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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--April 12

Apr 13, 2012

Thursday Evening, April 12-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: June live cattle closed up $2.10 at $117.15
today. Prices gapped higher on the daily bar chart, hit a
fresh two-week high and closed near mid-range. The bulls
did regain some upside technical momentum today to suggest
that a market low is in place. Follow-through buying and a
bullish weekly high close on Friday would give the bulls
much better confidence that a market low is in place. The
cash cattle market traded higher this week, which did help
to boost the futures. Short covering was also featured in
cattle today. The key “outside markets” were also in a
bullish posture for cattle today, as the U.S. dollar index
was solidly lower and crude oil prices were higher. Cattle
bears still have the overall near-term technical advantage.
The bulls' next upside price breakout objective is to push
and close prices above solid technical resistance at
$119.00. The next downside technical breakout objective for
the bears is pushing and closing prices below solid
technical support at the contract low of $115.00. First
resistance is seen at today’s high of $117.60 and then at
$118.00. First support is seen at today’s low of $116.60
and then at $116.00. Wyckoff's Market Rating: 3.0

May feeder cattle closed up $2.82 at $152.25 today. Prices
gapped sharply higher on the daily bar chart and closed
near the session high today. Short covering and bargain
hunting were featured and the bulls gained good upside
near-term technical momentum today. The next upside price
objective for the feeder bulls is to push and close prices
above technical resistance at $155.00. The next downside
price breakout objective for the bears is to push and close
prices below solid technical support at $150.00. First
resistance is seen at today’s high of $152.30 and then at
$153.00. First support is seen at today’s low of $151.40
and then at $151.00. Wyckoff's Market Rating: 4.0

June lean hogs closed up $0.57 at $93.22 today. Prices
closed nearer the session low again today. Short covering
in a bear market was featured today. The key “outside
markets” were in a bullish posture for hogs today, as the
U.S. dollar index was solidly lower and crude oil prices
were higher. Hog market bears still have the solid overall
near-term technical advantage. The next upside price
breakout objective for the hog bulls is to push and close
prices above solid chart resistance at $95.00. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at $91.50. First
resistance is seen at today’s high of $93.75 and then at
$94.10. First support is seen at $93.00 and then at this
week’s low of $92.20. Wyckoff's Market Rating: 2.5

*. GRAINS: May corn futures closed up 3 1/4 cents at $6.39
1/4 today. Prices closed nearer the session low today and
saw some short covering and bargain hunting. The key
“outside markets” were in a bullish posture for corn today,
as the U.S. dollar index was solidly lower and crude oil
prices were higher. Corn bulls and bears are on a level
near-term technical playing field. Corn bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at the April high of $6.65 3/4.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$6.25. First resistance for May corn is seen at today’s
high of $6.44 1/2 and then at $6.50. First support is seen
at today’s low of $6.36 1/2 and then at this week’s low of
$6.31. Wyckoff's Market Rating: 5.0

May soybeans closed up 20 1/2 cents at $14.42 1/2 a bushel
today. Prices closed near the session high today and closed
at a fresh seven-month high close. The key “outside
markets” were bullish for soybeans today as the U.S. dollar
index was solidly lower and crude oil prices were higher.
Bean bulls have the solid overall near-term technical
advantage. Bean prices are in a four-month-old uptrend on
the daily bar chart. The next near-term upside technical
breakout objective for the soybean bulls is pushing and
closing prices above solid technical resistance at the
August 2011 contract high of $14.68 1/2 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 today’s high of $14.44 1/2 and
then at this week’s high of $14.52 1/4. First support is
seen at $14.35 and then at $14.25. Wyckoff's Market Rating:
8.0.

