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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--September 5

Sep 06, 2012

Wednesday Evening, September 5-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: October live cattle closed up $0.15 at
$126.32 today. Prices closed near mid-range today, hit a
fresh nearly three-week high and saw more short covering.
Bulls have the slight near-term technical advantage. The
bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at the August
high of $127.22. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at the August low of $123.40. First
resistance is seen at today’s high of $126.70 and then at
$127.22. First support is seen at today’s low of $125.85
and then at $125.25. Wyckoff's Market Rating: 5.5

October feeder cattle closed up $0.17 at $147.12 today.
Prices closed near the session low today in quieter trading
but did hit another fresh seven-week high today. Feeder
cattle bulls have the near-term technical advantage. Prices
are in a six-week-old uptrend on the daily bar chart. 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 $144.00. First resistance is
seen at today’s high of $147.80 and then at $148.50. First
support is seen at $146.50 and then at $146.00. Wyckoff's
Market Rating: 6.0

October lean hogs closed down $0.57 at $73.62 today. Prices
closed nearer the session low today and scored a bearish
“outside day” down on the daily bar chart. Hog bears still
have the overall near-term technical advantage. However, my
bias is that the downside is limited for hog futures at
present price levels. The next upside price breakout
objective for the hog bulls is to push and close prices
above solid chart resistance at $75.50. The next downside
price breakout objective for the bears is pushing prices
below solid technical support at $70.00. First resistance
is seen at $74.00 and then at $74.50. First support is seen
at today’s low of $73.12 and then at the contract low of
$72.30. Wyckoff's Market Rating: 2.0

*. GRAINS: December corn futures were down 13 1/4 cents at
$7.91 3/4 in late trading today. Prices were nearer the
session low and hit a fresh three-week low today. Profit
taking was featured. The corn bulls still have the solid
overall near-term technical advantage but did fade a bit
today. Corn bulls' next upside price objective is to push
and close prices above solid technical resistance at $8.20.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
the last “reaction low” on the daily chart, at $7.86. First
resistance for December corn is seen at $8.00 and then at
today’s high of $8.06 1/2. First support is seen at $7.86
and then at $7.80. Wyckoff's Market Rating: 7.5

November soybeans were down 21 cents at $17.47 a bushel in
late trading today. Prices were nearer the session low and
saw profit taking after hitting a contract and all-time
high on Tuesday. Soybean bulls still have the solid overall
near-term technical advantage. The next near-term upside
technical breakout objective for the soybean bulls is
pushing and closing November prices above psychological
resistance at $18.00 a bushel. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at last week’s low of
$17.01. First resistance is seen at today’s high of $17.69
3/4 and then at the contract high of $17.89. First support
is seen at today’s low of $17.42 1/2 and then at $17.35
1/4. Wyckoff's Market Rating: 8.5.

December soybean meal was down $8.50 at $524.90 in late
trading today. Prices were nearer the session low and saw
profit taking after hitting a contract high Tuesday. Meal
bulls still have the solid overall near-term technical
advantage. Prices are in a three-month-old uptrend on the
daily bar chart. The next upside price breakout objective
for the bulls is to produce a close above solid technical
resistance at $550.00. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $510.00. First resistance comes
in at $530.00 and then at today’s high of $534.10. First
support is seen at today’s low of $523.30 and then at
$520.00. Wyckoff's Market Rating: 8.5

December bean oil was down 39 points at 57.83 cents in late
trading today. Prices were nearer the session low and saw
some profit taking after prices Tuesday hit a 12-month
high. Bean oil bulls 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 the September
2011 high of 58.90 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at last year’s low of
55.98 cents. First resistance is seen at 58.00 cents and
then at today’s high of 58.24 cents. First support is seen
at 57.50 cents and then at this week’s low of 57.26 cents.
Wyckoff's Market Rating: 8.0

December Chicago SRW wheat was down 21 3/4 cents at $8.67
in late trading today. Prices hit a fresh nearly three-week
low and were near the session low on profit taking. Wheat
bulls have the overall near-term technical advantage, but
did fade today. The choppiness and sideways trading at
higher price levels, amid some higher volatility, is a
warning signal of a topping process. A bearish double-top
reversal pattern may have formed on the daily bar chart.
Wheat bulls’ next upside breakout objective is to push and
close Chicago SRW prices above solid technical resistance
at $9.26 1/4 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 $8.80 and
then at today’s high of $8.88 1/2. First support lies at
today’s low of $8.67 and then at $8.57 1/4. Wyckoff's
Market Rating: 6.5.

