Sep 17, 2014
Home | Tools| Events| Blogs| Discussions Sign UpLogin

AgDay Blog


Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--September 25

Sep 26, 2012

Tuesday Evening, September 25-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 the $3.00
limit at $125.40 today. Prices careened to a fresh nine-
week low today and serious near-term chart damage was
inflicted. There was no major, fresh fundamental news in
the market today to prompt the sell off. Cattle bears now
have the overall near-term technical advantage. A choppy,
nearly three-month-old uptrend on the daily bar chart was
soundly negated today. 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 July
low of $123.80. First resistance is seen at $126.00 and
then at $126.50. First support is seen at $125.00 and then
at $124.50. Wyckoff's Market Rating: 4.0

November feeder cattle closed down $2.30 at $146.50 today.
Prices closed near the session low today and hit a fresh
four-week low. Significant near-term technical damage was
inflicted today. A gentle two-month-old uptrend on the
daily bar chart was negated today. The bears gained
downside technical momentum today. The next upside price
breakout objective for the feeder bulls is to push and
close prices above solid technical resistance at the
September high of $149.52. The next downside price breakout
objective for the bears is to push and close prices below
solid technical support at $145.00. First resistance is
seen at $147.00 and then at $147.50. First support is seen
at $146.00 and then at $145.50. Wyckoff's Market Rating:
5.0

December lean hogs closed down $0.65 at $74.70 today.
Prices closed near the session low today and did hit a
fresh seven-week high early on. The hog market was
pressured by sharp losses in the cattle futures markets
today. Hog market bears still have the slight overall near-
term technical advantage. However, recent upside price
action does hint that a market bottom is in place. The next
upside price breakout objective for the hog bulls is to
push and close prices above solid chart resistance at
$77.00. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
$73.00. First resistance is seen at $75.00 and then at
today’s high of $75.65. First support is seen at $74.50 and
then at $74.00. Wyckoff's Market Rating: 4.5

*. GRAINS: December corn futures were down 2 3/4 cents at
7.42 in late trading today. Prices were nearer the session
low. Harvest pressure continues to crimp the corn market.
The corn bulls have faded badly recently. Prices have been
trending lower for the past six weeks. Traders are awaiting
Friday morning’s USDA quarterly grain stocks report. 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
$7.25. First resistance for December corn is seen at $7.50
and then at last week’s high of $7.59 1/4. First support is
seen at this week’s low of $7.36 1/2 and then at $7.30.
Wyckoff's Market Rating: 5.5

November soybeans were up 1 cent at $16.11 a bushel in late
trading today. Prices were nearer the session low. U.S.
harvest pressure is also at its peak for soybeans. Soybean
bulls still have the overall near-term technical advantage
but have faded badly recently, to begin to suggest that a
major market top may be in place. Traders are awaiting
Friday morning’s USDA quarterly grain stocks report. The
next near-term upside technical breakout objective for the
soybean bulls is pushing and closing November prices above
psychological resistance at $17.00 a bushel. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at $15.50.
First resistance is seen at this week’s high of $16.26 and
then at $16.39. First support is seen at $16.00 and then at
this week’s low of $15.90 1/4. Wyckoff's Market Rating:
6.0.

December soybean meal was up $2.50 at $486.70 in late
trading today. Prices were near mid-range and saw some
short covering and perceived bargain hunting after prices
hit a six-week low Monday. The meal bulls have faded
recently. Meal bulls still have the overall near-term
technical advantage. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at $510.00. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $470.00. First
resistance comes in at today’s high of $491.00 and then at
$495.00. First support is seen at today’s low of $482.80
and then at $480.00. Wyckoff's Market Rating: 6.0

December bean oil was down 62 points at 53.55 cents in late
trading today. Prices were near the session low and poised
to close at a fresh six-week low close today. Bean oil
bears have the 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 56.58 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at the August low of
51.84 cents. First resistance is seen at 54.00 cents and
then at today’s high of 54.32 cents. First support is seen
at this week’s low of 53.32 cents and then at 53.00 cents.
Wyckoff's Market Rating: 4.0

December Chicago SRW wheat was down 10 cents at $8.82 in
late trading today. Prices were near the session low. Given
the recent selling pressure in corn and soybeans, wheat has
fared pretty well. But trading remains choppy and sideways
at higher price levels. Wheat bulls still have the overall
near-term technical advantage. Wheat bulls’ next upside
breakout objective is to push and close Chicago SRW prices
above psychological 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 August low of $8.57 1/4. First resistance is
seen at $9.00 and then at this week’s high of $9.07 1/4.
First support lies at $8.75 and then at $8.65. Wyckoff's
Market Rating: 6.5.

