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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 15

Dec 16, 2011

Thursday Evening, December 15-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 $0.37 at
$119.15 today. Prices closed near mid-range today and saw
more short covering in a bear market. Monday’s spike low of
$116.90 is very strong chart support. The cattle market
bears have the overall near-term technical advantage. A
bearish pennant pattern has formed on the daily bar chart.
Prices are also in a five-week-old downtrend on the daily
bar chart. The bulls' next upside price breakout objective
is to push and close prices above solid technical
resistance at $120.50. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at this week’s low of $116.90.
First resistance is seen at today’s high of $119.60 and
then at $120.00. First support is seen at today’s low of
$118.37 and then at $118.00. Wyckoff's Market Rating: 3.0

March feeder cattle closed up $0.42 at $146.15 today.
Prices closed near the session high today on more short
covering. Bulls have regained some upside technical
momentum this week. But prices are still in a four-week-old
downtrend on the daily bar chart. The next upside price
objective for the feeder bulls is to push and close prices
above technical resistance at $147.50. The next downside
price breakout objective for the bears is to push and close
prices below solid technical support at this week’s low of
$143.17. First resistance is seen at this week’s high of
$146.25 and then at $146.50. First support is seen at
today’s low of $145.25 and then at $145.00. Wyckoff's
Market Rating: 5.5

February lean hogs closed down $0.90 at $85.42 today.
Prices closed near the session low today and hit a fresh
three-month low. Bears have the near-term technical
advantage and gained more downside momentum today. The next
upside price breakout objective for the bulls is to push
and close prices above solid chart resistance at $88.00.
The next downside price breakout objective for the bears is
pushing prices below solid technical support at the
September low of $85.05. First resistance is seen at $86.00
and then at today’s high of $86.30. First support is seen
at today’s low of $85.35 and then at $85.00. Wyckoff's
Market Rating: 3.5

*. GRAINS: March corn futures closed down 2 1/4 cents at
$5.78 1/2 today. Prices closed near mid-range today and hit
a fresh nine-month low. The corn bears have the solid
overall near-term technical advantage. Corn bulls' next
upside price breakout objective is to push and close prices
above major psychological resistance at $6.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at $5.50.
First resistance for March corn is seen at today’s high of
$5.84 and then at $5.90. First support is seen at today’s
low of $5.76 1/4 and then at $5.75. Wyckoff's Market
Rating: 2.0

January soybeans closed up 13 1/2 cents at $11.13 1/2 a
bushel today. Prices closed near the session high today and
saw short covering in a bear market. Soybean bears still
have the solid overall near-term technical advantage.
Prices are in a two-month-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 the December
high of $11.48 1/2 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 $11.20 and then at this week’s high
of $11.27. First support is seen at $11.00 and then at this
week’s low of $10.94. Wyckoff's Market Rating: 2.5.

March soybean meal closed up $0.50 at $286.80 today. Prices
closed nearer the session high today on tepid short
covering in a bear market. 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 $296.00. 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
$288.10 and then at this week’s high of $289.40 and then at
$290.20. First support is seen at today’s low of $284.40
and then at $282.00. Wyckoff's Market Rating: 2.0

March bean oil closed up 61 points at 49.41 cents today.
Prices closed near the session high today and saw short
covering in a bear market. Bean oil bears still have the
solid overall near-term technical advantage. Prices are in
a two-month-old downtrend on the daily bar chart. The next
upside price breakout objective for the bean oil bulls is
pushing and closing prices above solid technical resistance
at 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 49.75 cents and then at 50.00 cents.
First support is seen at 49.00 cents and then at the
contract low of 48.71 cents and then at 48.50 cents.
Wyckoff's Market Rating: 2.5

March Chicago SRW wheat closed down 2 1/4 cents at $5.78
1/2 today. Prices closed nearer the session low today and
hit another fresh contract low. Wheat bears have the solid
overall near-term technical advantage. Prices are in a six-
week-old downtrend on the daily bar chart. Bulls' next
upside price breakout objective is to push and close
Chicago SRW prices above solid technical resistance at this
week’s high of $6.09 a bushel. The next downside price
breakout objective for the wheat futures bears is pushing
and closing prices below solid technical support at $5.50.
First resistance is seen at today’s high of $5.88 and then
at $6.00. First support lies at today’s contract low of
$5.77 1/4 and then at $5.75. Wyckoff's Market Rating: 1.0.

