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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. 13

Dec 14, 2012

Thursday Evening, December 13-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 $0.32 at
$131.47 today. Prices closed near the session low today and
scored a bearish “outside day” down on the daily bar chart.
The key “outside markets” were in a mildly bearish posture
for the cattle market today, as the U.S. dollar index was
firmer and crude oil prices were weaker. Bulls still have
the slight near-term technical advantage but need to show
fresh power soon to keep it. 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
$132.00 and then at this week’s high of $132.50. First
support is seen at $131.35 and then at $131.00. Wyckoff's
Market Rating: 5.5

March feeder cattle closed up $0.35 at $155.07 today.
Prices closed nearer the session low and 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 $157.50. The next
downside price breakout objective for the bears is to push
and close prices below solid technical support at $152.50.
First resistance is seen at today’s high of $155.92 and
then at $156.50. First support is seen at $154.50 and then
at $154.00. Wyckoff's Market Rating: 7.0

February lean hogs closed up $0.25 at $85.90 today. Prices
closed near mid-range today on more short covering and
perceived bargain hunting. The key “outside markets” were
in a mildly bearish posture for the hog market today, as
the U.S. dollar index was firmer and crude oil prices were
weaker. The hog bulls have regained the slight near-term
technical advantage. A three-month-old uptrend has been re-
established 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 November
contract high of $88.25. The next downside price breakout
objective for the bears is pushing prices below solid
technical support at the December low of $83.20. First
resistance is seen at today’s high of $86.25 and then at
$86.75. First support is seen at $85.50 and then at $85.00.
Wyckoff's Market Rating: 5.5

*. GRAINS: March corn futures were down 4 3/4 cents at 7.20
3/4 in late trading today. Prices were near mid-range and
hit a fresh four-week low today. The key “outside markets”
were in a mildly bearish posture for the corn market today,
as the U.S. dollar index was firmer and crude oil prices
were weaker. This week’s big losses in wheat are a bearish
factor for corn and beans. Corn bulls have faded recently
and the bears have the slight 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 $7.28 and then at
$7.35. First support is seen at the November low of $7.14
1/4 and then at $7.10. Wyckoff's Market Rating: 4.5

January soybeans were up 3 cents at $14.76 1/2 a bushel in
late trading today. Prices were near mid-ramge. Gains were
limited by the key “outside markets” that were in a mildly
bearish posture for the soybean market today, as the U.S.
dollar index was firmer and crude oil prices were weaker.
This week’s 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 $14.90 and then
at $15.00. First support is seen at today’s low of $14.65
and then at this week’s low of $14.53. Wyckoff's Market
Rating: 4.5.

March soybean meal was up $3.50 at $450.50 in late trading
today. Prices were nearer the session high today and hit
another fresh four-week high. Meal bulls are gaining upside
near-term technical momentum and they are back on a level
near-term technical playing field with the bears. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at the November
high of $471.00. The next downside price breakout objective
for the bears is pushing and closing prices below solid
technical support at this week’s low of $431.30. First
resistance comes in at today’s high of $452.90 and then at
$455.00. First support is seen at $448.00 and then at
$445.00. Wyckoff's Market Rating: 5.0

March bean oil was down 56 points at 49.47 cents in late
trading today. Prices were near the session low and hit a
fresh three-week low today. The key “outside markets” were
in a mildly bearish posture for the bean oil market today,
as the U.S. dollar index was firmer and crude oil prices
were weaker. The bean oil bears have the solid 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 50.00 cents and
then at today’s high of 50.35 cents. First support is seen
at today’s low of 49.37 cents and then at 49.00 cents.
Wyckoff's Market Rating: 2.5

March Chicago SRW wheat was down 3 1/2 cents at $8.08 1/2
in late trading today. Prices were near mid-range and hit
another fresh 5.5-month low today. The key “outside
markets” were in a mildly bearish posture for the wheat
market today, as the U.S. dollar index was firmer and crude
oil prices were weaker. Price action this week has seen a
significantly bearish downside “breakout” from a choppy and
sideways trading range. Wheat 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 the November low of
$8.45 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 $8.17 3/4 and then at $8.25 1/2.
First support lies at $8.00 and then at $7.90. Wyckoff's
Market Rating: 4.0.

