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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 8

Feb 09, 2012

Wednesday Evening, February 8-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 $128.80
today. Prices closed near mid-range today. The bulls have
regained upside technical momentum. 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 the January high of $129.45 and then
at $129.70. First support is seen at today’s low of $128.22
and then at $127.90. Wyckoff's Market Rating: 7.5

March feeder cattle closed up $0.27 at $155.27 today.
Prices closed near mid-range today. Feeder bulls 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
$155.95 and then at $156.50. First support is seen at
today’s low of $154.65 and then at $154.00. Wyckoff's
Market Rating: 8.0

April lean hogs closed down $0.15 at $88.95 today. Prices
closed near mid-range today in quieter trading. 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 $88.65 and then at this
week’s low of $88.25. Wyckoff's Market Rating: 5.0

*. GRAINS: March corn futures closed up 1/4 cent at $6.42
1/2 today. Prices closed near mid-range today in a big
trading range. 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 $6.45 and then at $6.50. First support is seen
at $6.39 1/4 and then at $6.35. Wyckoff's Market Rating:
5.0

March soybeans closed down 1/2 cent at $12.31 1/2 a bushel
today. Prices closed near mid-range again today and did hit
a fresh five-week high early on. 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 four-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 today’s
and 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
$12.22 3/4 and then at $12.10. Wyckoff's Market Rating:
5.5.

March soybean meal closed down $3.70 at $321.70 today.
Prices closed nearer the session low again today. Bulls
have the slight near-term technical advantage in meal.
Prices are still 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 $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 $325.00
and then at today’s high of $328.60. First support is seen
at today’s low of $319.30 and then at $317.50. Wyckoff's
Market Rating: 5.5

March bean oil closed up 41 points at 52.58 cents today.
Prices closed nearer the session high today and hit a fresh
four-week high. Bean oil bulls and bears are on a level
near-term technical playing field now, but the bulls have
gained 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 51.00 cents. First
resistance is seen at today’s high of 52.77 cents and then
at 53.00 cents. First support is seen at 52.38 cents and
then at today’s low of 52.06 cents. Wyckoff's Market
Rating: 5.0

March Chicago SRW wheat closed down 1 1/2 cents at $6.60
3/4 today. Prices closed near mid-range today. 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 this week’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 $6.53 and then at $6.50. Wyckoff's Market Rating: 5.5.

March K.C. HRW wheat closed down 2 cents at $7.10 today.
Prices closed near mid-range 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 $7.03 1/2 and then at $7.00. Wyckoff's Market Rating:
5.5

March oats closed up 1/4 cent at $3.28 today. Prices closed
nearer the session high today and closed at another 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 8 points at 24.48 cents
today. Prices closed near mid-range today and hit a fresh
two-week high on more short covering. 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 24.77 cents and then at 25.00
cents. First support is seen at today’s low of 24.25 cents
and then at 24.00 cents. Wyckoff's Market Rating: 4.5

March coffee closed up 20 points at 220.75 cents. Prices
closed near mid-range today. Coffee bears 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 this
week’s high of 222.45 cents and then at 225.00 cents. First
support is seen at today’s low of 219.15 cents and then at
217.50 cents. Wyckoff's Market Rating: 2.5

March cocoa closed down $27 at $2,246 a ton. Prices closed
near the session low today. 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 today’s high of $2,304 and then at
this week’s high of $2,332. First support is seen at this
week’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 95 points at 93.62 cents today.
Prices closed near the session low again today. Cotton
bears have gained the slight near-term technical advantage.
The next upside price objective for the bulls is to produce
a close above solid technical 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 92.69 cents and then at 92.00 cents. First
resistance is seen at 94.00 cents and then at 95.00 cents.
Wyckoff's Market Rating: 4.5

March orange juice closed down 775 points at $1.8810 today.
Prices closed nearer the session low today and hit another
fresh three-week low. Bulls faded badly today as it looks
like a market top is in place. The next upside price
breakout objective for the FCOJ bulls is pushing and
closing prices above major psychological resistance at
$2.0000. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at $1.7800. First resistance is seen at $1.9000 and
then at $1.9250. First support is seen at today’s low of
$1.8625 and then at $1.8500. Wyckoff's Market Rating: 5.0.

