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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--February 1

Feb 02, 2012

Wednesday Evening, February 1-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 up $0.65 at $129.22
today. Prices closed nearer the session high and scored a
bullish “outside day” up on the daily bar chart today. A
weaker U.S. dollar index supported cattle today. Cattle
futures bulls have the solid overall near-term technical
advantage. Prices are in a seven-week-old uptrend on the
daily bar chart. The bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at the contract high of $129.70. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
this week’s low of $127.22. First resistance is seen at
last week’s high of $129.45 and then at $129.70. First
support is seen at $128.50 and then at $128.00. Wyckoff's
Market Rating: 7.5

March feeder cattle closed up $0.32 at $155.85 today.
Prices closed near the session high and hit another fresh
contract high. Feeder bulls have the solid overall near-
term technical advantage and there are still no early
technical clues that a market top is close at hand. The
next upside price objective for the feeder bulls is to push
and close prices above technical resistance at $157.50. The
next downside price breakout objective for the bears is to
push and close prices below solid technical support at
$153.00. First resistance is seen at today’s contract high
of $155.95 and then at $156.50. First support is seen at
$155.00 and then at $154.55. Wyckoff's Market Rating: 8.5

April lean hogs closed up $1.47 at $90.35 today. Prices
closed near the session high today, hit a fresh seven-week
high and saw short covering and bargain-hunting buying
interest. Price action today also produced a technically
bullish upside “breakout” from the choppy and sideways
trading range on the daily bar chart. Hog bulls now have
the 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 $92.00. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at $87.50. First
resistance is seen at today’s high of $90.40 and then at
$91.00. First support is seen at $90.00 and then at $89.42.
Wyckoff's Market Rating: 5.5

*. GRAINS: March corn futures closed up 3 cents at $6.42
today. Prices closed nearer the session low today after
hitting a fresh three-week high early on. A weaker U.S.
dollar index helped to support the corn market today. Corn
bulls and bears are on a level near-term technical playing
field. Corn bulls' next upside price breakout objective is
to push and close prices above solid technical resistance
at today’s high of $6.50. The next downside price breakout
objective for the bears is pushing and closing prices below
psychological support at $6.00. First resistance for March
corn is seen at last week’s high of $6.45 3/4 and then at
$6.50. First support is seen at today’s low of $6.38 and
then at $6.31. Wyckoff's Market Rating: 5.0

March soybeans closed up 16 1/4 cents at $12.15 1/4 a
bushel today. Prices closed nearer the session high today
and saw short covering and bargain hunting. A fresh USDA
export sale to China today also boosted prices. Soybean
bulls and bears are now back on a level near-term technical
playing field. The next near-term upside technical breakout
objective for the soybean bulls is pushing and closing
prices above solid technical resistance at last week’s high
of $12.31 a bushel. The next downside price breakout
objective for the bears is pushing and closing prices below
technical support at $11.75. First resistance is seen at
today’s high of $12.19 and then at $12.25. First support is
seen at today’s low of $12.02 and then at $11.90. Wyckoff's
Market Rating: 5.0.

March soybean meal closed up $3.00 at $322.30 today. Prices
closed nearer the session high today on short covering and
bargain hunting. Bulls have regained the slight near-term
technical advantage in meal. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at last week’s high of $327.30. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
this week’s low of $312.70. First resistance comes in at
today’s high of $324.00 and then at $325.00. First support
is seen at $320.00 and then at today’s low of $318.60.
Wyckoff's Market Rating: 5.5

March bean oil closed up 31 points at 51.18 cents today.
Prices closed near mid-range today and saw more short
covering and bargain hunting. Bean oil 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 last
week’s high of 52.00 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at 50.00 cents. First
resistance is seen at 51.50 cents and then at today’s high
of 51.78 cents. First support is seen at today’s low of
50.83 cents and then at 50.50 cents. Wyckoff's Market
Rating: 4.0

