Jul 11, 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 21

Feb 22, 2012

Tuesday Evening, February 21-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 $0.22 at $131.12
today. Prices closed near the session high and closed at a
fresh contract high close today. The key outside markets
were bullish for cattle today as the U.S. dollar index was
lower and crude oil prices were sharply higher. Bulls have
solid upside momentum on their side. Cash cattle market
fundamentals are viewed as very bullish as cash cattle
prices last Friday hit a record high. 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 $132.50.
The next downside technical breakout objective for the
bears is pushing and closing prices below solid technical
support at $128.50. First resistance is seen at the
contract high of $131.25 and then at $131.50. First support
is seen at today’s low of $130.50 and then at $130.00.
Wyckoff's Market Rating: 8.5

May feeder cattle closed up $0.55 at $162.35 today. Prices
closed near the session high today and hit another fresh
contract high. Feeder bulls have solid upside momentum and
have the solid overall near-term technical advantage. The
market is overextended on the upside and due for at least a
downside technical correction very soon, however. The next
upside price objective for the feeder bulls is to push and
close prices above technical resistance at $165.00. The
next downside price breakout objective for the bears is to
push and close prices below solid technical support at
$160.00. First resistance is seen at today’s contract high
of $162.35 and then at $163.00. First support is seen at
today’s low of $161.75 and then at $161.00. Wyckoff's
Market Rating: 9.0

April lean hogs closed down $0.55 at $89.82 today. Prices
closed near mid-range today on a corrective pullback.
Prices Friday closed at a bullish weekly high close and
closed at a nine-week high close. Cash hog market
fundamentals have also turned more bullish. Hog market
bulls still have the near-term technical advantage. Prices
are in a very choppy five-week-old uptrend on the daily bar
chart. The sharply higher cattle and feeder cattle futures
prices recently are also positive for hogs. The next upside
price breakout objective for the hog 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 the February low of $87.87. First resistance is
seen at today’s high of $90.22 and then at $90.75. First
support is seen at today’s low of $89.57 and then at
$89.22. Wyckoff's Market Rating: 6.0

*. GRAINS: May corn futures closed down 11 3/4 cents at
$6.33 1/2 today. Prices closed nearer the session low today
as trading has turned choppy and sideways recently. Gold
market bulls were disappointed today that the bullish
outside markets could not help out corn today. There were
more weekly export sales for corn reported by USDA today.
Corn market 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
last week’s low of $6.26. First resistance for March corn
is seen at $6.40 and then at $6.45. First support is seen
at $6.30 and then at $6.26. Wyckoff's Market Rating: 5.0

May soybeans closed up 3 1/4 cents at $12.77 a bushel
today. Prices closed nearer the session high today and hit
a fresh four-month high. Soybean bulls have the near-term
technical advantage. Prices are in a nine-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 $12.23 1/4.
First resistance is seen at today’s high of $12.82 1/4 and
then at $12.91 3/4. First support is seen at today’s low of
$12.66 1/2 and then at $12.54. Wyckoff's Market Rating:
6.5.

May soybean meal closed down $2.40 at $332.70 today. Prices
closed nearer the session low today and scored a mildly
bearish “outside day” down on the daily bar chart. Prices
hit a fresh nearly five-month high early on. Bulls still
have the firm near-term technical advantage in meal. Prices
are in a nine-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
$350.00. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at last week’s low of $323.40. First resistance
comes in at $335.00 and then at today’s high of $337.50.
First support is seen at today’s low of $331.40 and then at
$329.70. Wyckoff's Market Rating: 6.0

May bean oil closed up 65 points at 54.45 cents today.
Prices closed nearer the session high today and hit a four-
month high. The key outside markets were bullish for bean
oil today as the U.S. dollar index was lower and crude oil
prices were sharply higher. Bean oil bulls have the near-
term technical advantage and gained fresh upside momentum
today. The next upside price breakout objective for the
bean oil bulls is pushing and closing prices above solid
technical resistance at the October high of 54.74 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 52.92 cents. First
resistance is seen at today’s high of 54.65 cents and then
at 54.74 cents. First support is seen at 54.00 cents and
then at today’s low of 53.72 cents. Wyckoff's Market
Rating: 6.5

May Chicago SRW wheat closed down 11 cents at $6.36 3/4
today. Prices closed nearer the session low today, hit a
fresh four-week low and scored a bearish “outside day” down
on the daily bar chart. The key outside markets were
bullish for wheat today as the U.S. dollar index was lower
and crude oil prices were sharply higher. Yet, the wheat
market sold off, which is another bearish near-term clue.
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
$6.60 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 $6.45 and then at today’s
high of $6.52 1/4. First support lies at today’s low of
$6.28 and then at $6.20. Wyckoff's Market Rating: 3.5.

