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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Oct. 30

Oct 31, 2012

Tuesday Evening, October 30-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.

GENERAL COMMENT: With the major storm that thrashed the
U.S. East Coast now dying way down, all New York markets
are set to reopen on Wednesday. Wednesday is the last
trading day of the month, so after four straight days of no
New York markets being opened, it should be an extra active
trading day on Wednesday. Focus will quickly turn to the
U.S. jobs report on Friday, and then the U.S. presidential
elections next Tuesday.--Jim

*. LIVESTOCK: December live cattle closed up $1.02 at
$126.30 today. Prices closed near the session high today on
more short covering in a bear market. Prices hit a four-
week low on Monday. The key “outside markets were bullish
for cattle today, as the U.S. dollar index was lower and
crude oil prices were firmer. Bears still have the overall
near-term technical advantage. However, my bias is that a
near-term market low is in place. The bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at $127.50. 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
$126.50 and then at $127.00. First support is seen at
$126.00 and then at today’s low of $125.25. Wyckoff's
Market Rating: 3.5

January feeder cattle closed up $1.02 at $148.50 today.
Prices closed near mid-range. More short covering was
featured today. Feeder bulls and bears are now back on a
level near-term technical playing field. Prices have been
trading choppy and sideways for the past two months. The
next upside price breakout objective for the feeder bulls
is to push and close prices above solid 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 this week’s low of $145.95.
First resistance is seen at $149.00 and then at today’s
high of $149.50. First support is seen at $148.00 and then
at today’s low of $147.40. Wyckoff's Market Rating: 5.0

December lean hogs closed up $0.30 at $78.10 today. Prices
closed nearer the session high today. The key “outside
markets” were bullish for hogs today as the U.S. dollar
index was lower and crude oil prices were firmer. Hog
market bulls have the slight overall near-term technical
advantage. The next upside price breakout objective for the
hog bulls is to push and close prices above solid chart
resistance at the October high of $79.77. The next downside
price breakout objective for the bears is pushing prices
below solid technical support at $76.55. First resistance
is seen at today’s high of $78.25 and then at $78.75. First
support is seen at this week’s low of $77.55 and then at
$77.00. Wyckoff's Market Rating: 5.5

*. GRAINS: December corn futures were up 4 cents at 7.41 in
late trading today. Prices were nearer the session high.
The key “outside markets” were bullish for corn as the U.S.
dollar index was lower and crude oil prices were firmer.
Prices are in a choppy and sideways trading range and 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 this week’s high of
$7.46 and then at $7.50. First support is seen at today’s
low of $7.36 and then at this week’s low of $7.32 1/2 and
then at $7.25. Wyckoff's Market Rating: 5.5

January soybeans were up 10 cents at $15.39 3/4 a bushel in
late trading today. Prices were near mid-range. The key
“outside markets” were bullish for beans today as the U.S.
dollar index was lower and crude oil prices were firmer.
Soybean bears still 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 last
week’s high of $15.77 a bushel. The next downside price
breakout objective for the bears is pushing and closing
prices below major psychological support at $15.00. First
resistance is seen at today’s high of $15.51 and then at
this week’s high of $15.63 1/2. First support is seen at
this week’s low of $15.26 1/4 and then at $15.06. Wyckoff's
Market Rating: 4.5.

December soybean meal was up $4.60 at $477.10 in late
trading today. Prices were near mid-range. Meal bulls and
bears are on a level near-term technical playing field. The
next upside price breakout objective for the bulls is to
produce a close above solid technical resistance at last
week’s high of $484.60. 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 $480.00 and then at today’s
high of $482.70. First support is seen at $475.00 and then
this week’s low of at $471.30. Wyckoff's Market Rating: 5.0

December bean oil was down 3 points at 50.15 cents in late
trading today. Prices were nearer the session low. Bean oil
bears have the solid overall near-term technical advantage.
The next upside price breakout objective for the bean oil
bulls is pushing and closing prices above solid technical
resistance at 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
49.41 cents. First resistance is seen at today’s high of
50.55 cents and then at 51.00 cents. First support is seen
at 50.00 cents and then at 49.41 cents. Wyckoff's Market
Rating: 2.0

