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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. 8

Nov 09, 2012

Thursday Evening, November 8-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 up $0.40 at
$125.35 today. Prices closed nearer the session high today
on short covering in a bear market. Cattle bears have the
overall near-term technical advantage. A 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 $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 this week’s high of $126.00 and then at $126.60.
First support is seen at today’s low of $124.87 and then at
this week’s low of $124.55. Wyckoff's Market Rating: 3.0

January feeder cattle closed up $0.37 at $145.87 today.
Prices closed near the session high today on tepid short
covering in a bear market. Prices Wednesday hit a 3.5-month
low. Bears still 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 $146.50 and then at
this week’s high of $146.85. First support is seen at this
week’s low of $144.90 and then at $144.50. Wyckoff's Market
Rating: 2.0

December lean hogs closed up $0.05 at $80.15 today. Prices
closed nearer the session low today and did hit another
fresh three-month high. Bulls still have good upside
technical momentum and have 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 $80.65 and then at $81.00. First support is
seen at $79.77 and then at $79.40. Wyckoff's Market Rating:
6.5

*. GRAINS: December corn futures were down 1 1/4 cent at
7.43 in late trading today. Prices were near mid-range in
quieter, pre-report trading. 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 this week’s high of $7.51 3/4. First support is
seen at $7.40 and then at this week’s low of $7.33.
Wyckoff's Market Rating: 5.5

January soybeans were down 5 1/2 cents at $15.01 3/4 a
bushel in late trading today. Prices were nearer the
session low and hit a fresh three-week low today. 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 today’s high of $15.13 1/2 and then
at this week’s high of $15.24 1/4. First support is seen at
today’s low of $14.96 1/2 and then at $14.84. Wyckoff's
Market Rating: 4.5.

December soybean meal was down $6.50 at $463.00 in late
trading today. Prices were near the session low and hit a
fresh three-week low. Bears today gained the slight near-
term technical advantage in meal. 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 $465.00 and then at $470.00. First support is
seen at $460.00 and then at $457.50. Wyckoff's Market
Rating: 4.5

December bean oil was up 44 points at 49.06 cents in late
trading today. Prices were nearer the session high and saw
short covering in a bear market. 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 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 this week’s high of 49.22 cents and
then at 49.50 cents. First support is seen at today’s low
of 48.45 cents and then at this week’s low of 48.25 cents.
Wyckoff's Market Rating: 2.5

December Chicago SRW wheat was up 7 1/2 cents at $9.01 1/2
in late trading today. Prices were nearer the session high
and hit another fresh five-week high today as the bulls
have gained fresh upside technical momentum this week.
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 the September high of $9.31 a
bushel. The next downside price breakout objective for the
wheat futures bears is pushing and closing prices below
solid technical support at $8.60. First resistance is seen
at today’s high of $9.03 1/2 and then at $9.10. First
support lies at today’s low of $8.86 1/2 and then at $8.80.
Wyckoff's Market Rating: 7.0.

December K.C. HRW wheat was up 6 3/4 cents at $9.38 1/4 in
late trading today. Prices were nearer the session high and
hit another fresh seven-week high today. The HRW bulls have
the overall near-term technical advantage and have gained
fresh power this week. 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 $9.40 3/4 and
then at $9.50 3/4. First support is seen at today’s low of
$9.25 and then at $9.20. Wyckoff's Market Rating: 7.0

December oats were down 2 3/4 at $3.62 1/2 today in late
trading. Prices were nearer the session high. Oats bears
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
$3.57 3/4. First resistance is seen at today’s high of
$3.65 and then at this week’s high of $3.68. Wyckoff's
Market Rating: 4.5

*. SOFTS: March sugar closed down 9 points at 18.86 cents
today. Prices closed near mid-range today and hit another
fresh 22-month low. 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 18.69 cents and then at 18.50
cents. Wyckoff's Market Rating: 1.0.

