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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--October 2

Oct 03, 2012

Tuesday Evening, October 2-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 up $0.25 at
$126.37 today. Prices closed near mid-range today. Cattle
bears still have the overall near-term technical advantage.
However, this week’s price gains suggest a market low is
now 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 last week’s low of $123.95.
First resistance is seen at today’s high of $126.77 and
then at $127.00. First support is seen at $126.00 and then
at $125.50. Wyckoff's Market Rating: 4.0

November feeder cattle closed up $0.87 at $146.50 today.
Prices closed nearer the session low. More short covering
in a bear market was featured today. Bears still have the
slight near-term technical advantage. The next upside price
breakout objective for the feeder bulls is to push and
close prices above solid technical resistance at $148.00.
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 $143.80. First resistance is seen at
today’s high of $147.25 and then at $148.00. First support
is seen at $146.00 and then at $145.50. Wyckoff's Market
Rating: 4.5

December lean hogs closed up $1.72 at $76.85 today. Prices
gapped sharply higher on the daily bar chart, hit a fresh
two-month high and closed near the session high today.
Heavy short covering and bargain hunting were featured.
Cash hog market fundamentals are improving. Hog market
bulls now have the 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
$79.00. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
last week’s low of $73.50. First resistance is seen at
today’s high of $77.00 and then at $77.50. First support is
seen at $76.00 and then at $75.32. Wyckoff's Market Rating:
6.0

*. GRAINS: December corn futures were up 3/4 cent at 7.57
1/2 in late trading today. Prices were nearer the session
high. Prices remain in a seven-week-old downtrend on the
daily bar chart. However, last Friday’s price gains and
this week’s lack of strong follow-through buying pressure
now hint that prices in the coming weeks, or longer, are
likely to trade between psychological support at $7.00 and
psychological resistance at $8.00. The corn bulls do have
the slight overall near-term technical advantage. Corn
bulls' next upside price objective is to push and close
prices above solid technical resistance at $7.89 1/2. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$7.36 1/2. First resistance for December corn is seen at
this week’s high of $7.68 1/2 and then at $7.75. First
support is seen at $7.50 and then at today’s low of $7.46.
Wyckoff's Market Rating: 5.5

November soybeans were down 29 1/4 cents at $15.31 a bushel
in late trading today. Prices were nearer the session low
and hit a fresh three-month low today. Bears have gained
the slight near-term technical advantage as a four-week-old
downtrend is in place on the daily bar chart. The next
near-term upside technical breakout objective for the
soybean bulls is pushing and closing November prices above
psychological resistance at $16.00 a bushel. The next
downside price breakout objective for the bears is pushing
and closing prices below major support at $15.00. First
resistance is seen at $15.50 and then at today’s high of
$15.61 1/4. First support is seen at today’s low of $15.26
1/2 and then at $15.15. Wyckoff's Market Rating: 4.5.

December soybean meal was down $10.50 at $464.00 in late
trading today. Prices were nearer the session low and hit a
fresh nine-week low today. Meal bears now have the slight
overall near-term technical advantage. Prices are in a
four-week-old downtrend on the daily bar chart. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at last week’s
high of $491.60. The next downside price breakout objective
for the bears is pushing and closing prices below solid
technical support at $455.00. First resistance comes in at
$470.00 and then at today’s high of $475.30. First support
is seen at today’s low of $463.00 and then at $460.00.
Wyckoff's Market Rating: 4.5

December bean oil was down 54 points at 50.67 cents in late
trading today. Prices were near mid-range and hit a fresh
3.5-month low today. Bean oil bears have the solid overall
near-term technical advantage. Prices are in a steep four-
week-old downtrend on the daily bar chart. The next upside
price breakout objective for the bean oil bulls is pushing
and closing prices above solid technical resistance at this
week’s high of 52.65 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at 50.00 cents. First
resistance is seen at 51.00 cents and then at today’s high
of 51.35 cents. First support is seen at today’s low of
50.08 cents and then at 50.00 cents. Wyckoff's Market
Rating: 2.0

