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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--March 20

Mar 21, 2012

Tuesday Evening, March 20-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 $0.85 at
$124.45 today. Prices closed near the session low again
today and hit a fresh nine-week low. It was a “risk off”
day in the market place today and the key “outside markets”
were also bearish—a firmer U.S. dollar index and sharply
lower crude oil prices. Cattle bears have the overall near-
term technical advantage. Prices are in a four-week-old
downtrend on the daily bar chart. The bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at $127.00. The next downside
technical breakout objective for the bears is pushing and
closing prices below solid technical support at the
December low of $121.05. First resistance is seen at
$125.00 and then at $125.50. First support is seen at
$124.00 and then at $123.50. Wyckoff's Market Rating: 4.0

May feeder cattle closed down $2.05 at $153.85 today.
Prices closed nearer the session low today and hit a fresh
nine-week low. Bears have gained downside near-term
technical momentum. Prices are in a three-week-old
downtrend on the daily bar chart. It looks like this market
has put in a top. The next upside price objective for the
feeder bulls is to push and close prices above technical
resistance at $157.50. The next downside price breakout
objective for the bears is to push and close prices below
solid technical support at $152.50. First resistance is
seen at today’s high of $154.65 and then at $155.00. First
support is seen at today’s low of $153.45 and then at
$153.00. Wyckoff's Market Rating: 4.0

June lean hogs closed down $0.95 at $92.65 today. Prices
closed nearer the session low today and hit a fresh 10-
month low. It was a “risk off” day in the market place
today and the key “outside markets” were also bearish for
hogs—a firmer U.S. dollar index and sharply lower crude oil
prices. Serious near-term technical damage has been
inflicted in hogs recently, including more today. Prices
are in a steep four-week-old downtrend on the daily bar
chart. Bears have the solid overall near-term technical
advantage. However, this market is well overdone on the
downside and due for at least a good corrective bounce
soon. The next upside price breakout objective for the hog
bulls is to push and close prices above solid chart
resistance at $94.50. The next downside price breakout
objective for the bears is pushing prices below solid
technical support at the May 2011 low of $89.70. First
resistance is seen at $93.00 and then at today’s high of
$93.45. First support is seen at today’s low of $92.42 and
then at $92.00. Wyckoff's Market Rating: 2.0

*. GRAINS: May corn futures closed down 15 3/4 cents at
$6.47 3/4 today. Prices closed nearer the session low again
today. Profit taking was featured today and no serious
near-term chart damage occurred. However, the bulls have
faded and need to show fresh power soon. It was a “risk
off” day in the market place for corn today and the key
“outside markets” were also bearish—a firmer U.S. dollar
index and sharply lower crude oil prices. Corn market bulls
still have the slight near-term technical advantage. Prices
are still in a two-month-old uptrend on the daily bar
chart. Corn bulls' next upside price breakout objective is
to push and close prices above solid technical resistance
at this week’s high of $6.75 3/4. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at 6.40. First
resistance for March corn is seen at $6.50 and then at
$6.55. First support is seen at today’s low of $6.43 1/4
and then at $6.40. Wyckoff's Market Rating: 5.5

May soybeans closed down 20 1/4 cents at $13.46 1/4 a
bushel today. Prices closed nearer the session low today
and saw more profit-taking pressure after hitting a six-
month high on Monday. It was a “risk off” day in the market
place today and the key “outside markets” were also bearish
for soybeans—a firmer U.S. dollar index and sharply lower
crude oil prices. Bean bulls still have the overall near-
term technical advantage. Bean prices are still in a three-
month-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 major
psychological resistance at $14.00 a bushel. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at $13.25.
First resistance is seen at $13.60 and then at today’s high
of $13.68. First support is seen at today’s low of $13.41
3/4 and then at $13.30. Wyckoff's Market Rating: 7.0.

