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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 27

Oct 28, 2011

Thursday Evening, October 27-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 $0.47 at
$119.95 today. Prices closed nearer the session low again
today and hit a fresh four-week low. The key “outside
markets” were bullish for the cattle market today as the
U.S. dollar index was sharply lower and crude oil prices
sharply higher. Yet, the cattle market sold off anyway,
which is a bearish clue. The cattle bulls are fading. The
bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at this
week’s high of $123.35. The next downside technical
breakout objective for the bears is pushing and closing
prices below solid technical support at $118.00. First
resistance is seen at $120.37 and then at $121.00. First
support is seen at today’s low of $119.50 and then at
$119.00. Wyckoff's Market Rating: 5.0

November feeder cattle closed down $0.15 at $141.55 today.
Prices closed near the session low today and closed at
another fresh three-week low close. Bulls still have the
overall near-term technical advantage but are fading a bit
and need to show fresh power soon. The next upside price
objective for the feeder bulls is to push and close prices
above technical resistance at the contract high of $145.90.
The next downside price breakout objective for the bears is
to push and close prices below solid technical support at
last week’s low of $141.00. First resistance is seen at
$142.00 and then at today’s high of $142.55. First support
is seen at $141.00 and then at the October low of $140.20.
Wyckoff's Market Rating: 6.5

December lean hogs closed down $0.37 at $86.65 today.
Prices closed nearer the session low again today, scored a
bearish “outside day” down on the daily bar chart and hit a
fresh three-week low. The key “outside markets” were
bullish for the hog market today as the U.S. dollar index
was sharply lower and crude oil prices were also sharply
higher. Yet, hogs sold off, which is another bearish clue.
Hog bulls are fading fast. The next upside price breakout
objective for the bulls is to push and close prices above
solid chart resistance at $89.00. The next downside price
breakout objective for the bears is pushing prices below
solid technical support at $85.00. First resistance is seen
at $87.00 and then at $87.50. First support is seen at
today’s low of $86.50 and then at $86.00. Wyckoff's Market
Rating: 5.0

*. GRAINS: December corn futures closed up 16 1/2 cents at
$6.53 3/4 today. Prices closed nearer the session high
today. The key “outside markets” were fully bullish for the
corn market today as the U.S. dollar index was sharply
lower, while crude oil and U.S. stock index prices were
sharply higher. The corn bulls have the slight overall
near-term technical advantage and regained some upside
momentum today. Corn bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at last week’s high of $6.65 1/2. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at $6.20.
First resistance for December corn is seen at today’s high
of $6.57 1/2 and then at $6.65 1/2. First support is seen
at $6.50 and then at $6.45. Wyckoff's Market Rating: 6.0

November soybeans closed up 27 1/4 cents at $12.37 3/4 a
bushel today. Prices closed nearer the session high today.
The key “outside markets” were fully bullish for the
soybean market today as the U.S. dollar index was sharply
lower, while crude oil and U.S. stock index prices were
sharply higher. Soybean bulls and bears are 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 technical
resistance at the October high of $12.75 3/4 a bushel. The
next downside price breakout objective for the bears is
pushing and closing prices below psychological support at
$12.00. First resistance is seen at today’s high of $12.43
and then at $12.50. First support is seen at $12.25 and
then at this week’s low of $12.09 1/2. Wyckoff's Market
Rating: 5.0.

December soybean meal closed up $6.30 at $323.30 today.
Prices closed nearer the session high today. Bulls and
bears are back on a level near-term technical playing
field. The next upside price breakout objective for the
bulls is to produce a close above technical resistance at
the October high of $330.50. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at the October low of
$300.90. First resistance comes in at today’s high of
$324.80 and then at $327.40. First support is seen at
$320.00 and then at today’s low of $317.50. Wyckoff's
Market Rating: 5.0