May soybean meal closed up $7.00 at $393.80 today. Prices
closed nearer the session high today and closed at a fresh
seven-month high close. Meal bulls have the solid overall
near-term technical advantage. Prices are in a four-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 $400.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at
$380.00. First resistance comes in at this week’s high of
$396.60 and then at $400.00. First support is seen at
$390.00 and then at this week’s low of $385.60. Wyckoff's
Market Rating: 8.0

May bean oil closed up 71 points at 57.16 cents today.
Prices closed near the session high today and closed at a
fresh seven-month high close. The key “outside markets”
were bullish for soybean oil today as the U.S. dollar index
was solidly lower and crude oil prices were higher. Bean
oil bulls have the solid 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 58.00 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at 55.70 cents. First
resistance is seen at this week’s high of 57.45 cents and
then at 58.00 cents. First support is seen at 57.00 cents
and then at 56.75 cents. Wyckoff's Market Rating: 8.0

May Chicago SRW wheat closed up 11 cents at $6.49 today.
Prices closed near mid-range today and saw more short
covering in a bear market. The key “outside markets” were
in a bullish posture for wheat again today, as the U.S.
dollar index was solidly lower and crude oil prices were
higher. Wheat bears still have the overall near-term
technical advantage. Bulls’ next upside breakout objective
is to push and close Chicago SRW prices above solid
technical resistance at this week’s high of $6.53 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 March low of $6.11 1/4.
First resistance is seen at today’s high of $6.45 3/4 and
then at this week’s high of $6.53 1/4. First support lies
at today’s low of $6.28 and then at this week’s low of
$6.19 3/4. Wyckoff's Market Rating: 2.5.

May K.C. HRW wheat closed up 9 cents at $6.53 today. Prices
closed near the session high today and saw more short
covering in a bear market. The bears still have the solid
overall near-term technical advantage. Bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at $6.70. The bears' next
downside breakout objective is pushing and closing prices
below solid technical support at $6.25. First resistance is
seen at $6.60 and then at this week’s high of $6.68. First
support is seen at today’s low of $6.46 and then at this
week’s low of $6.38 1/2. Wyckoff's Market Rating: 2.0

May oats closed up 5 1/2 cents at $3.34 3/4 today. Prices
closed near the session high today and saw short covering.
Bulls have the slight near-term technical advantage. Bears'
next downside price breakout objective is pushing and
closing prices below solid technical support at $3.22.
Bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at the
March high of $3.50. First support lies at today’s low of
$3.30 and then at this week’s low of $3.26 1/2. First
resistance is seen at $3.35 3/4 and then at $3.38.
Wyckoff's Market Rating: 5.5

*. SOFTS: May sugar closed up 24 points at 24.19 cents
today. Prices closed nearer the session high today on more
short covering. The key “outside markets” were in a bullish
posture for sugar again today, as the U.S. dollar index was
solidly lower and crude oil prices were higher. Bears still
have the slight near-term technical advantage. Sugar bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at this week’s high
of 24.86 cents. Bears' next downside price breakout
objective is to push and close prices below solid technical
support at the March low of 23.26 cents. First resistance
is seen at today’s high of 24.33 cents and then at 24.50
cents. First support is seen at 24.00 cents and then at
today’s low of 23.90 cents. Wyckoff's Market Rating: 4.5.

May coffee closed up 135 points at 182.00 cents. Prices
closed near mid-range today and saw more short covering in
a bear market. The key “outside markets” were in a bullish
posture for coffee again today, as the U.S. dollar index
was solidly lower and crude oil prices were higher. Coffee
prices are still in a seven-month-old downtrend on the
daily bar chart. The bears still have the solid overall
near-term technical advantage. The coffee bulls' next
upside breakout objective is to close prices above solid
technical resistance at the April high of 190.45 cents. The
next downside price breakout objective for the bears is
closing prices below solid technical support at the March
low of 174.45 cents a pound. First resistance is seen at
today’s high of 183.30 cents and then at 185.00 cents.
First support is seen at 180.00 cents and then at this
week’s low of 177.55 cents. Wyckoff's Market Rating: 2.5