March K.C. HRW wheat was down 2 3/4 cents at $8.62 1/2 in
late trading today. Prices were nearer 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 today’s high of $8.71 3/4 and then at
$8.85. First support is seen at today’s low of $8.58 1/2
and then at $8.50. Wyckoff's Market Rating: 4.0

March oats were up 1 3/4 cents at $3.87 today in late
trading. Prices were nearer the session high. 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 $3.85 and then
at today’s low of $3.80 1/4. First resistance is seen at
$3.90 1/4 and then at this week’s high of $3.95. Wyckoff's
Market Rating: 7.0

*. SOFTS: March sugar closed up 7 points at 18.61 cents
today. Prices closed near the session high today on tepid
short covering in a bear market. Prices early on hit a
fresh 22-month low. The key “outside markets” were in a
mildly bearish posture for the sugar market today, as the
U.S. dollar index was firmer and crude oil prices were
weaker. 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 Wednesday’s high of 18.91 cents and then at 19.00 cents.
First support is seen at today’s low of 18.31 cents and
then at 18.25 cents. Wyckoff's Market Rating: 1.0.

March coffee closed down 325 points at 143.25 cents. Prices
closed near the session low today and hit another fresh
contract low and 2.5-year low. The key “outside markets”
were in a mildly bearish posture for the coffee market
today, as the U.S. dollar index was firmer and crude oil
prices were weaker. 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 145.00 cents and then at
today’s high of 146.90 cents. First support is seen at
today’s contract low of 143.25 cents and then at 142.50
cents. Wyckoff's Market Rating: 1.0.

March cocoa closed down $11 at $2,430 a ton. Prices closed
nearer the session high today. The key “outside markets”
were in a mildly bearish posture for the cocoa market
today, as the U.S. dollar index was firmer and crude oil
prices were weaker. The cocoa bulls and bears are 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 this
week’s high of $2,453 and then at $2,475. First support is
seen at $2,400 and then at $2,385. Wyckoff's Market Rating:
5.0

March cotton closed down 75 points at 74.37 cents today.
Prices closed near the session low today on some profit
taking after prices Wednesday hit a seven-week high. The
key “outside markets” were in a mildly bearish posture for
the cotton market today, as the U.S. dollar index was
firmer and crude oil prices were weaker. The bulls still
have the overall near-term technical advantage. A four-
week-old uptrend is still 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 75.00 cents
and then at this week’s high of 75.53 cents. First support
is seen at 74.00 cents and then at 73.50 cents. Wyckoff's
Market Rating: 5.5.

January orange juice closed up 370 points at $1.3780 today.
Prices closed nearer the session high 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
$1.4500. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at $1.3000. First resistance is seen at today’s
high of $1.4015 and then at $1.4250. First support is seen
at $1.3500 and then at today’s low of $1.3290. Wyckoff's
Market Rating: 8.0.

January lumber futures closed down $2.80 at $345.00 today.
Prices closed nearer the session low today on some mild
profit taking. Prices Wednesday hit a contract high and
6.5-year high. 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 the contract high of $350.70 and then at $352.50.
First support is seen at today’s low of $344.00 and then at
this week’s low of $342.10. Wyckoff's Market Rating: 8.0

*. METALS: February gold futures closed down $21.60 an
ounce at $1,696.30 today. Prices closed nearer the session
low today and again dropped below key psychological support
at the $1,700.00 level. Gold was pressured by mildly
bearish “outside markets” that included a firmer U.S.
dollar index and weaker crude oil prices. Gold bulls have
the slight overall near-term technical advantage but faded
today. The gold bulls’ next upside price breakout objective
is to produce a close above solid technical resistance at
this week’s high of $1,725.00. 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 $1,700.00 and then at today’s
high of $1,712.80. First support is seen at today’s low of
$1,690.70 and then at the December low of $1,684.10.
Wyckoff’s Market Rating: 5.5