December Chicago SRW wheat was down 3 cents at $8.55 in
late trading today. Prices were nearer the session low. The
key “outside markets” were bullish for wheat today as the
U.S. dollar index was lower and crude oil prices were
firmer. That did limit selling in wheat today. Wheat bulls
still have the slight overall near-term technical
advantage. Wheat bulls’ next upside breakout objective is
to push and close Chicago SRW prices above solid technical
resistance at $9.00 a bushel. The next downside price
breakout objective for the wheat futures bears is pushing
and closing prices below solid technical support at the
October low of $8.40 1/4. First resistance is seen at
today’s high of $8.66 1/2 and then at this week’s high of
$8.71 1/4. First support lies at $8.50 and then at $8.40
1/4. Wyckoff's Market Rating: 5.5.

December K.C. HRW wheat was down 5 3/4 cents at $8.97 1/2
in late trading today. Prices were nearer the session low.
The HRW bulls still have the overall near-term technical
advantage. Bulls’ next upside price breakout objective is
pushing and closing prices above solid technical resistance
at the October high of $9.29 3/4. The bears' next downside
breakout objective is pushing and closing prices below
solid technical support at the September low of $8.72 1/2.
First resistance is seen at today’s high of $9.10 1/4 and
then at this week’s high of $9.16 3/4. First support is
seen at today’s low of $8.95 and then at $8.90. Wyckoff's
Market Rating: 6.0

December oats were up 1/2 cent at $3.88 1/4 today in late
trading. Prices were near mid-range. Oats bulls still have
the overall near-term technical advantage. Bears' next
downside price breakout objective is pushing and closing
prices below solid technical support at $3.75. Bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at the October high
of $4.04 1/2. First support lies at this week’s low of
$3.85 3/4 and then at $3.83. First resistance is seen at
$3.91 and then at $3.95. Wyckoff's Market Rating: 6.5

*. SOFTS: March sugar closed up 20 points at 19.61 cents
today. Prices closed nearer the session high on more short
covering in a bear market after hitting an 8.5-month low on
Monday. The key “outside markets” were bullish for sugar
today as the U.S. dollar index was lower and crude oil
prices were firmer. Sugar bears still have the solid near-
term technical advantage. Bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at last week’s high of 20.50 cents. Bears' next
downside price breakout objective is to push and close
prices below solid technical support at 18.50 cents. First
resistance is seen at 19.75 cents and then at 19.95 cents.
First support is seen at today’s low of 19.42 cents and
then at this week’s low of 19.27 cents. Wyckoff's Market
Rating: 1.5.

December coffee closed down 510 points at 156.55 cents.
Prices closed near the session low and closed at a fresh
four-month low close today. The key “outside markets were
bullish for coffee today as the U.S. dollar index was lower
and crude oil prices were higher. Yet, coffee sold off
anyway, which is a bearish near-term clue. Coffee bears
have the solid overall near-term technical advantage.
However, it’s around present price levels that recent
downtrends have been halted. 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 150.00 cents a pound.
First resistance is seen at 158.00 cents and then at 160.00
cents. First support is seen at today’s low of 156.55 cents
and then at 152.50 cents. Wyckoff's Market Rating: 1.5

December cocoa closed up $42 at $2,392 a ton. Prices closed
near mid-range today and saw short covering. The key
“outside markets were bullish for cocoa today as the U.S.
dollar index was lower and crude oil prices were higher.
Cocoa bulls and bears are on a level near-term technical
playing field. The next upside price breakout objective for
the cocoa bulls is to push and close prices above solid
technical resistance at the October high of $2,526. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
the October low of $2,338. First resistance is seen at
$2,400 and then at $2,425. First support is seen at this
week’s low of $2,343 and then at $2,338. Wyckoff's Market
Rating: 5.0

