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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--June 5

Jun 06, 2012

Tuesday Evening, June 5-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 $0.77 at
$119.20 today. Prices closed near the session low today and
were pressured by a firmer U.S. dollar index. Cattle bears
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 the May high of
$122.40. The next downside technical breakout objective for
the bears is pushing and closing prices below solid
technical support at last week’s low of $117.80. First
resistance is seen at $120.00 and then at today’s high of
$120.22. First support is seen at this week’s low of
$119.10 and then at $118.50. Wyckoff's Market Rating: 4.0

August feeder cattle closed up $0.70 at $159.17 today.
Prices closed near the session high today and saw more
short covering and bargain hunting. Bulls have the near-
term technical advantage. The next upside price breakout
objective for the feeder bulls is to push and close prices
above solid technical resistance at $160.00. The next
downside price breakout objective for the bears is to push
and close prices below solid technical support at $156.00.
First resistance is seen at $159.60 and then at $160.00.
First support is seen at today’s low of $158.50 and then at
$158.00. Wyckoff's Market Rating: 6.0

August lean hogs closed up $0.32 at $91.55 today. Prices
closed nearer the session high today and closed at a fresh
seven-week high close today. Hog market bulls have upside
technical momentum to suggest an uptrend can be sustained.
Bulls have the slight near-term technical advantage. 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 $89.00. First resistance is seen at
this week’s high of $91.70 and then at $92.00. First
support is seen at $91.00 and then at today’s low of
$90.60. Wyckoff's Market Rating: 5.5

*. GRAINS: July corn futures closed up 1/2 cent at $5.68
1/2 today. Prices closed near mid-range today and saw tepid
short covering after prices last Friday hit a 17-month low.
Corn market bears still have the solid overall near-term
technical advantage. Corn bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at $5.90. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $5.50. First resistance for July
corn is seen at today’s high of $5.75 3/4 and then at
$5.80. First support is seen at today’s low of $5.60 1/2
and then at this week’s low of $5.57 3/4. Wyckoff's Market
Rating: 2.0

July soybeans closed up 14 cents at $13.54 a bushel today.
Prices closed nearer the session high today and saw some
short covering and bargain hunting. Soybean prices are in a
four-week-old downtrend on the daily bar chart. Bean bulls
and bears are on a level near-term technical playing field.
The next near-term upside technical breakout objective for
the soybean bulls is pushing and closing prices above
psychological resistance at $14.00 a bushel. The next
downside price breakout objective for the bears is pushing
and closing prices below psychological support at $13.00.
First resistance is seen at today’s high of $13.60 1/4 and
then at $13.70. First support is seen at today’s low of
$13.40 1/2 and then at this week’s low of $13.31 1/2.
Wyckoff's Market Rating: 5.0.

July soybean meal closed up $4.60 at $400.70 today. Prices
closed near mid-range today. Meal bulls have the slight
near-term technical advantage. The next upside price
breakout objective for the bulls is to produce a close
above solid technical resistance at last week’s high of
$417.20. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $380.00. First resistance comes in at today’s
high of $404.80 and then at $407.50. First support is seen
at today’s low of $396.60 and then at $394.00. Wyckoff's
Market Rating: 5.5

July bean oil closed up 26 points at 48.57 cents today.
Prices closed near mid-range today and saw short covering
in a bear market after prices Monday hit a contract low.
Bean oil bears have the solid overall near-term technical
advantage. Bean oil prices are in a two-month-old downtrend
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 51.28 cents.
Bean oil bears' next downside technical price breakout
objective is pushing and closing prices below solid
technical support at 47.50 cents. First resistance is seen
at today’s high of 48.74 cents and then at 49.18 cents.
First support is seen at today’s low of 48.25 cents and
then at the contract low of 47.81 cents. Wyckoff's Market
Rating: 1.5

July Chicago SRW wheat closed down 15 1/4 cents at $6.12
1/2 today. Prices closed near the session low today. Wheat
bears have the solid near-term technical advantage. Bulls’
next upside breakout objective is to push and close Chicago
SRW prices above solid technical resistance at $6.50 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
$6.25 and then at this week’s high of $6.31 1/2. First
support lies at last week’s low of 6.11 and then at $6.00.
Wyckoff's Market Rating: 2.0.

