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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 22

Mar 23, 2012

Thursday Evening, March 22-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 $0.30 at $125.25
today. Prices closed near mid-range today and saw more
tepid short covering in a bear market. Bulls were
encouraged to see the cash cattle market rebound this week.
But cattle futures bears still have the overall near-term
technical advantage. Prices are still 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
today’s high of $125.77 and then at $126.00. First support
is seen at today’s low of $124.80 and then at this week’s
low of $124.45. Wyckoff's Market Rating: 4.0

May feeder cattle closed up $0.30 at $154.70 today. Prices
closed near the session low again today and saw more short
covering from recent strong selling pressure. Bears still
have the slight near-term technical advantage. Prices are
in a three-week-old downtrend on the daily bar chart. 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
$155.25 and then at $156.00. First support is seen at
$154.00 and then at this week’s low of $153.45. Wyckoff's
Market Rating: 4.5

June lean hogs closed up $0.65 at $92.85 today. Prices
closed nearer the session high today and saw short covering
in a bear market. Prices Wednesday hit a 10-month low.
Serious near-term technical damage has been inflicted in
hogs recently. 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 still overdone on the downside and due for more of 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 $93.45 and then at
$94.00. First support is seen at today’s low of $92.50 and
then at this week’s low of $92.10. Wyckoff's Market Rating:
2.5

*. GRAINS: May corn futures closed up 3 cents at $6.45
today. Prices closed nearer the session high today after
hitting another fresh two-week low early on. While no
serious near-term chart damage has occurred, the bulls have
faded and need to show more power soon to avoid damage.
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, but now just barely. 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 today’s low of 6.36 3/4. First
resistance for March corn is seen at today’s high of $6.47
1/2 and then at $6.51. First support is seen at $6.40 and
then at $6.36 3/4. Wyckoff's Market Rating: 5.5

May soybeans closed down 4 1/4 cents at $13.50 3/4 a bushel
today. Prices closed near mid-range today. The key “outside
markets” were bearish for beans today, as the U.S. dollar
index was firmer and crude oil prices were sharply lower.
Bean bulls still have the overall near-term technical
advantage. Bean prices are 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
today’s high of $13.60 and then at $13.68. First support is
seen at today’s low of $13.38 1/2 and then at $13.30.
Wyckoff's Market Rating: 7.0.

May soybean meal closed up $1.00 at $370.80 today. Prices
closed near the session high today. Meal bulls have the
solid overall near-term technical advantage. Prices are in
a three-month-old uptrend on the daily bar chart. The next
upside price breakout objective for the bulls is 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
$371.50 and then at last week’s high of $374.40. First
support is seen at today’s low of $365.80 and then at this
week’s low of $363.80. Wyckoff's Market Rating: 7.5

May bean oil closed down 53 points at 53.85 cents today.
Prices closed nearer the session low today and hit a fresh
two-week low. Prices also scored a bearish “outside day”
down on the daily bar chart. Bean oil bulls have the slight
overall near-term technical advantage but did fade today.
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
the March low of 52.88 cents. First resistance is seen at
54.00 cents and then at 54.25 cents. First support is seen
at today’s low of 53.66 cents and then at 53.50 cents.
Wyckoff's Market Rating: 5.5

May Chicago SRW wheat closed up 10 1/2 cents at $6.56 3/4
today. Prices closed near the session high today after
hitting a fresh five-week low early on. Short covering was
featured. Wheat bears still have the overall near-term
technical advantage. Bulls’ next upside breakout objective
is to push and close Chicago SRW prices above solid
technical resistance at 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 February low of $6.28. First
resistance is seen at $6.50 and then at $6.53 1/4. First
support lies at $6.40 and then at $6.33 1/2. Wyckoff's
Market Rating: 4.0.

May K.C. HRW wheat closed up 9 cents at $6.84 today. Prices
closed near the session high today and hit a fresh nine-
week low early on. Prices scored a bullish “outside day” up
on the daily bar chart today and saw short covering in a
bear market. Bears still 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 January low of $6.60. First resistance is seen at $6.90
and then at $6.95. First support is seen at $6.75 and then
at today’s low of $6.68 1/2. Wyckoff's Market Rating: 3.5

May oats closed up 3 cents at $3.28 1/2 today. Prices
closed near the session high. Bulls have the overall near-
term technical advantage. A bullish pennant pattern has now
formed on the daily bar chart. 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 last week’s high of $3.41.
First support lies at $3.25 and then at today’s low of
$3.22. First resistance is seen at $3.30 and then at $3.34.
Wyckoff's Market Rating: 6.0

*. SOFTS: May sugar closed up 57 points at 25.90 cents
today. Prices closed nearer the session high today, closed
at a fresh 4.5-month high close, and scored a bullish
“outside day” up on the daily bar chart. Sugar bulls have
the near-term technical advantage and regained some upside
momentum today. Sugar bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at this week’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 today’s high of 26.10 cents and then
at 26.20 cents. First support is seen at 25.50 cents and
then at today’s low of 25.28 cents. Wyckoff's Market
Rating: 6.0.

