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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--Feb. 20

Feb 21, 2013

Wednesday Evening, February 20-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: April live cattle closed down $1.32 at
$128.22 today. Prices closed nearer the session low today
and hit a fresh 9.5-month low. The key “outside markets”
were fully bearish today, to also produce a “risk off”
trading day in the market place—the U.S. dollar index was
sharply higher and crude oil prices were sharply lower.
Cash cattle market fundamentals are also bearish this week.
Cattle futures bears have the solid overall near-term
technical advantage and gained fresh downside momentum
today. Prices are in a two-month-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 $130.55. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at the contract low of $125.90.
First resistance is seen at $129.00 and then at today’s
high of $129.67. First support is seen at today’s low of
$127.50 and then at $127.00. Wyckoff's Market Rating: 2.0

April feeder cattle closed down $2.57 at $143.60 today.
Prices closed nearer the session low today and hit a fresh
contract low.. The feeder bears have the solid near-term
technical advantage and gained fresh downside momentum
today. The next upside price breakout objective for the
feeder bulls is to push and close prices above solid
technical resistance at $146.00. 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 $144.00 and then at $145.00. First
support is seen at today’s contract low of $143.17 and then
at 142.50. Wyckoff's Market Rating: 1.0

April lean hogs closed down $0.10 at $82.95 today. Prices
closed near mid-range today and hit a fresh 8.5-month low.
The key “outside markets” were fully bearish for hogs
today, to also produce a “risk off” trading day in the
market place—the U.S. dollar index was sharply higher and
crude oil prices were sharply lower. The hog bears have the
solid overall near-term technical advantage. A choppy
three-month-old downtrend is in place on the daily bar
chart. The next upside price breakout objective for the hog
bulls is to push and close prices above solid chart
resistance at $85.00. The next downside price breakout
objective for the bears is pushing prices below solid
technical support at $82.00. First resistance is seen at
today’s high of $83.50 and then at $84.00. First support is
seen at today’s low of $82.12 and then at $82.00. Wyckoff's
Market Rating: 2.0

*. GRAINS: May corn futures last traded up 4 1/4 cents at
$6.96 1/4 today in late trading. Prices were nearer the
session high today and saw short covering. The key “outside
markets” were fully bearish for corn today, to also produce
a “risk off” trading day in the market place—the U.S.
dollar index was sharply higher and crude oil prices were
sharply lower. Yet, corn managed to post gains today, which
is a bullish clue and also hints that a market bottom may
be close at hand. But the bulls have more work to do in the
near term to bolster that notion. Corn bears still have the
near-term technical advantage. Corn bulls' next upside
price objective is to push and close prices above solid
technical resistance at $7.20. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at the January low of
$6.78 1/2. First resistance for May corn is seen at $7.00
and then at $7.05. First support is seen at this week’s low
of $6.88 1/4 and then at last week’s low of $6.85 1/2.
Wyckoff's Market Rating: 3.5

May soybeans were up 11 1/4 cents at $14.68 1/2 a bushel in
late trading today. Prices were nearer the session high
today and saw more short covering and bargain hunting. The
key “outside markets” were fully bearish for soybeans
today, to also produce a “risk off” trading day in the
market place—the U.S. dollar index was sharply higher and
crude oil prices were sharply lower. Yet, beans posted
decent gains, which is a bullish clue for soybeans. Fresh
demand for U.S. soybeans from China and dry weather in
Argentina soybean regions have boosted soybeans this week.
Bean bulls now have the slight near-term technical
advantage. The next near-term upside technical breakout
objective for the soybean bulls is pushing and closing
prices above psychological resistance at $15.00 a bushel.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
last week’s low of $13.93 1/2. First resistance is seen at
today’s high of $14.77 and then at the February high of
$14.89 1/2. First support is seen at today’s low of $14.53
1/2 and then at $14.46 3/4. Wyckoff's Market Rating: 5.5.

