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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Dec. 12

Dec 13, 2012

Wednesday Evening, December 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: February live cattle closed down $0.15 at
$131.80 today. Prices closed near mid-range today. Bulls
have regained some upside momentum this week and 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 the November high of
$132.90. The next downside technical breakout objective for
the bears is pushing and closing prices below solid
technical support at the December low of $129.77. First
resistance is seen at this week’s high of $132.50 and then
at $132.90. First support is seen at today’s low of $131.47
and then at $131.00. Wyckoff's Market Rating: 6.0

March feeder cattle closed up $0.35 at $154.72 today.
Prices closed nearer the session low but did hit another
fresh five-month high today. The bulls have gained solid
upside near-term technical momentum this week and have the
solid overall chart advantage. The next upside price
breakout objective for the feeder bulls is to push and
close prices above solid technical resistance at $156.50.
The next downside price breakout objective for the bears is
to push and close prices below solid technical support at
$151.75. First resistance is seen at today’s high of
$155.20 and then at $156.00. First support is seen at
$154.00 and then at $153.50. Wyckoff's Market Rating: 7.0

February lean hogs closed up $1.50 at $84.65 today. Prices
closed nearer the session high on short covering and
perceived bargain hunting following recent strong selling
pressure. The hog bulls and bears are now back on a level
near-term playing field and more upside price pressure this
week would likely re-establish the price uptrend on the
daily chart. The next upside price breakout objective for
the hog bulls is to push and close prices above solid chart
resistance at the October high of $86.05. The next downside
price breakout objective for the bears is pushing prices
below solid technical support at the November low of
$82.65. First resistance is seen at $86.05 and then at
$86.50. First support is seen at $85.00 and then at $84.35.
Wyckoff's Market Rating: 5.0

*. GRAINS: March corn futures were down 2 1/2 cents at 7.25
1/2 in late trading today. Prices were near mid-range and
did hit another fresh three-week low today. The key outside
markets were bullish for corn today, as the U.S. dollar
index was higher and crude oil prices were lower. Yet, corn
could not muster gains, which is a bearish clue. Recent big
losses in wheat are a bearish factor for corn and beans.
Corn bears have the slight overall near-term technical
advantage. Corn bulls' next upside price objective is to
push and close prices above solid technical resistance at
$7.50. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at the November low of $7.14 1/4. First resistance
for March corn is seen at today’s high of $7.31 3/4 and
then at $7.35. First support is seen at today’s low of
$7.19 and then at the November low of $7.14 1/4. Wyckoff's
Market Rating: 4.5

January soybeans were up 1 1/2 cents at $14.73 1/2 a bushel
in late trading today. Prices were nearer the session high.
The soybean bulls got little traction from bullish outside
market forces today—a weaker U.S. dollar index and higher
crude oil prices. Losses in wheat this week are a bearish
underlying factor for soybeans. Soybean bears have the
slight overall near-term technical advantage. The next
near-term upside technical breakout objective for the
soybean bulls is pushing and closing January prices above
psychological resistance at $15.00 a bushel. The next
downside price breakout objective for the bears is pushing
and closing prices below psychological support at $14.00.
First resistance is seen at today’s high of $14.78 3/4 and
then at $15.00. First support is seen at today’s low of
$14.57 1/4 and then at this week’s low of $14.53. Wyckoff's
Market Rating: 4.5.

March soybean meal was up $3.80 at $447.00 in late trading
today. Prices were nearer the session high today, hit a
fresh four-week high and scored a bullish “outside day” up
on the daily bar chart. Meal bears have the slight near-
term technical advantage, but the bulls have shown upside
momentum recently. The next upside price breakout objective
for the bulls is to produce a close above solid technical
resistance at $450.00. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $425.00. First resistance comes
in at today’s high of $448.30 and then at $450.00. First
support is seen at $445.00 and then at $440.00. Wyckoff's
Market Rating: 4.5

