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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--November 14

Nov 15, 2011

Monday 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 $0.50 at
$122.22 today. Prices closed near the session low again
today. The key “outside markets” were bearish for the
cattle market today, as the U.S. dollar index was higher
while the U.S. dollar index and stock index futures prices
were lower. Cattle prices scored a bearish weekly low close
on Friday as the bulls have faded badly. A bearish double-
top reversal pattern has also formed on the daily chart for
February live cattle. The bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at $124.50. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at the November low of $120.45.
First resistance is seen at $122.50 and then at today’s
high of $123.10. First support is seen at today’s low of
$122.15 and then at $121.75. Wyckoff's Market Rating: 5.0

March feeder cattle closed up $0.30 at $146.92 today.
Prices closed near mid-range today. Bulls still have the
overall near-term technical advantage. The next upside
price objective for the feeder bulls is to push and close
prices above technical resistance at the contract high of
$149.15. The next downside price breakout objective for the
bears is to push and close prices below solid technical
support at the November low of $144.30. First resistance is
seen at today’s high of $147.25 and then at $147.50. First
support is seen at today’s low of $146.65 and then at last
week’s low of $146.15. Wyckoff's Market Rating: 7.0

February lean hogs closed up $1.15 at $88.90 today. Prices
closed near the session high today and saw short covering
in a bear market. Hog futures prices are still in a steep
four-week-old downtrend on the daily bar chart. The next
upside price breakout objective for the bulls is to push
and close prices above solid chart resistance at $89.50.
The next downside price breakout objective for the bears is
pushing prices below solid technical support at last week’s
low of $86.80. First resistance is seen at today’s high of
$89.00 and then at $89.50. First support is seen at $88.50
and then at $88.00. Wyckoff's Market Rating: 4.5

*. GRAINS: March corn futures closed down 5 cents at $6.42
3/4 today. Prices closed near the session low today and hit
a fresh four-week low. The key “outside markets” were
bearish for the corn market today, as the U.S. dollar index
was higher while the U.S. dollar index and stock index
futures prices were lower. Corn market bulls and bears are
presently on a near-term level technical playing field.
Corn bulls' next upside price breakout objective is to push
and close prices above solid technical resistance at last
week’s high of $6.76 1/4. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $6.30. First resistance for
March corn is seen at $6.50 and then at today’s high of
$6.54. First support is seen at today’s low of $6.39 1/4
and then at $6.35. Wyckoff's Market Rating: 5.0

January soybeans closed up 5 1/2 cents at $11.81 a bushel
today. Prices closed nearer the session low today and saw
short covering in a bear market. The key “outside markets”
were bearish for the soybean market today, as the U.S.
dollar index was higher while the U.S. dollar index and
stock index futures prices were lower. Soybean bears still
have the solid overall near-term technical advantage.
Prices are in a four-week-old downtrend on the daily bar
chart. The next near-term upside technical breakout
objective for the soybean bulls is pushing and closing
prices above psychological resistance at $12.00 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 $11.63 1/2. First resistance is seen at
today’s high of $11.93 and then at $12.00. First support is
seen at $11.75 and then at $11.63 1/2. Wyckoff's Market
Rating: 3.0.

March soybean meal closed down $0.40 at $304.40 today.
Prices closed near the session low today. Bears have the
solid overall near-term technical advantage. The next
upside price breakout objective for the bulls is to produce
a close above technical resistance at last week’s high of
$320.20. The next downside price breakout objective for the
bears is pushing and closing prices below psychological
support at $300.00. First resistance comes in at today’s
high of $307.90 and then at $310.00. First support is seen
at $304.00 and then at $302.00. Wyckoff's Market Rating:
2.5

March bean oil closed up 24 points at 51.76 cents today.
Prices closed near mid-range today and saw short covering
in a bear market. Bean oil prices are in a four-week-old
downtrend on the daily bar chart. The next upside price
breakout objective for the bean oil bulls is pushing and
closing prices above solid technical resistance at the
November high of 52.70 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at the November low of
50.58 cents. First resistance is seen at 52.00 cents and
then at today’s high of 52.12 cents. First support is seen
at today’s low of 51.51 cents and then at 50.25 cents.
Wyckoff's Market Rating: 3.5