May coffee closed down 955 points at 175.15 cents. Prices
closed near the session low again today and careened to a
fresh 17-month low. The key “outside markets” were bearish
for coffee today, as the U.S. dollar index was firmer and
crude oil prices were sharply lower. Coffee prices are
still in a 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 solid technical resistance at this
week’s high of 188.45 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 170.00 cents a pound. First
resistance is seen at 177.50 cents and then at 180.00
cents. First support is seen at today’s low of 174.45 cents
and then at 172.50 cents. Wyckoff's Market Rating: 1.0

May cocoa closed down $55 at $2,304 a ton. Prices closed
nearer the session low today. The key “outside markets”
were bearish for cocoa today, as the U.S. dollar index was
firmer and crude oil prices were sharply lower. Bulls and
bears are on a level near-term technical playing field at
present. 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 $2,325 and
then at today’s high of $2,354. First support is seen at
today’s low of $2,279 and then at $2,260. Wyckoff's Market
Rating: 5.0

May cotton closed up 127 points at 89.58 cents today.
Prices closed near the session high today and saw more
short covering in a bear market. Cotton bears still have
the solid overall near-term technical advantage. Prices are
still 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 today’s low of 88.05 cents and then at
this week’s low of 87.43 cents. First resistance is seen at
today’s high of 89.74 cents and then at 90.00 cents.
Wyckoff's Market Rating: 2.5

May orange juice closed down 255 points at $1.6725 today.
Prices closed near mid-range today and hit another fresh
three-month low. Serious near-term chart damage has been
inflicted in FCOJ this week. 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 $1.8000. The next downside
technical breakout objective for the FCOJ bears is to
produce a close below solid technical support at the
December low of $1.6000. First resistance is seen at
$1.7000 and then at $1.7250. First support is seen at
today’s low of $1.6500 and then at $1.6250. Wyckoff's
Market Rating: 3.0.

May lumber futures closed down $4.70 at $255.00 today.
Prices closed near the session low and hit a fresh two-
month-low today. Serious near-term chart damage has been
inflicted this week and the bears 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 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 $270.00. First resistance is seen at $257.50
and then at today’s high of $260.00. First support is seen
at today’s low of $254.00 and then at $252.50. Wyckoff's
Market Rating: 2.0

*. METALS: April gold futures closed down $8.90 an ounce at
$1,641.40 today. Prices closed near mid-range today and hit
a fresh nine-week low as more near-term technical damage
was inflicted. The key “outside markets” were bearish for
gold today as the U.S. dollar index was firmer and crude
oil prices were sharply lower. Bears have the 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
solid technical resistance at this week’s high of
$1,670.10. Bears' next near-term downside price objective
is closing prices below psychological support at $1,600.00.
First resistance is seen at today’s high of $1,656.60 and
then at Wednesday’s high of $1,661.90. First support is
seen at today’s low of $1,627.50 and then at $1,620.00.
Wyckoff's Market Rating: 4.0.

May silver futures closed down $0.822 an ounce at $31.405
today. Prices closed nearer the session low and hit a fresh
nine-week low today. Fresh chart damage was inflicted
today. The key “outside markets” were bearish for silver
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
still have the near-term technical advantage. Bulls’ next
upside price breakout objective is closing prices above
solid technical resistance at this week’s high of $33.09 an
ounce. The next downside price breakout objective for the
bears is closing prices below major psychological support
at $30.00. First resistance is seen at $32.00 and then at
today’s high of $32.35. Next support is seen at today’s low
of $31.09 and then at $31.00. Wyckoff's Market Rating: 4.0.

May N.Y. copper closed down 745 points 377.10 cents today.
Prices closed nearer the session low today. The key
“outside markets” were bearish for copper today as the U.S.
dollar index was firmer and crude oil prices were sharply
lower. Copper bulls still have the slight overall near-term
technical advantage, but did fade today. Copper bulls' next
upside breakout objective is pushing and closing prices
above solid technical resistance at 390.00 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 380.00 cents and
then at 382.50 cents. First support is seen at today’s low
of 375.25 cents and then at the March low of 371.40 cents.
Wyckoff's Market Rating: 5.5.

*. ENERGIES: May crude oil closed down $1.83 a barrel at
$105.45 today. Prices closed nearer the session low today
as trading has turned choppy on the charts. 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, but now just barely. The next near-term upside price
breakout objective for the crude oil bulls is producing a
close above solid technical resistance at this week’s high
of $108.70 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 $106.00 and then at
$107.00. First support is seen at $104.29 and then at
104.00. Wyckoff's Market Rating: 6.0

May heating oil closed down 361 points at $3.1949 today.
Prices closed nearer the session low and hit a fresh three-
week low today. Bulls still have the overall near-term
technical advantage but did fade a bit today. The bulls'
next upside price breakout objective is closing prices
above solid technical resistance at the March high of
$3.3127. Bears' next downside price breakout objective is
producing a close below solid technical support at $3.1570.
First resistance lies at today’s high of $3.2351 and then
at $3.2667. First support is seen at today’s low of $3.1728
and then at $3.1570. Wyckoff's Market Rating: 6.5.

