Jul 12, 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--Dec. 24

Dec 26, 2012

Monday Evening, December 24-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 $0.35 at
$133.22 today. Prices closed near mid-range today in quiet,
pre-holiday trading. Some mild profit taking from recent
strong gains was seen. Bulls still have the solid near-term
technical advantage. Prices are in a seven-week-old uptrend
on the daily bar chart. The bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at the contract high of $135.90. The
next downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
$132.50. First resistance is seen at today’s high of
$133.40 and then at $133.87. First support is seen at
$133.00 and then at last week’s low of $132.75. Wyckoff's
Market Rating: 7.0

March feeder cattle closed down $0.50 at $154.27 today.
Prices closed near the session low today on more profit
taking from recent gains. The feeder bulls still have the
overall chart advantage. A bullish pennant pattern has
formed on the daily bar chart. The next upside price
breakout objective for the feeder bulls is to push and
close prices above solid technical resistance at last
week’s high of $157.07. The next downside price breakout
objective for the bears is to push and close prices below
solid technical support at $153.00. First resistance is
seen at $155.00 and then at $155.52. First support is seen
at $154.00 and then at 153.50. Wyckoff's Market Rating: 6.5

February lean hogs closed up $0.65 at $87.55 today. Prices
closed near the session high and hit a fresh three-week
high today. A three-month-old uptrend is in place on the
daily chart. The bulls have the solid near-term technical
advantage. 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 $85.00.
First resistance is seen at today’s high of $87.65 and then
at $88.00. First support is seen at $87.00 and then at
today’s low of $86.70. Wyckoff's Market Rating: 7.5

*. GRAINS: March corn futures closed down 3 cents at 7.05
today. Prices closed nearer the session high on short
covering in a bear market. Prices late last week hit a 6.5-
month low. Recent slack U.S. export demand for corn and
technical selling has hurt the bullish camp. Corn bears
have the near-term technical advantage. Prices are in a
four-week-old downtrend on the daily bar chart. Corn bulls'
next upside price objective is to push and close prices
above solid technical resistance at $7.25. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at $6.75.
First resistance for March corn is seen at today’s high of
$7.07 1/4 and then at $7.14 1/4. First support is seen at
$7.00 and then at $6.95. Wyckoff's Market Rating: 3.5

March soybeans closed up 6 3/4 cents at $14.36 a bushel
today. Prices closed near mid-range in quiet, pre-holiday
trading. Short covering in a bear market was featured. Good
South American growing weather and recent Chinese
cancellations of U.S. buys of soybeans have hit the soybean
market hard recently. Soybean bears have the near-term
technical advantage. The next near-term upside technical
breakout objective for the soybean bulls is pushing and
closing January prices above solid technical resistance at
$14.75 a bushel. The next downside price breakout objective
for the bears is pushing and closing prices below solid
technical and psychological support at $14.00. First
resistance is seen at today’s high of $14.41 1/40 and then
at $14.50. First support is seen at today’s low of $14.25
1/2 and then at $14.15. Wyckoff's Market Rating: 3.5.

March soybean meal closed up $1.00 at $432.40 today. Prices
closed nearer the session low. Short covering in a bear
market was featured. Bears still have the near-term
technical advantage. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at $445.00. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at the November low of
$405.50. First resistance comes in at today’s high of
$435.80 and then at $438.00. First support is seen at
$430.00 and then at $427.50. Wyckoff's Market Rating: 3.5

March bean oil closed up 25 points at 49.37 cents today.
Prices closed nearer the session high and saw short
covering in a bear market. The bean oil bears still 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 51.00 cents. Bean oil bears' next downside technical
price breakout objective is pushing and closing prices
below solid technical support at the November low of 47.35
cents. First resistance is seen at 49.50 cents and then at
50.00 cents. First support is seen at today’s low of 48.93
cents and then at 48.41 cents. Wyckoff's Market Rating: 2.5

March Chicago SRW wheat closed up 1 3/4 cents at $7.93 ¾
today. Prices closed near mid-range in quiet trading. Tepid
short covering in a bear market was featured. Wheat bears
still have the near-term technical advantage. A seven-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 last
week’s high of $8.22 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 $7.50.
First resistance is seen at $8.00 and then at $8.08 1/2.
First support lies at last week’s low of $7.82 1/2 and then
at $7.75. Wyckoff's Market Rating: 3.5.

