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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. 7

Nov 08, 2012

Wednesday Evening, November 7-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: December live cattle closed down $0.72 at
$124.95 today. Prices closed nearer the session low today,
hit a fresh five-week low and scored a bearish “outside
day” down on the daily bar chart. The key “outside markets”
were bearish for the cattle market today as the U.S. dollar
index was firmer 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 $127.00. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
the September low of $123.95. First resistance is seen at
$125.50 and then at today’s high of $126.00. First support
is seen at today’s low of $124.55 and then at $123.95.
Wyckoff's Market Rating: 3.0

January feeder cattle closed down $1.25 at $145.47 today.
Prices closed nearer the session high today but did hit a
fresh 3.5-month low. Bears have the solid 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 $148.00. 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 $146.00 and
then at this week’s high of $146.85. First support is seen
at $145.00 and then at $144.50. Wyckoff's Market Rating:
2.0

December lean hogs closed up $2.52 at $80.10 today. Prices
closed nearer the session high today and did hit a fresh
month high. Heavy short covering and bargain hunting were
seen today. Bulls regained good upside technical momentum
today and re-established a two-month-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 the July high of $82.25. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at this week’s low of
$76.65. First resistance is seen at today’s high of $80.40
and then at $80.75. First support is seen at $79.77 and
then at $79.40. Wyckoff's Market Rating: 6.5

*. GRAINS: December corn futures were up 1 cent at 7.42 in
late trading today. Prices were near mid-range. The key
“outside markets” were bearish for the corn market today as
the U.S. dollar index was firmer and crude oil prices were
sharply lower. Traders are awaiting Friday morning’s USDA
supply and demand report. Prices are still in a choppy and
sideways trading range on the daily chart. The bulls have
the slight near-term technical advantage. Corn bulls' next
upside price objective is to push and close prices above
solid technical resistance at the October high of $7.76.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
the September low of $7.05. First resistance for December
corn is seen at $7.45 and then at today’s high of $7.51
3/4. First support is seen at this week’s low of $7.33 and
then at $7.30. Wyckoff's Market Rating: 5.5

January soybeans were down 7 3/4 cents at $15.07 3/4 a
bushel in late trading today. Prices were near mid-range.
The key “outside markets” were bearish for the soybean
market today as the U.S. dollar index was firmer and crude
oil prices were sharply lower. Traders are awaiting Friday
morning’s USDA supply and demand report. Soybean bears have
the slight near-term technical advantage. The next near-
term upside technical breakout objective for the soybean
bulls is pushing and closing November prices above solid
technical resistance at $15.77 a bushel. The next downside
price breakout objective for the bears is pushing and
closing prices below solid technical support at the October
low of $14.84. First resistance is seen at this week’s high
of $15.24 1/4 and then at $15.35. First support is seen at
$15.00 and then at $14.84. Wyckoff's Market Rating: 4.5.

December soybean meal was down $2.80 at $469.90 in late
trading today. Prices were near mid-range and hit a fresh
two-week low. Bulls and bears are on a level near-term
technical playing field. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at last week’s high of $490.00. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
the October low of $450.20. First resistance comes in at
$473.00 and then at today’s high of $475.40. First support
is seen at $468.40 and then at today’s low of $465.20.
Wyckoff's Market Rating: 5.0

December bean oil was down 3 points at 48.65 cents in late
trading today. Prices were near mid-range. The key “outside
markets” were bearish for the bean oil market today as the
U.S. dollar index was firmer and crude oil prices were
sharply lower. Bean oil bears 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 51.00 cents.
Bean oil bears' next downside technical price breakout
objective is pushing and closing prices below solid
technical support at 47.00 cents. First resistance is seen
at 49.00 cents and then at this week’s high of 49.22 cents
and then at 49.41 cents. First support is seen at today’s
low of 48.41 cents and then at this week’s low of 48.25
cents. Wyckoff's Market Rating: 2.0

December Chicago SRW wheat was up 15 1/2 cents at $8.92 1/2
in late trading today. Prices were nearer the session high
and hit a fresh five-week high today as the bulls gained
fresh upside technical momentum. Traders are awaiting
Friday morning’s USDA supply and demand report. Wheat bulls
have the overall 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 $8.40
1/4. First resistance is seen at today’s high of $8.97 and
then at $9.00. First support lies at $8.80 and then at
today’s low of $8.70 3/4. Wyckoff's Market Rating: 6.5.