December K.C. HRW wheat was down 19 1/4 cents at $8.88 in
late trading today. Prices were near the session low and
hit a fresh nearly three-week low on more profit taking.
The bulls still have the overall near-term technical
advantage, but did fade today. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at $9.36 1/2. 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 $9.00 and then at today’s
high of $9.06 3/4. First support is seen at today’s low of
$8.87 and then at $8.74 1/4. Wyckoff's Market Rating: 6.5

December oats were down 9 cents at $3.86 1/4 today in late
trading. Prices were near the session low on profit taking.
Oats bulls still have the solid 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 Tuesday’s contract high of $4.14. First support lies at
this week’s low of $3.84 1/2 and then at $3.80. First
resistance is seen at $3.90 and then at today’s high of
$3.95. Wyckoff's Market Rating: 7.5

*. SOFTS: October sugar closed down 9 points at 19.25 cents
today. Prices closed near mid-range and hit a fresh nine-
month low today. Sugar bears have the solid overall near-
term technical advantage and gained more power today.
Bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at last
week’s high of 20.39 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at 18.00 cents. First resistance is seen
at today’s high of 19.58 cents and then at 19.75 cents.
First support is seen at today’s low of 18.98 cents and
then at 18.75 cents. Wyckoff's Market Rating: 1.5.

December coffee closed down 470 points at 160.60 cents.
Prices closed near the session low and hit a fresh three-
week low today. Coffee bears have the solid overall near-
term technical advantage. The coffee bulls' next upside
breakout objective is to close prices above solid technical
resistance at last week’s high of 169.10 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the June low of
153.70 cents a pound. First resistance is seen at 162.50
cents and then at 165.00 cents. First support is seen at
the August low of 160.25 cents and then at 157.50 cents.
Wyckoff's Market Rating: 2.0

December cocoa closed up $105 at $2,656 a ton. Prices
closed nearer the session high today and hit a fresh 10-
month high. Cocoa bulls have the solid overall near-term
technical advantage and gained more power today. The next
upside price breakout objective for the cocoa bulls is to
push and close prices above solid technical resistance at
$2,750. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $2,500. First resistance is seen at today’s high
of $2,675 and then at $2,700. First support is seen at
$2,600 and then at today’s low of $2,559. Wyckoff's Market
Rating: 8.0

December cotton closed down 33 points at 75.35 cents today.
Prices closed near mid-range today. Cotton bulls still have
the slight near-term technical advantage, but need to show
fresh power soon. Prices are still in a three-month-old
uptrend on the daily bar chart. 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 73.30 cents. First resistance is seen
at today’s high of 76.00 cents and then at 77.07 cents.
First support is seen at 74.72 cents and then at 74.00
cents. Wyckoff's Market Rating: 5.5

November orange juice closed up 460 points at $1.2575
today. Prices closed nearer the session high today and hit
a fresh two-month high. More short covering and bargain
hunting were featured. Bulls have the near-term technical
advantage and gained more upside momentum today. Traders
will continue to watch for any fresh storms brewing in the
Atlantic. The next upside price breakout objective for the
FCOJ bulls is pushing and closing prices above technical
resistance at the July high of $1.2840. The next downside
technical breakout objective for the FCOJ bears is to
produce a close below solid technical support at $1.1500.
First resistance is seen at today’s high of $1.2690 and
then at $1.2840. First support is seen at $1.2275 and then
at today’s low of $1.2030. Wyckoff's Market Rating: 7.0.

November lumber futures closed down $1.00 at $277.90 today.
Prices closed nearer the session low and hit another fresh
five-week low today. Bears 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 $276.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at last week’s high
of $296.60. First resistance is seen at today’s high of
$281.20 and then at this week’s high of $284.00. First
support is seen at today’s low of $276.50 and then at
$276.00. Wyckoff's Market Rating: 3.5

*. METALS: December gold futures closed down $2.10 an ounce
at $1,693.90 today. Prices closed near mid-range today and
saw mild profit taking and chart consolidation. Gold prices
are in a two-month-old uptrend on the daily bar chart. The
gold market bulls 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 $1,750.00. Bears' next near-term
downside price objective is closing prices below solid
technical support at last week’s low of $1,647.10. First
resistance is seen at this week’s high of $1,701.60 and
then at $1,704.50. First support is seen at this week’s low
of $1,687.60 and then at $1,675.00. Wyckoff’s Market
Rating: 7.5

December silver futures closed down $0.176 an ounce at
$32.235 today. Prices closed near mid-range today and saw
mild profit taking and chart consolidation. Bulls are in
firm near-term technical command. Prices are in a six-week-
old uptrend on the daily bar chart. Bulls’ next upside
price breakout objective is closing prices above solid
technical resistance at $32.50 an ounce. The next downside
price breakout objective for the bears is closing prices
below solid technical support at last week’s low of
$30.265. First resistance is seen at this week’s high of
$32.47 and then at $32.75. Next support is seen at today’s
low of $32.00 and then at this week’s low of $31.575.
Wyckoff's Market Rating: 7.5.

