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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. 31

Nov 01, 2012

Wednesday Evening, October 31-Jim Wyckoff's Daily Markets
Update

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

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

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

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

*. LIVESTOCK: December live cattle closed down $0.27 at
$125.92 today. Prices closed near mid-range today on a mild
corrective pullback from this week’s gains. The key
“outside markets were mildly bullish for cattle today, as
the U.S. dollar index was weaker and crude oil prices were
firmer. That did limit the downside in cattle today. Cattle
bears 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 this week’s high of $126.30 and then
at $127.00. First support is seen at today’s low of $125.62
and then at $125.25. Wyckoff's Market Rating: 3.5

January feeder cattle closed down $0.80 at $148.70 today.
Prices closed near the session high on a corrective
pullback from this week’s gains. Feeder bulls and bears are
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 this week’s high of $149.50 and
then at $150.00. First support is seen at today’s low of
$148.05 and then at $147.40. Wyckoff's Market Rating: 5.0

December lean hogs closed up $0.10 at $78.20 today. Prices
closed nearer the session low today. The key “outside
markets” were mildly bullish for hogs today as the U.S.
dollar index was weaker 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 $78.75 and then at today’s high
of $79.05. 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 11 cents at 7.52
3/4 in late trading today. Prices were nearer the session
high on short covering and perceived bargain hunting. The
key “outside markets” were mildly bullish for corn as the
U.S. dollar index was weaker and crude oil prices were
firmer. Prices are still in a choppy and sideways trading
range and the bulls have the 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 today’s high
of $7.57 3/4 and then at $7.60. First support is seen at
today’s low of $7.41 3/4 and then at $7.36. Wyckoff's
Market Rating: 6.0

January soybeans were up 15 3/4 cents at $15.52 1/4 a
bushel in late trading today. Prices were nearer the
session high on short covering and bargain hunting. The key
“outside markets” were mildly bullish for beans today as
the U.S. dollar index was weaker and crude oil prices were
firmer. Soybean bulls and bears are now back on a level
near-term technical playing field. 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 $15.58 3/4 and then at this week’s high
of $15.63 1/2. First support is seen at today’s low of
$15.35 and then at this week’s low of $15.26 1/4. Wyckoff's
Market Rating: 5.0.

December soybean meal was up $7.30 at $483.40 in late
trading today. Prices were nearer the session high and hit
a fresh four-week high. Meal bulls regained the slight
near-term technical advantage today. The next upside price
breakout objective for the bulls is to produce a close
above solid technical resistance at $500.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at
$465.00. First resistance comes in at today’s high of
$487.50 and then at $490.00. First support is seen at
$480.00 and then today’s low of at $475.30. Wyckoff's
Market Rating: 5.5

December bean oil was up 16 points at 50.25 cents in late
trading today. Prices were near mid-range and saw short
covering. Bean oil bears still have the solid overall near-
term technical advantage. The next upside price breakout
objective for the bean oil bulls is pushing and closing
prices above solid technical resistance at 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 50.59 cents and then
at 51.00 cents. First support is seen at 50.00 cents and
then at today’s low of 49.84 cents. Wyckoff's Market
Rating: 2.5

December Chicago SRW wheat was up 7 1/4 cents at $8.64 in
late trading today. Prices were near mid-range. The key
“outside markets” were mildly bullish for wheat today as
the U.S. dollar index was weaker and crude oil prices were
firmer. Wheat bulls 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 $8.75 and then at $8.80. First
support lies at today’s low of $8.58 1/4 and then at $8.50.
Wyckoff's Market Rating: 5.5.

December K.C. HRW wheat was up 2 1/4 cents at $9.04 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 $9.15 3/4 and
then at $9.25. First support is seen at this week’s low of
$8.95 and then at $8.90. Wyckoff's Market Rating: 6.0

December oats were up 1 1/4 cents at $3.90 today in late
trading. Prices were near mid-range. Oats bulls 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 today’s low of $3.88 and
then at this week’s low of $3.85 3/4 and then at $3.83.
First resistance is seen at today’s high of $3.92 1/4 and
then at $3.95. Wyckoff's Market Rating: 6.5

*. SOFTS: March sugar closed down 7 points at 19.49 cents
today. Prices closed nearer the session high and hit a
fresh 8.5-month low today. Sugar bears have the solid near-
term technical advantage. Prices are in a four-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at 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 this week’s high of
19.68 cents and then at 19.95 cents. First support is seen
at 19.27 cents and then at today’s low of 19.18 cents.
Wyckoff's Market Rating: 1.5.

