Aug 1, 2014
Home| Tools| Events| Blogs| Discussions Sign UpLogin


Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--April 2

Apr 03, 2012

Monday Evening, April 2-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 $0.65 at $116.80
today. Prices closed nearer the session high today on short
covering after hitting a fresh 10.5-month low early on. The
key “outside markets” were bullish for the cattle market
today, as the U.S. dollar index was weaker and crude oil
prices were solidly higher. While serious chart damage has
been inflicted recently, my bias is that the cattle market
is at or near a major low. Cattle futures bears do still
have the solid overall near-term technical advantage.
Prices are in a steep six-week-old downtrend on the daily
bar chart. 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 $115.00. First resistance is
seen at today’s high of $117.00 and then at $117.50. First
support is seen at $116.10 and then at today’s low of
$115.60. Wyckoff's Market Rating: 2.0

May feeder cattle closed up $0.30 at $149.42 today. Prices
closed nearer the session high today and saw tepid short
covering after hitting a fresh 3.5-month low early on
today. Bears still have the overall near-term technical
advantage. Prices are in a steep four-week-old downtrend on
the daily bar chart. The next upside price objective for
the feeder bulls is to push and close prices above
technical resistance at $152.00. The next downside price
breakout objective for the bears is to push and close
prices below solid technical support at the December low of
$145.30. First resistance is seen at $150.00 and then at
$151.00. First support is seen at $149.00 and then at
$148.00. Wyckoff's Market Rating: 2.5

June lean hogs closed up $1.77 at $92.17 today. Prices
closed near the session high today and saw short covering
in a bear market. The key “outside markets” were bullish
for the hog market today, as the U.S. dollar index was
weaker and crude oil prices were solidly higher. Prices
Friday hit a 10-month low. Serious chart damage has been
inflicted recently. Hog prices are still in a steep five-
week-old downtrend on the daily bar chart. Bears still have
the overall near-term technical advantage. However, my bias
is that a market low is in place or close at hand. The next
upside price breakout objective for the hog bulls is to
push and close prices above solid chart resistance at last
week’s high of $94.10. The next downside price breakout
objective for the bears is pushing prices below solid
technical support at last week’s low of $89.85. First
resistance is seen at $92.50 and then at $93.00. First
support is seen at $91.50 and then at today’s low of
$90.80. Wyckoff's Market Rating: 2.5

*. GRAINS: May corn futures closed up 13 cents at $6.57
today. Prices closed nearer the session high today and saw
good follow-through buying after Friday’s limit-up gains in
the wake of the bullishly construed USDA report Friday
morning. The key “outside markets” were bullish for the
corn market today, as the U.S. dollar index was weaker and
crude oil prices were solidly higher. Corn bulls have
quickly gained fresh upside near-term technical momentum to
suggest a market low is in place and that prices can work
sideways to higher in the coming weeks. Focus of grain
traders now turns to U.S. weather in the Midwest. Corn
bulls now have the slight near-term technical advantage.
Corn bulls' next upside price breakout objective is to push
and close prices above solid technical resistance at the
March high of $6.75 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 $6.59 1/2 and then at
$6.65. First support is seen at $6.50 and then at today’s
low of $6.46 1/2. Wyckoff's Market Rating: 5.5

May soybeans closed up 18 1/4 cents at $14.21 1/4 a bushel
today. Prices closed near mid-range today and hit a fresh
6.5-month high, in the wake of Friday’s very bullish USDA
planting intentions report. The key “outside markets” were
bullish for the soybean market today, as the U.S. dollar
index was weaker and crude oil prices were solidly higher.
Bean bulls have the solid overall near-term technical
advantage. Bean prices are in a 3.5-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 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 last week’s
low of $13.51. First resistance is seen at today’s high of
$14.33 3/4 and then at $14.50. First support is seen at
today’s low of $14.06 1/2 and then at $14.00. Wyckoff's
Market Rating: 8.0.