March K.C. HRW wheat closed up 3 3/4 cents at $8.45 3/4
today. Prices closed near the session high and saw short
covering. Prices hit another fresh 5.5-month low today. HRW
bears have downside momentum and have the overall near-term
technical advantage. Bulls’ next upside price breakout
objective is pushing and closing prices above solid
technical resistance at the November low of $8.86. The
bears' next downside breakout objective is pushing and
closing prices below solid technical support at $8.25.
First resistance is seen at $8.50 and then at $8.60 1/2.
First support is seen at today’s low of $8.40 and then at
$8.34. Wyckoff's Market Rating: 3.5

March oats closed up 1/4 cent at $3.65 today. Prices closed
near mid-range. Oats bears have the slight near-term
technical advantage. Prices Friday hit a six-month low.
Bears' next downside price breakout objective is pushing
and closing prices below solid technical support at $3.50.
Bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at $3.75.
First support lies at today’s low of $3.63 and then at
$3.60. First resistance is seen at today’s high of $3.67
3/4 and then at $3.70. Wyckoff's Market Rating: 4.5

*. SOFTS: March sugar closed down 23 points at 19.02 cents
today. Prices closed nearer the session low today. Sugar
bears have the overall near-term technical advantage.
Bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at the
November high of 20.03 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at the December low of 18.31 cents. First
resistance is seen at today’s high of 19.29 cents and then
at last week’s high of 19.46 cents. First support is seen
at 18.81 cents and then at 18.66 cents. Wyckoff's Market
Rating: 2.0.

March coffee closed up 40 points at 147.00 cents. Prices
closed nearer the session high today in quiet trading.
Tepid short covering in a bear market was featured. The
coffee bears still have the solid overall near-term
technical advantage. Prices are in a three-month-old
downtrend on the daily bar chart. The next upside breakout
objective for the bulls is to close prices above solid
technical resistance at 150.00 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 135.00 cents a pound.
First resistance is seen at today’s high of 147.95 cents
and then at 150.00 cents. First support is seen at 145.00
cents and then at 143.00 cents. Wyckoff's Market Rating:
1.5.

March cocoa closed down $32 at $2,280 a ton. Prices closed
nearer the session low and hit another fresh five-month low
today. The cocoa bears have the near-term technical
advantage and gained more downside momentum today. Prices
are in a four-week-old downtrend on the daily bar chart.
The next upside price breakout objective for the cocoa
bulls is to push and close prices above solid technical
resistance at $2,400. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $2,200. First resistance is seen
at $2,300 and then at today’s high of $2,310. First support
is seen at today’s low of $2,270 and then at $2,250.
Wyckoff's Market Rating: 3.0

March cotton closed up 22 points at 76.40 cents today.
Prices closed nearer the session high again today and hit a
fresh three-month high. The cotton bulls have the overall
near-term technical advantage. A six-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 August high of
78.02 cents. The next downside price breakout objective for
the cotton bears is to push and close prices below solid
technical support at 74.50 cents. First resistance is seen
at today’s high of 76.50 cents and then at 77.00 cents.
First support is seen at today’s low of 75.99 cents and
then at 75.50 cents. Wyckoff's Market Rating: 6.0.

March orange juice closed down 85 points at $1.3340 today.
Prices closed nearer the session low on more profit taking
from recent gains. FCOJ bulls still have the overall near-
term technical advantage, but are fading and need to show
fresh power soon. The next upside price breakout objective
for the FCOJ bulls is pushing and closing prices above
technical resistance at last week’s high of $1.4450. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at the September high of $1.3095. First resistance is seen
at today’s high of $1.3515 and then at $1.3800. First
support is seen at $1.3200 and then at $1.3000. Wyckoff's
Market Rating: 6.5.

January lumber futures closed up the $10.00 limit at
$376.60 today. Prices hit a fresh contract and six-year
high today as a major bull market run is on in lumber.
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 last week’s low of $353.00. The
next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at $400.00. First resistance is seen at $380.00 and then at
$385.00. First support is seen at $370.00 and then at
$366.60. Wyckoff's Market Rating: 10.0

*. METALS: February gold futures closed down $0.80 an ounce
at $1,659.30 today. Prices closed near mid-range today in
quiet trading. Some mild short covering and bargain hunting
were featured after prices hit a four-month low late last
week. Serious near-term chart damage has been inflicted
recently. A 2.5-month-old downtrend is in place on the
daily bar chart. Gold bears have the overall near-term
technical advantage. The gold bulls’ next upside price
breakout objective is to produce a close above solid
technical resistance at the November low of $1,674.70.
Bears' next near-term downside breakout price objective is
closing prices below solid technical support at $1,630.00.
First resistance is seen at today’s high of $1,666.50 and
then at 1,674.70. First support is seen at 1,650.00 and
then at $1,640.00. Wyckoff’s Market Rating: 3.5