May soybean meal was up $8.20 at $432.90 today in late
trading. Prices were nearer the daily high. Bulls have
gained upside near-term technical momentum this week and
have the slight near-term technical advantage. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at the February
high of $438.60. The next downside price breakout objective
for the bears is pushing and closing prices below solid
technical support at $420.00. First resistance comes in at
today’s high of $434.00 and then at $438.60. First support
is seen at $430.00 and then at $426.20. Wyckoff's Market
Rating: 5.5

May bean oil was down 50 points at 52.40 cents in late
trading today. Prices were near the session low. The key
“outside markets” were fully bearish for bean oil today, to
also produce a “risk off” trading day in the market place—
the U.S. dollar index was sharply higher and crude oil
prices were sharply lower. Bean oil bulls and bears are now
back on a level near-term technical playing field. The next
upside price breakout objective for the bean oil bulls is
pushing and closing prices above solid technical resistance
at the February high of 53.98 cents. Bean oil bears' next
downside technical price breakout objective is pushing and
closing prices below solid technical support at last week’s
low of 51.00 cents. First resistance is seen at 52.75 cents
and then at today’s high of 53.13 cents. First support is
seen at 52.25 cents and then at 52.00 cents. Wyckoff's
Market Rating: 5.0

May Chicago SRW wheat was up 6 1/2 cents at $7.45 1/4 in
late trading today. Prices were nearer the session high
today. The key “outside markets” were fully bearish for
wheat today, to also produce a “risk off” trading day in
the market place—the U.S. dollar index was sharply higher
and crude oil prices were sharply lower. Yet, wheat prices
did post gains today, which is a bullish clue for wheat.
Prices are still in a four-week-old downtrend on the daily
bar chart. Wheat bears still have the solid overall near-
term technical advantage. Wheat bulls’ next upside breakout
objective is to push and close Chicago SRW prices above
solid technical resistance at $7.75 a bushel. The next
downside price breakout objective for the wheat futures
bears is pushing and closing prices below solid technical
support at $7.00. First resistance is seen at this week’s
high of $7.52 1/2 and then at $7.60. First support lies at
last week’s low of $7.30 3/4 and then at $7.25. Wyckoff's
Market Rating: 3.0.

May HRW wheat was up 7 1/2 cents at $7.87 1/2 in late
trading today. Prices were nearer the session high on short
covering and bargain hunting. HRW bears still have the
overall near-term technical advantage. Bulls’ next upside
price breakout objective is pushing and closing prices
above solid technical resistance at $8.00. The bears' next
downside breakout objective is pushing and closing prices
below solid technical support at $7.50. First resistance is
seen at $8.00 and then at $8.10. First support is seen at
this week’s low of $7.74 and then at $7.65. Wyckoff's
Market Rating: 3.0

May oats were up 5 1/4 cents at $3.88 1/2 in late trading
today. Prices were near mid-range and hit another fresh
two-month high today. Oats bulls have the near-term
technical advantage. Bears' next downside price breakout
objective is pushing and closing prices below solid
technical support at $3.75. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at $4.00. First support lies at
today’s low of $3.84 and then at this week’s low of $3.79.
First resistance is seen at $3.90 and then at today’s high
of $3.93 1/2. Wyckoff's Market Rating: 7.0

*. SOFTS: May sugar closed up 10 points at 18.06 cents
today. Prices closed near mid-range today and saw short
covering in a bear market. The key “outside markets” were
fully bearish for sugar today, to also produce a “risk off”
trading day in the market place—the U.S. dollar index was
sharply higher and crude oil prices were sharply lower.
Yet, sugar managed slight gains, which is a bullish clue
for sugar. The sugar bears still have the solid overall
near-term technical advantage. Prices are in a seven-week-
old downtrend on the daily bar chart. Bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at the February high of 19.02
cents. Bears' next downside price breakout objective is to
push and close prices below solid technical support at
17.50 cents. First resistance is seen at today’s high of
18.23 cents and then at last week’s high of 18.50 cents.
First support is seen at today’s low of 17.82 cents and
then at last week’s low of 17.67 cents. Wyckoff's Market
Rating: 2.0.

