Sep 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--August 27

Aug 28, 2012

Monday Evening, August 27-Jim Wyckoff's Daily Markets
Update

Questions? Just email me at jim@jimwyckoff.com . I enjoy
hearing from my readers worldwide.--Jim

Click below for "Today’s Hot Market" item on my website.

http://www.jimwyckoff.com/hotmarket/hotmarket.asp

Dear Valued Subscriber: Following are today's significant
developments in the U.S. futures markets.

*. LIVESTOCK: October live cattle closed down $0.95 at
$123.50 today. Prices closed nearer the session low today
and hit a fresh four-week low. Bears have gained the
overall near-term technical advantage. The bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at last week’s high of
$125.55. The next downside technical breakout objective for
the bears is pushing and closing prices below solid
technical support at $122.00. First resistance is seen at
$124.00 and then at today’s high of $124.50. First support
is seen at today’s low of $123.40 and then at $123.00.
Wyckoff's Market Rating: 4.0

October feeder cattle closed down $0.52 at $143.90 today.
Prices closed near the session low today. Feeder cattle
bulls and bears are on a level near-term technical playing
field, but the bulls need to show power soon. The next
upside price breakout objective for the feeder bulls is to
push and close prices above solid technical resistance at
the August high of $145.95. The next downside price
breakout objective for the bears is to push and close
prices below solid technical support at $141.00. First
resistance is seen at $144.50 and then at $145.00. First
support is seen at $143.50 and then at $143.00. Wyckoff's
Market Rating: 5.0

October lean hogs closed up $0.87 at $73.25 today. Prices
closed near the session high today and saw short covering
in a bear market. Hog bears still have the solid near-term
technical advantage. However, my bias is that the downside
is limited for hog futures at present price levels. The
next upside price breakout objective for the hog bulls is
to push and close prices above solid chart resistance at
$75.50. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
$70.00. First resistance is seen at today’s high of $73.42
and then at $74.00. First support is seen at today’s
contract low of $72.55 and then at the contract low of
$72.30. Wyckoff's Market Rating: 2.0

*. GRAINS: December corn futures were down 6 cents at $8.02
1/2 in late trading today. Prices were near the session low
and pressured by profit-taking and worries about demand
destruction at higher price levels. Focus now will be less
on the supply and more on what record high prices have done
to demand for corn. The corn bulls still have the solid
overall near-term technical advantage. Corn bulls' next
upside price objective is to push and close prices above
solid technical resistance at the contract high of $8.49.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
the last “reaction low” on the daily chart, at $7.86. First
resistance for December corn is seen at today’s high of
$8.18 and then at $8.25. First support is seen at $8.00 and
then at $7.90. Wyckoff's Market Rating: 8.0

November soybeans were down 15 1/2 cents at $17.16 a bushel
in late trading today. Prices were near the session low
after hitting another fresh contract high early on today.
Profit taking from recent gains was seen today. Soybean
bulls still have the solid overall near-term technical
advantage. The next near-term upside technical breakout
objective for the soybean bulls is pushing and closing
November prices above psychological resistance at $18.00 a
bushel. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at last week’s low of $16.41. First resistance is
seen at $17.34, at last week’s high of $17.44 3/4 and then
at today’s contract high of $17.60 1/2. First support is
seen at $17.00 and then at $16.91 1/2. Wyckoff's Market
Rating: 8.0.

December soybean meal was down $3.70 at $519.20 in late
trading today. Prices were nearer the session low and did
hit a fresh contract high early on. Profit taking was
featured. Meal bulls still have the overall near-term
technical advantage. Prices are in a three-month-old
uptrend on the daily bar chart. The next upside price
breakout objective for the bulls is to produce a close
above solid technical resistance at $535.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at last
week’s low of $497.30. First resistance comes in at
$523.70, at last week’s high of $527.90 and then at today’s
high of $531.90. First support is seen at today’s low of
$515.30 and then at $510.00. Wyckoff's Market Rating: 8.0

