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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Report--Dec. 19

Dec 20, 2012

Wednesday Evening, December 19-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: February live cattle closed up $1.30 at
$134.25 today. Prices closed nearer the session high today
and hit another fresh nine-month high. The key “outside
markets” were bullish for the cattle market today as the
U.S. dollar index was lower and crude oil prices were
sharply higher. Cash cattle market fundamentals are on the
upswing recently, including a major winter storm that will
impede cattle coming to market this week. Bulls have the
solid near-term technical advantage. The bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at the contract high of $135.90.
The next downside technical breakout objective for the
bears is pushing and closing prices below solid technical
support at $132.50. First resistance is seen at today’s
high of $134.40 and then at $135.00. First support is seen
at $133.65 and then at today’s low of $133.17. Wyckoff's
Market Rating: 7.5

March feeder cattle closed up $1.35 at $155.75 today.
Prices closed near the session high today. The feeder bulls
have the overall chart advantage. The next upside price
breakout objective for the feeder bulls is to push and
close prices above solid technical resistance at this
week’s high of $157.07. The next downside price breakout
objective for the bears is to push and close prices below
solid technical support at $153.00. First resistance is
seen at $156.00 and then at $156.27. First support is seen
at today’s low of $155.05 and then at this week’s low of
$154.37. Wyckoff's Market Rating: 6.5

February lean hogs closed up $1.30 at $86.57 today. Prices
closed nearer the session high. The key “outside markets”
were bullish for the hog market today as the U.S. dollar
index was lower and crude oil prices were sharply higher. A
major winter storm in the Midwest U.S. will limit hogs
coming to market this week, and that’s near-term bullish.
A three-month-old uptrend is in place on the daily chart.
The bulls have the near-term technical advantage. The next
upside price breakout objective for the hog bulls is to
push and close prices above solid chart resistance at the
November contract high of $88.25. The next downside price
breakout objective for the bears is pushing prices below
solid technical support at this week’s low of $84.45. First
resistance is seen at today’s high of $86.70 and then at
$87.00. First support is seen at $86.00 and then at today’s
low of $85.65. Wyckoff's Market Rating: 6.5

*. GRAINS: March corn futures were down 14 1/4 cents at
7.05 3/4 in late trading today. Prices were nearer the
session low and hit a fresh 5.5-month low today. Recent
slack U.S. export demand for corn has hurt the bullish
camp. Corn bears have the near-term technical advantage and
gained more downside momentum today. Prices are in a three-
week-old downtrend on the daily bar chart. Corn bulls' next
upside price objective is to push and close prices above
solid technical resistance at this week’s high of $7.34
3/4. The next downside price breakout objective for the
bears is pushing and closing prices below major
psychological support at $7.00. First resistance for March
corn is seen at $7.14 1/4 and then at $7.20. First support
is seen at $7.00 and then at $6.95. Wyckoff's Market
Rating: 4.0

March soybeans were down 29 cents at $14.31 1/2 a bushel in
late trading today. Prices were nearer the session low and
hit a fresh three-week low today. Tuesday’s reports of
Chinese cancellations of previous U.S. soybean purchases
and good South American growing weather have hit the
soybean market this week. Soybean bears now have the near-
term technical advantage. A four-week-old uptrend on the
daily bar chart has been negated this week. The next near-
term upside technical breakout objective for the soybean
bulls is pushing and closing January prices above major
psychological resistance at $15.00 a bushel. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at $14.00.
First resistance is seen at $14.40 and then at $14.50.
First support is seen at $14.25 and then at $14.15.
Wyckoff's Market Rating: 4.0.