March bean oil was down 67 points at 50.03 cents in late
trading today. Prices were near the session low. The
soybean oil bulls got little traction from bullish outside
market forces today—a weaker U.S. dollar index and higher
crude oil prices. That’s another bearish clue for bean oil.
The bean oil bears 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 last week’s high of 51.85 cents.
Bean oil bears' next downside technical price breakout
objective is pushing and closing prices below solid
technical support at the December low of 49.53 cents. First
resistance is seen at 50.50 cents and then at today’s high
of 50.93 cents. First support is seen at today’s low of
49.98 cents and then at 49.53 cents. Wyckoff's Market
Rating: 3.0

March Chicago SRW wheat was down 9 1/2 cents at $8.12 in
late trading today. Prices were nearer the session low and
hit another fresh 5.5-month low today. The wheat bulls got
little traction from bullish outside market forces today—a
weaker U.S. dollar index and higher crude oil prices.
That’s another bearish clue for wheat. Price action Tuesday
saw a significantly bearish downside “breakout” from a
choppy and sideways trading range. Bears have the near-term
technical advantage as a four-week-old downtrend is in
place on the daily bar chart. Wheat bulls’ next upside
breakout objective is to push and close Chicago SRW prices
above solid technical resistance at $8.50 a bushel. The
next downside price breakout objective for the wheat
futures bears is pushing and closing prices below
psychological support at $8.00. First resistance is seen at
today’s high of $8.25 1/2 and then at $8.35. First support
lies at today’s low of $8.09 and then at $8.00. Wyckoff's
Market Rating: 4.0.

March K.C. HRW wheat was down 16 1/4 cents at $8.65 1/4 in
late trading today. Prices were near the session low and
hit another fresh five-month low today. HRW bears have
downside momentum as prices have also seen a bearish
downside breakout from the recent trading range. Bears have
the overall near-term technical advantage. Bulls’ next
upside price breakout objective is pushing and closing
prices above psychological resistance at $9.00. The bears'
next downside breakout objective is pushing and closing
prices below solid technical support at $8.50. First
resistance is seen at $8.75 and then at today’s high of
$8.85. First support is seen at today’s low of $8.64 and
then at $8.50. Wyckoff's Market Rating: 4.0

March oats were down 2 3/4 cents at $3.85 1/4 today in late
trading. Prices were near mid-range. Oats 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 $3.67 1/4. Bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at the October high
of $4.05. First support lies at today’s low of $3.82 and
then at $3.80. First resistance is seen at today’s high of
$3.90 1/4 and then at this week’s high of $3.95. Wyckoff's
Market Rating: 7.0

*. SOFTS: March sugar closed down 36 points at 18.52 cents
today. Prices closed near the session low today and hit a
fresh 22-month low. The sugar bulls got no traction from
bullish outside market forces today—a weaker U.S. dollar
index and higher crude oil prices. That’s another bearish
clue for the sugar market. Sugar bears have the solid
overall near-term technical advantage. Bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at 19.50 cents. Bears' next
downside price breakout objective is to push and close
prices below solid technical support at 17.50 cents. First
resistance is seen at today’s high of 18.91 cents and then
at 19.00 cents. First support is seen at today’s low of
18.50 cents and then at 18.25 cents. Wyckoff's Market
Rating: 1.0.

March coffee closed down 290 points at 146.60 cents. Prices
closed nearer the session low today and hit another fresh
contract low. The coffee bulls got not traction from
bullish outside market forces today—a weaker U.S. dollar
index and higher crude oil prices. That’s another bearish
clue for coffee. The coffee bears have the solid overall
near-term technical advantage. Prices are in a nine-week-
old downtrend on the daily bar chart. The next upside
breakout objective for the bulls is to close prices above
solid technical resistance at 157.50 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 140.00 cents a
pound. First resistance is seen at today’s high of 150.00
cents and then at 152.50 cents. First support is seen at
today’s the contract low of 146.10 cents and then at 145.00
cents. Wyckoff's Market Rating: 1.0.

