Sep 21, 2014
Home| Tools| Events| Blogs| Discussions Sign UpLogin


Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--February 13

Feb 14, 2012

Monday Evening, February 13-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 $1.35 at $128.15
today. Prices closed nearer the session high today as bulls
regained some upside momentum following last Friday’s
bearish weekly low close. The key “outside markets” were
also in a bullish posture for cattle today, as the U.S.
dollar index was weaker and crude oil prices were solidly
higher. Cattle futures bulls have the overall near-term
technical advantage. However, trading has been choppy at
higher price levels. 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
last week’s low of $126.70. First resistance is seen at
today’s high of $128.50 and then at $128.75 and then at
$129.00. First support is seen at $127.60 and then at
$127.00. Wyckoff's Market Rating: 7.0

March feeder cattle closed up $1.12 at $154.75 today.
Prices closed near the session high today. Feeder bulls
regained some upside momentum today after Friday’s bearish
weekly low close. Bulls still have the solid overall near-
term technical advantage. The next upside price objective
for the feeder bulls is to push and close prices above
technical resistance at the contract high of $155.95. The
next downside price breakout objective for the bears is to
push and close prices below solid technical support at last
week’s low of $153.45. First resistance is seen at $155.00
and then at $155.40. First support is seen at today’s low
of $154.17 and then at $154.00. Wyckoff's Market Rating:
8.0

April lean hogs closed down $0.25 at $88.05 today. Prices
closed nearer the session low today and hit a fresh two-
week low. The key “outside markets” were in a bullish
posture for hogs today, as the U.S. dollar index was weaker
and crude oil prices were solidly higher. Yet hog bulls
could get no traction, which is a bearish clue. Hog bulls
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 the
February high of $90.75. The next downside price breakout
objective for the bears is pushing prices below solid
technical support at $87.50. First resistance is seen at
$88.50 and then at today’s high of $89.10. First support is
seen at today’s low of $87.87 and then at $87.50. Wyckoff's
Market Rating: 4.0

*. GRAINS: March corn futures closed up 7 3/4 cents at
$6.39 1/2 today. Prices closed near mid-range today and saw
short covering following recent selling pressure that
included Friday’s bearish weekly low close. The key
“outside markets” were in a bullish posture for corn today,
as the U.S. dollar index was weaker and crude oil prices
were solidly higher. 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 last week’s high of $6.52.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$6.25. First resistance for March corn is seen at today’s
high of $6.43 1/2 and then at $6.48 1/2. First support is
seen at $6.35 and then at today’s low of $6.32 3/4.
Wyckoff's Market Rating: 5.0

March soybeans closed up 24 1/2 cents at $12.53 1/2 a
bushel today. Prices closed near the session high today and
hit a fresh 3.5-month high. Today’s daily USDA soybean
export sales announcement boosted the bean bulls. The key
“outside markets” were also in a bullish posture for beans
today, as the U.S. dollar index was weaker and crude oil
prices were solidly higher. Soybean bulls still have the
near-term technical advantage and gained fresh upside
momentum today. Prices are in a five-week-old uptrend on
the daily bar chart. The next near-term upside technical
breakout objective for the soybean bulls is pushing and
closing prices above solid technical resistance at the
October high of $12.90 a bushel. The next downside price
breakout objective for the bears is pushing and closing
prices below major psychological support at $12.00. First
resistance is seen at today’s high of $12.54 and then at
$12.62. First support is seen at the January high of $12.44
3/4 and then at today’s low of $12.32. Wyckoff's Market
Rating: 6.0.

March soybean meal closed up $9.10 at $329.10 today. Prices
closed near the session high today and closed at a fresh
3.5-month high close. Bulls still have the near-term
technical advantage in meal and gained some upside momentum
today. Prices are in a four-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 the February high of $331.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at last
week’s low of $316.20. First resistance comes in at $331.00
and then at the October high of $335.10. First support is
seen at $325.00 and then at $322.50. Wyckoff's Market
Rating: 6.0

March bean oil closed up 45 points at 52.98 cents today.
Prices closed near the session high today and closed at a
fresh five-week high close today. The key “outside markets”
were in a bullish posture for bean oil today, as the U.S.
dollar index was weaker and crude oil prices were solidly
higher. Bean oil bulls have regained the 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 the January high
of 53.79 cents. Bean oil bears' next downside technical
price breakout objective is pushing and closing prices
below solid technical support at 51.50 cents. First
resistance is seen at last week’s high of 53.08 cents and
then at 53.25 cents. First support is seen at today’s low
of 52.62 cents and then at 52.38 cents. Wyckoff's Market
Rating: 5.5

March Chicago SRW wheat closed up 11 1/4 cents at $6.41 1/4
today. Prices closed nearer the session high today on short
covering after prices Friday hit a two-week low and closed
at a bearish weekly low close. The key “outside markets”
were in a bullish posture for wheat today, as the U.S.
dollar index was weaker and crude oil prices were solidly
higher. Wheat bears have the slight near-term technical
advantage. Bulls' next upside price breakout objective is
to push and close Chicago SRW prices above solid technical
resistance at the February high of $6.83 3/4 a bushel. The
next downside price breakout objective for the wheat
futures bears is pushing and closing prices below solid
technical support at $6.25. First resistance is seen at
$6.50 and then at $6.58 1/4. First support lies at last
week’s low of $6.28 1/4 and then at $6.25. Wyckoff's Market
Rating: 4.5.

