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Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--February 7

Feb 08, 2012

Tuesday Evening, February 7-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 $1.15 at $128.57
today. Prices closed nearer the session high as the bulls
regained upside momentum. The key “outside markets” turned
bullish for cattle today, as the U.S. dollar index weakened
and crude oil prices rallied around mid-morning. Cattle
futures bulls have the overall near-term technical
advantage. Prices are in a two-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 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
$125.50. First resistance is seen at today’s high of
$128.80 and then at the January high of $129.45. First
support is seen at $128.00 and then at $127.50. Wyckoff's
Market Rating: 7.5

March feeder cattle closed up $0.82 at $155.00 today.
Prices closed near the session high today. Feeder 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 $153.00. First resistance is
seen at $155.40 and then at $155.95. First support is seen
at today’s low of $154.10 and then at this week’s low of
$153.55. Wyckoff's Market Rating: 7.5

April lean hogs closed up $0.60 at $89.10 today. Prices
closed near the session high today on short covering. The
key “outside markets” turned bullish for hogs today, as the
U.S. dollar index weakened and crude oil prices rallied
around mid-morning. Hog bulls and bears are on a level
near-term technical playing field. The next upside price
breakout objective for the bulls is to push and close
prices above solid chart resistance at last week’s 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 this week’s high of
$89.55 and then at $90.00. First support is seen at today’s
low of $88.25 and then at $88.00. Wyckoff's Market Rating:
5.0

*. GRAINS: March corn futures closed down 2 cents at $6.42
1/4 today. Prices closed near mid-range today. Losses were
limited by bhe key “outside markets” turning bullish for
corn today, as the U.S. dollar index weakened and crude oil
prices rallied around mid-morning. Corn bulls and bears are
on a level near-term technical playing field. Traders are
awaiting Thursday morning’s USDA world supply and demand
report. Corn bulls' next upside price breakout objective is
to push and close prices above solid technical resistance
at last week’s high of $6.50. 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 $6.45
and then at this week’s high of $6.48 1/2. First support is
seen at today’s low of $6.39 1/4 and then at $6.35.
Wyckoff's Market Rating: 5.0

March soybeans closed down 1 cent at $12.32 a bushel today.
Prices closed near mid-range again today. Losses were
limited by the key “outside markets” turning bullish for
beans today, as the U.S. dollar index weakened and crude
oil prices rallied around mid-morning. Traders are awaiting
Thursday morning’s USDA world supply and demand report.
Soybean bulls have the slight near-term technical
advantage. Prices are in a three-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
January high of $12.44 3/4 a bushel. The next downside
price breakout objective for the bears is pushing and
closing prices below technical support at last week’s low
of $11.84 1/4. First resistance is seen at $12.44 3/4 and
then at $12.50. First support is seen at today’s low of
$12.27 and then at $12.20. Wyckoff's Market Rating: 5.5.

March soybean meal closed down $2.10 at $325.40 today.
Prices closed nearer the session low today. Bulls have the
slight near-term technical advantage in meal. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at the October
high of $335.10. The next downside price breakout objective
for the bears is pushing and closing prices below solid
technical support at last week’s low of $312.70. First
resistance comes in at today’s high of $328.70 and then at
this week’s high of $331.00. First support is seen at
today’s low of $325.00 and then at $322.50. Wyckoff's
Market Rating: 5.5

March bean oil closed up 1 point at 52.17 cents today.
Prices closed nearer the session high today and closed at a
fresh four-week high close. Bean oil bulls and bears are on
a level near-term technical playing field now, but the
bulls have gained some fresh upside momentum recently. 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
50.00 cents. First resistance is seen at today’s high of
52.38 cents and then at 52.70 cents. First support is seen
at 52.00 cents and then at today’s low of 51.76 cents.
Wyckoff's Market Rating: 5.0

March Chicago SRW wheat closed down 6 1/4 cents at $6.62
1/4 today. Prices closed near mid-range today and scored a
mildly bearish “outside day” down on the daily bar chart.
Traders are awaiting Thursday morning’s USDA world supply
and demand report. Wheat bulls still have the slight near-
term technical advantage. Bulls' next upside price breakout
objective is to push and close Chicago SRW prices above
psychological resistance at $7.00 a bushel. The next
downside price breakout objective for the wheat futures
bears is pushing and closing prices below solid technical
support at last week’s low of $6.35 1/4. First resistance
is seen at today’s high of $6.72 and then at last week’s
high of $6.83 3/4. First support lies at today’s low of
$6.55 1/4 and then at $6.50. Wyckoff's Market Rating: 5.5.