December coffee closed up 35 points at 151.55 cents. Prices
closed near mid-range and saw tepid short covering in a
bear market. Prices today hit another 14-month low today.
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 today’s high of 153.20
cents and then at this week’s high of 154.70 cents. First
support is seen at today’s low of 149.90 cents and then at
148.00 cents. Wyckoff's Market Rating: 1.0

December cocoa closed down $53 at $2,346 a ton. Prices
closed nearer the session low today and hit a fresh 3.5-
month low. Cocoa bears gained downside technical momentum
today and now have the overall near-term technical
advantage. A two-month-old downtrend on the daily bar chart
was re-established today. The next upside price breakout
objective for the cocoa bulls is to push and close prices
above solid technical resistance at this week’s high of
$2,474. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $2,250. First resistance is seen at $2,375 and
then at $2,400. First support is seen at today’s low of
$2,323 and then at $2,300. Wyckoff's Market Rating: 4.0

December cotton closed down 47 points at 69.37 cents today.
Prices closed nearer the session low today and hit a fresh
four-month low. Cotton bears have the solid near-term
technical advantage and gained fresh downside momentum
today. The next upside price breakout objective for the
bulls is to produce a close above solid technical
resistance at 72.00 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 64.61 cents.
First resistance is seen at 70.00 cents and then at 70.54
cents. First support is seen at today’s low of 69.03 cents
and then at 68.50 cents. Wyckoff's Market Rating: 2.0

January orange juice closed down 170 points at $1.0820
today. Prices closed near the session low today. FCOJ bears
have the solid 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 this week’s
high of $1.1080 and then at $1.1200. First support is seen
at $1.0735 and then at this week’s low of $1.0585.
Wyckoff's Market Rating: 1.5.

January lumber futures closed down $6.60 at $322.20 today.
Prices closed nearer the session low and saw more profit
taking today. Bulls still have the 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 the contract high of $335.00. First resistance is seen
at $325.00 and then at today’s high of $327.00. First
support is seen at today’s low of $321.70 and then at
$320.00. Wyckoff's Market Rating: 7.5

*. METALS: December gold futures closed up $10.40 an ounce
at $1,724.40 today. Prices closed nearer the session high
today and saw some fresh safe-haven demand. Bulls have the
overall near-term technical advantage and are having a good
week. 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 this week’s high of $1,733.00 and then at $1,740.00.
First support is seen at today’s low of $1,712.60 and then
at $1,703.00. Wyckoff’s Market Rating: 6.0

December silver futures closed up $0.469 an ounce at $32.13
today. Prices closed nearer the session high today on short
covering and bargain hunting. A five-week-old downtrend on
the daily bar chart is still in place, but now just barely.
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 this week’s
high of $32.42 and then at $32.695. Next support is seen at
today’s low of $31.63 and then at Wednesday’s low of
$31.215. Wyckoff's Market Rating: 5.0.

December N.Y. copper closed up 240 points at 346.55 cents
today. Prices closed nearer the session high today and saw
short covering in a bear market. Copper bears still have
the overall near-term technical advantage. 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 350.00 cents and
then at 352.50 cents. First support is seen at this week’s
low of 343.00 cents and then at 340.00 cents. Wyckoff's
Market Rating: 3.0.

*. ENERGIES: December crude oil closed up $0.73 a barrel at
$85.17 today. Prices closed nearer the session high today
on short covering following the big losses Wednesday. A
firmer U.S. dollar and a falling stock market have been
bearish for the energy markets. 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 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 $86.00 and then at
$87.00. First support is seen at this week’s low of $84.05
and then at $83.00. Wyckoff's Market Rating: 3.5

December heating oil closed down 45 points at $2.9576
today. Prices closed nearer the session low again today.
Bears have the 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 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 $2.9470
and then at $2.9347. Wyckoff's Market Rating: 4.5.

December (RBOB) unleaded gasoline closed up 252 points at
$2.6141 today. Prices closed nearer the session high today.
Bears are 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
$2.6500 and then at $2.6750. First support is seen at
today’s low of $2.5755 and then at $2.5524. Wyckoff's
Market Rating: 4.5.

December natural gas closed up 2.9 cents at $3.607 today.
Prices closed near the session high today on some short
covering and bargain hunting. Bears have the slight overall
near-term technical advantage. Prices are in a steep three-
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 24 points at 1.2749 today. Prices
closed near mid-range today and hit another fresh two-month
low. The Euro bears 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 today’s high of 1.2781 and
then at 1.2860. Next support is seen at today’s low of
1.2721 and then at 1.2700. Wyckoff's Market Rating: 4.5

The December Japanese yen closed up 86 points at 1.2605
today. Prices closed near the session high today on heavy
short covering. Bears still have the overall near-term
technical advantage. Prices are in a two-month-old
downtrend on the daily bar chart, but now just barely.
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 November low of
1.2399. First resistance is seen at today’s high of 1.2611
and then at 1.2640. First support is seen at 1.2550 and
then at 1.2500. Wyckoff's Market Rating: 3.5.