March K.C. HRW wheat closed up 10 1/4 cents at $6.83 1/4
today. Prices closed near the session high today and saw
short covering after Friday’s bearish weekly low close.
Bears have the near-term technical advantage. A bearish
double-top reversal pattern has formed on the daily bar
chart. 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
the January low of $6.51. First resistance is seen at $6.92
and then at $7.00. First support is seen at $6.75 and then
at last week’s low of $6.72. Wyckoff's Market Rating: 4.0

March oats closed up 7 cents at $3.25 today. Prices closed
nearer the session high today. Oats bulls have regained the
slight near-term technical advantage. Bears' next downside
price breakout objective is pushing and closing prices
below major psychological support at $3.00. Bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at the February
high of $3.34. First support lies at $3.22 and then at
today’s low of $3.19. First resistance is seen at today’s
high of $3.26 and then at $3.30. Wyckoff's Market Rating:
5.5

*. SOFTS: March sugar closed down 19 points at 24.48 cents
today. Prices closed near the session low today. The key
“outside markets” were in a bullish posture for sugar
today, as the U.S. dollar index was weaker and crude oil
prices were solidly higher. Yet, sugar futures could get no
traction today, which is a bearish clue. Sugar bears have
the slight near-term technical advantage. Sugar bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at the January high of
25.21 cents. Bears' next downside price breakout objective
is to push and close prices below solid technical support
at the February low of 23.41 cents. First resistance is
seen at last week’s high of 24.89 cents and then at 25.00
cents. First support is seen at 24.25 cents and then at
24.00 cents. Wyckoff's Market Rating: 4.5

March coffee closed down 355 points at 211.75 cents. Prices
closed nearer the session low and hit a fresh 14-month low
today. Coffee bears have the solid overall near-term
technical advantage and gained some more downside momentum
today. The key “outside markets” were in a bullish posture
for coffee today, as the U.S. dollar index was weaker and
crude oil prices were solidly higher. Yet, coffee sold off
any way, which is another bearish clue for coffee. Coffee
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 225.00 cents. The next downside price
breakout objective for the bears is closing prices below
major psychological support at 200.00 cents a pound. First
resistance is seen at 212.50 cents and then at 215.00
cents. First support is seen at today’s low of 210.00 cents
and then at 209.00 cents. Wyckoff's Market Rating: 1.0

March cocoa closed up $75 at $2,231 a ton. Prices closed
near the session high today on short covering in a bear
market. The key “outside markets” were in a bullish posture
for cocoa today, as the U.S. dollar index was weaker and
crude oil prices were solidly higher. 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
$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 $2,250 and
then at $2,265. First support is seen at $2,200 and then at
$2,175. Wyckoff's Market Rating: 3.0.

March cotton closed up 91 points at 91.52 cents today.
Prices closed near mid-range today and saw short covering
in a bear market. The key “outside markets” were in a
bullish posture for cotton today, as the U.S. dollar index
was weaker and crude oil prices were solidly higher. Cotton
bears still 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 95.00 cents.
The next downside price breakout objective for the cotton
bears is to push and close prices below solid technical
support at 87.50 cents. First support is seen at today’s
low of 90.62 cents and then at last week’s low of 89.99
cents. First resistance is seen at 92.00 cents and then at
92.50 cents. Wyckoff's Market Rating: 3.5

March orange juice closed down 230 points at $1.8350 today.
Prices closed near the session low today and closed at a
fresh four-week low close. Bulls have faded badly recently
as it looks like a market top is in place. The next upside
price breakout objective for the FCOJ bulls is pushing and
closing prices above major psychological resistance at
$2.0000. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at $1.7800. First resistance is seen at $1.8500 and
then at $1.8750. First support is seen at last week’s low
of $1.8145 and then at $1.8000. Wyckoff's Market Rating:
5.0.