May K.C. HRW wheat closed down 12 3/4 cents at $6.84 today.
Prices closed nearer the session high today. Bears have the
overall near-term technical advantage. Bulls' next upside
price breakout objective is pushing and closing prices
above psychological resistance at $7.00. The bears' next
downside breakout objective is pushing and closing prices
below solid technical support at the January low of $6.60.
First resistance is seen at $6.90 and then at $6.95. First
support is seen at last week’s low of $6.76 1/2 and then at
$6.70. Wyckoff's Market Rating: 3.5

May oats closed down 3 cents at $3.17 1/4 today. Prices
closed nearer the session low today after hitting a fresh
three-month high early on. Prices did score a mildly
bearish “outside day” down on the daily bar chart today.
Oats bulls still have the near-term technical advantage.
Bears' next downside price breakout objective is pushing
and closing prices below major psychological support at
$3.06. Bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at $3.35. First support lies at today’s low of $3.16 1/4
and then at $3.10 1/2. First resistance is seen at $3.20
and then at today’s high of $3.24. Wyckoff's Market Rating:
6.0

*. SOFTS: May sugar closed up 73 points at 24.50 cents
today. Prices closed near the session high today and closed
at a fresh 3.5-month high close. The key outside markets
were bullish for sugar today as the U.S. dollar index was
lower and crude oil prices were sharply higher. Sugar bulls
gained fresh upside near-term technical momentum today as
the bulls and bears are back on a level near-term technical
playing field. Sugar bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at 25.00 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at last week’s low of 23.17 cents. First
resistance is seen at today’s high of 24.50 cents and then
at 24.75 cents. First support is seen at 24.25 cents and
then at 24.17 cents. Wyckoff's Market Rating: 5.0

May coffee closed up 345 points at 205.80 cents. Prices
closed nearer the session high today and saw short covering
in a bear market after prices last week hit a 14-month low.
The key outside markets were bullish for coffee today as
the U.S. dollar index was lower and crude oil prices were
sharply higher. Coffee prices are still in a choppy, five-
month-old downtrend on the daily bar chart. The bears still
have the solid overall near-term technical advantage, but
my bias is that a market low is close at hand or in place.
The coffee bulls' next upside breakout objective is to
close prices above solid technical resistance at 215.00
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
today’s high of 206.75 cents and then at 208.00 cents.
First support is seen at 202.50 cents and then at 200.00
cents. Wyckoff's Market Rating: 2.0

May cocoa closed up $101 at $2,446 a ton. Prices closed
near the session high today and hit a fresh four-week high
on more short covering and bargain-hunting buying interest.
The key “outside markets” were in a bullish posture for
cocoa today, as the U.S. dollar index was lower and crude
oil prices were sharply higher. Cocoa bulls have gained the
slight 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 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 $2,250. First resistance is seen at
today’s high of $2,447 and then at $2,499. First support is
seen at $2,420 and then at $2,400. Wyckoff's Market Rating:
5.5.

May cotton closed up 32 points at 92.97 cents today. Prices
closed nearer the session low today and saw tepid 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 lower and crude oil prices were sharply 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
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
today’s low of 92.46 cents and then at the February low of
91.62 cents and then at 91.00 cents. First resistance is
seen at today’s high of 93.79 cents and then at last week’s
high of 94.57 cents. Wyckoff's Market Rating: 3.5

May orange juice closed down 5 points at $1.8100 today.
Prices closed nearer the session high. Bulls have the
slight near-term technical advantage amid choppy and
volatile trading. The next upside price breakout objective
for the FCOJ bulls is pushing and closing prices above
solid technical resistance at last week’s high of $1.8720.
The next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at $1.7000. First resistance is seen at today’s high of
$1.8225 and then at $1.8500. First support is seen at
$1.8000 and then at $1.7750. Wyckoff's Market Rating: 5.5.