May coffee closed up 325 points at 141.65 cents today.
Prices closed nearer the session high today on short
covering in a bear market. The key “outside markets” were
fully bearish for coffee today, to also produce a “risk
off” trading day in the market place—the U.S. dollar index
was sharply higher and crude oil prices were sharply lower.
Yet, coffee prices posted good gains, which is a bullish
clue for coffee. The coffee bears still have the overall
near-term technical advantage. The next upside breakout
objective for the bulls is to close prices above solid
technical resistance at 147.50 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 130.00 cents a pound.
First resistance is seen at this week’s high of 142.60
cents and then at 145.00 cents. First support is seen at
140.00 cents and then at Tuesday’s contract low of 137.60
cents. Wyckoff's Market Rating: 2.0.

May cocoa closed down $12 at $2,107 a ton. Prices closed
near the session low today and hit another fresh 8.5-month
low. The key “outside markets” were fully bearish for cocoa
today, to also produce a “risk off” trading day in the
market place—the U.S. dollar index was sharply higher and
crude oil prices were sharply lower. The cocoa bears have
the solid overall near-term technical advantage. Prices are
in an 11-week-old downtrend on the daily bar chart. The
next upside price breakout objective for the cocoa bulls is
to push and close prices above solid technical resistance
at the February high of $2,260. 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 today’s high of $2,134 and then at
this week’s high of $2,150. First support is seen at
today’s low of $2,105 and then at $2,100. Wyckoff's Market
Rating: 1.5

May cotton closed up 33 points at 84.46 cents today. Prices
closed near mid-range today and hit another fresh nine-
month high today. The key “outside markets” were fully
bearish for cotton today, to also produce a “risk off”
trading day in the market place—the U.S. dollar index was
sharply higher and crude oil prices were sharply lower.
Yet, cotton managed gains and pushed to a fresh high, which
is a bullish clue for cotton. The cotton bulls have the
solid overall near-term technical advantage. Prices are in
a six-week-old uptrend on the daily bar chart. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at 87.50 cents.
The next downside price breakout objective for the cotton
bears is to push and close prices below solid technical
support at last week’s low of 81.35 cents. First resistance
is seen at today’s high of 85.24 cents and then at 86.00
cents. First support is seen at this week’s low of 83.06
cents and then at 82.50 cents. Wyckoff's Market Rating:
7.0.

May orange juice closed up 105 points at $1.2595 today.
Prices closed nearer the session high today. FCOJ bulls
have the overall near-term technical advantage. A six-week-
old uptrend is in place on the daily bar chart. The next
upside price breakout objective for the FCOJ bulls is
pushing and closing prices above technical resistance at
last week’s high of $1.3200. The next downside technical
breakout objective for the FCOJ bears is to produce a close
below solid technical support at the February low of
$1.1995. First resistance is seen at $1.2700 and then at
$1.2800. First support is seen at today’s low of $1.2400
and then at $1.2300. Wyckoff's Market Rating: 6.0.

March lumber futures closed down $6.60 at $383.20 today.
Prices closed near the session high on profit taking. Bulls
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 $375.00. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at $400.00. First resistance is
seen at $385.00 and this week’s high of $389.80. First
support is seen at today’s low of $379.80 and then at
$377.50. Wyckoff's Market Rating: 6.5

*. METALS: April gold futures closed down $35.10 an ounce
at $1,569.50 today. Prices closed nearer the session low
today and hit a fresh 7.5-month low. Serious near-term
technical damage has been inflicted recently, including
more today. The key “outside markets” were fully bearish
for gold today, as the U.S. dollar index was sharply higher
and crude oil prices were sharply lower. Gold prices are in
an accelerating four-week-old downtrend on the daily bar
chart. The gold bulls’ next upside near-term price breakout
objective is to produce a close above solid technical
resistance at this week’s high of $1,618.80. Bears' next
near-term downside breakout price objective is closing
prices below solid technical support at the May 2012 low of
$1,538.70. First resistance is seen at $1,570.00 and then
at $1,580.00. First support is seen at today’s low of
$1,558.10 and then at $1,550.00. Wyckoff’s Market Rating:
2.5