March K.C. HRW wheat closed up 1/2 cent at $6.36 today.
Prices closed nearer the session low today. Bears have the
solid overall near-term technical advantage. Prices are in
a six-week-old downtrend on the daily bar chart. Bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at $6.75. The
bears' next downside breakout objective is pushing and
closing prices below solid technical support at $6.25.
First resistance is seen at $6.50 and then at this week’s
high of $6.61. First support is seen at the contract low of
$6.35 and then at $6.25. Wyckoff's Market Rating: 1.0

March oats closed down 3 1/4 cents at $2.99 today. Prices
closed near the session low today. Oats bears have the
overall near-term technical advantage. Bears' next downside
price breakout objective is pushing and closing prices
below psychological support at the contract low of $2.84
3/4. Bulls' next upside price breakout objective is pushing
and closing prices above solid technical resistance at the
December high of $3.22 1/2. First support lies at this
week’s low of $2.97 1/2 and then at $2.96 1/4. First
resistance is seen at $3.00 and then at $3.05. Wyckoff's
Market Rating: 2.0

*. SOFTS: March sugar closed down 7 points at 22.73 cents
today. Prices closed nearer the session low today and hit
another fresh 6.5-month low. Sugar bears have the solid
overall near-term technical advantage. Sugar bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at the December high of
24.25 cents. Bears' next downside price breakout objective
is to push and close prices below solid technical support
at 22.00 cents. First resistance is seen at 23.00 cents and
then at today’s high of 23.24 cents. First support is seen
at today’s low of 22.62 cents and then at 22.50 cents.
Wyckoff's Market Rating: 2.0

March coffee closed down 25 points at 217.75 cents. Prices
closed nearer the session low today and hit another fresh
12-month low. Coffee bears have the solid overall near-term
technical advantage. The coffee bulls' next upside breakout
objective is to close prices above solid technical
resistance at 232.50 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 210.00 cents a pound. First
resistance is seen at today’s high of 220.50 cents and then
at 222.90 cents. First support is seen at today’s low of
216.55 cents and then at 215.00 cents. Wyckoff's Market
Rating: 1.0

March cocoa closed down $28 at $2,152 a ton. Prices closed
nearer the session low again today. Bears have the 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 $2,350. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
contract low of $1,983. First resistance is seen at today’s
high of $2,210 and then at $2,250. First support is seen at
today’s low of $2,128 and then at $2,100. Wyckoff's Market
Rating: 1.5.

March cotton closed up 117 points at 86.29 cents today.
Prices closed nearer the session high today and saw short
covering in a bear market. Cotton bears still have the
solid overall near-term technical advantage. However, this
market is still overdone on the downside and due more of a
corrective bounce soon. The next upside price objective for
the bulls is to produce a close above solid technical
resistance at 90.00 cents. The next downside price breakout
objective for the cotton bears is to push and close prices
below solid technical support at 82.50 cents. First support
is seen at today’s low of 85.00 cents and then at this
week’s low of 84.35 cents. First resistance is seen at
87.42 cents and then at 88.22 cents. Wyckoff's Market
Rating: 1.5

January orange juice closed down 135 points at $1.6640
today. Prices closed near mid-range today. Chart damage has
been inflicted recently. The next upside price breakout
objective for the FCOJ bulls is pushing and closing prices
above solid technical resistance at $1.7250. The next
downside technical breakout objective for the FCOJ bears is
to produce a close below solid technical support at
$1.6000. First resistance is seen at $1.6750 and then at
today’s high of $1.6865. First support is seen at $1.6500
and then at $1.6400. Wyckoff's Market Rating: 5.5.

January lumber futures closed up $7.30 at $232.00 today.
Prices closed near mid-range and saw short covering in a
bear market. The lumber bears still have the 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
contract low of $218.20. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at the December high of $241.00.
First resistance is seen at today’s high of $234.40 and
then at $237.50. First support is seen at $230.00 and then
at today’s low of $229.00. Wyckoff's Market Rating: 2.5

*. METALS: February gold futures closed down $12.00 an
ounce at $1,574.90 today. Prices closed near mid-range
today and hit another fresh nearly three-month low on
follow-through selling pressure from the strong losses
suffered Wednesday. Much of the selling pressure in gold
this week has been weak long liquidation. Gold prices did
fall below their 200-day moving average Wednesday for the
first time since 2009. Serious near-term chart damage has
been inflicted. Prices are in an accelerating four-week-old
downtrend on the daily bar chart. Bulls' next upside
technical breakout objective is to produce a close above
solid technical resistance at $1,650.00. Bears' next near-
term downside price objective is closing prices below major
technical support at the September low of $1,543.30. First
resistance is seen at $1,600.00 and then at $1,625.50.
First support is seen at today’s low of $1,562.50 and then
at $1,550.00. Wyckoff's Market Rating: 3.5.