July K.C. HRW wheat closed down 17 cents at $6.38 today.
Prices closed near the session low today. Bears have the
solid 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 $6.25. First resistance is
seen at today’s high of $6.52 and then at $6.65 1/2. First
support is seen at last week’s low of $6.37 and then at
$6.30. Wyckoff's Market Rating: 2.5

July oats closed up 2 1/2 cents at $2.90 today. Prices
closed nearer the session high on more short covering in a
bear market. Bears still have the near-term technical
advantage. Bears' next downside price breakout objective is
pushing and closing prices below solid technical support at
the contract low of $2.62 1/4. Bulls' next upside price
breakout objective is pushing and closing prices above
psychological resistance at $3.00. First support lies at
today’s low of $2.85 3/4 and then at $2.80. First
resistance is seen at $2.92 and then at $2.95. Wyckoff's
Market Rating: 2.5

*. SOFTS: July sugar closed up 27 points at 19.17 cents
today. Prices closed near the session high on short
covering in a bear market. Prices on Monday hit a 1.5-year
low. Sugar bears still have the solid overall near-term
technical advantage. Prices are in a 10-week-old downtrend
on the daily bar chart. Bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at 20.50 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at 17.50 cents. First resistance is seen
at today’s high of 19.19 cents and then at 19.36 cents.
First support is seen at this week’s low of 18.86 cents and
then at 18.75 cents. Wyckoff's Market Rating: 1.5.

July coffee closed down 235 points at 156.10 cents. Prices
closed near the session low today and closed at a fresh 21-
month low close. 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 170.00 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 150.00 cents a
pound. First resistance is seen at 160.00 cents and then at
162.50 cents. First support is seen at this week’s low of
154.65 cents and then at 152.50 cents. Wyckoff's Market
Rating: 1.0

July cocoa closed up $61 at $2,155 a ton. Prices closed
nearer the session high today and saw short covering in a
bear market. Cocoa bears still have the solid 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 $2,200. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at $2,000.
First resistance is seen at today’s high of $2,169 and then
at $2,200. First support is seen at $2,125 and then at
$2,100. Wyckoff's Market Rating: 2.0

July cotton closed down 164 points at 66.89 cents today.
Prices closed near the session low today and closed at
another fresh contract low close today. The cotton bears
have the solid near-term technical advantage. Prices are in
a four-month-old downtrend on the daily bar chart. There
are no early clues of a market low being close at hand. The
next upside price breakout objective for the bulls is to
produce a close above solid technical resistance at 72.50
cents. The next downside price breakout objective for the
cotton bears is to push and close prices below solid
technical support at 65.00 cents. First resistance is seen
at 68.50 cents and then at 70.00 cents. First support is
seen at Monday’s contract low of 66.10 cents and then at
65.00 cents. Wyckoff's Market Rating: 1.0

July orange juice closed up 505 points at $1.1655 today.
Prices closed near the session high today and closed at a
fresh three-week high close. FCOJ bears still have the
overall near-term technical advantage. Prices are in a
four-month-old downtrend on the daily bar chart. The next
upside price breakout objective for the FCOJ bulls is
pushing and closing prices above technical resistance at
$1.2500. 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 last week’s high of $1.1735 and then at $1.2000. First
support is seen at $1.1250 and then at $1.1000. Wyckoff's
Market Rating: 2.5.

July lumber futures closed down $2.70 at $279.70 today.
Prices closed nearer the session low today. Bulls and bears
are on a level near-term technical playing field amid
choppy trading. The next downside technical breakout
objective for the lumber bears is pushing and closing
prices below solid technical support at the May low of
$276.00. The next upside price breakout objective for the
bulls is pushing and closing prices above solid technical
resistance at the February high of $294.00. First
resistance is seen at today’s high of $282.10 and then at
this week’s high of $283.70. First support is seen at last
week’s low of $279.00 and then at $278.00. Wyckoff's Market
Rating: 5.0

*. METALS: August gold futures closed up $4.10 an ounce at
$1,618.00 today. Prices closed near mid-range and saw more
chart consolidation following last Friday’s huge gains.
Gold bulls still have some upside near-term technical
momentum. A minor bullish pennant or flag pattern has
formed on the daily chart. Bulls and bears are on a level
near-term technical playing field. The gold bulls’ next
upside price breakout objective is to produce a close above
solid technical resistance at $1,650.00. Bears' next near-
term downside price objective is closing prices below what
is now psychological support at $1,600.00. First resistance
is seen at last week’s high of $1,632.00 and then at
$1,640.00. First support is seen at this week’s low of
$1,610.00 and then at $1,600.00. Wyckoff’s Market Rating:
5.0

July silver futures closed up $0.463 an ounce at $28.47
today. Prices closed near the session high. The silver
bears still have the overall near-term technical advantage.
Silver still sees a three-month-old downtrend in place on
the daily bar chart. Bulls’ next upside price breakout
objective is closing prices above solid technical
resistance at $29.00 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the December low of $26.50.
First resistance is seen at this week’s high of $28.68 and
then at $28.895. Next support is seen at $28.00 and then at
$27.50. Wyckoff's Market Rating: 3.5.

