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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--June 14

Jun 15, 2012

Thursday Evening, June 14-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: August live cattle closed down $0.95 at
$117.02 today. Prices hit a fresh five-week low and closed
near the session low again today. Serious near-term chart
damage has been inflicted Wednesday and today as the bears
have gained good downside near-term technical momentum and
have the overall near-term technical advantage. The bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at $120.00. The
next downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
the April low of $114.70. First resistance is seen at
$117.50 and then at $118.00. First support is seen at
today’s low of $116.87 and then at $116.50. Wyckoff's
Market Rating: 3.0

August feeder cattle closed down $2.15 at $156.20 today.
Prices closed near the session low today on heavy profit
taking and weak long liquidation. Significant chart damage
occurred today. Bulls have faded and are now back on a
level near-term technical playing field with the bears. The
next upside price breakout objective for the feeder bulls
is to push and close prices above solid technical
resistance at $159.00. The next downside price breakout
objective for the bears is to push and close prices below
solid technical support at $154.80. First resistance is
seen at $157.00 and then at $157.50. First support is seen
at today’s low of $156.17 and then at $156.00. Wyckoff's
Market Rating: 5.0

August lean hogs closed up $1.00 at $93.00 today. Prices
closed nearer the session high and hit a two-month high
today. Hog market bulls have the near-term technical
advantage and gained more upside momentum today. The next
upside price breakout objective for the hog bulls is to
push and close prices above solid chart resistance at the
April high of $95.15. The next downside price breakout
objective for the bears is pushing prices below solid
technical support at $90.60. First resistance is seen at
today’s high of $93.17 and then at $93.50. First support is
seen at today’s low of $92.50 and then at $92.00. Wyckoff's
Market Rating: 6.5

*. GRAINS: July corn futures closed up 8 1/4 cents at $6.00
3/4 today. Prices closed near mid-range and hit a fresh
three-week high on short-covering and bargain hunting amid
flip-flopping weather forecasts for the Corn Belt. Focus
has shifted to the latest Corn Belt weather forecasts,
which now have less rain chances in the coming days. The
overall weather pattern in the Corn Belt remains tilted in
favor of the bulls. Corn market bears do still have the
overall near-term technical advantage. Corn bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at $6.25. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
June low of $5.51. First resistance for July corn is seen
at today’s high of $6.08 1/2 and then at $6.12. First
support is seen at $5.95 and then at today’s low of $5.91
3/4. Wyckoff's Market Rating: 4.0

July soybeans closed down 21 cents at $13.87 1/4 a bushel
today. Prices closed near the session low again today on
more profit taking. No significant chart damage has
occurred but the bulls do not want to see selling pressure
on Friday to produce a bearish weekly low close. Bean bulls
still have the overall near-term technical advantage. The
next near-term upside technical breakout objective for the
soybean bulls is pushing and closing prices above solid
technical resistance at this week’s high of $14.49 1/4 a
bushel. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $13.50. First resistance is seen at $14.00 and
then at today’s high of $14.15 3/4. First support is seen
at today’s low of $13.84 and then at $13.75. Wyckoff's
Market Rating: 6.0.

July soybean meal closed down $4.10 at $417.90 today.
Prices closed nearer the session low today and saw more
profit taking after prices Tuesday hit a contract high.
Meal bulls still have the overall near-term technical
advantage. The next upside price breakout objective for the
bulls is to produce a close above solid technical
resistance at the contract high of $439.90. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at
$410.00. First resistance comes in at $420.00 and then at
$422.50. First support is seen at today’s low of $415.60
and then at $412.50. Wyckoff's Market Rating: 7.0

July bean oil closed down 110 points at 48.00 cents today.
Prices closed near the session low today and closed at a
fresh contract low close. Bean oil bears have the solid
overall near-term technical advantage. The next upside
price breakout objective for the bean oil bulls is pushing
and closing prices above solid technical resistance at
50.00 cents. Bean oil bears' next downside technical price
breakout objective is pushing and closing prices below
solid technical support at 47.00 cents. First resistance is
seen at 48.50 cents and then at 49.00 cents. First support
is seen at the June low of 47.81 cents and then at 47.50
cents. Wyckoff's Market Rating: 1.0

July Chicago SRW wheat closed up 7 1/2 cents at $6.23 1/2
today. Prices closed near mid-range today and saw short
covering in a bear market. Wheat bears still have the
overall near-term technical advantage. Bulls’ next upside
breakout objective is to push and close Chicago SRW prices
above solid technical resistance at last week’s high of
$6.44 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 $6.29 and then at
$6.35. First support lies at the June low of $6.11 and then
at $6.00. Wyckoff's Market Rating: 3.0.

