Jul 23, 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 3

Apr 04, 2012

Tuesday Evening, April 3-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 down $0.75 at $116.05
today. Prices closed near mid-range today and hit a fresh
10.5-month low. The key “outside markets” were bearish for
the cattle market today, as the U.S. dollar index was
higher and crude oil prices were lower. While serious chart
damage has been inflicted recently, my bias is that the
cattle market is 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 $117.05 and then at $117.50. First
support is seen at today’s low of $115.45 and then at
$115.00. Wyckoff's Market Rating: 1.5

May feeder cattle closed down $1.20 at $148.22 today.
Prices closed near the session low today and closed at a
fresh 3.5-month low close. Bears have the solid 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
$149.00 and then at $150.00. First support is seen at this
week’s low of $147.55 and then at $147.00. Wyckoff's Market
Rating: 2.0

June lean hogs closed down $0.52 at $91.65 today. Prices
closed nearer the session low today. The key “outside
markets” were bearish for the hog market today, as the U.S.
dollar index was higher and crude oil prices were lower.
Serious chart damage has been inflicted recently. Hog
prices are 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 this week’s high
of $92.20 and then at $92.45. First support is seen at
$91.00 and then at this week’s low of $90.80. Wyckoff's
Market Rating: 2.0

*. GRAINS: May corn futures closed up 3 1/4 cents at $6.58
1/4 today. Prices closed near mid-range today and hit a
fresh two-week high. The key “outside markets” were bearish
for the corn market today, as the U.S. dollar index was
higher and crude oil prices were lower. Yet, corn managed
to post gains anyway, which is another bullish clue for
corn. Corn bulls have fresh upside near-term technical
momentum to suggest 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 have the slight overall
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 $6.65 3/4 and then at $6.70. First support is seen
at today’s low of $6.52 and then at this week’s low of
$6.46 1/2. Wyckoff's Market Rating: 5.5

May soybeans closed down 4 1/4 cents at $14.16 3/4 a bushel
today. Prices closed nearer the session low today and did
hit a fresh 6.5-month high early on. The key “outside
markets” were bearish for the soybean market today, as the
U.S. dollar index was higher and crude oil prices were
lower. Bean bulls still 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 $14.34 1/4 and then at $14.50. First support is
seen at this week’s low of $14.06 1/2 and then at $14.00.
Wyckoff's Market Rating: 8.0.

May soybean meal closed down $4.50 at $386.70 today. Prices
closed near the session low today on profit taking. Meal
bulls still 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 $390.00 and then at this
week’s high of $395.30. First support is seen at $385.00
and then at $382.00. Wyckoff's Market Rating: 8.0

May bean oil closed down 26 points at 55.90 cents today.
Prices closed near the session low today and saw profit
taking after hitting a fresh 6.5-month high early on. The
key “outside markets” were bearish for the bean oil market
today, as the U.S. dollar index was higher and crude oil
prices were lower. Bean oil bulls still 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 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 56.59 cents and
then at 57.00 cents. First support is seen at 55.82 cents
and then at 55.50 cents. Wyckoff's Market Rating: 6.5

May Chicago SRW wheat closed up 1 cent at $6.58 today.
Prices closed near the session high today on short
covering. The key “outside markets” were bearish for wheat
today, as the U.S. dollar index was higher and crude oil
prices were lower. Wheat 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 this week’s high of $6.66 1/2
and then at $6.70 1/2. First support lies at this week’s
low of $6.49 1/4 and then at $6.40. Wyckoff's Market
Rating: 4.0.

May K.C. HRW wheat closed steady at $6.90 today. Prices
closed nearer the session high today. 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 this week’s high
of $6.97 and then at $7.00. First support is seen at
today’s low of $6.85 1/2 and then at $6.80. Wyckoff's
Market Rating: 4.0

May oats closed up 1 1/2 cents at $3.36 today. Prices
closed near mid-range today. Bulls have the overall near-
term technical advantage. Bears' next downside price
breakout objective is pushing and closing prices below
solid technical support at $3.22. 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 $3.32 and then at
$3.30. First resistance is seen at today’s high of $3.39
and then at $3.41. Wyckoff's Market Rating: 6.0

*. SOFTS: May sugar closed down 33 points at 24.25 cents
today. Prices closed nearer the session low today. The key
“outside markets” were bearish for sugar today, as the U.S.
dollar index was higher and crude oil prices were lower.
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 24.61 cents and then at this week’s high
of 24.78 cents. First support is seen at today’s low of
24.19 cents and then at last week’s low of 24.11 cents.
Wyckoff's Market Rating: 5.0.

