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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 4

Jan 05, 2012

Wednesday Evening, January 4-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 $0.07 at
$121.62 today. Prices closed nearer the session high today
and saw some short covering. Cattle bulls and bears are on
a level near-term technical playing field but the bulls are
fading. The bulls' next upside price breakout objective is
to push and close prices above solid technical resistance
at the December high of $124.35. The next downside
technical breakout objective for the bears is pushing and
closing prices below solid technical support at $120.25.
First resistance is seen at $122.00 and then at $122.50.
First support is seen at today’s low of $121.05 and then at
$120.50. Wyckoff's Market Rating: 5.0

March feeder cattle closed up $1.12 at $150.55 today.
Prices closed nearer the session high and closed at a fresh
contract high close today. Feeder bulls have the solid
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 $150.87.
The next downside price breakout objective for the bears is
to push and close prices below solid technical support at
last week’s low of $148.77. First resistance is seen at
$150.87 and then at $151.50. First support is seen at
$150.00 and then at today’s low of $149.40. Wyckoff's
Market Rating: 8.0

February lean hogs down $0.35 at $85.17 today. Prices
closed nearer the session low today. Hog bears have the
overall near-term technical advantage. Prices are 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 $87.50.
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 today’s
high of $85.95 and then at last week’s high of $86.50.
First support is seen at today’s low of $85.00 and then at
this week’s low of $84.80. Wyckoff's Market Rating: 3.0

*. GRAINS: March corn futures closed unchanged at $6.58 1/2
today. Prices closed near mid-range today. Recent hot and
dry weather in South American corn regions, and more of the
same in the forecast is bullish for corn. The corn bulls
have the overall near-term technical advantage. Prices are
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 the
November high of $6.76 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 this week’s high of
$6.64 1/4 and then at $6.70. First support is seen at this
week’s low of $6.53 and then at $6.48 1/2. Wyckoff's Market
Rating: 6.0

March soybeans closed up 2 1/2 cents at $12.30 a bushel
today. Prices closed near mid-range today and closed at a
fresh nine-week high close. Dry and hot weather in South
American soybean regions is also bullish for soybean
futures. Soybean bulls have the 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 $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
$12.35 3/4 and then at this 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: 6.0.

March soybean meal closed up $1.40 at $320.60 today. Prices
closed nearer the session high today and closed at a fresh
two-month high close. Meal bulls have the near-term
technical advantage. Prices are in a three-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 $325.00. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $300.00. First
resistance comes in at this week’s high of $321.30 and then
at $325.00. First support is seen at today’s low of $316.00
and then at $312.50. Wyckoff's Market Rating: 6.0

March bean oil closed down 8 points at 53.03 cents today.
Prices closed near mid-range today. Bean oil bulls have the
near-term technical advantage. Prices are in a three-week-
old uptrend 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 the
October high of 55.52 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
51.41 cents. First resistance is seen at today’s high of
53.26 cents and then at 53.50 cents. First support is seen
at today’s low of 52.71 cents and then at 52.50 cents.
Wyckoff's Market Rating: 6.0

March Chicago SRW wheat closed down 7 cents at $6.50 today.
Prices closed nearer the session low today. Wheat bulls and
bears are on a level near-term technical playing field.
Prices are still in a three-week-old uptrend on the daily
bar chart. Bulls' next upside price breakout objective is
to push and close Chicago SRW prices above solid technical
resistance at the October high of $6.88 1/2 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
today’s high of $6.63 and then at this week’s high of $6.70
3/4. First support lies at today’s low of $6.45 1/4 and
then at $6.40. Wyckoff's Market Rating: 5.0.