December bean oil closed up 132 points at 52.21 cents
today. Prices closed nearer the session high today and saw
short covering and bargain hunting buying. The key “outside
markets” were fully bullish for the bean oil market today
as the U.S. dollar index was sharply lower, while crude oil
and U.S. stock index prices were sharply higher. Bean oil
bulls and bears are back on a level near-term technical
playing field. The next upside price breakout objective for
the bean oil bulls is pushing and closing prices above
solid technical resistance at the October high of 53.92
cents. Bean oil bears' next downside technical price
breakout objective is pushing and closing prices below
solid technical support at 50.54 cents. First resistance is
seen at today’s high of 52.50 cents and then at 53.00
cents. First support is seen at 52.00 cents and then at
51.50 cents. Wyckoff's Market Rating: 5.0

December Chicago SRW wheat closed up 25 1/2 cents at $6.45
today. Prices closed nearer the session high today and
closed at a fresh two-week high close. The key “outside
markets” were fully bullish for the wheat market today as
the U.S. dollar index was sharply lower, while crude oil
and U.S. stock index prices were sharply higher. Wheat
bears still have the slight 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 $6.49 1/2 a bushel. The
next downside price breakout objective for the wheat
futures bears is pushing and closing prices below major
psychological support at $6.00. First resistance is seen at
$6.49 1/2 and then at the October high of $6.65 1/4. First
support lies at $6.35 and then at today’s low of $6.19 1/2
Wyckoff's Market Rating: 4.0.

December K.C. HRW wheat closed up 22 cents at $7.38 today.
Prices closed near the session high today on short covering
and bargain hunting. Bears still have the 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 $7.45. The
bears' next downside breakout objective is pushing and
closing prices below psychological support at $7.00. First
resistance is seen at today’s high of $7.38 and then at
$7.45. First support is seen at $7.30 and then at today’s
low of $7.21. Wyckoff's Market Rating: 4.0.

December oats closed up 3 1/2 cents at $3.33 1/2 today.
Prices closed near mid-range and saw short covering. Bears'
next downside price breakout objective is pushing and
closing prices below solid chart support at $3.25. Bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at the October high
of $3.47. First support lies at today’s low of $3.29 and
then at $3.25. First resistance is seen at today’s high of
$3.36 1/4 and then at $3.40. Wyckoff's Market Rating: 4.5

*. SOFTS: March sugar closed up 68 points at 27.03 cents
today. Prices closed nearer the session high today. The key
“outside markets” were fully bullish for the sugar market
today as the U.S. dollar index was sharply lower, while
crude oil and U.S. stock index prices were sharply higher.
Sugar bulls and bears are on a level near-term technical
playing field. Sugar bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at this week’s high of 27.70 cents. Bears' next
downside price breakout objective is to push and close
prices below solid technical support at 26.00 cents. First
resistance is seen at 27.21 cents and then at 27.50 cents.
First support is seen at today’s low of 26.59 cents and
then at last week’s low of 26.13 cents. Wyckoff's Market
Rating: 5.0

December coffee closed up 225 points at 235.95 cents.
Prices closed nearer the session low again today. The key
“outside markets” were fully bullish for the coffee market
today as the U.S. dollar index was sharply lower, while
crude oil and U.S. stock index prices were sharply higher.
Bears still have the slight near-term technical advantage.
The coffee bulls' next upside breakout objective is to
close prices above solid technical resistance at this
week’s high of 252.50 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the October low of 219.80 cents
a pound. First resistance is seen at 240.00 cents and then
at 241.00 cents. First support is seen at today’s low of
234.00 cents and then at this week’s low of 231.90 cents.
Wyckoff's Market Rating: 4.5

December cocoa closed up $67 at $2,760 a ton. Prices closed
near the session high again today and hit a fresh five-week
high. More short covering was featured today. The cocoa
bears still have the overall near-term technical advantage,
but the bulls this week have gained upside technical
momentum. The next upside price breakout objective for the
cocoa bulls is to push and close prices above solid
technical resistance at $2,800. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $2,600. First
resistance is seen at today’s high of $2,767 and then at
$2,800. First support is seen at $2,720 and then at $2,700.
Wyckoff's Market Rating: 4.0.

