Apr 23, 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--Jan. 29

Jan 30, 2013

Tuesday Evening, January 29-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 $0.40 at
$133.00 today. Prices closed nearer the session low today
on a corrective pullback from Monday’s big gains. The bulls
still have upside near-term technical momentum to suggest a
market bottom is in place and that prices can trend
sideways to higher in the near term. The bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at $135.00. The next downside
technical breakout objective for the bears is pushing and
closing prices below solid technical support at $131.25.
First resistance is seen at this week’s high of $133.60 and
then at $134.00. First support is seen at $132.50 and then
at $132.00. Wyckoff's Market Rating: 5.5

March feeder cattle closed down $1.10 at $148.80 today.
Prices closed near the session low today and saw a
corrective pullback from recent strong gains. The feeder
bulls still have some technical momentum to suggest a
market bottom is in place and that prices can trend
sideways to higher in the near term. The next upside price
breakout objective for the feeder bulls is to push and
close prices above solid technical resistance at $151.00.
The next downside price breakout objective for the bears is
to push and close prices below solid technical support at
the November low of $146.85. First resistance is seen at
$149.45 and then at $150.00. First support is seen at
$148.50 and then at 148.00. Wyckoff's Market Rating: 5.0

April lean hogs closed up $0.60 at $89.65 today. Prices
closed near the session high today. The key “outside
markets” were in a bullish posture for the hog market today
as the U.S. dollar index was weaker and crude oil prices
were higher. The hog bulls and bears are on a level near-
term technical playing field. The next upside price
breakout objective for the hog bulls is to push and close
prices above solid chart resistance at $91.00. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at the January low of
$86.90. First resistance is seen at $90.00 and then at last
week’s high of $90.15. First support is seen at today’s low
of $89.05 and then at $88.65. Wyckoff's Market Rating: 5.0

*. GRAINS: March corn futures last traded down 1/4 cent at
$7.29 today in late trading. Prices were nearer the session
low. The key “outside markets” were in a bullish posture
for the corn market today as the U.S. dollar index was
weaker and crude oil prices were higher. That did limit the
downside in corn today. Corn bulls and bears are presently
on a level near-term technical playing field. Corn bulls'
next upside price objective is to push and close prices
above solid technical resistance at $7.50. The next
downside price breakout objective for the bears is pushing
and closing prices below psychological support at $7.00.
First resistance for March corn is seen at today’s high of
$7.32 1/2 and then at the January high of $7.35. First
support is seen at $7.25 and then at this week’s low of
$7.19. Wyckoff's Market Rating: 5.0

March soybeans were up 2 cents at $14.49 1/4 a bushel in
late trading today. Prices were near mid-range today. The
key “outside markets” were in a bullish posture for the
bean market today as the U.S. dollar index was weaker and
crude oil prices were higher. Dry weather in Argentine
soybean regions remains a bullish underlying factor for
soybeans. Bulls and bears are on a level near-term
technical playing field. A bullish double-bottom reversal
pattern has formed on the daily bar chart. The next near-
term upside technical breakout objective for the soybean
bulls is pushing and closing prices above psychological
resistance at $15.00 a bushel. The next downside price
breakout objective for the bears is pushing and closing
prices below psychological support at $14.00. First
resistance is seen at last week’s high of $14.60 3/4 and
then at $14.75. First support is seen at this week’s low of
$14.34 3/4 and then at $14.25. Wyckoff's Market Rating:
5.0.

March soybean meal was up $1.30 at $421.60 today in late
trading. Prices were near mid-range. Meal bulls and bears
are on a level near-term technical playing field. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at $435.00. The
next downside price breakout objective for the bears is
pushing and closing prices below psychological support at
$400.00. First resistance comes in at last week’s high of
$425.30 and then at $430.00. First support is seen at
today’s low of $418.00 and then at this week’s low of
$414.60. Wyckoff's Market Rating: 5.0

March bean oil was down 5 points at 51.84 cents in late
trading today. Prices were nearer the session low on a mild
corrective, profit-taking pullback from recent gains. Bean
oil bulls have the slight near-term technical advantage as
a six-week-old uptrend is in place on the daily bar chart.
The next upside price breakout objective for the bean oil
bulls is pushing and closing prices above solid technical
resistance at 53.31 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below major technical support at 50.00 cents. First
resistance is seen at 52.00 cents and then at this week’s
high of 52.36 cents. First support is seen at 51.50 cents
and then at 51.00 cents. Wyckoff's Market Rating: 5.5