March silver futures closed down $0.927 an ounce at $28.505
today. Prices closed nearer the session low and hit another
fresh six-month low today. The key “outside markets” were
fully bearish for silver today, as the U.S. dollar index
was sharply higher and crude oil prices were sharply lower.
Serious near-term technical damage has been inflicted in
silver recently. March silver bears have the solid near-term
technical advantage and gained more downside momentum
today. Prices are in an accelerating four-week-old
downtrend on the daily bar chart. Bulls’ next upside price
breakout objective is closing prices above solid technical
resistance at $30.00 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at $28.00. First resistance is seen
at $29.00 and then at today’s high of $29.615. Next support
is seen at today’s low of $28.31 and then at $28.00.
Wyckoff's Market Rating: 2.5.

March N.Y. copper closed down 465 points at 360.30 cents
today. Prices closed nearer the session low today and hit a
fresh seven-week low as the bulls have faded badly. The key
“outside markets” were fully bearish for copper today, as
the U.S. dollar index was sharply higher and crude oil
prices were sharply lower. Copper bulls and bears are now
back on a level near-term technical playing field. Copper
bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at 370.00
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the December low of 352.30 cents. First resistance is seen
at 362.50 cents and then at 365.00 cents. First support is
seen at today’s low of 359.75 cents and then at 357.50
cents. Wyckoff's Market Rating: 5.0.

*. ENERGIES: April crude oil closed down $2.21 a barrel at
$94.89 today. Prices closed nearer the session low today
and hit a fresh five-week low. Prices also scored a bearish
“outside day” down on the daily bar chart today. The crude
oil market was pressured by a sharply higher U.S. dollar
index today. The crude bulls faded today and the bulls and
bears are now back on a level near-term technical playing
field. The next near-term upside price breakout objective
for the crude oil bulls is producing a close solid chart
resistance at the January high of $98.66 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 $92.00. First resistance is seen at $96.00 and
then at $96.50. First support is seen at today’s low of
$94.21 and then at $94.00. Wyckoff's Market Rating: 5.0

April heating oil closed down 368 points at $3.1449 today.
Prices closed nearer the session low today on more profit
taking. Bulls still have the overall near-term technical
advantage. The bulls' next upside price breakout objective
is closing prices above solid technical resistance at the
contract high of $3.2302. Bears' next downside price
breakout objective is producing a close below solid
technical support at $3.1000. First resistance lies at
$3.1750 and then at today’s high of $3.1958. First support
is seen at today’s low of $3.1353 and then at $3.1200.
Wyckoff's Market Rating: 7.0.

April (RBOB) unleaded gasoline closed down 657 points at
$3.0555 today. Prices closed nearer the session low today
on profit taking after hitting a contract high on Tuesday.
There was strong follow-through selling pressure Wednesday,
and a bearish “key reversal” down on the daily bar chart
was confirmed. This is one early technical clue that a
market top is in place. The gasoline bulls 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 the contract
high of $3.1691. Bears' next downside price breakout
objective is closing prices below solid support at $3.0000.
First resistance is seen at $3.0800 and then at $3.1000.
First support is seen at today’s low of $3.0304 and then at
$3.0000. Wyckoff's Market Rating: 7.5.

