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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--January 9

Jan 10, 2012

Monday Evening, January 9-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 down $0.37 at
$119.95 today. Weaker crude oil prices helped to pressure
the cattle market today. Prices closed near the session low
and hit a fresh three-week low today. Bulls are fading
after seeing a bearish weekly low close last Friday. The
bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at $122.50.
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 $120.55 and then at $121.00.
First support is seen at today’s low of $119.85 and then at
$119.25. Wyckoff's Market Rating: 4.5

March feeder cattle closed down $0.15 at $149.72 today.
Prices closed near mid-range and saw mild profit taking
from recent solid gains that saw prices hit a fresh
contract high last week. Feeder bulls still 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 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 today’s
high of $150.05 and then at $150.70. First support is seen
at today’s low of $149.30 and then at $148.77. Wyckoff's
Market Rating: 7.5

February lean hogs down $0.45 at $83.45 today. Prices
closed nearer the session low and hit a fresh two-week low
today. Hog bears have the overall near-term technical
advantage and are gaining more downside momentum. 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
$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
today’s high of $84.20 and then at $84.60. First support is
seen at today’s low of $83.25 and then at $83.00. Wyckoff's
Market Rating: 2.0

*. GRAINS: March corn futures closed up 10 3/4 cents at
$6.54 1/4 today. Prices closed near mid-range today and saw
bargain hunting and short covering from selling pressure
late last week. Any rains hitting South American corn
growing regions have been disappointing and the weather
there is still bullish for corn. A weaker U.S. dollar index
also supported corn today. 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 $6.60 and then at $6.64 1/4. First support is
seen at $6.50 and then at $6.45. Wyckoff's Market Rating:
5.5

March soybeans closed up 36 cents at $12.32 1/2 a bushel
today. Prices closed near the session high and saw short
covering and bargain hunting today. A fresh USDA export
sale of soybeans (likely to China) boosted beans today, as
did a weaker U.S. dollar index and still-dry-and-hot
weather in South American soybean regions that is hurting
the crop there. 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 $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 and then at last week’s high of $12.44 3/4. First
support is seen at $12.25 and then at $12.10. Wyckoff's
Market Rating: 5.5.

March soybean meal closed up $11.20 at $323.60 today.
Prices closed near the session high today and hit a fresh
10-week high. Meal bulls still have the near-term technical
advantage and gained fresh upside momentum today. 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 $321.30 and then at $320.00. Wyckoff's
Market Rating: 6.0

March bean oil closed up 112 points at 52.24 cents today.
Prices closed near the session high today and saw short
covering and bargain hunting. Bean oil bulls and bears are
now back 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
52.50 cents and then at 52.67 cents. First support is seen
at 52.00 cents and then at 51.41 cents. Wyckoff's Market
Rating: 5.0

March Chicago SRW wheat closed up 16 cents at $6.40 3/4
today. Prices closed nearer the session high today and saw
short covering. Wheat was also supported by solid gains in
corn and soybeans today. Wheat will remain a follower of
corn and beans for at least the near term. 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 today’s high of $6.45 and then
at $6.50. First support lies at $6.32 and then at last
week’s low of $6.24 1/2. Wyckoff's Market Rating: 4.5.

March K.C. HRW wheat closed up 18 cents at $6.98 today.
Prices closed nearer the session high today on short
covering. Bears still 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 $7.00 and then at $7.06. First support is seen at
today’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 8 3/4 cents at $2.96 today. Prices
closed nearer the session high today and saw short covering
in a bear market. Oats bears still have the solid 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 major psychological resistance at
$3.00. First support lies at $2.93 and then at $2.90. First
resistance is seen at $2.98 and then at $3.00. Wyckoff's
Market Rating: 2.5

*. SOFTS: March sugar closed down 11 points at 23.18 cents
today. Prices closed near mid-range today and saw short
covering in a bear market. Sugar 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 23.00 cents and then at today’s low of 22.82 cents and
then at 22.62 cents. Wyckoff's Market Rating: 3.0

March coffee closed down 50 points at 221.25 cents. Prices
closed near mid-range 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 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 225.00
cents and then at 227.50 cents. First support is seen at
last week’s low of 216.60 cents and then at 215.00 cents.
Wyckoff's Market Rating: 1.5

March cocoa closed up $143 at $2,171 a ton. Prices closed
nearer the session high today and saw heavy short covering
and bargain hunting. A weaker U.S. dollar also supported
cocoa today. Cocoa bears still have the 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 $2,200
and then at $2,225. First support is seen at $2,150 and
then at $2,100. Wyckoff's Market Rating: 2.0.

March cotton closed up 64 points at 96.50 cents today.
Prices closed nearer the session high, hit a fresh seven-
week high and scored a bullish “outside day” up on the
daily bar chart today. A weaker U.S. dollar index helped to
support cotton today. Cotton bulls still 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 95.00 cents and then at
94.00 cents. First resistance is seen at today’s high of
96.90 cents and then at 97.50 cents. Wyckoff's Market
Rating: 6.0

March orange juice closed up the 1,000 point limit at
$1.8775 today. Prices soared to a fresh contract high
today. I saw no wire reports on why the market rallied the
limit, but am surmising there was some damage to the citrus
crop in Florida from the recent cold weather, or that the
dry weather in South America is impacting the citrus crop
there. 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 $1.7500.
First resistance is seen at $1.9000 and then at $1.9250.
First support is seen at $1.8500 and then at $1.8250.
Wyckoff's Market Rating: 8.5.