March cocoa closed up $68 at $2,448 a ton. Prices closed
near the session high today on short covering and bargain
hunting. The key outside markets were bullish for cocoa
today—a weaker U.S. dollar index and higher crude oil
prices. The cocoa bulls and bears are now back on a level
near-term technical playing field. The next upside price
breakout objective for the cocoa bulls is to push and close
prices above solid technical resistance at $2,500. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at this
week’s low of $2,369. First resistance is seen at today’s
high of $2,453 and then at $2,475. First support is seen at
$2,420 and then at $2,400. Wyckoff's Market Rating: 5.0

March cotton closed up 38 points at 75.28 cents today.
Prices closed nearer the session high today and hit another
fresh seven-week high. The key “outside markets” were
bullish for cotton today, as the U.S. dollar index was
lower and crude oil prices were higher. The bulls have
gained upside near-term technical momentum recently and
have the overall near-term technical advantage. A four-
week-old uptrend is in place on the daily bar chart. The
next upside price breakout objective for the bulls is to
produce a close above solid technical resistance at the
October high of 76.39 cents. The next downside price
breakout objective for the cotton bears is to push and
close prices below solid technical support at the December
low of 72.43 cents. First resistance is seen at today’s
high of 75.53 cents and then at 76.00 cents. First support
is seen at 75.00 cents and then at today’s low of 74.53
cents. Wyckoff's Market Rating: 5.5.

January orange juice closed up 305 points at $1.3295 today.
Prices closed nearer the session low today and did hit
another fresh seven-month high. Prices this week have seen
a bullish upside “breakout” from a bullish pennant pattern
that had formed on the daily bar chart. FCOJ bulls have the
solid overall near-term technical advantage. The next
upside price breakout objective for the FCOJ bulls is
pushing and closing prices above technical resistance at
$1.4000. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at the December low of $1.2130. First resistance is
seen at $1.3500 and then at today’s high of $1.3825. First
support is seen at today’s low of $1.3100 and then at
$1.3000. Wyckoff's Market Rating: 7.5.

January lumber futures closed up $1.90 at $347.80 today.
Prices hit another fresh contract high and 6.5-year high
today. The lumber bulls have the solid overall near-term
technical advantage. The next downside technical breakout
objective for the lumber bears is pushing and closing
prices below solid technical support at the December low of
$332.70. The next upside price breakout objective for the
bulls is pushing and closing prices above solid technical
resistance at $360.00. First resistance is seen at today’s
contract high of $350.70 and then at $352.50. First support
is seen at today’s low of $346.10 and then at this week’s
low of $342.10. Wyckoff's Market Rating: 8.5

*. METALS: February gold futures closed up $7.70 an ounce
at $1,717.00 today. Prices closed near mid-range today.
Gold was supported by bullish “outside markets” that
included a lower U.S. dollar index and higher crude oil
prices. The FOMC meeting results were bullish for the raw
commodity markets, as the Fed extended its bond-buying
program. Gold bulls have the overall near-term technical
advantage but have more work to do to suggest a near-term
price uptrend can be sustained. The gold bulls’ next upside
price breakout objective is to produce a close above solid
technical resistance at the November high of $1,757.10.
Bears' next near-term downside breakout price objective is
closing prices below solid technical support at the
November low of $1,674.70. First resistance is seen at
today’s high of $1,725.00 and then at $1,734.00. First
support is seen at today’s low of $1,708.50 and then at
$1,700.00. Wyckoff’s Market Rating: 6.0

March silver futures closed up $0.713 an ounce at $33.74
today. Prices closed nearer the session high. Silver was
supported by bullish “outside markets” that included a
lower U.S. dollar index and higher crude oil prices. The
FOMC meeting results were bullish for the raw commodity
markets, as the Fed extended its bond-buying program. The
silver bulls have the overall near-term technical advantage
and gained fresh upside momentum today. Bulls’ next upside
price breakout objective is closing prices above solid
technical resistance at the November high of $34.49 an
ounce. The next downside price breakout objective for the
bears is closing prices below solid technical support at
$32.50. First resistance is seen at today’s high of $33.875
and then at $34.00. Next support is seen at $33.50 and then
at $33.00. Wyckoff's Market Rating: 6.0.

