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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. 21

Nov 23, 2012

Wednesday Evening, November 21-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 up $1.25 at
$131.77 today. Prices gapped higher on the daily bar chart,
hit a fresh four-week high and closed at a fresh seven-week
high close. Cattle bulls today gained good upside near-term
technical momentum and have the overall near-term technical
advantage. A fledgling two-week-old uptrend 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 September high of $133.30. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
$129.50. First resistance is seen at today’s high of
$131.77 and then at $132.00. First support is seen at
$131.00 and then at $130.55. Wyckoff's Market Rating: 6.0

January feeder cattle closed up $1.40 at $147.45 today.
Prices closed near the session high and hit a fresh three-
week high today as the bulls gained some fresh upside near-
term technical momentum to suggest that a market low is now
in place. Bears do still have the overall near-term
technical advantage. The next upside price breakout
objective for the feeder bulls is to push and close prices
above solid technical resistance at $149.00. The next
downside price breakout objective for the bears is to push
and close prices below solid technical support at the
November low of $144.37. First resistance is seen at
$148.00 and then at $148.50. First support is seen at
today’s low of $146.95 and then at $146.35. Wyckoff's
Market Rating: 3.5

February lean hogs closed down $0.55 at $87.15 today.
Prices closed near the session low on profit taking after
hitting another fresh contract high early on today. Prices
also scored a bearish “outside day” down on the daily bar
chart today. If there is good follow-through selling
pressure on Friday, then a bearish “key reversal” down on
the daily bar chart would be confirmed on the daily chart,
which would be one early technical clue that a market top
is in place. But right now the hog bulls still have the
solid overall near-term technical advantage as prices are
in a nine-week-old uptrend 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
$90.00. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
last week’s low of $85.70. First resistance is seen at
$87.95 and then at today’s contract high of $88.25. First
support is seen at this week’s low of $86.95 and then at
$86.20. Wyckoff's Market Rating: 7.5

*. GRAINS: March corn futures were down 3 3/4 cents at 7.43
1/2 in late trading today. Prices were nearer the session
low in quiet, pre-holiday trading. Corn bulls and bears are
on a level near-term technical playing field, but the bulls
are having a good week so far. Corn bulls' next upside
price objective is to push and close prices above solid
technical resistance at the November high of $7.63 1/4. 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 this week’s high of $7.51 and then at
$7.57. First support is seen at $7.40 and then at $7.38.
Wyckoff's Market Rating: 5.0

January soybeans were down 3 cents at $14.09 3/4 a bushel
in late trading today. Prices were near mid-range in quiet,
pre-holiday trading. Soybean bears still have the 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 $14.24 and then at
$14.30. First support is seen at $14.00 and then at this
week’s low of $13.80 3/4. Wyckoff's Market Rating: 3.0.

March soybean meal was down $2.50 at $413.70 in late
trading today. Prices were nearer the session low in quiet,
pre-holiday trading. Meal bears still have the overall
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 to produce a close
above solid technical resistance at $435.00. 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
$420.70 and then at $425.00. First support is seen at
today’s low of $411.50 and then at this week’s low of
$405.50. Wyckoff's Market Rating: 3.0

March bean oil was up 24 points at 49.36 cents in late
trading today. Prices were nearer the session high on more
short covering and bargain hunting. Bean oil bears still
have the 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 the November low of 47.35
cents. First resistance is seen at today’s high of 49.54
cents and then at 50.00 cents. First support is seen at
49.00 cents and then at today’s low of 48.65 cents.
Wyckoff's Market Rating: 2.5

March Chicago SRW wheat was up 1/2 cent at $8.61 in late
trading today. Prices were near mid-range in quiet, pre-
holiday trading. Bulls and bears are on a level near-term
technical playing field. 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 $8.00. First resistance is seen at this week’s
high of $8.65 1/2 and then at $8.75. First support lies at
today’s low of $8.56 1/2 and then at this week’s low of
$8.51 1/2. Wyckoff's Market Rating: 5.0.