December bean oil was down 26 points at 56.63 cents in late
trading today. Prices were nearer the low after hitting a
fresh 4.5-month high early on today. Profit taking from
recent gains was featured. Price action today also scored a
bearish “outside day” down on the daily bar chart. Bean oil
bulls still have the overall near-term technical advantage.
The next upside price breakout objective for the bean oil
bulls is pushing and closing prices above solid technical
resistance at the April high of 58.45 cents. Bean oil
bears' next downside technical price breakout objective is
pushing and closing prices below solid technical support at
54.50 cents. First resistance is seen at 57.00 cents and
then at last week’s high of 57.31 cents. First support is
seen at 56.35 cents and then at 56.00 cents. Wyckoff's
Market Rating: 6.5

December Chicago SRW wheat was down 7 1/4 cents at $8.81
1/4 in late trading today. Prices were near the session low
today. Profit taking was featured today. Wheat bulls still
have the overall near-term technical advantage. However,
the choppiness and sideways trading at higher price levels,
amid some higher volatility, is not bullish. Wheat bulls’
next upside breakout objective is to push and close Chicago
SRW prices above solid technical resistance at the July
high of $9.53 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
August low of $8.57 1/4. First resistance is seen at $9.00
and then at $9.10. First support lies at today’s low of
$8.81 and then at $8.75. Wyckoff's Market Rating: 6.5.

December K.C. HRW wheat was down 2 1/4 cents at $8.99 in
late trading today. Prices were near the session low on
mild profit taking. The bulls still have the overall near-
term technical advantage. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at the July high of $9.57 1/4. The
bears' next downside breakout objective is pushing and
closing prices below solid technical support at the August
low of $8.74 1/4. First resistance is seen at today’s high
of $9.14 1/2 and then at $9.25. First support is seen at
today’s low of $8.97 3/4 and then at $8.85. Wyckoff's
Market Rating: 6.5

December oats were down 4 1/2 cents at $3.87 today in late
trading. Prices were near mid-range and saw more profit
taking. Oats bulls still have the solid overall near-term
technical advantage and are following the major grains.
Bears' next downside price breakout objective is pushing
and closing prices below solid technical support at $3.65.
Bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at Friday’s
of $4.00. First support lies at today’s low of $3.80 and
then at $3.75. First resistance is seen at $3.90 and then
at $3.92 1/4. Wyckoff's Market Rating: 8.0

*. SOFTS: October sugar closed down 2 points at 19.56 cents
today. Prices closed nearer the session low today. Prices
Friday hit a 2.5-month low. Sugar bears still have the
solid near-term technical advantage and still have downside
momentum on their side. Bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at last week’s high of 20.70 cents. Bears' next
downside price breakout objective is to push and close
prices below solid technical support at the June low of
19.24 cents. First resistance is seen at 19.75 cents and
then at 20.00 cents. First support is seen at last week’s
low of 19.48 cents and then at 19.24 cents. Wyckoff's
Market Rating: 1.5.

December coffee closed up 385 points at 166.75 cents.
Prices closed nearer the session high today and saw short
covering and some buying interest on ideas the hurricane in
the Gulf of Mexico could damage coffee bags in storage in
New Orleans. Bears still have the overall near-term
technical advantage. The coffee bulls' next upside breakout
objective is to close prices above solid technical
resistance at 172.50 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the contract low of 153.70 cents
a pound. First resistance is seen at today’s high of 167.70
cents and then at 170.00 cents. First support is seen at
165.00 cents and then at 163.00 cents. Wyckoff's Market
Rating: 3.0

December cocoa closed up $75 at $2,472 a ton. Prices closed
nearer the session high today. Cocoa bulls have the overall
near-term technical advantage and regained upside momentum
today. The next upside price breakout objective for the
cocoa bulls is to push and close prices above solid
technical resistance at the August high of $2,501. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at last
week’s low of $2,366. First resistance is seen at $2,501
and then at $2,525. First support is seen at $2,450 and
then at $2,425. Wyckoff's Market Rating: 7.0

December cotton closed up 83 points at 76.04 cents today.
Prices closed near the session high. Cotton bulls still
have the near-term technical advantage. Prices are in a
three-month-old uptrend on the daily bar chart. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at 80.00 cents.
The next downside price breakout objective for the cotton
bears is to push and close prices below solid technical
support at last week’s low of 73.30 cents. First resistance
is seen at the August high of 77.49 cents and then at 78.00
cents. First support is seen at 74.72 cents and then at
74.00 cents. Wyckoff's Market Rating: 6.0