March N.Y. copper closed up 280 points at 371.45 cents
today. Prices closed nearer the session high today, hit a
fresh six-week high and scored a bullish “outside day” up
on the daily bar chart. Copper was supported by bullish
“outside markets” that included a lower U.S. dollar index
and higher crude oil prices. The FOMC meeting results were
bullish for the raw commodity markets, as the Fed extended
its bond-buying program. Copper bulls have the overall
near-term technical advantage. Copper bulls' next upside
breakout objective is pushing and closing prices above
solid technical resistance at 375.00 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 355.00 cents. First
resistance is seen at today’s high of 372.10 cents and then
at 375.00 cents. First support is seen at 370.00 cents and
then at today’s low of 367.45 cents. Wyckoff's Market
Rating: 6.5.

*. ENERGIES: January crude oil closed up $0.98 a barrel at
$86.77 today. Prices closed near mid-range today and saw
short covering and bargain hunting. A weaker U.S. dollar
index was bullish for crude, as was the FOMC meeting
results. Crude oil bears still have the slight near-term
technical advantage. The next near-term upside price
breakout objective for the crude oil bulls is producing a
close above solid technical resistance at the December high
of $90.33 a barrel. The next near-term downside price
breakout objective for the crude oil bears is to produce a
close below solid technical support at the November low of
$84.53. First resistance is seen at today’s high of $87.68
and then at $88.00. First support is seen at today’s low of
$85.68 and then at $85.00. Wyckoff's Market Rating: 4.5

January heating oil closed up 412 points at $2.9682 today.
Prices closed near mid-range today and saw more short
covering and fresh bargain hunting. Bears still have the
overall near-term technical advantage. Prices are in a
three-month-old downtrend on the daily bar chart. The
bulls' next upside price breakout objective is closing
prices above solid technical resistance at $3.1000. Bears'
next downside price breakout objective is producing a close
below solid technical support at $2.8500. First resistance
lies at $3.0000 and then at $3.0300. First support is seen
at today’s low of $2.9302 and then at this week’s low of
$2.8936. Wyckoff's Market Rating: 4.0.

January (RBOB) unleaded gasoline closed up 365 points at
$2.6470 today. Prices closed near mid-range today on more
short covering. 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
technical resistance at last week’s high of $2.7627. Bears'
next downside price breakout objective is closing prices
below solid support at the November low of $2.5324. First
resistance is seen at today’s high of $2.6668 and then at
$2.7000. First support is seen at today’s low of $2.6200
and then at last week’s low of $2.5893. Wyckoff's Market
Rating: 5.0.

January natural gas closed down 1.1 cents at $3.401 today.
Prices closed near mid-range and hit another fresh 2.5-
month low today. Bears have the near-term technical
advantage. A steep three-week-old downtrend is in place on
the daily bar chart. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at $3.75. The next downside price
breakout objective for the bears is closing prices below
solid technical support at $3.30. First resistance is seen
at today’s high of $3.447 and then at this week’s high of
$3.52. First support is seen at today’s low of $3.366 and
then at $3.30. Wyckoff's Market Rating: 3.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 69 points at 1.3085 today. Prices closed nearer
the session high again today and saw more short covering
and bargain hunting. The bulls have the near-term technical
advantage and are regaining some upside technical momentum.
A four-week-old uptrend has been re-established on the
daily bar chart. Euro bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at last week’s high of 1.3142. The
next downside price breakout objective for the bears is
closing prices below solid chart support at 1.2800. First
resistance for the Euro lies at today’s high of 1.3111 and
then at 1.3142. Next support is seen at today’s low of
1.3008 and then at 1.2950. Wyckoff's Market Rating: 6.5

The March Japanese yen closed down 108 points at 1.2024
today. Prices closed nearer the session low today and hit a
fresh nine-month low. Bears have the solid overall near-
term technical advantage and gained more power today.
Prices are in a steep nine-week-old downtrend on the daily
bar chart. Bulls' next upside price breakout objective is
closing prices above solid resistance at this week’s high
of 1.2188. Bears' next downside breakout objective is
closing prices below solid technical support at 1.2000.
First resistance is seen at 1.2084 and then at today’s high
of 1.2132. First support is seen at today’s low of 1.2015
and then at 1.2000. Wyckoff's Market Rating: 1.0.

