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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--February 14

Feb 15, 2012

Tuesday Evening, February 14-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 $1.22 at $129.35
today. Prices closed nearer the session high again today as
bulls have gained solid upside momentum the past two
sessions. Cash cattle market fundamentals this week are
being viewed as very bullish. Cattle futures bulls have the
solid overall near-term technical advantage. 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 $129.70 and then at $130.00.
First support is seen at $129.00 and then at today’s low of
$128.45. Wyckoff's Market Rating: 8.0

May feeder cattle closed up $1.17 at $159.75 today. Prices
closed nearer the session high and hit a fresh contract
high today. Feeder bulls have gained solid upside momentum
just recently and 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 $161.00. 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
$157.27. First resistance is seen at today’s contract high
of $160.075 and then at $160.50. First support is seen at
$159.37 and then at $159.00. Wyckoff's Market Rating: 8.5

April lean hogs closed up $1.65 at $89.62 today. Prices
closed near the session high today. Hogs were pulled higher
by the new contract highs set in the cattle futures today.
Hog market bulls and bears are back on a level near-term
technical playing field as trading has turned choppy. 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
today’s high of $89.67 and then at last week’s high of
$90.20. First support is seen at $89.00 and then at $88.50.
Wyckoff's Market Rating: 5.0

*. GRAINS: May corn futures closed down 6 1/2 cents at
$6.36 1/2 today. Prices closed nearer the session low today
as trading has turned choppy. The key “outside markets”
were in a bearish posture for corn today, as the U.S.
dollar index was higher and crude oil prices were weaker.
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 the February high of $6.56. 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 $6.40 and then
at today’s high of $6.44 1/4. First support is seen at
today’s low of $6.35 3/4 and then at this week’s low of
$6.32 1/2. Wyckoff's Market Rating: 5.0

May soybeans closed up 2 cents at $12.62 a bushel today.
Prices closed near mid-range today and hit a fresh 3.5-
month high. Good export demand and dry weather in South
American soybean regions has boosted soybeans. Bearish
“outside markets” did limit the upside in beans today.
Soybean bulls still have the near-term technical advantage
and have gained upside momentum. 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 $12.91 3/4 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 $12.23 1/4. First resistance is seen at
today’s high of $12.69 and then at $12.75. First support is
seen at today’s low of $12.53 and then at this week’s low
of $12.40 1/2. Wyckoff's Market Rating: 6.0.

May soybean meal closed down $1.00 at $332.30 today. Prices
closed near mid-range today and did hit a fresh four-month
high early on. Bulls still have the near-term technical
advantage in meal and have gained some upside momentum just
recently. 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 October high of $336.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at last
week’s low of $318.90. First resistance comes in at today’s
high of $334.20 and then at $336.00. First support is seen
at today’s low of $329.70 and then at $327.00. Wyckoff's
Market Rating: 6.0

May bean oil closed down 9 points at 53.33 cents today.
Prices closed near mid-range today and hit a fresh six-week
high today. The key “outside markets” were in a bear
posture for bean oil today, as the U.S. dollar index was
higher and crude oil prices were weaker. Bean oil bulls
have the slight 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 54.15 cents. Bean oil bears' next
downside technical price breakout objective is pushing and
closing prices below solid technical support at 52.00
cents. First resistance is seen at last week’s high of
53.46 cents and then at today’s high of 53.62 cents. First
support is seen at today’s low of 53.06 cents and then at
this week’s low of 52.99 cents. Wyckoff's Market Rating:
5.5

May Chicago SRW wheat closed down 8 1/2 cents at $6.38
today. Prices closed near the session low today. The key
“outside markets” were in a bearish posture for wheat
today, as the U.S. dollar index was higher and crude oil
prices were weaker. A big Australian wheat crop forecast
help to sink wheat futures today. Wheat bears have the
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
$6.96 a bushel. The next downside price breakout objective
for the wheat futures bears is pushing and closing prices
below solid technical support at the January low of $6.12
1/2. First resistance is seen at today’s high of $6.48 and
then at $6.56. First support lies at last week’s low of
$6.35 3/4 and then at $6.25. Wyckoff's Market Rating: 4.0.

May K.C. HRW wheat closed down 5 3/4 cents at $6.84 today.
Prices closed near the session low today. 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
$6.60. First resistance is seen at today’s high of $6.90
1/2 and then at $6.95. First support is seen at last week’s
low of $6.80 and then at $6.75. Wyckoff's Market Rating:
3.5

May oats closed up 1 cent at $3.15 today. Prices closed
near the session high today. Oats bulls have 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
$3.21. First support lies at today’s low of $3.10 1/2 and
then at this week’s low of $3.08. First resistance is seen
at today’s high of $3.15 and then at $3.18. Wyckoff's
Market Rating: 5.5