July K.C. HRW wheat closed up 5 1/2 cents at $6.46 today.
Prices closed near the session low again today. Bears have
the solid overall near-term technical advantage. Bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at $6.70. The
bears' next downside breakout objective is pushing and
closing prices below solid technical support at the June
low of $6.37. First resistance is seen at today’s high of
$6.50 and then at $6.62. First support is seen at $6.37 and
then at $6.32. Wyckoff's Market Rating: 3.0

July oats closed steady at $3.05 3/4 today. Prices closed
nearer the session low today and hit a fresh three-week
high early on. Bears have the slight overall near-term
technical advantage but the bulls are gaining some upside
technical momentum. Bears' next downside price breakout
objective is pushing and closing prices below solid
technical support at $2.80. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at this week’s high of $3.10
1/4. First support lies at today’s low of $3.04 and then at
$3.00. First resistance is seen at $3.10 1/4 and then at
today’s high of $3.12 3/4. Wyckoff's Market Rating: 4.5

*. SOFTS: July sugar closed up 5 points at 19.97 cents
today. Prices closed near mid-range today. Sugar bears have
the solid overall near-term technical advantage. Bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at 21.00 cents.
Bears' next downside price breakout objective is to push
and close prices below solid technical support at the June
low of 18.86 cents. First resistance is seen at today’s
high of 20.23 cents and then at 20.43 cents. First support
is seen at today’s low of 19.81 cents and then at 19.60
cents. Wyckoff's Market Rating: 2.0.

July coffee closed down 340 points at 149.10 cents. Prices
closed near the session low today and hit another fresh 21-
month low. Coffee prices are in an 8.5-month-old downtrend
on the daily bar chart. The 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 160.00 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 145.00 cents a pound.
First resistance is seen at today’s high of 152.30 cents
and then at 155.00 cents. First support is seen at today’s
low of 148.85 cents and then at 147.50 cents. Wyckoff's
Market Rating: 1.0

July cocoa closed down $24 at $2,233 a ton. Prices closed
nearer the session high today. Cocoa bears 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 $2,300. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
June low of $2,026. First resistance is seen at today’s
high of $2251 and then at this week’s high of $2,282. First
support is seen at $2,200 and then at $2,173. Wyckoff's
Market Rating: 3.0

July cotton closed up the 300-point limit at 78.09 cents
today. Prices hit a fresh three-week high today as bulls
have gained fresh upside near-term technical momentum. The
next upside price breakout objective for the bulls is to
produce a close above solid technical resistance at 82.00
cents. The next downside price breakout objective for the
cotton bears is to push and close prices below solid
technical support at 72.00 cents. First resistance is seen
at 79.00 cents and then at 80.00 cents. First support is
seen at 77.50 cents and then at 77.00 cents. Wyckoff's
Market Rating: 3.5

July orange juice closed down 145 points at $1.0915 today.
Prices closed near mid-range today and hit a fresh three-
week low. FCOJ bears have the solid overall near-term
technical advantage. The next upside price breakout
objective for the FCOJ bulls is pushing and closing prices
above technical resistance at $1.2000. The next downside
technical breakout objective for the FCOJ bears is to
produce a close below solid technical support at the May
low of $.9710. First resistance is seen at today’s high of
$1.1200 and then at this week’s high of $1.1575. First
support is seen at today’s low of $1.0710 and then at
$1.0600. Wyckoff's Market Rating: 1.5.

July lumber futures closed down $2.50 at $276.30 today.
Prices hit another fresh four-week low today. Bears now
have the slight near-term technical advantage. The next
downside technical breakout objective for the lumber bears
is pushing and closing prices below solid technical support
at $270.00. The next upside price breakout objective for
the bulls is pushing and closing prices above solid
technical resistance at this week’s high of $289.50. First
resistance is seen at today’s high of $278.00 and then at
$280.00. First support is seen at $276.00 and then at
$275.00. Wyckoff's Market Rating: 4.5

*. METALS: August gold futures closed down $0.60 an ounce
at $1,618.80 today. Prices closed near mid-range today in
cautious trading ahead of the weekend Greek elections. Gold
market bulls have gained the slight near-term technical
advantage amid recent safe-haven demand. The gold bulls’
next upside price breakout objective is to produce a close
above solid technical resistance at the June high of
$1,642.40. Bears' next near-term downside price objective
is closing prices below solid technical support at last
week’s low of $1,556.40. First resistance is seen at
today’s high of $1,629.00 and then at $1,632.00. First
support is seen at today’s low of $1,610.40 and then at
$1,600.00. Wyckoff’s Market Rating: 5.5

July silver futures closed down $0.506 an ounce at $28.435
today. Prices closed nearer the session low today. Bears
have the overall near-term technical advantage. Bulls’ next
upside price breakout objective is closing prices above
major psychological resistance at $30.00 an ounce. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the June low of
$27.17. First resistance is seen at this week’s high of
$29.095 and then at $29.50. Next support is seen at today’s
low of $28.15 and then at last week’s low of $27.91.
Wyckoff's Market Rating: 4.0.