March K.C. HRW wheat was up 1 1/2 cents at $8.96 in late
trading today. Prices were near mid-range. HRW bulls and
bears are on a level near-term technical playing field, but
the bulls are fading. Bulls’ next upside price breakout
objective is pushing and closing prices above solid
technical resistance at $9.25. 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 this week’s high of $9.01 and
then at $9.13 1/4. First support is seen at this week’s low
of $8.89 and then at $8.85. Wyckoff's Market Rating: 5.0

March oats were down 4 1/2 cents at $3.83 1/4 today in late
trading. Prices were nearer the session low and scoring a
bearish “outside day” down on the daily bar chart. Oats
bulls have the slight overall near-term technical
advantage. Bears' next downside price breakout objective is
pushing and closing prices below solid technical support at
the November low of $3.62 1/2. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at $4.00. First support lies at
today’s low of $3.81 1/4 and then at $3.80. First
resistance is seen at $3.87 1/2 and then at today’s high of
$3.90 3/4. Wyckoff's Market Rating: 5.5

*. SOFTS: March sugar closed down 30 points at 19.60 cents
today. Prices closed nearer the session low. Sugar bears
still have the overall near-term technical advantage.
However, a five-week-old downtrend on the daily bar chart
was negated this week to begin to suggest a near-term
market low is in place. 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 the November low of 18.66 cents. First
resistance is seen at today’s high of 19.86 cents and then
at this week’s high of 20.03 cents. First support is seen
at today’s low of 19.55 cents and then at this week’s low
of 19.25 cents. Wyckoff's Market Rating: 2.0.

March coffee closed up 15 points at 152.60 cents. Prices
closed near mid-range today. Coffee bears have the solid
overall near-term technical advantage. Prices are in a six-
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 145.00 cents a
pound. First resistance is seen at today’s high of 154.15
cents and then at 155.00 cents. First support is seen at
today’s low of 151.00 cents and then at last week’s low of
149.45 cents. Wyckoff's Market Rating: 1.5.

March cocoa closed up $8 at $2,464 a ton. Prices closed
nearer the session high today on more short covering.
Trading has been choppy. 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
October high of $2,531. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at the November low of $2,322.
First resistance is seen at today’s high of $2,479 and then
at last week’s high of $2,488. First support is seen at
$2,450 and then at today’s low of $2,432. Wyckoff's Market
Rating: 5.0

March cotton closed up 17 points at 72.66 cents today.
Prices closed near mid-range today in quieter, pre-holiday
trading. Cotton bears 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 75.00 cents. The next downside
price breakout objective for the cotton bears is to push
and close prices below solid technical support at the
November low of 69.79 cents. First resistance is seen at
this week’s high of 73.15 cents and then at 74.00 cents.
First support is seen at today’s low of 72.12 cents and
then at this week’s low of 71.71 cents. Wyckoff's Market
Rating: 3.0.

January orange juice closed up 175 points at $1.2375 today.
Prices closed near mid-range today and hit a fresh two-
month high. The frost season for citrus regions in the
southeastern U.S. is approaching, which is prompting
speculative buying in FCOJ. FCOJ bulls have gained good
upside momentum this week and 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 September high of
$1.3010. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at this week’s low of $1.1430. First resistance is
seen at $1.2500 and then at today’s high of $1.2685. First
support is seen at today’s low of $1.2195 and then at
$1.2000. Wyckoff's Market Rating: 6.5.

January lumber futures closed down $5.50 at $318.60 today.
Prices closed near mid-range. More profit taking was seen.
Bulls still have the overall near-term technical advantage,
but are fading a bit. The next downside technical breakout
objective for the lumber bears is pushing and closing
prices below solid technical support at $310.00. The next
upside price breakout objective for the bulls is pushing
and closing prices above solid technical resistance at this
week’s of $330.20. First resistance is seen at $320.00 and
then at today’s high of $321.20. First support is seen at
today’s low of $317.00 and then at $315.00. Wyckoff's
Market Rating: 6.5

*. METALS: December gold futures closed up $6.40 an ounce
at $1,730.40 today. Prices closed nearer the session high
today. Choppy and sideways trading recently (called
technical chart consolidation) continues. Gold bulls still
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 the November high
of $1,739.40. Bears' next near-term downside breakout price
objective is closing prices below solid technical support
at $1,700.00. First resistance is seen at $1,739.40 and
then at $1,750.00. First support is seen at today’s low of
$1,718.40 and then at this week’s low of $1,713.40.
Wyckoff’s Market Rating: 6.5

December silver futures closed up $0.375 an ounce at
$33.295 today. Prices closed nearer the session high today
and hit a fresh five-week high. Prices also scored a
bullish “outside day” up on the daily bar chart. Silver
bulls have the overall near-term technical advantage.
Bulls’ next upside price breakout objective is closing
prices above solid technical resistance at $34.00 an ounce.
The next downside price breakout objective for the bears is
closing prices below solid technical support at $32.00.
First resistance is seen at today’s high of $33.395 and
then at $33.50. Next support is seen at $33.00 and then at
today’s low of $32.825. Wyckoff's Market Rating: 6.5.