March Chicago SRW wheat closed down 7 3/4 cents at $6.38
1/4 today. Prices closed nearer the session low today and
closed at a fresh 16-month low close. The key “outside
markets” were bearish for the wheat market today, as the
U.S. dollar index was higher while the U.S. dollar index
and stock index futures prices were lower. Wheat bears have
the solid overall near-term technical advantage. Bulls'
next upside price breakout objective is to push and close
Chicago SRW prices above solid technical resistance at
$6.80 a bushel. The next downside price breakout objective
for the wheat futures bears is pushing and closing prices
below psychological support at $6.00. First resistance is
seen at today’s high of $6.50 and then at $6.60. First
support lies at the October low of $6.34 1/4 and then at
$6.25. Wyckoff's Market Rating: 2.0.

March K.C. HRW wheat closed down 12 cents at $7.03 1/2
today. Prices closed near the session low and hit a fresh
four-week low again today. Bears have the solid overall
near-term technical advantage. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at $7.30. The bears' next
downside breakout objective is pushing and closing prices
below solid technical support at the October low of $6.95.
First resistance is seen at today’s high of $7.14 1/2 and
then at $7.25. First support is seen at today’s low of
$7.02 and then at $7.00. Wyckoff's Market Rating: 2.0.

March oats closed down 2 1/2 cents at $3.25 today. Prices
closed nearer the session low today and closed at a fresh
contract low close. Bears have the solid overall near-term
technical advantage. Bears' next downside price breakout
objective is pushing and closing prices below solid chart
support at the contract low of $3.22 1/2, scored last
Friday. Bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at $3.40. First support lies at today’s low of $3.24 and
then at $3.22 1/2. First resistance is seen at today’s high
of $3.28 and then at $3.31. Wyckoff's Market Rating: 1.5

*. SOFTS: March sugar closed down 29 points at 24.71 cents
today. Prices closed near the session low and hit a fresh
five-week low today. The key “outside markets” were bearish
for the sugar market today, as the U.S. dollar index was
higher while the U.S. dollar index and stock index futures
prices were lower. Sugar bears have the overall near-term
technical advantage as a four-week-old downtrend is in
place on the daily bar chart. Sugar bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at last week’s high of 26.18
cents. Bears' next downside price breakout objective is to
push and close prices below solid technical support at the
September low of 24.01 cents. First resistance is seen at
25.00 cents and then at today’s high of 25.45 cents. First
support is seen at today’s low of 24.70 cents and then at
24.50 cents. Wyckoff's Market Rating: 3.0

March coffee closed down 80 points at 236.50 cents. Prices
closed near mid-range and scored a mildly bearish “outside
day” down on the daily bar chart today. The key “outside
markets” were bearish for the coffee market today, as the
U.S. dollar index was higher while the U.S. dollar index
and stock index futures prices were lower. Coffee bears
have the solid overall near-term technical advantage. The
coffee bulls' next upside breakout objective is to close
prices above solid technical resistance at 245.00 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support at the October
low of 223.15 cents a pound. First resistance is seen at
238.15 cents and then at 240.00 cents. First support is
seen at 235.00 cents and then at 232.50 cents. Wyckoff's
Market Rating: 3.0

March cocoa closed up $9 at $2,568 a ton. Prices closed
nearer the session high today on tepid short covering after
hitting another fresh contract low early on. The key
“outside markets” were bearish for the cocoa market today,
as the U.S. dollar index was higher while the U.S. dollar
index and stock index futures prices were lower. The cocoa
bears have the solid overall near-term technical advantage.
The next upside price breakout objective for the cocoa
bulls is to push and close prices above solid technical
resistance at $2,700. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $2,500. First resistance is seen
at today’s high of $2,585 and then at $2,600. First support
is seen at last week’s low of $2,544 and then at today’s
contract low of $2,515. Wyckoff's Market Rating: 1.0.

