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--July 24

Jul 25, 2012

Tuesday Evening, July 24-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.

(NOTE: I am out of the office this week, spending some time with my wife in
Telluride, Colorado. My friend and fellow trader/analyst Ken Seehusen will produce
my daily report this week. Ken's style is a bit different than mine, but I think you'll
benefit and enjoy his work, too. --Jim)

The STOCK INDEXES

The September NASDAQ 100 closed lower for the third day in a row on Tuesday
as it extended the decline off last Thursday’s high. Today’s decline fell
short of testing the June-July uptrend line crossing near 2546.80. The
low-range close sets the stage for a steady to lower opening when Wednesday’s night
session begins trading. Closes below the aforementioned uptrend line
would confirm an end to the rally off June’s low while opening the door for
sideways to lower prices into the end of July. Stochastics and the RSI are
turning bearish signaling that sideways to lower prices are possible
near-term. If September renews the rally off June’s low, the May 4th gap
crossing at 2686.50 is the next upside target. First resistance is last
Thursday’s high crossing at 2658.00. Second resistance is May 4th gap
crossing at 2686.50. First support is the June-July uptrend line crossing
near 2546.80. Second support is the reaction low crossing at 2516.50.

The September S&P 500 index closed sharply lower on Tuesday amid concern
over Europe’s debt crisis and news that United Parcel Service Inc. lowered
its earnings forecast. UPS’s bearish earnings forecast led to a 5% decline
in their stock and could prove to be a harbinger of disappointing earnings
among other companies in the coming months. Today’s decline led to a
breakout below the June-July uptrend line crossing near 1338.17 confirming
that the corrective rally off June’s low has ended while at the same time
opening the door for sideways to lower prices into August; a seasonally weak
period for the equity markets. The low-range close sets the stage for a
steady to lower opening when Wednesday’s night session begins trading.
Stochastics and the RSI have turned bearish signaling that sideways to lower
prices are possible near-term. If September extends the decline off last
week’s high, the reaction low crossing at 1320.00 is the next downside
target. Closes above the 10-day moving average crossing at 1348.97 would
confirm that a short-term low has been posted. First resistance is the
10-day moving average crossing at 1348.97. Second resistance is last
Thursday’s high crossing at 1375.70. First support is today’s low crossing
at 1324.20. Second support is the reaction low crossing at 1320.00.

The Dow closed lower for the third day in a row and below the June-July
uptrend line crossing near 12,627 amid increased speculation that Greece may
miss debt reduction targets. Additional pressure came from news that United
Parcel Service Inc. lowered its profit forecast. Today’s breakout and close
below the June-July uptrend line crossing near 12,627 confirms that a trend
change is taking place while opening the door for sideways to lower prices
into August when a seasonal low is due to be posted. Today’s low-range close
sets the stage for a steady to lower opening on Wednesday as the door is
open for a test of the previous reaction low crossing at 12,492 possibly on
Wednesday. Closes above the 20-day moving average crossing at 12,747 would
temper the near-term bearish outlook. Stochastics and the RSI are diverging
and are turning bearish signaling that sideways to lower prices are possible
near-term. First resistance is the 20-day moving average crossing at 12,747.
Second resistance is last Thursday’s high crossing at 12,977. First support
is today’s low crossing at 12,521. Second support is the reaction low
crossing at 12,492.

INTEREST RATES

September T-bonds closed up 31/32’s at 153-04.

September T-bonds closed higher on Tuesday and above June’s high of 152-19
thereby renewing the rally off March’s low. The high-range close sets the
stage for a steady to higher opening on Wednesday. Stochastics and the RSI
are diverging but have turned bullish signaling that sideways to higher
prices are possible near-term. Multiple closes above June’s high crossing at
152-19 would confirm today’s upside breakout of this resistance level while
opening the door for additional gains into early-August. Closes below the
20-day moving average crossing at 150-16 are needed to confirm that a double
top has been posted. First resistance is today’s high crossing at 153-04.
First support is the 20-day moving average crossing at 150-16. Second
support is the reaction low crossing at 147-23.