December K.C. HRW wheat was down 5 cents at $9.08 1/4 in
late trading today. Prices were nearer the session low. The
bulls still have the overall near-term technical advantage
amid choppy trading. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at $9.25. The bears' next downside
breakout objective is pushing and closing prices below
solid technical support at the August low of $8.74 1/4.
First resistance is seen at today’s high of $9.20 and then
at this week’s high of $9.33 1/2. First support is seen at
today’s low of $9.05 1/2 and then at $9.00. Wyckoff's
Market Rating: 6.5

December oats were up 2 cents at $3.78 1/2 today in late
trading. Prices were nearer the session high. 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 $3.57 3/4. Bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at last week’s high
of $3.95 3/4. First support lies at today’s low of $3.73
1/2 and then at $3.70. First resistance is seen at today’s
high of $3.80 3/4 and then at $3.85. Wyckoff's Market
Rating: 6.5

*. SOFTS: March sugar closed up 45 points at 20.72 cents
today. Prices closed near the session high today and saw
more short covering in a bear market. Sugar bulls are
gaining some upside near-term technical momentum to begin
to suggest a market bottom is in place. But they have more
work to do to suggest and uptrend can be sustained. But at
present sugar bears still have the overall near-term
technical advantage. Bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at the September high of 21.00 cents. Bears'
next downside price breakout objective is to push and close
prices below solid technical support at the September low
of 19.48 cents. First resistance is seen at today’s high of
20.75 cents and then at 21.00 cents. First support is seen
at 20.50 cents and then at today’s low of 20.19 cents.
Wyckoff's Market Rating: 3.5.

December coffee closed up 110 points at 173.40 cents.
Prices closed near mid-range today and saw some short
covering and bargain hunting. Coffee bears have the slight
near-term technical advantage. The next upside breakout
objective for the bulls is to close prices above solid
technical resistance at the September high of 183.70 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support at 160.00
cents a pound. First resistance is seen at 175.00 cents and
then at 177.50 cents. First support is seen at today’s low
of 171.55 cents and then at 170.00 cents. Wyckoff's Market
Rating: 4.5

December cocoa closed up $46 at $2,492 a ton. Prices closed
nearer the session high today and did hit another fresh
four-week low early on. Cocoa bulls still have the overall
near-term technical advantage. However, prices have been
trending lower for three weeks. The next upside price
breakout objective for the cocoa bulls is to push and close
prices above solid technical resistance at $2,600. 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 $2,511 and then at this week’s high of $2,530.
First support is seen at today’s low of $2,439 and then at
$2,400. Wyckoff's Market Rating: 6.0

December cotton closed down 23 points at 72.27 cents today.
Prices closed near the session low and hit a fresh six-week
low today. Cotton 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 the August high of 77.49 cents. The
next downside price breakout objective for the cotton bears
is to push and close prices below solid technical support
at 71.59 cents. First resistance is seen at this week’s
high of 73.67 cents and then at 74.00 cents. First support
is seen at today’s low of 72.27 cents and then at 72.00
cents. Wyckoff's Market Rating: 5.0

November orange juice closed down 355 points at $1.1475
today. Prices closed nearer the session low today and hit a
fresh four-week low. FCOJ bulls have faded badly this week
and bears are back in near-term technical control. The next
upside price breakout objective for the FCOJ bulls is
pushing and closing prices above technical resistance at
$1.2500. 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 today’s
high of $1.1830 and then at $1.2000. First support is seen
at today’s low of $1.1355 and then at $1.1250. Wyckoff's
Market Rating: 4.0.