May soybean meal closed up $2.50 at $391.20 today. Prices
closed nearer the session low today after hitting a fresh
contract high early on today. Meal bulls have the solid
overall near-term technical advantage. Prices are in a 3.5-
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 last
week’s low of $372.40. First resistance comes in at today’s
high of $395.30 and then at $398.00. First support is seen
at today’s low of $389.80 and then at $385.00. Wyckoff's
Market Rating: 8.0

May bean oil closed up 106 points at 56.16 cents today.
Prices closed nearer the session high today and hit a fresh
6.5-month high. The key “outside markets” were bullish for
the bean oil market today, as the U.S. dollar index was
weaker and crude oil prices were solidly higher. Bean oil
bulls have quickly regained 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 57.50 cents. Bean oil bears' next
downside technical price breakout objective is pushing and
closing prices below solid technical support at last week’s
low of 53.59 cents. First resistance is seen at today’s
high of 56.48 cents and then at 56.75 cents. First support
is seen at 55.82 cents and then at 55.50 cents. Wyckoff's
Market Rating: 7.0

May Chicago SRW wheat closed down 3 3/4 cents at $6.57
today. Prices closed near mid-range on a corrective
pullback from solid gains posted Friday, in the wake of a
bullish USDA report Friday morning. Bears still have the
near-term technical advantage but my bias is that the
market put in a near-term low last week. Bulls’ next upside
breakout objective is to push and close Chicago SRW prices
above solid technical resistance at the March high of $6.77
3/4 a bushel. The next downside price breakout objective
for the wheat futures bears is pushing and closing prices
below solid technical support at last week’s low of $6.11
1/4. First resistance is seen at today’s high of $6.66 1/2
and then at $6.70 1/2. First support lies at today’s low of
$6.49 1/4 and then at $6.40. Wyckoff's Market Rating: 4.0.

May K.C. HRW wheat closed down 7 1/2 cents at $6.90 today.
Prices closed nearer the session low today and saw a
corrective pullback from big gains scored Friday. While
Bears still have the overall near-term technical advantage
my bias is that HRW wheat has also put in a market low.
Bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at $7.00.
The bears' next downside breakout objective is pushing and
closing prices below solid technical support at last week’s
low of $6.53. First resistance is seen at today’s high of
$6.97 and then at $7.00. First support is seen at today’s
low of $6.86 1/2 and then at $6.80. Wyckoff's Market
Rating: 4.0

May oats closed down 6 1/2 cents at $3.34 3/4 today. Prices
closed nearer the session low today on profit taking.
Prices Friday hit a 4.5-month high. Bulls still have the
overall 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 last week’s high of
$3.50. First support lies at today’s low of $3.33 1/4 and
then at $3.30. First resistance is seen at $3.39 and then
at $3.41. Wyckoff's Market Rating: 6.0

*. SOFTS: May sugar closed down 17 points at 24.54 cents
today. Prices closed nearer the session low today. While
bulls and bears are on a level near-term technical playing
field, a bearish pennant pattern has formed on the daily
bar chart. Sugar bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at 25.66 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at 24.00 cents. First resistance is seen
at today’s high of 24.78 cents and then at 25.00 cents.
First support is seen at 24.42 cents and then at 24.25
cents. Wyckoff's Market Rating: 5.0.

