is still in place, but now
just barely. The next upside price breakout objective for
the cocoa bulls is to push and close prices above solid
technical resistance at last week’s high of $2,475. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
last week’s low of $2,322. First resistance is seen at
$2,475 and then at $2,500. First support is seen at $2,425
and then at $2,400. Wyckoff's Market Rating: 4.5

March cotton closed up 74 points at 71.35 cents today.
Prices closed nearer the session high today on short
covering in a bear market. The key “outside markets” were
in a bullish posture for cotton today as the U.S. dollar
index was weaker and crude oil prices were higher. Cotton
bears still have the near-term technical advantage. The
next upside price breakout objective for the bulls is to
produce a close above solid technical resistance at 73.00
cents. The next downside price breakout objective for the
cotton bears is to push and close prices below solid
technical support at June low of 68.49 cents. First
resistance is seen at today’s high of 71.67 cents and then
at this week’s high of 71.94 cents. First support is seen
at today’s low of 70.57 cents and then at this week’s low
of 70.10 cents and then at last week’s low of 69.79 cents.
Wyckoff's Market Rating: 3.0.

January orange juice closed up 355 points at $1.1310 today.
Prices closed nearer the session high again today on more
short covering and bargain hunting. The frost season for
citrus regions in the southeastern U.S. is approaching,
which is prompting speculative buying in FCOJ. FCOJ bears
still have the overall near-term technical advantage. The
next upside price breakout objective for the FCOJ bulls is
pushing and closing prices above technical resistance at
the October high of $1.1900. The next downside technical
breakout objective for the FCOJ bears is to produce a close
below solid technical support at the October low of
$1.0445. First resistance is seen at today’s high of
$1.1360 and then at $1.1500. First support is seen at
$1.1200 and then at $1.1100. Wyckoff's Market Rating: 3.5.

January lumber futures closed up $3.00 at $327.00 today.
Prices closed near mid-range today. Bulls have the overall
near-term technical advantage, but trading has become
choppy at higher price levels. The next downside technical
breakout objective for the lumber bears is pushing and
closing prices below solid technical support at $315.00.
The next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at the contract high of $335.00. First resistance is seen
at today’s high of $327.80 and then at $330.00. First
support is seen at today’s low of $326.00 and then at
$325.00. Wyckoff's Market Rating: 7.5

*. METALS: December gold futures closed up $3.00 an ounce
at $1,727.80 today. Prices closed near mid-range today and
saw mild bargain hunting. The key “outside markets” were
bullish for gold today as the U.S. dollar index was weaker
and crude oil prices were firmer. Gold bulls have the
overall near-term technical advantage. The gold bulls’ next
upside price breakout objective is to produce a close above
solid technical resistance at $1,755.00. Bears' next near-
term downside breakout price objective is closing prices
below solid technical support at the November low of
$1,672.50. First resistance is seen at last week’s high of
$1,739.40 and then at $1,750.00. First support is seen at
today’s low of $1,720.50 and then at this week’s low of
$1,717.60. Wyckoff’s Market Rating: 6.5

December silver futures closed up $0.203 an ounce at $32.69
today. Prices closed near mid-range today and did hit a
fresh four-week high. The key “outside markets” were
bullish for silver today as the U.S. dollar index was
weaker and crude oil prices were firmer. Silver bulls have
the overall near-term technical advantage. Bulls’ next
upside price breakout objective is closing prices above
solid technical resistance at $33.50 an ounce. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the November low of
$30.655. First resistance is seen at $33.00 and then at
$33.325. Next support is seen at today’s low of $32.365 and
then at $32.00. Wyckoff's Market Rating: 6.5.

December N.Y. copper closed down 100 points at 346.10 cents
today. Prices closed nearer the session low today. Copper
bears have the overall near-term technical advantage.
Prices are in a two-month-old downtrend on the daily bar
chart. Copper bulls' next upside breakout objective is
pushing and closing prices above solid technical resistance
at 357.50 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at 335.00 cents. First resistance is seen at 350.00
cents and then at 352.50 cents. First support is seen at
345.00 cents and then at this week’s low of 342.15 cents.
Wyckoff's Market Rating: 3.0.

*. ENERGIES: December crude oil closed up $0.81 a barrel at
$86.19 today. Prices closed nearer the session high today
on short covering and bargain hunting. Also, an Israeli air
strike against Hamas’ military leader today heightened
tensions in the Middle East. This situation bears close
watching by energy traders. Crude oil bears still have the
overall near-term technical advantage. Prices are in a two-
month-old downtrend on the daily bar chart. The next near-
term upside price breakout objective for the crude oil
bulls is producing a close above solid technical resistance
at last week’s high of $89.22 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
$82.00. First resistance is seen at $87.00 and then at
$87.50. First support is seen at $85.00 and then at this
week’s low of $84.57. Wyckoff's Market Rating: 3.5

December heating oil closed up 312 points at $2.9920 today.
Prices closed nearer the session high today and saw short
covering. Bears still have the slight near-term technical
advantage. Prices are in a four-week-old downtrend on the
daily bar chart. The bulls' next upside price breakout
objective is closing prices above solid technical
resistance at $3.0750. Bears' next downside price breakout
objective is producing a close below solid technical
support at the November low of $2.9347. First resistance
lies at today’s high of $3.0080 and then at this week’s
high of $3.0279. First support is seen at $2.9750 and then
at $2.9500. Wyckoff's Market Rating: 4.5.

