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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 21

Nov 22, 2011

Monday Evening, November 21-Jim Wyckoff's Daily Markets
Update

Questions? Just email me at jim@jimwyckoff.com . I enjoy
hearing from my readers worldwide.--Jim

Click below for "Today’s Hot Market" item on my website.

http://www.jimwyckoff.com/hotmarket/hotmarket.asp

Dear Valued Subscriber: Following are today's significant
developments in the U.S. futures markets.

*. LIVESTOCK: February live cattle closed up $0.02 at
$121.80 today. Prices closed nearer the session high today
after hitting a fresh two-month low early on. The key
“outside markets” were bearish for cattle today, as the
U.S. dollar index was firmer, while crude oil and the U.S.
stock indexes were lower. Bears still have downside near-
term technical momentum. 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 $124.00. The next downside
technical breakout objective for the bears is pushing and
closing prices below solid technical support at today’s low
of $120.20. First resistance is seen at today’s high of
$122.35 and then at $123.00. First support is seen at
$121.00 and then at $120.45. Wyckoff's Market Rating: 5.0

March feeder cattle closed down $0.70 at $148.00 today.
Prices closed near the session high today and were
pressured on profit taking from recent gains. Bulls still
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 the contract
high of $150.87. The next downside price breakout objective
for the bears is to push and close prices below solid
technical support at $146.15. First resistance is seen at
$148.60 and then at $149.00. First support is seen at
$147.50 and then at today’s low of $147.00. Wyckoff's
Market Rating: 7.5

February lean hogs closed up $0.02 at $91.00 today. Prices
closed near mid-range and hit a fresh four-week high. Bulls
have gained upside technical momentum recently to suggest a
challenge of the contract high of $93.80, scored in
October. The bearish “outside markets” did limit the upside
in hogs today. 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 $89.00. First resistance is seen at
today’s high of $91.45 and then at $91.70. First support is
seen at today’s low of $90.50 and then at $90.00. Wyckoff's
Market Rating: 6.5

*. GRAINS: March corn futures closed down 12 1/4 cents at
$6.05 3/4 today. Prices closed nearer the session low today
and hit a fresh seven-week low. The key “outside markets”
were again bearish for corn today, as the U.S. dollar index
was firmer, while crude oil and the U.S. stock indexes were
lower. Serious near-term chart damage has been inflicted
recently. Corn market bears have the solid near-term
technical advantage. Corn bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at $6.40. The next downside price breakout
objective for the bears is pushing and closing prices below
psychological support at $6.00. First resistance for March
corn is seen at $6.10 and then at today’s high of $6.18
3/4. First support is seen at $6.00 and then at $5.95.
Wyckoff's Market Rating: 3.0

January soybeans closed down 20 1/4 cents at $11.48 a
bushel today. Prices closed nearer the session low today
and hit another fresh 12-month low. The key “outside
markets” were bearish for soybeans today, as the U.S.
dollar index was firmer, while crude oil and the U.S. stock
indexes were lower. Soybean bears have the solid overall
near-term technical advantage. Prices are in a six-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 major psychological
resistance at $12.00 a bushel. The next downside price
breakout objective for the bears is pushing and closing
prices below psychological support at $11.00. First
resistance is seen at $11.50 and then at $11.67. First
support is seen at today’s low of $11.45 and then at
$11.35. Wyckoff's Market Rating: 2.0.

March soybean meal closed down $9.20 at $294.40 today.
Prices closed near the session low today and hit another
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 $310.00. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $280.00. First
resistance comes in at today’s high of $300.00 and then at
today’s high of $302.50. First support is seen at $292.50
and then at $290.00. Wyckoff's Market Rating: 2.0

March bean oil closed down 97 points at 50.51 cents today.
Prices closed nearer the session low today and hit a fresh
six-week low. The key “outside markets” were bearish for
bean oil today, as the U.S. dollar index was firmer, while
crude oil and the U.S. stock indexes were lower. The next
upside price breakout objective for the bean oil bulls is
pushing and closing prices above solid technical resistance
at 52.50 cents. Bean oil bears' next downside technical
price breakout objective is pushing and closing prices
below solid technical support at the October low of 49.48
cents. First resistance is seen at 50.78 cents and then at
51.00 cents. First support is seen at today’s low of 50.07
cents and then at 50.00 cents. Wyckoff's Market Rating: 2.5

March Chicago SRW wheat closed down 5 3/4 cents at $6.09
today. Prices closed near mid-range today and did hit a
fresh 16-month low again today. The key “outside markets”
were bearish for the wheat market again today, as the U.S.
dollar index was firmer while crude oil and U.S. stock
index prices were sharply 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 last week’s high
of $6.52 3/4 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 $6.18 1/4 and then at
$6.25. First support lies at $6.00 and then at $5.90.
Wyckoff's Market Rating: 1.0.

