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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 26

Mar 27, 2012

Monday Evening, March 26-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 $0.05 at $124.55
today. Prices closed nearer the session low today and saw
more tepid short covering in a bear market. Cattle futures
bears still have the overall near-term technical advantage.
Prices are still in a five-week-old downtrend on the daily
bar chart. However, my bias is that a market low is in
place or close at hand. 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 last week’s
low of $123.50. First resistance is seen at $125.00 and
then at today’s high of $125.25. First support is seen at
today’s low of $124.20 and then at $124.00. Wyckoff's
Market Rating: 4.0

May feeder cattle closed up $0.25 at $153.72 today. Prices
closed near mid-range today and saw short covering from
recent strong selling pressure. Bears still have the
overall near-term technical advantage. Prices are in a
four-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 $156.00. The
next downside price breakout objective for the bears is to
push and close prices below solid technical support at
$152.00. First resistance is seen at today’s high of
$154.45 and then at $155.00. First support is seen at
today’s low of $153.10 and then at $152.50. Wyckoff's
Market Rating: 4.0

June lean hogs closed up $0.67 at $92.90 today. Prices
closed near the session high today and saw short covering
in a bear market. Prices Friday hit a 10-month low. Serious
near-term technical damage has been inflicted in hogs
recently. Prices are in a steep five-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 $92.50 and then at $92.10. Wyckoff's
Market Rating: 2.5

*. GRAINS: May corn futures closed down 8 1/4 cents at
$6.38 1/4 today. Prices closed near the session low today,
scored a bearish “outside day” down on the daily bar chart
and closed at a fresh two-week low close. While no serious
near-term chart damage has occurred, the bulls have faded
and need to show fresh power soon to avoid damage. Corn
market bulls still have the slight near-term technical
advantage. Prices are still in a 2.5-month-old uptrend on
the daily bar chart, but now just barely. Traders are
awaiting Friday morning’s key USDA planting intentions and
supply and demand report. Corn bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at last 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
last week’s low of 6.36 3/4. First resistance for March
corn is seen at $6.45 and then at $6.50. First support is
seen at $6.36 3/4 and then at the March low of $6.31 3/4.
Wyckoff's Market Rating: 5.5

May soybeans closed up 13 1/2 cents at $13.79 1/4 a bushel
today. Prices closed near mid-range and hit a fresh 6.5-
month high today. The market was supported by a weaker U.S.
dollar index and some more reports of a smaller South
American soybean crop. Traders are awaiting Friday
morning’s key USDA planting intentions and supply and
demand report. Bean bulls have the solid overall near-term
technical advantage. Bean prices are in a 3.5-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 last week’s low of
$13.38 1/2. First resistance is seen at today’s high of
$13.88 1/2 and then at $14.00. First support is seen at
today’s low of $13.64 and then at $13.50. Wyckoff's Market
Rating: 7.5.

May soybean meal closed up $4.90 at $377.90 today. Prices
closed nearer the session high and hit a fresh six-month
high today. Meal bulls have the solid overall near-term
technical advantage. Prices are in a 3.5-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 $385.00. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at last week’s low of
$363.80. First resistance comes in at today’s high of
$378.90 and then at $380.00. First support is seen at
$375.00 and then at today’s low of $372.40. Wyckoff's
Market Rating: 7.5

May bean oil closed up 55 points at 55.43 cents today.
Prices closed nearer the session high today and hit a fresh
six-month high. Bean oil bulls have the overall near-term
technical advantage and gained fresh upside momentum today.
Prices are in a 3.5-month-old uptrend on the daily bar
chart. The next upside price breakout objective for the
bean oil bulls is pushing and closing prices above solid
technical resistance at 57.50 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 53.66 cents. First resistance is seen at today’s
high of 55.82 cents and then at 56.00 cents. First support
is seen at 55.00 cents and then at today’s low of 54.66
cents. Wyckoff's Market Rating: 6.5

May Chicago SRW wheat closed up 5 1/4 cents at $6.59 1/2
today. Prices closed near mid-range today and were
supported on short covering and on reports of dry weather
in European wheat regions. Traders are awaiting Friday
morning’s key USDA planting intentions and supply and
demand report. 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 today’s high of $6.70 1/2 and then at
$6.77 3/4. First support lies at today’s low of $6.50 and
then at $6.40. Wyckoff's Market Rating: 4.5.