The March Swiss franc closed up 74 points at 1.0814 today.
Prices closed near mid-range today and hit a fresh 6.5-
month high. The Swissy bulls still have the near-term
technical advantage and gained more upside momentum today.
A potential bearish head-and-shoulders top reversal pattern
on the daily bar chart was negated today. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at 1.1000. The next downside price
breakout objective for the bears is closing prices below
solid technical support at last week’s low of 1.0678. First
resistance is seen at the November high of 1.0842 and then
at today’s high of 1.0923. First support is seen at today’s
low of 1.0740 and then at 1.0700. Wyckoff's Market Rating:
6.5.

The March Australian dollar closed up 35 points at 1.0479
today. Prices closed near mid-range today and hit a fresh
contract high. Bulls have the solid overall near-term
technical advantage and gained more power today. Bulls'
next upside price breakout objective is closing prices
above solid chart resistance at 1.0600. The next downside
breakout objective for the bears is to produce a close
below solid technical support at 1.0360. First resistance
is seen at today’s contract high of 1.0510 and then at
1.0550. Next support is seen at today’s low of 1.0449 and
then at 1.0400. Wyckoff's Market Rating: 8.0

The March Canadian dollar closed up 18 points at 1.0134
today. Prices closed near mid-range and hit another fresh
seven-week high today. Bulls have the near-term technical
advantage. Prices are in a four-week-old uptrend on the
daily bar chart. Bulls' next upside price breakout
objective is producing a close above chart resistance at
1.0200. The next downside price breakout objective for the
bears is closing prices below solid technical support at
1.0000. First resistance is seen at today’s high of 1.0156
and then at 1.0175. First support is seen at today’s low of
1.0115 and then at 1.0100. Wyckoff's Market Rating: 6.0.

The March British pound closed up 37 points at 1.6145
today. Prices closed near mid-range today and hit a fresh
nine-week high. Bulls have the solid overall near-term
technical advantage and gained fresh upside momentum today.
The next upside price breakout objective for the bulls is
closing prices above solid technical resistance at the
September high of 1.6281. Bears' next downside technical
breakout objective is closing prices below solid support at
the December low of 1.5998. First resistance is seen at
today’s high of 1.6202 and then at 1.6250. First support is
seen at today’s low of 1.6091 and then at 1.6050. Wyckoff's
Market Rating: 7.0.

The March U.S. dollar index closed down 24 points at 79.93
today. Prices closed nearer the session high today but did
hit a fresh six-week low. A bearish FOMC meeting result
pressured the greenback today. The bears have the near-term
technical advantage. Prices are in a four-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at the December high of 81.05. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at the October low of
79.20. Next resistance lies at today’s high of 80.23 and
then at 80.50. First support is seen at last week’s low of
79.78 and then at today’s low of 79.40. Wyckoff's Market
Rating: 3.0.

March U.S. T-Bonds closed down 30/32 at 148 3/32 today.
Prices closed nearer the session low and hit a fresh four-
week low today. More profit taking was featured. Bulls have
faded and are now back on a level near-term technical
playing field with the bears. The next downside price
breakout objective for the T-Bond bears is closing prices
below solid technical support at 147 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at this week’s high of 150
2/32. First resistance is seen at 148 11/32 and then at 148
16/32. First support is seen at today’s low of 147 28/32
and then at 147 16/32. Wyckoff's Market Rating: 5.0.