March silver futures closed down $0.283 an ounce at $29.92
today. Prices closed nearer the session low today. The
silver bears have the near-term technical advantage. Prices
late last week hit a four-month low and are in a steep
three-week-old downtrend on the daily bar chart. Bulls’
next upside price breakout objective is closing prices
above solid technical resistance at $32.00 an ounce. The
next downside price breakout objective for the bears is
closing prices below solid technical support at $29.00.
First resistance is seen at today’s high of $30.395 and
then at $30.79. Next support is seen at last week’s low of
$29.635 and then at $29.50. Wyckoff's Market Rating: 3.5.

March N.Y. copper closed down 170 points at 355.00 cents
today. Prices closed nearer the session low today. Copper
bulls have faded badly recently. Bears have the slight
overall near-term technical advantage. Copper bulls' next
upside breakout objective is pushing and closing prices
above solid technical resistance at 362.50 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 350.00 cents. First
resistance is seen at today’s high of 357.90 cents and then
at 360.00 cents. First support is seen at last week’s low
of 352.30 cents and then at 350.00 cents. Wyckoff's Market
Rating: 4.5.

*. ENERGIES: February crude oil closed up $0.17 a barrel at
$88.83 today. Prices closed near the session high. Crude
oil bulls and bears are back 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 the December high of
$90.90 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 December low of
$85.76. First resistance is seen at $89.00 and then at
$90.00. First support is seen at $88.00 and then at $87.50.
Wyckoff's Market Rating: 5.0

February heating oil closed down 143 points at $2.9959
today. Prices closed nearer the session low today. Bulls
and bears are on a level near-term technical playing field.
Prices are still 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 the December high of $3.1026. Bears' next
downside price breakout objective is producing a close
below solid technical support at the December low of
$2.9027. First resistance lies at today’s high of $3.0200
and then at $3.0400. First support is seen at today’s low
of $2.9846 and then at $2.9600. Wyckoff's Market Rating:
5.0.

February (RBOB) unleaded gasoline closed up 89 points at
$2.7247 today. Prices closed near the session high today.
Bulls have the near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at the December
high of $2.7634. Bears' next downside price breakout
objective is closing prices below solid support at the
December low of $2.5959. First resistance is seen at the
December high of $2.7634 and then at the October high of
$2.8087. First support is seen at today’s low of $2.6971
and then at $2.6750. Wyckoff's Market Rating: 6.0.

February natural gas closed down 11.5 cents at $3.367
today. Prices closed near the session low today. Nat gas
bears have the overall near-term technical advantage. A
steep four-week-old downtrend is still in place on the
daily bar chart. The next upside price breakout objective
for the bulls is closing prices above solid technical
resistance at $3.60. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the August low of $3.222. First
resistance is seen at $3.45 and then at $3.50. First
support is seen at today’s low of $3.363 and then at the
December low of $3.316. Wyckoff's Market Rating: 3.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 8 points at 1.3195 today. Prices closed nearer
the session low today. The bulls till have the solid near-
term technical advantage. A seven-week-old uptrend is in
place on the daily bar chart. Euro bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at 1.3400. The next downside
price breakout objective for the bears is closing prices
below solid chart support at 1.3050. First resistance for
the Euro lies at today’s high of 1.3247 and then at 1.3300.
Next support is seen at last week’s low of 1.3156 and then
at 1.3100. Wyckoff's Market Rating: 7.0

The March Japanese yen closed down 84 points at 1.1798
today. Prices closed near the session low today and hit
another fresh contract 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 1.2000. Bears' next downside breakout
objective is closing prices below solid technical support
at 1.1700. First resistance is seen at today’s high of
1.1868 and then at 1.1900. First support is seen at today’s
contract low of 1.1790 and then at 1.1750. Wyckoff's Market
Rating: 1.0.

The March Swiss franc closed up 27 points at 1.0954 today.
Prices closed near mid-range today. The Swissy bulls have
the solid near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at 1.1100. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 1.0800. First resistance is seen
at today’s high of 1.0979 and then at 1.1000. First support
is seen at today’s low of 1.0923 and then at 1.0900.
Wyckoff's Market Rating: 7.5.

