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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 28

Feb 29, 2012

Tuesday Evening, February 28-Jim Wyckoff's Daily Markets
Update

Questions? Just email me at jim@jimwyckoff.com . I enjoy
hearing from my readers worldwide.--Jim

Click below for "Today’s Hot Market" item on my website.

http://www.jimwyckoff.com/hotmarket/hotmarket.asp

Dear Valued Subscriber: Following are today's significant
developments in the U.S. futures markets.

*. LIVESTOCK: April live cattle closed down $0.35 at
$128.275 today. Prices closed nearer the session low again
today on more profit-taking pressure from recent gains. No
serious chart damage has occurred but the bulls are fading
and need to show fresh power soon. Cattle futures bulls
still have the overall near-term technical advantage.
Prices are still in a 2.5-month-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 $130.00. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at the February low of $126.70.
First resistance is seen at today’s high of $129.00 and
then at $129.50. First support is seen at today’s low of
$127.95 and then at $127.50. Wyckoff's Market Rating: 7.0

May feeder cattle closed down $0.57 at $160.12 today.
Prices closed nearer the session low today and saw more
profit-taking pressure. Feeder bulls still have the 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 $162.35.
The next downside price breakout objective for the bears is
to push and close prices below solid technical support at
the February low of $157.27. First resistance is seen at
$160.67 and then at today’s high of $161.07. First support
is seen at today’s low of $159.80 and then at $159.20.
Wyckoff's Market Rating: 7.0

April lean hogs closed down $0.62 at $88.02 today. Prices
closed near mid-range today and hit a fresh four-week low.
Bulls are fading. Bears are back in near-term technical
control. A choppy six-week-old uptrend on the daily bar
chart was negated today. The next upside price breakout
objective for the hog bulls is to push and close prices
above solid chart resistance at this week’s high of $89.60.
The next downside price breakout objective for the bears is
pushing prices below solid technical support at $86.25.
First resistance is seen at today’s high of $87.75 and then
at $88.00. First support is seen at today’s low of $87.75
and then at $87.50. Wyckoff's Market Rating: 4.5

*. GRAINS: May corn futures closed up 8 1/2 cents at $6.57
today. Prices closed near the session high again today and
hit a fresh six-week high. The U.S. dollar index was weaker
and that was bullish for corn today. Recent strong export
demand for U.S. corn is also bullish for this market. Corn
market bulls have now regained the near-term technical
advantage. Corn bulls' next upside price breakout objective
is to push and close prices above solid technical
resistance at the January high of $6.72 1/2. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at this
week’s low of $6.36 1/2. First resistance for March corn is
seen at today’s high of $6.57 3/4 and then at $6.60. First
support is seen at $6.50 and then at today’s low of $6.46.
Wyckoff's Market Rating: 5.5

May soybeans closed up 10 1/4 cents at $13.12 3/4 a bushel
today. Prices closed near the session high again today and
hit a fresh 5.5-month high. The U.S. dollar index was
weaker today and that was bullish for beans. Soybeans are
also seeing good U.S. export demand recently. Soybean bulls
have the solid near-term technical advantage. Prices are in
a 10-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 $13.50 a bushel. The next downside
price breakout objective for the bears is pushing and
closing prices below solid technical support at the January
high of $12.53 3/4. First resistance is seen at today’s
high of $13.14 3/4 and then at $13.25. First support is
seen at today’s low of $13.00 and then at this week’s low
of $12.84. Wyckoff's Market Rating: 7.5.

May soybean meal closed up $5.70 at $349.30 today. Prices
closed near the session high today and hit another fresh
5.5- month high. Meal bulls have the solid near-term
technical advantage. Prices are in a 10-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 $360.00. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at this week’s low of
$336.30. First resistance comes in at $350.00 and then at
$352.50. First support is seen at $347.50 and then at
$345.00. Wyckoff's Market Rating: 7.5

May bean oil closed down 6 points at 54.80 cents today.
Prices closed near mid-range today and did hit a fresh 5.5-
month high. Lower crude oil prices did limit the upside in
bean oil today. Bean oil bulls still have the solid 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 56.00 cents.
Bean oil bears' next downside technical price breakout
objective is pushing and closing prices below solid
technical support at 53.50 cents. First resistance is seen
at 55.00 cents and then at today’s high of 55.25 cents.
First support is seen at today’s low of 54.50 cents and
then at this week’s low of 54.31 cents. Wyckoff's Market
Rating: 7.0

May Chicago SRW wheat closed up 15 1/2 cents at $6.68 1/4
today. Prices closed near the session high today, hit a
fresh three-week high and saw more short covering and
bargain hunting. The U.S. dollar index was weaker today and
that was bullish for wheat. The wheat bulls gained fresh
upside near-term technical momentum today. Bulls and bears
are back on a level near-term technical playing field.
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 February low of $6.28. First resistance is seen at
today’s high of $6.69 and then at $6.75. First support lies
at $6.60 and then at $6.50. Wyckoff's Market Rating: 5.0.