December N.Y. copper closed up 530 points at 352.20 cents
today. Prices closed nearer the session high today and hit
a fresh six-week high. Copper bulls have gained the slight
near-term technical advantage. Prices are in a four-week-
old uptrend on the daily bar chart. Copper bulls' next
upside breakout objective is pushing and closing prices
above solid technical resistance at the July high of 355.65
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
335.00 cents. First resistance is seen at today’s high of
353.40 cents and then at 355.65 cents. First support is
seen at 350.00 cents and then at 347.50 cents. Wyckoff's
Market Rating: 5.5.

*. ENERGIES: October crude oil closed up $0.11 a barrel at
$95.40 today. Prices closed nearer the session high today.
Crude oil bulls still have the overall near-term technical
advantage. A two-month-old price uptrend is still in place
on the daily bar chart. The next near-term upside price
breakout objective for the crude oil bulls is producing a
close above major psychological resistance at $100.00 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 $92.00. First resistance
is seen at $96.00 and then at $97.00. First support is seen
at $94.97 and then at last week’s low of $93.95. Wyckoff's
Market Rating: 6.0

October heating oil closed down 254 points at $3.1214
today. Prices closed nearer the session low today on profit
taking after hitting a fresh five-week high on Tuesday.
Bulls still have the solid overall near-term technical
advantage. Prices are in a nine-week-old uptrend on the
daily bar chart. The bulls' next upside price breakout
objective is closing prices above solid technical
resistance at $3.2500. Bears' next downside price breakout
objective is producing a close below solid technical
support at $3.0800. First resistance lies at today’s high
of $3.1541 and then at $3.1750. First support is seen at
$3.1000 and then at $3.0750. Wyckoff's Market Rating: 7.0.

October (RBOB) unleaded gasoline closed down 10 points at
$2.9512 today. Prices closed near mid-range today. 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 technical resistance at
the March high of $3.0402. Bears' next downside price
breakout objective is closing prices below solid support at
$2.8000. First resistance is seen at $2.9800 and then at
last week’s high of $3.0098. First support is seen at
$2.9250 and then at $2.9000. Wyckoff's Market Rating: 7.5.

October natural gas closed down 5.6 cents at $2.798 today.
Prices closed nearer the session low today. Bears still
have the slight overall near-term technical advantage. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at $3.00.
The next downside price breakout objective for the bears is
closing prices below solid technical support at $2.50.
First resistance is seen at today’s high of $2.869 and then
at $2.91 and then at $2.95. First support is seen at $2.75
and then at $2.70. Wyckoff's Market Rating: 4.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed up 25 points at 1.2613 today. Prices closed
nearer the session high today and closed at a fresh two-
month high close. The Euro bulls have the overall near-term
technical advantage. Prices are in a six-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 1.2700. The next downside
price breakout objective for the bears is closing prices
below solid chart support at 1.2400. First resistance for
the Euro lies at last week’s high of 1.2652 and then at
1.2700. Next support is seen at 1.2550 and then at today’s
low of 1.2520. Wyckoff's Market Rating: 6.0

The December Japanese yen closed up 8 points at 1.2767
today. Prices closed near mid-range today. Bulls still have
the overall near-term technical advantage. Bulls' next
upside price breakout objective is closing prices above
solid resistance at the July high of 1.2851. Bears' next
downside breakout objective is closing prices below solid
technical support at the August low of 1.2565. First
resistance is seen at last week’s high of 1.2804 and then
at 1.2850. First support is seen at today’s low of 1.2746
and then at last week’s low of 1.2698 and then at 1.2675.
Wyckoff's Market Rating: 6.5.

The December Swiss franc closed down 1 point at 1.0485
today. Prices closed nearer the session high today. The
Swissy bulls still have the overall near-term technical
advantage. Prices are in a six-week-old uptrend on the
daily bar chart. The next upside price breakout objective
for the bulls is closing prices above solid resistance at
1.0600. The next downside price breakout objective for the
bears is closing prices below solid technical support at
1.0250. First resistance is seen at today’s high of 1.0513
and then at last week’s high of 1.0546 and then at 1.0600.
First support is seen at today’s low of 1.0430 and then at
1.0402. Wyckoff's Market Rating: 6.0.

The December Australian dollar closed down 36 points at
1.0096 today. Prices closed near mid-range and hit a fresh
seven-week low today. Bears have the slight near-term
technical advantage. Prices are in a four-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is closing prices above solid chart
resistance at last week’s high of 1.0301. The next downside
breakout objective for the bears is to produce a close
below solid technical support at 1.0000. First resistance
is seen at today’s high of 1.0131 and then at this week’s
high of 1.0198. Next support is seen at today’s low of
1.0077 and then at 1.0050. Wyckoff's Market Rating: 4.5

The December Canadian dollar closed down 51 points at
1.0073 today. Prices closed nearer the session low today on
more profit taking. 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 April high of 1.0136. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 1.0026. First resistance
is seen at today’s high of 1.0121 and then at 1.0136. First
support is seen at today’s low of 1.0059 and then at
1.0026. Wyckoff's Market Rating: 7.0.