ENERGY MARKETS

September crude oil closed higher due to short covering on Tuesday as it
consolidated some of its decline off last Thursday’s high. Today’s rally was
supported by fight in Syria, which raised tensions in the Middle East along
with reports that China’s manufacturing may contract at a slower pace in
July than had previously been forecasted. US crude oil inventories declined
by 1 million barrels to 376.4 million in the seven days ended July 20,
according to the median of 11 analyst estimates before an Energy Department
report tomorrow. A decrease of that size would leave supplies at the lowest
level since April. Despite today’s rally, September remained below broken
support marked by the 10-day moving average, which crosses at 89.01. The
high-range close sets the stage for a steady to higher opening when
Wednesday’s night session begins. However, stochastics and the RSI have
turned bearish signaling that sideways to lower prices are possible
near-term. Closes below the 20-day moving average crossing at 86.46 would
confirm that a short-term top has been posted. If September renews the rally
off June’s low, the 50% retracement level of this year’s decline crossing at
94.28 is the next upside target. First resistance is last Thursday’s high
crossing at 93.25. Second resistance is the 50% retracement level of this
year’s decline crossing at 94.28. First support is the 20-day moving average
crossing at 86.46. Second support is the reaction low crossing at 84.05.

August heating oil closed lower on Tuesday as it extended Monday’s decline
below the 10-day moving average crossing at 283.85. The mid-range close sets
the stage for a steady to lower opening when Wednesday’s session begins
trading. Stochastics and the RSI are turning bearish signaling that pause or
setback is possible near-term. Closes below the 20-day moving average
crossing at 275.93 would confirm that a short-term top has been posted. If
August renews the rally off June’s low, the 62% retracement level of the
March-June decline crossing at 301.88 is the next upside target. First
resistance is the 62% retracement level of the March-June decline crossing
at 301.88. Second resistance is the 75% retracement level of the March-June
decline crossing at 312.72. First support is the 20-day moving average
crossing at 275.93. Second support is the reaction low crossing at 270.28.

August unleaded gas closed lower on Tuesday and below the 10-day moving
average crossing at 285.63 signaling that a short-term top is in or is near.
The low-range close sets the stage for a steady to lower opening when
Wednesday’s night session begins trading. Stochastics and the RSI are
overbought and are turning neutral to bearish signaling that a pause or
setback to consolidate some of the rally off June’s low is possible
near-term. Closes below the 20-day moving average crossing at 275.14 are
needed to confirm that a short-term top has been posted. If August extends
the rally off June’s low, the 62% retracement level of the March-June
decline crossing at 295.32 is the next upside target. First resistance is
the 62% retracement level of the March-June decline crossing at 295.32.
Second resistance is the 75% retracement level of the March-June decline
crossing at 306.20. First support is the 20-day moving average crossing at
275.14. Second support is the reaction low crossing at 270.42.

August Henry natural gas closed higher on Tuesday as it extends the rally
off June’s low. The high-range close sets the stage for a steady to higher
opening on Wednesday. Stochastics and the RSI are overbought but remain
bullish signaling that sideways to higher prices are possible near-term. If
July extends the rally off June’s low, the 38% retracement level of the
2011-2012-decline crossing at 3.320 is the next upside target. Closes below
the 20-day moving average crossing at 2.887 are needed to confirm that a
short-term top has been posted. First resistance is today’s high crossing at
3.196. Second resistance is the 38% retracement level of the
2011-2012-decline crossing at 3.320. First support is the 10-day moving
average crossing at 2.953. Second support is the 20-day moving average
crossing at 2.887.

CURRENCIES

The September Dollar closed higher on Tuesday and above June high of 84.00
thereby renewing the rally off May’s low. The high-range close sets the
stage for a steady to higher opening on Wednesday. Stochastics and the RSI
are diverging but are turning bullish signaling that sideways to higher
prices are possible near-term. If September extends the rally off May’s low,
weekly resistance crossing at 85.04 is the next upside target. Closes below
last Thursday’s low crossing at 82.80 would confirm that a short-term top
has been posted. First resistance is today’s high crossing at 84.24. Second
resistance is weekly resistance crossing at 85.04. First support is last
Thursday’s low crossing at 82.80. Second support is the reaction low
crossing at 81.56.