March soybean meal was down $9.80 at $433.00 in late
trading today. Prices were nearer the session low and hit a
fresh three-week low today. Bears now have the near-term
technical advantage. A four-week-old uptrend on the daily
bar chart was negated today. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at $450.00. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $425.00. First
resistance comes in at $435.00 and then at $438.00. First
support is seen at today’s low of $430.00 and then at
$427.50. Wyckoff's Market Rating: 4.0

March bean oil was down 71 points at 48.84 cents in late
trading today. Prices were near the session low and hit a
fresh four-week low today. The bean oil bears 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 this week’s high of 50.75 cents. Bean oil bears' next
downside technical price breakout objective is pushing and
closing prices below solid technical support at the
November low of 47.35 cents. First resistance is seen at
49.00 cents and then at 49.37 cents. First support is seen
at today’s low of 48.78 cents and then at 48.50 cents.
Wyckoff's Market Rating: 2.0

March Chicago SRW wheat was down 4 3/4 cents at $8.06 1/2
in late trading today. Prices were nearer the session low.
Wheat bears have the near-term technical advantage as a
six-week-old downtrend is in place on the daily bar chart.
The recent pause at lower price levels is not bullish.
Wheat bulls’ next upside breakout objective is to push and
close Chicago SRW prices above solid technical resistance
at the November low of $8.45 a bushel. The next downside
price breakout objective for the wheat futures bears is
pushing and closing prices below psychological support at
$8.00. First resistance is seen at $8.15 and then at $8.25
1/2. First support lies at $8.00 and then at $7.90.
Wyckoff's Market Rating: 4.0.

March K.C. HRW wheat was down 5 cents at $8.55 1/2 in late
trading today. Prices were nearer the session low and
poised to close at a fresh five-month low close today. HRW
bears have downside momentum and have the overall near-term
technical advantage. Bulls’ next upside price breakout
objective is pushing and closing prices above psychological
resistance at $9.00. The bears' next downside breakout
objective is pushing and closing prices below solid
technical support at $8.25. First resistance is seen at
$8.67 1/4 and then at $8.75. First support is seen at this
week’s low of $8.50 3/4 and then at $8.40. Wyckoff's Market
Rating: 4.0

March oats were down 4 3/4 cents at $3.75 3/4 today in late
trading. Prices were near the session low and hit a fresh
three-week low. Oats bulls still have the overall near-term
technical advantage, but are now fading. Bears' next
downside price breakout objective is pushing and closing
prices below solid technical support at $3.67 1/4. Bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at this week’s high
of $3.94. First support lies at $3.75 and then at $3.70.
First resistance is seen at $3.80 and then at today’s high
of $3.83 1/2. Wyckoff's Market Rating: 6.0

*. SOFTS: March sugar closed down 14 points at 19.25 cents
today. Prices closed near mid-range today. The key “outside
markets” were again bullish for the sugar market today, as
the U.S. dollar index was lower and crude oil prices were
sharply higher. Yet, sugar could not rally, which is
another bearish clue. Sugar bears 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 November high of 20.03 cents. Bears' next
downside price breakout objective is to push and close
prices below solid technical support at last week’s low of
18.31 cents. First resistance is seen at today’s high of
19.46 cents and then at 19.77 cents. First support is seen
at this week’s low of 19.06 cents and then at 19.00 cents.
Wyckoff's Market Rating: 2.0.

March coffee closed up 60 points at 144.60 cents. Prices
closed near mid-range today on tepid short covering in a
bear market. The key “outside markets” were bullish for the
coffee market today, as the U.S. dollar index was lower and
crude oil prices were sharply higher. The coffee bears have
the solid overall near-term technical advantage. Prices are
in a 10-week-old downtrend on the daily bar chart. The next
upside breakout objective for the bulls is to close prices
above solid technical resistance at 157.50 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 140.00 cents a
pound. First resistance is seen at this week’s high of
148.00 cents and then at 150.00 cents. First support is
seen at the contract low of 142.20 cents and then at 140.00
cents. Wyckoff's Market Rating: 1.0.

March cocoa closed down $37 at $2,360 a ton. Prices closed
nearer the session low and hit a fresh six-week low today.
The key “outside markets” were bullish for the cocoa market
again today as the U.S. dollar index was lower and crude
oil prices were sharply higher. Yet, cocoa bulls could get
no traction, which is a bearish clue. The cocoa bears now
have the near-term technical advantage. Prices are in a
three-week-old downtrend on the daily bar chart. 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 $2,453. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at the November low of
$2,322. First resistance is seen at $2,375 and then at
$2,400. First support is seen at today’s low of $2,345 and
then at $2,322. Wyckoff's Market Rating: 4.0