March K.C. HRW wheat closed up 1 1/2 cents at $7.14 today.
Prices closed near the session high today. Bulls and bears
are on a level near-term technical playing field. Bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at the October high
of $7.57 1/2. The bears' next downside breakout objective
is pushing and closing prices below solid technical support
at $6.88. First resistance is seen at $7.20 and then at
this week’s high of $7.31 1/2. First support is seen at
today’s low of $7.05 and then at $7.00. Wyckoff's Market
Rating: 5.0

March oats closed down 5 1/2 cents at $2.93 today. Prices
closed nearer the session low today and hit a fresh five-
week low. Oats bears have the solid overall near-term
technical advantage and gained fresh downside momentum
today. Bears' next downside price breakout objective is
pushing and closing prices below major psychological
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 $3.10. First
support lies at today’s low of $2.90 1/4 and then at $2.87
1/2. First resistance is seen at $2.95 and then at $3.00.
Wyckoff's Market Rating: 2.5

*. SOFTS: March sugar closed down 18 points at 24.33 cents
today. Prices closed nearer the session low today on a
corrective pullback after hitting a fresh seven-week high
early on. Bulls did gain some upside momentum with
Tuesday’s big gains that saw a bullish upside breakout from
the sideways trading range at lower price levels. Sugar
bulls and bears are on a level near-term technical playing
field. A bullish head-and-shoulders bottom reversal pattern
may now be forming on the daily bar chart. Sugar bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at 25.00 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
today’s high of 24.65 cents and then at 25.00 cents. First
support is seen at today’s low of 24.16 cents and then at
24.00 cents. Wyckoff's Market Rating: 5.0

March coffee closed down 280 points at 224.40 cents. Prices
closed near the session low today. Coffee bears have the
solid overall near-term technical advantage. The coffee
bulls' next upside breakout objective is to close prices
above solid technical resistance at 232.50 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 227.50
cents and then at last week’s high of 229.30 cents. First
support is seen at this week’s low of 222.40 cents and then
at 220.00 cents. Wyckoff's Market Rating: 2.5

March cocoa closed down $46 at $2,069 a ton. Prices closed
near the session low today and hit a fresh two-week low.
Cocoa bears have the solid 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 $2,274. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at the contract low of
$1,983. First resistance is seen at $2,100 and then at
today’s high of $2,141. First support is seen at today’s
low of $2,068 and then at $2,050. Wyckoff's Market Rating:
1.5.

March cotton closed up 12 points at 95.92 cents today.
Prices hit a fresh six-week high and closed nearer the
session high. The bulls have regained upside technical
momentum. Short covering and bargain hunting are featured
this week. Cotton bulls have the slight 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 the November
low of 84.35 cents. First support is seen at today’s low of
94.75 cents and then at 94.00 cents. First resistance is
seen at today’s high of 96.48 cents and then at 98.00
cents. Wyckoff's Market Rating: 5.5

March orange juice closed up 440 points at $1.7750 today.
Prices closed near mid-range today and hit a fresh contract
high of $1.8170. Some cold weather in Florida citrus
regions has goosed the bulls this week. The next upside
price breakout objective for the FCOJ bulls is pushing and
closing prices above solid technical resistance at $1.8500.
The next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at $1.6800. First resistance is seen at $1.7900 and then at
$1.8000. First support is seen at $1.7600 and then at
$1.7500. Wyckoff's Market Rating: 8.0.

March lumber futures closed down $8.70 at $254.60 today.
Prices closed near the session low. The lumber bears gained
some downside momentum today. The next downside technical
breakout objective for the lumber bears is pushing and
closing prices below solid technical support at $250.00.
The next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at last week’s high of $272.90. First resistance is seen at
today’s high of $256.50 and then at $260.00. First support
is seen at today’s low of $254.00 and then at $252.00.
Wyckoff's Market Rating: 4.0

*. METALS: February gold futures closed up $14.10 an ounce
at $1,614.60 today. Prices closed nearer the session high
again today and saw more short covering and bargain-hunting
buying interest. Prices are still in a seven-week-old
downtrend on the daily bar chart and the bulls still have
more work to do in the near term to re-establish an uptrend
on the daily chart. Bulls' next upside technical breakout
objective is to produce a close above solid technical
resistance at $1,643.70. Bears' next near-term downside
price objective is closing prices below solid technical
support at last week’s low of $1,523.90. First resistance
is seen at today’s high of $1,619.80 and then at $1,625.00.
First support is seen at $1,600.00 and then at today’s low
of $1,593.80. Wyckoff's Market Rating: 4.0.