March lumber futures closed down $3.40 at $259.80 today.
More profit-taking from recent strong gains was seen today
and the bulls are fading badly. The lumber bulls and bears
are back on a level near-term technical playing field. 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 $264.50 and
then at $268.00. First support is seen at today’s low of
$257.70 and then at $255.00. Wyckoff's Market Rating: 5.0

*. METALS: April gold futures closed up $31.60 an ounce at
$1,757.50 today. Prices closed near the session high today
and hit a fresh two-week high. The key outside markets were
bullish for gold today as the U.S. dollar index was lower
and crude oil prices were sharply higher. Gold bulls have
the overall near-term technical advantage and regained
upside technical momentum today. 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 $1,765.90 and then at
$1,775.00. First support is seen at $1,750.00 and then at
$1,740.00. Wyckoff's Market Rating: 7.0.

March silver futures closed up $1.154 an ounce at $34.37
today. Prices closed near the session high today and closed
at a fresh three-month high close today. The key outside
markets were bullish for gold today as the U.S. dollar
index was lower and crude oil prices were sharply higher.
Silver bulls have the overall near-term technical advantage
and regained good upside near-term technical momentum
today. 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 last week’s low of $32.64. First
resistance is seen at $34.52 and then at $35.00. Next
support is seen at $34.00 and then at $33.50. Wyckoff's
Market Rating: 7.0.

March N.Y. copper closed up 1,300 points 383.80 cents
today. Prices closed near the session high today. The key
outside markets were bullish for copper today as the U.S.
dollar index was lower and crude oil prices were sharply
higher. Copper bulls still have the overall near-term
technical advantage. However, a two-month-old uptrend on
the daily bar chart was negated last week. 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
last week’s low of 369.35 cents. First resistance is seen
at 385.00 cents and then at 387.50 cents. First support is
seen at 380.00 cents and then at 375.00 cents. Wyckoff's
Market Rating: 6.5.

*. ENERGIES: April crude oil closed up $2.51 a barrel at
$106.11 today. Prices closed nearer the session high today
and hit a fresh 9.5-month high. Prices have also seen a
bullish upside “breakout” from the recent sideways trading
range at higher price levels. Crude oil bulls have the
solid overall near-term technical advantage. The next near-
term upside price breakout objective for the crude oil
bulls is producing a close above psychological resistance
at $110.00 a barrel. The next near-term downside price
breakout objective for the crude oil bears is to produce a
close below major psychological support at $100.00. First
resistance is seen at today’s high of $106.48 and then at
$107.00. First support is seen at $105.00 and then at
$104.00. Wyckoff's Market Rating: 8.0.

April heating oil closed up 455 points at $3.2226 today.
Prices closed nearer the session high today and hit a fresh
9.5-month high. Bulls have the solid overall near-term
technical advantage and gained more power today. The bulls'
next upside price breakout objective is closing prices
above solid technical resistance at the April 2011 high of
$3.3422. Bears' next downside price breakout objective is
producing a close below solid technical support at $3.1280.
First resistance lies at today’s high of $3.2431 and then
at $3.2750. First support is seen at $3.2000 and then at
today’s low of $3.1793. Wyckoff's Market Rating: 8.0.

April (RBOB) unleaded gasoline closed up 534 points at
$3.2410 today. Prices closed nearer the session high today
and hit a fresh contract 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 $3.3000. Bears' next downside
price breakout objective is closing prices below solid
support at $3.1000. First resistance is seen at today’s
high of $3.2634 and then at $3.2800. First support is seen
at $3.0200 and then at $3.1750. Wyckoff's Market Rating:
8.5.

April natural gas closed down 4.5 cents at $2.779 today.
Prices closed nearer the session high. Bears still have the
overall near-term technical advantage. However, my bias is
that a market low is in place, or close at hand. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at $2.942. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the contract low of
$2.438. First resistance is seen at last week’s high of
$2.862 and then at $2.942. First support is seen at $2.70
and then at $2.65. Wyckoff's Market Rating: 3.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 79 points at 1.3237 today. Prices closed near
mid-range today. Bulls are gaining some fresh upside near-
term technical momentum but the 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 last week’s low of
1.2975. First resistance for the Euro lies at today’s high
of 1.3295 and then at the February high of 1.3325. Next
support is seen at today’s low of 1.3182 and then at
1.3115. Wyckoff's Market Rating: 4.0

The March Japanese yen closed down 38 points at 1.2551
today. Prices closed nearer the session low today and hit a
fresh seven-month low. Bears have solid downside near-term
technical momentum. The bears have the solid overall near-
term technical advantage. Bulls' next upside price breakout
objective is closing prices above solid resistance at
1.2700. Bears' next downside breakout objective is closing
prices below solid technical support at the July 2011 low
of 1.2338. First resistance is seen at today’s high of
1.2603 and then at 1.2650. First support is seen at today’s
low of 1.2519 and then at 1.2500. Wyckoff's Market Rating:
2.0.