March lumber futures closed down $3.80 at $265.60 today.
Prices closed nearer the session low again today. The
lumber bulls still have some upside technical momentum and
have the slight 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 $270.00 and then at today’s high of $272.50. First
support is seen at $265.00 and then at $262.50. Wyckoff's
Market Rating: 5.5

*. METALS: April gold futures closed down $16.90 an ounce
at $1,731.50 today. Prices closed nearer the session low
today. The key outside markets turned bearish for gold in
late-morning trading--the U.S. dollar index firmed and
crude oil prices weakened—which helped to pressure the gold
market. Gold bulls still have the overall near-term
technical advantage as trading has turned choppy. A six-
week-old uptrend is still 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 $1,740.00
and then at $1,750.00. First support is seen at today’s low
of $1,726.00 and then at this week’s low of $1,712.60.
Wyckoff's Market Rating: 6.5.

March silver futures closed down $0.36 an ounce at $33.83
today. Prices closed nearer the session low today and saw
some profit taking after hitting a fresh 11-week high early
on. The key “outside markets” turned bearish for silver
today as the U.S. dollar index firmed and crude oil prices
weakened in late-morning trading. Silver bulls still have
the overall near-term technical advantage. A six-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 $34.00 and then at
today’s high of $34.52. Next support is seen at today’s low
of $33.65 and then at this week’s low of $32.985. Wyckoff's
Market Rating: 6.5.

March N.Y. copper closed up 250 points 390.10 cents today.
Prices closed near mid-range today. The key “outside
markets” turned bearish for copper today, as the U.S.
dollar index firmed and crude oil prices weakened. That did
limit gains in copper today. Copper bulls still 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 the
January high of 393.90 cents and then at 395.00 cents.
First support is seen at today’s low of 385.35 cents and
then at this week’s low of 379.40 cents. Wyckoff's Market
Rating: 6.5.

*. ENERGIES: March crude oil closed up $0.50 a barrel at
$98.91 today. Prices closed near mid-range today. Crude oil
bull have the overall near-term technical advantage and
regained some upside momentum this week. Prices are still
in a gentle four-week-old downtrend on the daily bar chart,
however. 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 $100.00 and then at $101.00. First support is seen
at $98.00 and then at $97.50. Wyckoff's Market Rating: 6.0.

March heating oil closed up 56 points at $3.1965 today.
Prices closed nearer the session high today and closed at a
fresh six-month high close. 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 today’s high
of $3.2021 and then at $3.2244. First support is seen at
today’s low of $3.1654 and then at $3.1500. Wyckoff's
Market Rating: 7.5.

March (RBOB) unleaded gasoline closed up 509 points at
$2.9784 today. Prices closed nearer the session high today
and hit a fresh nine-month high. Bulls have the solid
overall near-term technical advantage and gained more
upside momentum today. 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 $2.9896 and then at $3.0000. First support is seen
at $2.9500 and then at today’s low of $2.9181. Wyckoff's
Market Rating: 8.0.

March natural gas closed down 3.1 cents at $2.441 today.
Prices closed near mid-range today. Bears 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 today’s high of $2.508
and then at this week’s high of $2.618. First support is
seen at today’s low of $2.39 and then at last week’s low of
$2.34. Wyckoff's Market Rating: 2.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 12 points at 1.3260 today. Prices closed near
mid-range and poked to another fresh seven-week high today.
Bears still have the slight overall near-term technical
advantage but the bulls have gained some upside near-term
momentum this week. 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 1.3300 and then at 1.3350. 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 47 points at 1.2987
today. Prices closed near mid-range today. Bulls have the
slight 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 today’s high
of 1.3040 and then at this week’s high of 1.3077. First
support is seen at today’s low of 1.2959 and then at
1.2940. Wyckoff's Market Rating: 5.5.

