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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 7

Dec 08, 2011

Wednesday Evening, December 7-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 $0.22 at
$119.77 today. Prices closed nearer the session high on
short covering after hitting another fresh 2.5-month low
early on today. The cattle market bears still have the
near-term technical advantage. Serious chart damage has
been inflicted this week. 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
$120.00 and then at $120.50. First support is seen at
today’s low of $119.00 and then at $118.50. Wyckoff's
Market Rating: 4.0

March feeder cattle closed up $0.47 at $145.17 today.
Prices closed near the session high today and saw short
covering from recent strong selling pressure. Serious near-
term chart damage has been inflicted this week to suggest a
major market top is in place. The next upside price
objective for the feeder bulls is to push and close prices
above technical resistance at $148.00. The next downside
price breakout objective for the bears is to push and close
prices below solid technical support at $142.00. First
resistance is seen at $145.50 and then at $146.00. First
support is seen at the November low of $144.30 and then at
$143.50. Wyckoff's Market Rating: 4.5

February lean hogs closed down $0.27 at $88.80 today.
Prices closed near mid-range today. Bulls and bears are on
a level near-term technical playing field. The next upside
price breakout objective for the bulls is to push and close
prices above solid chart resistance at $90.00. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at the November low of
$86.80. First resistance is seen at $89.30 and then at
$90.00. First support is seen at $88.50 and then at this
week’s low of $87.90. Wyckoff's Market Rating: 5.0

*. GRAINS: March corn futures closed down 3 1/4 cents at
$5.93 1/4 today. Prices closed near mid-range today. Prices
Tuesday hit a fresh 8.5-month low of $5.80. The near-term
technicals fully favor the bears. My bias is still that
there is not strong downside price pressure left in the
corn market. Prices are in a four-week-old downtrend on the
daily bar chart. 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 $5.75. First resistance for
March corn is seen at today’s high of $6.00 and then at
$6.05. First support is seen at today’s low of $5.88 1/4
and then at $5.86. Wyckoff's Market Rating: 2.5

January soybeans closed up 3 cents at $11.32 1/2 a bushel
today. Prices closed near mid-range today and saw more
tepid short covering in a bear market. Soybean bears still
have the solid overall near-term technical advantage.
Prices are in a seven-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 $11.40 and then at
$11.50. First support is seen at this week’s low of $11.20
1/4 and then at last week’s low of $11.11 1/2. Wyckoff's
Market Rating: 2.5.

March soybean meal closed up $0.90 at $288.80 today. Prices
closed near mid-range today on more 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 $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
$290.00 and then at this week’s high of $294.20. First
support is seen at this week’s low of $285.00 and then at
the November low of $283.40. Wyckoff's Market Rating: 2.5

March bean oil closed up 14 points at 50.78 cents today.
Prices closed nearer the session high today. Short covering
in a bear market was featured. Bears still have the overall
near-term technical advantage. The next upside price
breakout objective for the bean oil bulls is pushing and
closing prices above solid technical resistance at 51.60
cents. Bean oil bears' next downside technical price
breakout objective is pushing and closing prices below
solid technical support at the November low of 48.78 cents.
First resistance is seen at 51.00 cents and then at this
week’s high of 51.23 cents. First support is seen at
today’s low of 50.43 cents and then at this week’s low of
50.30 cents. Wyckoff's Market Rating: 2.5

March Chicago SRW wheat closed down 13 cents at $6.00
today. Prices closed nearer the session low today. Wheat
bears still 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 $6.50 a bushel. The next downside price
breakout objective for the wheat futures bears is pushing
and closing prices below solid technical support at the
November low of $5.86. First resistance is seen at $6.10
and then at $6.17. First support lies at today’s low of
$5.98 3/4 and then at $5.86. Wyckoff's Market Rating: 2.0.

March K.C. HRW wheat closed down 15 cents at $6.61 today.
Prices closed near the session low today. Bears still have
the solid overall near-term technical advantage. Bulls'
next upside price breakout objective is pushing and closing
prices above psychological resistance at $7.00. The bears'
next downside breakout objective is pushing and closing
prices below solid technical support at $6.25. First
resistance is seen at today’s high of $6.72 and then at
last week’s high of $6.88. First support is seen at $6.60
and then at last week’s low of $6.52 1/2. Wyckoff's Market
Rating: 2.0

March oats closed down 6 cents at $2.97 3/4 today. Prices
closed nearer the session low today. Oats bears have the
solid overall near-term technical advantage and gained more
downside momentum today. 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 last
week’s high of $3.22 1/2. First support lies at today’s low
of $2.96 1/4 and then at $2.90. First resistance is seen at
$3.00 and then at $3.05. Wyckoff's Market Rating: 1.5

*. SOFTS: March sugar closed down 107 points at 23.11 cents
today. Prices closed nearer the session low today and the
bears regained downside technical momentum. 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 this
week’s high of 24.25 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at the November low of 22.71 cents. First
resistance is seen at 23.50 cents and then at 23.75 cents.
First support is seen at today’s low of 22.99 cents and
then at 22.71 cents. Wyckoff's Market Rating: 2.5

March coffee closed down 625 points at 229.50 cents. Prices
closed near the session low today. Coffee bears have the
solid overall near-term technical advantage and gained some
fresh downside momentum today. 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
232.50 cents and then at 235.00 cents. First support is
seen at today’s low of 229.15 cents and then at last week’s
low of 225.50 cents. Wyckoff's Market Rating: 2.5

March cocoa closed down $25 at $2,143 a ton. Prices closed
nearer the session low today and hit another fresh contract
low. The cocoa bears still 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 $2,350. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at $2,100.
First resistance is seen at $2,200 and then at today’s high
of $2,211. First support is seen at today’s contract low of
$2,137 and then at $2,125. Wyckoff's Market Rating: 1.0.

March cotton closed down 150 points at 92.31 cents today.
Prices closed nearer the session low today. Cotton bears
have the overall near-term technical advantage. The next
upside price objective for the bulls is to produce a close
above solid technical resistance at 96.00 cents. The next
downside price breakout objective for the cotton bears is
to push and close prices below solid technical support at
the November low of 88.50 cents. First support is seen at
this week’s low of 91.51 cents and then at 90.70 cents.
First resistance is seen at 93.00 cents and then at this
week’s high of 93.93 cents. Wyckoff's Market Rating: 2.5

January orange juice closed down 40 points at $1.7590
today. Prices closed near mid-range today on more mild
profit taking. Prices did hit a fresh three-week low. FCOJ
bulls still have the 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 November high of $1.8100. 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
$1.7745 and then at $1.7850. First support is seen at
today’s low of $1.7395 and then at $1.7250. Wyckoff's
Market Rating: 6.5.

January lumber futures closed up $1.00 at $231.00 today.
Prices closed nearer the session low. Trading has been
volatile, but that’s the nature of lumber futures. The
lumber bears still have the solid overall near-term
technical advantage. The next downside technical breakout
objective for the lumber bears is pushing and closing
prices below solid technical support at last week’s low of
$218.20. The next upside price breakout objective for the
bulls is pushing and closing prices above solid technical
resistance at $242.50. First resistance is seen at today’s
high of $235.20 and then at this week’s high of $236.20.
First support is seen at today’s low of $229.00 and then at
$225.00. Wyckoff's Market Rating: 2.0

*. METALS: February gold futures closed up $13.00 an ounce
at $1,744.80 today. Prices closed near the session high
today and saw some short covering and bargain hunting
following recent selling pressure. A weaker U.S. dollar
index as the day wore on today also helped to boost gold.
Bulls still have the overall near-term technical advantage.
A 10-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 last
week’s high of $1,767.10. Bears' next near-term downside
price objective is closing prices below psychological
support at $1,700.00. First resistance is seen at $1,750.00
and then at $1,767.10. First support is seen at today’s low
of $1,723.60 and then at this week’s low of $1,705.70.
Wyckoff's Market Rating: 6.0.

March silver futures closed down $0.124 an ounce at $32.62
today. Prices closed near mid-range today. 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 this week’s high of
$33.085 and then at $33.50. Next support is seen at today’s
low of $32.265 and then at $32.00. Wyckoff's Market Rating:
5.0.

March N.Y. copper closed down 210 points 355.45 cents
today. Prices closed near mid-range today. Bulls and bears
are on a level near-term technical playing field. A minor
bullish pennant pattern has formed on the daily bar chart.
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 the November low of 321.85
cents. First resistance is seen at this week’s high of
363.60 cents and then at last week’s high of 367.40 cents.
First support is seen at today’s low of 352.15 cents and
then at 350.00 cents. Wyckoff's Market Rating: 5.0.

*. ENERGIES: January crude oil closed down $0.99 a barrel
at $100.29 today. Prices closed nearer the session low
today and scored a mildly bearish “outside day” down on the
daily bar chart. Crude bulls still have the overall near-
term technical advantage. 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 $94.99. First
resistance is seen at $101.00 and then at $102.00. First
support is seen at today’s low of $99.67 and then at
$99.00. Wyckoff's Market Rating: 7.0.

January heating oil closed down 396 points at $2.9821
today. Prices closed near the session low today. Bulls and
bears are 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 the
November low of $2.9288. First resistance lies at $3.0000
and then at $3.0250. First support is seen at today’s low
of $2.9798 and then at $2.9620. Wyckoff's Market Rating:
5.0.

January (RBOB) unleaded gasoline closed down 584 points at
$2.5870 today. Prices closed nearer the session low today.
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 this
week’s high of $2.6777. Bears' next downside price breakout
objective is closing prices below solid support at $2.5000.
First resistance is seen at today’s high of $2.6496 and
then at $2.6777. First support is seen at $2.5500 and then
at $2.5250. Wyckoff's Market Rating: 4.0.

January natural gas closed down 6.3 cents at $3.424 today.
Prices closed nearer the session low today and closed at a
fresh contract low close today. 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 $3.72. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $3.25. First
resistance is seen at $3.50 and then at this week’s high of
$3.572. First support is seen at the contract low of $3.405
and then at $3.35. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 18 points at 1.3400 today. Prices closed near
mid-range today. Bears still have the 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 1.3576. The next downside
price breakout objective for the bears is closing prices
below solid chart support at the November low of 1.3240.
First resistance for the Euro lies at today’s high of
1.3460 and then at 1.3500. Next support is seen at this
week’s low of 1.3343 and then at 1.3300. Wyckoff's Market
Rating: 3.0

The March Japanese yen closed up 3 points at 1.2904 today.
Prices closed nearer the session high today in more quiet
trading. Short covering was seen again today. 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 last week’s low of 1.2812. First
resistance is seen at 1.2930 and then at 1.2963. First
support is seen at today’s low of 1.2885 and then at
1.2850. Wyckoff's Market Rating: 5.0.

The March Swiss franc closed up 11 points at 1.0834 today.
Prices closed nearer the session high 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 last week’s high of
1.1058. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the November low of 1.0738. First resistance is seen at
1.0888 and then at 1.1000. First support is seen at today’s
low of 1.0788 and then at 1.0738. Wyckoff's Market Rating:
2.0.

The March Australian dollar closed up 18 points at 1.0164
today. Prices closed nearer the session high today. Bulls
and bears are on a level near-term technical playing field.
A bullish pennant pattern has formed on the daily bar
chart. Bulls' next upside price breakout objective is
closing prices above solid chart resistance at 1.0300. The
next downside breakout objective for the bears is to
produce a close below solid technical support at .9850.
First resistance is seen at last week’s high of 1.0205 and
then at 1.0250. Next support is seen at today’s low of
1.0120 and then at this week’s low of 1.0043. Wyckoff's
Market Rating: 5.0

The March Canadian dollar closed down 24 points at .9865
today. Prices closed nearer the session low today and did
hit a fresh four-week high early on. Bulls and bears are on
a level near-term technical playing field. 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 .9650. First resistance is seen at
last week’s high of .9895 and then at today’s high of
.9915. First support is seen at today’s low of .9845 and
then at .9800. Wyckoff's Market Rating: 5.0.

The March British pound closed up 88 points at 1.5677
today. Prices closed nearer the session high 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 the November low of 1.5415.
First resistance is seen today’s high of 1.5711 and then at
1.5758. First support is seen at today’s low of 1.5581 and
then at this week’s low of 1.5547. Wyckoff's Market Rating:
3.5.

The March U.S. dollar index closed up 3 points at 79.07
today. Prices closed near mid-range today. Bulls still have
the overall near-term technical advantage but 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 this week’s high of 79.41 and then at
79.75. First support is seen at this week’s low of 78.72
and then at last week’s low of 78.25. Wyckoff's Market
Rating: 6.5.

March U.S. T-Bonds closed up 1 full point at 141 23/32
today. Prices closed nearer the session high today. Trading
has been choppy lately. 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 138 even. 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 this week’s high
of 142 4/32 and then at 143 even. First support is seen at
141 even and then at 140 even. Wyckoff's Market Rating:
6.5.

March U.S. T Notes closed up 19.5 (32nds) at 129.30.0
today. Prices closed near the session high today and scored
a bullish “outside day” up on the daily bar chart. Bulls
have the overall near-term technical advantage and regained
some upside momentum today. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at last 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 last
week’s low of 128.20.0. First resistance is seen at last
week’s high of 130.01.5 and then at 130.08.5. First support
is seen at 129.16.0 and then at today’s low of 129.03.5.
Wyckoff's Market Rating: 6.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
narrowly mixed again today. Traders are once again awaiting
the latest news to coming out of the European Union,
regarding efforts to stabilize the EU debt crisis.

The Nasdaq stock futures index closed up 1.75 at 2,323.25
today. Prices closed near mid-range today. 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 the November low of
2,135.75. First resistance is seen at last week’s high of
2,344.75 and then at 2,375.00. First support is seen at
2,300.00 and then at 2,284.00. Wyckoff's Market Rating: 6.0

The S&P 500 futures index closed up 9.60 at 1,264.50.
Prices closed nearer the session high today, scored a
bullish “outside day” up on the daily bar chart and hit a
fresh three-week high. 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 the November low of 1,147.50. First resistance
is seen at today’s high of 1,268.00 and then at the
November high of 1,275.00. First support is seen at
1,250.00 and then at 1,236.00. Wyckoff's Market Rating:
6.0.

The Dow futures closed up 102 points at 12,214 today.
Prices closed nearer the session high, hit a fresh four-
month high and scored a bullish “outside day” up on the
daily bar chart today. The next upside price objective for
the bulls is closing prices above solid technical
resistance at 12,500. 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 12,245 and then at 12,300. First support is seen at
12,150 and then at 12,100. Wyckoff's Market Rating: 6.0.

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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