May coffee closed down 85 points at 185.35 cents. Prices
closed nearer the session high today. The key “outside
markets” were bearish for the coffee market today, as the
U.S. dollar index was higher and crude oil prices were
lower. 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
today’s low of 182.35 cents and then at 180.00 cents.
Wyckoff's Market Rating: 2.5

May cocoa closed down $49 at $2,138 a ton. Prices closed
near the session low and hit a fresh 11-week low today. The
key “outside markets” were bearish for cocoa today, as the
U.S. dollar index was higher and crude oil prices were
lower. 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 January low of $2,030. First resistance is seen at
$2,150 and then at today’s high of $2,188. First support is
seen at today’s low of $2,138 and then at $2,125. Wyckoff's
Market Rating: 2.5

May cotton closed down 48 points at 92.64 cents today.
Prices closed nearer the session low today. The key
“outside markets” were bearish for cotton today, as the
U.S. dollar index was higher and crude oil prices were
lower. The market is consolidating recent gains. Cotton
bulls and bears are still on a level near-term technical
playing. 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 93.80 cents and then
at last week’s high of 94.39 cents. First support is seen
at 92.00 cents and then at 91.50 cents. Wyckoff's Market
Rating: 5.0

May orange juice closed down 70 points at $1.6155 today.
Prices closed near mid-range today and hit another 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 $1.6275 and then at this week’s high of
$1.6460. First support is seen at today’s low of $1.600 and
then at $1.5900. Wyckoff's Market Rating: 3.0.

May lumber futures closed down $1.50 at $258.80 today. The
bears 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 $260.00 and then at
today’s high of $263.10. First support is seen at $257.50
and then at $256.00. Wyckoff's Market Rating: 2.5

*. METALS: June gold futures were down $24.20 an ounce at
$1,655.60 in afternoon trading today, in the wake of
bearishly construed FOMC minutes that hinted lesser odds of
any QE3 monetary stimulus package. Prices closed near the
session low today. The key “outside markets” were bearish
for gold today as the U.S. dollar index was higher and
crude oil prices were lower. The bears have the near-term
technical advantage in gold and are now working on re-
establishing a downtrend line on the daily bar chart. 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
$1,670.00 and then at $1,680.00. First support is seen at
last week’s low of $1,646.70 and then at $1,637.30.
Wyckoff's Market Rating: 4.0.

May silver futures were down $0.388 an ounce at $32.71
today in late trading. Prices closed nearer the session low
today and did hit a fresh three-week high early on. The key
“outside markets” were bearish for silver today. The U.S.
dollar index was firmer and crude oil prices were lower.
Silver bears still have the 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 $33.00 and then
at today’s high of $33.295. Next support is seen at $32.50
and then at $32.00. Wyckoff's Market Rating: 4.0.

May N.Y. copper was down 345 points 388.60 cents late
today. Prices were near the session low after hitting a
fresh four-week high early on. The key “outside markets”
were bearish for copper today. The U.S. dollar index was
firmer and crude oil prices were lower. Copper bulls still
have the overall near-term technical advantage. 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 Monday’s high of 393.25 cents and then at today’s high
of 395.80 cents. First support is seen at 387.50 cents and
then at 385.00 cents. Wyckoff's Market Rating: 6.0.

*. ENERGIES: May crude oil closed down $1.06 a barrel at
$104.17 today. Prices closed nearer the session low today
and were pressured by a higher U.S. dollar index. A four-
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 $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 $105.00 and then at this week’s high of $105.49. First
support is seen at today’s low of $103.59 and then at
103.00. Wyckoff's Market Rating: 5.0

May heating oil closed down 171 points at $3.2325 today.
Prices closed nearer the session low today. Bulls still
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 $3.2500 and then at today’s high
of $3.2610. First support is seen at today’s low of $3.2178
and then at $3.2000. Wyckoff's Market Rating: 6.0.

May (RBOB) unleaded gasoline closed up 190 points at
$3.4012 today. Prices closed near mid-range today and hit
another fresh contract high. 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 today’s
contract high of $3.4278 and then at $3.4500. First support
is seen at today’s low of $3.3659 and then at $3.3500.
Wyckoff's Market Rating: 8.0.