The December Swiss franc closed down 14 points at 1.0576
today. Prices closed near mid-range today and closed at
another fresh two-month low close today. The Swissy bears
have 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 1.0600 and then at
1.0644. First support is seen at today’s low of 1.0551 and
then at last week’s low of 1.0534. Wyckoff's Market Rating:
4.5.

The December Australian dollar closed down 2 points at
1.0381 today. Prices closed near mid-range. 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 today’s high of 1.0414 and then
at this week’s high of 1.0446. Next support is seen at
today’s low of 1.0358 and then at 1.0331. Wyckoff's Market
Rating: 6.5

The December Canadian dollar closed down 34 points at .9990
today. Prices closed near the session low today. 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 this 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 today’s high of 1.0044 and then
at 1.0082. First support is seen at the October low of
.9970 and then at .9950. Wyckoff's Market Rating: 4.0.

The December British pound closed down 8 points at 1.5977
today. Prices closed nearer the session high 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 1.6004 and then
at this week’s high of 1.6041. First support is seen at
today’s low of 1.5926 and then at 1.5909. Wyckoff's Market
Rating: 5.0.

The December U.S. dollar index closed up 2 points at 80.89
today. Prices closed nearer the session low today and hit
another fresh two-month high. The bulls have 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 81.11 and then at
81.25. First support is seen at 80.50 and then at this
week’s low of 80.36. Wyckoff's Market Rating: 5.5.

December U.S. T-Bonds closed up 1 5/32 at 151 15/32 today.
Prices closed near the session high today and hit a fresh
nine-week high on heavy short covering and fresh safe-haven
buying interest. The “risk-off” day today in the market
place boosted bonds. There was also very strong investor
demand for a U.S. Treasury note auction today. Bulls have
regained the near-term technical advantage and have near-
term upside momentum. 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 151
17/32 and then at 151 29/32. First support is seen at 151
even and then at 150 19/32. Wyckoff's Market Rating: 6.5.

December U.S. T Notes closed up 11.5 (32nds) at 133.30.0
today. Prices closed near the session high again today and
hit a fresh 13-week high. Bulls have regained the near-term
technical advantage and have upside near-term momentum. 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 this week’s low of 132.20.0. First resistance is
seen at today’s high of 133.31.0 and then at 134.08.0.
First support is seen at 133.22.5 and then at today’s low
of 133.31.0. Wyckoff's Market Rating: 6.5

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 risk aversion
in the market place Thursday was further evidenced by very
strong demand at a U.S. government Treasury note auction at
midday. The Euro currency fell to a fresh two-month low
Thursday amid heightened concerns regarding the European
Union sovereign debt crisis. And the U.S. debt problem has
also come to the front burner of the market place this
week. In overnight news, the Bank of England kept its key
interest rates unchanged, which was expected. The European
Central Bank held its monthly meeting on Thursday. The ECB
did not make any big changes to its monetary policy, as
expected. ECB president Draghi’s press conference after the
meeting provided no fresh clues on ECB policy changes. The
Greek parliament did pass fresh austerity measures for that
nation, but violent public protests occurred in Athens in
reaction. It was reported Thursday that Greece’s
unemployment rate rose to 25.4% in August. There is fresh
speculation Spain will not ask for a financial bailout from
the European Union this year. Many European Union watchers
want Spain to seek assistance because it would trigger the
European Central Bank’s bond-buying program and help to
lower borrowing costs for financially troubled EU
countries. There is a general leadership conference in
China starting Thursday. The 18th National Congress of the
Communist Party of China will select a new generation of
leaders over the next week.
 
The Nasdaq stock futures index closed down 38.00 points at
2,572.00. Prices closed nearer the session low today and
hit another 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 2,700.00. 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 2,600.00 and then at today’s high of 2,623.25.
First support is seen at today’s low of 2,568.50 and then
at 2,550.00. Wyckoff's Market Rating: 4.0

The S&P 500 futures index closed down 13.80 at 1,375.30.
Prices closed nearer the session low and hit another fresh
three-month low today. 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 this week’s high of 1,431.40. 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 today’s high of 1,397.50 and then at
1,420.00. First support is seen at today’s low of 1,373.00
and then at 1,360.00. Wyckoff's Market Rating: 4.0.

The Dow futures closed down 88 points at 12,775. Prices
closed nearer the session low today and hit another 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 July low of 12,425. First
resistance in the Dow lies at 12,800 and then at 12,850.
First support is seen at today’s low of 12,760 and then at
12,700. Wyckoff's Market Rating: 4.0.

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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