March Chicago SRW wheat was down 2 cents at $7.77 1/4 in
late trading today. Prices were near the session low. The
key “outside markets” were in a bullish posture for the
wheat market today as the U.S. dollar index was weaker and
crude oil prices were higher. That did limit the downside
in wheat today. Wheat bears have the overall near-term
technical advantage. Wheat bulls’ next upside breakout
objective is to push and close Chicago SRW prices above
solid technical resistance at $8.00 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 $7.36 1/4. First resistance
is seen at today’s high of $7.85 and then at $7.90. First
support lies at this week’s low of $7.70 1/2 and then at
last week’s low of $7.63. Wyckoff's Market Rating: 4.0.

March K.C. HRW wheat was up 1/4 cent at $8.33 in late
trading today. Prices were nearer the session low. HRW
bears have the overall near-term technical advantage.
Bulls’ next upside price breakout objective is pushing and
closing prices above solid technical resistance at the
January high of $8.52. The bears' next downside breakout
objective is pushing and closing prices below solid
technical support at the January low of $7.85 1/4. First
resistance is seen at today’s high of $8.40 and then at
$8.52. First support is seen at this week’s low of $8.24
3/4 and then at last week’s low of $8.16 3/4. Wyckoff's
Market Rating: 4.0

March oats were down 1 1/4 cents at $3.60 in late trading
today. Prices were near mid-range. Oats bulls and bears are
on a level near-term technical playing field. Bears' next
downside price breakout objective is pushing and closing
prices below solid technical support at $3.50. Bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at $3.75. First
support lies at this week’s low of $3.57 1/4 and then at
last week’s low of $3.54 3/4. First resistance is seen at
the January high of $3.65 and then at $3.67 3/4. Wyckoff's
Market Rating: 5.0

*. SOFTS: March sugar closed down 38 points at 18.35 cents
today. Prices closed nearer the session low today. The key
“outside markets” were in a bullish posture for the sugar
market today as the U.S. dollar index was weaker and crude
oil prices were higher. Yet, sugar posted solid losses,
which is another bearish clue for sugar. The sugar bears
have the solid overall near-term technical advantage.
Bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at 19.19
cents. Bears' next downside price breakout objective is to
push and close prices below solid technical support at last
week’s low of 18.06 cents. First resistance is seen at
18.50 cents and then at today’s high of 18.78 cents. First
support is seen at today’s low of 18.31 cents and then at
18.06 cents. Wyckoff's Market Rating: 2.0.

March coffee closed up 70 points at 149.70 cents today.
Prices closed near mid-range today on more tepid short
covering in a bear market. The key “outside markets” were
in a bullish posture for the coffee market today as the
U.S. dollar index was weaker and crude oil prices were
higher. The coffee bears still have the overall near-term
technical advantage. The next upside breakout objective for
the bulls is to close prices above solid technical
resistance at the January high of 157.90 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the contract low of
141.24 cents a pound. First resistance is seen at 151.80
cents and then at 152.50 cents. First support is seen at
today’s low of 148.25 cents and then at last week’s low of
146.10 cents. Wyckoff's Market Rating: 2.5.

March cocoa closed up $26 at $2,187 a ton. Prices closed
near mid-range today. The key “outside markets” were in a
bullish posture for the cocoa market today as the U.S.
dollar index was weaker and crude oil prices were higher.
More tepid short covering in a bear market was featured.
The cocoa bears still have the 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 $2,313. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$2,115. First resistance is seen at today’s high of $2,201
and then at $2,225. First support is seen at today’s low of
$2,165 and then at this week’s low of $2,157. Wyckoff's
Market Rating: 2.5

March cotton closed up 134 points at 82.39 cents today.
Prices closed near mid-range today. The key “outside
markets” were in a bullish posture for the cotton market
today as the U.S. dollar index was weaker and crude oil
prices were higher. The cotton bulls have the solid overall
near-term technical advantage. The next upside price
breakout objective for the bulls is to produce a close
above solid technical resistance at last week’s high of
84.00 cents. The next downside price breakout objective for
the cotton bears is to push and close prices below solid
technical support at 77.00 cents. First resistance is seen
at 83.00 cents and then at 84.00 cents. First support is
seen at today’s low of 81.45 cents and then at 80.00 cents.
Wyckoff's Market Rating: 7.5.