December cotton closed up the 400 point limit at 104.32
cents today. Prices hit a fresh four-week high today. The
key “outside markets” were fully bullish for the cotton
market today as the U.S. dollar index was sharply lower,
while crude oil and U.S. stock index prices were sharply
higher. Bulls regained the near-term technical advantage
today as a seven-week-old downtrend on the daily bar chart
was negated. The next upside price objective for the bulls
is to produce a close above solid technical resistance at
109.00 cents. The next downside price breakout objective
for the cotton bears is to push and close prices below
major psychological support at 100.00 cents. First support
is seen at 103.00 cents and then at 102.00 cents. First
resistance is seen at 105.00 cents and then at 106.00
cents. Wyckoff's Market Rating: 6.0.

January orange juice closed down 245 points at $1.7490
today. Prices closed nearer the session low today on
profit-taking pressure from recent strong gains. Prices
Wednesday hit a fresh nine-week high. FCOJ bulls still have
the solid near-term technical advantage. The next upside
price breakout objective for the FCOJ bulls is pushing and
closing prices above solid technical resistance at $1.8000.
The next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at $1.6750. First resistance is seen at $1.7750 and then at
this week’s high of $1.7920. First support is seen at
today’s low of $1.7285 and then at $1.7000. Wyckoff's
Market Rating: 7.0.

November lumber futures closed up $2.80 at $223.10 today.
Short covering was featured. The bears still have the
overall near-term technical advantage. The next downside
technical breakout objective for the lumber bears is
pushing and closing prices below solid technical support at
the contract low of $211.10. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at the October high of $230.40.
First resistance is seen at this week’s high of $225.50 and
then at $227.40. First support is seen at $219.00 and then
at $217.00. Wyckoff's Market Rating: 2.5

*. METALS: December gold futures closed up $22.50 an ounce
at $1,746.00 today. Prices closed near the session high
again today and hit another fresh four-week high. A sharply
lower U.S. dollar index and sharply higher crude oil prices
helped to boost gold today. Bulls have solid upside near-
term technical momentum and have the overall near-term
technical advantage. A four-week-old uptrend is in place on
the daily bar chart. Bulls' next upside technical objective
is to produce a close above psychological resistance at
$1,800.00. Bears' next near-term downside price objective
is closing prices below solid technical support at this
week’s low of $1,636.60. First resistance is seen at
$1,765.00 and then at $1,775.00. First support is seen at
$1,728.00 and then at today’s low of $1,707.20. Wyckoff's
Market Rating: 7.0.

December silver futures closed up $1.90 an ounce at $35.22
today. Prices closed near the session high today and hit
another fresh four-week high. The bulls this week have
gained solid upside near-term technical momentum and have
the overall near-term technical advantage. A four-week-old
uptrend is in place on the daily bar chart. Silver bulls'
next upside price objective is producing a close above
solid technical resistance at $37.00 an ounce. The next
downside price breakout objective for the bears is closing
prices below solid technical support at this week’s low of
$31.23. First resistance is seen at today’s high of $35.375
and then at $36.00. Next support is seen at $35.00 and then
at $34.50. Wyckoff's Market Rating: 7.0.

December N.Y. copper closed up 2,090 points 369.90 cents
today. Prices closed near the session high today and hit
another fresh four-week high. Bulls have gained solid
upside technical momentum recently and a bullish double-
bottom reversal pattern has formed on the daily bar chart.
Copper bulls now have the overall near-term technical
advantage. Copper bulls' next upside breakout objective is
pushing and closing prices above solid technical resistance
at 390.00 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support 350.00 cents. First resistance is seen at today’s
high of 370.30 cents and then at 372.50 cents. First
support is seen at 365.00 cents and then at 360.00 cents.
Wyckoff's Market Rating: 6.0.

*. ENERGIES: December crude oil closed up $3.90 a barrel at
$94.08 today. Prices closed nearer the session high today
and closed at a fresh 11-week high close. A sharply lower
U.S. dollar index and sharply higher stock indexes boosted
crude today. Crude bulls have the solid overall near-term
technical advantage. The next near-term upside price
breakout objective for the crude oil bulls is producing a
close above strong technical resistance at this week’s high
of $94.65 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 $94.65 and then at $95.00. First
support is seen at $93.00 and then at $92.00. Wyckoff's
Market Rating: 7.0.