December coffee closed down 255 points at 154.65 cents.
Prices closed near the session low, hit a fresh four-month
low and closed at a bearish monthly low close today. The
key “outside markets were mildly bullish for coffee today
as the U.S. dollar index was weaker and crude oil prices
were higher. Yet, coffee sold off anyway, which is another
bearish near-term clue. Coffee bears have the solid overall
near-term technical advantage. 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 157.50 cents and then at
today’s high of 158.85 cents. First support is seen at
today’s low of 154.40 cents and then at 152.50 cents.
Wyckoff's Market Rating: 1.0

December cocoa closed down $11 at $2,379 a ton. Prices
closed nearer the session low today. Cocoa bulls and bears
are on a level near-term technical playing field amid
choppy trading. 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 today’s high of $2,417. First support is
seen at today’s low of $2,364 and then at this week’s low
of $2,343 and then at $2,338. Wyckoff's Market Rating: 5.0

December cotton closed down 85 points at 70.07 cents today.
Prices closed near the session low today and hit a fresh
three-month low. Prices also closed at a bearish monthly
low close today. Bears have the solid near-term technical
advantage. Price action this week has seen 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 67.00 cents. First resistance is seen at
71.00 cents and then at today’s high of 71.86 cents. First
support is seen at today’s low of 69.83 cents and then at
69.00 cents. Wyckoff's Market Rating: 2.5

January orange juice closed down 35 points at $1.0710
today. Prices closed nearer the session high today and hit
a fresh contract low early on. Prices also closed at a
bearish monthly low close today. Bears have the solid
overall near-term technical advantage. The next upside
price breakout objective for the FCOJ bulls is pushing and
closing prices above technical resistance at $1.1200. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at $1.0250. First resistance is seen at $1.0930 and then at
$1.1000. First support is seen at today’s low of $1.0445
and then at $1.0300. Wyckoff's Market Rating: 1.0.

January lumber futures closed up the $10.00 limit at
$331.20 today. Prices hit a fresh contract high today.
Ideas the major storm on the U.S. east coast will produce
strong lumber demand boosted the futures today. Bulls have
the solid near-term technical advantage and gained more
power today. The next downside technical breakout objective
for the lumber bears is pushing and closing prices below
solid technical support at this week’s low of $318.00. The
next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at $340.00. First resistance is seen at $335.00 and then at
$337.50. First support is seen at $330.00 and then at
$327.50. Wyckoff's Market Rating: 9.0

*. METALS: December gold futures closed up $8.00 an ounce
at $1,720.00 today. Prices closed near mid-range today and
saw more short covering and some bargain hunting. The key
“outside markets” were mildly bullish for the gold market
today as the U.S. dollar index was weaker and crude oil
prices were firmer. The gold bulls have the overall near-
term technical advantage but need to show more power soon
to establish a near-term price uptrend. 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 today’s high of
1,726.60 and then at $1,731.20. First support is seen at
today’s low of $1,709.80 and then at $1,700.00. Wyckoff’s
Market Rating: 6.5

December silver futures closed up $0.469 an ounce at
$32.285 today. Prices closed nearer the session high today.
More short covering and bargain hunting were seen today.
The key “outside markets” were mildly bullish for silver
today as the U.S. dollar index was weaker and crude oil
prices were firmer. The silver bulls have the 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 today’s high of $32.435 and then at
last week’s high of $32.50. Next support is seen at $32.00
and then at today’s low of $31.755. Wyckoff's Market
Rating: 6.0.

December N.Y. copper closed up 55 points at 351.10 cents
today. Prices closed near the session low today and saw
tepid short covering in a bear market. Prices Monday hit a
seven-week low. The key “outside markets” were in a mildly
bullish posture for copper today as the U.S. dollar index
was weaker 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 355.95
cents and then at 357.50 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 $0.45 a barrel at
$86.13 today. Prices closed nearer the session low today.
Bears still have the overall 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 today’s high of $87.19
and then at $88.00. First support is seen at $85.00 and
then at this week’s low of $84.66 and then at $84.00.
Wyckoff's Market Rating: 3.0

December heating oil closed down 127 points at $3.0570
today. Prices closed nearer the session low. 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 $3.0837 and then at $3.1000. First
support is seen at today’s low of $3.0452 and then at
$3.0250. Wyckoff's Market Rating: 5.0.