March U.S. T Notes closed down 11.5 (32nds) at 133.01.5
today. Prices closed nearer the session low today and hit a
fresh two-week low on more profit taking. Bulls still have
the overall near-term technical advantage, but are now
fading. The next upside price breakout objective for the
bulls is closing prices above solid resistance at the
contract high of 134.01.0. The next downside price breakout
objective for the bears is producing a close below solid
technical support at the late-November low of 132.24.5.
First resistance is seen at 133.09.5 and then at today’s
high of 133.17.5. First support is seen at today’s low of
132.31.0 and then at 132.24.5. Wyckoff's Market Rating: 6.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
narrowly mixed today. Bulls still have some upside near-
term technical momentum as prices have rebounded smartly
from the November lows, as the “Santa Claus” rally appears
to have started this year. The Federal Reserve said
Wednesday it decided to end its “Operation Twist” program
but extend its long-bond-buying program to the tune of $45
billion a month. This is what many had reckoned the central
bank would do. The new plan would expand the Fed’s balance
sheet and be ostensibly the printing of greenbacks. The
FOMC also said it will begin tying interest rate policy to
the U.S. unemployment rate, saying as long as unemployment
is above 6.5%, rates will not rise. Some quick math on that
matter suggests the Fed will not be raising interest rates
for at least three more years. Bernanke at his afternoon
press conference revealed nothing new beyond what the
earlier press release from the FOMC related. In overnight
news, European stocks and the Euro currency were firmer on
ideas the FOMC would implement further easing of U.S.
monetary policy. News that Greece did meet its target
number for the buying back of its bonds also supported the
European markets. Euro zone leaders meet again on Thursday
to discuss disbursing more aid to Greece. Meantime, Italian
bond yields dropped at the latest 12-month bill auction
Wednesday. On the dim side in Europe Wednesday, Euro zone
industrial production fell 1.4% in October from September.
Also in the U.S., attention of the market place remains on
the “fiscal cliff” tax increases and spending cuts that is
fast approaching. While there is still no apparent movement
from either side on the matter, President Obama said
Tuesday evening he thinks a deal will be reached before the
end of the year. The market place presently perceives odds
are a bit higher than not that there will be a last-minute
agreement among U.S. lawmakers to avoid the fiscal cliff.
Still, the overall situation continues to be a bearish drag
on many markets, including the raw commodities and stock
markets.

The Nasdaq stock futures index closed down 15.00 at
2,665.50 today. Prices closed near the session low today on
some profit taking. Bulls have the slight near-term
technical advantage. Bulls' next upside price breakout
objective is closing prices above solid resistance at
2,750.00. The bears' next downside price breakout objective
is closing prices below solid technical support at
2,600.00. First resistance is seen at today’s high of
2,690.75 and then at 2,700.00. First support is seen at
2,650.00 and then at the December low of 2,622.50.
Wyckoff's Market Rating: 5.5

The S&P 500 futures index closed down 4.30 at 1,421.00.
Prices closed near the session low on mild profit taking
after prices hit a seven-week high on Tuesday. Bulls have
gained some fresh upside momentum this week and they have
the near-term technical advantage. A four-week-old uptrend
is in place on the daily bar chart. Bulls' next upside
price breakout objective is closing prices above solid
resistance at the September high of 1,467.50. The next
downside price breakout objective for the bears is closing
prices below solid support at the December low of 1,397.00.
First resistance is seen at this week’s high of 1,433.00
and then at 1,445.00. First support is seen at 1,415.40 and
then at last week’s low of 1,397.00. Wyckoff's Market
Rating: 6.0.

The Dow futures closed down 44 points at 13,163. Prices
closed near the session low today on profit taking after
hitting a seven-week high on Tuesday. Bulls have the near-
term technical advantage. Prices are in a four-week-old
uptrend on the daily bar chart. The next upside price
objective for the bulls is closing prices above solid
technical resistance at 13,500. The next downside price
objective for the bears is closing prices below solid
technical support at the December low of 12,915. First
resistance in the Dow lies at 13,200 and then at today’s
high of 13,240. First support is seen at 13,150 and then at
13,100. Wyckoff's Market Rating: 6.0.

Click below for my welcome letter to all new customers and
for an explanation of my Market Rating System.

http://www.jimwyckoff.com/newsletter/WelcomeAboard/

IMPORTANT NOTE: I am not a futures broker and do not manage
any trading accounts other than my own personal account. It
is my goal to point out to you potential trading
opportunities. However, it is up to you to: (1) decide when
and if you want to initiate any traders and (2) determine
the size of any trades you may initiate. Any trades I
discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission
(CFTC) has said about futures trading (and I agree 100%):
1. Trading commodity futures and options is not for
everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS.
Before you invest any money in futures or options
contracts, you should consider your financial experience,
goals and financial resources, and know how much you can
afford to lose above and beyond your initial payment to a
broker. You should understand commodity futures and options
contracts and your obligations in entering into those
contracts. You should understand your exposure to risk and
other aspects of trading by thoroughly reviewing the risk
disclosure documents your broker is required to give you.

Jim Wyckoff
 

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