December Chicago SRW wheat was down 12 3/4 cents at $8.71
1/2 in late trading today. Prices were near mid-range. Not
much new. Prices remain in a choppy and sideways trading
range at higher price levels. My bias is still that this
market has put in a major top. 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 last week’s
high of $9.07 a bushel. The next downside price breakout
objective for the wheat futures bears is pushing and
closing prices below solid technical support at last week’s
low of $8.49 1/4. First resistance is seen at today’s high
of $8.85 and then at $9.00. First support lies at today’s
low of $8.63 3/4 and then at last week’s low of $8.49 1/4.
Wyckoff's Market Rating: 5.5.

December K.C. HRW wheat was down 16 cents at $8.91 in late
trading today. Prices were nearer the session low today.
Trading remains in a choppy and sideways trading range at
higher price levels. The bulls still have the slight
overall near-term technical advantage. Bulls’ next upside
price breakout objective is pushing and closing prices
above solid technical resistance at $9.33 1/2. The bears'
next downside breakout objective is pushing and closing
prices below solid technical support at last week’s low of
$8.72 1/2. First resistance is seen at $9.00 and then at
today’s high of $9.08. First support is seen at today’s low
of $8.86 1/4 and then at last week’s low of $8.72 1/2.
Wyckoff's Market Rating: 5.5

December oats were down 6 1/4 cents at $3.60 1/4 today in
late trading. Prices were nearer the session low and hit a
fresh nine-week low today. Oats bears now have the slight
overall near-term technical advantage. Prices have been
trending lower for the past month. Bears' next downside
price breakout objective is pushing and closing prices
below solid technical support at $3.57 3/4. Bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at last week’s high
of $3.80 3/4. First support lies at $3.57 3/4 and then at
$3.55. First resistance is seen at $3.65 and then at
today’s high of $3.67 1/4. Wyckoff's Market Rating: 4.5

*. SOFTS: March sugar closed up 36 points at 21.49 cents
today. Prices closed nearer the session high today and hit
a fresh seven-week high. Sugar bulls have gained good
upside near-term technical momentum this week and bulls now
have the slight near-term technical advantage. Bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at 22.00 cents. Bears'
next downside price breakout objective is to push and close
prices below solid technical support at this week’s low of
20.36 cents. First resistance is seen at today’s high of
21.72 cents and then at 22.00 cents. First support is seen
at 21.25 cents and then at today’s low of 21.08 cents.
Wyckoff's Market Rating: 5.5.

December coffee closed up 420 points at 182.25 cents.
Prices closed nearer the session high today and hit a fresh
nine-week high. Heavy short covering and bargain hunting
were featured. Coffee bulls have the near-term technical
advantage and gained more upside momentum today. The next
upside breakout objective for the bulls is to close prices
above solid technical resistance at the July high of 194.85
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
this week’s low of 172.15 cents a pound. First resistance
is seen at today’s high of 184.55 cents and then at 187.50
cents. First support is seen at 180.00 cents and then at
today’s low of 177.95 cents. Wyckoff's Market Rating: 6.0

December cocoa closed up $22 at $2,472 a ton. Prices closed
nearer the session high today on some short covering and
bargain hunting after prices hit a fresh five-week low
early on today. Cocoa bulls have the slight overall near-
term technical advantage. However, prices have been
trending lower for the past month. The next upside price
breakout objective for the cocoa bulls is to push and close
prices above solid technical resistance at last week’s high
of $2,595. The next downside price breakout objective for
the bears is pushing and closing prices below solid
technical support at the August low of $2,364. First
resistance is seen at today’s high of $2,481 and then at
$2,500. First support is seen at $2,435 and then at today’s
low of $2,412. Wyckoff's Market Rating: 5.5