May K.C. HRW wheat closed up 16 1/2 cents at $7.10 today.
Prices closed near the session high and hit a fresh three-
week high on short covering. Bulls gained upside momentum
today and are back on a level near-term technical playing
field with the bears. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at the February high of $7.37 1/4. The
bears' next downside breakout objective is pushing and
closing prices below solid technical support at the
February low of $6.76 1/2. First resistance is seen at
today’s high of $7.10 and then at $7.18. First support is
seen at today’s low of $6.98 1/4 and then at $6.90.
Wyckoff's Market Rating: 5.0

May oats closed up 3 cents at $3.13 3/4 today. Prices
closed nearer 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 solid technical support at $3.06. Bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at the February high of
$3.24. First support lies at $3.10 and then at this week’s
low of $3.08 1/2. First resistance is seen at $3.15 and
then at $3.17 1/2. Wyckoff's Market Rating: 5.5

*. SOFTS: May sugar closed down 20 points at 25.35 cents
today. Prices closed nearer the session low today on some
profit taking from recent gains. Prices Monday hit a four-
month high. Sugar bulls still have some upside near-term
technical momentum. The bulls 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 October high of 27.19 cents. Bears' next
downside price breakout objective is to push and close
prices below solid technical support at 24.50 cents. First
resistance is seen at 25.50 cents and then at today’s high
of 26.67 cents. First support is seen at this week’s low of
25.22 cents and then at 25.00 cents. Wyckoff's Market
Rating: 6.0

May coffee closed up 75 points at 205.35 cents. Prices
closed nearer the session high today. More short covering
in a bear market was featured today. Prices are still in a
choppy, five-month-old downtrend on the daily bar chart.
The bears have the solid overall near-term technical
advantage. 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 207.35 cents and then at 209.00 cents.
First support is seen at today’s low of 202.15 cents and
then at 201.00 cents. Wyckoff's Market Rating: 2.5

May cocoa closed down $28 at $2,372 a ton. Prices closed
nearer the session low today. Trading has been very choppy
in cocoa. Bulls still have 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 $2,400 and then at
$2,425. First support is seen at this week’s low of $2,343
and then at last week’s low of $2,307. Wyckoff's Market
Rating: 5.5.

May cotton closed up 157 points at 92.24 cents today.
Prices closed nearer the session high today and saw more
short covering and bargain hunting. The weaker U.S. dollar 
index today was bullish for cotton. Cotton bears still have
the overall near-term technical advantage. Prices are still
in a five-week-old downtrend on the daily bar chart. The
next upside price breakout objective for the bulls is to
produce a close above solid technical resistance at 94.57
cents. The next downside price breakout objective for the
cotton bears is to push and close prices below solid
technical support at last week’s low of 89.01 cents. First
support is seen at today’s low of 90.75 cents and then at
this week’s low of 89.74 cents. First resistance is seen at
today’s high of 92.74 cents and then at 93.00 cents.
Wyckoff's Market Rating: 3.5

May orange juice closed up 235 points at $1.8350 today.
Prices closed near mid-range today. Bulls still have the
slight near-term technical advantage amid choppy trading.
The next upside price breakout objective for the FCOJ bulls
is pushing and closing prices above solid technical
resistance at $1.8720. The next downside technical breakout
objective for the FCOJ bears is to produce a close below
solid technical support at the February low of $1.7440.
First resistance is seen at $1.8500 and then at last week’s
high of $1.8650. First support is seen at this week’s low
of $1.8000 and then at $1.7800. Wyckoff's Market Rating:
6.0.

