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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--December 1

Dec 02, 2011

Thursday Evening, December 1-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 up $0.05 at
$123.65 today. Prices closed nearer the session high today.
The cattle market bulls 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 $125.00. 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 this week’s high of $123.95 and then at $124.50.
First support is seen at today’s low of $123.20 and then at
$122.85. Wyckoff's Market Rating: 6.5

March feeder cattle closed up $0.17 at $148.35 today. Bulls
still have the solid overall near-term technical advantage.
Prices are in a three-month-old uptrend on the daily bar
chart. The next upside price objective for the feeder bulls
is to push and close prices above technical resistance at
the contract high of $150.87. The next downside price
breakout objective for the bears is to push and close
prices below solid technical support at $146.15. First
resistance is seen at this week’s high of $148.80 and then
at $149.15. First support is seen at $147.65 and then at
this week’s low of $146.97. Wyckoff's Market Rating: 7.5

February lean hogs closed down $1.17 at $90.40 today.
Prices closed nearer the session low today and the bulls
have faded a bit. A bearish broadening pattern has formed
on the daily bar chart. Hog bulls still have the overall
near-term technical advantage. The next upside price
breakout objective for the bulls is to push and close
prices above solid chart resistance at this week’s high of
$92.35. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
$89.00. First resistance is seen at today’s high of $91.05
and then at $91.50. First support is seen at today’s low of
$90.25 and then at $90.00. Wyckoff's Market Rating: 6.0

*. GRAINS: March corn futures closed down 5 1/4 cents at
$6.02 3/4 today. Prices closed near mid-range and were
pressured by general commodity market weakness today,
prompted in part by some weak economic data coming out of
China. While serious near-term chart damage has been
inflicted in corn recently, my bias is that a near-term low
is in place, or close at hand, and that a big double-bottom
reversal pattern could be forming on the daily bar chart.
Corn market bears still have the overall near-term
technical advantage. Corn bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at $6.25. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at the October low of $5.86. First
resistance for March corn is seen at $6.10 and then at this
week’s high of $6.16. First support is seen at $6.00 and
then at $5.95. Wyckoff's Market Rating: 3.0

January soybeans closed down 1 1/2 cents at $11.29 3/4 a
bushel today. Prices closed near mid-range again today. My
bias is also that soybeans are near a major low. See my
commentary on oats below. But soybean bears still have the
solid overall near-term technical advantage. Prices are in
a six-week-old downtrend on the daily bar chart. The next
near-term upside technical breakout objective for the
soybean bulls is pushing and closing prices above solid
technical resistance at $11.75 a bushel. The next downside
price breakout objective for the bears is pushing and
closing prices below psychological support at $11.00. First
resistance is seen at this week’s high of $11.46 and then
at $11.50. First support is seen at today’s low of $11.16
1/4 and then at this week’s low of $11.11 1/2. Wyckoff's
Market Rating: 2.5.

March soybean meal closed down $3.70 at $291.00 today.
Prices closed near mid-range today. Meal bears still have
the solid overall near-term technical advantage. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at $300.00. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$275.00. First resistance comes in at today’s high of
$296.00 and then at $298.00. First support is seen at
today’s low of $288.00 and then at this week’s low of
$286.40. Wyckoff's Market Rating: 2.0

March bean oil closed up 25 points at 50.18 cents today.
Prices closed nearer the session high today and more short
covering in a bear market. 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 last
week’s high of 51.60 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at 47.50 cents. First
resistance is seen at this week’s high of 50.67 cents and
then at 51.00 cents. First support is seen at 50.00 cents
and then at today’s low of 49.57 cents. Wyckoff's Market
Rating: 2.5

March Chicago SRW wheat closed up 3/4 cent at $6.14 3/4
today. Prices closed near mid-range today. Wheat bears have
the solid overall near-term technical advantage. Bulls'
next upside price breakout objective is to push and close
Chicago SRW prices above solid technical resistance at
$6.25 a bushel. The next downside price breakout objective
for the wheat futures bears is pushing and closing prices
below solid technical support at last week’s low of $5.86.
First resistance is seen at this week’s high of $6.29 1/4
and then at $6.35. First support lies at today’s low of
$6.05 3/4 and then at $6.00. Wyckoff's Market Rating: 2.0.