May K.C. HRW wheat closed up 4 1/2 cents at $6.99 today.
Prices closed near mid-range today and saw short covering.
Bears still have the slight overall near-term technical
advantage but the bulls are gaining some upside momentum.
Bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at the
March high of $7.22 1/2. The bears' next downside breakout
objective is pushing and closing prices below solid
technical support at last week’s low of $6.68 1/2. First
resistance is seen at today’s high of $7.05 and then at
$7.09. First support is seen at today’s low of $6.94 and
then at $6.88. Wyckoff's Market Rating: 4.5

May oats closed down 1/4 cent at $3.32 3/4 today. Prices
closed near the session low. Bulls 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 the March high of $3.41.
First support lies at $3.30 and then at $3.28. First
resistance is seen at $3.35 and then at $3.39. Wyckoff's
Market Rating: 6.0

*. SOFTS: May sugar closed down 84 points at 24.79 cents
today. Prices closed nearer the session low today and hit a
fresh two-week low. Bulls faded today. Sugar bulls still
have the slight near-term technical advantage but need to
show fresh power soon to keep it. Sugar bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at last week’s high of 26.20
cents. Bears' next downside price breakout objective is to
push and close prices below solid technical support at
24.00 cents. First resistance is seen at 25.00 cents and
then at 25.25 cents. First support is seen at today’s low
of 24.70 cents and then at 24.50 cents. Wyckoff's Market
Rating: 5.5.

May coffee closed up 10 points at 178.85 cents. Prices
closed near mid-range today and saw tepid short covering in
a bear market after prices last week hit a 17-month low.
Coffee prices are in a seven-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 last 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 today’s high of 180.40
cents and then at 182.50 cents. First support is seen at
177.50 cents and then at last week’s low of 174.45 cents.
Wyckoff's Market Rating: 1.5

May cocoa closed up $26 at $2,333 a ton. Prices closed
nearer the session high today. A weaker U.S. dollar index
supported cocoa today. Bulls and bears are on a level near-
term technical playing field at present, amid choppy
trading. 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 $2,344 and then at $2,354. First support is seen at
$2,300 and then at $2,271. Wyckoff's Market Rating: 5.0

May cotton closed up 128 points at 90.91 cents today.
Prices closed near the session high today, hit a fresh
three-week high and saw more short covering. Cotton bears
still have the overall near-term technical advantage.
Prices are still in a 2.5-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 the March high of 94.24 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 resistance is seen at
91.50 cents and then at 92.00 cents. First support is seen
at 90.00 cents and then at today’s low of 89.36 cents.
Wyckoff's Market Rating: 3.0

May orange juice closed up 280 points at $1.6900 today.
Prices closed near the session high today on short covering
in a bear market. Prices Friday hit a three-month low.
Serious near-term chart damage has been inflicted in FCOJ
recently. Bears still 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 $1.6750 and then at $1.6600.
Wyckoff's Market Rating: 3.5.

May lumber futures closed up $2.90 at $261.50 today. Prices
closed nearer the session high and saw short covering in a
bear market. Prices last week hit a two-month-low. The
bears still have the overall 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 today’s high of
$262.70 and then at $265.00. First support is seen at
$260.00 and then at today’s low of $258.00. Wyckoff's
Market Rating: 3.0

*. METALS: April gold futures closed up $22.50 an ounce at
$1,685.10 today. Prices closed near the session high today
and hit a fresh two-week high. The market was boosted on
short covering and bargain hunting. Bullish comments from
Fed Chairman Bernanke also boosted gold. He implied the
U.S. economy is still shaky and more accommodative monetary
policy could be in the cards. A weaker U.S. dollar index
was also supportive for gold today. Bulls and bears are now
back on a level near-term technical playing field as the
bulls have just gained some fresh upside technical
momentum. 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 of $1,627.50. First resistance
is seen at today’s high of $1,687.80 and then at $1,700.00.
First support is seen at $1,675.00 and then at $1,665.00.
Wyckoff's Market Rating: 5.0.

