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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 16

Nov 17, 2011

Wednesday Evening, November 16-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 $0.25 at
$124.30 today. Prices closed nearer the session high again
today and saw more short covering. Bulls are regaining some
upside momentum. However, there is still the specter of a
bearish double-top reversal pattern forming 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 the November high of $126.30.
The next downside technical breakout objective for the
bears is pushing and closing prices below solid technical
support at this week’s low of $122.15. First resistance is
seen at today’s high of $124.55 and then at $125.00. First
support is seen at $124.00 and then at today’s low of
$123.50. Wyckoff's Market Rating: 6.5

March feeder cattle closed up $0.55 at $149.95 today.
Prices closed near the session high today and hit another
fresh contract high. Bulls have the solid overall near-term
technical advantage. The next upside price objective for
the feeder bulls is to push and close prices above
technical resistance at $150.00. The next downside price
breakout objective for the bears is to push and close
prices below solid technical support at last week’s low of
$146.15. First resistance is seen at $150.00 and then at
$150.50. First support is seen at $149.00 and then at
today’s low of $148.50. Wyckoff's Market Rating: 8.5

February lean hogs closed down $0.87 at $88.92 today.
Prices closed nearer the session low today. Cash hog market
fundamentals are presently favoring the bears. The next
upside price breakout objective for the bulls is to push
and close prices above solid chart resistance at $91.70.
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
$89.55 and then at $90.00. First support is seen at $88.50
and then at $88.25. Wyckoff's Market Rating: 5.0

*. GRAINS: March corn futures closed down 4 cents at $6.50
3/4 today. Prices closed near mid-range today. The key
“outside markets” were mixed for the corn market today, as
the U.S. dollar index was firmer while crude oil prices
were sharply higher. Corn market bulls and bears are 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 the November 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 today’s high of $6.57 and then at $6.60. First
support is seen at today’s low of $6.46 1/4 and then at
this week’s low of $6.39 1/4. Wyckoff's Market Rating: 5.0

January soybeans closed down 12 1/4 cents at $11.88 a
bushel today. Prices closed nearer the session low today.
The key “outside markets” were mixed for the soybean market
today, as the U.S. dollar index was firmer while crude oil
prices were sharply higher. Soybean bears have the overall
near-term technical advantage. Prices are in a five-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 solid technical
resistance at the November high of $12.31 1/2 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
$12.00 and then at this week’s high of $12.06 1/4. First
support is seen at $11.77 and then at $11.63 1/2. Wyckoff's
Market Rating: 3.5.

March soybean meal closed down $4.80 at $301.50 today.
Prices closed near the session low today and hit a fresh
23-month low. 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 $315.00. 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 $305.00 and then at today’s high of
$306.70. First support is seen at $300.00 and then at
$297.50. Wyckoff's Market Rating: 2.5

March bean oil closed down 7 points at 53.13 cents today.
Prices closed nearer the session high today and did poke to
a fresh four-week high early on. The bulls still have some
upside technical momentum on their side. The next upside
price breakout objective for the bean oil bulls is pushing
and closing prices above solid technical resistance at the
October high of 54.52 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at this week’s low of
51.51 cents. First resistance is seen at today’s high of
53.25 cents and then at 53.50 cents. First support is seen
at 53.00 cents and then at 52.70 cents. Wyckoff's Market
Rating: 4.5

March Chicago SRW wheat closed down 10 cents at $6.37 3/4
today. Prices closed nearer the session low today and
closed at a fresh 16-month low close. The key “outside
markets” were mixed for the wheat market today, as the U.S.
dollar index was firmer while crude oil prices were sharply
higher. 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 $6.82 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 $6.52 3/4 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 15 1/2 cents at $6.99 3/4
today. Prices closed near the session low, hit a fresh
five-week low and scored a bearish “outside day” down on
the daily bar chart. 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 $7.10 and then at today’s high of
$7.17 1/2. First support is seen at $6.95 and then at
$6.85. Wyckoff's Market Rating: 2.0

March oats closed down 3 1/2 cents at $3.23 1/2 today.
Prices closed near mid-range 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 $3.20. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at $3.37. First support lies at the
contract low of $3.21 1/2 and then at $3.20. First
resistance is seen at $3.25 and then at this week’s high of
$3.28. Wyckoff's Market Rating: 1.0

*. SOFTS: March sugar closed down 35 points at 24.46 cents
today. Prices closed near the session low and hit another
fresh five-week low today. The key “outside markets” were
mixed for the sugar market today, as the U.S. dollar index
was firmer while crude oil prices were sharply higher.
Sugar bears have the overall near-term technical advantage
as a five-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 this week’s high of 25.45 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 today’s high of 24.81
cents and then at 25.00 cents. First support is seen at
today’s low of 24.45 cents and then at 24.25 cents.
Wyckoff's Market Rating: 3.0