May coffee closed up 375 points at 186.20 cents. Prices
closed nearer the session high today and saw short covering
in a bear market. The key “outside markets” were bullish
for the coffee market today, as the U.S. dollar index was
weaker and crude oil prices were solidly 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 195.00 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 188.45 cents and
then at 190.00 cents. First support is seen at 185.00 cents
and then at 182.50 cents. Wyckoff's Market Rating: 2.5

May cocoa closed down $38 at $2,181 a ton. Prices closed
nearer the session low, hit a fresh six-week low and scored
a bearish “outside day” down on the daily bar chart today.
Cocoa bears have the near-term technical advantage and
gained more downside momentum today. The next upside price
breakout objective for the cocoa bulls is to push and close
prices above solid technical resistance at $2,300. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
February low of $2,144. First resistance is seen at $2,200
and then at $2,250. First support is seen at today’s low of
$2,162 and then at $2,144. Wyckoff's Market Rating: 3.0

May cotton closed down 40 points at 93.12 cents today.
Prices closed nearer the session high today. The market is
consolidating recent gains. Cotton bulls and bears are
still on a level near-term technical playing field as bulls
have gained some upside momentum recently to suggest a
market low is in place. A bullish “rounding-bottom”
reversal pattern 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 95.00
cents. The next downside price breakout objective for the
cotton bears is to push and close prices below solid
technical support at 90.00 cents. First resistance is seen
at today’s high of 93.70 cents and then at last week’s high
of 94.39 cents. First support is seen at 92.50 cents and
then at 92.00 cents. Wyckoff's Market Rating: 5.0

May orange juice closed down 205 points at $1.6245 today.
Prices closed nearer the session low today and hit a fresh
three-month low. Serious near-term chart damage has been
inflicted in FCOJ recently. Bears have the near-term
technical advantage. The next upside price breakout
objective for the FCOJ bulls is pushing and closing prices
above technical resistance at $1.7500. The next downside
technical breakout objective for the FCOJ bears is to
produce a close below solid technical support at the
December low of $1.6000. First resistance is seen at
today’s high of $1.6460 and then at $1.6750. First support
is seen at today’s low of $1.6135 and then at $1.6000.
Wyckoff's Market Rating: 3.0.

May lumber futures closed down $0.60 at $260.30 today.
Prices closed near mid-range today. The bears still have
the overall near-term technical advantage. Prices are in a
five-week-old downtrend on the daily bar chart. The next
downside technical breakout objective for the lumber bears
is pushing and closing prices below solid technical support
at the January low of $250.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at $267.50. First
resistance is seen at today’s high of $263.10 and then at
last week’s high of $265.30. First support is seen at
today’s low of $258.00 and then at $256.00. Wyckoff's
Market Rating: 2.5

*. METALS: June gold futures closed up $8.00 an ounce at
$1,679.90 today. Prices closed nearer the session high
today on bargain hunting and short covering. The key
“outside markets” turned bullish for gold in morning
dealings, as the U.S. dollar index was weaker and crude oil
prices were higher. The bears still have the slight near-
term technical advantage in gold. 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 price objective is closing prices below solid
technical support at the March low of $1,629.80. First
resistance is seen at today’s high of $1,685.40 and then at
$1,700.00. First support is seen at today’s low of
$1,664.40 and then at $1,650.00. Wyckoff's Market Rating:
4.5.

May silver futures closed up $0.656 an ounce at $33.14
today. Prices closed nearer the session high today and hit
a fresh nearly three-week high on short covering and
bargain hunting. The key “outside markets” were bullish for
silver today. The U.S. dollar index was weaker and crude
oil prices were higher. Silver bears still have the slight
near-term technical advantage. Bulls’ next upside price
breakout objective is closing prices above solid technical
resistance at $34.50 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the March low of $31.09. First
resistance is seen at today’s high of $33.25 and then at
$33.50. Next support is seen at $33.00 and then at $32.50.
Wyckoff's Market Rating: 4.5.

May N.Y. copper closed up 945 points 391.95 cents today.
Prices closed nearer the session high today and closed at a
fresh four-week high close. The key “outside markets” were
bullish for copper today. The U.S. dollar index was weaker
and crude oil prices were higher. Copper bulls have the
overall near-term technical advantage and gained some fresh
upside momentum today. Copper bulls' next upside breakout
objective is pushing and closing prices above solid
technical resistance at 400.00 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at last week’s low of 376.20
cents. First resistance is seen at today’s high of 393.25
cents and then at 395.00 cents. First support is seen at
390.00 cents and then at 387.50 cents. Wyckoff's Market
Rating: 6.5.