May soybean meal closed down $4.90 at $366.00 today. Prices
closed nearer the session low today and saw more profit
taking. Meal bulls still have the 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 to produce a close
above solid technical resistance at $380.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at last
week’s low of $360.20. First resistance comes in at $370.00
and then at today’s high of $371.00. First support is seen
at today’s low of $363.80 and then at $360.00. Wyckoff's
Market Rating: 7.0

May bean oil closed down 100 points at 54.40 cents today.
Prices closed near the session low today on profit taking.
It was a “risk off” day in the market place today and the
key “outside markets” were also bearish for bean oil—a
firmer U.S. dollar index and sharply lower crude oil
prices. 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 last week’s high
of 55.70 cents. Bean oil bears' next downside technical
price breakout objective is pushing and closing prices
below solid technical support at last week’s low of 53.92
cents. First resistance is seen at 54.75 cents and then at
55.00 cents. First support is seen at today’s low of 54.33
cents and then at 54.00. Wyckoff's Market Rating: 6.0

May Chicago SRW wheat closed down 9 3/4 cents at $6.42 1/2
today. Prices closed nearer the session low today as the
bulls have faded badly. It was a “risk off” day in the
market place today and the key “outside markets” were also
bearish for wheat—a firmer U.S. dollar index and sharply
lower crude oil prices. Beneficial moisture in the U.S.
Plains states has pressured the wheat market this week.
Wheat bears now have the slight near-term technical
advantage. Bulls’ next upside breakout objective is to push
and close Chicago SRW prices above solid technical
resistance at the March high of $6.77 3/4 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 $6.33 1/2. First
resistance is seen at $6.50 and then at today’s high of
$6.53 1/4. First support lies at today’s low of $6.40 and
then at $6.33 1/2. Wyckoff's Market Rating: 4.0.

May K.C. HRW wheat closed down 25 cents at $6.80 1/2 today.
Prices closed near the session low again today. Bears have
the near-term technical advantage. Bulls' next upside price
breakout objective is pushing and closing prices above
psychological resistance at $7.00. The bears' next downside
breakout objective is pushing and closing prices below
solid technical support at the March low of $6.76. First
resistance is seen at $6.90 and then at $6.95. First
support is seen at $6.80 and then at $6.76. Wyckoff's
Market Rating: 3.5

May oats closed down 3 1/4 cents at $3.31 today. Prices
closed nearer the session high today and saw profit taking.
Prices Friday hit a four-month high. Bulls still have the
overall near-term technical advantage. Bears' next downside
price breakout objective is pushing and closing prices
below solid technical support at $3.15. Bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at $3.50. First support
lies at $3.27 1/2 and then at today’s low of $3.24 1/2.
First resistance is seen at today’s high of $3.34 1/4 and
then at this week’s high of $3.39. Wyckoff's Market Rating:
6.0

*. SOFTS: May sugar closed down 23 points at 25.43 cents
today. Prices closed near the session low today on profit
taking after hitting a fresh 4.5-month high early on. It
was a “risk off” day in the market place today and the key
“outside markets” were also bearish for sugar—a firmer U.S.
dollar index and sharply lower crude oil prices. Sugar
bulls still have the near-term technical advantage. Sugar
bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at today’s
high of 26.20 cents. Bears' next downside price breakout
objective is to push and close prices below solid technical
support at 24.50 cents. First resistance is seen at the
February high of 25.81 cents and then at 26.00 cents. First
support is seen at Monday’s low of 25.21 cents and then at
24.00 cents. Wyckoff's Market Rating: 6.0.

May coffee closed down 50 points at 183.00 cents. Prices
closed nearer the session low today. It was a “risk off”
day in the market place today and the key “outside markets”
were also bearish for coffee—a firmer U.S. dollar index and
sharply lower crude oil prices. Coffee prices are still in
a choppy, 6.5-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 major psychological resistance at
200.00 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at 175.00 cents a pound. First resistance is seen
at last week’s high of 186.60 cents and then at 190.00
cents. First support is seen at the March low of 181.05
cents and then at 180.00 cents. Wyckoff's Market Rating:
1.5

May cocoa closed up $74 at $2,363 a ton. Prices closed
nearer the session high today. Bulls have regained the
slight 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 March high
of $2,426. The next downside price breakout objective for
the bears is pushing and closing prices below solid
technical support at the March low of $2,169. First
resistance is seen at today’s high of $2,388 and then at
$2,400. First support is seen at $2,350 and then at $2,325.
Wyckoff's Market Rating: 5.5.