March K.C. HRW wheat closed down 1 1/4 cents at $6.78
today. Prices closed nearer the session high and did hit
another fresh 16-month low 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 last week’s high of
$7.17 1/2. The bears' next downside breakout objective is
pushing and closing prices below solid technical support at
$6.50. First resistance is seen at $6.85 and then at $6.95.
First support is seen at today’s low of $6.69 1/2 and then
at $6.60. Wyckoff's Market Rating: 1.0

March oats closed down 9 cents at $2.95 today. Prices
closed near the session low and hit another fresh contract
low. Bears have the solid overall near-term technical
advantage and gained more power today. Bears' next downside
price breakout objective is pushing and closing prices
below technical support at $2.75. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at $3.20. First support lies at
today’s contract low of $2.94 and then at $2.90. First
resistance is seen at $3.00 and then at today’s high of
$3.05 3/4. Wyckoff's Market Rating: 1.0

*. SOFTS: March sugar closed up 20 points at 24.17 cents
today. Prices closed nearer the session high today after
hitting a fresh 5.5-month low early on today. Short
covering in a bear market was featured today. Sugar bears
still have the solid overall near-term technical advantage
as a six-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 25.45 cents. Bears' next downside
price breakout objective is to push and close prices below
solid technical support at 23.50 cents. First resistance is
seen at today’s high of 24.32 cents and then at 24.51
cents. First support is seen at today’s low of 23.86 cents
and then at 23.75 cents. Wyckoff's Market Rating: 3.0

March coffee closed down 225 points at 236.60 cents. Prices
closed nearer the session low today. The key “outside
markets” were bearish for coffee today, as the U.S. dollar
index was firmer, while crude oil and the U.S. stock
indexes were lower. 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 last week’s high of 243.30 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 today’s high of 238.55
cents and then at 240.30 cents. First support is seen at
235.00 cents and then at 232.50 cents. Wyckoff's Market
Rating: 3.0

March cocoa closed down $42 at $2,416 a ton. Prices closed
near mid-range today and hit another fresh contract low.
The key “outside markets” were bearish for cocoa today, as
the U.S. dollar index was firmer, while crude oil and he
U.S. stock indexes 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
$2,550. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $2,400. First resistance is seen at today’s high
of $2,440 and then at $2,450. First support is seen at
today’s contract low of $2,403 and then at $2,400.
Wyckoff's Market Rating: 1.0.

March cotton closed down 286 points at 90.41 cents today.
Prices closed near the session low and hit a fresh 11-month
low. Serious near-term chart damage has been inflicted just
recently. The key “outside markets” were bearish for cotton
today, as the U.S. dollar index was firmer, while crude oil
and the U.S. stock indexes were lower. Cotton bears now
have the solid near-term technical advantage. The next
upside price objective for the bulls is to produce a close
above solid technical resistance at 95.00 cents. The next
downside price breakout objective for the cotton bears is
to push and close prices below solid technical support at
85.00 cents. First support is seen at 90.00 cents and then
at 89.00 cents. First resistance is seen at 91.00 cents and
then at 92.00 cents. Wyckoff's Market Rating: 3.0

January orange juice closed up 120 points at $1.7810 today.
Prices closed near mid-range today and did hit a fresh
four-month high. FCOJ bulls have the solid overall near-
term technical advantage and have gained upside momentum
just recently. The next upside price breakout objective for
the FCOJ bulls is pushing and closing prices above solid
technical resistance at the contract high of $1.8420. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at $1.7000. First resistance is seen at today’s high of
$1.8000 and then at $1.8100. First support is seen at
today’s low of $1.7690 and then at 1.7500. Wyckoff's Market
Rating: 7.0.

January lumber futures closed down $1.00 at $246.50 today.
Prices hit a fresh two-month high early on. Bulls have
regained upside technical momentum recently to suggest that
a market low is in place. The next downside technical
breakout objective for the lumber bears is pushing and
closing prices below solid technical support at $230.00.
The next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at $260.00. First resistance is seen at $250.00 and then at
today’s high of $254.00. First support is seen at $245.00
and then at $241.70. Wyckoff's Market Rating: 5.0

*. METALS: December gold futures closed down $56.40 an
ounce at $1,668.90 today. Prices closed near the session
low today as the market was hammered to a fresh four-week
low. The key “outside markets” were bearish for gold today,
as the U.S. dollar index was firmer and crude oil prices
were lower. Near-term technical damage has been inflicted
recently, including more today. Bears now have the slight
near-term technical advantage. Bulls' next upside technical
objective is to produce a close above psychological
resistance at $1,600.00. Bears' next near-term downside
price objective is closing prices below solid technical
support at $1,604.70. First resistance is seen at $1,681.20
and then at 1,700.00. First support is seen at today’s low
of $1,667.10 and then at $1,650.00. Wyckoff's Market
Rating: 4.5.

December silver futures closed down $1.492 an ounce at
$30.92 today. Prices closed nearer the session low today
and hit a fresh four-week low. The key “outside markets”
were bearish for silver today, as the U.S. dollar index was
firmer and crude oil prices were lower. Near-term technical
damage has been inflicted in silver recently. Bulls next
upside price breakout objective is closing prices above
solid technical resistance at $34.00 an ounce. The next
downside price breakout objective for the bears is closing
prices below major psychological support at $30.00. First
resistance is seen at $31.50 and then at $32.00. Next
support is seen at today’s low of $30.65 and then at
$30.00. Wyckoff's Market Rating: 4.0.

December N.Y. copper closed down 1,010 points 330.10 cents
today. Prices closed nearer the session low today and hit a
fresh four-week low. The key “outside markets” were bearish
for copper today, as the U.S. dollar index was firmer and
crude oil and stock index prices were lower. Copper bears
have the near-term technical advantage. Copper bulls' next
upside breakout objective is pushing and closing prices
above solid technical resistance at 350.00 cents. The next
downside price breakout objective for the bears is closing
prices below major psychological support at 300.00 cents.
First resistance is seen at 335.00 cents and then at 340.00
cents. First support is seen at today’s low of 327.20 cents
and then at 325.00 cents. Wyckoff's Market Rating: 3.5.

*. ENERGIES: January crude oil closed down $0.53 a barrel
at $97.14 today. Prices closed nearer the session high
today. A stronger U.S. dollar index again today and a sell
off in the U.S. stock market pressured energies. Recent
price action in crude does hint that a near-term market top
is in place. Crude bulls do still have the overall near-
term technical advantage, but they have faded. The next
near-term upside price breakout objective for the crude oil
bulls is producing a close above solid technical resistance
at last week’s high of $103.37 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
$94.00. First resistance is seen at $98.00 and then at
$99.00. First support is seen at $96.00 and then at today’s
low of $95.24. Wyckoff's Market Rating: 6.0.

January heating oil closed down 363 points at $3.0050
today. Prices closed nearer the session low today and hit a
fresh three-week low. Bulls still have the overall near-
term technical advantage but have faded. The bulls' next
upside price breakout objective is closing prices above
solid technical resistance at last week’s high of $3.1956.
Bears' next downside price breakout objective is producing
a close below solid technical support at $2.900. First
resistance lies at $3.0250 and then at $3.0500. First
support is seen at the November low of $2.9660 and then at
$2.9500. Wyckoff's Market Rating: 5.5.

January (RBOB) unleaded gasoline closed up 198 points at
$2.5078 today. Prices closed nearer the session high after
hitting a fresh seven-week low early on today. Bears have
the near-term technical advantage. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at last week’s high of $2.6359.
Bears' next downside price breakout objective is closing
prices below solid support at the October low of $2.3803.
First resistance is seen at $2.5171 and then at $2.5500.
First support is seen at today’s low of $2.4613 and then at
$2.4500. Wyckoff's Market Rating: 3.0.

January natural gas closed up 7.7 cents at $3.573 today.
Prices closed nearer the session high today after hitting
another fresh contract low early on. Today’s price action
scored a bullish “outside day”  up on the daily bar chart
and if there is good follow-through buying on Tuesday then
that would confirm a bullish “key reversal” up on the daily
bar chart, which could be one early technical clue that a
market low is finally in place. But right now the bears
still have the solid overall near-term technical advantage.
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 $3.65 and then at $3.7000.
First support is seen at $3.50 and then at today’s contract
low of $3.461. Wyckoff's Market Rating: 1.5.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 2 points at 1.3524 today. Prices closed nearer
the session high. Bears have the solid overall near-term
technical advantage. Prices are in a four-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 last week’s high of
1.3798. The next downside price breakout objective for the
bears is closing prices below solid chart support at the
October low of 1.3161. First resistance for the Euro lies
at 1.3600 and then at 1.3625. Next support is seen at
1.3500 and then at last week’s low of 1.3440. Wyckoff's
Market Rating: 3.0

The March Japanese yen closed up 5 points at 1.3042 today.
Prices closed nearer the session low today in quieter
trading. 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 1.3150. Bears'
next downside breakout objective is closing prices below
solid technical support at 1.2900. First resistance is seen
at today’s high of 1.3060 and then at last week’s high of
1.3101. First support is seen at 1.3000 and then at 1.2975.
Wyckoff's Market Rating: 6.0.