March silver futures closed down $1.327 an ounce at $32.455
today. Prices closed nearer the session low today and hit a
fresh four-week low as the bulls have faded quickly. Silver
was pressured by mildly bearish “outside markets” that
included a firmer U.S. dollar index and weaker crude oil
prices. Some near-term chart damage was inflicted in silver
today. The silver bulls and bears are now back on a level
near-term technical playing field. Bulls’ next upside price
breakout objective is closing prices above solid technical
resistance at this week’s high of $33.875 an ounce. The
next downside price breakout objective for the bears is
closing prices below solid technical support at $32.00.
First resistance is seen at $32.75 and then at $33.00. Next
support is seen at today’s low of $32.28 and then at
$32.00. Wyckoff's Market Rating: 5.0.

March N.Y. copper closed down 545 points at 366.15 cents
today. Prices closed nearer the session low today and saw
some profit taking after prices Wednesday hit a six-week
high. Copper was pressured by mildly bearish “outside
markets” that included a firmer U.S. dollar index and
weaker crude oil prices. 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 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 370.00 cents and then at this week’s
high of 372.10 cents. First support is seen at 365.00 cents
and then at the December low of 363.30 cents. Wyckoff's
Market Rating: 6.0.

*. ENERGIES: January crude oil closed down $0.54 a barrel
at $86.23 today. Prices closed near mid-range today. A
firmer U.S. dollar index was bearish for crude. 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 $87.00 and then at this week’s high of $87.68.
First support is seen at today’s low of $85.81 and then at
$85.00. Wyckoff's Market Rating: 4.5

January heating oil closed down 118 points at $2.9550
today. Prices closed near mid-range today. 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 today’s high of $2.9787 and then at $3.0000. First
support is seen at today’s low of $2.9416 and then at
$2.9200. Wyckoff's Market Rating: 4.0.

January (RBOB) unleaded gasoline closed down 390 points at
$2.6075 today. Prices closed nearer the session low 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 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 $2.6495 and then at this week’s high of
$2.6668. First support is seen at last week’s low of
$2.5893 and then at $2.5750. Wyckoff's Market Rating: 5.0.

January natural gas closed down 4.5 cents at $3.338 today.
Prices closed near mid-range and hit another fresh 2.5-
month low today. A bearish U.S. storage report pressured
the market today. Nat gas 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 the August and September
lows of $3.20. First resistance is seen at today’s high of
$3.407 and then at $3.45. First support is seen at today’s
low of $3.293 and then at $3.25. Wyckoff's Market Rating:
2.5.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 3 points at 1.3090 today. Prices closed nearer
the session high again today. The bulls have the near-term
technical advantage and have gained some upside technical
momentum this week. 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 1.3112 and then at 1.3142. Next support is seen at
today’s low of 1.3052 and then at 1.3008. Wyckoff's Market
Rating: 6.5

The March Japanese yen closed down 61 points at 1.1970
today. Prices closed near the session low today and hit
another fresh nine-month low. Bears have the solid overall
near-term technical advantage. Prices are in a steep 10-
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 1.1750. First resistance is seen at
1.2000 and then at today’s high of 1.2038. First support is
seen at today’s low of 1.1960 and then at 1.1900. Wyckoff's
Market Rating: 1.0.

The March Swiss franc closed up 21 points at 1.0841 today.
Prices closed nearer the session high today. The Swissy
bulls have the near-term technical advantage and have
gained fresh upside momentum this week. 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 today’s high of 1.0855 and then at
1.0900. First support is seen at today’s low of 1.0799 and
then at 1.0740. Wyckoff's Market Rating: 6.5.

The March Australian dollar closed down 36 points at 1.0453
today. Prices closed nearer the session low today and saw
mild profit taking. Prices Wednesday hit a contract high.
Bulls have the solid overall near-term technical advantage.
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 the contract high of 1.0510 and then
at 1.0550. Next support is seen at today’s low of 1.0436
and then at 1.0400. Wyckoff's Market Rating: 8.0

The March Canadian dollar closed down 8 points at 1.0134
today. Prices closed nearer the session low and did 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 1.0158 and then at 1.0175. First support is
seen at 1.0115 and then at 1.0100. Wyckoff's Market Rating:
6.0.

