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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--January 10

Jan 11, 2012

Tuesday Evening, January 10-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: February live cattle closed up $1.25 at
$121.20 today. Prices closed near mid-range today and saw
short covering. The key “outside markets” were in a bullish
posture for the cattle market today, as crude oil prices
were higher and the U.S. dollar index was weaker. Bulls and
bears are now back on a level near-term technical playing
field. The bulls' next upside price breakout objective is
to push and close prices above solid technical resistance
at $123.00. The next downside technical breakout objective
for the bears is pushing and closing prices below solid
technical support at the September low of $118.50. First
resistance is seen at today’s high of $121.80 and then at
$122.00. First support is seen at today’s low of $120.60
and then at $120.00. Wyckoff's Market Rating: 5.0

March feeder cattle closed up $1.67 at $151.42 today.
Prices closed near the session high today and closed at a
fresh contract high close. Feeder bulls have the solid
near-term technical advantage and there are no early clues
that a market top is close at hand. The next upside price
objective for the feeder bulls is to push and close prices
above technical resistance at last week’s contract high of
$152.00. The next downside price breakout objective for the
bears is to push and close prices below solid technical
support at $148.77. First resistance is seen at $152.00 and
then at $152.50. First support is seen at today’s low of
$150.70 and then at $150.00. Wyckoff's Market Rating: 8.0

February lean hogs closed up $0.92 at $84.30 today. Prices
closed nearer the session high and saw short covering in a
bear market. The key “outside markets” were in a bullish
posture for the hog market today, as crude oil prices were
higher and the U.S. dollar index was weaker. Hog 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 push and close prices above solid chart
resistance at $85.35. The next downside price breakout
objective for the bears is pushing prices below solid
technical support at the December low of $82.62. First
resistance is seen at $84.60 and then at $85.00. First
support is seen at today’s low of $83.50 and then at this
week’s low of $83.25. Wyckoff's Market Rating: 3.0

*. GRAINS: March corn futures closed up 3/4 cent at $6.52
3/4 today. Prices closed near mid-range again today in
quieter trading. The key “outside markets” were in a bullish
posture for the corn market today, as crude oil prices were
higher and the U.S. dollar index was weaker. There were
some rains hitting South American corn growing regions the
past 24 hours, which did limit buying interest today.
Traders are awaiting Thursday morning’s USDA monthly supply
and demand report. Corn prices are still in a three-week-
old uptrend on the daily bar chart. Corn bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at last week’s high of $6.64
1/4. 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 $6.57 1/2 and then at $6.60. First
support is seen at today’s low of $6.48 and then at $6.45.
Wyckoff's Market Rating: 5.5

March soybeans closed down 1 1/2 cents at $12.31 1/2 a
bushel today. Prices closed near mid-range and saw a mild
corrective pullback from Monday’s solid gains. Some wetter
weather in South American soybean regions did limit buying
interest in beans today. Traders are awaiting Thursday
morning’s monthly USDA supply and demand report. Soybean
bulls still 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 $12.50 a bushel.
The next downside price breakout objective for the bears is
pushing and closing prices below technical support at
$11.75. First resistance is seen at today’s high of $12.37
and then at last week’s high of $12.44 3/4. First support
is seen at today’s low of $12.20 1/2 and then at $12.10.
Wyckoff's Market Rating: 5.5.

March soybean meal closed down $1.00 at $322.50 today.
Prices closed near mid-range today. Meal bulls still have
the overall near-term technical advantage. Prices are 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 $310.00. First resistance comes in at
today’s high of $324.50 and then at $327.50. First support
is seen at today’s low of $319.60 and then at $317.50.
Wyckoff's Market Rating: 6.0