May cocoa closed up $53 at $2,156 a ton. Prices closed
nearer the session high today and saw more short covering
in a bear market. The key “outside markets” were in a
bullish posture for cocoa again today, as the U.S. dollar
index was lower and crude oil prices were higher. Cocoa
bears still have the overall near-term technical advantage.
The next upside price breakout objective for the cocoa
bulls is to push and close prices above solid technical
resistance at $2,250. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at the January low of $2,030. First
resistance is seen at today’s high of $2,167 and then at
$2,200. First support is seen at $2,127 and then at $2,100.
Wyckoff's Market Rating: 3.0

May cotton closed up 162 points at 93.00 cents today.
Prices closed nearer the session high today and saw more
short covering and fresh bargain hunting buying today. The
key “outside markets” were in a bullish posture for cotton
again today, as the U.S. dollar index was solidly lower and
crude oil prices were higher. Cotton bulls and bears are
once again back 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 March high of 94.39 cents. The next
downside price breakout objective for the cotton bears is
to push and close prices below solid technical support at
the April low of 88.20 cents. First resistance is seen at
today’s high of 93.30 cents and then at 94.39 cents. First
support is seen at 92.00 cents and then at today’s low of
91.10 cents. Wyckoff's Market Rating: 5.0

May orange juice closed up 315 points at $1.4485 today.
Prices closed nearer the session high today and saw short
covering in a bear market. Prices Wednesday hit a contract
and 1.5-year low. Very serious near-term chart damage has
been inflicted in FCOJ recently. Bears still have the solid
near-term technical advantage. Prices are in a steep five-
week-old downtrend on the daily bar chart. 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 $1.3000. First resistance is seen at today’s high of
$1.4690 and then at $1.5000. First support is seen at
today’s low of $1.4020 and then at this week’s low of
$1.3835. Wyckoff's Market Rating: 2.0.

May lumber futures closed up $2.70 at $266.90 today. Prices
closed near mid-range on short covering. 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 March low of $254.00. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at $275.00. First resistance is
seen at this week’s high of $270.00 and then at $272.50.
First support is seen at today’s low of $264.40 and then at
this week’s low of $262.00. Wyckoff's Market Rating: 4.0

*. METALS: June gold futures closed up $18.10 an ounce at
$1,678.30 today. Prices closed nearer the session high and
scored a bullish “outside day” up on the daily bar chart
today, whereby the high was higher and low was lower than
the previous day’s trading range, with a higher close.
Short covering and bargain hunting were featured today. The
key outside markets were in a bullish posture again today,
as the U.S. dollar index was lower and crude oil prices
were higher. The bulls did gain fresh upside near-term
technical momentum today and are now back on a level near-
term technical playing field with the bears. The gold
bulls’ next upside price breakout objective is to produce a
close above solid technical resistance at the April high of
$1,685.40. Bears' next near-term downside price objective
is closing prices below technical support at the April low
of $1,613.00. First resistance is seen at today’s high of
$1,681.30 and then at $1,685.40. First support is seen at
$1,665.00 and then at today’s low of $1,651.00. Wyckoff's
Market Rating: 5.0.

May silver futures closed up $0.919 an ounce at $32.44
today. Prices closed near the session high today. The key
outside markets were in a bullish posture for silver again
today, as the U.S. dollar index was lower and crude oil
prices were higher. Silver bulls gained some fresh upside
near-term technical momentum today. Bulls’ next upside
price breakout objective is closing prices above solid
technical resistance at the April high of $33.295 an ounce.
The next downside price breakout objective for the bears is
closing prices below solid technical support at the April
low of $30.98. First resistance is seen at today’s high of
$32.58 and then at $33.00. Next support is seen at $32.00
and then at today’s low of $31.42. Wyckoff's Market Rating:
4.5.

May N.Y. copper closed up 755 points 371.50 cents today.
Prices closed nearer the session high and saw short
covering from recent strong selling pressure. Prices
Wednesday hit a three-month low. The key outside markets
were in a bullish posture for copper today, as the U.S.
dollar index was lower and crude oil prices were higher.
Copper bears still have the slight near-term technical
advantage. Copper bulls' next upside breakout objective is
pushing and closing prices above solid technical resistance
at 385.00 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at 350.00 cents. First resistance is seen at
today’s high of 373.10 cents and then at 375.00 cents.
First support is seen at 370.00 cents and then at 367.50
cents. Wyckoff's Market Rating: 4.5.