May cotton closed down 118 points at 87.90 cents today.
Prices closed nearer the session low today. It was a “risk
off” day in the market place today and the key “outside
markets” were also bearish for cotton—a firmer U.S. dollar
index and sharply lower crude oil prices. Cotton bears have
the solid overall near-term technical advantage. Prices are
in a two-month-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 90.00
cents. The next downside price breakout objective for the
cotton bears is to push and close prices below solid
technical support at the March low of 87.00 cents. First
support is seen at 87.00 cents and then at 86.00 cents.
First resistance is seen at today’s high of 89.10 cents and
then at this week’s high of 89.58 cents. Wyckoff's Market
Rating: 2.0

May orange juice closed down 735 points at $1.7690 today.
Prices closed nearer the session low again today and hit a
fresh 2.5-month low. It was a “risk off” day in the market
place today and the key “outside markets” were also bearish
for FCOJ—a firmer U.S. dollar index and sharply lower crude
oil prices. Fresh chart damage was inflicted in FCOJ today.
Bears have the near-term technical advantage. The next
upside price breakout objective for the FCOJ bulls is
pushing and closing prices above technical resistance at
this week’s high of $1.8800. The next downside technical
breakout objective for the FCOJ bears is to produce a close
below solid technical support at $1.7000. First resistance
is seen at $1.7800 and then at $1.8000. First support is
seen at $1.7500 and then at today’s low of $1.7425.
Wyckoff's Market Rating: 4.0.

May lumber futures closed down $7.80 at $264.40 today.
Prices closed nearer the session low today and hit a fresh
seven-week low. It was a “risk off” day in the market place
today and that was bearish for lumber. Chart damage was
inflicted today and the bears have the near-term technical
advantage. The next downside technical breakout objective
for the lumber bears is pushing and closing prices below
solid technical support at the January low of $250.00. The
next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at $275.00. First resistance is seen at $267.50 and then at
$270.00. First support is seen at today’s low of $263.00
and then at $260.00. Wyckoff's Market Rating: 4.0

*. METALS: April gold futures closed down $21.90 an ounce
at $1,645.40 today. Prices closed nearer the session low
today and were pressured by as “risk off” day in the market
place and by a firmer U.S. dollar index and sharply lower
crude oil prices. Bears continue to have the slight near-
term technical advantage. Prices are in a three-week-old
downtrend on the daily bar chart. The gold bulls’ next
upside price breakout objective is to produce a close above
psychological resistance at $1,700.00. Bears' next near-
term downside price objective is closing prices below solid
technical support at last week’s low $1,634.70. First
resistance is seen at $1,650.00 and then at today’s high of
$1,664.90. First support is seen at today’s low of
$1,641.20 and then at $1,634.70. Wyckoff's Market Rating:
4.0.

May silver futures closed down $1.045 an ounce at $31.91
today. Prices closed nearer the session low today. The key
“outside markets” were bearish for the silver market today
as the U.S. dollar index was firmer and crude oil prices
were sharply lower. Silver prices are in a three-week-old
downtrend on the daily bar chart and the bears have the
near-term technical advantage. Bulls’ next upside price
breakout objective is closing prices above solid technical
resistance at last week’s high of $34.41 an ounce. The next
downside price breakout objective for the bears is closing
prices below solid technical support at last week’s low of
$31.625. First resistance is seen at $32.50 and then at
today’s high of $32.96. Next support is seen at today’s low
of $31.75 and then at $31.625. Wyckoff's Market Rating:
4.0.

May N.Y. copper closed down 77 points 383.15 cents today.
Prices closed nearer the session low today. The key
“outside markets” were bearish for the copper market today
as the U.S. dollar index was firmer and crude oil prices
were sharply lower. Copper bulls still have the overall
near-term technical advantage. Copper bulls' next upside
breakout objective is pushing and closing prices above
solid technical 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
370.25 cents. First resistance is seen at 385.00 cents and
then at 387.50 cents. First support is seen at today’s low
of 381.35 cents and then at 380.00 cents. Wyckoff's Market
Rating: 5.5.