The March Australian dollar closed down 36 points at 1.0303
today. Prices closed nearer the session low today and hit a
fresh four-week low. Profit taking was featured. No serious
chart damage has been inflicted but the bulls are fading
and need to show fresh power soon. Bulls still have the
overall near-term technical advantage. Bulls' next upside
price breakout objective is closing prices above solid
chart resistance at the December high of 1.0520. The next
downside breakout objective for the bears is to produce a
close below solid technical support at the November low of
1.0203. First resistance is seen at today’s high of 1.0353
and then at 1.0400. Next support is seen at today’s low of
1.0289 and then at 1.0250. Wyckoff's Market Rating: 7.0

The March Canadian dollar closed up 35 points at 1.0074
today. Prices closed nearer the session high today. Bulls
have the slight near-term technical advantage but did fade
a bit late last week. A four-week-old uptrend on the daily
bar chart has been negated. Bulls' next upside price
breakout objective is producing a close above chart
resistance at the December high of 1.0158. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 1.0000. First
resistance is seen at 1.0100 and then at 1.0133. First
support is seen at today’s low of 1.0037 and then at last
week’s low of 1.0028. Wyckoff's Market Rating: 5.5.

The March British pound closed down 32 points at 1.6125
today. Prices closed nearer the session low today and saw
profit taking. Bulls still 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 last week’s contract high of
1.6304. Bears' next downside technical breakout objective
is closing prices below solid support at 1.6000. First
resistance is seen at today’s high of 1.6205 and then at
1.6250. First support is seen at today’s low or 1.6097 and
then at 1.6050. Wyckoff's Market Rating: 7.0.

The March U.S. dollar index closed up 33 points at 79.74
today. Prices closed nearer the session high. The bears
still have the 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 80.50. The next
downside price breakout objective for the bears is to
produce a close below solid technical support at the
September low of 78.94. Next resistance lies at today’s
high of 79.80 and then at 80.00. First support is seen at
today’s low of 79.44 and then at last week’s low of 79.01.
Wyckoff's Market Rating: 2.5.

March U.S. T-Bonds closed down 9/32 at 147 8/32 today.
Prices closed near mid-range in quiet trading. Bears still
have the near-term technical advantage. Prices are in a
steep three-week-old downtrend on the daily bar chart. The
next downside price breakout objective for the T-Bond bears
is closing prices below solid technical support at the
December low of 145 19/32. The next upside technical
objective for the bulls is to produce a close above solid
technical resistance at 148 24/32. First resistance is seen
at today’s high of 147 14/32 and then at 147 23/32. First
support is seen at 147 even and then at 146 16/32.
Wyckoff's Market Rating: 4.0.

March U.S. T Notes closed down 5.0 (32nds) at 132.10.5
today. Prices closed nearer the session low today. Bears
have the slight near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at 132.27.0. The next
downside price breakout objective for the bears is
producing a close below solid technical support at the
December low of 131.25.5. First resistance is seen at
today’s high of 132.15.0 and then at 132.20.5. First
support is seen at today’s low of 132.08.0 and then at
132.02.0. Wyckoff's Market Rating: 4.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
lower today. Trading was very quiet ahead of the Christmas
holiday on Tuesday. Most U.S. markets traded a half-day
Monday, ahead of the holiday. Investors and traders
continue to worry about the U.S. fiscal cliff negotiations
that have stalled and now with only a few days left for
U.S. lawmakers to reach a deal. Lawmakers have until
January 3 to come to agreement before the government falls
off the fiscal cliff. Markets do not like uncertainty and
most markets remain jittery as the deadline draws closer.
Credit ratings agencies have recently warned that if the
U.S. does go over the fiscal cliff it risks sovereign
credit downgrades.

The Nasdaq stock futures index closed down 11.75 at
2,648.75 today. Prices closed near the session low. 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 2,662.75 and then at 2,675.00. First
support is seen at Friday’s low of 2,636.25 and then at the
December low of 2,609.25. Wyckoff's Market Rating: 5.5

The S&P 500 futures index closed down 6.10 at 1,419.80.
Prices closed nearer the session low. Bulls have the slight
near-term technical advantage. A four-week-old uptrend on
the daily bar chart has been negated, however. 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
1,424.10 and then at 1,433.00. First support is seen at
1,406.00 and then at 1,400.00. Wyckoff's Market Rating:
5.5.

The Dow futures closed down 71 points at 13,065. Prices
closed near the session low today. Bulls have the slight
near-term technical advantage. 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 13,100 and
then at Friday’s high of 13,160. First support is seen at
13,000 and then at 12,950. Wyckoff's Market Rating: 5.5.

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