March K.C. HRW wheat closed down 7 cents at $7.12 today.
Prices closed nearer the session low today. Bulls still
have the slight near-term technical advantage. Bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at $7.50. The
bears' next downside breakout objective is pushing and
closing prices below psychological support at $7.00. First
resistance is seen at this week’s high of $7.21 3/4 and
then at last week’s high of $7.32. First support is seen at
today’s low of $7.09 and then at $7.00. Wyckoff's Market
Rating: 5.5

March oats closed up 3/4 cent at $3.27 3/4 today. Prices
closed nearer the session high today and closed at a fresh
three-month high close. Price action in oats Monday
produced a bullish upside “breakout” from a choppy and
sideways trading range on the daily bar chart. This could
have bullish implications for the major grains. Oats bulls
now have the slight overall 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 $3.50. First support lies at $3.25 and then at today’s
low of $3.22 1/4. First resistance is seen at $3.30 and
then at this week’s high of $3.34. Wyckoff's Market Rating:
5.5

*. SOFTS: March sugar closed up 4 points at 24.54 cents
today. Prices closed nearer the session high today and saw
more short covering. The key “outside markets” turned
bullish for sugar today, as the U.S. dollar index weakened
and crude oil prices rallied around mid-morning. Sugar
bears do still 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 last week’s low of
23.41 cents. First resistance is seen at today’s high of
24.66 cents and then at 25.00 cents. First support is seen
at 24.25 cents and then at today’s low of 24.07 cents.
Wyckoff's Market Rating: 4.5

March coffee closed up 110 points at 219.90 cents. Prices
closed near mid-range today and saw short covering in a
bear market. The key “outside markets” turned bullish for
coffee today, as the U.S. dollar index weakened and crude
oil prices rallied around mid-morning. Coffee bears still
have the solid overall near-term technical advantage.
Prices are still 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 230.00 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 210.00 cents a pound. First
resistance is seen at today’s high of 222.45 cents and then
at 225.00 cents. First support is seen at today’s low of
215.80 cents and then at this week’s low of 213.05 cents.
Wyckoff's Market Rating: 3.0

March cocoa closed up $4 at $2,267 a ton. Prices closed
near mid-range today. Short covering was featured. The key
“outside markets” turned bullish for cocoa today, as the
U.S. dollar index weakened and crude oil prices rallied
around mid-morning. Cocoa bears have the overall near-term
technical advantage. However, a bullish double-bottom
reversal pattern has formed on the daily bar chart, but the
bulls need to step up and show more power soon. The next
upside price breakout objective for the cocoa bulls is to
push and close prices above solid technical resistance at
the January high of $2,480. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $2,100. First
resistance is seen at $2,300 and then at this week’s high
of $2,332. First support is seen at today’s low of $2,230
and then at last week’s low of $2,210. Wyckoff's Market
Rating: 4.0.

March cotton closed down 174 points at 94.57 cents today.
Prices closed near the session low today. Cotton bulls and
bears are on a level near-term technical playing field, but
the bulls faded today as trading has become choppy. The
next upside price objective for the bulls is to produce a
close above major psychological resistance at 98.00 cents.
The next downside price breakout objective for the cotton
bears is to push and close prices below solid technical
support at last week’s low of 92.69 cents. First support is
seen at 94.00 cents and then at 92.69 cents. First
resistance is seen at 96.00 cents and then at today’s high
of 96.93 cents. Wyckoff's Market Rating: 5.0

March orange juice closed down 550 points at $1.9600 today.
Prices closed near mid-range today and hit a fresh three-
week low. Bulls faded today but still have the overall
near-term technical advantage. The next upside price
breakout objective for the FCOJ bulls is pushing and
closing prices above technical resistance at $2.0775. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at $1.8800. First resistance is seen at $2.0000 and then at
today’s high of $2.0205. First support is seen at today’s
low of $1.9155 and then at $1.9000. Wyckoff's Market
Rating: 6.5.