*. ENERGIES: May crude oil closed down $2.32 a barrel at
$106.24 today. Prices closed nearer the session low today
as the bulls faded a bit. A firmer U.S. dollar index and
some more talk of weaker Chinese economic growth pressured
crude today. Crude oil bulls still have the overall near-
term technical advantage. Prices are in a 5.5-month-old
uptrend on the daily bar chart. The next near-term upside
price breakout objective for the crude oil bulls is
producing a close above solid technical resistance at the
March high of $110.95 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 $104.29. First resistance is seen at $107.00 and
then at $108.00. First support is seen at today’s low of
$105.70 and then at 105.00. Wyckoff's Market Rating: 6.0

May heating oil closed down 158 points at $3.2601 today.
Prices closed nearer the session high and saw more profit
taking. Bulls still have the solid overall near-term
technical advantage. The bulls' next upside price breakout
objective is closing prices above solid technical
resistance at $3.3500. Bears' next downside price breakout
objective is producing a close below solid technical
support at $3.1570. First resistance lies at $3.2750 and
then at $3.3000. First support is seen at $3.2500 and then
at $3.2268. Wyckoff's Market Rating: 7.0.

May (RBOB) unleaded gasoline closed down 78 points at
$3.3540 today. Prices closed near the session high today.
Bulls have the solid overall near-term technical advantage.
The next upside price breakout objective for the bulls is
closing prices above solid technical resistance at $3.5000.
Bears' next downside price breakout objective is closing
prices below solid support at $3.2500. First resistance is
seen at Monday’s contract high of $3.3780 and then at
$3.4000. First support is seen at today’s low of $3.3250
and then at today’s low of $3.3099. Wyckoff's Market
Rating: 8.0.

May natural gas closed down 3.7 cents at $2.429 today.
Prices closed near the session low today in more quiet
trading. The bears still have the solid overall near-term
technical advantage. 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 $2.25. First resistance is seen
at this week’s high of $2.502 and then at $2.55. First
support is seen at this week’s low of $2.393 and then at
the contract low of $2.306. Wyckoff's Market Rating: 2.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed down 17 points at 1.3228 today. Prices closed nearer
the session high again today. Bulls and bears are on a
level near-term technical playing field as the bulls have
gained some upside near-term momentum recently. Euro bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at the February
high of 1.3494. The next downside price breakout objective
for the bears is closing prices below solid chart support
at the February low of 1.2987. First resistance for the
Euro lies at this week’s high if 1.3272 and then at 1.3300.
Next support is seen at 1.3200 and then at this week’s low
of 1.3148. Wyckoff's Market Rating: 5.0

The June Japanese yen closed down 46 points at 1.1954
today. Prices closed nearer the session low today. Bears
have the solid overall near-term technical advantage. There
are no early clues to suggest a market low is close at
hand. Prices are in a steep seven-week-old downtrend on the
daily bar chart. Bulls' next upside price breakout
objective is closing prices above solid resistance at last
week’s high of 1.2213. Bears' next downside breakout
objective is closing prices below solid technical support
at 1.1750. First resistance is seen at today’s high of
1.2013 and then at this week’s high of 1.2055. First
support is seen at today’s low of 1.1938 and then at last
week’s low of 1.1889. Wyckoff's Market Rating: 1.5.

The June Swiss franc closed down 7 points at 1.0978 today.
Prices closed nearer the session high again today. 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 resistance at 1.1034. The next
downside price breakout objective for the bears is closing
prices below solid technical support at March low of
1.0725. First resistance is seen at this week’s high of
1.1011 and then at 1.1034. First support is seen at today’s
low of 1.0937 and then at this week’s low of 1.0906.
Wyckoff's Market Rating: 5.0.

The June Australian dollar closed down 132 points at 1.0379
today. Prices closed nearer the session low today. Bulls
have the overall near-term technical advantage but are 
fading and need to show fresh power soon. Prices have been
trending lower for three weeks. Bulls' next upside price
breakout objective is closing prices above solid chart
resistance at this week’s high of 1.0529. The next downside
breakout objective for the bears is to produce a close
below solid technical support at 1.0200. First resistance
is seen at 1.0450 and then at 1.0500. Next support is seen
at today’s low of 1.0351 and then at last week’s low of
1.0314. Wyckoff's Market Rating: 6.0

The June Canadian dollar closed down 49 points at 1.0066
today. Prices closed near mid-range today and hit a fresh
two-week low early on. Bulls still have the overall near-
term technical advantage. A 3.5-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 the February high of 1.0133. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the March low of
.9949. First resistance is seen at 1.0100 and then at
today’s high of 1.0113. First support is seen at today’s
low of 1.0011 and then at 1.0000. Wyckoff's Market Rating:
7.0.