March lumber futures closed up $4.40 at $275.40 today.
Prices closed at a fresh 4.5-month high close today. The
lumber bulls have upside technical momentum and 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
$262.50. The next upside price breakout objective for the
bulls is pushing and closing prices above solid technical
resistance at $280.00. First resistance is seen at last
week’s high of $276.20 and then at $280.00. First support
is seen at $272.50 and then at $271.00. Wyckoff's Market
Rating: 6.0

*. METALS: April gold futures closed up $0.60 an ounce at
$1,725.90 today. Prices closed near mid-range today as
trading has turned choppy recently. The key outside markets
were bullish for gold today--the U.S. dollar index was
weaker and crude oil prices were higher. Yet, gold could
not get much traction from the bullish outside markets,
which is a near-term bearish clue. Gold bulls still have
the overall near-term technical advantage. But a six-week-
old uptrend on the daily bar chart has been at least
temporarily negated. Bulls' next upside technical breakout
objective is to produce a close above solid technical
resistance at the February high of $1,765.90. Bears' next
near-term downside price objective is closing prices below
psychological support at $1,700.00. First resistance is
seen at today’s high of $1,735.40 and then at $1,750.00.
First support is seen at today’s low of $1,717.70 and then
at $1,712.60. Wyckoff's Market Rating: 6.0.

March silver futures closed up $0.141 an ounce at $33.745
today. Prices closed near mid-range today. The key outside
markets were bullish for silver today--the U.S. dollar
index was weaker and crude oil prices were higher. Silver
bulls have the overall near-term technical advantage. A
six-week-old uptrend is in place on the daily bar chart,
but now just barely. Prices have been trading sideways for
three weeks. 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 $32.50. First resistance is seen
at today’s high of $34.035 and then at last week’s high of
$34.52. Next support is seen at today’s low of $33.455 and
then at Friday’s low of $33.17. Wyckoff's Market Rating:
6.0.

March N.Y. copper closed down 190 points 384.30 cents
today. Prices closed near mid-range and saw more profit
taking from recent gains. The key outside markets were
bullish for copper today--the U.S. dollar index was weaker
and crude oil and U.S. stock index prices were higher. Yet,
copper sold off anyway, which is a mildly bearish clue.
Copper bulls still have the overall near-term technical
advantage. Prices are in a two-month-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 375.00 cents. First
resistance is seen at 390.00 cents and then at the January
high of 393.90 cents. First support is seen at today’s low
of 381.60 cents and then at 380.00 cents. Wyckoff's Market
Rating: 7.0.

*. ENERGIES: March crude oil closed up $1.88 a barrel at
$100.55 today. Prices closed nearer the session high today.
Crude oil bulls have the overall near-term technical
advantage and gained some more upside momentum today. A
gentle four-week-old downtrend on the daily bar chart was
negated today. 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 the February low of
$95.44. First resistance is seen at today’s high of $101.00
and then at $102.00. First support is seen at $100.00 and
then at today’s low of $99.09. Wyckoff's Market Rating:
6.0.

March heating oil closed down 243 points at $3.1577 today.
Prices closed nearer the session low today and saw profit
taking from recent gains that last week saw prices hit an
eight-month high. Bulls still have the solid overall near-
term technical advantage. The bulls' next upside price
breakout objective is closing prices above solid technical
resistance at the June 2011 high of $3.2244. Bears' next
downside price breakout objective is producing a close
below solid technical support at $3.0800. First resistance
lies at $3.1750 and then at $3.2000. First support is seen
at today’s low of $3.1517 and then at $3.1286. Wyckoff's
Market Rating: 7.5.

March (RBOB) unleaded gasoline closed up 251 points at
$3.0002 today. Prices closed near mid-range today and hit
another 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
solid technical resistance at $3.1000. Bears' next downside
price breakout objective is closing prices below solid
support at $2.9000. First resistance is seen at today’s
high of $3.0220 and then at $3.0500. First support is seen
at today’s low of $2.9880 and then at $2.9607. Wyckoff's
Market Rating: 8.0.

March natural gas closed down 4.3 cents at $2.434 today.
Prices closed near mid-range today. 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 $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 $3.50 and then at last
week’s high of $2.618 and then at $2.70. First support is
seen at last week’s low of $2.39 and then at $2.34.
Wyckoff's Market Rating: 2.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 21 points at 1.3193 today. Prices closed near the
session low today. Bears still have the slight overall
near-term technical advantage. However, prices have been
trending higher for nearly four weeks. 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 1.3000. First
resistance for the Euro lies at today’s high of 1.3285 and
then at last week’s high of 1.3325. Next support is seen at
Friday’s low of 1.3157 and then at 1.3100. Wyckoff's Market
Rating: 4.0

The March Japanese yen closed down 1 point at 1.2891 today.
Prices closed near mid-range today. Bulls are fading and
the bears have the slight near-term technical advantage.
Bulls' next upside price breakout objective is closing
prices above solid resistance at last week’s high of
1.3077. Bears' next downside breakout objective is closing
prices below solid technical support at the January low of
1.2779. First resistance is seen at today’s high of 1.2925
and then at 1.2950. First support is seen at last week’s
low of 1.2855 and then at 1.2800. Wyckoff's Market Rating:
4.5.

