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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Mar 14

Mar 15, 2013

Thursday Evening, March 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: April live cattle closed down $0.45 at
$128.10 today. Prices closed nearer the session low again
today. Cattle futures bears have the solid overall near-
term technical advantage. The bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at the March high of $130.80. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
this week’s low of $127.10. First resistance is seen at
today’s high of $128.77 and then at $129.05. First support
is seen at today’s low of $127.70 and then at the February
low of $127.50. Wyckoff's Market Rating: 2.0

April feeder cattle closed down $1.17 at $141.55 today.
Prices closed near the session low today. The feeder bears
have the solid 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
$144.00. The next downside price breakout objective for the
bears is to push and close prices below solid technical
support at $140.00. First resistance is seen at today’s
high of $142.27 and then at $143.00. First support is seen
at the contract low of $140.95 and then at $140.50.
Wyckoff's Market Rating: 1.0

April lean hogs closed up $0.25 at $80.90 today. Prices
closed nearer the session high today and saw tepid short
covering in a bear market. The hog bears still have the
solid overall 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
$83.00. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
$80.00. First resistance is seen at today’s high of $81.15
and then at $81.80. First support is seen at today’s low of
$80.12 and then at $79.65. Wyckoff's Market Rating: 2.5

*. GRAINS: May corn futures last traded up 5 1/2 cents at
$7.15 3/4 today in late trading. Prices were nearer the
session high and poised to close at a fresh five-week high
close. A weaker U.S. dollar index and good weekly USDA
export sales data today boosted the corn market. Corn bulls
and bears are on a level near-term technical playing field.
However, a bullish weekly high close on Friday would
provide the bulls with good upside near-term technical
momentum. Corn bulls' next upside price objective is to
push and close prices above solid technical resistance at
$7.25. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $7.00. First resistance for May corn is seen at
this week’s high of $7.17 3/4 and then at $7.20. First
support is seen at today’s low of $7.08 1/4 and then at
$7.05. Wyckoff's Market Rating: 5.0

May soybeans were down 15 1/2 cents at $14.31 1/2 a bushel
in late trading today. Prices were nearer the session low
today and hit a fresh two-week low. Bean bulls and bears
are on a level near-term technical playing field, but the
bulls are fading quickly. The next near-term upside
technical breakout objective for the soybean bulls is
pushing and closing prices above solid technical resistance
at $14.70 a bushel. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $14.20. First resistance is seen
at $14.40 and then at today’s high of $14.50. First support
is seen at $14.25 and then at $14.20. Wyckoff's Market
Rating: 5.0.

May soybean meal was down $4.80 at $424.10 today in late
trading. Prices were nearer the session low and hit a fresh
two-week low today. Bulls are fading and are now back on a
level technical playing field with the bears. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at the February
high of $443.90. The next downside price breakout objective
for the bears is pushing and closing prices below solid
technical support at $420.00. First resistance comes in at
$427.50 and then at $430.00. First support is seen at
today’s low of $423.40 and then at $420.00. Wyckoff's
Market Rating: 5.0

May bean oil was down 41 points at 49.11 cents in late
trading today. Prices were nearer the session low again
today. Bean oil bears have the overall near-term technical
advantage and have gained fresh downside momentum this
week. The next upside price breakout objective for the bean
oil bulls is pushing and closing prices above solid
technical resistance at the March high of 50.78 cents. Bean
oil bears' next downside technical price breakout objective
is pushing and closing prices below solid technical support
at the March low of 48.67 cents. First resistance is seen
at 49.50 cents and then at today’s high of 49.72 cents.
First support is seen at 49.00 cents and then at 48.67
cents. Wyckoff's Market Rating: 2.0

May Chicago SRW wheat was up 10 1/2 cents at $7.20 1/2 in
late trading today. Prices were nearer the session high on
more short covering and on bullish weekly USDA export sales
data for wheat. Wheat bears still have the overall near-
term technical advantage. However, a bullish weekly high
close on Friday would begin to hint that a market low is in
place. Wheat bulls’ next upside breakout objective is to
push and close Chicago SRW prices above solid technical
resistance at $7.50 a bushel. The next downside price
breakout objective for the wheat futures bears is pushing
and closing prices below solid technical support at the
March low of $6.81. First resistance is seen at $7.26 3/4
and then at $7.32. First support lies at today’s low of
$7.07 1/2 and then at $7.00. Wyckoff's Market Rating: 2.5.