July N.Y. copper closed up 105 points 334.95 cents today.
Prices closed nearer the session high today on short
covering. The key “outside markets” were bullish for copper
today as the U.S. dollar index was weaker and crude oil
prices were firmer. Copper bears still have the overall
near-term technical advantage. Prices are in a 10-week-old
downtrend on the daily bar chart. Copper bulls' next upside
breakout objective is pushing and closing prices above
solid technical resistance at 345.00 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the contract low of
308.00 cents. First resistance is seen at 336.95 cents and
then at this week’s high of 340.00 cents. First support is
seen at today’s low of 331.85 cents and then at 330.00
cents. Wyckoff's Market Rating: 3.0.

*. ENERGIES: July crude oil closed up $1.52 a barrel at
$84.14 today. Prices closed nearer the session high today
and saw short covering in a bear market. The crude bears
still have the solid overall near-term technical advantage.
There are still no early technical clues to suggest a
market bottom is close at hand. The next near-term upside
price breakout objective for the crude oil bulls is
producing a close above solid technical resistance at
$87.00 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 $80.00. First resistance
is seen at $85.00 and then at $86.00. First support is seen
at $83.00 and then at $82.50. Wyckoff's Market Rating: 2.0

July heating oil closed up 233 points at $2.6342 today.
Prices closed near the session high today and saw short
covering in a bear market. Bears still have the solid
overall near-term technical advantage as prices are in a
2.5-month-old downtrend on the daily bar chart. The bulls'
next upside price breakout objective is closing prices
above solid technical resistance at $2.8000. Bears' next
downside price breakout objective is producing a close
below solid technical support at $2.5000. First resistance
lies at $2.6518 and then at $2.6750. First support is seen
at today’s low of $2.5976 and then at the June low of
$2.5641. Wyckoff's Market Rating: 2.0.

July (RBOB) unleaded gasoline closed up 309 points at
$2.6863 today. Prices closed nearer the session high today
on short covering. Bears still have the solid near-term
technical advantage. A 10-week-old downtrend is in place on
the daily bar chart. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at $2.8000. Bears' next downside price
breakout objective is closing prices below solid support at
$2.5000. First resistance is seen at $2.6922 and then at
$2.7263. First support is seen at this week’s low of
$2.6285 and then at the June low of $2.5971. Wyckoff's
Market Rating: 2.0.

July natural gas closed up 32.4 cents at $2.51 today.
Prices closed near the session high after hitting a fresh
six-week low early on today. Prices rallied sharply on a
bullish weekly nat gas storage report, and on short
covering and bargain hunting. Bulls gained fresh upside
near-term technical momentum today. Bears 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 $2.70. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the April low of
$2.096. First resistance is seen at today’s high of $2.522
and then at $2.60. First support is seen at $2.45 and then
at $2.40. Wyckoff's Market Rating: 4.0.

*.STOCKS, FINANCIALS, CURRENCIES: The September Euro
currency closed up 31 points at 1.2630 today. Prices closed
nearer the session high again today on more short covering.
The Euro bears still have the overall near-term technical
advantage. Euro prices are still in a 3.5-month-old
downtrend on the daily bar chart. Euro bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at 1.2838. The next
downside price breakout objective for the bears is closing
prices below solid chart support at the June low of 1.2298.
First resistance for the Euro lies at today’s high of
1.2646 and then at this week’s high of 1.2680. Next support
is seen at today’s low of 1.2553 and then at 1.2500.
Wyckoff's Market Rating: 2.5

The September Japanese yen closed down 3 points at 1.2618
today. Prices closed near mid-range today. Bulls have the
slight overall near-term technical advantage. However, a
bearish pennant pattern has formed on the daily bar chart.
Bulls' next upside price breakout objective is closing
prices above solid resistance at the June high of 1.2895.
Bears' next downside breakout objective is closing prices
below solid technical support at 1.2435. First resistance
is seen at today’s high of 1.2649 and then at 1.2700. First
support is seen at today’s low of 1.2598 and then at last
week’s low of 1.2547. Wyckoff's Market Rating: 5.5.

The September Swiss franc closed up 26 points at 1.0533
today. Prices closed nearer the session high today on more
short covering. The bears still have the solid near-term
technical advantage in the Swissy. Prices are in a 3.5-
month-old downtrend. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 1.0684. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the June low of 1.0280. First
resistance is seen at today’s high of 1.0541 and then at
this week’s high of 1.0580. First support is seen at
today’s low of 1.0468 and then at 1.0413. Wyckoff's Market
Rating: 2.5.