The March Swiss franc closed up 78 points at 1.0968 today.
Prices closed near mid-range today and did hit a fresh 11-
week low early on. Bears still have the slight 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 last week’s low of 1.0755. First
resistance is seen at today’s high of 1.1023 and then at
1.1100. First support is seen at today’s low of 1.0913 and
then at 1.0864. Wyckoff's Market Rating: 4.5.

The March Australian dollar closed down 50 points at 1.0663
today. Prices closed nearer the session low today and
scored a bearish “outside day” down on the daily bar chart.
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
1.0700 and then at 1.0750. Next support is seen at last
week’s low of 1.0588 and then at 1.0500. Wyckoff's Market
Rating: 7.5

The March Canadian dollar closed down 9 points at 1.0025
today. Prices closed nearer the session low today after
hitting a fresh five-month high early on. 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 1.0200. 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 1.0090 and then at 1.0150. First
support is seen at 1.0000 and then at last week’s low of
.9941. Wyckoff's Market Rating: 7.5.

The March British pound closed down 56 points at 1.5782
today. Prices closed near the session low today and scored
a bearish “outside day” down on the daily bar chart. Bulls
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 February
high of 1.5924. Bears' next downside technical breakout
objective is closing prices below solid support at the
February low of 1.5641. First resistance is seen at today’s
high of 1.5895 and then at 1.5924. First support is seen at
today’s low of 1.5769 and then at 1.5700. Wyckoff's Market
Rating: 5.5.

The March U.S. dollar index closed down 29 points at 79.16
today. Prices closed near mid-range today. Bulls still have
the overall near-term technical advantage. Bulls' next
upside price breakout objective is to close prices above
solid technical resistance at the February high of 80.24.
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 80.00. First
support is seen at today’s low of 78.89 and then at the
February low of 78.43. Wyckoff's Market Rating: 6.0.

March U.S. T-Bonds closed down 25/32 at 141 10/32 today.
Prices closed nearer the session low today. Bulls are
fading again as trading has again turned choppy. The bond
market bulls do still have the overall near-term technical
advantage. The next downside price breakout objective for
the T-Bond bears is closing prices below solid technical
support at 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
27/32. First resistance is seen at 142 even and then at 142
16/32. First support is seen at today’s low of 140 31/32
and then at 140 21/32. Wyckoff's Market Rating: 6.0.

March U.S. T Notes closed down 11.5 (32nds) at 130.18.0
today. Prices closed near mid-range today and hit a fresh
four-week low. Bulls still have the overall near-term
technical advantage but are fading as trading has turned
choppy again. The next upside price breakout objective for
the bulls is closing prices above solid resistance at last
week’s high of 131.24.5. 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 130.27.0 and then at
131.00.0. First support is seen at today’s low of 130.12.0
and then at 130.00.0. Wyckoff's Market Rating: 6.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer again today. Prices have just recently hit 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 9.00 at 2,591.00.
Prices closed nearer the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 2,625.00. The bears' next downside
price breakout objective is closing prices below solid
technical support at 2,500.00. First resistance is seen at
last week’s high of 2,600.50 and then at 2,615.00. First
support is seen at 2,572.00 and then at 2,550.00. Wyckoff's
Market Rating: 8.0

The S&P 500 futures index closed up 4.90 at 1,368.70.
Prices closed nearer the session low today and did hit a
fresh 9.5-month high early on. Bulls' next upside price
breakout objective is closing prices above solid resistance
at the May 2011 high of 1,372.70. The next downside price
breakout objective for the bears is closing prices below
solid support at 1,296.00. First resistance is seen at
today’s high of 1,368.70 and then at 1,372.70. First
support is seen at 1,350.00 and then at 1,334.00. Wyckoff's
Market Rating: 8.0.

The Dow futures closed up 16 points at 12,945 today. Prices
closed nearer the session high today and hit a fresh four-
year high. 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 today’s
high of 12,980 and then at 13,000. First support is seen at
12,900 and then at 12,850. 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