March lumber futures closed down $0.60 at $269.40 today.
Prices hit a fresh 4.5-month high early on today and then
closed nearer the session low. The lumber bulls still have
good upside technical momentum and 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 $255.00. 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 the December high of
$272.90 and then at today’s high of $276.20. First support
is seen at today’s low of $268.00 and then at $265.00.
Wyckoff's Market Rating: 6.0

*. METALS: April gold futures closed up $25.60 an ounce at
$1,750.50 today. Prices closed near the session high today
and scored a bullish “outside day” up on the daily bar
chart as bargain hunters stepped in to buy the recent dip
in prices. The key outside markets turned bullish for gold
in late-morning trading--the U.S. dollar index sold off and
crude oil prices rallied—which helped to rally the gold
market. Gold bulls have the solid overall near-term
technical advantage and regained upside momentum today. A
five-week-old uptrend is in place on the daily bar chart.
Bulls' next upside technical breakout objective is to
produce a close above solid technical resistance at the
December high of $1,769.70. Bears' next near-term downside
price objective is closing prices below psychological
support at $1,700.00. First resistance is seen at today’s
high of $1,752.60 and then at last week’s high of
$1,765.90. First support is seen at $1,740.00 and then at
$1,725.00. Wyckoff's Market Rating: 7.0.

March silver futures closed up $0.50 an ounce at $34.25
today. Prices closed nearer the session high today. The key
“outside markets” turned bullish for silver today as the
U.S. dollar index weakened and crude oil prices rallied.
Silver bulls have the overall near-term technical advantage
and regained some upside momentum today. A five-week-old
uptrend is in place on the daily bar chart. Bulls’ next
upside price breakout objective is closing prices above
solid technical resistance at the October high of $35.68 an
ounce. The next downside price breakout objective for the
bears is closing prices below solid technical support at
$31.525. First resistance is seen at last week’s high of
$34.41 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 50 points 386.95 cents today.
Prices closed near the session high today. The key “outside
markets” turned bullish for copper today, as the U.S.
dollar index weakened and crude oil prices rallied. Copper
bulls have the overall near-term technical advantage.
Prices are in a seven-week-old uptrend on the daily bar
chart. Copper bulls' next upside breakout objective is
pushing and closing prices above major psychological
resistance at 400.00 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 367.50 cents. First resistance
is seen at 390.00 cents and then at the January high of
393.90 cents. First support is seen at 382.80 cents and
then at today’s low of 379.40 cents. Wyckoff's Market
Rating: 6.5.

*. ENERGIES: March crude oil closed up $1.85 a barrel at
$98.76 today. Prices closed nearer the session high today
and scored a bullish “outside day” up on the daily bar
chart. Crude prices were supported by a weaker U.S. dollar
index today. Crude oil bull have the overall near-term
technical advantage and regained some upside momentum
today. Prices are still in a gentle four-week-old downtrend
on the daily bar chart. The next near-term upside price
breakout objective for the crude oil bulls is producing a
close above psychological technical resistance at $100.00 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 December low of
$92.95. First resistance is seen at today’s high of $99.13
and then at $100.00. First support is seen at $98.00 and
then at $97.50. Wyckoff's Market Rating: 6.0.

March heating oil closed up 186 points at $3.1893 today.
Prices closed near mid-range today and hit another fresh
six-month high. Bulls have the solid overall near-term
technical advantage and have gained more power this week.
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 psychological support
at $3.0000. First resistance lies at $3.2000 and then at
$3.2244. First support is seen at today’s low of $3.1707
and then at $3.1500. Wyckoff's Market Rating: 7.5.

March (RBOB) unleaded gasoline closed up 93 points at
$2.9372 today. Prices closed near mid-range today and
closed at another fresh 6.5-month high close. Bulls have
the solid overall near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above major psychological resistance at $3.0000.
Bears' next downside price breakout objective is closing
prices below solid support at $2.8000. First resistance is
seen at today’s high of $2.9541 and then at last week’s
high of $2.9700. First support is seen at today’s low of
$2.9172 and then at this week’s low of $2.8912. Wyckoff's
Market Rating: 7.5.

March natural gas closed down 6.6 cents at $2.484 today.
Prices closed nearer the session low today. Bears have the
solid overall near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above major psychological resistance at last week’s
high of $2.844. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the contract low of $2.289. First resistance is
seen at today’s high of $2.618 and then at $2.70. First
support is seen at this week’s low of $2.447 and then at
$2.40. Wyckoff's Market Rating: 2.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 122 points at 1.3247 today. Prices closed nearer
the session high and hit a fresh seven-week high today.
Bears still have the slight overall near-term technical
advantage but the bulls did gain some upside near-term
momentum today. 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 1.3272 and then at 1.3300.
Next support is seen at 1.3200 and then at 1.3150 and then
at 1.3100. Wyckoff's Market Rating: 4.0

The March Japanese yen closed down 38 points at 1.3024
today. Prices closed nearer the session low today. Bulls
have the overall near-term technical advantage but are
fading and need to show fresh power soon. Bulls' next
upside price breakout objective is closing prices above
solid resistance at last week’s high of 1.3160. Bears' next
downside breakout objective is closing prices below solid
technical support at 1.2900. First resistance is seen at
this week’s high of 1.3077 and then at 1.3100. First
support is seen at today’s low of 1.2997 and then at
1.2940. Wyckoff's Market Rating: 6.0.