March Chicago SRW wheat closed up 8 1/4 cents at $6.74 1/4
today. Prices closed near mid-range today and hit a fresh
three-month high. Talk of extreme cold weather damaging the
Black Sea region’s wheat crop and Russia imposing duties on
its wheat exports have boosted the wheat market recently.
Bulls have gained good upside near-term technical momentum.
Wheat bulls have the near-term technical advantage. Bulls'
next upside price breakout objective is to push and close
Chicago SRW prices above psychological resistance at $7.00
a bushel. The next downside price breakout objective for
the wheat futures bears is pushing and closing prices below
solid technical support at this week’s low of $6.35 1/4.
First resistance is seen at today’s high of $6.83 3/4 and
then at the October high of $6.97 1/4. First support lies
at today’s low of $6.66 1/4 and then at last week’s high of
$6.58 1/4. Wyckoff's Market Rating: 5.5.

March K.C. HRW wheat closed up 8 1/2 cents at $7.24 today.
Prices closed nearer the session low today but did hit a
fresh 11-week high. Bulls now have the near-term technical
advantage. Bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at $7.50. The bears' next downside breakout objective is
pushing and closing prices below psychological support at
$7.00. First resistance is seen at today’s high of $7.32
and then at $7.40. First support is seen at $7.17 and then
at $7.10. Wyckoff's Market Rating: 5.5

March oats closed up 7 cents at $3.05 today. Prices closed
nearer the session high today and closed at a fresh four-
week high close. 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 this week’s low of $2.87 1/4.
Bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at last
week’s high of $3.06 1/2. First support lies at $3.00 and
then at today’s low of $2.98 1/2. First resistance is seen
at $3.06 1/2 and then at $3.10. Wyckoff's Market Rating:
4.0

*. SOFTS: March sugar closed up 2 points at 23.66 cents
today. Prices closed nearer the session high but did hit a
fresh two-week low early on. Bulls have faded recently and
bears have the near-term technical advantage. Sugar bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at last week’s high
of 25.21 cents. Bears' next downside price breakout
objective is to push and close prices below solid technical
support at 23.52 cents. First resistance is seen at 24.00
cents and then at 24.21 cents. First support is seen at
today’s low of 23.43 cents and then at 23.00 cents.
Wyckoff's Market Rating: 4.0

March coffee closed down 140 points at 213.65 cents. Prices
closed nearer the session low today and closed at a fresh
13-month low close. Coffee bears have the solid overall
near-term technical advantage. Prices are in a choppy,
five-month-old downtrend on the daily bar chart. The coffee
bulls' next upside breakout objective is to close prices
above solid technical resistance at 222.50 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the December low of
212.35 cents a pound. First resistance is seen at today’s
high of 213.20 cents and then at 217.50 cents. First
support is seen at this week’s low of 213.10 cents and then
at 212.35 cents. Wyckoff's Market Rating: 1.0

March cocoa closed down $63 at $2,228 a ton. Prices closed
near the session low today and hit a fresh three-week low.
Cocoa bears have the overall near-term technical advantage.
However, a bullish double-bottom reversal pattern has
formed on the daily bar chart, but the bulls need to step
up and show more power soon. 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
$2,480. 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 $2,250 and
then at $2,300. First support is seen at today’s low of
$2,220 and then at $2,200. Wyckoff's Market Rating: 4.0.

March cotton closed up 14 points at 93.39 cents today.
Prices closed nearer the session low today. Cotton bears
have gained fresh downside near-term technical momentum
recently. Bears have the slight near-term technical
advantage. The next upside price objective for the bulls is
to produce a close above solid technical resistance at
98.00 cents. The next downside price breakout objective for
the cotton bears is to push and close prices below solid
technical support at 90.00 cents. First support is seen at
92.50 cents and then at 92.00 cents. First resistance is
seen at today’s high of 94.21 cents and then at 95.29
cents. Wyckoff's Market Rating: 4.5

March orange juice closed down 430 points at $2.0570 today.
Prices closed near the session low again today on profit-
taking pressure. Price action in FCOJ recently has been
extremely volatile. Look for the higher volatility to
continue in the near term. The next upside price breakout
objective for the FCOJ bulls is pushing and closing prices
above technical resistance at the recent all-time high of
$2.2695. The next downside technical breakout objective for
the FCOJ bears is to produce a close below psychological
support at $2.0000. First resistance is seen at $2.1000 and
then at today’s high of $2.1230. First support is seen at
today’s low of $2.0500 and then at $2.0270. Wyckoff's
Market Rating: 7.5.