March cotton closed up 2 points at 75.97 cents today.
Prices closed nearer the session high again today and
closed at a fresh two-month high close. The key “outside
markets” were bullish for the cotton market today, as the
U.S. dollar index was lower and crude oil prices were
sharply higher. Given the weakness in grains and other
softs markets today, the cotton market performed pretty
well. The cotton bulls have the overall near-term technical
advantage. A five-week-old uptrend is in place 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 October high of 76.39 cents. The next
downside price breakout objective for the cotton bears is
to push and close prices below solid technical support at
the December low of 73.50 cents. First resistance is seen
at this week’s high of 76.29 cents and then at 77.00 cents.
First support is seen at today’s low of 75.41 cents and
then at 75.00 cents. Wyckoff's Market Rating: 6.0.

March orange juice closed up 185 points at $1.4185 today.
Prices closed near mid-range today and hit a fresh 7.5-
month high. FCOJ bulls have the solid overall near-term
technical advantage. The next upside price breakout
objective for the FCOJ bulls is pushing and closing prices
above technical resistance at $1.5000. The next downside
technical breakout objective for the FCOJ bears is to
produce a close below solid technical support at the
September high of $1.3095. First resistance is seen at
today’s high of $1.4450 and then at $1.4750. First support
is seen at today’s low of $1.3915 and then at $1.3750.
Wyckoff's Market Rating: 7.5.

January lumber futures closed steady at $358.70 today.
Prices closed near the session high today. The lumber bulls
have the solid 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 last week’s low of $342.10. The next upside
price breakout objective for the bulls is pushing and
closing prices above solid technical resistance at $370.00.
First resistance is seen at Monday’s contract high of
$360.70 and then at $362.50. First support is seen at
$355.40 and then at today’s low of $353.00. Wyckoff's
Market Rating: 8.0

*. METALS: February gold futures closed down $1.30 an ounce
at $1,669.40 today. Prices closed near mid-range today and
closed at a fresh 3.5-month low close. Bullish outside
markets did limit the downside in gold today, as the U.S.
dollar index was lower and crude oil prices were sharply
higher. Serious near-term chart damage has been inflicted
this week, to re-establish a 2.5-month-old downtrend on the
daily bar chart. Gold bears have the overall near-term
technical advantage. The gold bulls’ next upside price
breakout objective is to produce a close above
psychological resistance at $1,700.00. Bears' next near-
term downside breakout price objective is closing prices
below solid technical support at $1,650.00. First
resistance is seen at today’s high of $1,677.80 and then at
1,684.10. First support is seen at this week’s low of
$1,662.00 and then at $1,650.00. Wyckoff’s Market Rating:
4.0

March silver futures closed down $0.399 an ounce at $31.27
today. Prices closed nearer the session low again today and
hit another fresh six-week low. The silver bears have the
near-term technical advantage as prices are in a three-
week-old downtrend on the daily bar chart. Near-term chart
damage has been inflicted in silver recently, including
more today. Bulls’ next upside price breakout objective is
closing prices above solid technical resistance at $32.75
an ounce. The next downside price breakout objective for
the bears is closing prices below solid technical support
at the November low of $30.79. First resistance is seen at
$31.50 and then at today’s high of $31.87. Next support is
seen at today’s low of $31.085 and then at $31.00.
Wyckoff's Market Rating: 4.0.

March N.Y. copper closed down 450 points at 360.85 cents
today. Prices closed near the session low and hit a fresh
three-week low. Copper bulls still have the slight overall
near-term technical advantage, but did fade today and need
to show fresh power soon. Copper bulls' next upside
breakout objective is pushing and closing prices above
solid technical resistance at the December high of 372.10
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
355.00 cents. First resistance is seen at 363.50 cents and
then at 365.00 cents. First support is seen at today’s low
of 359.80 cents and then at 357.50 cents. Wyckoff's Market
Rating: 5.5.