March cotton closed down 142 points at 96.62 cents today.
Prices closed nearer the session low. The key “outside
markets” were bearish for the cotton market today, as the
U.S. dollar index was higher while the U.S. dollar index
and stock index futures prices were lower. Cotton bulls and
bears are a level near-term technical playing field. The
next upside price objective for the bulls is to produce a
close above solid technical resistance at last week’s high
of 100.32 cents. The next downside price breakout objective
for the cotton bears is to push and close prices below
solid technical support at the October low of 95.00 cents.
First support is seen at today’s low of 96.10 cents and
then at 95.00 cents. First resistance is seen at 97.50
cents and then at today’s high of 98.12 cents. Wyckoff's
Market Rating: 5.0

January orange juice closed down 80 points at $1.6880
today. Prices closed near mid-range today and did hit a
fresh two-week low. The key “outside markets” were bearish
for the FCOJ market today, as the U.S. dollar index was
higher while the U.S. dollar index and stock index futures
prices were lower. FCOJ bulls still have the overall near-
term technical advantage but prices have been trending
lower for three weeks. The next upside price breakout
objective for the FCOJ bulls is pushing and closing prices
above solid technical resistance at last week’s high of
$1.7515. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at $1.6625. First resistance is seen at $1.7000 and
then at $1.7100. First support is seen at today’s low of
$1.6770 and then at 1.6625. Wyckoff's Market Rating: 5.5.

January lumber futures closed down $2.20 at $226.80 today.
Prices closed nearer the session low today. The bears have
the solid overall near-term technical advantage. The next
downside technical breakout objective for the lumber bears
is pushing and closing prices below solid technical support
at $220.00. The next upside price breakout objective for
the bulls is pushing and closing prices above solid
technical resistance at last week’s high of $237.00. First
resistance is seen at today’s high of $229.00 and then at
$231.00. First support is seen at today’s low of $226.00
and then at $225.00. Wyckoff's Market Rating: 1.5

*. METALS: December gold futures closed down $8.50 an ounce
at $1,779.60 today. Prices closed nearer the session low
and saw some profit taking today. The key “outside markets”
were in a bearish posture for gold today, as the U.S.
dollar index was higher and crude oil prices were lower.
Gold bulls still have the overall near-term technical
advantage. A seven-week-old uptrend is still in place on
the daily bar chart. Bulls' next upside technical objective
is to produce a close above solid technical resistance at
last week’s high of $1,804.40. Bears' next near-term
downside price objective is closing prices below solid
technical support at last week’s low of $1,736.60. First
resistance is seen at today’s high of $1,797.60 and then at
$1,800.00. First support is seen at today’s low of
$1,774.20 and then at $1,754.00. Wyckoff's Market Rating:
7.0.

December silver futures closed down $0.512 an ounce at
$34.165 today. Prices closed nearer the session low today.
The key “outside markets” were in a bearish posture for
silver today, as the U.S. dollar index was higher and crude
oil prices were lower. The silver bulls still have the
overall near-term technical advantage, but have faded a bit
recently. A seven-week-old uptrend is still in place on the
daily bar chart. Silver bulls' next upside price objective
is producing a close above solid technical resistance at
the October high of $35.70 an ounce. The next downside
price breakout objective for the bears is closing prices
below solid technical support at the November low of
$32.105. First resistance is seen at $34.50 and then at
today’s high of $34.92. Next support is seen at today’s low
of $33.95 and then at $33.50. Wyckoff's Market Rating: 6.0.

December N.Y. copper closed up 295 points 349.30 cents
today. Prices closed nearer the session low today. Short
covering was featured. Copper bulls' next upside breakout
objective is pushing and closing prices above solid
technical resistance at last week’s high of 365.35 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support at last week’s
low of 331.80 cents. First resistance is seen at 350.00
cents and then at 355.00 cents. First support is seen at
today’s low of 347.10 cents and then at 345.00 cents.
Wyckoff's Market Rating: 5.0.