March bean oil closed up 17 points at 52.50 cents today.
Prices closed near the session high today and saw more
short covering and bargain hunting. The key “outside
markets” were in a bullish posture for the bean oil market
today, as crude oil prices were higher and the U.S. dollar
index was weaker. Bean oil bulls and bears are on a level
near-term technical playing field. The next upside price
breakout objective for the bean oil bulls is pushing and
closing prices above solid technical resistance at last
week’s high of 53.79 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at last week’s low of
51.09 cents. First resistance is seen at 52.67 cents and
then at 53.00 cents. First support is seen at 52.00 cents
and then at today’s low of 51.88 cents. Wyckoff's Market
Rating: 5.0

March Chicago SRW wheat closed down 2 cents at $6.39 3/4
today. Prices closed near mid-range today. Wheat will
remain a follower of corn and beans for at least the near
term. Traders are awaiting Thursday morning’s monthly USDA
supply and demand report. Bulls' next upside price breakout
objective is to push and close Chicago SRW prices above
solid technical resistance at last week’s high of $6.70 3/4
a bushel. The next downside price breakout objective for
the wheat futures bears is pushing and closing prices below
psychological support at $6.00. First resistance is seen at
this week’s high of $6.45 and then at $6.50. First support
lies at today’s low of $6.34 1/4 and then at last week’s
low of $6.24 1/2. Wyckoff's Market Rating: 4.0.

March K.C. HRW wheat closed steady at $6.98 today. Prices
closed nearer the session high in quieter trading today.
Bears have the overall near-term technical advantage.
Bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at last
week’s high of $7.31 1/2. The bears' next downside breakout
objective is pushing and closing prices below solid
technical support at $6.50. First resistance is seen at
today’s high of $7.00 and then at $7.06. First support is
seen at this week’s low of $6.88 and then at last week’s
low of $6.80. Wyckoff's Market Rating: 4.0

March oats closed up 3 3/4 cents at $2.99 1/4 today. Prices
closed nearer the session high today and saw more short
covering in a bear market. Oats bears still have the
overall near-term technical advantage. Bears' next downside
price breakout objective is pushing and closing prices
below solid technical support at the contract low of $2.84
3/4. Bulls' next upside price breakout objective is pushing
and closing prices above solid technical resistance at
$3.05. First support lies at today’s low of $2.95 3/4 and
then at $2.93. First resistance is seen at $3.00 and then
at $3.02 1/2. Wyckoff's Market Rating: 3.0

*. SOFTS: March sugar closed down 3 points at 23.31 cents
today. Prices closed nearer the session high today. Sugar
bears have the overall near-term technical advantage. Sugar
bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at last
week’s high of 24.65 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at the December low of 22.62 cents. First
resistance is seen at 23.50 cents and then at 23.75 cents.
First support is seen at today’s low of 23.00 cents and
then at this week’s low of 22.82 cents and then at 22.62
cents. Wyckoff's Market Rating: 3.0

March coffee closed up 365 points at 225.50 cents. Prices
closed near the session high today on short covering in a
bear market. The key “outside markets” were in a bullish
posture for the coffee market today, as crude oil prices
were higher and the U.S. dollar index was weaker. Coffee
bears still have the solid overall near-term technical
advantage. 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 the December low of 212.35 cents a pound. First
resistance is seen at today’s high of 226.10 cents and then
at 227.50 cents. First support is seen at today’s low of
221.15 cents and then at this week’s low of 217.60 cents.
Wyckoff's Market Rating: 2.0

March cocoa closed up $186 at $2,356 a ton. Prices closed
nearer the session high again today, hit a fresh six-week
high and saw more heavy short covering and bargain hunting.
The key “outside markets” were in a bullish posture for the
cocoa market today, as crude oil prices were higher and the
U.S. dollar index was weaker. Cocoa bears still have the
slight overall 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
$2,500. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $2,200. First resistance is seen at today’s high
of $2,369 and then at $2,400. First support is seen at
$2,300 and then at $2,274. Wyckoff's Market Rating: 4.5.