March lumber futures closed down $1.30 at $267.70 today.
The lumber bulls still have the near-term technical
advantage. The next downside technical breakout objective
for the lumber bears is pushing and closing prices below
solid technical support at last week’s low of $257.70. 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 $270.00 and then at $271.10. First support is seen at
$265.00 and then at $263.00. Wyckoff's Market Rating: 6.0

*. METALS: April gold futures closed up $9.90 an ounce at
$1,784.80 today. Prices closed nearer the session high
today and hit a fresh 3.5-month high. A weaker U.S. dollar
index helped the gold market bulls today. The bulls have
good upside near-term technical momentum and have the solid
overall near-term technical advantage. Bulls' next upside
technical breakout objective is to produce a close above
strong technical resistance at the November high of
$1,808.00. Bears' next near-term downside price objective
is closing prices below solid technical support at
$1,740.00. First resistance is seen at today’s high of
$1,792.70 and then at $1,800.00. First support is seen at
today’s low of $1,767.00 and then at this week’s low of
$1,762.60. Wyckoff's Market Rating: 8.0.

March silver futures closed up $1.371 an ounce at $36.89
today. Prices closed nearer the session high again today
and hit a fresh 5.5-month high. The U.S. dollar index was
weaker today and that was bullish for silver. Silver bulls
have the solid overall near-term technical advantage and
gained more upside momentum today. Prices are in a two-
month-old uptrend on the daily bar chart. Bulls’ next
upside price breakout objective is closing prices above
solid technical resistance at $39.00 an ounce. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $34.00. First
resistance is seen at today’s high of $37.22 and then at
$37.50. Next support is seen at $36.50 and then at $36.00.
Wyckoff's Market Rating: 8.0.

March N.Y. copper closed up 130 points 389.35 cents today.
Prices closed near mid-range today. The U.S. dollar index
was weaker today and that was bullish for copper. Copper
bulls have the overall near-term technical advantage.
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 the February low of 369.35 cents. First
resistance is seen at 392.50 cents and then at today’s high
of 394.85 cents. First support is seen at today’s low of
385.90 cents and then at this week’s low of 382.35 cents.
Wyckoff's Market Rating: 6.5.

*. ENERGIES: April crude oil closed down $1.79 a barrel at
$106.76 today. Prices closed nearer the session low again
today and saw profit more taking after prices hit a 9.5-
month high late last week. Crude oil bulls still have the
overall near-term technical advantage but are fading a bit.
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 $107.50 and then at
$108.00. First support is seen at $106.00 and then at
$105.00. Wyckoff's Market Rating: 7.0

April heating oil closed down 556 points at $3.2275 today.
Prices closed nearer the session low today on more profit
taking after hitting a 9.5-month high last Friday. 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 April 2011
high of $3.3422. Bears' next downside price breakout
objective is producing a close below solid technical
support at last week’s low of $3.1793. First resistance
lies at $3.2500 and then at today’s high of $3.2811. First
support is seen at today’s low of $3.2180 and then at
$3.2000. Wyckoff's Market Rating: 7.5.

April (RBOB) unleaded gasoline closed down 766 points at
$3.2261 today. Prices closed nearer the session low again
today and saw more profit taking after hitting a contract
high on Monday. Bulls still have the overall near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at $3.3500. Bears' next downside price
breakout objective is closing prices below solid support at
$3.1500. First resistance is seen at $3.2500 and then at
$3.2750. First support is seen at today’s low of $3.2176
and then at $3.2000. Wyckoff's Market Rating: 7.5.

April natural gas closed down 7.2 cents at $2.531 today.
Prices closed nearer the session low and hit a fresh four-
week low today. Bears have the solid overall near-term
technical advantage. However, my bias is still 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 today’s high of $2.624
and then at this week’s high of $2.742. First support is
seen at the February low of $2.50 and then at the contract
low of $2.438. Wyckoff's Market Rating: 1.5.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 65 points at 1.3463 today. Prices closed nearer
the session high today. Bulls have some upside technical
momentum and have the near-term technical advantage. A six-
week-old uptrend on the daily bar chart is in place. Euro
bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at 1.3600.
The next downside price breakout objective for the bears is
closing prices below solid chart support at 1.3100. First
resistance for the Euro lies at last week’s high of 1.3488
and then at 1.3500. Next support is seen at 1.3400 and then
at this week’s low of 1.3367. Wyckoff's Market Rating: 6.0

The March Japanese yen closed down 1 point at 1.2429 today.
Prices closed near mid-range today. Bears have the solid
overall near-term technical advantage. Prices are in a
steep four-week-old downtrend on the daily bar chart.
Bulls' next upside price breakout objective is closing
prices above solid resistance at last week’s high of
1.2603. Bears' next downside breakout objective is closing
prices below solid technical support at the May 2011 low of
1.2201. First resistance is seen at today’s high of 1.2499
and then at 1.2550. First support is seen at today’s low of
1.2379 and then at 1.2350. Wyckoff's Market Rating: 1.5.