March K.C. HRW wheat closed up 7 1/2 cents at $6.68 1/2
today. Prices closed nearer the session high today and saw
short covering in a bear market. Bears still have the solid
overall near-term technical advantage. Bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at last week’s high of
$6.81. The bears' next downside breakout objective is
pushing and closing prices below solid technical support at
$6.25. First resistance is seen at this week’s high of
$6.78 and then at $6.81. First support is seen at today’s
low of $6.62 1/2 and then at this week’s low of $6.52 1/2.
Wyckoff's Market Rating: 2.0

March oats closed down 1 1/2 cents at $3.18 1/2 today.
Prices closed nearer the session high. Oats bears still
have the overall near-term technical advantage, but the
bulls have gained upside technical momentum this week to
suggest a market low is in place. Bears' next downside
price breakout objective is pushing and closing prices
below psychological support at $3.00. Bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at $3.25. First support
lies at $3.15 and then at today’s low of $3.10. First
resistance is seen at today’s high of $3.22 1/2 and then at
$3.25. Wyckoff's Market Rating: 3.0

*. SOFTS: March sugar closed down 9 points at 23.60 cents
today. Prices closed near mid-range today. Sugar bears have
the solid overall near-term technical advantage. A six-
week-old downtrend is still in place on the daily bar
chart. Sugar bulls' next upside price breakout objective is
to push and close prices above solid technical resistance
at last week’s high of 24.32 cents. Bears' next downside
price breakout objective is to push and close prices below
solid technical support at 22.50 cents. First resistance is
seen at this week’s high of 23.95 cents and then at 24.32
cents. First support is seen at today’s low of 23.44 cents
and then at 23.15 cents. Wyckoff's Market Rating: 3.0

March coffee closed down 195 points at 234.95 cents. Prices
closed nearer the session low today and saw a corrective
pullback from solid gains scored on Wednesday. Coffee bears
have the overall near-term technical advantage. The coffee
bulls' next upside breakout objective is to close prices
above solid technical resistance at the November high of
243.30 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the October low of 223.15 cents a pound. First
resistance is seen at 237.55 cents and then at today’s high
of 238.95 cents. First support is seen at today’s low of
233.60 cents and then at 232.50 cents. Wyckoff's Market
Rating: 2.5

March cocoa closed down $13 at $2,292 a ton. Prices closed
near mid-range today and closed at a fresh contract low
close. The cocoa bears have the solid overall near-term
technical advantage. The next upside price breakout
objective for the cocoa bulls is to push and close prices
above solid technical resistance at this week’s high of
$2,429. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $2,250. First resistance is seen at today’s high
of $2,324 and then at $2,358. First support is seen at
today’s low of $2,275 and then at the contract low of
$2,259. Wyckoff's Market Rating: 1.0.

March cotton closed down up 39 points at 91.30 cents today.
Prices closed nearer the session low today and saw tepid
short covering in a bear market. Serious near-term chart
damage has been inflicted in cotton recently. Cotton bears
have the solid near-term technical advantage. The next
upside price objective for the bulls is to produce a close
above solid technical resistance at 95.00 cents. The next
downside price breakout objective for the cotton bears is
to push and close prices below solid technical support at
85.00 cents. First support is seen at 90.00 cents and then
at this week’s low of 88.50 cents. First resistance is seen
at 92.00 cents and then at today’s high of 92.77 cents.
Wyckoff's Market Rating: 2.0

January orange juice closed up 145 points at $1.7755 today.
Prices closed nearer the session high today. 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 solid technical resistance
at the contract high of $1.8420. The next downside
technical breakout objective for the FCOJ bears is to
produce a close below solid technical support at $1.7000.
First resistance is seen at today’s high of $1.7800 and
then at $1.7920. First support is seen at today’s low of
$1.7605 and then at $1.7480. Wyckoff's Market Rating: 7.5.

January lumber futures closed up $1.40 at $219.60 today.
Prices closed nearer the session low today and saw tepid
short covering in a bear market. The bears have the solid
near-term technical advantage. The next downside technical
breakout objective for the lumber bears is pushing and
closing prices below solid technical support at $210.00.
The next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at $230.00. First resistance is seen at today’s high of
$223.30 and then at $225.00. First support is seen at the
contract low of $218.20 and then at $215.00. Wyckoff's
Market Rating: 1.0

*. METALS: February gold futures closed down $11.30 an
ounce at $1,739.00 today. Prices closed nearer the session
low today and saw a corrective pullback from recent gains
and some consolidation. A generally weak commodity sector
today, partly due to some weak economic data coming out of
China, helped to pressure gold. Bulls have the overall
near-term technical advantage. A nine-week-old uptrend is
in place on the daily bar chart. Bulls' next upside
technical breakout objective is to produce a close above
solid technical resistance at $1,775.00. Bears' next near-
term downside price objective is closing prices below
psychological support at $1,700.00. First resistance is
seen at today’s high of $1,758.00 and then at $1,775.00.
First support is seen at $1,725.00 and then at $1,704.30.
Wyckoff's Market Rating: 6.0.