December K.C. HRW wheat was up 11 1/2 cents at $9.31 in
late trading today. Prices were nearer the session high and
hit a fresh seven-week high today. The HRW bulls have the
overall near-term technical advantage and gained more power
today. Bulls’ next upside price breakout objective is
pushing and closing prices above solid technical resistance
at the July high of $9.57 1/4. The bears' next downside
breakout objective is pushing and closing prices below
solid technical support at $9.00. First resistance is seen
at today’s high of $9.37 1/4 and then at $9.50 3/4. First
support is seen at $9.20 and then at today’s low of $9.10.
Wyckoff's Market Rating: 7.0

December oats were up 4 1/2 at $3.64 1/2 today in late
trading. Prices were near the session high and saw some
short covering and bargain hunting today. Oats bears still
have the slight near-term technical advantage. Prices are
in a steep two-week-old downtrend on the daily bar chart.
Bears' next downside price breakout objective is pushing
and closing prices below solid technical support at $3.50.
Bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at $3.75.
First support lies at $3.60 and then at today’s low of
$3.55 1/2. First resistance is seen at $3.65 and then at
this week’s high of $3.68. Wyckoff's Market Rating: 4.5

*. SOFTS: March sugar closed down 62 points at 18.97 cents
today. Prices closed nearer the session low today and hit a
fresh 22-month low. The key “outside markets” were bearish
for the sugar market today as the U.S. dollar index was
firmer and crude oil prices were sharply lower. Sugar bears
have the solid near-term technical advantage. Prices are in
a four-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 19.18 cents and then at
19.50 cents. First support is seen at today’s low of 18.92
cents and then at 18.75 cents. Wyckoff's Market Rating:
1.0.

December coffee closed up 50 points at 151.10 cents. Prices
closed nearer the session low. Prices Tuesday hit a 14-
month low. The key “outside markets” were bearish for the
coffee market today as the U.S. dollar index was firmer and
crude oil prices were sharply lower. Recent reports of a
big Brazil coffee crop have pressured coffee futures
recently. Coffee bears have the solid overall near-term
technical advantage. Prices are in a four-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 165.70 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 147.50 cents a pound.
First resistance is seen at 152.50 cents and then at this
week’s high of 154.70 cents. First support is seen at
150.00 cents and then at 149.00 cents. Wyckoff's Market
Rating: 1.0

December cocoa closed down $51 at $2,411 a ton. Prices
closed nearer the session low today and scored a bearish
“outside day” down on the daily bar chart. The key “outside
markets” were bearish for the cocoa market today as the
U.S. dollar index was firmer and crude oil prices were
sharply lower. Cocoa bulls and bears are back 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 $2,526. The next downside price breakout objective for
the bears is pushing and closing prices below solid
technical support at the October low of $2,338. First
resistance is seen at $2,435 and then at $2,450. First
support is seen at today’s low of $2,394 and then at
$2,375. Wyckoff's Market Rating: 5.0

December cotton closed down 27 points at 69.83 cents today.
Prices closed near the session low today. The key “outside
markets” were bearish for the cotton market today as the
U.S. dollar index was firmer and crude oil prices were
sharply lower. Cotton bears have the solid near-term
technical advantage. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at 73.50 cents. The next downside
price breakout objective for the cotton bears is to push
and close prices below solid technical support at July low
of 69.40 cents. First resistance is seen at today’s high of
70.54 cents and then at this week’s high of 71.10 cents.
First support is seen at last week’s low of 69.66 cents and
then at 69.40 cents. Wyckoff's Market Rating: 2.5

January orange juice closed down 110 points at $1.0860
today. Prices closed near mid-range today. The key “outside
markets” were bearish for the FCOJ market today as the U.S.
dollar index was firmer and crude oil prices were sharply
lower. FCOJ bears 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 $1.1200. The next downside technical breakout
objective for the FCOJ bears is to produce a close below
solid technical support at $1.0250. First resistance is
seen at today’s high of $1.1080 and then at $1.1200. First
support is seen at today’s low of $1.0735 and then at this
week’s low of $1.0585. Wyckoff's Market Rating: 2.0.