*. ENERGIES: May crude oil closed up $2.27 a barrel at
$105.30 today. Prices closed near the session high today
after hitting a fresh six-week low early on. Prices did
score a bullish “outside day” up on the daily bar chart
today. However, a four-week-old downtrend line is still in
place on the daily bar chart. Crude oil bulls did regain
the slight near-term technical advantage today. The next
near-term upside price breakout objective for the crude oil
bulls is producing a close above solid technical resistance
at $108.00 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 $106.00 and then at $107.00. First
support is seen at $104.00 and then at 103.00. Wyckoff's
Market Rating: 5.5

May heating oil closed up 848 points at $3.2549 today.
Prices closed near the session high today after hitting a
fresh six-week low early on. Prices also scored a bullish
“outside day” up on the daily bar chart. Bulls have the
overall near-term technical advantage. The bulls' next
upside price breakout objective is closing prices above
solid technical resistance at the March high of $3.3127.
Bears' next downside price breakout objective is producing
a close below solid technical support at $3.1000. First
resistance lies at $3.2821 and then at $3.3000. First
support is seen at $3.2250 and then at $3.2000. Wyckoff's
Market Rating: 6.5.

May (RBOB) unleaded gasoline closed up 797 points at
$3.3878 today. Prices closed near the session high today
and scored a bullish “outside day” up on the daily bar
chart. 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
$3.5000. Bears' next downside price breakout objective is
closing prices below solid support at $3.2500. First
resistance is seen at the March high of $3.4118 and then at
$3.4250. First support is seen at $3.3500 and then at
$3.3250. Wyckoff's Market Rating: 7.5.

May natural gas closed up 3.0 cents at $2.156 today. Prices
closed near the session high today and hit another fresh
contract low early on. The bears still 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 $2.40. The next
downside price breakout objective for the bears is closing
prices below major psychological support at $2.00. First
resistance is seen at $2.20 and then at $2.25. First
support is seen at today’s contract low of $2.069 and then
at $2.00. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed down 1 point at 1.3337 today. Prices closed near
mid-range again today. Bulls still have the slight near-
term technical advantage but need to show fresh power soon
to keep it. Euro bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at the February high of 1.3494. The
next downside price breakout objective for the bears is
closing prices below solid chart support at the March low
of 1.3009. First resistance for the Euro lies at last
week’s high of 1.3391 and then at 1.3450. Next support is
seen at today’s low of 1.3283 and then at 1.3257. Wyckoff's
Market Rating: 5.5

The June Japanese yen closed up 102 points at 1.2179 today.
Prices closed nearer the session high today on more short
covering in a bear market. Bears still have the overall
near-term technical advantage. 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 the March low of 1.1889. First resistance is seen at
last week’s high of 1.2229 and then at 1.2300. First
support is seen at 1.2100 and then at today’s low of
1.2011. Wyckoff's Market Rating: 3.0.

The June Swiss franc closed down 6 points at 1.1080 today.
Prices closed near mid-range today and hit a fresh four-
week high. Bulls have regained the slight near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at the March high of 1.1213. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 1.0900. First resistance
is seen at today’s high of 1.1119 and then at 1.1213. First
support is seen at today’s low of 1.1034 and then at
1.1000. Wyckoff's Market Rating: 5.5.