The March Swiss franc closed down 1 point at 1.0962 today.
Prices closed near mid-range today and hit a fresh nine-
week high. 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 1.1100.
The next downside price breakout objective for the bears is
closing prices below solid technical support at 1.0700.
First resistance is seen at 1.1000 and then at 1.1050.
First support is seen at 1.0900 and then at 1.0842.
Wyckoff's Market Rating: 4.0.

The March Australian dollar closed up 2 points at 1.0744
today. Prices closed near mid-range 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 1.0795 and then at 1.0850. Next support is seen at
1.0653 and then at 1.0600. Wyckoff's Market Rating: 8.0

The March Canadian dollar closed down 5 points at 1.0031
today. Prices closed near mid-range today. Bulls still 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 this week’s low of
.9994 and then at .9957. Wyckoff's Market Rating: 7.5.

The March British pound closed down 78 points at 1.5813
today. Prices closed nearer the session low today and did
hit a fresh nearly three-month high early on. The bulls
still have some 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 1.5900 and then at today’s high of 1.5924. First
support is seen at 1.5784 and then at this week’s low of
1.5725. Wyckoff's Market Rating: 6.0.

The March U.S. dollar index closed up 4 points at 78.71
today. Prices closed near mid-range and hit another 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 80.00. The
next downside price breakout objective for the bears is to
produce a close below solid technical support at 78.00.
Next resistance lies at 79.00 and then at this week’s high
of 79.64. First support is seen at today’s low of 78.51 and
then at 78.25. Wyckoff's Market Rating: 5.5.

March U.S. T-Bonds closed down 4/32 at 142 6/32 today.
Prices closed near mid-range today and hit a fresh two-week
low 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 23/32 and then
at 141 16/32. Wyckoff's Market Rating: 6.5.

March U.S. T Notes closed down 3.0 (32nds) at 131.02.0
today. Prices closed near mid-range today and hit a fresh
two-week 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 today’s high of
131.07.0 and then at the December high of 131.16.0. First
support is seen at today’s low of 130.28.0 and then at
130.16.0. Wyckoff's Market Rating: 7.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer again 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 16.50 at 2,545.75.
Prices closed nearer the session high again 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 2,430.00. First resistance is seen at today’s high of
2,547.50 and then at 2,560.00. First support is seen at
today’s low of 2,521.00 and then at 2,500.00. Wyckoff's
Market Rating: 8.0

The S&P 500 futures index closed up 2.50 at 1,347.20.
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 1,354.50
and then at 1,365.00. First support is seen at today’s low
of 1,338.70 and then at 1,325.00. Wyckoff's Market Rating:
8.0.

The Dow futures closed up 12 points at 12,843 today. Prices
closed nearer the session high today and closed at a fresh
nearly four-year high close. 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 12,850 and
then at 12,900. First support is seen at 12,800 and then at
today’s low of 12,780 and then at 12,738. Wyckoff's Market
Rating: 8.0.

Click below for my welcome letter to all new customers and
for an explanation of my Market Rating System.

http://www.jimwyckoff.com/newsletter/WelcomeAboard/

IMPORTANT NOTE: I am not a futures broker and do not manage
any trading accounts other than my own personal account. It
is my goal to point out to you potential trading
opportunities. However, it is up to you to: (1) decide when
and if you want to initiate any traders and (2) determine
the size of any trades you may initiate. Any trades I
discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission
(CFTC) has said about futures trading (and I agree 100%):
1. Trading commodity futures and options is not for
everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS.
Before you invest any money in futures or options
contracts, you should consider your financial experience,
goals and financial resources, and know how much you can
afford to lose above and beyond your initial payment to a
broker. You should understand commodity futures and options
contracts and your obligations in entering into those
contracts. You should understand your exposure to risk and
other aspects of trading by thoroughly reviewing the risk
disclosure documents your broker is required to give you.

Jim Wyckoff
 

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