January lumber futures closed down $4.50 at $328.80 today.
Prices closed nearer the session low and saw profit taking
after closing at a contract high close on Tuesday. Ideas
the major storm on the U.S. east coast will produce strong
lumber demand is bullish. Bulls still 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 last week’s
low of $318.00. The next upside price breakout objective
for the bulls is pushing and closing prices above solid
technical resistance at $340.00. First resistance is seen
at $332.00 and then at the contract high of $335.00. First
support is seen at today’s low of $326.50 and then at
$325.00. Wyckoff's Market Rating: 8.0

*. METALS: December gold futures closed down $0.70 an ounce
at $1,714.30 today. Prices closed near mid-range after
hitting a fresh two-week high early on. The key “outside
markets” were bearish for gold today as the U.S. dollar
index was firmer and crude oil prices were solidly lower.
Bulls still have some upside momentum on their side as a
four-week-old downtrend on the daily bar chart was negated
today. 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 last week’s low of $1,672.50. First resistance is seen
at today’s high of $1,733.00 and then at $1,740.00. First
support is seen at today’s low of $1,703.00 and then at
$1,700.00. Wyckoff’s Market Rating: 6.0

December silver futures closed down $0.309 an ounce at
$31.725 today. Prices closed near mid-range today. The key
“outside markets” were bearish for silver today as the U.S.
dollar index was firmer and crude oil prices were solidly
lower. A five-week-old downtrend on the daily bar chart is
still in place. The silver bulls and bears are on a level
near-term technical playing field. Bulls’ next upside price
breakout objective is closing prices above solid technical
resistance at last week’s high of $32.695 an ounce. The
next downside price breakout objective for the bears is
closing prices below solid technical support at last week’s
low of $30.655. First resistance is seen at $32.00 and then
at today’s high of $32.42. Next support is seen at $31.535
and then at today’s low of $31.215. Wyckoff's Market
Rating: 5.0.

December N.Y. copper closed down 570 points at 344.90 cents
today. Prices closed nearer the session low today and hit a
fresh five-week low. Prices also scored a bearish “outside
day” down on the daily bar chart today. The key “outside
markets” were bearish for copper today as the U.S. dollar
index was firmer and crude oil prices were solidly lower.
Copper bears have the overall near-term technical advantage
and gained fresh downside momentum today. Prices are in a
seven-week-old downtrend on the daily bar chart. Copper
bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at 357.50
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
340.00 cents. First resistance is seen at 347.50 cents and
then at 350.00 cents. First support is seen at today’s low
of 343.00 cents and then at 340.00 cents. Wyckoff's Market
Rating: 3.0.

*. ENERGIES: December crude oil closed down $4.03 a barrel
at $84.68 today. Prices closed nearer the session low and
hit a fresh four-month low today on a bearish storage
report and amid a firmer U.S. dollar and a falling stock
market. Bears have the overall near-term technical
advantage and quickly regained momentum today. Prices are
in a seven-week-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 this 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 $85.00 and
then at $86.00. First support is seen at today’s low of
$84.05 and then at $83.00. Wyckoff's Market Rating: 3.5

December heating oil closed down 858 points at $2.9671
today. Prices closed nearer the session low today and
scored a bearish “outside day” down on the daily bar chart.
Bears have regained the near-term technical advantage.
Prices are in a three-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 this week’s low of
$2.9347. First resistance lies at $3.0000 and then at
$3.0250. First support is seen at today’s low of $2.9487
and then at $2.9347. Wyckoff's Market Rating: 4.5.

December (RBOB) unleaded gasoline closed down 997 points at
$2.5992 today. Prices closed nearer the session low today.
Bears are back in near-term technical control. A seven-
week-old downtrend line on the daily bar chart was re-
established today. The next upside price breakout objective
for the bulls is closing prices above solid technical
resistance at this week’s high of $2.7150. Bears' next
downside price breakout objective is closing prices below
solid support at this week’s low of $2.5524. First
resistance is seen at $2.6250 and then at $2.6500. First
support is seen at today’s low of $2.5767 and then at
$2.5524. Wyckoff's Market Rating: 4.5.