March silver futures closed down $0.432 an ounce at $29.14
today. Prices closed nearer the session low today. The key
“outside markets” were in a bearish posture for the silver
market today, as the U.S. dollar index was higher, while
crude oil prices were weaker. Silver prices are still in a
seven-week-old downtrend on the daily bar chart. Bulls’
next upside price breakout objective is closing prices
above solid technical resistance at $30.21 an ounce. The
next downside price breakout objective for the bears is
closing prices below major technical support at last week’s
low of $26.145. First resistance is seen at today’s high of
$29.74 and then at $30.00. Next support is seen at today’s
low of $28.90 and then at $28.50. Wyckoff's Market Rating:
3.5.

March N.Y. copper closed down 1,010 points 342.75 cents
today. Prices closed near the session low today and scored
a bearish “outside day” down on the daily bar chart after
hitting a fresh three-week high early on. The key “outside
markets” were in a bearish posture for the copper market
today, as the U.S. dollar index was higher, while crude oil
prices were lower. Copper bulls and bears are back on a
level near-term technical playing field. 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 the December low of 323.25 cents. First
resistance is seen at 345.00 cents and then at 350.00
cents. First support is seen at today’s low of 342.00 cents
and then at 340.00 cents. Wyckoff's Market Rating: 5.0.

*. ENERGIES: February crude oil closed up $0.23 a barrel at
$103.19 today. Prices closed nearer the session high and
hit a fresh seven-month high today. Fresh tensions between
the U.S. and Iran have boosted crude this week. Crude oil
bulls have the solid near-term technical advantage. 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 today’s high of $103.74 and
then at $104.00. First support is seen at $102.00 and then
at $101.00. Wyckoff's Market Rating: 7.5.

February heating oil closed up 543 points at $3.0929 today.
Prices closed near the session high today and hit a fresh
six-week high. Bulls have gained upside momentum this week
and 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 $2.9300. First resistance lies at $3.1000 and
then at $3.1250. First support is seen at $3.0750 and then
at $3.0500. Wyckoff's Market Rating: 6.5.

February (RBOB) unleaded gasoline closed up 374 points at
$2.7860 today. Prices closed near the session high and hit
a fresh four-month high today. Prices also scored a big and
bullish “outside day” up on the daily bar chart today.
Bulls have gained good upside momentum this week and have
the near-term technical advantage. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at the August high of $2.9448.
Bears' next downside price breakout objective is closing
prices below solid support at today’s low of $2.6300. First
resistance is seen at today’s high of $2.7886 and then at
$2.8000. First support is seen at $2.7500 and then at
$2.7300. Wyckoff's Market Rating: 6.5.

February natural gas closed up 11.1 cents at $3.104 today.
Prices closed near the session high today on short covering
in a bear market. Prices Monday hit a contract low. Bears
still 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 $3.15 and then at $3.20. First
support is seen at $3.00 and then at the contract low of
$2.936. Wyckoff's Market Rating: 1.5.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 119 points at 1.2944 today. Prices closed
nearer the session low today. Bears have the solid overall
near-term technical advantage. Prices are in a nine-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 1.3224. The next
downside price breakout objective for the bears is closing
prices below solid chart support at 1.2750. First
resistance for the Euro lies at 1.3000 and then at this
week’s high of 1.3085. Next support is seen at today’s low
of 1.2904 and then at last week’s low of 1.2869. Wyckoff's
Market Rating: 1.5

The March Japanese yen closed down 8 points at 1.3048
today. Prices closed near mid-range today. Bulls have
gained some upside near-term technical momentum recently
and have the slight overall 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 last week’s
low of 1.2833. First resistance is seen at this week’s high
of 1.3070 and then at 1.3100. First support is seen at
today’s low of 1.3028 and then at 1.3000. Wyckoff's Market
Rating: 5.5.