The March British pound closed down 48 points at 1.6107
today. Prices closed near mid-range today and saw some
profit taking after prices Wednesday hit a nine-week high.
Bulls still have the overall near-term technical advantage.
The next upside price breakout objective for the bulls is
closing prices above solid technical resistance at the
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 1.6151 and then at this week’s high of
1.6202. First support is seen at today’s low of 1.6081 and
then at 1.6050. Wyckoff's Market Rating: 6.5.

The March U.S. dollar index closed up 10 points at 80.01
today. Prices closed near mid-range today and saw some
short covering. The bears still 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 Wednesday’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 this week’s low of 79.40. Wyckoff's
Market Rating: 3.0.

March U.S. T-Bonds closed down 7/32 at 147 27/32 today.
Prices closed near mid-range and hit a fresh five-week low
today. More profit taking was featured. Bulls have faded
badly and are 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 even and then at
today’s high of 148 10/32. First support is seen at today’s
low of 147 9/32 and then at 147 even. Wyckoff's Market
Rating: 5.0.

March U.S. T Notes closed down 12.0 (32nds) at 132.22.0
today. Prices closed nearer the session low today and hit a
fresh five-week low on more profit taking. Bulls still have
the overall near-term technical advantage, but are fading
badly. 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 132.00.0. First resistance is seen at
133.00.0 and then at today’s high of 133.05.5. First
support is seen at today’s low of 132.20.5 and then at
132.16.0. Wyckoff's Market Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker today on some profit taking. Attention of the market
place has again focused to the U.S. “fiscal cliff” tax
increases and spending cuts that is fast approaching. There
is no apparent movement from either side on the matter,
just more rhetoric from politicians blaming each other.
President Obama and House Speaker Boehner were set to meet
Thursday afternoon. The market place had been reckoning
odds were a bit higher than not that there would be a last-
minute agreement among U.S. lawmakers to avoid the fiscal
cliff. However, the lack of progress between the Obama
administration and Congress as the year winds down is
making traders very skittish. The overall situation
continues to be a bearish drag on many markets, including
the stock indexes. The market place is still digesting the
U.S. Federal Reserve decision Wednesday to end its
“Operation Twist” program but extend its long-bond-buying
program to the tune of $45 billion a month. That news is
what many had figured the central bank would do. The new
plan would expand the Fed’s balance sheet and ostensibly
print 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.
Wednesday’s Federal Reserve developments are a bullish
underlying fundamental factor for the stock market. In
overnight news, European Union finance officials have
agreed on a deal that would create a single bank supervisor
and EU banking union. This is a big, positive step for the
EU in its three-year-old sovereign debt crisis. The news
lifted the Euro currency and lowered Spanish and Italian
bond yields. The agreement still needs to be ratified by
the European Parliament. Also Thursday Greece was approved
to get a fresh tranche of EU bailout money. All in all
Thursday was a very positive day in the European Union’s
efforts at fixing its financial and economic problems.
However, much more heavy lifting needs to occur in the
coming months for the EU to continue on a path of recovery.

The Nasdaq stock futures index closed down 20.25 at
2,644.75 today. Prices closed nearer the session low today
on more profit taking. Bulls and bears are now back on a
level near-term technical playing field. Bulls' next upside
price breakout objective is closing prices above solid
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 2,675.00
and then at 2,700.00. First support is seen at today’s low
of 2,637.75 and then at the December low of 2,622.50.
Wyckoff's Market Rating: 5.0

The S&P 500 futures index closed down 9.00 at 1,412.00.
Prices closed nearer the session low on more profit taking.
Bulls still 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 today’s high of
1,425.30 and then at this week’s high of 1,433.00 and then
at 1,445.00. First support is seen at today’s low of
1,410.00 and then at last week’s low of 1,397.00. Wyckoff's
Market Rating: 6.0.

The Dow futures closed down 69 points at 13,094. Prices
closed near the session low today on more profit taking.
Bulls still 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 today’s high of
13,170 and then at Wednesday’s high of 13,240. First
support is seen at 13,000 and then at 12,950. 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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