December natural gas closed down 4.5 cents at $3.572 today.
Prices closed nearer the session low today. Bears have the
slight overall near-term technical advantage. Prices are in
a steep two-week-old downtrend on the daily bar chart. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at $3.75.
The next downside price breakout objective for the bears is
closing prices below solid technical support at $3.40.
First resistance is seen at this week’s high of $3.62 and
then at $3.70. First support is seen at this week’s low of
$3.506 and then at $3.45. Wyckoff's Market Rating: 4.5.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed down 51 points at 1.2770 today. Prices
closed nearer the session low today, scored a bearish
“outside day” down on the daily bar chart and hit a fresh
two-month low. The Euro bears now have the slight overall
near-term technical advantage. A three-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 last week’s high of
1.3027. The next downside price breakout objective for the
bears is closing prices below solid chart support at
1.2650. First resistance for the Euro lies at 1.2800 and
then at today’s high of 1.2881. Next support is seen at
today’s low of 1.2741 and then at 1.2700. Wyckoff's Market
Rating: 4.5

The December Japanese yen closed up 67 points at 1.2506
today. Prices closed near mid-range today on short covering
in a bear market. Bears still have the solid near-term
technical advantage. Prices are in a two-month-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 1.2640. Bears' next downside
breakout objective is closing prices below solid technical
support at the June low of 1.2300. First resistance is seen
at today’s high of 1.2542 and then at 1.2580. First support
is seen today’s low of 1.2440 and then at last week’s low
of 1.2399. Wyckoff's Market Rating: 2.5.

The December Swiss franc closed down 20 points at 1.0588
today. Prices closed nearer the session low today and
scored a bearish “outside day” down on the daily bar chart.
Prices also closed at a fresh two-month low close today.
The Swissy bears have gained the slight near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above solid resistance at last
week’s high of 1.0787. The next downside price breakout
objective for the bears is closing prices below solid
technical support at 1.0500. First resistance is seen at
today’s high of 1.0666 and then at 1.0700. First support is
seen at today’s low of 1.05763 and then at last week’s low
of 1.0534. Wyckoff's Market Rating: 4.5.

The December Australian dollar closed down 18 points at
1.0384 today. Prices closed nearer the session low on
profit taking and did hit a fresh seven-week high early on
today. Bulls still have the overall near-term technical
advantage. Prices are in a four-week-old uptrend on the
daily bar chart. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
the August high of 1.0493. The next downside breakout
objective for the bears is to produce a close below solid
technical support at 1.0250. First resistance is seen at
1.0413 and then at today’s high of 1.0446. Next support is
seen at 1.0363 and then at 1.0331. Wyckoff's Market Rating:
6.5

The December Canadian dollar closed down 43 points at
1.0031 today. Prices closed nearer the session low today
and scored a bearish “outside day” down on the daily bar
chart. A seven-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 1.0100. The
next downside price breakout objective for the bears is
closing prices below solid technical support at .9900.
First resistance is seen at 1.0082 and then at today’s high
of 1.0118. First support is seen at today’s low of 1.0007
and then at 1.0000. Wyckoff's Market Rating: 4.0.

The December British pound closed down 9 points at 1.5983
today. Prices closed near mid-range today. Bulls and bears
are on a level near-term technical playing field amid
choppy trading. The next upside price breakout objective
for the bulls is closing prices above solid technical
resistance at last week’s high of 1.6173. Bears' next
downside technical breakout objective is closing prices
below solid support at the October low of 1.5909. First
resistance is seen at today’s high of 1.6041 and then at
1.6100. First support is seen at today’s low of 1.5952 and
then at 1.5909. Wyckoff's Market Rating: 5.0.

The December U.S. dollar index closed up 16 points at 80.88
today. Prices closed nearer the session high today, scored
a bullish “outside day” up on the daily bar chart and hit a
fresh two-month high today. The bulls have now gained the
slight 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 last week’s low of
79.72. Next resistance lies at today’s high of 81.02 and
then at 81.25. First support is seen at today’s low of
80.36 and then at 80.00. Wyckoff's Market Rating: 5.5.