November orange juice closed down 425 points at $1.1370
today. Prices closed near mid-range today. Bulls and bears
are back on a level near-term technical playing field amid
choppy and volatile trading. Traders will continue to watch
for any fresh storms brewing in the Atlantic. The next
upside price breakout objective for the FCOJ bulls is
pushing and closing prices above technical resistance at
last week’s high of $1.2275. The next downside technical
breakout objective for the FCOJ bears is to produce a close
below solid technical support at the August low of $1.0350.
First resistance is seen at today’s high of $1.1635 and
then at $1.1900. First support is seen at today’s low of
$1.1015 and then at $1.0800. Wyckoff's Market Rating: 5.0.

November lumber futures closed down $0.60 at $290.60 today.
Bulls and bears are on a level near-term technical playing
field. The next downside technical breakout objective for
the lumber bears is pushing and closing prices below solid
technical support at $280.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at $305.00. First
resistance is seen at $292.50 and then at $295.00. First
support is seen at $290.00 and then at $287.50. Wyckoff's
Market Rating: 5.0

*. METALS: December gold futures closed up $2.10 an ounce
at $1,675.00 today. Prices closed near mid-range today and
hit another fresh four-month high. Bulls still have good
upside near-term technical momentum following last week’s
strong gains. Gold prices have been trending higher in a
very choppy fashion since mid-May. The gold market bulls
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 price objective is closing prices
below solid technical support at $1,633.30. First
resistance is seen at today’s high of $1,679.30 and then at
$1,687.40. First support is seen at today’s low of
$1,668.50 and then at $1,660.00. Wyckoff’s Market Rating:
6.5

December silver futures closed up $0.421 an ounce at $31.13
today. Prices closed nearer the session high today and hit
another fresh four-month high. Silver bulls have the solid
overall near-term technical advantage and still have good
upside momentum. Bulls’ next upside price breakout
objective is closing prices above solid technical
resistance at $31.50 an ounce. The next downside price
breakout objective for the bears is closing prices below
major psychological support at $30.00. First resistance is
seen at today’s high of $31.315 and then at $31.50. Next
support is seen at today’s low of $30.74 and then at
$30.285. Wyckoff's Market Rating: 7.0.

December N.Y. copper closed down 105 points at 347.90 cents
today. Prices closed nearer the session low today. Copper
bulls and bears are on a level near-term technical playing
field. Copper bulls' next upside breakout objective is
pushing and closing prices above solid technical resistance
at the July high of 355.65 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the August low of 328.85 cents.
First resistance is seen at 350.00 cents and then at last
week’s high of 351.70 cents. First support is seen at
today’s low of 346.80 cents and then at 345.00 cents.
Wyckoff's Market Rating: 5.0.

*. ENERGIES: October crude oil closed down $0.54 a barrel
at $95.61 today. Prices closed near mid-range today and
scored a bearish “outside day” down on the daily bar chart.
Profit taking was featured. The market was also pressured
by ideas the U.S. could tap its SPR due to the hurricane
presently bearing down on the Gulf coast. Crude oil bulls
still have the overall near-term technical advantage. A
two-month-old price uptrend is in place on the daily bar
chart. The next near-term upside price breakout objective
for the crude oil bulls is producing a close above major
psychological resistance at $100.00 a barrel. The next
near-term downside price breakout objective for the crude
oil bears is to produce a close below solid technical
support at $92.00. First resistance is seen at $97.00 and
then at $97.85. First support is seen at $95.00 and then at
today’s low of $94.41. Wyckoff's Market Rating: 6.0

October heating oil closed up 91 points at $3.1278 today.
Prices closed nearer the session low today after hitting a
fresh four-month high early on. Bulls have the solid
overall near-term technical advantage. Prices are in a two-
month-old uptrend on the daily bar chart. The bulls' next
upside price breakout objective is closing prices above
solid technical resistance at $3.2500. Bears' next downside
price breakout objective is producing a close below solid
technical support at $3.0000. First resistance lies at
$3.1500 and then at last week’s high of $3.1685. First
support is seen at $3.1000 and then at $3.0750. Wyckoff's
Market Rating: 7.5.