December cotton closed down 180 points at 70.81 cents
today. Prices closed near the session low today and hit a
fresh two-week low. The key “outside markets” were bullish
for cotton today as the U.S. dollar index was lower and
crude oil prices were firmer. Yet, cotton sold off anyway,
which is another bearish clue. Bears have the near-term
technical advantage. Price action today saw a downside
“breakout” from a bearish pennant pattern that had formed
on the daily bar chart. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at 73.50 cents. The next downside
price breakout objective for the cotton bears is to push
and close prices below solid technical support at the
October low of 70.22 cents. First resistance is seen at
72.00 cents and then at today’s high of 73.13 cents. First
support is seen at 70.22 cents and then at 69.50 cents.
Wyckoff's Market Rating: 3.5

January orange juice closed down 90 points at $1.0725
today. Prices closed nearer the session low today and hit
another fresh 2.5-month low. 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 $1.1500. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at the August low of $1.0505. First resistance is seen at
today’s high of $1.0930 and then at $1.1000. First support
is seen at today’s low of $1.0700 and then at $1.0600.
Wyckoff's Market Rating: 2.0.

January lumber futures closed down $1.00 at $321.20 today.
Prices closed nearer the session high. Bulls still have the
solid near-term technical advantage. The next downside
technical breakout objective for the lumber bears is
pushing and closing prices below solid technical support at
$307.60. The next upside price breakout objective for the
bulls is pushing and closing prices above solid technical
resistance at the August high of $330.00. First resistance
is seen at today’s high of $322.80 and then at last week’s
contract high of $325.70. First support is seen at $320.00
and then at today’s low of $318.00. Wyckoff's Market
Rating: 8.0

*. METALS: December gold futures closed up $3.40 an ounce
at $1,712.00 today. Prices closed near mid-range today and
saw short covering and some bargain hunting. The key
“outside markets” were bullish for the gold market today as
the U.S. dollar index was lower and crude oil prices were
firmer. The gold bulls have the slight overall near-term
technical advantage but need to show more power soon to
avoid serious near-term chart damage. The gold bulls’ next
upside price breakout objective is to produce a close above
solid technical resistance at last week’s high of
$1,731.20. Bears' next near-term downside breakout price
objective is closing prices below psychological support at
$1,700.00. First resistance is seen at this week’s high of
1,717.80 and then at $1,725.00. First support is seen at
today’s low of $1,705.20 and then at last week’s low of
$1,698.70. Wyckoff’s Market Rating: 6.0

December silver futures closed up $0.085 an ounce at $31.83
today. Prices closed nearer the session low today. Some
tepid short covering and bargain hunting were seen today.
The key “outside markets” were bullish for silver today as
the U.S. dollar index was lower and crude oil prices were
firmer. The silver bulls have the slight near-term
technical advantage. Bulls’ next upside price breakout
objective is closing prices above solid technical
resistance at last week’s high of $32.50 an ounce. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $31.00. First
resistance is seen at this week’s high of $32.23 and then
at last week’s high of $32.50. Next support is seen this
week’s low of $31.68 and then at last week’s low of
$31.535. Wyckoff's Market Rating: 5.5.

December N.Y. copper closed up 130 points at 350.75 cents
today. Prices closed near mid-range today and saw short
covering in a bear market. Prices Monday hit a seven-week
low. The key “outside markets” were in a bullish posture
for copper today as the U.S. dollar index was lower and
crude oil prices were firmer. Copper bears still have the
near-term technical advantage. Copper bulls' next upside
breakout objective is pushing and closing prices above
solid technical resistance at 365.00 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 today’s high of 353.25 cents and then
at 355.00 cents. First support is seen at this week’s low
of 348.20 cents and then at 345.00 cents. Wyckoff's Market
Rating: 3.0.