March silver futures closed down $0.129 an ounce at $32.67
today. Prices closed nearer the session low today. Bulls
this week have gained some upside near-term technical
momentum. Bulls next upside price breakout objective is
closing prices above solid technical resistance at $34.00
an ounce. The next downside price breakout objective for
the bears is closing prices below solid technical support
at the November low of $30.74. First resistance is seen at
$33.00 and then at today’s high of $33.495. Next support is
seen at today’s low of $32.53 and then at $32.00. Wyckoff's
Market Rating: 5.0.

March N.Y. copper closed down 325 points 354.30 cents
today. Prices closed nearer the session low today and saw a
corrective pullback from very strong gains posted on
Wednesday. Bulls have gained upside near-term technical
momentum to suggest a market low is in place. Copper bulls'
next upside breakout objective is pushing and closing
prices above solid technical resistance at the October high
of 376.80 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at last week’s low of 321.85 cents. First
resistance is seen at 360.00 cents and then at this week’s
high of 363.50 cents. First support is seen at today’s low
of 351.75 cents and then at 350.00 cents. Wyckoff's Market
Rating: 5.5.

*. ENERGIES: January crude oil closed down $0.20 a barrel
at $100.16 today. Prices closed near mid-range today. Crude
bulls have the overall near-term technical advantage and
have this week gained some upside momentum. The next near-
term upside price breakout objective for the crude oil
bulls is producing a close above solid technical resistance
at the November high of $103.37 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 last week’s low of $94.99. First resistance is seen at
this week’s high of $101.75 and then at $102.50. First
support is seen at $99.00 and then at $98.00. Wyckoff's
Market Rating: 7.0.

January heating oil closed down 525 points at $2.9729
today. Prices closed nearer the session low today. Bulls
and bears are back on a level near-term technical playing
field. The bulls' next upside price breakout objective is
closing prices above solid technical resistance at this
week’s high of $3.0685. Bears' next downside price breakout
objective is producing a close below solid technical
support at last week’s low of $2.9288. First resistance
lies at $3.0000 and then at today’s high of $3.0401. First
support is seen at today’s low of $2.9620 and then at
$2.9288. Wyckoff's Market Rating: 5.0.

January (RBOB) unleaded gasoline closed down 34 points at
$2.5550 today. Prices closed near mid-range today. Bears
have the overall near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at $2.6359. Bears'
next downside price breakout objective is closing prices
below solid support at the October low of $2.3803. First
resistance is seen at today’s high of $2.5865 and then at
this week’s high of $2.6024. First support is seen at
today’s low of $2.5264 and then at $2.5000. Wyckoff's
Market Rating: 3.5.

January natural gas closed up 10.0 cents at $3.65 today.
Prices closed nearer the session high today on short
covering in a bear market. Bears 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 this week’s high of
$3.72. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the contract low of $3.461. First resistance is seen at
today’s high of $3.689 and then at $3.72. First support is
seen at this week’s low of $3.521 and then at the contract
low of $3.461. Wyckoff's Market Rating: 2.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 15 points at 1.3462 today. Prices closed nearer
the session low today. Bears still have the overall near-
term technical advantage. Prices are still in a four-week-
old downtrend 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 1.3576. The next downside price breakout objective for
the bears is closing prices below solid chart support at
the October low of 1.3161. First resistance for the Euro
lies at 1.3500 and then at this week’s high of 1.3548. Next
support is seen at 1.3400 and then at 1.3350. Wyckoff's
Market Rating: 3.0

The March Japanese yen closed down 45 points at 1.2880
today. Prices closed near the session low today. Bulls have
the slight near-term technical advantage. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1.3000. Bears' next downside breakout
objective is closing prices below solid technical support
at 1.2700. First resistance is seen at today’s high of
1.2930 and then at this week’s high of 1.2963. First
support is seen at 1.2850 and then at this week’s low of
1.2812. Wyckoff's Market Rating: 5.5.

The March Swiss franc closed down 23 points at 1.0950
today. Prices closed near mid-range today. Bears still have
the overall near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at 1.1200. The next downside price
breakout objective for the bears is closing prices below
solid technical support at last week’s low of 1.0738. First
resistance is seen at this week’s high of 1.1058 and then
at 1.1100. First support is seen at 1.0849 and then at last
week’s low of 1.0738 and then at 1.0700. Wyckoff's Market
Rating: 2.5.