May natural gas closed up 2.2 cents at $2.174 today. Prices
closed near mid-range today and saw tepid short covering in
a bear market. Prices Monday hit a contract low. 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 today’s high of
$2.204 and then at $2.25. First support is seen at today’s
contract low of $2.117 and then at the contract low of
$2.069. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed down 107 points at 1.3228 today. Prices closed
nearer the session low today and hit a fresh one-week low.
Bulls faded today and are 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 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 1.3300 and then at 1.3350. Next support is seen at
today’s low of 1.3218 and then at 1.3200. Wyckoff's Market
Rating: 5.0

The June Japanese yen closed down 100 points at 1.2077
today. Prices closed nearer the session low today and hit a
fresh four-week high early on. Bears 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
1.2200 and then at today’s high of 1.2272. First support is
seen at today’s low of 1.2057 and then at this week’s low
of 1.2011. Wyckoff's Market Rating: 2.0.

The June Swiss franc closed down 86 points at 1.0996 today.
Prices closed nearer the session low today. Bulls 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 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 1.1040 and then at
1.1100. First support is seen at today’s low of 1.0982 and
then at 1.0950. Wyckoff's Market Rating: 5.0.

The June Australian dollar closed down 119 points at 1.0234
today. Prices closed nearer the session low today, scored a
bearish “outside day” down on the daily bar chart and hit a
fresh 2.5-month low. Bears have gained the slight near-term
technical advantage. 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 1.0000. First resistance is seen at 1.0300 and
then at today’s high of 1.0380. Next support is seen at
today’s low of 1.0213 and then at 1.0150. Wyckoff's Market
Rating: 4.5

The June Canadian dollar closed down 25 points at 1.0070
today. Prices closed near mid-range today. Bulls still have
the overall near-term technical advantage. 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 1.0097
and then at 1.0133. First support is seen at today’s low of
1.0055 and then at 1.0000. Wyckoff's Market Rating: 6.5.

The June British pound closed down 136 points at 1.5900
today. Prices closed nearer the session low today and saw
profit taking. Bulls still have the overall near-term
technical advantage but did fade today. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at this week’s high of
1.6056. 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 1.5950 and then at
1.6000. First support is seen at today’s low of 1.5884 and
then at 1.5832. Wyckoff's Market Rating: 6.0.

The June U.S. dollar index closed up 59 points at 79.55
today. Prices closed nearer the session high today and
scored a bullish “outside day” up on the daily bar chart
after hitting a fresh four-week low early on. Bulls
regained upside near-term technical momentum today. Bulls
and bears are back on a level near-term technical playing
field. 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 79.65 and then at 80.00. First support
is seen at 79.00 and then at today’s low of 78.79.
Wyckoff's Market Rating: 5.0.

June U.S. T-Bonds closed down 1 12/32 at 136 20/32 today.
Prices closed near the session low today and scored a
bearish “outside day” down on the daily bar chart. Bears
regained the near-term technical advantage today, in the
wake of a bearish FOMC minutes report. The next downside
price breakout objective for the T-Bond bears is closing
prices below solid technical support at the March low of
135 5/32. The next upside technical objective for the bulls
is to produce a close above solid technical resistance at
last week’s high of 139 5/32. First resistance is seen at
137 even and then at 137 16/32. First support is seen at
136 16/32 and then at 136 even. Wyckoff's Market Rating:
4.0.

June U.S. T Notes closed down 26.0 (32nds) at 128.28.5
today. Prices closed nearer the session low today and
scored a big and bearish “outside day” down on the daily
bar chart after hitting a fresh three-week high early on.
Bears regained the near-term technical advantage today. The
next upside price breakout objective for the bulls is
closing prices above solid resistance at today’s high of
130.02.0. The next downside price breakout objective for
the bears is producing a close below solid technical
support at the March low of 127.23.0. First resistance is
seen at 129.00.0 and then at 129.16.0. First support is
seen at 128.24.0 and then at 128.16.0. Wyckoff's Market
Rating: 4.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mostly weaker today on profit taking and on some bearish
interpretations from this afternoon’s release of the FOMC
minutes of the last meeting. 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 3.50 at 2,780.50.
Prices closed near mid-range today and hit another fresh
11-year high. 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 today’s high of 2,791.50 and then at
2,800.00. First support is seen at today’s low of 2,763.00
and then at this week’s low of 2,743.50. Wyckoff's Market
Rating: 8.0

The S&P 500 futures index closed down 4.10 at 1,408.70.
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 this week’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 down 57 points at 13,132 today.
Prices closed near mid-range 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 13,198 and
then at this week’s high of 13,227. First support is seen
at today’s low of 13,075 and then at 13,000. 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