December cotton closed up 65 points at 71.85 cents today.
Prices closed nearer the session high again today and saw
more short covering after hitting a fresh two-month low on
Monday. Cotton bears still have the near-term technical
advantage. The next upside price breakout objective for the
bulls is to produce a close above solid technical
resistance at 75.00 cents. The next downside price breakout
objective for the cotton bears is to push and close prices
below solid technical support at the July low of 69.40
cents. First resistance is seen at 72.67 cents and then at
73.00 cents. First support is seen at 71.00 cents and then
at this week’s low of 70.22 cents. Wyckoff's Market Rating:
4.0

November orange juice closed down 290 points at $1.1650
today. Prices closed nearer the session high today and saw
more short covering. Bears still have the overall near-term
technical advantage. The next upside price breakout
objective for the FCOJ bulls is pushing and closing prices
above technical resistance at $1.2250. The next downside
technical breakout objective for the FCOJ bears is to
produce a close below solid technical support at $1.1000.
First resistance is seen at $1.1830 and then at $1.2000.
First support is seen at today’s low of $1.1415 and then at
last week’s low of $1.1200. Wyckoff's Market Rating: 4.0.

November lumber futures closed down $2.90 at $281.90 today.
Bulls still have the near-term technical advantage. The
next downside technical breakout objective for the lumber
bears is pushing and closing prices below solid technical
support at last week’s low of $268.80. The next upside
price breakout objective for the bulls is pushing and
closing prices above solid technical resistance at $300.00.
First resistance is seen at this week’s high of $288.00 and
then at $290.00. First support is seen at $280.00 and then
at $277.00. Wyckoff's Market Rating: 5.5

*. METALS: December gold futures closed down $6.90 an ounce
at $1,776.60 today. Prices closed nearer the session low
today on profit taking and chart consolidation. Prices
Monday hit a seven-month high. Gold bulls still have the
solid overall near-term technical advantage. Prices are in
a three-month-old uptrend on the daily bar chart. The gold
bulls’ next upside price breakout objective is to produce a
close above solid technical resistance at the 2012 high of
$1,800.90. Bears' next near-term downside price objective
is closing prices below solid technical support at last
week’s low of $1,738.30. First resistance is seen at
today’s high of $1,786.60 and then at the September high of
$1,790.00. First support is seen at this week’s low of
$1,765.70 and then at $1,758.00. Wyckoff’s Market Rating:
8.0

December silver futures closed down $0.297 an ounce at
$34.655 today. Prices closed near mid-range today and saw
profit taking and chart consolidation after hitting a
seven-week high on Monday. Silver bulls are still in firm
near-term technical command. Prices are in a 10-week-old
uptrend on the daily bar chart. Bulls’ next upside price
breakout objective is closing prices above solid technical
resistance at $36.00 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at last week’s low of $33.36. First
resistance is seen at today’s high of $35.115 and then at
this week’s high of $35.445. Next support is seen at
today’s low of $34.42 and then at this week’s low of
$34.21. Wyckoff's Market Rating: 8.0.

December N.Y. copper closed up 75 points at 379.30 cents
today. Prices closed near mid-range today. Copper bulls
have the overall near-term technical advantage. Prices are
in a two-month-old uptrend on the daily bar chart. Copper
bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at the
September high of 383.95 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 364.00 cents. First resistance
is seen at today’s high of 382.25 cents and then at 383.95
cents. First support is seen at today’s low of 376.80 cents
and then at 375.00 cents. Wyckoff's Market Rating: 6.5.

*. ENERGIES: November crude oil closed down $0.73 a barrel
at $91.75 today. Prices closed near the session low today. 
Bulls and bears are on a level near-term technical playing
field. The next near-term upside price breakout objective
for the crude oil bulls is producing a close above solid
technical resistance at $95.00 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
$88.00. First resistance is seen at this week’s high of
$93.33 and then at $94.00. First support is seen at this
week’s low of $91.26 and then at $90.00. Wyckoff's Market
Rating: 5.0

November heating oil closed down 75 points at $3.1283
today. Prices closed nearer the session low today. Bulls
still have the near-term technical advantage. The bulls'
next upside price breakout objective is closing prices
above solid technical resistance at the September high of
$3.2633. 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 $3.1505 and then
at this week’s high of $3.1765. First support is seen at
$3.1000 and then at $3.0800. Wyckoff's Market Rating: 6.0.