*. ENERGIES: December crude oil closed down $0.82 a barrel
at $98.17 today. Prices closed near mid-range today and did
score a bearish “outside day” down on the daily bar chart
after hitting a fresh 13-week high of $99.69 early on
today. Crude bulls still have the solid overall near-term
technical advantage. Prices are in a six-week-old uptrend
on the daily bar chart. The next near-term upside price
breakout objective for the crude oil bulls is producing a
close above major psychological resistance at $100.00 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 $95.00. First resistance
is seen at $99.00 and then at today’s high of $99.69. First
support is seen at today’s low of $97.19 and then at
$96.00. Wyckoff's Market Rating: 7.0.

December heating oil closed down 50 points at $3.1666
today. Prices closed nearer the session low today and hit a
fresh 13-week high early on. Bulls have the solid overall
near-term technical advantage. The bulls' next upside price
breakout objective is closing prices above solid technical
resistance at $3.2500. Bears' next downside price breakout
objective is producing a close below major psychological
support at $3.0000. First resistance lies at today’s high
of $3.2004 and then at $3.2250. First support is seen at
$3.1500 and then at $3.1250. Wyckoff's Market Rating: 7.0.

December (RBOB) unleaded gasoline closed down 725 points at
$2.5313. Prices closed nearer the session low today and hit
a fresh five-week low. Bears have the slight near-term
technical advantage as this particular market is straying
from heating oil and crude. This does not bode well for
crude oil. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
$2.6750. Bears' next downside price breakout objective is
closing prices below solid support at the August low of
$2.4110. First resistance is seen at $2.5500 and then at
$2.5750. First support is seen at today’s low of $2.4940
and then at $2.4500. Wyckoff's Market Rating: 4.0.

December natural gas closed down 12.8 cents at $3.456
today. Prices closed nearer the session low today and hit
another contract low. The bears have the solid overall
near-term technical advantage. There are no early technical
clues to suggest a market bottom is close at hand. 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 $3.35. First
resistance is seen at $3.50 and then at today’s high of
$3.553. First support is seen at today’s contract low of
$3.447 and then at $3.40. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed down 122 points at 1.3626 today. Prices
closed nearer the session low today. Bears still have the
solid overall near-term technical advantage. Euro bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at last week’s high
of 1.3857. The next downside price breakout objective for
the bears is closing prices below solid chart support at
last week’s low of 1.3484. First resistance for the Euro
lies at 1.3700 and then at 1.3750. Next support is seen at
today’s low of 1.3590 and then at last week’s low of
1.3484. Wyckoff's Market Rating: 3.0

The December Japanese yen closed up 16 points at 1.2980
today. Prices closed nearer the session low today after
hitting a fresh three-week high early on. Bulls have
regained the near-term technical advantage. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1.3100. Bears' next downside breakout
objective is closing prices below solid technical support
at 1.2850. First resistance is seen at 1.3000 and then at
today’s high of 1.3027. First support is seen at today’s
low of 1.2954 and then at 1.2900. Wyckoff's Market Rating:
6.0.

The December Swiss franc closed down 76 points at 1.1026
today. Prices closed nearer the session low today. Bears
still have the solid overall near-term technical advantage.
The next upside price breakout objective for the bulls is
closing prices above solid resistance at 1.1400. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the October low of
1.0749. First resistance is seen at 1.1100 and then at
1.1200. First support is seen at 1.1000 and then at last
week’s low of 1.0926. Wyckoff's Market Rating: 2.0.

The December Australian dollar closed down 86 points at
1.0158 today. Prices closed nearer the session low today.
Bulls have faded. Prices are in a three-week-old downtrend
on the daily bar chart. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
1.0400. The next downside breakout objective for the bears
is to produce a close below solid technical support at
1.0000. First resistance is seen at 1.0200 and then at
today’s high of 1.0299. Next support is seen at 1.0100 and
then at 1.0000. Wyckoff's Market Rating: 5.0

The December Canadian dollar closed down 42 points at .9828
today. Prices closed nearer the session low today. Bears
have the slight near-term technical advantage. Bulls' next
upside price breakout objective is producing a close above
chart resistance at the October high of 1.0097. The next
downside price breakout objective for the bears is closing
prices below solid technical support at .9600. First
resistance is seen at today’s high of .9903 and then at
.9935. First support is seen at today’s low of .9802 and
then at last week’s low of .9733. Wyckoff's Market Rating:
4.5.