*. ENERGIES: May crude oil closed up $1.01 a barrel at
$103.73 today. Prices closed nearer the session high today
and saw more short covering and bargain hunting. A lower
U.S. dollar index supported crude again today. However, a
five-week-old downtrend line is still in place on the daily
bar chart. Bulls and bears are on a level near-term
technical playing field. The next near-term upside price
breakout objective for the crude oil bulls is producing a
close above solid technical resistance at $106.00 a barrel.
The next near-term downside price breakout objective for
the crude oil bears is to produce a close below major
psychological support at $100.00. First resistance is seen
at today’s high of $104.24 and then at $105.00. First
support is seen at $103.00 and then at today’s low of
102.39. Wyckoff's Market Rating: 5.0

May heating oil closed up 547 points at $3.1690 today.
Prices closed near the session high. Bulls and bears are on
a level near-term technical playing field. The bulls' next
upside price breakout objective is closing prices above
solid technical resistance at the April high of $3.2610.
Bears' next downside price breakout objective is producing
a close below major psychological support at $3.0000. First
resistance lies at today’s high of $3.1708 and then at
$3.2000. First support is seen at $3.1500 and then at
$3.1250. Wyckoff's Market Rating: 5.0.

May (RBOB) unleaded gasoline closed up 645 points at
$3.3600 today. Prices closed near the session high again
today. Bulls have the overall near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
the April high of $3.4278. Bears' next downside price
breakout objective is closing prices below solid support at
$3.1900. First resistance is seen at $3.3756 and then at
$3.3400. First support is seen at $3.3500 and then at
$3.3250. Wyckoff's Market Rating: 7.0.

May natural gas closed down 0.1 cent at $1.983 today.
Prices closed near the session low again today and hit
another fresh contract and 10-year low today. The bears
have the solid overall near-term technical advantage. There
are no early clues to suggest a market low is close at
hand. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
$2.25. The next downside price breakout objective for the
bears is closing prices below solid technical support at
$1.75. First resistance is seen at today’s high of $2.069
and then at $2.10. First support is seen at today’s
contract low of $1.971 and then at $1.90. Wyckoff's Market
Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed up 89 points at 1.3193 today. Prices closed nearer
the session high today. Bulls regained some upside
technical momentum today and are now back on a level near-
term technical playing field with the bears. Euro bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at 1.3300. The next
downside price breakout objective for the bears is closing
prices below solid chart support at the April low of
1.3037. First resistance for the Euro lies at today’s high
of 1.3218 and then at 1.3250. Next support is seen at
1.3150 and then at today’s low of 1.3106. Wyckoff's Market
Rating: 5.0

The June Japanese yen closed up 3 points at 1.2371 today.
Prices closed near mid-range today. Bulls have gained some
upside near-term technical momentum recently but have more
work to do to suggest an uptrend can be sustained. Bulls'
next upside price breakout objective is closing prices
above solid resistance at the March high of 1.2421. Bears'
next downside breakout objective is closing prices below
solid technical support at 1.2000. First resistance is seen
at this week’s high of 1.2420 and then at 1.2500. First
support is seen at today’s low of 1.2333 and then at
1.2300. Wyckoff's Market Rating: 4.0.

The June Swiss franc closed up 72 points at 1.0985 today.
Prices closed nearer the session high today. The bears and
bears are now back on a level near-term technical playing
field. The next upside price breakout objective for the
bulls is closing prices above solid resistance at the April
high of 1.1119. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the April low of 1.0854. First resistance is
seen at today’s high of 1.1009 and then at 1.1040. First
support is seen at 1.0950 and then at today’s low of
1.0906. Wyckoff's Market Rating: 5.0.