The March Australian dollar closed down 21 points at 1.0118
today. Prices closed nearer the session high today. Bulls
have good upside technical momentum and are on a level
near-term technical playing field with the bears. Bulls'
next upside price breakout objective is closing prices
above solid chart resistance at 1.0400. The next downside
breakout objective for the bears is to produce a close
below solid technical support at .9850. First resistance is
seen at this week’s high of 1.0205 and then at 1.0250. Next
support is seen at today’s low of 1.0033 and then at
1.0000. Wyckoff's Market Rating: 5.0

The March Canadian dollar closed up 49 points at .9830
today. Prices closed nearer the session high today and
closed at a fresh two-week high close on more short
covering. Bears still have the slight overall near-term
technical advantage but the bulls have gained upside
momentum this week. Bulls' next upside price breakout
objective is producing a close above chart resistance at
.9925. The next downside price breakout objective for the
bears is closing prices below solid technical support at
last week’s low of .9485. First resistance is seen at this
week’s high of .9851 and then at .9900. First support is
seen at .9800 and then at today’s low of .9758. Wyckoff's
Market Rating: 4.5.

The March British pound closed down 14 points at 1.5670
today. Prices closed near mid-range today. Bears have the
overall near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at 1.5900. Bears' next
downside technical breakout objective is closing prices
below solid support at last week’s low of 1.5415. First
resistance is seen at this week’s high of 1.5758 and then
at 1.5800. First support is seen at 1.5600 and then at
1.5515. Wyckoff's Market Rating: 3.5.

The March U.S. dollar index closed down 8 points at 78.81
today. Prices closed near mid-range in quieter trading
today and saw more profit-taking pressure. Bulls still have
the overall near-term technical advantage but have faded
and need to show fresh power soon. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at the October high of 80.58. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at 77.50. Next
resistance lies at today’s high of 79.00 and then at 79.50.
First support is seen at today’s low of 78.62 and then at
this week’s low of 78.25. Wyckoff's Market Rating: 6.5.

March U.S. T-Bonds closed down 30/32 at 140 14/32 today.
Prices closed nearer the session low today and hit a fresh
three-week low and saw more profit-taking pressure. Bond
market bulls still have the overall near-term technical
advantage, but are fading and need to show fresh power
soon. The next downside price breakout objective for the T-
Bond bears is closing prices below solid technical support
at 138 even. The next upside technical objective for the
bulls is to produce a close above solid technical
resistance at this week’s high of 143 31/32. First
resistance is seen at 141 even and then at today’s high of
141 24/32. First support is seen at today’s low of 139
27/32 and then at 139 even. Wyckoff's Market Rating: 6.0.

March U.S. T Notes closed down 5.0 (32nds) at 129.06.0
today. Prices closed near mid-range today and saw more
profit taking. 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 bulls is closing prices above solid resistance at this
week’s high of 130.01.5. The next downside price breakout
objective for the bears is producing a close below solid
technical support at 128.00.0. First resistance is seen at
today’s high of 129.17.5 and then at 130.01.5. First
support is seen at this week’s low of 128.28.0 and then at
128.16.0. Wyckoff's Market Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mixed today on some corrective consolidation after big
gains scored on Wednesday. The stock index bulls are hoping
the seasonal “Santa Claus” rally in the U.S. stock market
is under way. Traders are now awaiting Friday’s key U.S.
jobs report.

The Nasdaq stock futures index closed up 14.50 at 2,309.50
today. Prices closed near the session high today and hit
another fresh two-week high. Bulls' next upside price
breakout objective is closing prices above solid resistance
at the October high of 2,408.75. The bears' next downside
price breakout objective is closing prices below solid
technical support at last week’s low of 2,135.75. First
resistance is seen at today’s high of 2,315.50 and then at
2,330.00. First support is seen at today’s low of 2,284.00
and then at 2,250.00. Wyckoff's Market Rating: 5.5

The S&P 500 futures index closed down 2.20 at 1,243.80.
Prices closed near mid-range in quieter trading. Prices hit
a fresh two-week high todaty. Bulls' next upside price
breakout objective is closing prices above solid resistance
at the October high of 1,288.70. The next downside price
breakout objective for the bears is closing prices below
solid support at last week’s low of 1,147.50. First
resistance is seen at today’s high of 1,250.70 and then at
1,270.50. First support is seen at today’s low of 1,236.00
and then at 1,206.00. Wyckoff's Market Rating: 5.0.

The Dow futures closed down 39 points at 11,995 today.
Prices closed near mid-range today in quieter trading. The
next upside price objective for the bulls is closing prices
above solid technical resistance at the October high of
12,230. The next downside price objective for the bears is
closing prices below solid technical support at 11,500.
First resistance in the Dow lies at today’s high of 12,035
and then at 12,100. First support is seen at today’s low of
11,960 and then at 11,900. Wyckoff's Market Rating: 5.0.

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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