October (RBOB) unleaded gasoline closed up 445 points at
$2.9550 today. Prices closed nearer the session low and did
hit a fresh five-month high today. Bulls have the solid
overall near-term technical advantage. Prices are in a two-
month-old uptrend on the daily bar chart. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at the March high of
$3.0402. Bears' next downside price breakout objective is
closing prices below solid support at $2.8000. First
resistance is seen at today’s high of $3.0098 and then at
$3.0250. First support is seen at today’s low of $2.9246
and then at $2.9000. Wyckoff's Market Rating: 8.0.

October natural gas closed down 6.3 cents at $2.671 today.
Prices closed near the session low today and hit a fresh
nine-week low today. Bears have regained the near-term
technical advantage as a four-week-old downtrend line 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 $3.00. The next downside
price breakout objective for the bears is closing prices
below solid technical support at $2.50. First resistance is
seen at today’s high of $2.792 and then at $2.85. First
support is seen at today’s low of $2.663 and then at $2.60.
Wyckoff's Market Rating: 4.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed down 21 points at 1.2515 today. Prices
closed near the session low today on mild profit taking.
The Euro bulls still have the slight near-term technical
advantage. Prices are in a five-week-old uptrend on the
daily bar chart. Euro bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at 1.2700. The next downside price
breakout objective for the bears is closing prices below
solid chart support at 1.2270. First resistance for the
Euro lies at today’s high of 1.2552 and then at 1.2586.
Next support is seen at 1.2500 and then at 1.2460.
Wyckoff's Market Rating: 5.5

The December Japanese yen closed down 10 points at 1.2708
today. Prices closed near mid-range today. Bulls have the
overall near-term technical advantage. Bulls' next upside
price breakout objective is closing prices above solid
resistance at the July high of 1.2851. Bears' next downside
breakout objective is closing prices below solid technical
support at the August low of 1.2565. First resistance is
seen at 1.2750 and then at last week’s high of 1.2788.
First support is seen at today’s low of 1.2698 and then at
1.2675. Wyckoff's Market Rating: 6.0.

The December Swiss franc closed down 19 points at 1.0431
today. Prices closed near the session low on mild profit
taking. The Swissy bulls have the slight near-term
technical advantage. Prices are in a four-week-old uptrend
on the daily bar chart. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 1.0600. The next downside price breakout
objective for the bears is closing prices below solid
technical support at 1.0250. First resistance is seen at
today’s high of 1.0457 and then at last week’s high of
1.0499. First support is seen at 1.0400 and then at 1.0385.
Wyckoff's Market Rating: 5.5.

The December Australian dollar closed down 39 points at
1.0263 today. Prices closed near the session low today on
profit taking and hit a fresh five-week low. Bulls still
have the overall near-term technical advantage but are
fading a bit and need to show fresh power soon. An 11-week-
old uptrend on the daily bar chart has been negated. Bulls'
next upside price breakout objective is closing prices
above solid chart resistance at last week’s high of 1.0430.
The next downside breakout objective for the bears is to
produce a close below solid technical support at 1.0100.
First resistance is seen at today’s high of 1.0301 and then
at 1.0350. Next support is seen at 1.0250 and then at
1.0200. Wyckoff's Market Rating: 6.0

The December Canadian dollar closed up 4 points at 1.0067
today. Prices closed nearer the session low today. Mild
profit taking was featured. Bulls still have the solid
near-term technical advantage. Prices are in a three-month-
old uptrend on the daily bar chart. Bulls' next upside
price breakout objective is producing a close above chart
resistance at the April high of 1.0136. The next downside
price breakout objective for the bears is closing prices
below solid technical support at the August low of .9890.
First resistance is seen at today’s high of 1.0086 and then
at 1.0114. First support is seen at 1.0050 and then at last
week’s low of 1.0026. Wyckoff's Market Rating: 7.5.

