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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 21

Dec 22, 2011

Wednesday Evening, December 21-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 $0.15 at
$120.50 today. Prices closed nearer the session low on more
profit-taking from limit up gains on Monday. The bulls
still have some near-term technical momentum following
Monday’s limit gains. Bulls and bears are 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 $122.50. 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
$121.00 and then at this week’s high of $121.50. First
support is seen at $120.00 and then at last week’s high of
$119.60. Wyckoff's Market Rating: 5.0

March feeder cattle closed down $0.67 at $146.85 today.
Prices closed near the session low today after hitting a
fresh three-week high early on. The market saw some profit
taking from solid gains scored on Monday. Bulls still have
some upside technical momentum. 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 $147.50 and then at
today’s high of $147.92. First support is seen at $146.50
and then at $146.00. Wyckoff's Market Rating: 6.5

February lean hogs closed down $0.82 at $83.27 today.
Prices closed near the session low today. Bears 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 $85.50.
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
$83.90 and then at $84.35. First support is seen at today’s
low of $83.20 and then at $82.62. Wyckoff's Market Rating:
2.5

*. GRAINS: March corn futures closed up 9 3/4 cents at
$6.16 3/4 today. Prices closed nearer the session high
today and hit a fresh five-week high. More short covering
and bargain hunting were featured today. Recent dry weather
in South American corn regions is also bullish for corn. The
corn bears still have the overall near-term technical
advantage, but the bulls are gaining some upside technical
momentum to suggest a market low is in place. Corn bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at $6.40. 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 $6.19 and then at $6.25. First
support is seen at $6.10 and then at $6.05. Wyckoff's
Market Rating: 4.0

March soybeans closed up 8 cents at $11.62 1/2 a bushel
today. Prices closed nearer the session high today and hit
a fresh five-week high. Prices also scored a mildly bullish
“outside day” up on the daily bar chart. More short
covering and bargain hunting were seen today. Some dry
weather in South American soybean regions is bullish for
soybeans. Soybean bears still have the overall near-term
technical advantage. However, the bean bulls have gained
some fresh upside technical momentum to suggest a market
low is in place. 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 today’s high
of $11.68 1/2 and then at $11.75. First support is seen at
$11.50 and then at today’s low of $11.42. Wyckoff's Market
Rating: 4.0.

March soybean meal closed up $4.50 at $303.70 today. Prices
closed nearer the session high today and hit a fresh five-
week high on more short covering and bargain hunting. Meal
bears still have the overall near-term technical advantage,
but the bulls are gaining upside momentum to suggest a
market low is in place. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at $310.00. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $290.00. First
resistance comes in at today’s high of $305.00 and then at
$307.50. First support is seen at $300.00 and then at
$298.00. Wyckoff's Market Rating: 4.0

March bean oil closed down 2 points at 49.73 cents today.
Prices closed near mid-range today in quieter trading. Bean
oil bears have the overall near-term technical advantage.
Prices are in a nine-week-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 the
December low of 48.71 cents. First resistance is seen at
today’s high of 50.09 cents and then at this week’s high of
50.44 cents. First support is seen at this week’s low of
49.50 cents and then at 49.00 cents. Wyckoff's Market
Rating: 3.0

March Chicago SRW wheat closed up 9 3/4 cents at $6.17 1/2
today. Prices closed nearer the session high again today
and hit a fresh three-week high. More short covering and
bargain hunting were featured today. Wheat bears still have
the 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 the
December low of $5.77 1/4. First resistance is seen at
$6.25 and then at $6.32. First support lies at $6.10 and
then at today’s low of $6.00. Wyckoff's Market Rating: 3.0.

March K.C. HRW wheat closed up 3 cents at $6.71 today.
Prices closed nearer the session high today and saw more
short covering and bargain hunting. Prices hit a fresh
three-week high today. Bears still have the 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 the
December low of $6.35. First resistance is seen at today’s
high of $6.75 1/2 and then at $6.80. First support is seen
at today’s low of $6.61 and then at this week’s low of
$6.49. Wyckoff's Market Rating: 2.5

March oats closed up 2 1/4 cents at $3.11 1/4 today. Prices
closed near the session high today and saw more short
covering and bargain hunting. Oats bears still have the
overall near-term technical advantage. Bears' next downside
price breakout objective is pushing and closing prices
below solid technical 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 today’s
low of $3.07 1/2 and then at $3.04 1/2. First resistance is
seen at today’s and last week’s high of $3.11 1/2 and then
at $3.15. Wyckoff's Market Rating: 3.5