March cotton closed up 52 points at 96.96 cents today.
Prices closed nearer the session high and hit another fresh
seven-week high today. The key “outside markets” were in a
bullish posture for the cotton market today, as crude oil
prices were higher and the U.S. dollar index was weaker.
Cotton bulls have the overall near-term technical
advantage. The next upside price objective for the bulls is
to produce a close above major psychological resistance at
100.00 cents. The next downside price breakout objective
for the cotton bears is to push and close prices below
solid technical support at 90.00 cents. First support is
seen at today’s low of 95.70 cents and then at 95.00 cents.
First resistance is seen at 97.50 cents and then at 98.00
cents. Wyckoff's Market Rating: 6.0

March orange juice closed up the expanded 2,000-point limit
at $2.0775 today. Prices soared to another fresh contract
high and five-year high today. There are reports the U.S.
may ban Brazilian orange juice imports because they used a
fungicide on the oranges that might have seeped into the
orange juice. This is still a very fluid situation. The
next upside price breakout objective for the FCOJ bulls is
pushing and closing prices above the 2007 high of $2.0950.
The next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at $1.9255. First resistance is seen at $2.0950 and then at
$2.1250. First support is seen at $2.0500 and then at
$2.0250. Wyckoff's Market Rating: 10.0.

March lumber futures closed up $2.50 at $250.90 today.
Trading has been very choppy lately. The lumber bears have
the overall near-term technical advantage. The next
downside technical breakout objective for the lumber bears
is pushing and closing prices below solid technical support
at $240.00. The next upside price breakout objective for
the bulls is pushing and closing prices above solid
technical resistance at $260.00. First resistance is seen
at $253.00 and then at $255.00. First support is seen at
this week’s low of $248.10 and then at $245.00. Wyckoff's
Market Rating: 3.0

*. METALS: February gold futures closed up $26.50 an ounce
at $1,634.50 today. Prices closed nearer the session high
today and hit a fresh two-week high. A lower U.S. dollar
index and higher crude oil prices were bullish “outside
market” forces for gold today. Gold prices are still in a
two-month-old downtrend on the daily bar chart, but now
just barely. More gains on Wednesday would likely negate
that near-term price downtrend. Bulls' next upside
technical breakout objective is to produce a close above
solid technical resistance at the last “reaction high” on
the daily bar chart, located at $1,643.70. Bears' next
near-term downside price objective is closing prices below
solid technical support at $1,562.50. First resistance is
seen at $1,643.70 and then at $1,650.00. First support is
seen at $1,625.00 and then at today’s low of $1,609.20.
Wyckoff's Market Rating: 5.0.

March silver futures closed up $1.128 an ounce at $29.91
today. Prices closed nearer the session high today and hit
a fresh four-week high. More short covering and bargain
hunting were featured. The key “outside markets” were also
bullish for silver today, as the U.S. dollar index was
weaker and crude oil prices were higher. A 10-week-old
downtrend on the daily bar chart was negated today and
bulls gained some fresh upside technical momentum. Bulls’
next upside price breakout objective is closing prices
above solid technical resistance at $31.00 an ounce. The
next downside price breakout objective for the bears is
closing prices below major technical support at $28.12.
First resistance is seen at today’s high of $30.31 and then
at $30.50. Next support is seen at $29.50 and then at
$29.00. Wyckoff's Market Rating: 4.5.

March N.Y. copper closed up 935 points 350.95 cents today.
Prices closed near the session high today. The market was
boosted by higher crude oil prices and a weaker U.S. dollar
index today. Copper bulls regained the slight near-term
technical advantage today. Copper bulls' next upside
breakout objective is pushing and closing prices above
solid technical resistance at the December high of 367.40
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
332.50 cents. First resistance is seen at today’s high of
351.75 cents and then at 353.90 cents. First support is
seen at 347.50 cents and then at 345.00 cents. Wyckoff's
Market Rating: 5.5.