March orange juice closed up 5 points at $1.1410 today.
Prices closed nearer the session low today in quiet
trading. FCOJ bears 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 $1.2000. The next downside technical breakout
objective for the FCOJ bears is to produce a close below
solid technical support at the January low of $1.0910.
First resistance is seen at this week’s high of 1.1600 and
then at last week’s high of $1.1780. First support is seen
at last week’s low of $1.1285 and then at $1.1000.
Wyckoff's Market Rating: 2.5.

March lumber futures closed down $0.40 at $352.30 today.
Prices closed nearer the session low today and closed at a
fresh six-week low close. Some chart damage has been
inflicted recently and bears have gained downside near-term
technical momentum to suggest a market top is in place. The
next downside technical breakout objective for the lumber
bears is pushing and closing prices below solid technical
support at $340.00. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at $370.00. First resistance is
seen at today’s high of $355.70 and then at this week’s
high of $359.00. First support is seen at today’s low of
$351.00 and then at $350.00. Wyckoff's Market Rating: 4.5

*. METALS: February gold futures closed up $8.00 an ounce
at $1,660.90 today. Prices closed near mid-range today and
saw short covering and bargain hunting. The key “outside
markets” were also bullish for the gold market today as the
U.S. dollar index was weaker and crude oil prices were
higher. Bulls and bears are now back on a level near-term
technical playing field. The gold bulls’ next upside price
breakout objective is to produce a close above solid
technical resistance at $1,675.00. Bears' next near-term
downside breakout price objective is closing prices below
solid technical support at the January low of $1,626.00.
First resistance is seen at today’s high of $1,665.00 and
then at $1,671.60. First support is seen at this week’s low
of $1,651.00 and then at $1,640.00. Wyckoff’s Market
Rating: 5.0

March silver futures closed up $0.485 an ounce at $31.27
today. Prices closed near the session high today on short
covering and bargain hunting. The key “outside markets”
were bullish for the silver market today as the U.S. dollar
index was weaker and crude oil prices were higher. Silver
bulls have regained the slight near-term technical
advantage. Bulls’ next upside price breakout objective is
closing prices above solid technical resistance at last
week’s high of $32.485 an ounce. The next downside price
breakout objective for the bears is closing prices below
major psychological support at $30.00. First resistance is
seen at this week’s high of $31.32 and then at $31.50. Next
support is seen at $31.00 and then at this week’s low of
$30.745. Wyckoff's Market Rating: 5.5.

March N.Y. copper closed up 250 points at 368.65 cents
today. Prices closed nearer the session high today. Copper
bulls and bears are presently on a level near-term
technical playing field. Prices are in a choppy 10-week-old
uptrend on the daily bar chart. A bullish symmetrical
triangle pattern has formed on the daily bar chart. Copper
bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at the
January high of 375.90 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the January low of 359.95 cents.
First resistance is seen at today’s high of 369.40 cents
and then at last week’s high of 371.15 cents. First support
is seen at today’s low of 365.25 cents and then at last
week’s low of 364.05 cents. Wyckoff's Market Rating: 5.0.

*. ENERGIES: March crude oil closed up $1.03 a barrel at
$97.47 today. Prices closed nearer the session high today
and hit a fresh 4.5-month high. The crude bulls have the
overall near-term technical advantage and gained more
upside momentum today. Prices are in a seven-week-old
uptrend on the daily bar chart. The next near-term upside
price breakout objective for the crude oil bulls is
producing a close above major psychological 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 $94.00. First
resistance is seen at today’s high of $97.82 and then at
$98.50. First support is seen at $97.00 and then at today’s
low of $96.29. Wyckoff's Market Rating: 6.5

March heating oil closed up 460 points at $3.1076 today.
Prices closed near the session high today and closed at a
fresh 3.5-month high close. Bulls have the near-term
technical advantage and gained fresh upside momentum today.
A choppy six-week-old uptrend is in place on the daily bar
chart. The bulls' next upside price breakout objective is
closing prices above solid technical resistance at the
January high of $3.1137. Bears' next downside price
breakout objective is producing a close below solid
technical support at the January low of $2.9809. First
resistance lies at $3.1137 and then at $3.1400. First
support is seen $3.0750 and then at this week’s low of
$3.0456. Wyckoff's Market Rating: 6.5.