The March Swiss franc closed down 119 points at 1.0626
today. Prices closed nearer the session low today. Bears
have the overall near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at 1.1058. The next downside
price breakout objective for the bears is closing prices
below solid technical support at the December low of
1.0501. First resistance is seen at 1.0700 and then at
today’s high of 1.0748. First support is seen at last
week’s low of 1.0576 and then at the December low of
1.0501. Wyckoff's Market Rating: 2.0.

The March Australian dollar closed down 21 points at 1.0278
today. Prices closed near the session high today. Prices
Tuesday hit a two-month high. Bulls have regained the near-
term technical advantage. 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 last week’s low of .9957. First
resistance is seen at this week’s high of 1.0350 and then
at 1.0425. Next support is seen at today’s low of 1.0220
and then at 1.0183. Wyckoff's Market Rating: 6.0

The March Canadian dollar closed down 22 points at .9861
today. Prices closed nearer the session high today. 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 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 .9700.
First resistance is seen at today’s high of .9875 and then
at this week’s high of .9908. First support is seen at
today’s low of .9824 and then at .9800. Wyckoff's Market
Rating: 5.5.

The March British pound closed down 32 points at 1.5606
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 this week’s high of
1.5663 and then at 1.5700. First support is seen at this
week’s low of 1.5557 and then at 1.5500. Wyckoff's Market
Rating: 4.0.

The March U.S. dollar index closed up 48 points at 80.40
today. Prices closed nearer the session high today. Bulls
have the solid overall near-term technical advantage.
Bulls' next upside price breakout objective is to close
prices above solid technical resistance at the December
high of 81.41. 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
80.64 and then at 81.00. First support is seen at 80.00 and
then at this week’s low of 79.83. Wyckoff's Market Rating:
7.5.

March U.S. T-Bonds closed down 17/32 at 142 18/32 today.
Prices closed nearer the session low again today and saw
more profit taking amid the “risk on” day in the market
place. The bond market bulls still have the overall near-
term technical advantage but need to show fresh power soon.
The next downside price breakout objective for the T-Bond
bears is closing prices below solid technical support at
141 28/32 even. The next upside technical objective for the
bulls is to produce a close above solid technical
resistance at the November high of 145 8/32. First
resistance is seen at 143 even and then at today’s high of
143 22/32. First support is seen at today’s low of 142 3/32
and then at last week’s low of 141 28/32. Wyckoff's Market
Rating: 6.5.

March U.S. T Notes closed down 3.5 (32nds) at 130.14.0
today. Prices closed near mid-range today and saw more
profit taking. Bulls still have the overall near-term
technical advantage but need to show fresh power soon. 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 130.23.5 and then at 131.00.0. First support is
seen at today’s low of 130.08.0 and then at 130.00.0.
Wyckoff's Market Rating: 7.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher again today but in quieter trading. The stock index
bulls have upside technical momentum on their side as the
key U.S. employment report approaches Friday morning.

The Nasdaq stock futures index closed up 12.75 at 2,328.75
today. Prices closed at a fresh six-week high close today.
Bulls' next upside price breakout objective is closing
prices above solid resistance at the December high of
2,344.75. The bears' next downside price breakout objective
is closing prices below solid technical support at the
December low of 2,204.25. First resistance is seen at
today’s high of 2,329.50 and then at 2,344.75. First
support is seen at today’s low of 2,302.50 and then at
2,275.00. Wyckoff's Market Rating: 6.0

The S&P 500 futures index closed up 0.90 at 1,273.00.
Prices closed near the session high today and closed at a
fresh two-month high close. Bulls' next upside price
breakout objective is closing prices above solid resistance
at the October high of 1,288.70. The next downside price
breakout objective for the bears is closing prices below
solid support at the December low of 1,195.50. First
resistance is seen at this week’s high of 1,279.80 and then
at 1,288.70. First support is seen at today’s low of
1,263.00 and then at 1,250.00. Wyckoff's Market Rating:
6.0.

The Dow futures closed up 18 points at 12,356 today. Prices
closed at a fresh five-month high close today. 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 this week’s
high of 12,410 and then at 12,500. First support is seen at
today’s low of 12,280 and then at 12,250. Wyckoff's Market
Rating: 6.0.

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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