*. SOFTS: March sugar closed down 28 points at 23.21 cents
today. Prices closed nearer the session low today. Sugar
bears have the 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 23.50 cents and then at today’s high of 23.70 cents and
then at 24.00 cents. First support is seen at today’s low
of 23.10 cents and then at 23.00 cents. Wyckoff's Market
Rating: 2.0

March coffee closed down 365 points at 219.15 cents. Prices
closed nearer the session low today. 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 222.80
cents and then at this week’s high of 224.05 cents. First
support is seen at today’s low of 218.50 cents and then at
215.00 cents. Wyckoff's Market Rating: 1.5

March cocoa closed up $44 at $2,229 a ton. Prices closed
nearer the session high today and saw more short covering
in a bear market. Cocoa bears still 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 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 $2,247 and then at $2,274. First
support is seen at $2,200 and then at today’s low of
$2,173. Wyckoff's Market Rating: 3.0.

March cotton closed down 15 points at 86.65 cents today.
Prices closed near mid-range today in quiet trading. Cotton
bears still have the solid overall near-term technical
advantage. 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
this week’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
87.38 cents and then at 88.29 cents. Wyckoff's Market
Rating: 2.0

March orange juice closed down 135 points at $1.6315 today.
Prices closed nearer the session low today and scored a
bearish “outside day” down on the daily bar chart. The next
upside price breakout objective for the FCOJ bulls is
pushing and closing prices above solid technical resistance
at this week’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 $1.6400 and then at
$1.6500. First support is seen at today’s low of $1.6260
and then at $1.6100. Wyckoff's Market Rating: 5.5.

January lumber futures closed down $2.80 at $242.20 today.
Prices closed near the session low after hitting a fresh
five-week high early on today. While the lumber bears still
have the overall near-term technical advantage the bulls
have gained some upside momentum. 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 $224.70. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at the November high of $254.00.
First resistance is seen at $245.00 and then at today’s
high of $247.50. First support is seen at $241.00 and then
at $240.00. Wyckoff's Market Rating: 3.5

*. METALS: February gold futures closed down $5.40 an ounce
at $1,612.40 today. Prices closed nearer the session low
today. Prices are in a six-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 solid technical support at the
December low of $1,562.50. First resistance is seen at
$1,625.00 and then at today’s high of $1,643.70. First
support is seen at today’s low of $1,607.70 and then at
$1,600.00. Wyckoff's Market Rating: 4.0.

March silver futures closed down $0.326 an ounce at $29.21
today. Prices closed near the session low today. 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 $30.00 and then at today’s high of $30.21. Next support
is seen at $29.00 and then at this week’s low of $28.68.
Wyckoff's Market Rating: 3.5.

March N.Y. copper closed up 195 points 338.90 cents today.
Prices closed near mid-range today on short covering.
Copper bears still 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 the November low of 323.25 cents. First
resistance is seen at today’s high of 343.70 cents and then
at 345.00 cents. First support is seen at today’s low of
334.90 cents and then at 332.50 cents. Wyckoff's Market
Rating: 4.0.

*. ENERGIES: February crude oil closed up $1.58 a barrel at
$98.82 today. Prices closed nearer the session high today.
A weaker U.S. dollar and a bullish weekly DOE report
boosted crude again today. Recent chart damage has been
repaired with this week’s strong price gains. 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 last
week’s low of $92.70. First resistance is seen at today’s
high of $99.25 and then at $100.00. First support is seen
at $98.00 and then at $97.50. Wyckoff's Market Rating: 6.5.

February heating oil closed up 609 points at $2.9201 today.
Prices closed near the session high and saw more short
covering. Bears still have the overall near-term technical
advantage, but the bears have this week gained some upside
momentum. Prices are still 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 this week’s low of $2.7859. First resistance
lies at today’s high of $2.9250 and then at $2.9500. First
support is seen at $2.9000 and then at today’s low of
$2.8618. Wyckoff's Market Rating: 4.0.

February (RBOB) unleaded gasoline closed up 401 points at
$2.6241 today. Prices closed near the session high today
and saw more short covering. Bulls and bears are back on a
level near-term technical playing field. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at the December high of
$2.6821. Bears' next downside price breakout objective is
closing prices below solid support at the November low of
$2.4677. First resistance is seen at $2.6300 and then at
$2.6500. First support is seen at $2.6000 and then at
today’s low of $2.5682. Wyckoff's Market Rating: 5.0.