July N.Y. copper closed down 120 points 329.50 cents today.
Prices closed nearer the session low and closed at a fresh
7.5-month low close today. Weak worldwide economic data has
helped to sink the copper market. Copper bears have the
solid overall near-term technical advantage. Prices are in
a five-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 332.50 cents and then at 335.00 cents. First support is
seen at today’s low of 327.80 cents and then at last week’s
low of 323.80 cents. Wyckoff's Market Rating: 2.5.

*. ENERGIES: July crude oil closed up $0.27 a barrel at
$84.25 today. Prices closed near mid-range today and saw
tepid short covering in a bear market after prices hit an
eight-month low on Monday. 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 $90.00 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 today’s high
of $84.92 and then at $86.00. First support is seen at
today’s low of $83.31 and then at $82.50. Wyckoff's Market
Rating: 1.5

July heating oil closed up 56 points at $2.6325 today.
Prices closed nearer the session high today and saw tepid
short covering after hitting an eight-month low on Monday.
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 $2.6500 and
then at $2.6750. First support is seen at $2.6000 and then
at this week’s low of $2.5641. Wyckoff's Market Rating:
1.0.

July (RBOB) unleaded gasoline closed up 133 points at
$2.6840 today. Prices closed nearer the session high on
short covering after prices hit a 5.5-month low on Monday.
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 $2.7000 and then at $2.7250. First support is seen
at $2.6500 and then at $2.6250. Wyckoff's Market Rating:
1.5.

July natural gas closed up 1.6 cents at $2.431 today.
Prices closed nearer mid-range today and saw tepid short
covering in a bear market. 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 $2.60. The next downside
price breakout objective for the bears is closing prices
below solid technical support at $2.25. First resistance is
seen at today’s high of $2.477 and then at $2.50. First
support is seen at today’s low of $2.383 and then at last
week’s low of $2.313 and then at $2.25. Wyckoff's Market
Rating: 3.0.

*.STOCKS, FINANCIALS, CURRENCIES: The September Euro
currency closed down 48 points at 1.2458 today. Prices
closed nearer the session low today. Prices last Friday hit
a nearly two-year low. The Euro bears have the solid
overall near-term technical advantage. There are no early
technical clues of a market bottom being close at hand.
Euro prices are in a three-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 last week’s high of 1.2630. The next downside
price breakout objective for the bears is closing prices
below solid chart support at 1.2250. First resistance for
the Euro lies at 1.2500 and then at today’s high of 1.2555.
Next support is seen at this week’s low of 1.2401 and then
at 1.2350. Wyckoff's Market Rating: 1.5

The September Japanese yen closed down 67 points at 1.2717
today. Prices closed nearer the session low today and saw
more profit taking after prices last Friday hit a 3.5-month
high. Bulls still have the overall near-term technical
advantage. Prices are in a 2.5-month-old uptrend on the
daily bar chart. Bulls' next upside price breakout
objective is closing prices above solid resistance at last
week’s high of 1.2895. Bears' next downside breakout
objective is closing prices below solid technical support
at last week’s low of 1.2568. First resistance is seen at
1.2750 and then at 1.2800. First support is seen at today’s
low of 1.2678 and then at 1.2650. Wyckoff's Market Rating:
6.5.

The September Swiss franc closed down 39 points at 1.0389
today. Prices closed nearer the session low today. Prices
last Friday hit a nearly two-year low. The bears have the
solid near-term technical advantage in the Swissy. Prices
are in a three-month-old downtrend. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at last week’s high of 1.0506. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 1.0250. First
resistance is seen at today’s high of 1.0461 and then at
1.0500. First support is seen at this week’s low of 1.0350
and then at 1.0311. Wyckoff's Market Rating: 1.5.