*. ENERGIES: December crude oil closed up $0.01 a barrel at
$85.55 today. Prices closed near mid-range again today.
Prices Monday hit a four-month low. Bears have the near-
term technical advantage. Prices are in a six-week-old
downtrend on the daily bar chart. The next near-term upside
price breakout objective for the crude oil bulls is
producing a close above solid technical resistance at
$90.00 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 $82.00. First resistance
is seen at this week’s high of $86.43 and then at $87.47.
First support is seen at this week’s low of $84.66 and then
at $84.00. Wyckoff's Market Rating: 3.0

December heating oil closed down 224 points at $3.0650
today. Prices closed near mid-range. Bulls and bears are on
a level near-term technical playing field. The bulls' next
upside price breakout objective is closing prices above
solid technical resistance at $3.1750. Bears' next downside
price breakout objective is producing a close below solid
technical support at $3.0000. First resistance lies at
today’s high of $3.0923 and then at this week’s high of
$3.1207. First support is seen at today’s low of $3.0486
and then at $3.0250. Wyckoff's Market Rating: 5.0.

December (RBOB) unleaded gasoline closed down 261 points at
$2.6150 today. Prices closed near the session low today.
Bulls and bears are on a level near-term technical playing
field. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
$2.7500. Bears' next downside price breakout objective is
closing prices below solid support at $2.5000. First
resistance is seen at today’s high of $2.6527 and then at
this week’s high of $2.7000. First support is seen at
$2.6000 and then at last week’s low of $2.5598. Wyckoff's
Market Rating: 5.0.

December natural gas closed down 9.9 cents at $3.704 today.
Prices closed nearer the session low and hit a fresh three-
week low today. Bulls still have the overall near-term
technical advantage but did fade a bit today. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at $4.00. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $3.60. First
resistance is seen at today’s high of $3.82 and then at
$3.919. First support is seen at today’s low of $3.65 and
then at $3.60. Wyckoff's Market Rating: 6.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed up 58 points at 1.2968 today. Prices closed
nearer the session high today. The Euro bulls have the
overall near-term technical advantage. Euro bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at the September
high of 1.3183. The next downside price breakout objective
for the bears is closing prices below solid chart support
at the October low of 1.2813. First resistance for the Euro
lies at 1.3000 and then at 1.3029. Next support is seen at
last week’s low of 1.2887 and then at 1.2833. Wyckoff's
Market Rating: 6.5

The December Japanese yen closed up 32 points at 1.2565
today. Prices closed near mid-range today in a wide trading
range. Bears still have the solid near-term technical
advantage. Bulls' next upside price breakout objective is
closing prices above solid resistance at 1.2675. Bears'
next downside breakout objective is closing prices below
solid technical support at the June low of 1.2438. First
resistance is seen at 1.2600 and then at today’s high of
1.2640. First support is seen at 1.2529 and then at today’s
low of 1.2481. Wyckoff's Market Rating: 3.0.

The December Swiss franc closed up 49 points at 1.0735
today. Prices closed nearer the session high today. The
Swissy bulls have the overall near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above solid resistance at the
October high of 1.0861. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the October low of 1.0609. First
resistance is seen at today’s high of 1.0761 and then at
1.0800. First support is seen at 1.0700 and then at last
week’s low of 1.0660 and then at 1.0614. Wyckoff's Market
Rating: 6.5.

The December Australian dollar closed up 32 points at
1.0328 today. Prices closed nearer the session high today.
Bulls have the overall 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 chart resistance at the October
high of 1.0363. The next downside breakout objective for
the bears is to produce a close below solid technical
support at last week’s low of 1.0191. First resistance is
seen at last week’s high of 1.0355 and then at 1.0363. Next
support is seen at 1.0300 and then at 1.0264. Wyckoff's
Market Rating: 6.0

The December Canadian dollar closed up 11 points at .9991
today. Prices closed near mid-range today and hit another
fresh 11-week low. A seven-week-old downtrend is 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 last week’s
high of 1.0100. The next downside price breakout objective
for the bears is closing prices below solid technical
support at .9900. First resistance is seen at this week’s
high of 1.0012 and then at 1.0084. First support is seen at
today’s low of .9970 and then at .9950. Wyckoff's Market
Rating: 4.0.