The September Euro closed lower on Tuesday amid increased concerns over
Greece and Spain’s debt crisis. The low-range close sets the stage for a
steady to lower opening on Wednesday. Stochastics and the RSI are oversold,
diverging but remain bearish signaling that additional weakness is possible
near-term. If September extends this year’s decline, monthly support
crossing at 118.74 is the next downside target. Closes above the 20-day
moving average crossing at 123.38 would confirm that a low has been posted.
First resistance is last Thursday’s high crossing at 123.35. Second
resistance is the 20-day moving average crossing at 123.38. First support is
today’s low crossing at 120.51. Second support is monthly support crossing
at 118.74.

The September British Pound closed lower on Tuesday as it extended the
decline off last Thursday’s high. The low-range close sets the stage for a
steady to lower opening when Wednesday’s night session begins trading.
Stochastics and the RSI have turned bearish signaling that sideways to lower
prices are possible near-term. If September extends the aforementioned
decline, the reaction low crossing at 1.5390 is the next downside target. If
September renews the rally off July’s low, June’s high crossing at 1.5773 is
the next upside target. First resistance is last Thursday’s high crossing at
1.5736. Second resistance is June’s high crossing at 1.5773. First support
is the reaction low crossing at 1.5390. Second support is June’s low
crossing at 1.5266.

The September Swiss Franc closed lower on Tuesday as it extended this year’s
decline. The low-range close sets the stage for a steady to lower opening
when Wednesday’s night session begins trading. Stochastics and the RSI are
diverging but are bearish signaling that sideways to lower prices are
possible near-term. If September extends this year’s decline, monthly
support crossing at .9939 is the next downside target. Closes above the
20-day moving average crossing at crossing at .10281 are needed to confirm
that a short-term low has been posted. First resistance is last Thursday’s
high crossing at crossing at .10274. Second resistance is the 20-day moving
average crossing at .10281. First support is today’s low crossing at .10040.
Second support is monthly support crossing at .9939.

The September Canadian Dollar closed lower on Tuesday and below the 20-day
moving average crossing at 98.08 confirming that a short-term top has been
posted. The low-range close sets the stage for a steady to lower opening
when Wednesday’s night session begins trading. Stochastics and the RSI have
turning bearish signaling that sideways to lower prices are possible
near-term. If September extends the decline off last week’s high, the
reaction low crossing at 97.40 is the next downside target. If September
renews the rally off June’s low, the 62% retracement level of the April-June
decline crossing at 99.33 is the next upside target. First resistance is
last Thursday’s high crossing at 99.21. Second resistance is the 62%
retracement level of this spring’s decline crossing at 99.33. First support
is the reaction low crossing at 97.40. Second support is June’s uptrend line
crossing near 97.08.

The September Japanese Yen closed higher on Tuesday as it extends the rally
off June’s low. The high-range close sets the stage for a steady to higher
opening when Wednesday’s night session begins trading. Stochastics and the
RSI are overbought but remain neutral to bullish signaling that sideways to
higher prices are possible near-term. If September extends this month’s
rally, June’s high crossing at .12895 is the next upside target. Closes
below the 20-day moving average crossing at .12629 would confirm that a
short-term top has been posted. First resistance is Monday’s high crossing
at .12839. Second resistance is June’s high crossing at .12895. First
support is the 20-day moving average crossing at .12629. Second support is
the reaction low crossing at .12514.

PRECIOUS METALS

August gold closed higher on Tuesday as it continues to extend the trading
range of the past three months. The high-range close sets the stage for a
steady to higher opening when Wednesday’s night session begins trading.
Stochastics and the RSI remain neutral to bearish signaling that sideways to
lower prices are possible near-term. If August renews this month’s decline,
the reaction low crossing at 1547.60 is the next downside target. Multiple
closes above the reaction high crossing at 1598.80 would confirm that a
short-term low has been posted. First resistance is the reaction high
crossing at 1598.80. Second resistance is this month’s high crossing at
1625.70. First support is the reaction low crossing at 1547.60. Second
support is May’s low crossing at 1529.30.

September silver closed lower on Tuesday as it extends this month’s trading
range. The mid-range close set the stage for a steady opening when Wednesday
’s night session begins trading. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-term. If September
extends this month’s decline, June’s low crossing at 26.105 is the next
downside target. If September renews the rally off June’s low, June’s high
crossing at 29.915 is the next upside target. First resistance is the
reaction high crossing at 29.135. Second resistance is June’s high crossing
at 29.915. First support is June’s low crossing at 26.105. Second support is
weekly support crossing at 24.689.