December heating oil closed up 828 points at $3.1038 today.
Prices closed nearer the session high today and hit a fresh
11-week high. Bulls still have the overall near-term
technical advantage and gained fresh power today. The
bulls' next upside price breakout objective is closing
prices above solid technical resistance at the June high of
$3.2342. Bears' next downside price breakout objective is
producing a close below solid technical support at $2.9637.
First resistance lies at today’s high of $3.1174 and then
at $3.1500. First support is seen at $3.0869 and then at
$3.0500. Wyckoff's Market Rating: 6.5.

December (RBOB) unleaded gasoline closed up 707 points at
$2.6960. Prices closed near mid-range today. Bulls today
regained the slight near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at the September
high of $2.8431. Bears' next downside price breakout
objective is closing prices below solid support at $2.5952.
First resistance is seen at today’s high of $2.7317 and
then at $2.7500. First support is seen at $2.6750 and then
at $2.6500. Wyckoff's Market Rating: 5.5.

December natural gas closed up 0.1 cents at $3.776 today.
Prices closed near mid-range today and hit another contract
low. The bears 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
the October high of $4.039. The next downside price
breakout objective for the bears is closing prices below
solid technical support at $3.70. First resistance is seen
today’s high of $3.834 and then at at this week’s high of
$3.888 and then at $4.00. First support is seen at today’s
contract low of $3.724 and then at $3.70. Wyckoff's Market
Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed up 282 points at 1.4172 today. Prices
closed nearer the session high today and hit another fresh
seven-week high. Bulls now have the solid near-term
technical advantage and gained more power today as prices
are in a steep three-week-old uptrend on the daily bar
chart. Euro bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at the August high of 1.4241. The next downside price
breakout objective for the bears is closing prices below
solid chart support at this week’s low of 1.3792. First
resistance for the Euro lies at today’s high of 1.4241 and
then at 1.4300. Next support is seen at 1.4100 and then at
1.3950. Wyckoff's Market Rating: 7.0

The December Japanese yen closed up 38 points at 1.3177
today. Prices closed near mid-range today did poke to
another fresh contract high. Bulls have the solid overall
near-term technical advantage. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 1.3300. Bears' next downside breakout objective is
closing prices below solid technical support at 1.3000.
First resistance is seen at today’s contract high of 1.3226
and then at 1.3250. First support is seen at today’s low of
1.3118 and then at this week’s low of 1.3083 and then at
1.3050. Wyckoff's Market Rating: 8.5.

The December Swiss franc closed up 275 points at 1.1623
today. Prices closed nearer the session high today and hit
a fresh seven-week high. Bulls gained fresh upside near-
term technical momentum today. Bears still have the slight
overall near-term technical advantage. However, a bullish
“rounding-bottom” reversal pattern may be forming on the
daily bar chart. The next upside price breakout objective
for the bulls is closing prices above solid resistance at
1.2000. The next downside price breakout objective for the
bears is closing prices below solid technical support at
this week’s low of 1.1274. First resistance is seen at
today’s high of 1.1682 and then at 1.1750. First support is
seen at 1.1550 and then at 1.1500. Wyckoff's Market Rating:
4.5.

The December Australian dollar closed up 330 points at
1.0652 today. Prices closed nearer the session high today
and hit a fresh 11-week high. Prices are still in a steep
four-week-old uptrend on the daily bar chart. Bulls have
the overall near-term technical advantage and gained fresh
upside power today. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
the August high of 1.0875. The next downside breakout
objective for the bears is to produce a close below solid
technical support at 1.0300. First resistance is seen at
today’s high of 1.0687 and then at 1.0750. Next support is
seen at 1.0600 and then at 1.0500. Wyckoff's Market Rating:
7.5

The December Canadian dollar closed up 148 points at 1.0072
today. Prices closed near the session high today and hit a
fresh five-week high. Bulls today regained 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 producing a close above chart resistance at
1.0204. The next downside price breakout objective for the
bears is closing prices below solid technical support at
this week’s low of .9778. First resistance is seen at
today’s high of 1.0097 and then at 1.0150. First support is
seen at 1.0000 and then at today’s low of .9938. Wyckoff's
Market Rating: 6.0.