December (RBOB) unleaded gasoline closed up 167 points at
$2.6322 today. Prices closed near the session low again
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 $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 up 0.5 cent at $3.696 today.
Prices closed nearer the session low today. Bulls still
have the overall near-term technical advantage but have
faded a bit. 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 $3.778 and then at $3.82. First support is
seen at this week’s low of $3.65 and then at $3.60.
Wyckoff's Market Rating: 6.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed down 1 point at 1.2968 today. Prices closed
nearer the session low 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 today’s high of 1.3027 and then at 1.3080. Next
support is seen at today’s low of 1.2952 and then at last
week’s low of 1.2887 and then at 1.2833. Wyckoff's Market
Rating: 6.5

The December Japanese yen closed down 23 points at 1.2544
today. Prices closed near mid-range today. Bears 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
today’s high of 1.2581 and then at 1.2600. First support is
seen at today’s low of 1.2509 and then at this week’s low
of 1.2481. Wyckoff's Market Rating: 3.0.

The December Swiss franc closed up 11 points at 1.0746
today. Prices closed near mid-range 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 1.0787 and then at 1.0813. First support is
seen at today’s low of 1.0722 and then at 1.0675. Wyckoff's
Market Rating: 6.5.

The December Australian dollar closed up 6 points at 1.0337
today. Prices closed near mid-range and hit a fresh two-
week high today. Prices also closed at a bullish monthly
high close 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 1.0363 and then at 1.0406. Next
support is seen at today’s low of 1.0314 and then at this
week’s low of 1.0286. Wyckoff's Market Rating: 6.5

The December Canadian dollar closed down 4 points at .9993
today. Prices closed near mid-range again today. 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 today’s high of 1.0029 and then at
1.0050. First support is seen at this week’s low of .9970
and then at .9950. Wyckoff's Market Rating: 4.0.

The December British pound closed up 55 points at 1.6130
today. Prices closed nearer the session high again today.
Bulls have regained the slight near-term technical
advantage. 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 last week’s high of
1.6141 and then at 1.6175. First support is seen at today’s
low of 1.6067 and then at 1.6000. Wyckoff's Market Rating:
5.5.

The December U.S. dollar index closed down 1 point at 79.98
today. Prices closed nearer the session high today. 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 79.72 and
then at 79.50. Wyckoff's Market Rating: 3.0.

December U.S. T-Bonds closed up 20/32 at 149 8/32 today.
Prices closed nearer the session high today, hit a fresh
two-week high and scored a bullish “outside day” up on the
daily bar chart. Bulls regained the slight near-term
technical advantage today. 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 11/32 and then at 150 even. First support is seen at
149 even and then at 148 16/32. Wyckoff's Market Rating:
5.5.

December U.S. T Notes closed up 10.5 (32nds) at 133.00.0
today. Prices closed nearer the session high today, hit a
fresh two-week high and scored a bullish “outside day” up
on the daily bar chart. Bulls regained the slight near-term
technical advantage today. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 133.17.0. 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 133.02.0 and then at
133.10.0. First support is seen at 132.25.0 and then at
132.16.0. Wyckoff's Market Rating: 5.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
lower today. Bulls are fading. After a two-day hiatus, the
New York exchanges reopened in smooth fashion Wednesday.
Focus of the market place now turns to the U.S. employment
report due out Friday morning, and China manufacturing data
due out Thursday. Both reports could be significant market-
movers for the stock indexes. Overnight, European stocks
markets were mostly firmer in quieter dealings, as the
Europeans also awaited the opening of the New York markets.
Asian stocks were also firmer, with Japan’s stock market
rebounding from a sharp decline Tuesday, in the wake of the
fresh Bank of Japan stimulus announcement.

The Nasdaq stock futures index closed down 25.50 points at
2,633.50. Prices closed nearer the session low today and
closed at a bearish monthly low close. 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
2,650.00 and then at today’s high of 2,676.75. First
support is seen at this week’s low of 2,626.00 and then at
last week’s low of 2,604.50. Wyckoff's Market Rating: 5.0

The S&P 500 futures index closed down 5.60 at 1,402.00.
Prices closed near the session low and closed at a bearish
monthly low close today. Prices Tuesday hit an 11-week low.
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 today’s high of 1,418.20 and
then at 1,433.10. First support is seen at this week’s low
of 1,393.20 and then at 1,380.00. Wyckoff's Market Rating:
5.0.

The Dow futures closed down 24 points at 13,030. Prices
closed nearer the session low today. Prices last Friday hit
a 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 today’s high of 13,115 and then at 13,175. First support
is seen at 13,000 and then at last week’s low of 12,980.
Wyckoff's Market Rating: 5.0.

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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