The September Australian dollar closed up 15 points at
.9658 today. Prices closed nearer the session low today and
saw tepid short covering in a bear market. Prices last
Friday hit a 6.5-month low. Bears have the solid overall
near-term technical advantage. Prices are in a three-month-
old downtrend on the daily bar chart. Bulls' next upside
price breakout objective is closing prices above solid
chart resistance at .9900. The next downside breakout
objective for the bears is to produce a close below solid
technical support at .9400. First resistance is seen at
today’s high of .9718 and then at .9750. Next support is
seen at today’s low of .9627 and then at .9600. Wyckoff's
Market Rating: 3.0

The September Canadian dollar closed up 10 points at .9607
today. Prices closed near mid-range today and saw tepid
short covering in a bear market. Prices Monday hit a 6.5-
month low. Bears have the solid near-term technical
advantage. Bulls' next upside price breakout objective is
producing a close above chart resistance at last week’s
high of .9770. 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 .9630 and then at .9661. First support is seen at this
week’s low of .9554 and then at .9525. Wyckoff's Market
Rating: 2.5.

The September British pound closed down 12 points at 1.5365
today. Prices closed near mid-range today. Prices last
Friday hit a fresh contract low. Bears have the solid near-
term technical advantage. A steep five-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 1.5600. Bears' next downside
technical breakout objective is closing prices below solid
support at 1.5250. First resistance is seen at this week’s
high of 1.5409 and then at 1.5500. First support is seen at
today’s low of 1.5319 and then at the contract low of
1.5266. Wyckoff's Market Rating: 2.0.

The September U.S. dollar index closed up 25 points at
83.31 today. Prices closed nearer the session high today.
Prices last Friday hit a nearly two-year high as bulls have
the solid overall near-term technical advantage. Bulls'
next upside price breakout objective is to close prices
above solid technical resistance at 85.00. The next
downside price breakout objective for the bears is to
produce a close below solid technical support at 82.00.
Next resistance lies at this week’s high of 83.52 and then
at last week’s high of 84.00. First support is seen at
83.00 and then at today’s low of 82.76. Wyckoff's Market
Rating: 8.0.

September U.S. T-Bonds closed down 26/32 at 150 17/32
today. Prices closed near the session low today and saw
more profit taking after prices hit a fresh contract and
all-time high on Monday. Bulls still have the solid overall
near-term technical advantage. Prices are in a 10-week-old
uptrend on the daily bar chart. There are 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
148 even. The next upside technical objective for the bulls
is to produce a close above solid technical resistance at
155 even. First resistance is seen at 151 even and then at
today’s high of 151 24/32. First support is seen at 150
even and then at 149 16/32. Wyckoff's Market Rating: 8.5.

September U.S. T Notes closed down 7.0 (32nds) at 133.28.0
today. Prices closed nearer the session low today and saw
more profit taking. Prices last Friday hit an all-time
record high. Bulls still have the solid overall near-term
technical advantage. Prices are in a 2.5-month-old uptrend
on the daily bar chart. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 136.00.0. 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
134.00.0 and then at today’s high of 134.09.0. First
support is seen at today’s low of 133.22.5 and then at
133.14.5. Wyckoff's Market Rating: 8.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer today and saw more short covering following recent
losses. This will be an extra important trading week. There
are two key events traders are awaiting: A European Central
Bank officials meeting on Wednesday, and U.S. Federal
Reserve Chairman Ben Bernanke’s testimony before U.S.
lawmakers on Thursday. The market place is wondering if the
U.S. and/or EU will hint of further easing of their
monetary policies this week, in the wake of their recent
weaker U.S. economic data.

The Nasdaq stock futures index closed up 18.25 at 2,487.50.
Prices closed nearer the session high today. Prices Monday 
hit a five-month low. Bulls' next upside price breakout
objective is closing prices above solid resistance at
2,600.00. The bears' next downside price breakout objective
is closing prices below solid technical support at
2,400.00. First resistance is seen at 2,500.00 and then at
2,522.00. First support is seen at today’s low of 2,459.50
and then at this week’s low of 2,433.75. Wyckoff's Market
Rating: 5.0

The S&P 500 futures index closed up 10.50 at 1,283.50.
Prices closed nearer the session high today on short
covering. Prices Monday hit a five-month low. 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 1,200.00. First resistance is seen at
today’s high of 1,286.50 and then at 1,300.00. First
support is seen at today’s low of 1,267.50 and then at this
week’s low of 1,262.30. Wyckoff's Market Rating: 5.0.

The Dow futures closed up 45 points at 12,108 today. Prices
closed near the session high today on short covering.
Prices Monday hit a five-month low. 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 11,500. First resistance in the Dow
lies at today’s high of 12,125 and then at 12,200. First
support is seen at today’s low of 12,060 and then at this
week’s low of 12,030. Wyckoff's Market Rating: 5.0.

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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