December (RBOB) unleaded gasoline closed up 298 points at
$2.6836 today. Prices closed near mid-range today. Bulls
and bears are on a level near-term technical playing field.
The next upside price breakout objective for the bulls is
closing prices above solid technical resistance at $2.7500.
Bears' next downside price breakout objective is closing
prices below solid support at the November low of $2.5524.
First resistance is seen at today’s high of $2.7096 and
then at this week’s high of $2.7468. First support is seen
at today’s low of $2.6428 and then at this week’s low of
$2.6276. Wyckoff's Market Rating: 5.0.

December natural gas closed up 1.5 cents at $3.754 today.
Prices closed nearer the session low today and hit a fresh
three-week high. More short covering and bargain hunting
were featured. Bulls and bears are on a level near-term
technical playing field. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at the October high of $3.97. The next
downside price breakout objective for the bears is closing
prices below solid technical support at this week’s low of
$3.47. First resistance is seen at today’s high of $3.827
and then at $3.88. First support is seen at today’s low of
$3.724 and then at $3.70. Wyckoff's Market Rating: 5.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed up 29 points at 1.2738 today. Prices closed
near mid-range today and saw some short covering. Prices
Tuesday hit a two-month low. The Euro bears still have the
overall near-term technical advantage. A four-week-old
downtrend is in place on the daily bar chart. Euro bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at 1.3027. The next
downside price breakout objective for the bears is closing
prices below solid chart support at 1.2600. First
resistance for the Euro lies at today’s high of 1.2787 and
then at 1.2850. Next support is seen at today’s low of
1.2706 and then at this week’s low of 1.2665. Wyckoff's
Market Rating: 4.0

The December Japanese yen closed down 131 points at 1.2467
today. Prices closed nearer the session low today. Bears
have the overall near-term technical advantage and gained
some fresh downside momentum today. Bulls' next upside
price breakout objective is closing prices above solid
resistance at last week’s high of 1.2650. Bears' next
downside breakout objective is closing prices below solid
technical support at the November low of 1.2399. First
resistance is seen at 1.2500 and then at 1.2550. First
support is seen at today’s low of 1.2454 and then at
1.2399. Wyckoff's Market Rating: 3.0.

The December Swiss franc closed up 23 points at 1.0584
today. Prices closed near mid-range today and saw short
covering. Prices Tuesday hit a two-month low. The Swissy
bears still have the overall near-term technical advantage.
Prices are in a four-week-old downtrend on the daily bar
chart. The next upside price breakout objective for the
bulls is closing prices above solid resistance at 1.0700.
The next downside price breakout objective for the bears is
closing prices below solid technical support at 1.0400.
First resistance is seen at today’s high of 1.0618 and then
at 1.0666. First support is seen at today’s low of 1.0555
and then at this week’s low of 1.0517. Wyckoff's Market
Rating: 4.0.

The December Australian dollar closed down 66 points at
1.0343 today. Prices closed near the session low today on
profit taking. Prices did score a bearish “outside day”
down on the daily bar chart today. Bulls still have the
overall near-term technical advantage. Prices are in a
five-week-old uptrend on the daily bar chart. Bulls' next
upside price breakout objective is closing prices above
solid chart resistance at last week’s high of 1.0446. The
next downside breakout objective for the bears is to
produce a close below solid technical support at 1.0300.
First resistance is seen at 1.0400 and then at today’s high
of 1.0432. Next support is seen at 1.0328 and then at the
November low of 1.0295. Wyckoff's Market Rating: 6.5

The December Canadian dollar closed down 21 points at .9958
today. Prices closed nearer the session low today and poked
to another fresh 3.5-month low. A two-month-old downtrend
is in place on the daily bar chart. Bears have the near-
term technical advantage. Bulls' next upside price breakout
objective is producing a close above chart resistance at
last week’s high of 1.0118. The next downside price
breakout objective for the bears is closing prices below
solid technical support at .9900. First resistance is seen
at this week’s high of 1.0008 and then at 1.0044. First
support is seen at today’s low of .9951 and then at .9900.
Wyckoff's Market Rating: 3.5.

The December British pound closed down 32 points at 1.5841
today. Prices closed near the session low today and hit
another fresh nine-week low. Bears have the near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at the November high of 1.6173. Bears'
next downside technical breakout objective is closing
prices below solid support at 1.5750. First resistance is
seen at this week’s high of 1.5913 and then at 1.5950.
First support is seen at today’s low of 1.5837 and then at
1.5800. Wyckoff's Market Rating: 4.0.