The June British pound closed down 39 points at 1.5850
today. Prices closed near mid-range today. Bulls have the
slight near-term technical advantage. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at the February high of 1.5971.
Bears' next downside technical breakout objective is
closing prices below solid support at the March low of
1.5591. First resistance is seen at this week’s high of
1.5905 and then at 1.5991. First support is seen at this
week’s low of 1.5812 and then at 1.5750. Wyckoff's Market
Rating: 5.5.

The June U.S. dollar index closed up 15 points at 79.86
today. Prices closed near mid-range today. Bulls and bears
are on a level near-term technical playing field. Bulls'
next upside price breakout objective is to close prices
above solid technical resistance at last week’s high of
81.16. The next downside price breakout objective for the
bears is to produce a close below solid technical support
at the February low of 78.42. Next resistance lies at 80.00
this week’s high of 80.18 and then at 80.50. First support
is seen at this week’s low of 79.60 and then at 79.50.
Wyckoff's Market Rating: 5.0.

June U.S. T-Bonds closed up 11/32 at 135 23/32 today.
Prices closed near mid-range and saw short covering from
recent strong selling pressure. Prices Monday hit a 4.5-
month low. Serious near-term chart damage has occurred
recently. Bears are in near-term technical control. The
next downside price breakout objective for the T-Bond bears
is closing prices below solid technical support at the
October low of 133 17/32. The next upside technical
objective for the bulls is to produce a close above solid
technical resistance at 139 even. First resistance is seen
at today’s high of 136 4/32 and then at 136 16/32. First
support is seen at this week’s low of 135 5/32 and then at
135 even. Wyckoff's Market Rating: 3.5.

June U.S. T Notes closed up 0.5 (32nds) at 127.31.0 today.
Prices closed nearer the session low today and hit another
fresh 4.5-month low. Bears have the overall near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 129.16.0. The next downside price breakout
objective for the bears is producing a close below solid
technical support at 127.00.0. First resistance is seen at
today’s high of 128.13.0 and then at this week’s high of
128.29.0. First support is seen at today’s low of 127.23.0
and then at 127.16.0. Wyckoff's Market Rating: 3.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mixed today. The Nasdaq hit another multi-year high. The
stock index bulls have the solid near-term technical
advantage and the path of least resistance for prices will
remain sideways to higher amid no early warning signals
that market tops are close at hand.

The Nasdaq stock futures index closed up 9.75 at 2,737.50.
Prices closed near the session high today and hit another
fresh 11-year high. Bulls' next upside price breakout
objective is closing prices above solid resistance at
2,750.00. The bears' next downside price breakout objective
is closing prices below solid technical support at
2,600.00. First resistance is seen at today’s high of
2,738.00 and then at 2,750.00. First support is seen at
today’s low of 2,707.25 and then at 2,686.00. Wyckoff's
Market Rating: 8.5

The S&P 500 futures index closed down 3.90 at 1,400.10.
Prices closed nearer the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1,425.00. The next downside price
breakout objective for the bears is closing prices below
solid support at 1,350.00. First resistance is seen at this
week’s high of 1,407.80 and then at 1,425.00. First support
is seen at today’s low of 1,391.80 and then at 1,385.00.
Wyckoff's Market Rating: 8.0.

The Dow futures closed down 55 points at 13,108 today.
Prices closed near mid-range again today. The next upside
price objective for the bulls is closing prices above solid
technical resistance at 13,500. The next downside price
objective for the bears is closing prices below solid
technical support at the March low of 12,698. First
resistance in the Dow lies at today’s high of 13,130 and
then at this week’s high of 13,200. First support is seen
at today’s low of 13,060 and then at 13,000. Wyckoff's
Market Rating: 8.0.

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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