September copper closed lower for the third day in a row on Tuesday as it
extended the decline off last Thursday’s high. The low-range close sets the
stage for a steady to lower opening when Wednesday’s night session begins
trading. Stochastics and the RSI are bearish signaling that sideways to
lower prices are possible near-term. If September extends this week’s
decline, June’s low crossing at 325.00 is the next downside target. Closes
above the 10-day moving average crossing at 345.03 would temper the
near-term bearish outlook in September copper. First resistance is the
10-day moving average crossing at 345.03. Second resistance is this month’s
high crossing at 355.65. First support is the reaction low crossing at
326.50. Second support is June’s low crossing at 325.00.

GRAINS

December Corn closed down 7 1/4-cents at 7.78 1/4.

December corn closed lower on Tuesday but well off session lows that touched
limit down in early session trading. Early downside pressure was triggered
by overnight and morning rains, which moved across upper portions of the
Midwest and moved through Chicago, which led to a limit down move in
December corn this morning. However, prices began to rebound following a
Reuters' News survey of trade analysts, which estimated this year’s corn
yield at 130.8 bushels per acre leading to a corn crop of 11.4 billion
bushels. That would assume harvested acres of just over 87 million, or 90%
of planted acres. Harvested acres during the 1988 drought fell to 85.5%. If
harvest acres fall by a similar amount this year, harvested acres would be
down another 5 million near 82 million acres. Monday’s crop conditions
report showed that 45% of the nation's corn crop is rated Poor to Very Poor
as of this week. The high-range close sets the stage for a steady to higher
opening when Wednesday’s night session begins trading. Stochastics and the
RSI are overbought but remain neutral to bullish signaling that sideways to
higher prices are possible near-term. Closes above the previous all-time
high of $7.99-3/4 would likely trigger additional buying as the door would
be open for additional gains ahead of the August supply-demand report.
Initial support is the 10-day moving average crossing at 7.64 1/4. Closes
below the 20-day moving average crossing at 7.17 1/4 would confirm that a
top has been posted. First resistance is Monday’s high crossing at 8.00.
First support is the 10-day moving average crossing at 7.64 1/4. Second
support is the 20-day moving average crossing at 7.17 1/4.

December wheat closed down 30 3/4-cents at 8.88 1/4.

December wheat closed sharply lower on Tuesday confirming yesterday’s key
reversal down as it consolidated some of this summer’s rally. Today’s
decline led to a close below the 10-day moving average crossing at 8.95 3/4
thereby signaling that a short-term top is in or is near. A short covering
rally tempered early session losses and the mid-range close sets the stage
for a steady opening when Wednesday’s night session begins trading.
Stochastics and the RSI are overbought and are turning neutral to bearish
signaling that a pause or setback to consolidate some of this summer’s rally
appears likely near-term. Closes below the 20-day moving average crossing at
8.49 1/2 would confirm that a short-term top has been posted while opening
additional weakness possible into the August supply-demand report. If
December renews the rally off June’s low, the May-2011 high crossing at 9.77
1/2 is the next upside target. First resistance is Monday’s high crossing at
9.53 1/4. Second resistance is the May-2011 high crossing at 9.77 1/2. First
support is the 20-day moving average crossing at 8.49 1/2. Second support is
the reaction low crossing at 8.16 1/4.

December Kansas City Wheat closed down 31 1/2-cents at 8.98.

December Kansas City wheat gapped down and closed below initial support
marked by the 10-day moving average crossing at 9.05 3/4 on Tuesday as it
consolidated some of this summer’s rally. Early session losses saw December
fill the July 16th gap crossing at 8.78 before a short covering rally
tempered some of today’s losses. The high-range close sets the stage for a
steady to higher opening on Wednesday. Stochastics and the RSI are
overbought and are turning bearish hinting that sideways to lower prices are
possible near-term. Closes below the 20-day moving average crossing at 8.59
would confirm that a short-term top has been posted. If December renews this
summer’s rally, the May-2011 high crossing at 9.78 1/2 is the next upside
target. First resistance is last Friday’s high crossing at 9.54. Second
resistance is the May-2011 high crossing at 9.78 1/2. First support is today
’s low crossing at 8.75 3/4. Second support is the 20-day moving average
crossing at 8.59.