*. SOFTS: May sugar closed down 44 points at 23.35 cents
today. Prices closed nearer the session low today. The key
“outside markets” were in a bearish posture for sugar
today, as the U.S. dollar index was higher and crude oil
prices were weaker. Sugar 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 the January high of 24.50 cents.
Bears' next downside price breakout objective is to push
and close prices below solid technical support at the
February low of 22.85 cents. First resistance is seen at
23.50 cents and then at today’s high of 23.72 cents. First
support is seen at today’s low of 23.17 cents and then at
23.00 cents. Wyckoff's Market Rating: 4.0

May coffee closed down 915 points at 205.45 cents. Prices
closed near the session low and careened to 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 bearish
posture for coffee today, as the U.S. dollar index was
higher and crude oil prices were weaker. 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 220.00
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 207.50
cents and then at 210.00 cents. First support is seen at
today’s low of 205.30 cents and then at 204.00 cents.
Wyckoff's Market Rating: 1.0

May cocoa closed up $126 at $2,318 a ton. Prices closed
near the session high today on more short covering. Cocoa
bears still have the overall near-term technical advantage
but the bulls did regain some upside momentum today. The
next upside price breakout objective for the cocoa bulls is
to push and close prices above solid technical resistance
at the January high of $2,499. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at last week’s low of
$2,144. First resistance is seen at today’s high of $2,322
and then at $2,350. First support is seen at $2,300 and
then at $2,250. Wyckoff's Market Rating: 4.0.

May cotton closed up 30 points at 92.84 cents today. Prices
closed nearer the session high today and saw tepid short
covering in a bear market. The key “outside markets” were
in a bearish posture for cotton today, as the U.S. dollar
index was higher and crude oil prices were weaker. 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 96.00 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 last
week’s low of 91.62 cents and then at 91.00 cents. First
resistance is seen at today’s high of 93.09 cents and then
at this week’s high of 94.18 cents. Wyckoff's Market
Rating: 3.5

May orange juice closed down 75 points at $1.7685 today.
Prices closed nearer the session high today and hit a fresh
five-week low early on. 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 solid technical resistance at $1.9000.
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 $1.7750 and then at
$1.8000. First support is seen at today’s low of $1.7440
and then at $1.7250. Wyckoff's Market Rating: 5.0.

March lumber futures closed down $9.00 at $266.40 today.
Profit-taking from recent strong gains was seen today. The
lumber 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 $255.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at the February
high of $276.20. First resistance is seen at today’s high
of $268.00 and then at $270.00. First support is seen at
$265.00 and then at $262.50. Wyckoff's Market Rating: 6.0

*. METALS: April gold futures closed down $6.20 an ounce at
$1,718.70 today. Prices closed near mid-range today as the
bulls are fading a bit. A six-week-old uptrend line on the
daily bar chart has been negated. The key outside markets
were bearish for gold today--the U.S. dollar index was
higher and crude oil prices were weaker. Gold bulls still
have the overall near-term technical advantage. 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 $1,729.90 and
then at this week’s high of $1,735.40. First support is
seen at today’s low of $1,713.80 and then at $1,700.00.
Wyckoff's Market Rating: 6.0.

March silver futures closed down $0.267 an ounce at $33.47
today. Prices closed near mid-range today. The key outside
markets were bearish for silver today--the U.S. dollar
index was higher and crude oil prices were weaker. Silver
bulls still have the overall near-term technical advantage.
Prices have been trading sideways for three weeks. Bulls’
next upside price breakout objective is closing prices
above solid technical resistance at the February high of
$34.52 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 $33.845 and then at this week’s high of $34.035. Next
support is seen at today’s low of $33.255 and then at the
February low of $32.985. Wyckoff's Market Rating: 6.0.

March N.Y. copper closed down 270 points 381.25 cents
today. Prices closed near mid-range and saw more more
profit taking from recent gains. The key outside markets
were bearish for copper today--the U.S. dollar index was
higher and crude oil and prices were weaker. 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 today’s high of 385.90 cents and then at 390.00
cents. First support is seen at today’s low of 378.40 cents
and then at the February low of 376.30 cents. Wyckoff's
Market Rating: 6.5.

*. ENERGIES: March crude oil closed up $0.03 a barrel at
$100.94 today. Prices closed near mid-range today and did
hit a fresh four-week high early on. Crude oil bulls have
the overall near-term technical advantage and have gained
some upside momentum recently. 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 $101.84 and then at $102.50. First support is seen
at $100.00 and then at this week’s low of $99.09. Wyckoff's
Market Rating: 6.0.

March heating oil closed up 144 points at $3.1744 today.
Prices closed nearer the session high today. Bulls 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 today’s high of $3.1849 and then
at $3.2000. First support is seen at today’s low of $3.1454
and then at $3.1286. Wyckoff's Market Rating: 7.5.

March (RBOB) unleaded gasoline closed down 232 points at
$2.9893 today. Prices closed near mid-range today and saw
profit taking after hitting a nine-month high Monday. 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 $3.1000.
Bears' next downside price breakout objective is closing
prices below solid support at $2.9000. First resistance is
seen at this week’s high of $3.0220 and then at $3.0500.
First support is seen at today’s low of $2.9733 and then at
$2.9500. Wyckoff's Market Rating: 8.0.