The December British pound closed down 13 points at 1.5793
today. Prices closed near the session low today on profit
taking. Bulls still have the near-term technical advantage.
Prices are in a six-week-old uptrend on the daily chart.
The next upside price breakout objective for the bulls is
closing prices above solid technical resistance at 1.6000.
Bears' next downside technical breakout objective is
closing prices below solid support at this week’s low of
1.5684. First resistance is seen at today’s high of 1.5820
and then at 1.5864. First support is seen at 1.5750 and
then at 1.5700. Wyckoff's Market Rating: 6.0.

The December U.S. dollar index closed up 8 points at 81.98
today. Prices closed near the session high today and saw
tepid short covering. The bears have the slight near-term
technical advantage. Prices are in a five-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at 83.25. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at 81.00. Next resistance lies at 82.37
and then at 82.50. First support is seen at today’s low of
81.81 and then at last week’s low of 81.52. Wyckoff's
Market Rating: 4.5.

December U.S. T-Bonds closed up 17/32 at 149 24/32 today.
Prices closed nearer the session high today and saw more
short covering and fresh safe-haven buying interest. Bulls
have the overall near-term technical advantage. The next
downside price breakout objective for the T-Bond bears is
closing prices below solid technical support at last week’s
low of 145 23/32. The next upside technical objective for
the bulls is to produce a close above solid technical
resistance at 150 6/32. First resistance is seen at last
week’s high of 149 31/32 and then at 150 6/32. First
support is seen at 149 even and then at 148 13/32.
Wyckoff's Market Rating: 6.0.

December U.S. T Notes closed up 7.0 (32nds) at 132.22.5
today. Prices closed nearer the session high today and saw
more short covering and fresh safe-haven buying. Bulls have
the overall near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at 133.16.0. The next downside price
breakout objective for the bears is producing a close below
solid technical support at last week’s low of 132.02.5.
First resistance is seen at today’s high of 132.24.5 and
then at last week’s high of 132.27.5. First support is seen
at today’s low of 132.11.5 and then at 132.00.0. Wyckoff's
Market Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mixed today. Stock index bulls still have the solid near-
term technical advantage. The market place was quieter to
start the new trading week, as the London markets were
closed for a holiday, and as traders and investors await
key central bank meetings. The U.S. Federal Reserve’s
symposium at Jackson Hole, Wyoming has Fed Chairman
Bernanke speaking on Friday, and then next week’s monthly
European Central Bank meeting occurs on September 6.
Anticipation is higher that both central banks will
announce fresh monetary stimulus initiatives at these
meetings. Either way, many markets will tread water in the
coming days, ahead of those key events. European stocks
were lower overnight following a weak reading on the German
Ifo index of business sentiment. German companies are
becoming more downbeat regarding future growth prospects.
Don’t be surprised to see the European Union sovereign debt
crisis move to the front burner of the market place in the
coming weeks. Meantime, Asian stock markets were lower
Monday following more weak economic data coming out of
China. Profits at China’s major industrial firms dropped
5.4% in July, on an annual basis. Also, HSBC downgraded its
2012 economic growth forecast for China from 8.4%, to 8.0%.
China’s National Bureau of Statistics also reported
manufacturing declined by 2.7%, on an annualized basis, the
first seven months of this year.

The Nasdaq stock futures index closed up 7.75 at 2,782.75.
Prices closed near mid-range today. Bulls' next upside
price breakout objective is closing prices above solid
resistance at 2,850.00. The bears' next downside price
breakout objective is closing prices below solid technical
support at 2,650.00. First resistance is seen at today’s
high of 2,795.75 and then at last week’s high of 2,802.50.
First support is seen today’s low of 2,776.50 and then at
2,750.00. Wyckoff's Market Rating: 6.5

The S&P 500 futures index closed down 1.50 at 1,408.30.
Prices closed nearer the session low today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1,450.00. The next downside price
breakout objective for the bears is closing prices below
solid support at the August low of 1,350.00. First
resistance is seen at today’s high of 1,415.90 and then at
last week’s high of 1,424.60. First support is seen at
1,400.00 and then at last week’s low of 1,395.40. Wyckoff's
Market Rating: 6.5.

The Dow futures closed down 49 points at 13,107 today.
Prices closed near the session low 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 August low of 12,730. First
resistance in the Dow lies at today’s high of 13,155 and
then at 13,200. First support is seen at 13,090 and then at
last week’s low of 13,015. 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
 

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