March coffee closed down 375 points at 238.95 cents. Prices
closed nearer the session low today. Coffee bears have the
overall near-term technical advantage. The coffee bulls'
next upside breakout objective is to close prices above
solid technical resistance at 250.00 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 230.00 cents a
pound. First resistance is seen at 240.00 cents and then at
today’s high of 241.95 cents and then at this week’s high
of 243.30 cents. First support is seen at 237.50 cents and
then at 235.00 cents. Wyckoff's Market Rating: 3.0

March cocoa closed up $13 at $2,550 a ton. Prices closed
near the session high today on tepid short covering after
hitting a fresh contract low early on. The cocoa bears
still 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 this week’s high of $2,585 and then at $2,600. First
support is seen at today’s contract low of $2,505 and then
at $2,500. Wyckoff's Market Rating: 1.0.

March cotton closed down 14 points at 100.48 cents today.
Prices hit a fresh two-week high again today. The bulls
still have some upside near-term technical momentum. Cotton
bulls have the slight overall near-term technical
advantage. The next upside price objective for the bulls is
to produce a close above solid technical resistance at the
October high of 102.85 cents. The next downside price
breakout objective for the cotton bears is to push and
close prices below solid technical support at this week’s
low of 96.10 cents. First support is seen at 100.00 cents
and then at 99.00 cents. First resistance is seen at 101.00
cents and then at 102.00 cents. Wyckoff's Market Rating:
5.5

January orange juice closed up 30 points at $1.6930 today.
Prices closed nearer the session high today. FCOJ bulls
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 $1.6790 and then at 1.6625.
Wyckoff's Market Rating: 5.5.

January lumber futures closed up $3.90 at $231.70 today.
Prices closed nearer the session high and scored a bullish
“outside day” up on the daily bar chart. Short covering in
a bear market was featured today. The bears still 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 $233.50 and then at
$235.00. First support is seen at $230.00 and then at
$227.50. Wyckoff's Market Rating: 2.5

*. METALS: December gold futures closed down $4.40 an ounce
at $1,777.50 today. Prices closed nearer the session high
today. The key “outside markets” were mixed for gold today,
as the U.S. dollar index was firmer and crude oil prices
were sharply higher. 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
$1,784.80 and then at this week’s high of $1,797.60. First
support is seen at $1,760.00 and then at today’s low of
$1,753.90. Wyckoff's Market Rating: 7.0.

December silver futures closed down $0.401 an ounce at
$34.055 today. Prices closed near mid-range today. The key
“outside markets” were in a mixed posture for silver today,
as the U.S. dollar index was firmer and crude oil prices
were sharply higher. The silver bulls have the overall
near-term technical advantage, but are fading a bit. A
seven-week-old uptrend is in place on the daily bar chart,
but just barely. 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 today’s high of $34.63
and then at this week’s high of $34.92. Next support is
seen at today’s low of $33.57 and then at last week’s low
of $33.13. Wyckoff's Market Rating: 6.0.

December N.Y. copper closed up 95 points 351.10 cents
today. Prices closed nearer the session high today. Mild
short covering was featured. The key “outside markets” were
in a mixed posture for copper today, as the U.S. dollar
index was firmer and crude oil prices were sharply higher.
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 today’s high of 353.80 cents
and then at 355.00 cents. First support is seen at 350.00
cents and then at today’s low of 343.00 cents. Wyckoff's
Market Rating: 5.0.

*. ENERGIES: December crude oil closed up $2.69 a barrel at
$102.07 today. Prices closed nearer the session high today
and hit a fresh 5.5-month high of $102.89. News that a
major pipeline in Cushing Oklahoma will see its flow
reversed and now flow to the Gulf of Mexico was bullish
news for WTI today. Crude bulls 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 solid technical resistance at
$105.00 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 $97.00. First
resistance is seen at today’s high of $102.89 and then at
$104.00. First support is seen at $101.00 and then at
$100.00. Wyckoff's Market Rating: 8.0.

December heating oil closed down 558 points at $3.1156
today. Prices closed near the session low today and saw
profit taking. Bulls still have the 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 $3.1500 and
then at today’s high of $3.1798. First support is seen at
$3.1000 and then at $3.0750. Wyckoff's Market Rating: 6.5.