April natural gas closed down 1.0 cent at $3.321 today.
Prices closed nearer the session low today. Nat gas bears
have the overall near-term technical advantage. Prices are
in a four-week-old downtrend on the daily bar chart. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at the
February high of $3.505. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the January low of $3.15. First
resistance is seen at today’s high of $3.367 and then at
$3.40. First support is seen at $3.27 and then at last
week’s low of $3.191. Wyckoff's Market Rating: 3.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 111 points at 1.3280 today. Prices closed near
the session low today, scored a bearish “outside day” down
on the daily bar chart and hit a fresh four-week low. The
bulls faded badly today. The Euro bulls do still have the
slight overall near-term technical advantage. However, a
three-week-old downtrend is now in place on the daily bar
chart. Euro bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at last week’s high of 1.3523. The next downside price
breakout objective for the bears is closing prices below
solid chart support at 1.3200. First resistance for the
Euro lies at 1.3350 and then at 1.3400. Next support is
seen at today’s low of 1.3273 and then at 1.3250. Wyckoff's
Market Rating: 5.5

The March Japanese yen closed down 19 points at 1.0685
today. Prices closed near mid-range today. Prices are
hovering near the contract low. Bears still have the solid
overall near-term technical advantage. Prices are in a
steep five-month-old downtrend on the daily bar chart.
There are still no early clues of a market bottom being
close at hand. Bulls' next upside price breakout objective
is closing prices above solid resistance at 1.1000. Bears'
next downside breakout objective is closing prices below
solid technical support at 1.0500. First resistance is seen
at last week’s high of 1.0846 and then at 1.0900. First
support is seen at the contract low of 1.0588 and then at
1.0550. Wyckoff's Market Rating: 1.0.

The March Swiss franc closed down 52 points at 1.0784
today. Prices closed nearer the session low today and hit
another fresh four-week low. Prices also scored a bearish
“outside day” down on the daily bar chart. Prices are in a
three-week-old downtrend on the daily bar chart. The Swissy
bears have gained the slight near-term technical advantage.
The next upside price breakout objective for the bulls is
closing prices above solid resistance at 1.0925. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the January low of
1.0657. First resistance is seen at 1.0800 and then at
1.0850. First support is seen at today’s low of 1.0771 and
then at 1.0750. Wyckoff's Market Rating: 4.5.

The March Australian dollar closed down 111 points at
1.0229 today. Prices closed nearer the session low today
and closed at a three-month low close. Bulls and bears are
now back on a level near-term technical playing field as
the bulls have faded recently. Bulls' next upside price
breakout objective is closing prices above solid chart
resistance at the February high of 1.0435. The next
downside breakout objective for the bears is to produce a
close below solid technical support at last week’s low of
1.0200. First resistance is seen at 1.0300 and then at last
week’s high of 1.0353. Next support is seen at 1.0200 and
then at 1.0175. Wyckoff's Market Rating: 5.0

The March Canadian dollar closed down 44 points at .9831
today. Prices closed nearer the session low again today and
hit another fresh 6.5-month low. Prices are in a steep six-
week-old downtrend on the daily bar chart. Bears have the
near-term technical advantage. Bulls' next upside price
breakout objective is producing a close above chart
resistance at 1.0000. The next downside price breakout
objective for the bears is closing prices below solid
technical support at .9750. First resistance is seen at
today’s high of .9885 and then at .9900. First support is
seen at today’s low of .9812 and then at .9800. Wyckoff's
Market Rating: 3.5.

The March British pound closed down 192 points at 1.5230
today. Prices closed nearer the session low today and
careened to a fresh contract low. Bears have the solid
overall near-term technical advantage and gained more power
today. Prices are in a steep seven-week-old downtrend on
the daily bar chart. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at this week’s high of 1.5506. Bears'
next downside technical breakout objective is closing
prices below solid support at 1.5000. First resistance is
seen at 1.5300 and then at 1.5350. First support is seen at
today’s low of 1.5189 and then at 1.5150. Wyckoff's Market
Rating: 1.0.

The March U.S. dollar index closed up 61 points at 81.15
today. Prices closed nearer the session high today and hit
a fresh three-month high. The bulls have gained good upside
near-term technical momentum recently and are now back on a
level near-term technical playing field with the bears.
Bulls' next upside price breakout objective is to close
prices above solid technical resistance at the November
high of 81.70. The next downside price breakout objective
for the bears is to produce a close below solid technical
support at 80.00. Next resistance lies at today’s high of
81.23 and then at 81.50. First support is seen at 80.99 and
then at 80.75. Wyckoff's Market Rating: 5.0.