November lumber futures closed down $3.00 at $272.40 today.
Prices closed nearer the session low again today. Bears
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 September low of $270.60. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at $287.50. First
resistance is seen at today’s high of $274.50 and then at
$277.50. First support is seen at today’s low of $272.00
and then at $270.60. Wyckoff's Market Rating: 3.5

*. METALS: December gold futures closed up $3.40 an ounce
at $1,768.00 today. Prices closed near mid-range again
today and saw more chart consolidation. Prices last Friday
hit a 6.5-month high and bulls still have the solid overall
near-term technical advantage. 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 $1,720.00. First
resistance is seen at today’s high of $1,777.90 and then at
$1,781.80. First support is seen at this week’s low of
$1,757.90 and then at last week’s low of $1,753.20.
Wyckoff’s Market Rating: 7.5

December silver futures closed up $0.006 an ounce at
$33.985 today. Prices closed nearer the session low today
and saw some more profit taking and chart consolidation.
Silver bulls are still in firm near-term technical command
as prices last Friday hit a 6.5-month high. Prices are in a
two-month-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 $32.51. First
resistance is seen at this week’s high of $34.585 and then
at $35.00. Next support is seen at this week’s low of
$33.63 and then at $33.25. Wyckoff's Market Rating: 7.5.

December N.Y. copper closed up 320 points at 376.35 cents
today. Prices closed near mid-range today. Copper bulls
still have the overall near-term technical advantage.
Prices are in a seven-week-old uptrend on the daily bar
chart. A bull flag pattern has formed 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 378.40 cents and then
at 380.00 cents. First support is seen at 375.00 cents and
then at today’s low of 373.05 cents. Wyckoff's Market
Rating: 6.5.

*. ENERGIES: November crude oil closed down $0.43 a barrel
at $91.50 today. Prices closed nearer the session low
today. The bulls have faded badly recently to suggest that
a near-term market top is in place. Bulls and bears are on
a level near-term technical playing field. However, a bear
flag or bearish pennant pattern may be forming 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 $97.00 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 $90.00. First resistance is seen at $92.50 and
then at today’s high of $93.20. First support is seen at
last week’s low of $90.96 and then at $90.00. Wyckoff's
Market Rating: 5.0

November heating oil closed up 142 points at $3.1103 today.
Prices closed near mid-range again today. Bulls have the
slight 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 $3.1290 and then
at $3.1500. First support is seen at this week’s low of
$3.0726 and then at $3.0500. Wyckoff's Market Rating: 5.5.

November (RBOB) unleaded gasoline closed up 371 points at
$2.8248 today. Prices closed nearer the session high today.
Bulls have 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 $3.9527. Bears' next downside price
breakout objective is closing prices below solid support at
$2.6100. First resistance is seen at today’s high of
$2.8286 and then at $2.8500. First support is seen at this
week’s low of $2.7729 and then at $2.7500. Wyckoff's Market
Rating: 5.5.

November natural gas closed up 8.2 cents at $3.115 today.
Prices closed near the session high today. Bulls are on a
level near-term technical playing field with the bears. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at the
September high of $3.199. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the August low of $2.79. First
resistance is seen at $3.15 and then at $3.199. First
support is seen at today’s low of $3.042 and then at $3.00.
Wyckoff's Market Rating: 5.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed down 7 points at 1.2940 today. Prices
closed near mid-range again today. More profit taking was
featured. The Euro bulls still have the overall near-term
technical advantage. Prices are still in a two-month-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 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 1.3000 and
then at this week’s high of 1.3059. Next support is seen at
today’s low of 1.2898 and then at 1.2850. Wyckoff's Market
Rating: 7.0

The December Japanese yen closed up 6 points at 1.2863
today. Prices closed near mid-range today. Bulls have the
overall near-term technical advantage and are regaining
upside momentum. 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 1.2886 and then at 1.2900. First support is
seen at today’s low of 1.2836 and then at this week’s low
of 1.2802. Wyckoff's Market Rating: 7.5.

The December Swiss franc closed down 7 points at 1.0695
today. Prices closed near mid-range today on mild profit
taking. The Swissy bulls still have the solid overall near-
term technical advantage. Prices are in a two-month-old
uptrend on the daily bar chart. 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 this week’s high of 1.0739 and then
at 1.0785. First support is seen at this week’s low of
1.0661 and then at 1.0627. Wyckoff's Market Rating: 6.5.