The December British pound closed up 34 points at 1.6071
today. Prices closed nearer the session high today. Bulls
are on a level near-term technical playing field with the
bears. Prices are in a four-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
1.6175. Bears' next downside technical breakout objective
is closing prices below solid support at last week’s low of
1.5909. First resistance is seen at this week’s high of
1.6103 and then at last week’s high of 1.6141. First
support is seen at 1.6000 and then at 1.5972. Wyckoff's
Market Rating: 5.0.

The December U.S. dollar index closed down 31 points at
80.00 today. Prices closed nearer the session low today and
saw a corrective pullback from recent gains. Prices Monday
hit a six-week high. The bears have the overall near-term
technical advantage. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at 81.00. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at 79.50. Next resistance lies at this
week’s high of 80.42 and then at 80.59. First support is
seen at today’s low of 79.90 and then at 79.77. Wyckoff's
Market Rating: 3.5.

December U.S. T-Bonds closed down 6/32 at 148 17/32 today.
Prices closed nearer the session low today. Bulls and bears
are on a level near-term technical playing field. The next
downside price breakout objective for the T-Bond bears is
closing prices below solid technical support at the October
low of 146 2/32. The next upside technical objective for
the bulls is to produce a close above solid technical
resistance at the October high of 150 7/32. First
resistance is seen at today’s high of 149 4/32 and then at
149 16/32. First support is seen at this week’s low of 148
2/32 and then at 147 16/32. Wyckoff's Market Rating: 5.0.

December U.S. T Notes closed down 3.5 (32nds) at 132.21.5
today. Prices closed nearer the session low today after
hitting a fresh two-week high early on. Bulls and bears are
back on a level near-term technical playing field. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at 133.08.0. The next
downside price breakout objective for the bears is
producing a close below solid technical support at the
October low of 131.22.0. First resistance is seen at
today’s high of 133.01.5 and then at 133.10.0. First
support is seen at this week’s low of 132.17.5 and then at
132.08.0. Wyckoff's Market Rating: 5.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes were
closed today. The stock index bulls are fading. The New
York exchanges have announced they are scheduled to reopen
on Wednesday. That should make for a much more active
trading day on Wednesday. Wednesday is also the last
trading day of the month. The major U.S. data point of the
week is Friday’s employment report. At this time, the Labor
Department says it is working to get the report released as
scheduled. European stocks and the Euro currency rose
Tuesday in quieter dealings, due to the closure of U.S.
stock markets early this week. European traders are
awaiting the next European Union steps in the ongoing
efforts to contain the EU sovereign debt crisis. Stocks in
Asia rose Tuesday. Focus in Asia was on a Bank of Japan
policy meeting. The BOJ announced a fresh 11 trillion yen
($138 billion) asset purchase plan. The move was widely
expected.

The Nasdaq stock futures index closed steady at 2,659.00.
Prices closed nearer the session high today. Prices last
Friday and hit a fresh three-month low. Bulls' next upside
price breakout objective is closing prices above solid
resistance at 2,778.75. The bears' next downside price
breakout objective is closing prices below solid technical
support at the August low of 2,600.00. First resistance is
seen at 2,675.00 and then at 2,695.25. First support is
seen at today’s low of 2,626.00 and then at last week’s low
of 2,604.50. Wyckoff's Market Rating: 5.5

The S&P 500 futures index closed steady at 1,407.60. Prices
closed nearer the session high. Prices did hit a fresh 11-
week low early on today. Bulls' next upside price breakout
objective is closing prices above solid resistance at
1,459.50. The next downside price breakout objective for
the bears is closing prices below solid support at the
August low of 1,350.00. First resistance is seen at
1,417.00 and then at 1,433.10. First support is seen at
today’s low of 1,393.20 and then at 1,380.00. Wyckoff's
Market Rating: 5.5.

The Dow futures closed steady at 13,054. Prices closed
nearer the session high today. Prices Friday hit a fresh
seven-week low. The next upside price objective for the
bulls is closing prices above solid technical resistance at
13,525. The next downside price objective for the bears is
closing prices below solid technical support at the
September low of 12,965. First resistance in the Dow lies
at 13,100 and then at 13,125. First support is seen at
13,000 and then at last week’s low of 12,980. 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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