November (RBOB) unleaded gasoline closed down 579 points at
$2.8622 today. Prices closed near the session low today.
Bulls have the overall near-term technical advantage. There
are some gasoline refinery problems in the U.S. and Canada,
and that is helping boost gasoline futures. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at the March high of
$3.9884. Bears' next downside price breakout objective is
closing prices below solid support at the September low of
$2.7029. First resistance is seen at $2.9000 and then at
today’s high of $2.9284. First support is seen at $2.8500
and then at $2.8250. Wyckoff's Market Rating: 6.5.

November natural gas closed up 4.6 cents at $3.526 today.
Prices closed nearer the session high again today and hit a
fresh 8.5-month high. Bulls have good upside near-term
technical momentum and have the solid near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
$3.70. 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 $3.546
and then at $3.60. First support is seen at $3.45 and then
at today’s low of $3.398. Wyckoff's Market Rating: 7.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed up 33 points at 1.2929 today. Prices closed
near mid-range 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 1.2768. First
resistance for the Euro lies at today’s high of 1.2979 and
then at 1.3000. Next support is seen at today’s low of
1.2890 and then at this week’s low of 1.2813. Wyckoff's
Market Rating: 6.5

The December Japanese yen closed down 16 points at 1.2809
today. Prices closed near mid-range today. Bulls have the
overall near-term technical advantage but did fade on
Friday. There is some stiff overhead resistance that has
stalled recent rallies. Bulls' next upside price breakout
objective is closing prices above solid resistance at the
September high of 1.2977. Bears' next downside breakout
objective is closing prices below solid technical support
at the September low of 1.2631. First resistance is seen at
today’s high of 1.2834 and then at this week’s high of
1.2863. First support is seen at today’s low of 1.2793 and
then at 1.2750. Wyckoff's Market Rating: 6.0.

The December Swiss franc closed up 22 points at 1.0693
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 September high of
1.0838. The next downside price breakout objective for the
bears is closing prices below solid technical support at
1.0500. First resistance is seen at today’s high of 1.0728
and then at last week’s high of 1.0739. First support is
seen at today’s low of 1.0665 and then at this week’s low
of 1.0609. Wyckoff's Market Rating: 6.0.

The December Australian dollar closed down 117 points at
1.0193 today. Prices closed near the session low and hit a
fresh four-week low today. Bulls still have the overall
near-term technical advantage but have faded recently.
Bulls' next upside price breakout objective is closing
prices above solid chart resistance at the September high
of 1.0537. The next downside breakout objective for the
bears is to produce a close below solid technical support
at the September low of 1.0077. First resistance is seen at
1.0250 and then at today’s high of 1.0308. Next support is
seen at today’s low of 1.0186 and then at 1.0150. Wyckoff's
Market Rating: 6.0

The December Canadian dollar closed down 20 points at
1.0143 today. Prices closed near the session low today.
Bulls have the overall near-term technical advantage but
are fading. Bulls' next upside price breakout objective is
producing a close above chart resistance at the September
high of 1.0359. The next downside price breakout objective
for the bears is closing prices below solid technical
support at 1.0025. First resistance is seen at today’s high
of 1.0173 and then at this week’s high of 1.0189. First
support is seen at last week’s low of 1.0123 and then at
the September low of 1.0059. Wyckoff's Market Rating: 6.5.

The December British pound closed up 9 points at 1.6136
today. Prices closed nearer the session low today on more
profit taking. Bulls still have the overall near-term
technical advantage but are fading a bit. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at the September high of
1.6304. Bears' next downside technical breakout objective
is closing prices below solid support at 1.6000. First
resistance is seen at today’s high of 1.6185 and then at
1.6269. First support is seen at this week’s low of 1.6105
and then at 1.6065. Wyckoff's Market Rating: 7.0.