March lumber futures closed up $5.80 at $254.00 today.
Prices hit a fresh three-week high today and saw short
covering and bargain hunting. The lumber bulls have gained
upside technical momentum recently. The next downside
technical breakout objective for the lumber bears is
pushing and closing prices below solid technical support at
the contract low of $234.80. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at the December high of $272.90.
First resistance is seen at today’s high of $253.50 and
then at $255.00. First support is seen at $250.00 and then
at $248.00. Wyckoff's Market Rating: 3.5

*. METALS: April gold futures closed up $7.30 an ounce at
$1,747.70 today. Prices closed near mid-range today and hit
another fresh seven-week high. A weaker U.S. dollar index
supported the gold market today. Prices Tuesday closed at a
bullish monthly high close. Gold bulls have the solid
overall near-term technical advantage and still have upside
near-term technical momentum on their side. A steep four-
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 the December high
of $1,769.70. Bears' next near-term downside price
objective is closing prices below chart trend-line and
psychological support at $1,700.00. First resistance is
seen at today’s high of $1,754.00 and then at $1,760.00.
First support is seen at today’s low of $1,735.40 and then
at $1,727.00. Wyckoff's Market Rating: 7.5.

March silver futures closed up $0.478 an ounce at $33.74
today. Prices closed nearer the session high today. A
weaker U.S. dollar index boosted silver today. Silver bulls
have the overall near-term technical advantage. Prices
Tuesday hit a 10-week high. A four-week-old uptrend is in
place on the daily bar chart. Bulls’ next upside price
breakout objective is closing prices above solid technical
resistance at the October high of $35.68 an ounce. The next
downside price breakout objective for the bears is closing
prices below solid technical support at last week’s low of
$31.525. First resistance is seen at this week’s high of
$34.13 and then at $34.50. Next support is seen at $33.50
and then at today’s low of $33.07. Wyckoff's Market Rating:
6.5.

March N.Y. copper closed up 490 points 383.90 cents today.
Prices closed nearer the session high today. A weaker U.S.
dollar index today boosted copper prices. Copper bulls have
the near-term technical advantage. Prices are in a six-
week-old uptrend on the daily bar chart. Copper bulls' next
upside breakout objective is pushing and closing prices
above major psychological resistance at 400.00 cents. The
next downside price breakout objective for the bears is
closing prices below solid technical support at 367.50
cents. First resistance is seen at Tuesday’s high of 387.60
cents and then at 390.00 cents. First support is seen at
380.00 cents and then at today’s low of 376.30 cents.
Wyckoff's Market Rating: 6.5.

*. ENERGIES: March crude oil closed down $1.16 a barrel at
$97.32 today. Prices closed nearer the session low today
and hit a fresh six-week low. Crude oil bulls still have
the overall near-term technical advantage, but they are
fading and need to show fresh power soon. The next near-
term upside price breakout objective for the crude oil
bulls is producing a close above solid technical resistance
at the January high of $103.90 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
$95.00. First resistance is seen at $98.00 and then at 
$99.00. First support is seen at $97.00 and then at $96.00.
Wyckoff's Market Rating: 6.0.

March heating oil closed down 43 points at $3.0464 today.
Prices closed nearer the session low again today. 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 January high
of $3.1286. Bears' next downside price breakout objective
is producing a close below solid technical support at
$2.9500. First resistance lies at $3.0600 and then at this
week’s high of $3.0900. First support is seen at today’s
low of $3.0325 and then at $3.0000. Wyckoff's Market
Rating: 6.5.