The December British pound closed up 143 points at 1.6091
today. Prices closed nearer the session high today and hit
a fresh seven-week high. A steep three-week-old uptrend is
still in place on the daily bar chart. Bulls have the near-
term technical advantage and gained fresh upside momentum
today. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
1.6200. Bears' next downside technical breakout objective
is closing prices below solid support at this week’s low of
1.5880. First resistance is seen at today’s high of 1.6133
and then at 1.6200. First support is seen at 1.6000 and
then at today’s low of 1.5945. Wyckoff's Market Rating:
6.5.

The December U.S. dollar index closed down 136 points at
75.10 today. Prices closed nearer the session low today and
hit a fresh seven-week low. More near-term chart damage
occurred today. Prices are in a four-week-old downtrend on
the daily bar chart. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at this week’s high of 76.87. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at the contract low of
73.90. Next resistance lies at 75.50 and then at 76.00.
First support is seen at today’s low of 74.86 and then at
74.50. Wyckoff's Market Rating: 3.0.

December U.S. T-Bonds closed down 2 30/32 at 135 27/32
today. Prices closed nearer the session low today and hit a
fresh seven-week low. Near-term chart damage was inflicted
today. Prices are in a four-week-old downtrend on the daily
bar chart. The next downside price breakout objective for
the T-Bond bears is closing prices below solid technical
support at 134 even. The next upside technical objective
for the bulls is to produce a close above solid technical
resistance at this week’s high of 140 13/32 even. First
resistance is seen at 136 even and then at 137 even. First
support is seen at today’s low of 135 7/32 and then at 135
even. Wyckoff's Market Rating: 5.0.

December U.S. T Notes closed down 1 4.0 (32nds) at 127.14.5
today. Prices closed nearer the session low and hit a fresh
11-week low today. Near-term chart damage was inflicted
today. Prices are in a five-week-old downtrend on the daily
bar chart. The next upside price breakout objective for the
bulls is closing prices above solid resistance at this
week’s high of 129.09.5. The next downside price breakout
objective for the bears is producing a close below solid
technical support at 126.00.0. First resistance is seen at
128.00.0 and then at today’s high of 128.23.5. First
support is seen at today’s low of 127.06.0 and then at
127.00.0. Wyckoff's Market Rating: 5.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
sharply higher today and hit multi-month highs. Fresh
optimism following the European Union leaders meeting and
the results on dealing with its sovereign debt crisis
boosted the markets today. The stock index bulls have
upside near-term technical momentum and gained more today,
to suggest prices can trend sideways to higher into the end
of the year. It’s been a very good October for the stock
market bulls.

The Nasdaq stock futures index closed up 70.00 at 2,396.50
today. Prices closed near the session high today and hit a
fresh three-month high. Bulls' next upside price breakout
objective is closing prices above solid resistance at the
July high of 2,435.50. The bears' next downside price
breakout objective is closing prices below solid technical
support at 2,268.50. First resistance is seen at today’s
high of 2,408.75 and then at 2,435.50. First support is
seen at 2,350.00 and then at today’s low of 2,329.00.
Wyckoff's Market Rating: 6.5.

The S&P 500 futures index closed up 45.60 at 1,283.00.
Prices closed near the session high and hit a fresh three-
month high today. Bulls' next upside price breakout
objective is closing prices above solid resistance at
1,300.00. The next downside price breakout objective for
the bears is closing prices below solid support at
1,150.00. First resistance is seen at today’s high of
1,283.30 and then at 1,300.00. First support is seen at
1,250.00 and then at today’s low of 1,237.90. Wyckoff's
Market Rating: 6.5.

The Dow futures closed up 366 points at 12,168 today.
Prices closed nearer the session high today and hit a fresh
three-month high. The next upside price objective for the
bulls is closing prices above psychological resistance at
12,500. The next downside price objective for the bears is
closing prices below solid technical support at 11,500.
First resistance in the Dow lies at today’s high of 12,230
and then at 12,300. First support is seen at 12,100 and
then at 12,000. Wyckoff's Market Rating: 6.5.

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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