The December U.S. dollar index closed down 8 points at
79.82 today. Prices closed nearer the session high today.
The bears have the overall near-term technical advantage.
Prices are in a nine-week-old downtrend on the daily bar
chart. Bulls' next upside price breakout objective is to
close prices above solid technical resistance at 80.60. The
next downside price breakout objective for the bears is to
produce a close below solid technical support at the
September low of 78.72. Next resistance lies at this week’s
high of 80.25 and then at 80.60. First support is seen at
today’s low of 79.55 and then at 79.42. Wyckoff's Market
Rating: 3.0.

December U.S. T-Bonds closed up 4/32 at 149 25/32 today.
Prices closed nearer the session high. The bulls have some
upside near-term technical momentum. The next downside
price breakout objective for the T-Bond bears is closing
prices below solid technical support at the September low
of 144 15/32. The next upside technical objective for the
bulls is to produce a close above solid technical
resistance at the September high of 151 29/32. First
resistance is seen at last week’s high of 150 9/32 and then
at 150 16/32. First support is seen at Monday’s low of 149
3/32 and then at 148 15/32. Wyckoff's Market Rating: 6.0.

December U.S. T Notes closed up 0.5 (32nds) at 133.19.0
today. Prices closed nearer the session high today. Bulls
have the overall near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at 134.00.0. The next
downside price breakout objective for the bears is
producing a close below solid technical support at
132.24.0. First resistance is seen at today’s high of
133.22.0 and then at last week’s high of 133.27.0. First
support is seen at Monday’s low of 133.11.5 and then at
133.00.0. Wyckoff's Market Rating: 6.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mixed today on some profit taking from recent gains. Stock
index bulls still have the overall near-term technical
advantage. It was a fairly quiet day in the market place
Tuesday. China is on holiday this week, celebrating Golden
Week. Later this week there will be some more important
U.S. economic data released, including the FOMC minutes on
Thursday and the employment report on Friday. The market
place will also monitor the U.S. presidential debate
Wednesday night. In Europe, the European Central Bank and
Bank of England hold meetings Thursday. The Bank of Japan
holds its monthly meeting Thursday and Friday. Trading
overseas overnight was fairly quiet. The Reserve Bank of
Australia did cut its interest rate by 0.25%, to 3.25%.
Euro zone economic data released Tuesday showed producer
price inflation rose sharply in August, mainly due to
higher oil prices. The annual rise in producer prices came
in at a 2.7% rate versus 1.6% in July. Traders in Europe
are still waiting for Spain to formally seek EU bailout
assistance, but reports said that will not happen this
week.

The Nasdaq stock futures index closed up 9.00 at 2,797.00.
Prices closed nearer the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 2,900.00. The bears' next downside
price breakout objective is closing prices below solid
technical support at the September low of 2,742.75. First
resistance is seen at this week’s high of 2,822.50 and then
at 2,836.25. First support is seen at today’s low of
2,772.50 and then at last week’s low of 2,762.25. Wyckoff's
Market Rating: 7.5

The S&P 500 futures index closed up 4.30 at 1,441.20.
Prices closed nearer the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at the September high of 1,467.50. The
next downside price breakout objective for the bears is
closing prices below solid support at 1,395.40. First
resistance is seen at this week’s high of 1,451.20 and then
at 1,467.50. First support is seen at this week’s low of
1,428.10 and then at 1,421.60. Wyckoff's Market Rating:
7.5.

The Dow futures closed down 32 points at 13,405. Prices
closed near mid-range today. The next upside price
objective for the bulls is closing prices above solid
technical resistance at 13,750. 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 13,480 and
then at 13,500. First support is seen at today’s low of
13,360 and then at last week’s low of 13,290. Wyckoff's
Market Rating: 7.5.

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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