December Minneapolis wheat closed down 36 1/2-cents at 9.68 1/2.

December Minneapolis wheat closed sharply lower confirming yesterday’s key
reversal down on Tuesday as it consolidated some of this summer’s rally.
Today’s close below initial support marked by the 10-day moving average
crossing at 9.77 1/2 signals that a short-term top is in or near. The
mid-range close sets the stage for a steady to lower opening when Wednesday’
s night session begins to trade. Stochastics and the RSI are overbought and
are turning neutral to bearish signaling that sideways to lower prices are
possible near-term. Closes below the 20-day moving average crossing at 9.29
1/4 are needed to confirm that a top has been posted. If December extends
this summer’s rally, weekly resistance crossing at 10.70 3/4 is the next
upside target. First resistance is Monday’s high crossing at 10.34. Second
resistance is weekly resistance crossing at 10 70 3/4. First support is the
20-day moving average crossing at 9.29 1/4. Second support is the reaction
low crossing at 8.99 1/4.

SOYBEAN COMPLEX

November soybeans closed down 52 3/4-cents at 15.69 1/2.

November soybeans closed sharply lower for the second day in a row on
Tuesday as rains moved across portions of the upper Midwest overnight and
persisted throughout much of today. A Reuters' news survey of traders
estimated this year’s soybean crop at 38.6 bushels per acre, for a total
soybean crop of 2.9 billion bushels. That is based upon the assumption that
harvested acres will be around 75.1 million acres, which is down slightly
from USDA's estimate of 75.3 million. This harvested acreage number appears
to be optimistic considering that 35% of the nation's crop is rated Poor to
Very Poor and many double-crop acres were never planted. If harvested acres
come in a more realistic 73 to 74 million acreage, the USDA would have to
cut another 50 to 75 million off the size of this year’s soybean crop.
Demand continues to remain strong despite this summer’s run up in prices,
which suggests that the market has not rationed enough demand given the
projected supply of new-crop soybeans. Today’s low-range close sets the
stage for a steady to lower opening when Wednesday’s night session begins
trading. Stochastics and the RSI have turned bearish signaling that sideways
to lower prices are possible near-term. Closes below the 20-day moving
average crossing at 15.31 would confirm that a short-term top has been
posted while opening the door for a possible decline to this summer’s
uptrend line crossing near 14.88 1/4 before the market can find solid
footing to halt this week’s decline. If November renews this summer’s rally,
psychological resistance crossing at 17.00 is the next upside target. First
resistance is Monday’s high crossing at 16.91 1/2. Second resistance is
psychological resistance crossing at 17.00. First support is the 20-day
moving average crossing at 15.31. Second support is this summer’s uptrend
line crossing near 14.88 1/4.

December soybean meal closed down $14.50 at $469.80.

December soybean meal closed sharply lower for the second day in a row due
to long liquidation by funds on Tuesday. Rains across portions of the upper
Midwest along with a wetter extended weather forecast for the region
extended Monday’s losses.  Early weakness saw December spike below initial
support marked by the 10-day moving average before a short covering rally
ahead of the close tempered early session losses. The mid-range close sets
the stage for a steady opening when Wednesday’s night session begins
trading. Stochastics and the RSI are overbought and are turning neutral to
bearish warning bulls that a pause or setback is possible near-term. Closes
below the 20-day moving average crossing at 448.90 would confirm that a
short-term top has been posted. If December extends this year’s rally into
uncharted territory, upside targets will be hard to project. First
resistance is Monday’s high crossing at 509.80. First support is the 20-day
moving average crossing at 448.90. Second support is the reaction low
crossing at 433.00.

December soybean oil closed down 225-pts. at 52.33.