*. ENERGIES: February crude oil closed up $0.85 a barrel at
$102.16 today. Prices closed near mid-range again today and
were supported by the weaker U.S. dollar index and higher
U.S. stock market prices. Crude oil bulls have the overall
near-term technical advantage. However, the going does get
tough for the bulls once prices move above the key $100.00
level. The next near-term upside price breakout objective
for the crude oil bulls is producing a close above solid
technical resistance at $105.00 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 $98.00. First resistance is seen at $103.00 and then at
last week’s high of $103.74. First support is seen at
today’s low of $101.30 and then at $101.00. Wyckoff's
Market Rating: 7.5.

February heating oil closed up 325 points at $3.1056 today
in a big trading range that saw prices hit a fresh seven-
week high. Prices closed nearer the session high today.
Bulls have the overall near-term technical advantage. The
bulls' next upside price breakout objective is closing
prices above solid technical resistance at the November
high of $3.1803. Bears' next downside price breakout
objective is producing a close below solid technical
support at $2.9500. First resistance lies at today’s high
of $3.1188 and then at $3.1500. First support is seen at
$3.0500 and then at $3.0250. Wyckoff's Market Rating: 6.5.

February (RBOB) unleaded gasoline closed up 163 points at
$2.7753 today. Prices closed near mid-range and hit a fresh
four-month high today. Bulls 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 September high of $2.8341.
Bears' next downside price breakout objective is closing
prices below solid support at $2.6500. First resistance is
seen at today’s high of $2.7981 and then at $2.8250. First
support is seen at $2.7500 and then at $2.7250. Wyckoff's
Market Rating: 6.5.

February natural gas closed down 8.5 cents at $2.926 today.
Prices closed near the session low and hit another contract
low. 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
$3.25. The next downside price breakout objective for the
bears is closing prices below solid technical support at
$2.75. First resistance is seen at $3.00 and then at $3.05.
First support is seen at today’s contract low of $2.903 and
then at $2.85. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 24 points at 1.2785 today. Prices closed near
mid-range today on more tepid short covering in a bear
market. Bears still have the solid overall near-term
technical advantage. Prices are in a 10-week-old downtrend
on the daily bar chart. Euro bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at 1.3100. The next downside
price breakout objective for the bears is closing prices
below solid chart support at 1.2500. First resistance for
the Euro lies at today’s high of 1.2824 and then at 1.2869.
Next support is seen at today’s low of 1.2747 and then at
1.2700. Wyckoff's Market Rating: 1.5

The March Japanese yen closed up 6 points at 1.3026 today.
Prices closed near mid-range today in quieter trading.
Bulls have the slight near-term technical advantage. Prices
are in a three-week-old uptrend on the daily bar chart.
Bulls' next upside price breakout objective is closing
prices above solid resistance at the November high of
1.3101. Bears' next downside breakout objective is closing
prices below solid technical support at 1.2833. First
resistance is seen at this week’s high of 1.3039 and then
at last week’s high of 1.3070. First support is seen at
this week’s low of 1.2998 and then at last week’s low of
1.2943. Wyckoff's Market Rating: 5.5.

The March Swiss franc closed up 21 points at 1.0549 today.
Prices closed near mid-range today on more tepid short
covering in a bear market after hitting a fresh 23-month
low on Monday. Bears 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 high of 1.0768. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 1.0400. First resistance
is seen at today’s high of 1.0576 and then at 1.0600. First
support is seen at 1.0500 and then at this week’s low of
1.0431. Wyckoff's Market Rating: 2.0.

The March Australian dollar closed up 74 points at 1.0227
today. Prices closed near mid-range today. Bulls have the
near-term technical advantage. Prices are in a six-week-old
uptrend on the daily bar chart. Bulls' next upside price
breakout objective is closing prices above solid chart
resistance at the October high of 1.0569. The next downside
breakout objective for the bears is to produce a close
below solid technical support at .9957. First resistance is
seen at today’s high of 1.0273 and then at 1.0300. Next
support is seen at today’s low of 1.0161 and then at this
week’s low of 1.0065. Wyckoff's Market Rating: 6.0

The March Canadian dollar closed up 72 points at .9819
today. Prices closed nearer the session high today. Bulls
regained the slight near-term technical advantage today. A
three-week-old uptrend line on the daily bar chart has been
re-established. Bulls' next upside price breakout objective
is producing a close above chart resistance at the December
high of .9923. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the December low of .9573. First resistance is
seen at today’s high of .9834 and then at .9858. First
support is seen at today’s low of .9748 and then at .9700.
Wyckoff's Market Rating: 5.5.