*. ENERGIES: February crude oil closed up $1.38 a barrel at
$89.77 today. Prices closed nearer the session high today
and hit a fresh three-week high. A weaker U.S. dollar index
was again bullish for crude oil today. A bullish “cup and
saucer” formation has developed on the daily bar chart.
Crude oil bulls now have the slight near-term technical
advantage. The next near-term upside price breakout
objective for the crude oil bulls is producing a close
above solid technical resistance at the December high of
$90.90 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 the December low of
$85.76. First resistance is seen at today’s high of $90.33
and then at $90.90. First support is seen at $89.00 and
then at today’s low of $88.26. Wyckoff's Market Rating: 5.5

February heating oil closed up 353 points at $3.0292 today.
Prices closed nearer the session high today. Bulls and
bears are on a level near-term technical playing field.
Prices are still in a three-month-old downtrend on the
daily bar chart. The bulls' next upside price breakout
objective is closing prices above solid technical
resistance at the December high of $3.1026. Bears' next
downside price breakout objective is producing a close
below solid technical support at the December low of
$2.9027. First resistance lies at today’s high of $3.0350
and then at $3.0500. First support is seen at $3.0000 and
then at $2.9750. Wyckoff's Market Rating: 5.0.

February (RBOB) unleaded gasoline closed up 482 points at
$2.7324 today. Prices closed nearer the session high again
today. Bulls have the near-term technical advantage. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at the
December high of $2.7634. Bears' next downside price
breakout objective is closing prices below solid support at
the December low of $2.5959. First resistance is seen at
today’s high of $2.7390 and then at $2.7500. First support
is seen at $2.7000 and then at $2.6750. Wyckoff's Market
Rating: 6.0.

February natural gas closed down 7.5 cents at $3.38 today.
Prices closed near mid-range again today. Nat gas bears
have the near-term technical advantage. A steep four-week-
old downtrend is in place on the daily bar chart. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at the December
high of $3.765. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the August low of $3.222. First resistance is
seen at this week’s high of $3.486 and then at $3.50. First
support is seen at last week’s low of $3.316 and then at
$3.30. Wyckoff's Market Rating: 3.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 17 points at 1.3248 today. Prices closed nearer
the session low today but did hit another fresh 7.5-month
high today. The bulls have the solid near-term technical
advantage. A six-week-old uptrend is in place on the daily
bar chart. Euro bulls' next upside price breakout objective
is pushing and closing prices above solid technical
resistance at 1.3400. The next downside price breakout
objective for the bears is closing prices below solid chart
support at 1.3050. First resistance for the Euro lies at
1.3300 and then at today’s high of 1.3321. Next support is
seen at 1.3200 and then at this week’s low of 1.3156.
Wyckoff's Market Rating: 7.5

The March Japanese yen closed down 31 points at 1.1857
today. Prices closed nearer the session high today and hit
another fresh contract low. Bears have the solid overall
near-term technical advantage. Prices are in a steep 10-
week-old downtrend on the daily bar chart. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1.2000. Bears' next downside breakout
objective is closing prices below solid technical support
at 1.1750. First resistance is seen at 1.1900 and then at
this week’s high of 1.1968. First support is seen at
today’s contract low of 1.1827 and then at 1.1800.
Wyckoff's Market Rating: 1.0.

The March Swiss franc closed up 7 points at 1.0971 today.
Prices closed nearer the session low today and hit a fresh
seven-month high. The Swissy bulls have the solid near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 1.1100. The next downside price breakout
objective for the bears is closing prices below solid
technical support at 1.0800. First resistance is seen at
today’s high of 1.1021 and then at 1.1050. First support is
seen at 1.0925 and then at 1.0900. Wyckoff's Market Rating:
7.5.

The March Australian dollar closed down 43 points at 1.0416
today. Prices closed nearer the session low today and saw
some more mild profit taking. Prices Monday hit a contract
high. Bulls still have the solid overall near-term
technical advantage. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
1.0600. The next downside breakout objective for the bears
is to produce a close below solid technical support at
1.0360. First resistance is seen at today’s high of 1.0464
and then at 1.0487. Next support is seen at 1.0400 and then
at 1.0360. Wyckoff's Market Rating: 7.5

The March Canadian dollar closed down 33 points at 1.0096
today. Prices closed near the session low today on more
profit taking. Bulls still have the near-term technical
advantage. Prices are still in a four-week-old uptrend on
the daily bar chart. Bulls' next upside price breakout
objective is producing a close above chart resistance at
1.0200. The next downside price breakout objective for the
bears is closing prices below solid technical support at
1.0000. First resistance is seen at today’s high of 1.0133
and then at last week’s high of 1.0158. First support is
seen at today’s low of 1.0095 and then at 1.0050. Wyckoff's
Market Rating: 6.0.