March silver futures closed up $0.265 an ounce at $29.20
today. Prices closed nearer the session high today but did
hit a fresh 2.5-month low early on. Short covering in a
bear market was featured today. Serious near-term technical
damage was inflicted Wednesday. Silver prices have been
trending lower in a choppy fashion for six weeks. Bulls’
next upside price breakout objective is closing prices
above solid technical resistance at $31.00 an ounce. The
next downside price breakout objective for the bears is
closing prices below major technical support at the
September low of $26.185. First resistance is seen at
$29.50 and then at $30.00. Next support is seen at $29.00
and then at today’s low of $28.12 and then at $28.00.
Wyckoff's Market Rating: 3.5.

March N.Y. copper closed up 30 points 328.15 cents today.
Prices closed near mid-range today and hit another fresh
three-week low. Copper bears have the overall near-term
technical advantage and have gained downside momentum this
week. Copper bulls' next upside breakout objective is
pushing and closing prices above solid technical resistance
at 350.00 cents. The next downside price breakout objective
for the bears is closing prices below major psychological
support at 300.00 cents. First resistance is seen at 330.00
cents and then at today’s high of 333.00 cents. First
support is seen at today’s low of 323.25 cents and then at
the November low of 321.85 cents. Wyckoff's Market Rating:
3.5.

*. ENERGIES: January crude oil closed down $1.25 a barrel
at $93.70 today. Prices closed nearer the session low today
and hit a fresh six-week low. Serious near-term chart
damage has been inflicted this week, to suggest a near-term
market top is in place. The next near-term upside price
breakout objective for the crude oil bulls is producing a
close above major psychological resistance at $100.00 a
barrel. The next near-term downside price breakout
objective for the crude oil bears is to produce a close
below solid technical support at $90.00. First resistance
is seen at $95.00 and then at $96.00. First support is seen
at today’s low of $93.36 and then at $93.00. Wyckoff's
Market Rating: 5.0.

January heating oil closed down 99 points at $2.8200 today.
Prices closed near the session low and closed at a fresh
nine-week low close. Bears have the near-term technical
advantage. Prices are in a six-week-old downtrend on the
daily bar chart. The bulls' next upside price breakout
objective is closing prices above solid technical
resistance at $2.9500. Bears' next downside price breakout
objective is producing a close below solid technical
support at the October low of $2.6850. First resistance
lies at $2.8500 and then at today’s high of $2.8791. First
support is seen at this week’s low of $2.8175 and then at
$2.8000. Wyckoff's Market Rating: 3.5.

January (RBOB) unleaded gasoline closed down 139 points at
$2.4898 today. Prices closed near the session low and hit
another fresh three-week low 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 $2.6000. Bears' next downside
price breakout objective is closing prices below solid
support at the November low of $2.4480. First resistance is
seen at $2.5250 and then at $2.5500. First support is seen
at today’s low of $2.4844 and then at $2.4480. Wyckoff's
Market Rating: 3.5.

January natural gas closed down 0.5 cents at $3.131 today.
Prices produced closed nearer the session low and scored
another contract low. Bears 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 $3.40. The next downside price
breakout objective for the bears is closing prices below
solid technical support at $3.00. First resistance is seen
at today’s high of $3.204 and then at $3.25. First support
is seen at today’s contract low of $3.10 and then at $3.05.
Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 34 points at 1.3028 today. Prices closed nearer
the session high today and saw short covering in a bear
market. Prices Wednesday hit an 11-month low. Bears still
have the solid overall near-term technical advantage.
Prices are in a six-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 1.3300. The next downside price breakout objective for
the bears is closing prices below solid chart support at
1.2750. First resistance for the Euro lies at 1.3083 and
then at 1.3150. Next support is seen at this week’s low of
1.2965 and then at 1.2900. Wyckoff's Market Rating: 1.0

The March Japanese yen closed up 31 points at 1.2870 today.
Prices closed near mid-range today and saw short covering.
Bulls and bears are on a level near-term technical playing
field. 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 1.2812. First resistance is seen
at today’s high of 1.2895 and then at this week’s high of
1.2919. First support is seen at 1.2850 and then at this
week’s low of 1.2824. Wyckoff's Market Rating: 5.0.

The March Swiss franc closed up 144 points at 1.0662 today.
Prices closed near the session high today and scored a
bullish “outside day” up on the daily bar chart after
hitting another fresh 10-month low early on. Short covering
in a bear market was featured. Bears still have the solid
overall near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at 1.1058. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 1.0400. First resistance is seen
at 1.0700 and then at 1.0750. First support is seen at
1.0600 and then at 1.0550. Wyckoff's Market Rating: 1.5.