March lumber futures closed down $6.50 at $248.40 today.
Prices closed near the session low as 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 $250.00 and then at
$253.00. First support is seen at $247.50 and then at
$245.00. Wyckoff's Market Rating: 3.0

*. METALS: February gold futures closed down $5.30 an ounce
at $1,611.50 today. Prices closed nearer the session low
today and were pressured by weaker crude oil prices. Losses
in gold were limited by a slightly lower U.S. dollar index.
Gold prices are still in a two-month-old downtrend on the
daily bar chart. The bulls 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 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 the
December low of $1,523.90. First resistance is seen at
today’s high of $1,624.60 and then at last week’s high of
$1,632.30. First support is seen at $1,600.00 and then at
$1,593.80. Wyckoff's Market Rating: 4.0.

March silver futures closed up $0.217 an ounce at $28.90
today. Prices closed near mid-range today and saw short
covering. Gains were limited by weaker crude oil prices.
Silver prices are still in a 10-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 the December low of $26.145.
First resistance is seen at today’s high of $29.205 and
then at $29.50. Next support is seen at today’s low of
$28.55 and then at $28.00. Wyckoff's Market Rating: 3.5.

March N.Y. copper closed down 250 points 341.00 cents
today. Prices closed near mid-range today. The market was
pressured by weaker crude oil prices today. Copper bulls
and bears are 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 today’s high of 344.20
cents and then at 348.00 cents. First support is seen at
today’s low of 337.80 cents and then at 335.00 cents.
Wyckoff's Market Rating: 5.0.

*. ENERGIES: February crude oil closed down $0.30 a barrel
at $101.26 today. Prices closed near mid-range today and
saw mild profit taking pressure. Crude oil bulls still 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
today’s high of $102.15 and then at $103.00. First support
is seen at $101.00 and then at $100.00. Wyckoff's Market
Rating: 7.0.

February heating oil closed up 3 points at $3.0705 today.
Prices closed near mid-range today. Bulls still have the
overall near-term technical advantage. A bullish pennant
pattern has formed on the daily bar chart. 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 last week’s high of $3.1027 and then at
$3.1250. First support is seen at $3.0500 and then at
$3.0250. Wyckoff's Market Rating: 6.0.

February (RBOB) unleaded gasoline closed down 28 points at
$2.7544 today. Prices closed near mid-range in quieter
trading today. Bulls still 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 $2.7740 and then at last week’ high
of $2.7970. First support is seen at $2.7200 and then at
$2.7000. Wyckoff's Market Rating: 6.0.

February natural gas closed down 4.7 cents at $3.015 today.
Prices closed near mid-range today in quieter trading.
Prices last week 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 $3.05 and then at last week’s high of
$3.123. First support is seen at the contract low of $2.936
and then at $2.90. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 38 points at 1.2767 today. Prices closed nearer
the session high today after hitting a fresh 16-month low
early on. Tepid short covering in a bear market was seen
today. 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 1.2800 and then at 1.2869. Next support is
seen at today’s low of 1.2673 and then at 1.2600. Wyckoff's
Market Rating: 1.0

The March Japanese yen closed up 26 points at 1.3022 today.
Prices closed near mid-range today. Bulls have regained 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 today’s high of 1.3039 and then at last week’s high of
1.3070. First support is seen at today’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 53 points at 1.0536 today.
Prices closed nearer the session high today on tepid short
covering in a bear market after hitting a fresh 23-month
low early on today. 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 1.0550 and then at
1.0600. First support is seen at 1.0500 and then at today’s
low of 1.0431. Wyckoff's Market Rating: 1.5.

The March Australian dollar closed up 5 points at 1.0160
today. Prices closed near the session high today. Bulls
still 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 1.0200 and then at 1.0268. Next
support is seen at today’s low of 1.0065 and then at
1.0000. Wyckoff's Market Rating: 6.0

The March Canadian dollar closed up 27 points at .9751
today. Prices closed near the session high today. Bulls and
bears are on a level near-term technical playing field. A
three-week-old uptrend on the daily bar chart has been
negated. 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 .9800 and then at .9816. First support is seen at
.9706 and then at today’s low of .9675. Wyckoff's Market
Rating: 5.0.

The March British pound closed up 29 points at 1.5443
today. Prices closed nearer the session high 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
1.5386 and then at 1.5350. Wyckoff's Market Rating: 3.0.

The March U.S. dollar index closed down 26 points at 81.33
today. Prices closed near the session low today and saw
profit taking after prices hit a fresh 16-month high
overnight. 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 81.85 and then at 82.00. 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 1/32 at 143 even today.
Prices closed near mid-range 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 143 16/32 and then at
today’s high of 143 24/32. First support is seen at today’s
low of 142 16/32 and then at 142 even. Wyckoff's Market
Rating: 6.5.

March U.S. T Notes closed up 4.0 (32nds) at 130.28.0 today.
Prices closed near mid-range today. Bulls still have the
overall near-term technical advantage. 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
131.04.0 and then at 131.07.5. First support is seen at
today’s low of 130.18.5 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
mixed today in quieter trading. The stock index bulls still
have some upside technical momentum on their side.

The Nasdaq stock futures index closed down 5.50 at 2,346.75
today. Prices hit a fresh six-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 the December low of 2,204.25. First resistance is seen
at today’s high of 2,363.50 and then at 2,375.00. First
support is seen at today’s low of 2,338.50 and then at
2,325.00. Wyckoff's Market Rating: 6.5

The S&P 500 futures index closed up 1.40 at 1,275.60.
Prices closed nearer the session high today. 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 last week’s high of 1,281.50
and then at 1,288.70. First support is seen at today’s low
of 1,267.80 and then at 1,250.00. Wyckoff's Market Rating:
6.0.

The Dow futures closed up 28 points at 12,337 today. Prices
closed near the session high 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 last week’s high of 12,410
and then at 12,500. First support is seen at today’s low of
12,275 and then at 12,225. 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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