May HRW wheat was up 11 1/4 cents at $7.49 in late trading
today. Prices were nearer the session high and saw more
short covering in a bear market. HRW 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 the March high of $7.61
1/4. The bears' next downside breakout objective is pushing
and closing prices below solid technical support at the
March low of $7.23. First resistance is seen at today’s
high of $7.51 1/4 and then at $7.61 1/4. First support is
seen at today’s low of $7.35 and then at this week’s low of
$7.29 1/4. Wyckoff's Market Rating: 2.5

May oats were up 1 1/2 cents at $3.93 3/4 in late trading
today. Prices were near mid-range and did hit a fresh
three-month high today. Oats bulls have the solid near-term
technical advantage. Bears' next downside price breakout
objective is pushing and closing prices below solid
technical support at $3.75. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at $4.00. First support lies at
$3.90 and then at $3.87 1/4. First resistance is seen at
today’s high of $3.98 1/2 and then at $4.00. Wyckoff's
Market Rating: 7.5

*. SOFTS: May sugar closed up 6 points at 18.86 cents
today. Prices closed near the session high today and were
supported by a weaker U.S. dollar index late. The sugar
bulls still have some upside technical momentum to suggest
that a market bottom is in place, but need to show more
power soon to bolster that notion. Right now the sugar
bears still have the overall near-term technical advantage.
Bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at 19.38
cents. Bears' next downside price breakout objective is to
push and close prices below solid technical support at
18.20 cents. First resistance is seen at last week’s high
of 19.05 cents and then at 19.25 cents. First support is
seen at today’s low of 18.59 cents and then at this week’s
low of 18.48 cents. Wyckoff's Market Rating: 3.0.

May coffee closed down 95 points at 139.65 cents today.
Prices closed nearer the session low today and hit a fresh
three-week low. The coffee bears have the solid overall
near-term technical advantage. A big Brazilian coffee crop
is also a bearish fundamental in the market place at
present. The next upside breakout objective for the bulls
is to close prices above solid technical resistance at this
week’s high of 144.85 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the February contract low of
137.60 cents a pound. First resistance is seen at today’s
high of 141.40 cents and then at 142.50 cents. First
support is seen at today’s low of 139.30 cents and then at
137.60 cents. Wyckoff's Market Rating: 1.5.

May cocoa closed down $18 at $2,129 a ton. Prices closed
nearer the session low today. The 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 the
February high of $2,260. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at the March low of $2,034. First
resistance is seen at today’s high of $2,157 and then at
this week’s high of $2,176. First support is seen at this
week’s low of $2,106 and then at $2,100. Wyckoff's Market
Rating: 2.5

May cotton closed up 228 points at 90.89 cents today.
Prices closed nearer the session high today and hit an 11-
month high. The cotton bulls have the solid overall near-
term technical advantage and gained more power today. The
next upside price breakout objective for the bulls is to
produce a close above solid technical resistance at 93.50
cents. The next downside price breakout objective for the
cotton bears is to push and close prices below solid
technical support at this week’s low of 85.59 cents. First
resistance is seen at today’s high of 91.17 cents and then
at 92.00. First support is seen at 90.00 cents and then at
89.00 cents. Wyckoff's Market Rating: 8.5.

May orange juice closed up 40 points at $1.3780 today.
Prices closed near the session high today and closed at a
fresh 2.5-month high close. The bulls have upside technical
momentum. The next upside price breakout objective for the
FCOJ bulls is pushing and closing prices above technical
resistance at the December contract high of $1.4415. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at $1.3000. First resistance is seen at $1.3900 and then at
this week’s high of $1.4030. First support is seen at
$1.3600 and then at $1.3500. Wyckoff's Market Rating: 7.0.

May lumber futures closed down $0.50 at $406.30 today.
Prices hit another fresh contract high today and then
backed off to close near the daily low on mild profit
taking. Bulls still have the solid near-term technical
advantage. The next downside technical breakout objective
for the lumber bears is pushing and closing prices below
solid technical support at $390.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at $420.00. First
resistance is seen at today’s contract high of $411.00 and
then at $415.00. First support is seen at today’s low of
$405.00 and then at $403.00. Wyckoff's Market Rating: 8.5

*. METALS: April gold futures closed up $2.40 an ounce at
$1,590.80 today. Prices closed near the session high today.
Gold was supported late on an afternoon sharp sell-off in
the U.S. dollar index. The gold bears still have the
overall near-term technical advantage. The gold bulls’ next
upside near-term price breakout objective is to produce a
close above solid technical resistance at $1,600.00. Bears'
next near-term downside breakout price objective is closing
prices below solid technical support at the February low of
$1,554.40. First resistance is seen at today’s high of
$1,592.20 and then at this week’s high of $1,5980.80. First
support is seen at $1,580.00 and then at today’s low of
$1,575.20. Wyckoff’s Market Rating: 3.5

May silver futures closed down $0.168 an ounce at $28.79
today. Prices closed nearer the session high today. Silver
bears have the near-term technical advantage. However,
prices have been trading sideways for the past few weeks as
the bulls try to stabilize the market. Bulls’ next upside
price breakout objective is closing prices above solid
technical resistance at $29.495 an ounce. The next downside
price breakout objective for the bears is closing prices
below solid technical support at the March low of $27.925.
First resistance is seen at $29.00 and then at this week’s
high of $29.35. Next support is seen at today’s low of
$28.53 and then at the February low of $28.315. Wyckoff's
Market Rating: 3.0.

May N.Y. copper closed up 110 points at 353.60 cents today.
Prices closed near mid-range today and were supported by a
weaker U.S. dollar index and some short covering. Copper
bears have the overall near-term technical advantage.
Copper bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at 360.00
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the March low of 347.25 cents. First resistance is seen at
355.00 cents and then at 356.70 cents. First support is
seen at today’s low of 351.15 cents and then at 350.00
cents. Wyckoff's Market Rating: 3.0.

*. ENERGIES: April crude oil closed up $0.47 at $92.99
today. Prices closed nearer the session high today and
closed at a fresh two-week high close. The market was
supported by a weaker U.S. dollar index. The crude oil
bears still have the slight overall near-term technical
advantage. However, the bulls have recently gained some
upside near-term technical momentum. The next near-term
upside price breakout objective for the crude oil bulls is
producing a close solid chart resistance at $95.00 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 the March low of $89.33.
First resistance is seen at this week’s high of $93.47 and
then at $94.00. First support is seen at today’s low of
$92.01 and then at $91.60. Wyckoff's Market Rating: 4.5

April heating oil closed up 48 points at $2.9281 today.
Prices closed nearer the session high today and saw tepid
short covering in a bear market. Bears still have the solid
near-term technical advantage. The bulls' next upside price
breakout objective is closing prices above solid technical
resistance at $3.0000. Bears' next downside price breakout
objective is producing a close below solid technical
support at the December low of $2.8900. First resistance
lies at $2.9400 and then at $2.9500. First support is seen
at the March low of $2.9038 and then at $2.8900. Wyckoff's
Market Rating: 3.0.

April (RBOB) unleaded gasoline closed down 44 points at
$3.1379 today. Prices closed nearer the session high today.
The gasoline bulls and bears are on a level near-term
technical playing field. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at this week’s high of $3.2672. Bears'
next downside price breakout objective is closing prices
below solid support at the March low of $3.0590. First
resistance is seen at today’s high of $3.1532 and then at
$3.1870. First support is seen at this week’s low of
$3.0950 and then at $3.0590. Wyckoff's Market Rating: 5.0.

April natural gas closed up 14.7 cents at $3.827 today.
Prices closed near the session high today and hit a fresh
nearly four-month high. A bullish weekly nat gas storage
report boosted the bulls today. Nat gas bulls have the
near-term technical advantage and gained more power today.
The next upside price breakout objective for the bulls is
closing prices above solid technical resistance at the
November high of $3.997. The next downside price breakout
objective for the bears is closing prices below solid
technical support at this week’s low of $3.59. First
resistance is seen at today’s high of $3.83 and then at
$3.85. First support is seen at $3.75 and then at today’s
low of $3.679. Wyckoff's Market Rating: 6.5.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed up 42 points at 1.3010 today. Prices closed nearer
the session high today on short covering after hitting a
fresh 3.5-month low early on. The Euro bears still have the
overall near-term technical advantage. A six-week-old
downtrend is in place 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 1.3143. The next downside price breakout objective for
the bears is closing prices below solid chart support at
1.2800. First resistance for the Euro lies at today’s high
of 1.3042 and then at this week’s high of 1.3083. Next
support is seen at today’s low of 1.2918 and then at
1.2900. Wyckoff's Market Rating: 3.5

The June Japanese yen closed down 10 points at 1.0409
today. Prices closed near mid-range today. Prices are
hovering near the contract low scored Tuesday. Bears have
the solid overall near-term technical advantage. Bulls'
next upside price breakout objective is closing prices
above solid resistance at 1.0700. Bears' next downside
breakout objective is closing prices below solid technical
support at 1.0250. First resistance is seen at this week’s
high of 1.0484 and then at 1.0549. First support is seen at
the contract low of 1.0345 and then at 1.0300. Wyckoff's
Market Rating: 1.0.

The June Swiss franc closed up 61 points at 1.0570 today.
Prices closed nearer the session high today on short
covering after hitting a fresh 6.5-month low early on.
Prices are still in a six-week-old downtrend on the daily
bar chart. The Swissy bears still have the near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 1.0657. The next downside price breakout
objective for the bears is closing prices below solid
technical support at 1.0400. First resistance is seen at
this week’s high of 1.0615 and then at 1.0657. First
support is seen at 1.0500 and then at today’s low of
1.0463. Wyckoff's Market Rating: 3.0.

The June Australian dollar closed up 66 points at 1.0300
today. Prices closed nearer the session high today and hit
a fresh five-week high. Bulls today gained the near-term
technical advantage. Prices are in a steep two-week-old
uptrend on the daily bar chart. Bulls' next upside price
breakout objective is closing prices above solid chart
resistance at 1.0400. The next downside breakout objective
for the bears is to produce a close below solid technical
support at this week’s low of 1.0128. First resistance is
seen at today’s high of 1.0328 and then at the March high
of 1.0377. Next support is seen at 1.0250 and then at
1.0200. Wyckoff's Market Rating: 6.0

The June Canadian dollar closed up 49 points at .9761
today. Prices closed nearer the session high today and hit
a fresh three-week high. A two-month-old downtrend on the
daily bar chart was negated today. Bears do still have the
overall near-term technical advantage. However, a bullish
"rounding-bottom" reversal pattern may be forming on the
daily bar chart. Bulls' next upside price breakout
objective is producing a close above chart resistance at
.9870. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the March low of .9646. First resistance is seen at today’s
high of .9771 and then at .9800. First support is seen at
today’s low of .9703 and then at this week’s low of .9691.
Wyckoff's Market Rating: 3.0.

The June British pound closed up 155 points at 1.5070
today. Prices closed nearer the session high today on more
short covering in a bear market. Prices Tuesday hit a
contract low. Bears still have the overall near-term
technical advantage. Prices are in a 10-week-old downtrend
on the daily bar chart. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at 1.5200. Bears' next downside
technical breakout objective is closing prices below solid
support at 1.4750. First resistance is seen at today’s high
of 1.5113 and then at the March high of 1.5193. First
support is seen at 1.5000 and then at today’s low of
1.4907. Wyckoff's Market Rating: 2.0.

The June U.S. dollar index closed down .322 at 82.830
today. Prices closed nearer the session low on profit
taking after hitting another fresh 7.5-month high early on
today. The bulls still have the solid near-term technical
advantage. Prices are in a six-week-old uptrend on the
daily bar chart. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at 84.000. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at the March low of 82.070. Next
resistance lies at 83.000 and then at today’s high of
83.420. First support is seen at this week’s low of 82.600
and then at 82.305. Wyckoff's Market Rating: 6.5.

June U.S. T-Bonds closed down 7/32 at 141 11/32 today.
Prices closed nearer the session high today. The market was
pressured by a poorly subscribed U.S. Treasury auction of
30-year bonds today. Bond market bears have the overall
near-term technical advantage. The next downside price
breakout objective for the T-Bond bears is closing prices
below solid technical support at 140 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at 143 even. First
resistance is seen at today’s high of 141 21/32 and then at
this week’s high of 141 29/32. First support is seen at 141
even and then at today’s low of 140 24/32. Wyckoff's Market
Rating: 2.5.

June U.S. T Notes closed up 1.5 (32nds) at 130.16.5 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 resistance at the 131.00.0. The next downside
price breakout objective for the bears is producing a close
below solid technical support at the February low of
129.19.0. First resistance is seen at this week’s high of
130.21.0 and then at 130.24.0. First support is seen at
130.07.5 and then at last week’s low of 130.00.0. Wyckoff's
Market Rating: 3.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today, with the Dow Jones Industrial average poking
to another new all-time record high and the S&P 500 index
not far behind. Weekly U.S. jobless claims today were
upbeat. In overnight news, European stock markets rose
Thursday following well-received Spanish bond auctions held
on Wednesday and Thursday. However, there was more downbeat
economic data coming out of the European Union Thursday.
The EU employment level was reported at the lowest number
of workers in seven years during the fourth quarter of
2012. A European Central Bank official said Thursday the
ECB’s monetary policy will remain accommodative due to the
overall weak EU economy, and with inflation being of little
threat at present.

The Nasdaq stock futures index closed up 6.75 at 2,800.25
today. Prices closed near mid-range again today. Bulls
still have the overall near-term technical advantage as
prices hover near a five-month high. Bulls' next upside
price breakout objective is closing prices above solid
resistance at the September high of 2,871.75. The bears'
next downside price breakout objective is closing prices
below solid technical support at the February low of
2,689.00. First resistance is seen at this week’s high of
2,808.00 and then at last week’s high of 2,817.00 and then
at 2,825.00. First support is seen at this week’s low of
2,782.50 and then at 2,775.00. Wyckoff's Market Rating: 6.5

The S&P 500 futures index closed up 6.50 at 1,556.50.
Prices closed near the session high and hit another fresh
five-year high today. Bulls have the solid overall near-
term technical advantage. Bulls' next upside price breakout
objective is closing prices above solid resistance at
1,575.00. The next downside price breakout objective for
the bears is closing prices below solid support at the
February low of 1,482.00. First resistance is seen at
today’s high of 1,557.20 and then at 1,565.00. First
support is seen at today’s low of 1,549.20 and then at this
week’s low of 1,540.60 and then at 1,530.00. Wyckoff's
Market Rating: 8.0.

The Dow futures closed up 60 points at 14,458 today. Prices
closed nearer the session high today and hit another fresh
all-time high. The bulls have the solid overall near-term
technical advantage. The next upside price objective for
the bulls is closing prices above solid technical
resistance at 14,500. The next downside price objective for
the bears is closing prices below solid technical support
at 14,000. First resistance in the Dow lies at today’s high
of 14,458 and then at 14,500. First support is seen at
today’s low of 14,430 and then at 14,400. Wyckoff's Market
Rating: 8.5.

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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