March natural gas closed up 11.5 cents at $2.546 today.
Prices closed nearer the session high today and saw short
covering in a bear market. Bears still have the solid
overall near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at $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 the February high of
$2.618 and then at $2.70. First support is seen at today’s
low of $2.434 and then at last week’s low of $2.39.
Wyckoff's Market Rating: 2.5.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 112 points at 1.3093 today. Prices closed near
the session low today. Bears 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 1.3000. First resistance for the
Euro lies at 1.3150 and then at today’s high of 1.3218.
Next support is seen at today’s low of 1.3080 and then at
the February low of 1.3028. Wyckoff's Market Rating: 3.5

The March Japanese yen closed down 140 points at 1.2746
today. Prices closed near the session low today, scored a
bearish “outside day” down on the daily bar chart and hit a
fresh seven-week low. Bears gained solid downside near-term
technical momentum with today’s price action. The bears
have the solid near-term technical advantage. Bulls' next
upside price breakout objective is closing prices above
solid resistance at today’s high of 1.2930. Bears' next
downside breakout objective is closing prices below solid
technical support at the December low of 1.2699. First
resistance is seen at 1.2800 and then at 1.2855. First
support is seen at today’s low of 1.2742 and then at
1.2699. Wyckoff's Market Rating: 3.0.

The March Swiss franc closed down 78 points at 1.0845
today. Prices closed near the session low again today.
Bears have the overall near-term technical advantage. 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 1.0900 and then at today’s high of
1.0941. First support is seen at the February low of 1.0802
and then at 1.0750. Wyckoff's Market Rating: 3.5.

The March Australian dollar closed down 103 points at
1.0600 today. Prices closed nearer the session low today on
profit taking. Prices last week hit a contract high. Bulls
still have the solid overall near-term technical advantage.
Prices are still 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 the contract
high of 1.0795. 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 1.0692 and then at this week’s high of 1.0736. Next
support is seen at today’s low of 1.0588 and then at
1.0500. Wyckoff's Market Rating: 7.5

The March Canadian dollar closed down 29 points at .9975
today. Prices closed nearer the session low today on profit
taking. Bulls still have the overall near-term technical
advantage. A three-month-old uptrend line is still 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 1.0000 and then at this week’s high of 1.0021. First
support is seen at last week’s low of .9953 and then at
.9925. Wyckoff's Market Rating: 7.5.

The March British pound closed down 119 points at 1.5651
today. Prices closed near the session low and hit a fresh
three-week low today. The bulls faded badly today. A four-
week-old uptrend on the daily bar chart was negated. Bulls
and bears are back on a level near-term technical playing
field. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
the February high of 1.5924. Bears' next downside technical
breakout objective is closing prices below solid support at
1.5500. First resistance is seen at 1.5700 and then at
today’s high of 1.5768. First support is seen at today’s
low of 1.5641 and then at 1.5600. Wyckoff's Market Rating:
5.0.

The March U.S. dollar index closed up 67 points at 79.71
today. Prices closed near the session high again today and
hit a fresh three-week high. Bulls have regained some
upside technical momentum and have the overall near-term
technical advantage. 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 today’s
high of 79.76 and then at 80.00. First support is seen at
79.50 and then at 79.00. Wyckoff's Market Rating: 6.5.

March U.S. T-Bonds closed up 1 4/32 at 143 16/32 today.
Prices closed nearer the session high again today. The bond
market bulls have the overall near-term technical advantage
and regained some upside momentum today. 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 144 even. First resistance is seen at today’s
high of 143 20/32 and then at 144 even. First support is
seen at 143 even and then at today’s low of 142 16/32.
Wyckoff's Market Rating: 7.0.

March U.S. T Notes closed up 12.5 (32nds) at 131.16.5
today. Prices closed nearer the session high again 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 131.18.5 and
then at 132.00.0. First support is seen at today’s low of
131.03.0 and then at this week’s low of 130.28.5. Wyckoff's
Market Rating: 8.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
narrowly mixed today as prices hover near their for-the-
move highs. The stock index bulls still 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 8.50 at 2,576.50.
Prices closed nearer the session high again 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 2,500.00. First resistance is seen at today’s high of
2,577.50 and then at 2,600.00. First support is seen at
today’s low of 2,553.25 and then at 2,535.25. Wyckoff's
Market Rating: 8.0

The S&P 500 futures index closed down 1.60 at 1,347.50.
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 1,296.00. First resistance is
seen at 1,354.50 and then at 1,365.00. First support is
seen at today’s low of 1,338.00 and then at 1,325.00.
Wyckoff's Market Rating: 8.0.

The Dow futures closed up 5 points at 12,840 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 12,795 and
then at today’s low of 12,760. 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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