March U.S. T-Bonds closed up 5/32 at 143 7/32 today. Prices
closed nearer the session high today on short covering in a
bear market. T-Bond bears 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 142 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at 144 16/32. First
resistance is seen at today’s high of 143 13/32 and then at
last week’s high of 143 30/32. First support is seen at 143
even and then at today’s low of 142 17/32. Wyckoff's Market
Rating: 2.5.

March U.S. T Notes closed up 6.0 (32nds) at 131.17.0 today.
Prices closed nearer the session high today on short
covering. 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 the
February high of 131.29.5. The next downside price breakout
objective for the bears is producing a close below solid
technical support at the February low of 130.23.0. First
resistance is seen at today’s high of 131.18.5 and then at
this week’s high of 131.21.5. First support is seen at
131.09.5 and then at today’s low of 131.05.0. Wyckoff's
Market Rating: 3.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
solidly lower today on profit taking. The Federal Reserve’s
Open Market Committee in early January said Wednesday
afternoon that U.S. economic conditions are improving to
the point that its massive asset purchasing program
(quantitative easing) may have to be changed. The FOMC will
further address the issue at its next meeting in March.
Worries the FOMC minutes would indeed be bearish added to
the technical selling pressure Wednesday morning and were
extended after the minutes’ release. These minutes in the
past few months have been market-movers. The U.S. Treasury
markets, with their recent rising bond yields, are also
hinting that the Fed’s very accommodative monetary policy
of the past few years will start to wind down in the not-
too-distant future. That’s a bearish underlying factor for
the stock market.

The Nasdaq stock futures index closed down 43.75 at
2,737.00 today. Prices closed nearer the session low on
profit taking. Bulls still have the near-term technical
advantage. Bulls' next upside price breakout objective is
closing prices above solid resistance at 2,800.00. The
bears' next downside price breakout objective is closing
prices below solid technical support at 2,700.00. First
resistance is seen at 2,750.00 and then at today’s high of
2,786.50. First support is seen at today’s low of 2,725.00
and then at the February low of 2,709.00. Wyckoff's Market
Rating: 6.5

The S&P 500 futures index closed down 21.00 at 1,507.00.
Prices closed near the session low today and did hit
another fresh five-year high early on today. Prices also
scored a bearish “outside day” down on the daily bar chart
today. If there is good follow-through selling on Thursday,
then a bearish “key reversal” down on the daily bar chart
would be confirmed. That would be one early technical clue
that a market top is in place. But right now the bulls
still have the overall near-term technical advantage.
Bulls' next upside price breakout objective is closing
prices above solid resistance at 1,550.00. The next
downside price breakout objective for the bears is closing
prices below solid support at the February low of 1,490.50.
First resistance is seen at 1,515.00 and then at today’s
high of 1,530.00. First support is seen at 1,500.00 and
then at 1,490.50. Wyckoff's Market Rating: 7.0.

The Dow futures closed down 118 points at 13,889. Prices
closed near the session low today after hitting another
fresh five-year high early on. Prices also scored a bearish
“outside day” down on the daily bar chart today. If there
is good follow-through selling on Thursday, then a bearish
“key reversal” down on the daily bar chart would be
confirmed. That would be one early technical clue that a
market top is in place. But right now the bulls still have
the overall near-term technical advantage. The next upside
price objective for the bulls is closing prices above solid
technical resistance at the all-time high of 14,270, basis
nearby futures. The next downside price objective for the
bears is closing prices below solid technical support at
13,600. First resistance in the Dow lies at 13,950 and then
at 14,000. First support is seen at 13,850 and then at the
February low of 13,805. Wyckoff's Market Rating: 7.0.

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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