The March British pound closed up 2 points at 1.6246 today.
Prices closed near the session low today and did hit a
fresh contract high early on. Bulls 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 1.6400. Bears' next downside
technical breakout objective is closing prices below solid
support at 1.6075. First resistance is seen at 1.6267 and
then at today’s high of 1.6304. First support is seen at
1.6191 and then at this week’s low of 1.6153. Wyckoff's
Market Rating: 7.5.

The March U.S. dollar index closed down 1 point at 79.37
today. Prices closed nearer the session high today and hit
a three two-month low. The bears have the near-term
technical advantage and have gained fresh downside momentum
this week. 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 80.50. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at the October low of 79.20. Next
resistance lies at 79.65 and then at this week’s high of
79.78. First support is seen at 79.20 and then at today’s
low of 79.01. Wyckoff's Market Rating: 2.5.

March U.S. T-Bonds closed up 15/32 at 146 13/32 today.
Prices closed near mid-range on short covering in a bear
market. Prices Tuesday hit a two-month low. Bulls have
faded badly and the bears have the near-term technical
advantage. The next downside price breakout objective for
the T-Bond bears is closing prices below solid technical
support at the October low of 144 27/32. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at 148 24/32. First
resistance is seen at today’s high of 146 31/32 and then at
147 8/32. First support is seen at today’s low of 145 27/32
and then at this week’s low of 145 19/32. Wyckoff's Market
Rating: 3.5.

March U.S. T Notes closed up 6.0 (32nds) at 132.04.0 today.
Prices closed near mid-range today and saw short covering
after prices Tuesday hit a six-week low. Bulls have faded
and bears have the slight near-term technical advantage.
The next upside price breakout objective for the bulls is
closing prices above solid resistance at 132.27.0. The next
downside price breakout objective for the bears is
producing a close below solid technical support at the
October low of 131.03.0. First resistance is seen at
today’s high of 132.11.0 and then at 132.16.0. First
support is seen at today’s low of 131.28.0 and then at this
week’s low of 131.25.5. Wyckoff's Market Rating: 4.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker today on a corrective pullback and profit taking
from recent strong gains. Earlier Wednesday there were
ideas the U.S. fiscal cliff matter will be resolved on
time, but more rhetoric out of Washington, D.C. Wednesday
afternoon tempered those notions and put some downside
pressure on the stock market.

The Nasdaq stock futures index closed down 8.75 at 2,692.75
today. Prices closed near the session low today and hit
another fresh two-month high early on. Bulls have the near-
term technical advantage. Bulls' next upside price breakout
objective is closing prices above solid resistance at
2,750.00. The bears' next downside price breakout objective
is closing prices below solid technical support at
2,600.00. First resistance is seen at today’s high of
2,713.75 and then at 2,725.00. First support is seen at
2,685.00 and then at Tuesday’s low of 2,662.25. Wyckoff's
Market Rating: 6.0

The S&P 500 futures index closed down 10.10 at 1,431.00.
Prices closed near the session low and did hit another
fresh two-month high early on today. Bulls have the near-
term technical advantage. A four-week-old uptrend is in
place on the daily bar chart. 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 the December low of 1,397.00. First
resistance is seen at today’s high of 1,445.80 and then at
1,460.00. First support is seen at Tuesday’s low of
1,425.50 and then at last week’s low of 1,406.00. Wyckoff's
Market Rating: 6.0.

The Dow futures closed down 57 points at 13,219. Prices
closed nearer the session low today. Bulls have the near-
term technical advantage. Prices are in a four-week-old
uptrend on the daily bar chart. The next upside price
objective for the bulls is closing prices above solid
technical resistance at 13,500. The next downside price
objective for the bears is closing prices below solid
technical support at the December low of 12,915. First
resistance in the Dow lies at 13,250 and then at this
week’s high of 13,310. First support is seen at 13,180 and
then at 13,150. 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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