The March Australian dollar closed up 33 points at .9824
today. Prices closed near mid-range today and hit another
fresh two-week low. Bears still have the near-term
technical advantage. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
last week’s high of 1.0268. The next downside breakout
objective for the bears is to produce a close below solid
technical support at .9700. First resistance is seen at
.9900 and then at 1.0000. Next support is seen at today’s
low of .9761 and then at .9700. Wyckoff's Market Rating:
4.0

The March Canadian dollar closed up 46 points at .9638
today. Prices closed near mid-range today and saw short
covering in a bear market. Bears still have the near-term
technical advantage. Bulls' next upside price breakout
objective is producing a close above chart resistance at
.9800. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the November low of .9485. First resistance is seen at
today’s high of .9670 and then at .9700. First support is
seen at .9600 and then at this week’s low of .9573.
Wyckoff's Market Rating: 4.0.

The March British pound closed up 41 points at 1.5494
today. Prices closed nearer the session high today and saw
short covering in a bear market. Bears 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 1.5758. Bears' next
downside technical breakout objective is closing prices
below solid support at the October low of 1.5267. First
resistance is seen at today’s high of 1.5517 and then at
1.5600. First support is seen at this week’s low of 1.5394
and then at 1.5300. Wyckoff's Market Rating: 2.5.

The March U.S. dollar index closed down 31 points at 80.96
today. Prices closed nearer the session low and saw profit
taking from recent gains. Bulls still have the solid
overall near-term technical advantage. Bulls' next upside
price breakout objective is to close prices above solid
technical resistance at 82.00. The next downside price
breakout objective for the bears is to produce a close
below solid technical support at 79.00. Next resistance
lies at this week’s high of 81.41 and then at 82.00. First
support is seen at today’s low of 80.77 and then at 80.58.
Wyckoff's Market Rating: 8.0.

March U.S. T-Bonds closed down 11/32 144 4/32 today. Prices
closed nearer the session low today and saw profit taking
from recent gains. Bond market bulls still have the solid
overall near-term technical advantage. The next downside
price breakout objective for the T-Bond bears is closing
prices below solid technical support at this week’s low of
140 25/32. The next upside technical objective for the
bulls is to produce a close above solid technical
resistance at the November high of 145 8/32. First
resistance is seen at 145 even and then at 145 8/32. First
support is seen at today’s low of 143 24/32 and then at 143
9/32. Wyckoff's Market Rating: 7.5.

March U.S. T Notes closed down 1.5 (32nds) at 130.24.5
today. Prices closed near mid-range today and hit another
fresh three-month high. Bulls have the solid overall near-
term technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at the September high of 131.05.0. The next
downside price breakout objective for the bears is
producing a close below solid technical support at this
week’s low of 129.21.0. First resistance is seen at
131.00.0 and then at 131.05.0. First support is seen at
today’s low of 130.14.5 and then at 130.08.0. Wyckoff's
Market Rating: 8.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
narrowly mixed today. Traders were still in a “risk off”
mood today. Bears are gaining downside technical momentum
in the stock indexes.

The Nasdaq stock futures index closed down 5.00 at 2,223.50
today. Prices closed nearer the session low today and
closed at a fresh two-week low close. Bulls' next upside
price breakout objective is closing prices above solid
resistance at the December high of 2,344.75. The bears'
next downside price breakout objective is closing prices
below solid technical support at the November low of
2,135.75. First resistance is seen at today’s high of
2,252.00 and then at 2,276.50. First support is seen at
today’s low of 2,215.00 and then at 2,200.00. Wyckoff's
Market Rating: 4.5

The S&P 500 futures index closed up 5.20 at 1,211.50.
Prices closed near mid-range today and hit another fresh
two-week low. Bulls' next upside price breakout objective
is closing prices above solid resistance at the December
high of 1,268.00. The next downside price breakout
objective for the bears is closing prices below solid
support at the November low of 1,147.50. First resistance
is seen at today’s high of 1,220.20 and then at 1,243.50.
First support is seen at today’s low of 1,198.30 and then
at 1,180.00. Wyckoff's Market Rating: 4.5.

The Dow futures closed up 60 points at 11,822 today. Prices
closed near mid-range today. The next upside price
objective for the bulls is closing prices above solid
technical resistance at the December high of 12,245. The
next downside price objective for the bears is closing
prices below solid technical support at 11,700. First
resistance in the Dow lies at today’s high of 11,885 and
then at 11,900. First support is seen at today’s low of
11,785 and then at this week’s low of 11,735. Wyckoff's
Market Rating: 4.5.

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
 

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