December U.S. T-Bonds closed up 1 29/32 at 150 6/32 today.
Prices closed nearer the session high today and hit a fresh
two-month high on short covering and fresh safe-haven
buying interest. The “risk-off” day today in the market
place boosted bonds. Bulls today regained the near-term
technical advantage. The next downside price breakout
objective for the T-Bond bears is closing prices below
solid technical support at 147 18/32. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at the September high of
151 29/32. First resistance is seen at today’s high of 150
19/32 and then at 151 even. First support is seen at 150
even and then at 149 15/32. Wyckoff's Market Rating: 6.0.

December U.S. T Notes closed up 26.0 (32nds) at 133.16.5
today. Prices closed nearer the session high today and hit
a fresh four-week high. Bulls have regained the near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at the September high of 133.27.0. The next
downside price breakout objective for the bears is
producing a close below solid technical support at
132.10.0. First resistance is seen at today’s high of
133.22.5 and then at 133.27.0. First support is seen at
133.08.0 and then at 133.00.0. Wyckoff's Market Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
sharply lower today. Bears now have the slight near-term
technical advantage in the stock indexes. The market place
Wednesday digested President Obama’s re-election and focus
of the market place has quickly turned to other matters.
There was a keen "risk-off" mentality that set in as the
session progressed Wednesday. The U.S. stock market saw
solid selling pressure and most raw commodity markets were
also pushed lower. Some of Wednesday's price action in
markets was corrective selling pressure following gains
posted in those markets on Tuesday. Not surprisingly, now
that the U.S. election is past, the business news media is
focusing on the so-called "fiscal cliff" that faces U.S.
lawmakers--a combination of tax hikes and spending cuts
that will go into effect in January if U.S. lawmakers do
not reach a compromise deal on the matter. Such is being
blamed for some of the selling pressure in the markets
Wednesday. In other market-sensitive news, there was more
dour news coming out of the European Union Wednesday, which
also lent to risk aversion among traders and investors
worldwide. European Central Bank head Mario Draghi
reportedly said Wednesday the EU economy has seen
contraction during 2012 and the same may be the case for
2013. It was also reported Wednesday that German industrial
output fell more than expected, while Euro zone retail
sales also declined in September. European Union officials
also said Wednesday that the Greek economy will contract 6%
in 2012 and by 4.2% in 2013, which would be six straight
years of economic recession. The EU Commission also put
Greece’s unemployment rate at near 24% in 2012 and 2013.
There was a Greek parliamentary vote on fresh austerity
measures scheduled for Wednesday, which was expected to
pass. However, television showed fresh, violent protesting
in the streets of Athens Wednesday. The European Central
Bank holds its monthly meeting on Thursday. There is a
general leadership conference in China starting Thursday,
at which time new leaders in China will be selected.
 
The Nasdaq stock futures index closed down 63.50 points at
2,612.45. Prices closed nearer the session low today and
hit a fresh 3.5-month low. Prices are in a six-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 2,750.00. 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
2,635.00 and then at 2,650.00. First support is seen at
today’s low of 2,599.00 and then at 2,575.00. Wyckoff's
Market Rating: 4.5

The S&P 500 futures index closed down 35.70 at 1,389.50.
Prices closed nearer the session low, hit a fresh three-
month low and scored a big and bearish “outside day” down
on the daily bar chart. Prices are in a four-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 1,440.00. The next downside price breakout objective for
the bears is closing prices below solid support at the
August low of 1,350.00. First resistance is seen at
1,400.00 and then at 1,420.00. First support is seen at
today’s low of 1,384.30 and then at 1,375.00. Wyckoff's
Market Rating: 4.5.

The Dow futures closed down 311 points at 12,890. Prices
closed nearer the session low today and hit a fresh 3.5-
month low. Prices are in a four-week-old downtrend on the
daily bar chart. The next upside price objective for the
bulls is closing prices above solid technical resistance at
last week’s high of 13,220. The next downside price
objective for the bears is closing prices below solid
technical support at the August low of 12,730. First
resistance in the Dow lies at 12,900 and then at 12,950.
First support is seen at today’s low of 12,840 and then at
12,800. Wyckoff's Market Rating: 4.5.

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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