The December U.S. dollar index closed up 4 points at 81.18
today. Prices closed nearer the session high today after
being under pressure part of the session. The bulls have
the overall near-term technical advantage. Bulls' next
upside price breakout objective is to close prices above
solid technical resistance at 82.00. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at 80.00. Next
resistance lies at this week’s high of 81.32 and then at
81.50. First support is seen at today’s low of 80.94 and
then at 80.68. Wyckoff's Market Rating: 6.0.

December U.S. T-Bonds closed steady at 152 3/32 today.
Prices closed nearer the session high today. Prices were
supported on fresh tensions in the Middle East. Prices
Tuesday hit a 3.5-month high. Bulls have the solid near-
term technical advantage and have good near-term upside
momentum. The next downside price breakout objective for
the T-Bond bears is closing prices below solid technical
support at 149 even. The next upside technical objective
for the bulls is to produce a close above solid technical
resistance at the July high of 154 17/32. First resistance
is seen at this week’s high of 152 15/32 and then at 153
even. First support is seen at 151 19/32 and then at
today’s low of 151 10/32. Wyckoff's Market Rating: 7.0.

December U.S. T Notes closed down 1.5 (32nds) at 134.00.0
today. Prices closed nearer the session high. Bulls have
the solid near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at the July high of 134.18.0. The
next downside price breakout objective for the bears is
producing a close below solid technical support at last
week’s low of 132.20.0. First resistance is seen at today’s
high of 134.03.5 and then at last week’s high of 134.06.5
and then at 134.10.0. First support is seen at 133.26.0 and
then at today’s low of 133.22.0. Wyckoff's Market Rating:
7.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
sharply lower today. Bears have the near-term technical
advantage in the stock indexes. There were two important
U.S. news events late in the trading session Wednesday.
President Obama’s news conference saw him address the so-
called fiscal cliff matter that looms, as well as other
issues. The U.S. stock indexes did weaken during the Obama
press briefing. Also, the FOMC meeting minutes were
released Wednesday afternoon, with the main focus being a
discussion on whether the Fed should use other indicators
for its monetary policy guidance, especially when to start
raising interest rates. Presently, the Fed is using a
calendar date to estimate when rates will start to rise--
mid-2015. Another method would be to use economic
indicators as a guide. In overnight news, the Euro currency
made modest gains against the U.S. dollar, suggesting at
least the European Union sovereign debt crisis did not
worsen the past 24 hours. However, there was more dour
economic news coming out of the EU, which suggested the
bloc is headed for, or already in, economic recession.
Overall industrial production in the EU countries fell 2.5%
in September, it was reported Wednesday. There is key
economic data coming out of the EU on Thursday, as gross
domestic product data is released by the major EU
countries. If recent history repeats itself Greece will
soon be back on the front burner of the market place,
regarding fresh EU bailout money and the debating about
when and if to disburse fresh funds to the cash-starved
country. There was a German newspaper report Tuesday that
suggested the EU might soon shell out one big lump sum of
cash to Greece, to the tune of $56 billion. That did
somewhat buoy European markets. Many doubt that plan will
actually occur, however. Spanish and Italian bond yields
did back off a bit Wednesday, which is also a clue of
anxiety levels in the market place that are not rising. A
European Central Bank official once again stressed
Wednesday that ECB monetary policy cannot solve the
economic structural problems facing the EU. Such can also
be said about monetary policy being able to solve the
U.S.’s economic structural problems.
 
The Nasdaq stock futures index closed down 29.75 at
2,530.75. Prices closed near the session low today and hit
another fresh 3.5-month low. Prices are in a seven-week-old
downtrend on the daily bar chart. 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 the July low of 2,516.50. First resistance is seen at
2,550.00 and then at 2,575.00. First support is seen at
today’s low of 2,526.50 and then at 2,516.50. Wyckoff's
Market Rating: 3.0

The S&P 500 futures index closed down 18.40 at 1,352.50.
Prices closed near the session low today and hit a fresh
3.5-month low. Prices are in a 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 1,431.40. The next downside price breakout
objective for the bears is closing prices below solid
support at the July low of 1,320.00. First resistance is
seen at 1,365.00 and then at today’s high of 1,381.70.
First support is seen at today’s low of 1,349.70 and then
at 1,340.00. Wyckoff's Market Rating: 3.0.

The Dow futures closed down 173 points at 12,544. Prices
closed near the session low today and hit a fresh 3.5-month
low. Prices are in a five-week-old downtrend on the daily
bar chart. 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 the July low of
12,425. First resistance in the Dow lies at 12,600 and then
at 12,650. First support is seen at today’s low of 12,515
and then at 12,500. Wyckoff's Market Rating: 3.0.

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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