February natural gas closed up 4.0 cents at $3.21 today.
Prices produced closed nearer the session high and saw more
tepid 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 $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 $3.25 and then at $3.30. First
support is seen at today’s low of $3.131 and then at
Monday’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 23 points at 1.3061 today. Prices closed nearer
the session low today. Bears still have the solid overall
near-term technical advantage. Prices are in a two-month-
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 1.3142 and then at today’s
high of 1.3224. Next support is seen at 1.3000 and then at
last week’s low of 1.2965. Wyckoff's Market Rating: 1.5

The March Japanese yen closed down 35 points at 1.2830
today. Prices closed nearer the session low today and
scored a bearish “outside day” down on the daily bar chart.
Bears have the near-term technical advantage. Prices are in
a six-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 1.2850 and
then at today’s high of 1.2903. First support is seen at
last today’s low of 1.2822 and then at 1.2812. Wyckoff's
Market Rating: 4.0.

The March Swiss franc closed down 54 points at 1.0706
today. Prices closed nearer the session low today and
scored a mildly bearish “outside day” down on the daily bar
chart. Bears 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 1.0800 and then at today’s high
of 1.0839. First support is seen at today’s low of 1.0668
and then at 1.0644. Wyckoff's Market Rating: 2.0.

The March Australian dollar closed up 26 points at .9991
today. Prices closed nearer the session low today. Bulls
and bears are on a level near-term technical playing field.
Bulls' next upside price breakout objective is closing
prices above solid chart resistance at the December high of
1.0268. The next downside breakout objective for the bears
is to produce a close below solid technical support at last
week’s low of .9761. First resistance is seen at 1.0057 and
then at today’s high of 1.0119. Next support is seen at
today’s low of .9952 and then at .9900. Wyckoff's Market
Rating: 5.0

The March Canadian dollar closed up 49 points at .9730
today. Prices closed near mid-range today and saw more
short covering. Bulls and bears are now back on a level
near-term technical playing field. 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 December low of .9573. First
resistance is seen at today’s high of .9776 and then at
.9800. First support is seen at today’s low of .9681 and
then at .9650. Wyckoff's Market Rating: 5.0.

The March British pound closed down 17 points at 1.5665
today. Prices closed nearer the session low today and did
hit a fresh five-week high early on. 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 today’s high of 1.5761.
Bears' next downside technical breakout objective is
closing prices below solid support at the December low of
1.5394. First resistance is seen at 1.5700 and then at
1.5761. First support is seen at 1.5600 and then at 1.5500.
Wyckoff's Market Rating: 4.0.

The March U.S. dollar index closed up 5 points at 80.33
today. Prices closed nearer the session high today. Bulls
still have the 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 80.58 and then at 80.94. First
support is seen at 80.00 and then at today’s low of 79.55.
Wyckoff's Market Rating: 7.5.

March U.S. T-Bonds closed down 30/32 at 143 5/32 today.
Prices closed near the session low today and more saw
profit-taking pressure. No serious chart damage has
occurred but the bulls are fading and need to show fresh
power soon. Bond market bulls still have the overall near-
term technical advantage. The next downside price breakout
objective for the T-Bond bears is closing prices below
solid technical support at 142 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 144 even and then at
today’s high of 144 19/32. First support is seen at 143
even and then at 142 16/32. Wyckoff's Market Rating: 6.5.

March U.S. T Notes closed down 8.5 (32nds) at 130.11.5
today. Prices closed near the session low today and saw
more profit taking. No significant chart damage has
occurred this week but the bulls are fading a bit and need
to show fresh power soon. Bulls 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 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 130.17.5 and then at today’s high of 130.28.5.
First support is seen at today’s low of 130.09.5 and then
at 130.00.0. Wyckoff's Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mixed higher today. Stock index bulls have regained some
fresh upside near-term technical momentum recently. Look
for quieter and range-bound trading until after the
holidays.

The Nasdaq stock futures index closed down 26.75 at
2,240.00 today. Prices closed nearer the session low today.
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
2,275.00 and then at today’s high of 2,291.25. First
support is seen at today’s low of 2,217.75 and then at this
week’s low of 2,204.25. Wyckoff's Market Rating: 5.0

The S&P 500 futures index closed steady at 1,236.00. Prices
closed near mid-range today. 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 1,249.00 and then at
1,268.00. First support is seen at today’s low of 1,223.10
and then at 1,210.00. Wyckoff's Market Rating: 5.5.

The Dow futures closed down 7 points at 12,024 today.
Prices closed near the session high 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 this week’s high of 12,040
and then at 12,100. First support is seen at 12,000 and
then at today’s low of 11,935. 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
 

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