May (RBOB) unleaded gasoline closed down 207 points at
$3.3245 today. Prices closed nearer the session high today.
Bulls 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
$3.5000. Bears' next downside price breakout objective is
closing prices below solid support at $3.2500. First
resistance is seen at today’s high of $3.3416 and then at
Monday’s contract high of $3.3780. First support is seen at
$3.3000 and then at today’s low of $3.2855. Wyckoff's
Market Rating: 7.5.

May natural gas closed down 8.5 cents at $2.367 today.
Prices closed nearer the session low today and scored a
bearish “outside day” down on the daily bar chart. The
bears 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 today’s high of $2.474 and then
at this week’s high of $2.502 and then at $2.55. First
support is seen at today’s low of $2.345 and then at the
contract low of $2.306. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed down 18 points at 1.3192 today. Prices closed near
mid-range today. Bulls and bears are on a level near-term
technical playing field. 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
today’s high if 1.3261 and then at 1.3299. Next support is
seen at today’s low of 1.3140 and then at 1.3100. Wyckoff's
Market Rating: 5.0

The June Japanese yen closed up 141 points at 1.2131 today.
Prices closed nearer the session high today on more short
covering in a bear market. Bears still have the overall
near-term technical advantage. Prices are still in a 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 last week’s low of 1.1889. First
resistance is seen at today’s high of 1.2157 and then at
1.2213. First support is seen at 1.2055 and then at 1.2000.
Wyckoff's Market Rating: 2.5.

The June Swiss franc closed down 15 points at 1.0949 today.
Prices closed near mid-range 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 1.1000 and then at this week’s high
of 1.1030. First support is seen at 1.0900 and then at
1.0850. Wyckoff's Market Rating: 5.0.

The June Australian dollar closed down 64 points at 1.0274
today. Prices closed nearer the session low again today and
hit a fresh nine-week low. Bulls have the slight 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 today’s high
of 1.0383 and then at 1.0423. Next support is seen at
today’s low of 1.0236 and then at 1.0200. Wyckoff's Market
Rating: 5.5

The June Canadian dollar closed down 77 points at .9978
today. Prices closed nearer the session low today and hit a
fresh two-week low. Bulls still have the overall near-term
technical advantage but did fade today. A 3.5-month-old
uptrend line is in place on the daily bar chart, but now
just barely. 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 1.0000 and then at 1.0050. First support is seen at
today’s low of .9972 and then at .9950. Wyckoff's Market
Rating: 6.5.

The June British pound closed down 40 points at 1.5809
today. Prices closed near mid-range again today. Bulls have
the slight near-term technical advantage, but need to show
fresh power soon to keep it. 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 1.5914 and
then at 1.5971. First support is seen at today’s low of
1.5761 and then at 1.5700. Wyckoff's Market Rating: 5.5.

The June U.S. dollar index closed up 8 points at 79.98
today. Prices closed near mid-range again 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 today’s high of 80.19 and then at 80.50. First support
is seen at this week’s low of 79.53 and then at 79.25.
Wyckoff's Market Rating: 5.0.

June U.S. T-Bonds closed up 13/32 at 137 6/32 today. Prices
closed nearer the session high again today and saw more
short covering. Bears still have the near-term technical
advantage and the bulls have more work to do to suggest an
uptrend can be sustained. The next downside price breakout
objective for the T-Bond bears is closing prices below
solid technical support at this week’s low of 135 5/32. 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 137 13/32 and then at
138 even. First support is seen at today’s low of 136 15/32
and then at 136 even. Wyckoff's Market Rating: 4.0.

June U.S. T Notes closed up 6.5 (32nds) at 128.24.5 today.
Prices closed near mid-range today and saw more short
covering. Bears still 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 this
week’s low of 127.23.0. First resistance is seen at today’s
high of 128.31.0 and then at 129.16.0. First support is
seen at today’s low of 128.13.0 and then at 128.00.0.
Wyckoff's Market Rating: 4.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker today on profit taking from recent gains. The stock
index bulls still have the solid near-term technical
advantage and the path of least resistance for prices
remains sideways to higher amid no early warning signals
that market tops are close at hand.

The Nasdaq stock futures index closed down 4.50 at
2,730.75. Prices closed near mid-range again today. 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 this week’s high of 2,748.50 and then at 2,765.00.
First support is seen at today’s low of 2,715.50 and then
at this week’s low of 2,700.25. Wyckoff's Market Rating:
8.0

The S&P 500 futures index closed down 9.20 at 1,388.10.
Prices closed nearer the session low again 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
today’s high of 1,400.70 and then at this week’s high of
1,407.80. First support is seen at today’s low of 1,382.60
and then at 1,366.00. Wyckoff's Market Rating: 7.5.

The Dow futures closed down 80 points at 12,986 today.
Prices closed near mid-range 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 13,015 and
then at 13,100. First support is seen at today’s low of
12,950 and then at 12,900. 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
 

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