The September Australian dollar closed up 30 points at
.9915 today. Prices closed nearer the session high today
and hit a fresh four-week high on more short covering.
Bears still have the overall near-term technical advantage.
Bulls' next upside price breakout objective is closing
prices above solid chart resistance at 1.0000. The next
downside breakout objective for the bears is to produce a
close below solid technical support at the June low of
.9499. First resistance is seen at .9950 and then at
1.0000. Next support is seen at today’s low of .9840 and
then at this week’s low of .9766. Wyckoff's Market Rating:
4.5

The September Canadian dollar closed up 47 points at .9752
today. Prices closed near the session high today on short
covering. Bears still have the overall near-term technical
advantage. Bulls' next upside price breakout objective is
producing a close above chart resistance at .9800. The next
downside price breakout objective for the bears is closing
prices below solid technical support at .9500. First
resistance is seen at today’s high of .9755 and then at
this week’s high of .9783. First support is seen at .9700
and then at this week’s low of .9663 and then at .9600.
Wyckoff's Market Rating: 3.5.

The September British pound closed up 32 points at 1.5553
today. Prices closed near the session high today on short
covering. 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
1.5700. Bears' next downside technical breakout objective
is closing prices below solid support at the June low of
1.5266. First resistance is seen at last week’s high of
1.5593 and then at 1.5650. First support is seen at this
week’s low of 1.5448 and then at 1.5397. Wyckoff's Market
Rating: 3.0.

The September U.S. dollar index closed down 27 points at
82.23 today. Prices closed nearer the session low again
today. Bulls still have the overall near-term technical
advantage but are fading a bit. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at the June high of 84.00. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at 81.50. Next
resistance lies at 82.50 and then at 83.00. First support
is seen at this week’s low of 82.10 and then at 82.00.
Wyckoff's Market Rating: 6.0.

September U.S. T-Bonds closed down 13/32 at 148 27/32
today. Prices closed near mid-range and saw profit taking.
Bulls still have the solid overall near-term technical
advantage. Prices are still in a three-month-old uptrend on
the daily bar chart. There are still no early technical
clues to suggest a market top is close at hand. The next
downside price breakout objective for the T-Bond bears is
closing prices below solid technical support at 146 even.
The next upside technical objective for the bulls is to
produce a close above solid technical resistance at the
contract high of 152 19/32. First resistance is seen at
this week’s high of 149 24/32 and then at 150 even. First
support is seen at today’s low of 148 14/32 and then at 148
even. Wyckoff's Market Rating: 7.0.

September U.S. T Notes closed down 12.0 (32nds) at 133.11.0
today. Prices closed nearer the session low today on profit
taking. Bulls still have the solid overall near-term
technical advantage. Prices are in a three-month-old
uptrend on the daily bar chart. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at the contract high of 134.30.5. The next
downside price breakout objective for the bears is
producing a close below solid technical support at
132.16.0. First resistance is seen at this week’s high of
133.30.5 and then at 134.05.5. First support is seen at
133.05.0 and then at today’s low of 132.29.0. Wyckoff's
Market Rating: 7.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today, supported on late-afternoon coordinated
jawboning from the European finance ministers, whereby they
pledged to add liquidity in case of severe market action
following Sunday’s Greek elections. It could be a quieter
day Friday ahead of the weekend event, or it could be more
active as its options expiration day.

The Nasdaq stock futures index closed up 15.00 at 2,537.50.
Prices closed nearer the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 2,650.00. The bears' next downside
price breakout objective is closing prices below solid
technical support at 2,400.00. First resistance is seen at 
2,552.75 and then at last week’s high of 2,564.75. First
support is seen at this week’s low of 2,505.00 and then at
2,481.50. Wyckoff's Market Rating: 5.0

The S&P 500 futures index closed up 16.80 at 1,325.60.
Prices closed nearer the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1,360.00. The next downside price
breakout objective for the bears is closing prices below
solid support at 1,250.00. First resistance is seen at
1,334.20 and then at this week’s high of 1,341.10. First
support is seen at this week’s low of 1,298.00 and then at
1,286.50. Wyckoff's Market Rating: 5.0.

The Dow futures closed up 177 points at 12,606 today.
Prices closed nearer the session high today and hit a fresh
four-week high. The next upside price objective for the
bulls is closing prices above solid technical resistance at
12,800. The next downside price objective for the bears is
closing prices below solid technical support at the June
low of 12,030. First resistance in the Dow lies at today’s
high of 12,635 and then at 12,700. First support is seen at
12,550 and then at 12,500. Wyckoff's Market Rating: 5.5.

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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