The December British pound closed down 156 points at 1.5899
today. Prices closed near the session low today. Bulls
still have the slight overall near-term technical advantage
but have faded. The next upside price breakout objective
for the bulls is closing prices above solid technical
resistance at the October high of 1.6158. 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 today’s high of 1.6090. First support is
seen at last week’s low of 1.5863 and then at 1.5800.
Wyckoff's Market Rating: 5.5.

The December U.S. dollar index closed up 52 points at 77.66
today. Prices closed nearer the session high today. Bulls
have the overall near-term technical advantage. Bulls' next
upside price breakout objective is to close prices above
solid technical resistance at last week’s high of 78.42.
The next downside price breakout objective for the bears is
to produce a close below solid technical support at last
week’s low of 76.67. Next resistance lies at today’s high
of 77.84 and then at 78.00. First support is seen at 77.50
and then at 77.00. Wyckoff's Market Rating: 6.0.

December U.S. T-Bonds closed up 1 13/32 at 141 27/32 today.
Prices closed nearer the session high today and scored a
bullish “outside day” up on the daily bar chart. Bond
market bulls have the solid overall near-term technical
advantage. The next downside price breakout objective for
the T-Bond bears is closing prices below solid technical
support at 139 even. The next upside technical objective
for the bulls is to produce a close above solid technical
resistance at last week’s high of 143 4/32. First
resistance is seen at todays’ high of 142 2/32 and then at
142 16/32. First support is seen at 141 even and then at
today’s low of 140 2/32. Wyckoff's Market Rating: 7.0.

December U.S. T Notes closed up 22.5 (32nds) at 130.15.5
today. Prices closed nearer the session high today and
scored a bullish “outside day” up on the daily bar chart.
Bulls have the solid overall 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 131.00.0. The next downside price breakout objective for
the bears is producing a close below solid technical
support at 129.00.0. First resistance is seen at today’s
high of 130.19.0 and then at 131.00.0. First support is
seen at 130.00.0 and then at today’s low of 129.19.5.
Wyckoff's Market Rating: 7.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker today. The EU debt crisis pressured stock indexes a
bit today. The EU crisis is far from resolved and it could
continue to negatively impact the U.S. stock indexes in the
near term. But at present the U.S. stock index bulls still
have the overall near-term technical advantage.

The Nasdaq stock futures index closed down 7.25 at 2,343.00
today. Prices closed near mid-range today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at the July high of 2,435.50. The bears'
next downside price breakout objective is closing prices
below solid technical support at 2,268.50. First resistance
is seen at today’s high of 2,366.50 and then at 2,375.00.
First support is seen at today’s low of 2,329.75 and then
at 2,300.00. Wyckoff's Market Rating: 6.0.

The S&P 500 futures index closed down 9.20 at 1,252.40.
Prices closed nearer the session low today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1,300.00. The next downside price
breakout objective for the bears is closing prices below
solid support at 1,150.00. First resistance is seen at
today’s high of 1,270.50 and then at last week’s high of
1,275.00. First support is seen at today’s low of 1,243.70
and then at last week’s low of 1,218.80. Wyckoff's Market
Rating: 6.0.

The Dow futures closed down 52 points at 12,060 today.
Prices closed near mid-range today. The next upside price
objective for the bulls is closing prices above technical
resistance at the October high of 12,230. The next downside
price objective for the bears is closing prices below solid
technical support at 11,500. First resistance in the Dow
lies at today’s high of 12,120 and then at last week’s high
of 12,140. First support is seen at 12,000 and then at
11,900. Wyckoff's Market Rating: 6.0.

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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