December N.Y. copper closed down 190 points at 349.75 cents
today. Prices closed near mid-range today. Copper bears
have the overall near-term technical advantage. Prices are
still in a two-month-old downtrend on the daily bar chart,
but now just barely. 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 the November low of 340.30
cents. First resistance is seen at this week’s high of
354.05 cents and then at 356.90 cents. First support is
seen at today’s low of 347.15 cents and then at 345.00
cents. Wyckoff's Market Rating: 3.5.

*. ENERGIES: January crude oil closed up $0.99 a barrel at
$87.73 today. Prices closed near the session high today on
a corrective bounce from Tuesday’s solid losses. There were
news reports again today that Israel and Hamas have agreed
to a ceasefire. That could limit the upside in crude in the
near term, if those news reports are accurate. Crude oil
bears still have the 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 $90.00 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 the
November low of $84.53. First resistance is seen at $89.00
and then at $90.00. First support is seen at today’s low of
$86.37 and then at $85.00. Wyckoff's Market Rating: 4.0

January heating oil closed up 337 points at $3.0820 today.
Prices closed nearer the session high today. Bulls today
regained the slight near-term technical advantage. The
bulls' next upside price breakout objective is closing
prices above solid technical resistance at $3.1500. Bears'
next downside price breakout objective is producing a close
below solid technical support at $3.0000. First resistance
lies at this week’s high of $3.0962 and then at $3.1250.
First support is seen at today’s low of $3.0503 and then at
$3.0275. Wyckoff's Market Rating: 5.5.

January (RBOB) unleaded gasoline closed up 375 points at
$2.7259 today. Prices closed near the session high today.
Bulls have the near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at the October high
of $2.8241. Bears' next downside price breakout objective
is closing prices below solid support at $2.6200. First
resistance is seen at this week’s high of $2.7505 and then
at $2.7750. First support is seen at $2.7000 and then at
this week’s low of $2.6595. Wyckoff's Market Rating: 6.0.

January natural gas closed up 7.8 cents at $4.022 today.
Prices closed near the session high again today and hit a
fresh four-week high. Bulls have the near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
the October high of $4.088. The next downside price
breakout objective for the bears is closing prices below
solid technical support at last week’s low of $3.78. First
resistance is seen at today’s high of $4.028 and then at
$4.088. First support is seen at $3.95 and then at today’s
low of $3.90. Wyckoff's Market Rating: 6.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed up 18 points at 1.2827 today. Prices closed
nearer the session high today and did poke to another fresh
two-week high. The Euro bears have the slight overall near-
term technical advantage. A four-week-old downtrend is
still in place on the daily bar chart, but now just barely.
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 1.2836 and then at 1.2881. Next support is seen at
1.2768 and then at today’s low of 1.2736. Wyckoff's Market
Rating: 4.5

The December Japanese yen closed down 120 points at 1.2121
today. Prices closed near the session low again today and
hit another fresh 7.5-month low. Bears have the solid
overall near-term technical advantage. Prices are in a
steep nine-week-old downtrend on the daily bar chart.
Bulls' next upside price breakout objective is closing
prices above solid resistance at this week’s high of
1.2335. Bears' next downside breakout objective is closing
prices below solid technical support at 1.2000. First
resistance is seen at 1.2150 and then at 1.2200. First
support is seen at today’s low of 1.2117 and then at
1.2100. Wyckoff's Market Rating: 1.5.

The December Swiss franc closed up 19 points at 1.0654
today. Prices closed nearer the session high today and hit
another fresh two-week high. The Swissy bulls and bears are
now back on a level near-term technical playing field. A
four-week-old downtrend on the daily bar chart was negated
today. 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 the
November low of 1.0517. First resistance is seen at today’s
high of 1.0662 and then at 1.0700. First support is seen at
1.0600 and then at today’s low of 1.0575. Wyckoff's Market
Rating: 5.0.