The December British pound closed up 22 points at 1.5898
today. Prices closed nearer the session high today and hit
a fresh 3.5-month high. Bulls have the overall near-term
technical advantage. Prices are in a seven-week-old uptrend
on the daily chart. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at 1.6000. Bears' next downside
technical breakout objective is closing prices below solid
support at last week’s low of 1.5747. First resistance is
seen at today’s high of 1.5925 and then at 1.6000. First
support is seen at today’s low of 1.5821 and then at
1.5800. Wyckoff's Market Rating: 6.0.

The December U.S. dollar index closed down 8 points at
81.55 today. Prices closed nearer the session low today.
The bears have the near-term technical advantage. Prices
are in a six-week-old downtrend on the daily bar chart.
Bulls' next upside price breakout objective is to close
prices above solid technical resistance at 83.25. The next
downside price breakout objective for the bears is to
produce a close below solid technical support at 81.00.
Next resistance lies at today’s high of 81.95 and then at
last week’s high of 82.13. First support is seen at last
week’s low of 81.30 and then at 81.00. Wyckoff's Market
Rating: 4.0.

December U.S. T-Bonds closed down 7/32 at 150 29/32 today.
Prices closed nearer the session low on more profit taking.
Prices Tuesday hit a four-week high. Bulls still have the
overall near-term technical advantage. The next downside
price breakout objective for the T-Bond bears is closing
prices below solid technical support at 148 even. The next
upside technical objective for the bulls is to produce a
close above solid technical resistance at the July contract
high of 154 17/32. First resistance is seen at this week’s
high of 151 29/32 and then at 152 16/32. First support is
seen at today’s low of 150 24/32 and then at 150 16/32.
Wyckoff's Market Rating: 6.5.

December U.S. T Notes closed 0.5 (32nds) at 133.12.5 today.
Prices closed nearer the session low today on mild profit
taking. Prices hit a four-week high on Friday. Bulls still
have the overall near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at the July contract high of
134.18.0. The next downside price breakout objective for
the bears is producing a close below solid technical
support at 132.100.0. First resistance is seen at today’s
high of 133.22.0 and then at this week and last week’s high
of 133.26.5. First support is seen at today’s low of
133.09.5 and then at 133.00.0. Wyckoff's Market Rating: 6.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
slightly lower today in quiet trading. Stock index bulls
still have the overall near-term technical advantage. The
overall market place is keenly focused on Thursday’s
monthly meeting of the European Central Bank. It’s expected
the ECB will announce a fresh EU monetary stimulus plan,
which would likely be at least initially commodity and
stock market bullish. ECB President Mario Draghi said
Tuesday his central bank’s purchase of short-dated
government bonds is within the bank’s mandate. There were
rumors Wednesday the ECB would embark on a bond-buying
program, to be announced Thursday. On Friday the important
U.S. jobs report for August is released. Many believe a
weak jobs report on Friday would open the door wide for a
fresh monetary stimulus announcement by the U.S. Federal
Reserve at its FOMC meeting in two weeks. Forecasts are
calling for the key non-farm payrolls number in Friday’s
report to come in at up 125,000. In overnight news there
was more weak economic data released from Europe Wednesday.
The German PMI services report for August was weaker than
expected. The Euro zone services PMI for August came in
weaker, too. Many economists believe the European Union is
headed for a recession.

The Nasdaq stock futures index closed down 6.50 at
2,768.00. Prices closed near mid-range today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at the August high of 2,802.50. The bears'
next downside price breakout objective is closing prices
below solid technical support at 2,650.00. First resistance
is seen at this week’s high of 2,782.75 and then at last
week’s high of 2,795.75. First support is seen at this
week’s low of 2,742.75 and then at 2,725.00. Wyckoff's
Market Rating: 6.0

The S&P 500 futures index closed down 3.00 at 1,403.00.
Prices closed near mid-range today. Bulls' next upside
price breakout objective is closing prices above solid
resistance at the August high of 1,424.60. 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 this week’s high of 1,409.50
and then at last week’s high of 1,415.90. First support is
seen at this week’s low of 1,394.80 and then at 1,375.00.
Wyckoff's Market Rating: 6.0.

The Dow futures closed down 10 points at 13,040 today.
Prices closed near mid-range today. The next upside price
objective for the bulls is closing prices above solid
technical resistance at the August high of 13,305. The next
downside price objective for the bears is closing prices
below solid technical support at the August low of 12,730.
First resistance in the Dow lies at today’s high of 13,085
and then at 13,125. First support is seen at 13,000 and
then at this week’s low of 12,965. Wyckoff's Market Rating:
6.0.

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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