The March Swiss franc closed up 76 points at 1.0965 today.
Prices closed near the session high today. Bears still have
the overall near-term technical advantage, but the bulls
have gained some upside momentum recently. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at 1.1000. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 1.0650. First resistance is seen
at last week’s high of 1.0982 and then at 1.1000. First
support is seen at 1.0900 and then at today’s low of
1.0842. Wyckoff's Market Rating: 3.5.

The March Australian dollar closed up 66 points at 1.0748
today. Prices closed nearer the session high today and hit
another fresh contract high. Bulls have the solid near-term
technical advantage. Prices are in a 2.5-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 contract high
of 1.0772 and then at 1.0800. Next support is seen at
today’s low of 1.0653 and then at 1.0600. Wyckoff's Market
Rating: 8.0

The March Canadian dollar closed up 11 points at 1.0039
today. Prices closed nearer the session high today. Bulls
have the solid near-term technical advantage. A 10-week-old
uptrend line is in place on the daily bar chart. Bulls'
next upside price breakout objective is producing a close
above chart resistance at the October high of 1.0075. The
next downside price breakout objective for the bears is
closing prices below solid technical support at .9950.
First resistance is seen at last week’s high of 1.0063 and
then at 1.0075. First support is seen at today’s low of
.9994 and then at .9957. Wyckoff's Market Rating: 7.5.

The March British pound closed up 73 points at 1.5894
today. Prices closed near the session high today and hit a
fresh nearly three-month high. The bulls have upside
momentum and have the overall near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
the October high of 1.6120. Bears' next downside technical
breakout objective is closing prices below solid support at
1.5650. First resistance is seen at today’s high of 1.5900
and then at 1.6000. First support is seen at 1.5800 and
then at 1.5750. Wyckoff's Market Rating: 6.0.

The March U.S. dollar index closed down 52 points at 78.66
today. Prices closed near the session low and hit a fresh
two-month low 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 80.50. The
next downside price breakout objective for the bears is to
produce a close below solid technical support at 78.00.
Next resistance lies at 79.00 and then at this week’s high
of 79.64. First support is seen at today’s low of 78.58 and
then at 78.25. Wyckoff's Market Rating: 5.5.

March U.S. T-Bonds closed down 1 3/32 at 142 6/32 today.
Prices closed nearer the session low today as trading has
turned choppy. 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 144
even. First resistance is seen at 143 even and then at this
week’s high of 143 17/32. First support is seen at today’s
low of 141 27/32 and then at 141 16/32. Wyckoff's Market
Rating: 6.5.

March U.S. T Notes closed down 19.0 (32nds) at 131.02.5
today. Prices closed nearer the session low. 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 last week’s 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 130.24.0. First resistance is seen at
the December high of 131.16.0 and then at this week’s high
of 131.26.0. First support is seen at today’s low of
130.30.5 and then at 130.16.0. Wyckoff's Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer today and hit 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 3.75 at 2,529.50.
Prices closed nearer the session high today and hit another
fresh 11-year high. Bulls' next upside price breakout
objective is closing prices above solid resistance at
2,600.00. The bears' next downside price breakout objective
is closing prices below solid technical support at
2,400.00. First resistance is seen at today’s high of
2,534.75 and then at 2,550.00. First support is seen at
today’s low of 2,511.75 and then at 2,500.00. Wyckoff's
Market Rating: 8.0

The S&P 500 futures index closed up 5.30 at 1,344.50.
Prices closed near the session high and hit a fresh 6.5-
month 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 today’s
high of 1,345.70 and then at 1,354.50. First support is
seen at today’s low of 1,332.00 and then at 1,320.00.
Wyckoff's Market Rating: 8.0.

The Dow futures closed up 57 points at 12,833 today. Prices
closed near the session high today and hit a fresh nearly
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 12,845 and then at 12,900. First
support is seen at 12,800 and then at today’s low of 12,738
and then at 12,700. 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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