The March Swiss franc closed up 11 points at 1.0937 today.
Prices closed nearer the session high today. 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 1.0805.
First resistance is seen at today’s high of 1.0966 and then
at 1.1000. First support is seen at today’s low of 1.0891
and then at last week’s low of 1.0869. Wyckoff's Market
Rating: 2.0.

The March Australian dollar closed down 146 points at .9729
today. Prices closed nearer the session low today and hit a
fresh five-week low. Bears have the near-term technical
advantage. Prices are in a four-week-old downtrend on the
daily bar chart. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
1.0000. The next downside breakout objective for the bears
is to produce a close below solid technical support at
.9500. First resistance is seen at .9800 and then at
today’s high of .9856. Next support is seen at today’s low
of .9685 and then at .9600. Wyckoff's Market Rating: 3.0

The March Canadian dollar closed down 101 points at .9616
today. Prices closed nearer the session low today and hit
another 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
.9800. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the October low of .9359. First resistance is seen at
today’s high of .9650 and then at today’s high of .9700.
First support is seen at today’s low of .9577 and then at
.9500. Wyckoff's Market Rating: 2.5.

The March British pound closed down 140 points at 1.5626
today. Prices closed nearer the session low today and hit a
fresh five-week low. Bears have the near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
1.5900. Bears' next downside technical breakout objective
is closing prices below solid support at 1.5500. First
resistance is seen at 1.5700 and then at today’s high of
1.5738. First support is seen at today’s low of 1.5596 and
then at 1.5500. Wyckoff's Market Rating: 3.5.

The March U.S. dollar index closed up 26 points at 78.89
today. Prices closed nearer the session high today and hit
another fresh six-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 80.00. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at last week’s low of 77.40. Next
resistance lies at today’s high of 78.99 and then at 79.37.
First support is seen at today’s low of 78.61 and then at
78.37. Wyckoff's Market Rating: 6.5.

March U.S. T-Bonds closed up 21/32 at 143 8/32 today.
Prices closed near mid-range today and hit a fresh seven-
week high. Bond market bulls have the solid overall near-
term technical advantage and gained some more upside
momentum today. The next downside price breakout objective
for the T-Bond bears is closing prices below solid
technical support at 140 even. The next upside technical
objective for the bulls is to produce a close above solid
technical resistance at the September contract high of 146
15/32. First resistance is seen at today’s high of 143
24/32 and then at 144 even. First support is seen at
today’s low of 142 29/32 and then at 142 even. Wyckoff's
Market Rating: 8.0.

March U.S. T Notes closed up 8.5 (32nds) at 129.27.5 today.
Prices closed near mid-range 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 the November high of 130.08.5.
The next downside price breakout objective for the bears is
producing a close below solid technical support at
128.27.5. First resistance is seen at today’s high of
130.02.0 and then at 131.08.5. First support is seen at
today’s low of 129.23.0 and then at 129.15.0. Wyckoff's
Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
sharply lower today. The EU debt crisis and now the U.S.
debt wrangling 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. The stock
index bulls have faded recently and have lost their upside
momentum and their near-term technical advantage.

The Nasdaq stock futures index closed down 34.75 at
2,215.00 today. Prices closed near mid-range today and hit
a fresh six-week low. Bulls' next upside price breakout
objective is closing prices above solid resistance at the
October high of 2,408.75. The bears' next downside price
breakout objective is closing prices below solid technical
support at 2,100.00. First resistance is seen at today’s
high of 2,244.00 and then at 2,275.00. First support is
seen at today’s low of 2,187.00 and then at 2,175.00.
Wyckoff's Market Rating: 4.0

The S&P 500 futures index closed down 23.10 at 1,190.80.
Prices closed nearer the session low today and hit a fresh
six-week low. Bulls' next upside price breakout objective
is closing prices above solid resistance at the October
high of 1,288.70. 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 1,209.00 and then at 1,229.70. First support is
seen at today’s low of 1,181.00 and then at 1,165.00.
Wyckoff's Market Rating: 4.0.

The Dow futures closed down 242 points at 11,525 today.
Prices closed near mid-range today and hit a fresh four-
week low. The next upside price objective for the bulls is
closing prices above psychological resistance at 12,000.
The next downside price objective for the bears is closing
prices below solid technical support at 11,000. First
resistance in the Dow lies at today’s high of 11,620 and
then at 11,700. First support is seen at today’s low of
11,425 and then at 11,350. 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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