March (RBOB) unleaded gasoline closed up 346 points at
$2.9694 today. Prices closed nearer the session high again
today and hit another fresh contract month high. The market
is boosted this week by a refinery closure on the U.S. east
coast. Gasoline 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 $3.00. Bears' next downside price
breakout objective is closing prices below solid support at
$2.8200. First resistance is seen at today’s contract high
of $2.9761 and then at $3.0000. First support is seen at
$2.9500 and then at today’s low of $2.9105. Wyckoff's
Market Rating: 8.5.

March natural gas closed down 6.3 cents at $3.226 today.
Prices closed nearer the session low today and hit another
fresh two-week low. Nat gas bears are in near-term
technical control. The next upside price breakout objective
for the bulls is closing prices above solid technical
resistance at the January high of $3.645. The next downside
price breakout objective for the bears is closing prices
below solid technical support at the January low of $3.05.
First resistance is seen at today’s high of $3.275 and then
at $3.35. First support is seen at today’s low of $3.207
and then at $3.15. Wyckoff's Market Rating: 2.5.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 33 points at 1.3493 today. Prices closed near the
session high, hit an 11-month high and scored a bullish
“outside day” up on the daily bar chart today. Bulls have
the solid overall near-term technical advantage. Prices are
in a 2.5-month-old uptrend on the daily bar chart. 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 1.3250. First
resistance for the Euro lies at today’s high of 1.3503 and
then at 1.3550. Next support is seen at today’s low of
1.3418 and then at 1.3400. Wyckoff's Market Rating: 8.0

The March Japanese yen closed up 1 point at 1.1024 today.
Prices closed near mid-range today. Prices hit a contract
low on Monday. Bears still have the solid overall near-term
technical advantage. Prices are in a steep four-month-old
downtrend on the daily bar chart. There are still no early
clues of a market bottom being close at hand. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1.1400. Bears' next downside breakout
objective is closing prices below solid technical support
at 1.0800. First resistance is seen at 1.1100 and then at
1.1150. First support is seen at the contract low of 1.0961
and then at 1.0900. Wyckoff's Market Rating: 1.0.

The March Swiss franc closed up 51 points at 1.0853 today.
Prices closed nearer the session high and hit a fresh two-
week high today. The Swissy bulls today regained the slight
near-term technical advantage. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at 1.0986. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the January low of 1.0657. First
resistance is seen at today’s high of 1.0883 and then at
1.0900. First support is seen at 1.0800 and then at this
week’s low of 1.0766. Wyckoff's Market Rating: 5.5.

The March Australian dollar closed up 50 points at 1.0427
today. Prices closed near the session high today on some
short covering and bargain hunting. Bulls have the overall
near-term technical advantage. Bulls' next upside price
breakout objective is closing prices above solid chart
resistance at the January high of 1.0547. The next downside
breakout objective for the bears is to produce a close
below solid technical support at the December low of
1.0281. First resistance is seen at today’s high of 1.0434
and then at 1.0475. Next support is seen at today’s low of
1.0368 and then at this week’s low of 1.0347. Wyckoff's
Market Rating: 6.5

The March Canadian dollar closed up 40 points at .9965
today. Prices closed nearer the session high today and saw
more short covering after prices last Friday hit a six-
month low. Bears have the overall near-term technical
advantage. Bulls' next upside price breakout objective is
producing a close above chart resistance at 1.0100. The
next downside price breakout objective for the bears is
closing prices below solid technical support at .9800.
First resistance is seen at today’s high of .9970 and then
at 1.0000. First support is seen at today’s low of .9923
and then at this week’s low of .9889. Wyckoff's Market
Rating: 4.0.