The March Swiss franc closed up 14 points at 1.0917 today.
Prices closed near the session low today. Bears have the
overall near-term technical advantage. Prices have been
trending higher for four weeks, however. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at 1.1100. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 1.0750. First resistance is seen
at today’s high of 1.0990 and then at last week’s high of
1.1008. First support is seen at Friday’s low of 1.0873 and
then at 1.0842. Wyckoff's Market Rating: 4.0.

The March Australian dollar closed up 73 points at 1.0692
today. Prices closed near mid-range again today. Prices
last week hit a contract high. Bulls still have the solid
near-term technical advantage. Prices are in a three-month-
old uptrend on the daily bar chart. Bulls' next upside
price breakout objective is closing prices above solid
chart resistance at 1.1000. The next downside breakout
objective for the bears is to produce a close below solid
technical support at 1.0450. First resistance is seen at
today’s high of 1.0736 and then at the contract high of
1.0795. Next support is seen at last week’s low of 1.0594
and then at 1.0500. Wyckoff's Market Rating: 8.0

The March Canadian dollar closed up 32 points at 1.0001
today. Prices closed near mid-range today. Bulls have the
solid near-term technical advantage. A three-month-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 .9925.
First resistance is seen at today’s high of 1.0021 and then
at 1.0050. First support is seen at today’s low of .9981
and then at last week’s low of .9953. Wyckoff's Market
Rating: 7.5.

The March British pound closed up 33 points at 1.5768
today. Prices closed nearer the session low today. The
bulls still have the overall near-term technical advantage.
Prices are in a four-week-old uptrend on the daily bar
chart. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
1.6000. Bears' next downside technical breakout objective
is closing prices below solid support at 1.5650. First
resistance is seen at today’s high of 1.5824 and then at
1.5882. First support is seen at last week’s low of 1.5725
and then at 1.5700. Wyckoff's Market Rating: 6.0.

The March U.S. dollar index closed down 14 points at 79.08
today. Prices closed near the session high today. Bulls
have the slight overall near-term technical advantage but
have faded badly recently and need to show fresh power soon
to avoid serious chart damage. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at 80.00. 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 79.31
and then at last week’s high of 79.64. First support is
seen at today’s low of 78.71 and then at last week’s low of
78.43. Wyckoff's Market Rating: 5.5.

March U.S. T-Bonds closed down 2/32 at 142 23/32 today.
Prices closed nearer the session high today. The bond
market bulls still have the overall near-term technical
advantage, but are fading and need to show fresh power soon
to avoid significant chart damage. The next downside price
breakout objective for the T-Bond bears is closing prices
below solid technical support at the January low of 140
21/32. The next upside technical objective for the bulls is
to produce a close above solid technical resistance at last
week’s high of 143 17/32. First resistance is seen at
today’s high of 143 even and then at 143 17/32. First
support is seen at 142 even and then at today’s low of 141
26/32. Wyckoff's Market Rating: 6.5.

March U.S. T Notes closed down 5.0 (32nds) at 131.07.5
today. Prices closed nearer the session high today. 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 the recent all-
time high of 132.11.0. The next downside price breakout
objective for the bears is producing a close below solid
technical support at the January low of 129.26.0. First
resistance is seen at today’s high of 131.13.0 and then at
the December high of 131.16.0. First support is seen at
131.00.0 and then at today’s low of 130.28.5. Wyckoff's
Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer again today and hit or are close to fresh for-the-
move highs. The stock index bulls have good upside near-
term technical momentum on their side. It’s those quiet,
unassuming price trends like those in the stock indexes at
present that are most likely to continue.

The Nasdaq stock futures index closed up 20.50 at 2,569.00.
Prices closed nearer the session high today and hit yet
another fresh 11-year high. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 2,600.00. The bears' next downside price breakout
objective is closing prices below solid technical support
at 2,430.00. First resistance is seen at today’s high of
2,571.25 and then at 2,585.00. First support is seen at
today’s low of 2,551.75 and then at 2,535.25. Wyckoff's
Market Rating: 8.0

The S&P 500 futures index closed up 8.00 at 1,348.60.
Prices closed near mid-range. 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 1,296.00. First resistance is seen at
1,354.50 and then at 1,365.00. First support is seen at
Friday’s low of 1,333.50 and then at 1,325.00. Wyckoff's
Market Rating: 8.0.

The Dow futures closed up 63 points at 12,830 today. Prices
closed nearer the session high today. The next upside price
objective for the bulls is closing prices above major
psychological resistance at 13,000. 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 last week’s high of 12,880
and then at 12,900. First support is seen at today’s low of
12,795 and then at 12,738. 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
 

Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions