Jul 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--March 1

Mar 02, 2012

Thursday Evening, March 1-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 up $1.25 at $131.00
today. Prices closed near the session high again today.
Cattle futures bulls still have the solid overall near-term
technical advantage and have gained fresh upside momentum.
Prices are in a 2.5-month-old uptrend on the daily bar
chart. The bulls' next upside price breakout objective is
to push and close prices above solid technical resistance
at the contract high of $131.50. The next downside
technical breakout objective for the bears is pushing and
closing prices below solid technical support at this week’s
low of $127.95. First resistance is seen at $131.50 and
then at $132.00. First support is seen at $130.50 and then
at $130.00. Wyckoff's Market Rating: 8.0

May feeder cattle closed up $1.30 at $163.17 today. Prices
closed near the session high again today and hit a fresh
contract high. Feeder bulls have the solid overall near-
term technical advantage and have gained more upside
momentum the past two days. The next upside price objective
for the feeder bulls is to push and close prices above
technical resistance at $165.00. The next downside price
breakout objective for the bears is to push and close
prices below solid technical support at this week’s low of
$159.80. First resistance is seen at today’s contract high
of $163.20 and then at $164.00. First support is seen at
$162.35 and then at today’s low of $161.85. Wyckoff's
Market Rating: 8.5

April lean hogs closed up $0.82 at $90.25 today. Prices
closed near the session high again today and the bulls have
regained some upside technical momentum and have regained
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 February
high of $90.95. The next downside price breakout objective
for the bears is pushing prices below solid technical
support at this week’s low of $87.70. First resistance is
seen at $90.50 and then at $90.95. First support is seen at
$90.00 and then at $89.55. Wyckoff's Market Rating: 5.5

*. GRAINS: May corn futures closed down 4 3/4 cents at
$6.53 1/4 today. Prices closed near mid-range today and saw
profit taking after hitting a six-week high on Wednesday
and also closing at a bullish monthly high close. Corn
market bulls still have the near-term technical advantage.
Corn bulls' next upside price breakout objective is to push
and close prices above solid technical resistance at the
January high of $6.72 1/2. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at this week’s low of $6.36 1/2.
First resistance for March corn is seen at today’s high of
$6.58 and then at this week’s high of $6.61 1/2. First
support is seen at today’s low of $6.50 1/2 and then at
$6.46. Wyckoff's Market Rating: 5.5

May soybeans closed up 2 cents at $13.22 a bushel today.
Prices closed nearer the session high today and closed at a
fresh 5.5-month high close. Soybean bulls have the solid
near-term technical advantage. Prices are in a 10-week-old
uptrend on the daily bar chart. The next near-term upside
technical breakout objective for the soybean bulls is
pushing and closing prices above solid technical resistance
at $13.50 a bushel. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at the January high of $12.53 3/4.
First resistance is seen at this week’s high of $13.24 1/4
and then at $13.35. First support is seen at $13.08 and
then at $13.00. Wyckoff's Market Rating: 7.5.

May soybean meal closed up $2.10 at $355.00 today. Prices
closed near the session high today and hit another fresh
5.5-month high. Meal bulls have the solid near-term
technical advantage. Prices are in a 10-week-old uptrend on
the daily bar chart. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at $360.00. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at this week’s low of
$336.30. First resistance comes in at today’s high of
$355.40 and then at $357.50. First support is seen at
$350.00 and then at $347.30. Wyckoff's Market Rating: 7.5

May bean oil closed down 26 points at 54.21 cents today.
Prices closed nearer the session low today and saw some
profit taking. Bean oil bulls still have the 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 56.00 cents.
Bean oil bears' next downside technical price breakout
objective is pushing and closing prices below solid
technical support at 53.50 cents. First resistance is seen
at today’s high of 54.52 cents and then at 54.87 cents.
First support is seen at today’s low of 54.07 cents and
then at 53.75 cents. Wyckoff's Market Rating: 6.5

May Chicago SRW wheat closed down 5 cents at $6.63 today.
Prices closed nearer the session low today. The wheat bulls
still have some upside near-term technical momentum. Bulls
and bears are on a level near-term technical playing field.
Bulls' next upside price breakout objective is to push and
close Chicago SRW prices above solid technical resistance
at the February high of $6.96 a bushel. The next downside
price breakout objective for the wheat futures bears is
pushing and closing prices below solid technical support at
the February low of $6.28. First resistance is seen at this
week’s high of $6.74 1/2 and then at $6.80. First support
lies at today’s low of $6.58 3/4 and then at $6.50.
Wyckoff's Market Rating: 5.0.

May K.C. HRW wheat closed down 2 1/2 cents at $7.06 today.
Prices closed nearer the session low today. Bulls still
have some upside momentum and are on a level near-term
technical playing field with the bears. Bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at the February high of
$7.37 1/4. The bears' next downside breakout objective is
pushing and closing prices below solid technical support at
the February low of $6.76 1/2. First resistance is seen at
today’s high of $7.14 and then at $7.18. First support is
seen at $7.01 1/2 and then at $6.95. Wyckoff's Market
Rating: 5.0

May oats closed down 5 1/2 cents at $3.09 today. Prices
closed near mid-range today after hitting a fresh four-week
low early on. Oats bulls faded today and are now on a level
near-term techical playing field with the bears. Bears'
next downside price breakout objective is pushing and
closing prices below solid technical support at today’s low
of $3.03 1/2. Bulls' next upside price breakout objective
is pushing and closing prices above solid technical
resistance at the February high of $3.24. First support
lies at $3.06 and then at $3.05. First resistance is seen
at $3.12 and then at today’s high of $3.15. Wyckoff's
Market Rating: 5.0

*. SOFTS: May sugar closed down 16 points at 24.86 cents
today. Prices closed nearer the session high today and saw
some more profit taking from recent gains. Prices Monday
hit a four-month high. Sugar bulls still have the slight
near-term technical advantage. Sugar bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at this week’s high of 25.81
cents. Bears' next downside price breakout objective is to
push and close prices below solid technical support at
24.00 cents. First resistance is seen at today’s high of
25.00 cents and then at 25.42 cents. First support is seen
at today’s low of 24.45 cents and then at 24.25 cents.
Wyckoff's Market Rating: 5.5

May coffee closed up 85 points at 204.10 cents. Prices
closed nearer the session high today and saw short covering
in a bear market. Prices are still in a choppy, five-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 215.00 cents. The next
downside price breakout objective for the bears is closing
prices below major psychological support at 200.00 cents a
pound. First resistance is seen at this week’s high of
207.35 cents and then at 210.00 cents. First support is
seen at this week’s low of 201.30 cents and then at 200.00
cents. Wyckoff's Market Rating: 2.0

May cocoa closed up $36 at $2,370 a ton. Prices closed
nearer the session high today. Trading has been choppy in
cocoa. Bulls and bears are on a level near-term technical
playing field. The next upside price breakout objective for
the cocoa bulls is to push and close prices above solid
technical resistance at the January high of $2,499. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$2,250. First resistance is seen at $2,385 and then at
$2,400. First support is seen at today’s low of $2,311 and
then at this week’s low of $2,301. Wyckoff's Market Rating:
5.0.

May cotton closed down 59 points at 89.85 cents today.
Prices closed nearer the session low again today. Cotton
bears have the solid overall near-term technical advantage.
Prices are in a five-week-old downtrend on the daily bar
chart. The next upside price breakout objective for the
bulls is to produce a close above solid technical
resistance at 94.57 cents. The next downside price breakout
objective for the cotton bears is to push and close prices
below solid technical support at last week’s low of 89.01
cents. First support is seen at today’s low of 89.46 cents
and then at 89.01 cents. First resistance is seen at 91.00
cents and then at today’s high of 91.49 cents. Wyckoff's
Market Rating: 3.0

May orange juice closed up 175 points at $1.8750 today.
Prices closed nearer the session high and closed at a fresh
three-week high close today. Bulls have the overall near-
term technical advantage. The next upside price breakout
objective for the FCOJ bulls is pushing and closing prices
above solid technical resistance at $1.9250. The next
downside technical breakout objective for the FCOJ bears is
to produce a close below solid technical support at the
February low of $1.7440. First resistance is seen at this
week’s high of $1.8850 and then at $1.9000. First support
is seen at today’s low of $1.8550 and then at $1.8320.
Wyckoff's Market Rating: 6.5.

May lumber futures closed down $1.60 at $274.90 today.
Prices closed near the session low today. The lumber bulls
still have the near-term technical advantage but are fading
a bit. The next downside technical breakout objective for
the lumber bears is pushing and closing prices below solid
technical support at $269.70. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at this week’s high
of $285.40. First resistance is seen at $277.50 and then at
today’s high of $280.60. First support is seen at $272.50
and then at $269.70. Wyckoff's Market Rating: 6.0

*. METALS: April gold futures closed up $12.60 an ounce at
$1,723.30 today. Prices closed nearer the session high
today as some bargain hunters stepped in to buy the big dip
in prices Wednesday, when the market hit a five-week low. A
firmer U.S. dollar index did limit the upside in gold
today. The gold market bulls need to show more power soon.
If there is strong selling pressure on Friday, more serious
chart damage could be inflicted. The bulls next upside
price breakout objective is to produce a close above solid
technical resistance at this week’s high of $1,792.70.
Bears' next near-term downside price objective is closing
prices below solid technical support at this week’s low of
$1,688.40. First resistance is seen at $1,740.00 and then
at $1,750.00. First support is seen at $1,706.70 and then
at $1,700.00. Wyckoff's Market Rating: 6.5.

March silver futures closed up $1.032 an ounce at $35.615
today. Prices closed near the session high today and made a
decent recovery from the big losses Wednesday. Higher crude
oil prices today did support silver. Prices are still in a
two-month-old uptrend on the daily bar chart. Bulls’ next
upside price breakout objective is closing prices above
solid technical resistance at this week’s high of $37.48 an
ounce. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the February low of $32.64. First resistance is seen at
$36.00 and then at $36.50. Next support is seen at $35.00
and then at today’s low of $34.505. Wyckoff's Market
Rating: 6.5.

March N.Y. copper closed up 525 points 392.30 cents today.
Prices closed near the session high today. Higher crude oil
prices supported copper today. Copper bulls have the
overall near-term technical advantage. Copper bulls' next
upside breakout objective is pushing and closing prices
above major psychological resistance at 400.00 cents. The
next downside price breakout objective for the bears is
closing prices below solid technical support at the
February low of 369.35 cents. First resistance is seen at
this week’s high of 395.25 cents and then at 397.50 cents.
First support is seen at 390.00 cents and then at 387.50
cents. Wyckoff's Market Rating: 6.5.

*. ENERGIES: April crude oil closed up $1.67 a barrel at
$108.74 today. Prices closed near the session high again
today and the bulls regained upside technical momentum.
Crude oil bulls have the solid overall near-term technical
advantage. The next near-term upside price breakout
objective for the crude oil bulls is producing a close
above psychological resistance at $110.00 a barrel. The
next near-term downside price breakout objective for the
crude oil bears is to produce a close below major
psychological support at $100.00. First resistance is seen
at $110.00 and then at $111.00. First support is seen at
$108.00 and then at $107.50. Wyckoff's Market Rating: 8.0

April heating oil closed up 705 points at $3.2768 today.
Prices closed near the session high today. Bulls have the
solid overall near-term technical advantage. The bulls'
next upside price breakout objective is closing prices
above solid technical resistance at the April 2011 high of
$3.3422. Bears' next downside price breakout objective is
producing a close below solid technical support at last
week’s low of $3.1793. First resistance lies at $3.3000 and
then at last week’s high of $3.3151. First support is seen
at $3.2500 and then at $3.2250. Wyckoff's Market Rating:
8.0.

April (RBOB) unleaded gasoline closed up 866 points at
$3.4444 today. Prices closed near the session high today
and scored another fresh contract high. Bulls have the
solid overall 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 $3.4000. Bears' next downside price breakout
objective is closing prices below solid support at this
week’s low of $3.1968. First resistance is seen at today’s
contract high of $3.3535 and then at $3.3750. First support
is seen at $3.3000 and then at today’s low of $3.2550.
Wyckoff's Market Rating: 8.5.

April natural gas closed down 14.5 cents at $2.471 today.
Prices closed nearer the session low today and hit a fresh
five-week low. Bears have the solid overall near-term
technical advantage. However, my bias is still that a
market low is in place, or close at hand. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at $2.75. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the contract low of
$2.438. First resistance is seen at today’s high of $2.597
and then at $2.65. First support is seen at the contract
low of $2.438 and then at $2.40. Wyckoff's Market Rating:
1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 19 points at 1.3320 today. Prices closed near
mid-range today in quieter trading. Bulls still have the
near-term technical advantage. A six-week-old uptrend on
the daily bar chart is still in place. Euro bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at 1.3500. The next
downside price breakout objective for the bears is closing
prices below solid chart support at 1.3100. First
resistance for the Euro lies at 1.3400 and then at 1.3450.
Next support is seen at today’s low of 1.3282 and then at
1.3250. Wyckoff's Market Rating: 6.0

The March Japanese yen closed up 11 points at 1.2332 today.
Prices closed near mid-range and saw tepid short covering
in a bear market. Bears still have the solid overall near-
term technical advantage. Prices are in a steep four-week-
old downtrend on the daily bar chart. Bulls' next upside
price breakout objective is closing prices above solid
resistance at this week’s high of 1.2499. Bears' next
downside breakout objective is closing prices below solid
technical support at the May 2011 low of 1.2201. First
resistance is seen at today’s high of 1.2373 and then at
1.2463. First support is seen at today’s low of 1.2287 and
then at this week’s low of 1.2256. Wyckoff's Market Rating:
1.0.

The March Swiss franc closed down 30 points at 1.1040
today. Prices closed nearer the session low today. Bulls
still have the slight near-term technical advantage as a
seven-week-old uptrend is still in place on the daily bar
chart. The next upside price breakout objective for the
bulls is closing prices above solid resistance at the
February high of 1.1200. The next downside price breakout
objective for the bears is closing prices below solid
technical support at last week’s low of 1.0913. First
resistance is seen at today’s high of 1.1086 and then at
1.1150. First support is seen at today’s low of 1.1023 and
then at 1.1000. Wyckoff's Market Rating: 5.5.

The March Australian dollar closed up 34 points at 1.0774
today. Prices closed nearer the session high today and
closed at a fresh contract high close. Bulls have the solid
overall near-term technical advantage. Prices are in a
three-month-old uptrend on the daily bar chart. Bulls' next
upside price breakout objective is closing prices above
solid chart resistance at 1.1000. The next downside
breakout objective for the bears is to produce a close
below solid technical support at 1.0500. First resistance
is seen at the contract high of 1.0833 and then at 1.0900.
Next support is seen at today’s low of 1.0705 and then at
this week’s low of 1.0625. Wyckoff's Market Rating: 8.0

The March Canadian dollar closed up 32 points at 1.0144
today. Prices closed nearer the session high and hit
another fresh 5.5-month high today. Bulls have the solid
overall near-term technical advantage and have gained fresh
upside momentum. A three-month-old uptrend line is in place
on the daily bar chart. Bulls' next upside price breakout
objective is producing a close above chart resistance at
1.0250. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the February low of .9941. First resistance is seen at
today’s high of 1.0157 and then at 1.0200. First support is
seen at today’s low of 1.0096 and then at 1.0042. Wyckoff's
Market Rating: 8.0.

The March British pound closed up 32 points at 1.5951
today. Prices closed nearer the session low today and
closed at a fresh 3.5-month high close. Bulls have the
near-term technical advantage. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at the October high of 1.6120.
Bears' next downside technical breakout objective is
closing prices below solid support at 1.5750. First
resistance is seen at this week’s high of 1.5992 and then
at 1.6050. First support is seen at today’s low of 1.5895
and then at this week’s low of 1.5798. Wyckoff's Market
Rating: 6.5.

The March U.S. dollar index closed up 5 points at 78.84
today. Prices closed near mid-range in quieter trading.
Tepid short covering was featured. Prices are still in a
six-week-old downtrend on the daily bar chart. Bulls' next
upside price breakout objective is to close prices above
solid technical resistance at the February high of 80.24.
The next downside price breakout objective for the bears is
to produce a close below solid technical support at 78.00.
Next resistance lies at 79.00 and then at 79.46. First
support is seen at 78.50 and then at this week’s low of
78.12. Wyckoff's Market Rating: 5.5.

March U.S. T-Bonds closed down 1 4/32 at 141 31/32 today.
Prices closed nearer the session low today as it was more
of a “risk on” trading day in the market place today. The
bond market bulls still have the overall near-term
technical advantage, but are fading and need to show fresh
power soon. The next downside price breakout objective for
the T-Bond bears is closing prices below solid technical
support at the January low of 140 21/32. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at the January high of 145
15/32. First resistance is seen at 142 16/32 and then at
143 even. First support is seen at today’s low of 141 17/32
and then at 141 even. Wyckoff's Market Rating: 6.0.

March U.S. T Notes closed down 11.0 (32nds) at 130.29.5
today. Prices closed near mid-range today. Bulls still have
the overall near-term technical advantage, but are fading.
The next upside price breakout objective for the bulls is
closing prices above solid resistance at the January high
of 132.11.0. The next downside price breakout objective for
the bears is producing a close below solid technical
support at the February low of 130.12.0. First resistance
is seen at today’s high of 131.10.5 and then at 131.16.0.
First support is seen at today’s low of 130.21.5 and then
at 130.12.0. Wyckoff's Market Rating: 6.5

GENERAL STOCK MARKET COMMENT: In late trading, the U.S.
stock indexes were firmer today. The stock index bulls
still have the solid overall near-term technical advantage.

In late trading, the Nasdaq stock futures index was up
18.75 at 2,642.25. Prices were near the session high today
and poked to another fresh 11-year high. Bulls' next upside
price breakout objective is closing prices above solid
resistance at 2,700.00. The bears' next downside price
breakout objective is closing prices below solid technical
support at 2,542.75. First resistance is seen at 2,650.00
and then at 2,675.00. First support is seen at today’s low
of 2,616.50 and then at 2,600.00. Wyckoff's Market Rating:
8.0

In late trading, the S&P 500 futures index was up 7.10 at
1,371.50. Prices were near the session high. There was not
strong follow-through selling pressure today and a bearish
“key reversal” down was not confirmed on the daily bar
chart. Bulls' next upside price breakout objective is
closing prices above solid resistance at 1,400.00. The next
downside price breakout objective for the bears is closing
prices below solid support at 1,334.30. First resistance is
seen at Wednesday’s high of 1,377.00 and then at 1,385.00.
First support is seen at this week’s low of 1,353.00 and
then at 1,334.00. Wyckoff's Market Rating: 7.5.

In late trading, the Dow futures were up 23 points at
12,960 today. Prices were nearer the session low. There was
not strong follow-through selling pressure today and a
bearish “key reversal” down was not confirmed on the daily
bar chart. The next upside price objective for the bulls is
closing prices above major psychological resistance at
13,000. The next downside price objective for the bears is
closing prices below solid technical support at 12,500.
First resistance in the Dow lies at Wednesday’s high of
13,035 and then at 13,100. First support is seen at 12,900
and then at this week’s low of 12,865. Wyckoff's Market
Rating: 7.5.

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
 

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