The March British pound closed up 64 points at 1.5756
today. Prices closed nearer the session high today on short
covering. Prices Monday hit a six-month low. Bears still
have the overall near-term technical advantage. Prices are
in a steep four-week-old downtrend on the daily bar chart.
The next upside price breakout objective for the bulls is
closing prices above solid technical resistance at 1.6000.
Bears' next downside technical breakout objective is
closing prices below solid support at 1.5500. First
resistance is seen at this week’s high of 1.5791 and then
at 1.5850. First support is seen at this week’s low of
1.5670 and then at 1.5600. Wyckoff's Market Rating: 3.0.

The March U.S. dollar index closed down 26 points at 79.60
today. Prices closed near the session low and hit a fresh
two-week low today. Not much new. The bears still have the
solid overall near-term technical advantage. Bulls' next
upside price breakout objective is to close prices above
solid technical resistance at 80.27. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at the December low of
79.01. Next resistance lies at today’s high of 79.93 and
then at 80.00. First support is seen at today’s low of
79.57 and then at the January low of 79.40. Wyckoff's
Market Rating: 2.0.

March U.S. T-Bonds closed down 11/32 at 143 10/32 today.
Prices closed nearer the session low and closed at a fresh
contract low close. T-Bond bears have the solid overall
near-term technical advantage and this week have gained
more downside momentum. The next downside price breakout
objective for the T-Bond bears is closing prices below
solid technical support at 142 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at the January high of 146
17/32. First resistance is seen at 144 even and then at
this week’s high of 144 11/32. First support is seen at the
contract low of 143 3/32 and then at 143 even. Wyckoff's
Market Rating: 1.0.

March U.S. T Notes closed down 1.5 (32nds) at 131.05.5
today. Prices closed nearer the session low today and
closed at a fresh 4.5-month low close. Bears have the
overall near-term technical advantage and have gained fresh
downside momentum this week. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at the January high of 132.17.5. The next
downside price breakout objective for the bears is
producing a close below solid technical support at the
September low of 130.10.5. First resistance is seen at this
week’s high of 131.16.5 and then at 131.24.0. First support
is seen at today’s low of 131.03.5 and then at this week’s
low of 130.30.0. Wyckoff's Market Rating: 3.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mixed today. Bulls still have the overall near-term
technical advantage as the indexes hover near the recent
highs. Some downbeat U.S. economic data Tuesday pressured
the stock indexes. U.S. consumer confidence declined by
more than expected in January, while home prices declined
slightly in November. The U.S. economic data pace picks up
starting Wednesday. The U.S. Federal Reserve’s FOMC meeting
and interest rate announcement occurs on Wednesday along
with the fourth-quarter advance gross domestic product
estimate. The U.S. employment report is out Friday morning.
Look for the markets to react significantly to the
aforementioned reports.

The Nasdaq stock futures index closed up 5.50 at 2,743.00
today. Prices closed near the session high today. Bulls
have the near-term technical advantage. Bulls' next upside
price breakout objective is closing prices above solid
resistance at 2,800.00. The bears' next downside price
breakout objective is closing prices below solid technical
support at 2,675.00. First resistance is seen at this
week’s high of 2,747.50 and then at last week’s high of
2,768.75. First support is seen at today’s low of 2,716.25
and then at last week’s low of 2,707.75. Wyckoff's Market
Rating: 6.5

The S&P 500 futures index closed up 7.70 at 1,504.80.
Prices closed near the daily high today and hit another
fresh five-year high. Bulls have the solid near-term
technical advantage. Bulls' next upside price breakout
objective is closing prices above solid resistance at
1,525.00. The next downside price breakout objective for
the bears is closing prices below solid support at
1,457.00. First resistance is seen at today’s high of
1,505.50 and then at 1,515.00. First support is seen at
today’s low of 1,491.20 and then at last week’s low of
1,475.10. Wyckoff's Market Rating: 8.0.

The Dow futures closed up 76 points at 13,908. Prices
closed near the session high today and hit another fresh
five-year high. Bulls have the solid near-term technical
advantage. The next upside price objective for the bulls is
closing prices above solid technical resistance at 14,000.
The next downside price objective for the bears is closing
prices below solid technical support at 13,500. First
resistance in the Dow lies at today’s high of 13,908 and
then at 13,950. First support is seen at today’s low of
13,820 and then at 13,800. Wyckoff's Market Rating: 8.5.

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