The March Swiss franc closed up 55 points at 1.1171 today.
Prices closed nearer the session high today. Bulls have the
near-term technical advantage as a seven-week-old uptrend
is in place on the daily bar chart. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at 1.1300. The next downside price
breakout objective for the bears is closing prices below
solid technical support at last week’s low of 1.0913. First
resistance is seen at last week’s high of 1.1200 and then
at 1.1250. First support is seen at today’s low of 1.1111
and then at 1.1080. Wyckoff's Market Rating: 6.0.

The March Australian dollar closed up 10 points at 1.0744
today. Prices closed nearer the session high today. Bulls
have the solid overall 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 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 1.0762 and then at 1.0795. Next support is seen at
1.0700 and then at this week’s low of 1.0625. Wyckoff's
Market Rating: 8.0

The March Canadian dollar closed up 32 points at 1.0040
today. Prices closed nearer the session high today. Bulls
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 last week’s
high of 1.0090. 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 1.0054 and then at 1.0090. First support is seen at
1.0000 and then at last week’s low of .9974. Wyckoff's
Market Rating: 7.5.

The March British pound closed up 73 points at 1.5890
today. Prices closed near the session high today. Bulls
have regained 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
1.5924 and then at 1.6000. First support is seen at today’s
low of 1.5798 and then at 1.5718. Wyckoff's Market Rating:
5.5.

The March U.S. dollar index closed down 29 points at 78.28
today. Prices closed nearer the session low today and hit a
fresh 3.5-month low. Bears have downside near-term
momentum. Prices are in a six-week-old downtrend on the
daily bar chart. 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 today’s high of 78.64 and then at 78.82.
First support is seen at today’s low of 78.23 and then at
78.00. Wyckoff's Market Rating: 5.0.

March U.S. T-Bonds closed down 14/32 at 143 17/32 today.
Prices closed near the session low today after hitting a
fresh three-week high early on. Mild profit taking was
featured today. The bond market bulls 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 the January high of 145 15/32. First
resistance is seen at 144 even and then at today’s high of
144 14/32. First support is seen at 143 16/32 and then at
this week’s low of 142 31/32. Wyckoff's Market Rating: 6.5.

March U.S. T Notes closed up 0.5 (32nds) at 131.20.5 today.
Prices closed near mid-range today and did hit a fresh
three-week high early on. Bulls 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 January high of 132.11.0. The next
downside price breakout objective for the bears is
producing a close below solid technical support at the
February low of 130.12.0. First resistance is seen at
today’s high of 131.28.5 and then at 132.00.0. First
support is seen at today’s low of 131.15.5 and then at this
week’s low of 131.05.0. Wyckoff's Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today and set multi-year highs. Same story: The
stock index bulls have the solid overall near-term
technical advantage.

The Nasdaq stock futures index closed up 25.00 at 2,633.00.
Prices closed nearer the session high today and poked to
another fresh 11-year high. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 2,700.00. The bears' next downside price breakout
objective is closing prices below solid technical support
at 2,542.75. First resistance is seen at today’s high of
2,635.00 and then at 2,650.00. First support is seen at
today’s low of 2,607.80 and then at this week’s low of
2,578.75. Wyckoff's Market Rating: 8.5

The S&P 500 futures index closed up 3.90 at 1,371.20.
Prices closed nearer the session high today and hit a fresh
nearly four-year high. Bulls' next upside price breakout
objective is closing prices above solid resistance at
1,400.00. The next downside price breakout objective for
the bears is closing prices below solid support at
1,334.30. First resistance is seen at today’s high of
1,373.60 and then at 1,385.00. First support is seen at
today’s low of 1,364.80 and then at this week’s low of
1,353.00. Wyckoff's Market Rating: 8.0.

The Dow futures closed up 28 points at 12,997 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 12,500.
First resistance in the Dow lies at today’s high of 13,008
and then at 13,050. First support is seen at today’s low of
12,950 and then at 12,900. 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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