The June Australian dollar closed up 147 points at 1.0367
today. Prices closed near the session high today on more
short covering. Bulls and bears are now back on a level
near-term technical playing field. Bulls' next upside price
breakout objective is closing prices above solid chart
resistance at 1.0461. The next downside breakout objective
for the bears is to produce a close below solid technical
support at this week’s low of 1.0150. First resistance is
seen at today’s high of 1.0376 and then at 1.0400. Next
support is seen at 1.0300 and then at today’s low of
1.0225. Wyckoff's Market Rating: 5.0

The June Canadian dollar closed up 96 points at 1.0041
today. Prices closed near the session high today. The bulls
have the slight overall near-term technical advantage.
Bulls' next upside price breakout objective is producing a
close above chart resistance at the April high of 1.0097.
The next downside price breakout objective for the bears is
closing prices below solid technical support at .9800.
First resistance is seen at today’s high of 1.0046 and then
at 1.0097. First support is seen at 1.0000 and then at
.9975. Wyckoff's Market Rating: 5.5.

The June British pound closed up 61 points at 1.5957 today.
Prices closed nearer the session high today. Bulls have the
overall near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at the April high of
1.6056. Bears' next downside technical breakout objective
is closing prices below solid support at the April low of
1.5797. First resistance is seen at today’s high of 1.5979
and then at 1.6056. First support is seen at today’s low of
1.5902 and then at 1.5845. Wyckoff's Market Rating: 6.0.

The June U.S. dollar index closed down 52 points at 79.47
today. Prices closed nearer the session low today. Bulls
are fading again. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at the April high of 80.38. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at the April low of
78.79. Next resistance lies at today’s high of 79.95 and
then at 80.38. First support is seen at today’s low of
79.36 and then at 79.00. Wyckoff's Market Rating: 5.0.

June U.S. T-Bonds closed down 13/32 at 140 12/32 today.
Prices closed near mid-range today and saw more profit
taking from recent solid gains. Bulls still have the slight
near-term technical advantage. The next downside price
breakout objective for the T-Bond bears is closing prices
below solid technical support at 139 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at the March high of 142
10/32. First resistance is seen at today’s high of 141 1/32
and then at 141 16/32. First support is seen at today’s low
of 140 1/32 and then at 139 16/32. Wyckoff's Market Rating:
5.5.

June U.S. T Notes closed down 7.5 (32nds) at 131.03.0
today. Prices closed nearer the session low today and saw
more profit taking from recent solid gains. 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 January and February
high of 132.05.5. The next downside price breakout
objective for the bears is producing a close below solid
technical support at 130.00.0. First resistance is seen at
today’s high of 131.15.0 and then at this week’s high of
131.23.5. First support is seen at today’s low of 131.00.0
and then at this week’s low of 130.28.5. Wyckoff's Market
Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
solidly higher today on some more bargain hunting following
recent selling pressure. Stock index bulls needed to show
more power to restart their near-term price uptrends, and
began that process today.

The Nasdaq stock futures index closed up 34.50 at 2,738.75.
Prices closed near the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 2,800.00. The bears' next downside
price breakout objective is closing prices below solid
technical support at the March low of 2,575.00. First
resistance is seen at today’s high of 2,740.25 and then at
this week’s high of 2,748.00. First support is seen at
2,700.00 and then at this week’s low of 2,684.25. Wyckoff's
Market Rating: 7.0

The S&P 500 futures index closed up 21.90 at 1,385.90.
Prices closed near the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1,425.00. The next downside price
breakout objective for the bears is closing prices below
solid support at the March low of 1,338.80. First
resistance is seen at 1,400.00 and then at the March high
of 1,419.60. First support is seen at 1,375.00 and then at
today’s low of 1,363.40. Wyckoff's Market Rating: 6.5.

The Dow futures closed up 206 points at 12,950 today.
Prices closed near the session high today. The next upside
price objective for the bulls is closing prices above solid
technical resistance at 13,000. The next downside price
objective for the bears is closing prices below solid
technical support at 12,500. First resistance in the Dow
lies at today’s high of 12,953 and then at 13,000. First
support is seen at 12,900 and then at 12,850. 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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