The December Australian dollar closed down 26 points at
1.0329 today. Prices closed near the session low today.
More mild profit taking was featured. Bulls still have the
overall near-term technical advantage. 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 1.0234. First
resistance is seen at today’s high of 1.0388 and then at
1.0442. Next support is seen at this week’s low of 1.0311
and then at last week’s low of 1.0290. Wyckoff's Market
Rating: 7.0

The December Canadian dollar closed down 12 points at
1.0189 today. Prices closed nearer the session low today.
Mild profit taking was featured. Bulls still have the solid
overall near-term technical advantage. Prices are in a
three-month-old uptrend on the daily bar chart. 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 1.0140. First
resistance is seen at today’s high of 1.0231 and then at
1.0257. First support is seen at this week’s low of 1.0166
and then at 1.0140. Wyckoff's Market Rating: 7.0.

The December British pound closed down 18 points at 1.6205
today. Prices closed near the session low today and saw
more mild profit taking. Bulls still have the solid overall
near-term technical advantage. Prices are in a 10-week-old
uptrend on the daily chart. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at 1.6400. Bears' next downside
technical breakout objective is closing prices below solid
support at 1.6000. First resistance is seen at today’s high
of 1.6263 and then at last week’s high of 1.6304. First
support is seen at this week’s low of 1.6176 and then at
1.6150. Wyckoff's Market Rating: 7.5.

The December U.S. dollar index closed up 3 points at 79.61
today. Prices closed near mid-range again today. More short
covering in a bear market was featured. The bears still
have the overall near-term technical advantage. Prices are
in a two-month-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 last
week’s low of 78.72. Next resistance lies at this week’s
high of 79.82 and then at 80.00. First support is seen at
today’s low of 79.37 and then at 79.11. Wyckoff's Market
Rating: 3.0.

December U.S. T-Bonds closed up 24/32 at 148 11/32 today.
Prices closed near the session high today and saw more
short covering, bargain hunting and fresh safe-haven buying
today. Prices are still in a choppy two-month-old downtrend
on the daily bar chart, but the bulls have gained fresh
upside near-term technical momentum recently. 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 149 even. First resistance is seen
at today’s high of 148 13/32 and then at 149 even. First
support is seen at 148 even and then at today’s low of 147
11/32. Wyckoff's Market Rating: 5.5.

December U.S. T Notes closed up 7.0 (32nds) at 133.04.5
today. Prices closed nearer the session high today. More
short covering and bargain hunting were featured, along
with more fresh safe-haven buying. Bulls have the overall
near-term technical advantage. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at 133.26.5. The next downside price
breakout objective for the bears is producing a close below
solid technical support at the September low of 131.23.0.
First resistance is seen at today’s high of 133.06.5 and
then at 133.16.0. First support is seen at 133.00.0 and
then at today’s low of 132.23.5. Wyckoff's Market Rating:
6.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
solidly lower today on more profit taking. Stock index
bulls still have the overall near-term technical advantage.
Fresh U.S. economic data released Tuesday had no major
impact on market place. Some protesting in Spain Tuesday
did spook the market place a bit. In overnight developments
there was also nothing major or market-moving. There was a
more upbeat consumer confidence report coming out of
Germany, following recent weaker data coming from the
European Union’s largest economy. Reports said Spain will
announce a new budget and reform plan on Thursday, while
Greece will do the same later this week. Fresh comments
from European Central Bank president Draghi and German
chancellor Merkel were not deemed new or market-moving
Tuesday.

The Nasdaq stock futures index closed down 33.50 at
2,804.75. Prices closed nearer the session low again 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 2,825.00 and then at today’s
high of 2,853.00. First support is seen at today’s low of
2,804.50 and then at 2,775.00. Wyckoff's Market Rating: 7.5

The S&P 500 futures index closed down 14.20 at 1,437.20.
Prices closed nearer the session low today and scored a
bearish “outside day” down on the daily bar chart today.l
Bulls' next upside price breakout objective is closing
prices above solid resistance at 1,500.00. The next
downside price breakout objective for the bears is closing
prices below solid support at 1,395.40. First resistance is
seen at today’s high of 1,456.60 and then at last week’s
high of 1,461.50. First support is seen at today’s low of
1,435.00 and then at 1,421.60. Wyckoff's Market Rating:
7.5.

The Dow futures closed down 84 points at 13,405. Prices
closed nearer the session low and scored a bearish “outside
day” down on the daily bar chart 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 13,450 and then at 13,500.
First support is seen at today’s low of 13,390 and then at
13,350. 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
 

Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.

MARKETS

CROPSLIVESTOCKFINANCEENERGYMETALS
Market Data provided by Barchart.com
Enter Zip Code below to view live local results:
bayer
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions