Aug 30, 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--December 19

Dec 20, 2011

Monday Evening, December 19-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 the $3.00
limit at $121.50 today. Prices hit a fresh two-week high
and saw panic short covering and bargain-hunting buying
following recent strong selling pressure. A major winter
storm heading for the U.S. plains states was also bullish
today. The bulls quickly regained near-term technical
momentum today. Bulls and bears are back on a level overall
near-term technical playing field. The bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at the December high of $124.35.
The next downside technical breakout objective for the
bears is pushing and closing prices below solid technical
support at the September low of $118.50. First resistance
is seen at $122.00 and then at $122.50. First support is
seen at $121.00 and then at $120.50. Wyckoff's Market
Rating: 5.0

March feeder cattle closed up $2.02 at $147.72 today.
Prices closed near the session high today on heavy short
covering and bargain-hunting buying. Bulls have regained
good upside technical momentum recently. The next upside
price objective for the feeder bulls is to push and close
prices above technical resistance at the December high of
$149.27. The next downside price breakout objective for the
bears is to push and close prices below solid technical
support at $145.00. First resistance is seen at $148.00 and
then at $148.50. First support is seen at $147.00 and then
at $146.25. Wyckoff's Market Rating: 6.5

February lean hogs closed up $1.20 at $84.35 today. Prices
closed nearer the session high today and saw short covering
in a bear market. Stronger cattle futures prices today
spilled over into buying interest in hog futures. Prices
Friday hit a fresh seven-month low. Bears still have the
solid 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 $87.00.
The next downside price breakout objective for the bears is
pushing prices below solid technical support at last week’s
low of $82.62. First resistance is seen at today’s high of
$84.75 and then at $85.00. First support is seen at $84.00
and then at $83.50. Wyckoff's Market Rating: 3.0

*. GRAINS: March corn futures closed up 17 3/4 cents at
$6.00 3/4 today. Prices closed nearer the session high
today and hit a fresh three-week high. Short covering in a
bear market was featured today. Some dry weather in South
American corn regions was also bullish today. The corn bears
still have the solid overall near-term technical advantage.
Corn bulls' next upside price breakout objective is to push
and close prices above solid technical resistance at $6.16.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
last week’s low of $5.76 1/4. First resistance for March
corn is seen at today’s high of $6.04 and then at $6.10.
First support is seen at $5.95 and then at $5.90. Wyckoff's
Market Rating: 3.0

March soybeans closed up 10 cents at $11.49 1/2 a bushel
today. Prices closed near mid-range today and hit a fresh
two-week high. Short covering in a bear market was featured
today. Some dry weather in South American soybean regions
was also bullish today. Soybean bears still have the
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 $11.58 3/4 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 $11.58 3/4 and then at
$11.75. First support is seen at today’s low of $11.41 1/2
and then at $11.25. Wyckoff's Market Rating: 3.0.

March soybean meal closed up $3.80 at $297.30 today. Prices
closed nearer the session high today and hit a fresh four-
week high on short covering and bargain hunting. Meal bears
still have the 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 the December low of $279.80. First resistance
comes in at today’s high of $297.80 and then at $300.00.
First support is seen at $295.00 and then at today’s low of
$293.00. Wyckoff's Market Rating: 3.0

March bean oil closed down 32 points at 49.61 cents today.
Prices closed nearer the session low today. 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 50.00 cents and then at
today’s high of 50.44 cents. First support is seen at
today’s low of 49.50 cents and then at 49.00 cents.
Wyckoff's Market Rating: 2.5

March Chicago SRW wheat closed up 17 1/2 cents at $6.01 1/4
today. Prices closed near the session high today and saw
short covering in a bear market. Wheat bears still 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 the
December high of $6.32 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 $6.03 and then
at last week’s high of $6.09. First support lies at $5.90
and then at today’s low of $5.81 3/4. Wyckoff's Market
Rating: 2.0.

March K.C. HRW wheat closed up 21 1/2 cents at $6.61 today.
Prices closed near the session high today and saw short
covering in a bear market. Bears still 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 the December
high of $6.88. The bears' next downside breakout objective
is pushing and closing prices below solid technical support
at $6.25. First resistance is seen at $6.70 and then at
$6.75. First support is seen at today’s low of $6.49 and
then at last week’s low of $6.35. Wyckoff's Market Rating:
2.0

March oats closed up 6 1/4 cents at $3.07 1/2 today. Prices
closed near the session high today and saw short covering
in a bear market. Oats bears still have the overall near-
term technical advantage. Bears' next downside price
breakout objective is pushing and closing prices below
psychological support at the December low of $2.96 1/4.
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 $3.05 and
then at today’s low of $3.02. First resistance is seen at
today’s high of $3.08 and then at $3.10. Wyckoff's Market
Rating: 3.0

*. SOFTS: March sugar closed up 1 point at 23.09 cents
today. Prices closed nearer the session high today and saw
tepid short covering in a bear market. Sugar bears still
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 23.24 cents and then at 23.50 cents. First support is
seen at today’s low of 22.78 cents and then at last week’s
low of 22.62 cents. Wyckoff's Market Rating: 2.0

March coffee closed up 460 points at 219.70 cents. Prices
closed near the session high today and did hit another
fresh 12-month low early on. Prices did score a bullish
“outside day” up on the daily bar chart today. Good follow-
through strength on Tuesday would hint that a major market
low is in place. But right now coffee bears still 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 220.50 cents and then at
222.90 cents. First support is seen at 215.00 cents and
then at today’s low of 212.35 cents. Wyckoff's Market
Rating: 1.5

March cocoa closed down $21 at $2,080 a ton. Prices closed
nearer the session low again today. Bears have the overall
near-term technical advantage and are regaining downside
momentum. The next upside price breakout objective for the
cocoa bulls is to push and close prices above solid
technical resistance at last week’s high of $2,274. 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 $2,130 and then at $2,150. First support is
seen at today’s low of $2,065 and then at $2,000. Wyckoff's
Market Rating: 1.5.

March cotton closed up 81 points at 87.10 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 85.90 cents and then at last
week’s low of 84.35 cents. First resistance is seen at
today’s high of 87.50 cents and then at 88.29 cents.
Wyckoff's Market Rating: 2.0

March orange juice closed up 55 points at $1.6420 today.
Prices closed nearer the session low in a big trading range
today. Some 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 today’s high of $1.7000. The next downside technical
breakout objective for the FCOJ bears is to produce a close
below solid technical support at the December low of
$1.6000. First resistance is seen at $1.6500 and then at
$1.6620. First support is seen at today’s low of $1.6285
and then at $1.6150. Wyckoff's Market Rating: 5.5.

January lumber futures closed up $1.90 at $237.10 today.
Prices 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 last
week’s high of $239.00 and then at $241.00. First support
is seen at $235.00 and then at $232.50. Wyckoff's Market
Rating: 3.0

*. METALS: February gold futures closed down $0.50 an ounce
at $1,597.40 today. Prices closed near mid-range today in
quieter, pre-holiday trading. Serious near-term chart
damage has been inflicted recently. Prices are in a five-
week-old downtrend on the daily bar chart. A bear flag or
bearish pennant pattern could be forming 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
today’s high of $1,611.50 and then at $1,625.00. First
support is seen at today’s low of $1,585.50 and then at
$1,575.00. Wyckoff's Market Rating: 3.5.

March silver futures closed down $0.771 an ounce at $28.895
today. Prices closed nearer the session low today. Serious
near-term technical damage has been inflicted recently.
Silver prices are in a six-week-old downtrend on the daily
bar chart. 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 $29.00 and then at $29.50. Next support is seen at
today’s low of $28.72 and then at $28.50 and then at
$28.00. Wyckoff's Market Rating: 3.0.

March N.Y. copper closed down 175 points 331.35 cents
today. Prices closed near mid-range today. Copper bears
have the overall near-term technical advantage. 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 today’s high
of 335.65 cents and then at 340.00 cents. First support is
seen at 330.00 cents and then at today’s low of 326.25
cents. Wyckoff's Market Rating: 3.5.

*. ENERGIES: February crude oil closed up $0.27 a barrel at
$94.00 today. Prices closed near mid-range today. Serious
near-term chart damage has been inflicted recently 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 today’s high of $94.63 and then
at $95.00. First support is seen at $93.00 and then at last
week’s low of $92.70. Wyckoff's Market Rating: 5.0.

February heating oil closed down 167 points at $2.7939
today. Prices closed near the session low and hit a fresh
nine-week low today. Bears have the solid 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 $2.9000. Bears' next downside price breakout
objective is producing a close below solid technical
support at the October low of $2.6672. First resistance
lies at $2.8250 and then at today’s high of $2.8453. First
support is seen at today’s low of $2.7884 and then at
$2.7500. Wyckoff's Market Rating: 3.0.

February (RBOB) unleaded gasoline closed up 51 points at
$2.5000 today. Prices closed nearer the session 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 $2.4677.
First resistance is seen at today’s high of $2.5320 and
then at $2.5500. First support is seen at last week’s low
of $2.4795 and then at $2.4677. Wyckoff's Market Rating:
3.5.

February natural gas closed down 1.8 cents at $3.156 today.
Prices produced closed nearer the session high and scored
another contract low. 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 $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 $3.20 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 down 22 points at 1.3015 today. Prices closed near
mid-range today. Prices last week hit an 11-month low.
Bears still have the solid overall near-term technical
advantage. Prices are in a seven-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 today’s high of 1.3055 and then at 1.3100.
Next support is seen at today’s low of 1.2993 and then at
last week’s low of 1.2965. Wyckoff's Market Rating: 1.0

The March Japanese yen closed down 18 points at 1.2851
today. Prices closed nearer the session high today after
spiking lower on the early reports of North Korea’s Kim
Jong Il’s death. Bears have the slight near-term technical
advantage. Prices are in a five-week-old downtrend on the
daily bar chart. 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 1.2886 and then at
last week’s high of 1.2919. First support is seen at last
week’s low of 1.2824 and then at 1.2800. Wyckoff's Market
Rating: 4.5.

The March Swiss franc closed up 6 points at 1.0697 today.
Prices closed near mid-range today in quieter trading.
Tepid 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 1.0750 and then at 1.0800. First
support is seen at today’s low of 1.0657 and then at
1.0600. Wyckoff's Market Rating: 1.5.

The March Australian dollar closed down 62 points at .9797
today. Prices closed near the session low today. Bears
still have the near-term technical advantage. Bulls' next
upside price breakout objective is closing prices above
solid chart resistance at 1.0000. The next downside
breakout objective for the bears is to produce a close
below solid technical support at .9700. First resistance is
seen at today’s high of .9877 and then at .99500. Next
support is seen at last week’s low of .9761 and then at
.9700. Wyckoff's Market Rating: 4.0

The March Canadian dollar closed up 5 points at .9617
today. Prices closed near mid-range today and saw tepid
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 .9657 and then at .9700. First support is
seen at last week’s low of .9573 and then at .9550.
Wyckoff's Market Rating: 4.0.

The March British pound closed up 2 points at 1.5487 today.
Prices closed near mid-range today and saw tepid 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 1.5532 and then at 1.5600. First
support is seen at today’s low of 1.5451 and then at last
week’s low of 1.5394. Wyckoff's Market Rating: 2.5.

The March U.S. dollar index closed up 6 points at 80.90
today. Prices closed near mid-range in quieter trading
today. 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 today’s
high of 81.07 and then at last week’s high of 81.41. First
support is seen at 80.59 and then at 80.32. Wyckoff's
Market Rating: 8.0.

March U.S. T-Bonds closed up 27/32 146 4/32 today. Prices
closed nearer the session high today and hit a fresh three-
month high on safe-haven buying. Bond market bulls 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 143 even.
The next upside technical objective for the bulls is to
produce a close above solid technical resistance at the
September high of 146 15/32. First resistance is seen at
today’s high of 146 8/32 and then at 146 15/32. First
support is seen at 145 8/32 and then at today’s low of 144
28/32. Wyckoff's Market Rating: 8.0.

March U.S. T Notes closed up 7.0 (32nds) at 131.12.5 today.
Prices closed near the session high today and hit a fresh
contract 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 132.00.0. The next downside price breakout
objective for the bears is producing a close below solid
technical support at 130.00.0. First resistance is seen at
today’s high of 131.13.5 and then at 131.24.0. First
support is seen at today’s low of 130.31.0 and then at
130.20.0. Wyckoff's Market Rating: 8.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
lower today. Bears still have some downside near-term
technical momentum in the stock indexes.

The Nasdaq stock futures index closed down 19.50 at
2,213.25 today. Prices closed nearer the session low today
and hit a fresh three-week low. 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 2,230.00 and then at today’s high of
2,251.00. First support is seen at today’s low of 2,204.25
and then at 2,175.00. Wyckoff's Market Rating: 4.5

The S&P 500 futures index closed down 11.20 at 1,199.70.
Prices closed nearer the session low today and hit a fresh
three-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 1,219.70 and then at 1,243.50.
First support is seen at today’s low of 1,195.50 and then
at 1,180.00. Wyckoff's Market Rating: 4.5.

The Dow futures closed down 73 points at 11,705 today.
Prices closed near the session low and hit a fresh three-
week low 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 11,500. First resistance in the Dow
lies at 11,800 and then at today’s high of 11,850. First
support is seen at today’s low of 11,690 and then at
11,650. 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
 

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