March (RBOB) unleaded gasoline closed down 62 points at
$2.8848 today. Prices closed near the session low today.
Prices last Friday hit a fresh nine-month high. Bulls have
the solid overall near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above major psychological resistance at $3.0000.
Bears' next downside price breakout objective is closing
prices below solid support at last week’s low of $2.7789.
First resistance is seen at $2.9106 and then at $2.9280.
First support is seen at $2.8750 and then at $2.8500.
Wyckoff's Market Rating: 7.5.

March natural gas closed down 14.0 cents at $2.363 today.
Prices closed near the session low today. Bulls have faded
badly this week. Bears have the solid overall near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above major
psychological resistance at this week’s high of $2.844. The
next downside price breakout objective for the bears is
closing prices below solid technical support at the
contract low of $2.289. First resistance is seen at today’s
high of $2.471 and then at $2.60. First support is seen at
today’s low of $2.355 and then at $2.289. Wyckoff's Market
Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 71 points at 1.3156 today. Prices closed nearer
the session high today and saw short covering in a bear
market. Bears still have the overall near-term technical
advantage. Euro bulls' next upside price breakout objective
is pushing and closing prices above solid technical
resistance at 1.3400. The next downside price breakout
objective for the bears is closing prices below solid chart
support at 1.2800. First resistance for the Euro lies at
last week’s high of 1.3237 and then at 1.3300. Next support
is seen at today’s low of 1.3027 and then at 1.3000.
Wyckoff's Market Rating: 3.0

The March Japanese yen closed down 11 points at 1.3123
today. Prices closed nearer the session low today and did
hit a fresh three-month high early on today. Bulls have
solid upside technical momentum and have the overall near-
term technical advantage. Bulls' next upside price breakout
objective is closing prices above solid resistance at the
October spike high of 1.3279. Bears' next downside breakout
objective is closing prices below solid technical support
at last week’s low of 1.2779. First resistance is seen at
today’s high of 1.3160 and then at 1.3200. First support is
seen at 1.3092 and then at 1.3075. Wyckoff's Market Rating:
7.0.

The March Swiss franc closed up 49 points at 1.0925 today.
Prices closed nearer the session high today, scored a
bullish “outside day” up on the daily bar chart and hit a
fresh two-month high. Bears still have the overall near-
term technical advantage, but the bulls have gained upside
momentum recently. The next upside price breakout objective
for the bulls is closing prices above solid resistance at
1.1000. The next downside price breakout objective for the
bears is closing prices below solid technical support at
1.0650. First resistance is seen at today’s high of 1.0982
and then at 1.1000. First support is seen at today’s low of
1.0819 and then at 1.0800. Wyckoff's Market Rating: 3.5.

The March Australian dollar closed up 86 points at 1.0647
today. Prices closed nearer the session high today and hit
a fresh six-month high. Prices also scored a bullish
“outside day” up on the daily bar chart today. Bulls have
the solid near-term technical advantage. Prices are in a
two-month-old uptrend on the daily bar chart. Bulls' next
upside price breakout objective is closing prices above
solid chart resistance at the July 2011 high of 1.0696. The
next downside breakout objective for the bears is to
produce a close below solid technical support at 1.0250.
First resistance is seen at 1.0696 and then at 1.0750. Next
support is seen at 1.0600 and then at today’s low of
1.0515. Wyckoff's Market Rating: 8.0

The March Canadian dollar closed up 40 points at 1.0003
today. Prices closed nearer the session high today and hit
a fresh three-month high. Bulls have the solid near-term
technical advantage. A six-week-old uptrend line is in
place on the daily bar chart. Bulls' next upside price
breakout objective is producing a close above chart
resistance at the October high of 1.0075. The next downside
price breakout objective for the bears is closing prices
below solid technical support at .9850. First resistance is
seen at today’s high of 1.0026 and then at 1.0075. First
support is seen at today’s low of .9941 and then at this
week’s low of .9919. Wyckoff's Market Rating: 7.0.