December (RBOB) unleaded gasoline closed up 136 points at
$2.5993 today in a big daily trading range. Prices closed
near mid-range and saw short covering. Bears still 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
$2.6500 and then at $2.6750. First support is seen at
$2.5750 and then at today’s low of $2.5375. Wyckoff's
Market Rating: 4.5.

December natural gas closed down 5.8 cents at $3.346 today.
Prices closed nearer the session low again 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 $3.25. First
resistance is seen at today’s high of $3.439 and then at
this week’s high of $3.553. First support is seen at
today’s contract low of $3.326 and then at $3.25. Wyckoff's
Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed down 55 points at 1.3487 today. Prices
closed near mid-range today and hit a fresh six-week low.
Bears have the solid overall near-term technical advantage.
Prices are in a three-week-old downtrend on the daily bar
chart. Euro bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at this week’s high of 1.3794. The next downside price
breakout objective for the bears is closing prices below
solid chart support at the October low of 1.3142. First
resistance for the Euro lies at today’s high of 1.3558 and
then at 1.3600. Next support is seen at today’s low of
1.3428 and then at 1.3400. Wyckoff's Market Rating: 3.0

The December Japanese yen closed up 7 points at 1.2996
today. Prices closed near mid-range today. Bulls have the
near-term technical advantage. Prices are in a three-week-
old uptrend on the daily bar chart. 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 this week’ high of
1.3027 and then at 1.3100. First support is seen at 1.2950
and then at 1.2900. Wyckoff's Market Rating: 6.0.

The December Swiss franc closed down 43 points at 1.0890
today. Prices closed near mid-range today and hit another
fresh five-week low. Bears have the solid overall near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 1.1300. 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 today’s high of 1.0947 and then at
1.1000. First support is seen at today’s low of 1.0845 and
then at 1.0800. Wyckoff's Market Rating: 2.0.

The December Australian dollar closed down 101 points at
1.0050 today. Prices closed nearer the session low today
and closed at a fresh four-week low close. 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 today’s high of 1.0145
and then at 1.0200. Next support is seen at today’s low of
1.0020 and then at 1.0000. Wyckoff's Market Rating: 4.0

The December Canadian dollar closed down 27 points at .9768
today. Prices closed near mid-range today and did hit a
fresh six-week low. Bears have the overall near-term
technical advantage. Bulls' next upside price breakout
objective is producing a close above chart resistance at
.9935. 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 .9823
and then at .9900. First support is seen at today’s low of
.9711 and then at .9700. Wyckoff's Market Rating: 4.0.

The December British pound closed down 85 points at 1.5743
today. Prices closed nearer the session low today and hit
another fresh four-week low. Bulls have faded. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at 1.6000. Bears'
next downside technical breakout objective is closing
prices below solid support at 1.5500. First resistance is
seen at today’s high of 1.5817 and then at 1.5900. First
support is seen at today’s low of 1.5731 and then at
1.5700. Wyckoff's Market Rating: 5.0.

The December U.S. dollar index closed up 30 points at 78.37
today. Prices closed near mid-range today and did hit a
fresh five-week high. Bulls have the overall near-term
technical advantage. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at 79.00. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at last week’s low of 76.67. Next
resistance lies at today’s high of 78.60 and then at 79.00.
First support is seen at today’s low of 78.04 and then at
77.62. Wyckoff's Market Rating: 6.5.

December U.S. T-Bonds closed up 29/32 at 142 13/32 today.
Prices closed near the session high today. 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
this week’s high of 142 21/32 and then at the November of
143 4/32. First support is seen at 142 even and then at
today’s low of 141 16/32. Wyckoff's Market Rating: 7.0.

December U.S. T Notes closed up 9.5 (32nds) at 130.20.0
today. Prices closed nearer the session high today. 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 130.24.5 and then at 131.00.0. First support is
seen at today’s low of 130.08.5 and then at 130.00.0.
Wyckoff's Market Rating: 7.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
lower today. The EU debt crisis once again pressured stock
indexes 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 44.50 at
2,315.25 today. Prices closed near the session low 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 2,350.00 and then at this
week’s high of 2,374.25. First support is seen at this
week’s low of 2,310.00 and then at 2,300.00. Wyckoff's
Market Rating: 6.0

The S&P 500 futures index closed down 23.10 at 1,231.00.
Prices closed near 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 1,258.60 and then at this week’s high of
1,270.50. First support is seen at last wee’s low of
1,218.80 and then at the November low of 1,208.00.
Wyckoff's Market Rating: 5.5.

The Dow futures closed down 193 points at 11,845 today.
Prices closed near the session low 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 11,900 and then at 12,000.
First support is seen at 11,800 and then at last week’s low
of 11,695. Wyckoff's Market Rating: 5.5.

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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