December soybean closed sharply lower due to spillover weakness from
soybeans, soybean meal on Tuesday and below key support marked by the 20-day
moving average crossing at 54.07. Today’s close below the 20-day moving
average crossing at 54.07 confirms that a short-term top has been posted
while opening the door for a larger-degree decline into early-August. The
low-range close sets the stage for a steady to lower opening when Wednesday’
s night session begins trading. Stochastics and the RSI are bearish
signaling that additional weakness is possible near-term. Closes above the
10-day moving average crossing at 54.60 are needed to temper the near-term
bearish outlook. First resistance is the 10-day moving average crossing at
54.60. Second resistance is the reaction high crossing at 56.00. First
support is today’s low crossing at 52.12. Second support is the reaction low
crossing at 51.36.

LIVESTOCK

August hogs closed down $0.40 at $92.92.

August hogs closed lower due to profit taking on Tuesday as it consolidated
some of the gains off last week’s low. The mid-range close sets the stage
for a steady opening when Wednesday’s night session begins trading.
Stochastics and the RSI remain bullish signaling that this week’s setback is
only a correction with in a larger-degree rally. If August renews the rally
off lat week’s low, July’s high crossing at 96.15 is the next upside target.
Closes below the 10-day moving average crossing at 91.99 would temper the
near-term friendly outlook. First resistance is last Friday’s high crossing
at 94.25. Second resistance is this month’s high crossing at 96.15. First
support is last Monday’s low crossing at 89.75. Second support is June’s low
crossing at 88.10.

August cattle closed up $0.20 at 118.80.

August cattle closed higher on Tuesday and are poised to extend last week’s
rally. The high-range close sets the stage for a steady to higher opening
when Wednesday’s night session begins trading. Stochastics and the RSI are
bullish signaling that sideways to higher prices are possible near-term. If
August renews last week’s rally, the reaction high crossing at 120.55 is the
next upside target. If August renews this month’s decline, April’s low
crossing at 114.70 is the next downside target. First resistance is last
Thursday’s high crossing at 119.10. Second resistance is the reaction high
crossing at 120.55. First support is last Tuesday’s low crossing at 115.45.
Second support is April’s low crossing at 114.70.

August feeder cattle closed up $2.02 at $137.67.

August Feeder cattle posted an inside day with a higher close on Tuesday as
it extended the trading range of the past four days. The high-range close
sets the stage for a steady to higher opening when Wednesday’s night session
begins trading. Stochastics and the RSI are turning neutral to bullish
signaling that sideways to higher prices are possible near-term. Closes
above the 20-day moving average crossing at 142.79 would confirm that a
short-term low has been posted. If August renews this summer’s decline,
weekly support crossing at 132.66 is the next downside target. First
resistance is the 10-day moving average crossing at 138.03. Second
resistance is the 20-day moving average crossing at 142.79. First support is
last Tuesday’s low crossing at 133.10. Second support is weekly support
crossing at 132.66.

FOOD & FIBER

September coffee close lower on Tuesday and below the 20-day moving average
crossing at 17.90 tempering the near-term friendly outlook. The low-range
close sets the stage for a steady to lower opening on Wednesday. Stochastics
and the RSI are neutral to bearish signaling that additional weakness is
possible. If September extends today’s decline, the reaction low crossing at
16.08 is the next downside target. If September renews the rally off June’s
low, April’s high crossing at 19.55 is the next upside target.

September cocoa closed lower on Tuesday but the low-range close sets the
stage for a steady to lower opening on Wednesday. Stochastics and the RSI
are turning neutral to bullish signaling that sideways to higher prices are
possible near-term. Closes above the last Thursday’s high crossing at 22.85
would temper the near-term bearish outlook. If September renews this month’s
decline, the reaction low crossing at 20.85 is the next downside target.

October sugar closed lower due to profit taking on Tuesday as it
consolidated some of the rally off June’s low. The mid-range close set the
stage for a steady opening on Wednesday. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If October extends the rally off June’s low,
February’s high crossing at 24.69 is the next upside target. Closes below
the 20-day moving average crossing at 22.32 would confirm that a short-term
top has been posted.

October cotton closed lower on Tuesday as it extends this month’s trading
range. The low-range close sets the stage for a steady to lower opening on
Wednesday. Stochastics and the RSI are neutral to bearish signaling that
sideways to lower prices are possible near-term. Closes above 75.00 or below
65.00 are needed to confirm a breakout of June’s trading range and point the
direction of the next trending move.

 

Message 25 of 61

 


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