The March British pound closed up 76 points at 1.5824
today. Prices closed nearer the session high today and hit
another fresh 2.5-month high. The bulls have gained good
upside momentum recently and have the slight near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at the October high of 1.6120. Bears'
next downside technical breakout objective is closing
prices below solid support at 1.5600. First resistance is
seen at today’s high of 1.5880 and then at 1.5950. First
support is seen at 1.5750 and then at today’s low of
1.5700. Wyckoff's Market Rating: 5.5.

The March U.S. dollar index closed down 37 points at 79.04
today. Prices closed nearer the session low today, hit
another fresh seven-week low and scored a bearish “outside
day” down on the daily bar chart. Bulls still have the
overall near-term technical advantage but have faded badly
recently and need to show more power yet this week. Bulls'
next upside price breakout objective is to close prices
above solid technical resistance at 80.50. The next
downside price breakout objective for the bears is to
produce a close below solid technical support at 78.00.
Next resistance lies at 79.50 and then at today’s high of
79.66. First support is seen at today’s low of 78.74 and
then at 78.50. Wyckoff's Market Rating: 6.0.

March U.S. T-Bonds closed down 29/32 at 144 17/32 today.
Prices closed nearer the session low today on profit taking
after hitting a six-week high and closing at a bullish
monthly high close on Tuesday. The bond market bulls still
have the solid overall near-term technical advantage. The
next downside price breakout objective for the T-Bond bears
is closing prices below solid technical support at 142
even. The next upside technical objective for the bulls is
to produce a close above solid technical resistance at the
December high of 146 11/32. First resistance is seen at 145
even and then at this week’s high of 145 15/32. First
support is seen at today’s low of 144 8/32 and then at 144
even. Wyckoff's Market Rating: 7.5.

March U.S. T Notes closed down 7.5 (32nds) at 132.00.5
today. Prices closed nearer the session low on profit
taking after hitting a fresh contract and all-time high and
closiug at a bullish monthly high close on Tuesday. 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 133.00.0. The next
downside price breakout objective for the bears is
producing a close below solid technical support at
130.24.0. First resistance is seen at Tuesday’s contract
high of 132.09.5 and then at 132.16.0. First support is
seen at 131.22.0 and then at 131.16.0. Wyckoff's Market
Rating: 8.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today. The stock index bulls have upside near-term
technical momentum on their side. The next potentially big
market-moving data will be Friday’s U.S. jobs report.
Trading may be more subdued leading up to the Friday
morning data.

The Nasdaq stock futures index closed up 21.50 at 2,485.75.
Prices closed nearer the session high today and hit another
fresh 11-year high. Bulls' next upside price breakout
objective is closing prices above solid resistance at
2,500.00. The bears' next downside price breakout objective
is closing prices below solid technical support at
2,348.50. First resistance is seen at 2,500.00 and then at
2,515.00. First support is seen at 2,465.00 and then at
today’s low of 2,453.50. Wyckoff's Market Rating: 8.0

The S&P 500 futures index closed up 11.50 points at
1,319.80. Prices closed nearer the session high today.
Bulls' next upside price breakout objective is closing
prices above solid resistance at the July high of 1,354.50.
The next downside price breakout objective for the bears is
closing prices below solid support at 1,250.00. First
resistance is seen at last week’s high of 1,329.50 and then
at 1,340.00. First support is seen at today’s low of
1,303.80 and then at this week’s low of 1,296.00. Wyckoff's
Market Rating: 8.0.

The Dow futures closed up 78 points at 12,655 today. Prices
closed near mid-range today. The next upside price
objective for the bulls is closing prices above solid
technical resistance at the May 2011 high of 12,827. The
next downside price objective for the bears is closing
prices below solid technical support at the January low of
12,250. First resistance in the Dow lies at 12,700 and then
at today’s high of 12,730. First support is seen at 12,600
and then at 12,550. Wyckoff's Market Rating: 8.0.

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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