The December Australian dollar closed down 8 points at
1.0342 today. Prices closed near mid-range today. Bulls
still have the overall near-term technical advantage.
Bulls' next upside price breakout objective is closing
prices above solid chart resistance at the November high of
1.0446. The next downside breakout objective for the bears
is to produce a close below solid technical support at last
week’s low of 1.0263. First resistance is seen at today’s
high of 1.0372 and then at this week’s high of 1.0403. Next
support is seen at today’s low of 1.0316 and then at
1.0263. Wyckoff's Market Rating: 6.0

The December Canadian dollar closed up 16 points at 1.0029
today. Prices closed nearer the session high today. A 10-
week-old downtrend is still 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 the November 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 1.0040 and
then at 1.0075. First support is seen at 1.0000 and then at
this week’s low of .9976. Wyckoff's Market Rating: 3.5.

The December British pound closed up 39 points at 1.5953
today. Prices closed near the session high today and scored
a bullish “outside day” up on the daily bar chart. Bears
still 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
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 1.6000 and then at
1.6041. First support is seen at today’s low of 1.5882 and
then at last week’s low of 1.5822 and then at 1.5800.
Wyckoff's Market Rating: 4.0.

The December U.S. dollar index closed down 2 points at
80.97 today. Prices closed near the session low today. The
bulls still 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 today’s high of 81.30 and then at
last week’s high of 81.51. First support is seen at this
week’s low of 80.83 and then at 80.68. Wyckoff's Market
Rating: 6.0.

December U.S. T-Bonds closed down 13/32 at 150 4/32 today.
Prices closed nearer the session low today and saw more
profit taking. Bulls still have the overall technical
advantage but are fading this week. 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 last week’s high of 152
21/32. First resistance is seen at today’s high of 150
25/32 and then at 151 even. First support is seen at
today’s low of 149 29/32 and then at 149 16/32. Wyckoff's
Market Rating: 6.0.

December U.S. T Notes closed down 6.0 (32nds) at 133.13.5
today. Prices closed nearer the session low on more profit
taking. Bulls still have the overall near-term technical
advantage, but are fading this week. 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
133.00.0. First resistance is seen at today’s high of
133.23.0 and then at 134.00.0. First support is seen at
today’s low of 133.10.0 and then at 133.08.0. Wyckoff's
Market Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer today. Bears still have the near-term technical
advantage in the stock indexes. The stock indexes showed a
modestly positive reaction to news reports at midday
Wednesday that Israel and Hamas had agreed to an Egyptian-
brokered ceasefire. The same was reported on Tuesday, but
Wednesday’s news appears to be the real thing. Traders and
investors continue to keep one eye on the situation between
Israel and Hamas, as any ceasefire could prove fleeting. In
overnight news, the Tuesday meeting of Euro zone officials
in Brussels, on when to disburse the next tranche of
bailout money to Greece, failed to reach agreement. The
group will meet next Monday, reports said. It was widely
expected there would be an agreement reached Tuesday and
Greece would get fresh bailout money. No agreement just
added a bit more uncertainty to the market place. However,
the EU doesn’t have much choice if the bloc wants the
financially troubled EU country to stay afloat and stay in
the union.

The Nasdaq stock futures index closed up 6.25 at 2,599.75.
Prices closed nearer the session high again today and saw
more short covering. Prices are still in a two-month-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 June low of 2,433.75. First resistance is seen at
2,604.50 and then at 2,623.25. First support is seen at
today’s low of 2,577.00 and then at 2,550.00. Wyckoff's
Market Rating: 3.5

The S&P 500 futures index closed up 2.40 at 1,388.70.
Prices closed near the session high on more short covering.
Prices are still in a six-week-old downtrend on the daily
bar chart. Bulls' next upside price breakout objective is
closing prices above solid resistance at the November 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 today’s high
of 1,389.50 and then at 1,400.00. First support is seen at
today’s low of 1,377.10 and then at this week’s low of
1,360.40. Wyckoff's Market Rating: 3.5.

The Dow futures closed up 41 points at 12,800. Prices
closed nearer the session high again today on more short
covering. Prices are still in a six-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 today’s high of 12,810 and then at 12,850. First support
is seen at today’s low of 12,772 and then at 12,700.
Wyckoff's Market Rating: 3.5.

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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