The June Australian dollar closed up 72 points at 1.0341
today. Prices closed nearer the session high today. Bulls
and bears are on a level near-term technical playing field.
Prices have been trending lower for four weeks. Bulls' next
upside price breakout objective is closing prices above
solid chart resistance at last week’s high of 1.0461. The
next downside breakout objective for the bears is to
produce a close below solid technical support at last
week’s low of 1.0214. First resistance is seen at 1.0366
and then at 1.0400. Next support is seen at today’s low of
1.0278 and then at 1.0214. Wyckoff's Market Rating: 5.0

The June Canadian dollar closed up 76 points at 1.0085
today. Prices closed near the session high today. Bulls
have the overall near-term technical advantage and gained
fresh upside momentum today. Bulls' next upside price
breakout objective is producing a close above chart
resistance at the February high of 1.0133. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the March low of
.9946. First resistance is seen at today’s high of 1.0096
and then at 1.0133. First support is seen at 1.0050 and
then at 1.0000. Wyckoff's Market Rating: 7.0.

The June British pound closed up 38 points at 1.6026 today.
Prices closed nearer the session high today and hit a fresh
4.5-month high. 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 October and November highs of 1.6094. Bears' next
downside technical breakout objective is closing prices
below solid support at last week’s low of 1.5832. First
resistance is seen at today’s high of 1.6056 and then at
1.6100. First support is seen at today’s low of 1.5972 and
then at 1.5900. Wyckoff's Market Rating: 6.5.

The June U.S. dollar index closed down 15 points at 78.98
today. Prices closed nearer the session low today. Bears
have the slight near-term technical advantage. Bulls' next
upside price breakout objective is to close prices above
solid technical resistance at the March high of 80.19. The
next downside price breakout objective for the bears is to
produce a close below solid technical support at the
February low of 78.42. Next resistance lies at today’s high
of 79.27 and then at 79.53. First support is seen at last
week’s low of 78.87 and then at 78.42. Wyckoff's Market
Rating: 4.5.

June U.S. T-Bonds closed up 7/32 at 137 31/32 today. Prices
closed near mid-range today. Bulls and bears are on a level
near-term technical playing field. The next downside price
breakout objective for the T-Bond bears is closing prices
below solid technical support at 136 16/32. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at 140 even. First
resistance is seen at today’s high of 138 22/32 and then at
last week’s high of  139 5/32. First support is seen at 137
14/32 and then at today’s low of 137 7/32. Wyckoff's Market
Rating: 5.0.

June U.S. T Notes closed up 7.0 (32nds) at 129.22.5 today.
Prices closed nearer the session high today. Bulls and
bears are on a level near-term technical playing field. The
next upside price breakout objective for the bulls is
closing prices above solid resistance at 131.00.0. The next
downside price breakout objective for the bears is
producing a close below solid technical support at last
week’s low of 128.20.0. First resistance is seen at today’s
high of 129.30.0 and then at last week’s high of 130.02.0.
First support is seen at 129.13.5 and then at today’s low
of 129.05.5. Wyckoff's Market Rating: 5.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer today. It was also a bit of a “risk on” day in the
market place today. The stock index bulls still have the
solid near-term technical advantage and the path of least
resistance for prices remains sideways to higher amid no
early warning signals that market tops are close at hand.

The Nasdaq stock futures index closed up 25.75 at 2,776.50.
Prices closed nearer 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 2,700.00. First resistance is seen at
last week’s high of 2,790.25 and then at 2,800.00. First
support is seen at 2,750.00 and then at today’s low of
2,743.50. Wyckoff's Market Rating: 8.0

The S&P 500 futures index closed up 9.40 at 1,412.60.
Prices closed nearer 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 1,350.00. First resistance is seen at last
week’s high of 1,419.60 and then at 1,425.00. First support
is seen at today’s low of 1,399.20 and then at last week’s
low of 1,386.50. Wyckoff's Market Rating: 8.0.

The Dow futures closed up 47 points at 13,189 today. Prices
closed nearer the session high and hit a fresh four year
high today. 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 March
low of 12,698. First resistance in the Dow lies at today’s
high of 13,227 and then at 13,250. First support is seen at
today’s low of 13,090 and then at 13,050. Wyckoff's Market
Rating: 8.0.

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
 

Log In or Sign Up to comment

COMMENTS

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