The March British pound closed up 41 points at 1.5470
today. Prices closed near mid-range today. Bears 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 December high of
1.5761. Bears' next downside technical breakout objective
is closing prices below solid support at the December low
of 1.5350. First resistance is seen at 1.5515 and then at
1.5600. First support is seen at today’s low of 1.5436 and
then at this week’s low of 1.5386. Wyckoff's Market Rating:
3.0.

The March U.S. dollar index closed down 20 points at 81.18
today. Prices closed near mid-range today and saw mild
profit taking after prices hit a fresh 16-month high on
Monday. Bulls still have the solid overall near-term
technical advantage. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at 82.50. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at 79.55. Next resistance lies at today’s
high of 81.40 and then at Monday’s high of 81.45. First
support is seen at 81.00 and then at 80.50. Wyckoff's
Market Rating: 8.0.

March U.S. T-Bonds closed down 4/32 at 142 25/32 today.
Prices closed nearer the session high today and saw mild
profit taking. The bond market bulls still have the overall
near-term technical advantage but need to show more power
soon. The next downside price breakout objective for the T-
Bond bears is closing prices below solid technical support
at the December low of 129 24/32 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at last week’s high of 145
8/32. First resistance is seen at today’s high if 143 6/32
and then at this week’s high of 143 24/32. First support is
seen at today’s low of 142 1/32 and then at last week’s low
of 141 10/32. Wyckoff's Market Rating: 6.5.

March U.S. T Notes closed down 4.5 (32nds) at 130.23.0
today. Prices closed near mid-range today. Bulls still have
the overall near-term technical advantage. Prices have been
trading choppy and sideways for three weeks. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at the December high of
131.14.0. The next downside price breakout objective for
the bears is producing a close below solid technical
support at 129.25.0. First resistance is seen at today’s
high of 130.28.5 and then at this week’s high of 131.04.0.
First support is seen at today’s low of 130.14.0 and then
at last week’s low of 130.03.0. Wyckoff's Market Rating:
7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today. The stock index bulls still have upside
technical momentum on their side.

The Nasdaq stock futures index closed up 15.25 at 2,362.00
today. Prices hit a fresh seven-week high today and closed
near mid-range. Bulls' next upside price breakout objective
is closing prices above solid resistance at the October
high of 2,408.75. The bears' next downside price breakout
objective is closing prices below solid technical support
at 2,300.00. First resistance is seen at today’s high of
2,378.25 and then at 2,408.75. First support is seen at
today’s low of 2,346.25 and then at 2,325.00. Wyckoff's
Market Rating: 6.5

The S&P 500 futures index closed up 10.40 at 1,286.00.
Prices closed nearer the session high and hit a fresh five-
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 1,225.00. First resistance is seen at today’s
high of 1,291.80 and then at 1,300.00. First support is
seen at today’s low of 1,274.60 and then at 1,260.00.
Wyckoff's Market Rating: 6.5.

The Dow futures closed up 53 points at 12,390 today. Prices
closed near the session low today but did hit a fresh five-
month high early on. The next upside price objective for
the bulls is closing prices above solid technical
resistance at 12,500. The next downside price objective for
the bears is closing prices below solid technical support
at the December low of 11,665. First resistance in the Dow
lies at today’s high of 12,450 and then at 12,500. First
support is seen at 12,350 and then at this week’s low of
12,275. Wyckoff's Market Rating: 6.5.

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
 

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