May silver futures closed up $0.508 an ounce at $32.78
today. Prices closed nearer the session high and saw short
covering and bargain hunting amid a weaker U.S. dollar
index. Bears still have the slight near-term technical
advantage. Silver prices are still in a four-week-old
downtrend on the daily bar chart—but now just barely.
Bulls’ next upside price breakout objective is closing
prices above solid technical resistance at last week’s high
of $33.09 an ounce. The next downside price breakout
objective for the bears is closing prices below solid
technical support at last week’s low of $31.09. First
resistance is seen at today’s high of $32.89 and then at
$33.09. Next support is seen at $32.50 and then at $32.00.
Wyckoff's Market Rating: 4.5.

May N.Y. copper closed up 855 points 389.40 cents today.
Prices closed near the session high today. A weaker U.S.
dollar index and bullish Bernanke comments were supportive
for copper today. Copper bulls have the overall near-term
technical advantage and regained some upside momentum
today. Copper bulls' next upside breakout objective is
pushing and closing prices above solid technical resistance
at 490.00 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at last week’s low of 375.25 cents. First
resistance is seen at 390.00 cents and then at 392.50
cents. First support is seen at 387.50 cents and then at
385.00 cents. Wyckoff's Market Rating: 6.0.

*. ENERGIES: May crude oil closed up $0.23 a barrel at
$107.10 today. Prices closed nearer the session high today
as trading has turned choppy on the charts. Prices have
been trading sideways at higher price levesl for the past
month. Crude oil bulls have the overall near-term technical
advantage. The next near-term upside price breakout
objective for the crude oil bulls is producing a close
above solid technical resistance at last 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 $108.00 and then at
$108.70. First support is seen at today’s low of $106.19
and then at 105.00. Wyckoff's Market Rating: 6.0

May heating oil closed up 183 points at $3.2430 today.
Prices closed nearer the session high today. Bulls have the
overall near-term technical advantage. 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 $3.2500 and then at $3.2821. First
support is seen at today’s low of $3.2137 and then at
$3.2000. Wyckoff's Market Rating: 6.5.

May (RBOB) unleaded gasoline closed up 279 points at
$3.3968 today. Prices closed near the session high and
closed at a fresh contract high close 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
the contract high of $3.4118 and then at $3.4500. First
support is seen at today’s low of $3.3586 and then at
$3.3261. Wyckoff's Market Rating: 8.0.

May natural gas closed down 6.4 cents at $2.308 today.
Prices closed near the session low today and closed at a
fresh contract low close. 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 $2.50. The next downside
price breakout objective for the bears is closing prices
below solid technical support at $2.20. First resistance is
seen at today’s high of $2.419 and then at $2.50. First
support is seen at the contract low of $2.306 and then at
$2.25. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed up 92 points at 1.3362 today. Prices closed near the
session high today and hit a fresh four-week high. Bulls
have regained the slight near-term technical advantage.
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 March low of 1.3009. First resistance for
the Euro lies at today’s high if 1.3370 and then at 1.3400.
Next support is seen at 1.3300 and then at 1.3250.
Wyckoff's Market Rating: 5.5

The June Japanese yen closed down 40 points at 1.2092
today. Prices closed near mid-range today. Bears still have
the overall near-term technical advantage. Prices are still
in a two-month-old downtrend on the daily bar chart. Bulls'
next upside price breakout objective is closing prices
above solid resistance at the March high of 1.2421. Bears'
next downside breakout objective is closing prices below
solid technical support at the March low of 1.1889. First
resistance is seen at today’s high of 1.2140 and then at
last week’s high of 1.2210. First support is seen at
today’s low of 1.2065 and then at 1.2000. Wyckoff's Market
Rating: 2.5.

The June Swiss franc closed up 72 points at 1.1090 today.
Prices closed near the session high today and hit a fresh
four-week high. 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 the March high of 1.1213. 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 today’s high of 1.1095 and then at
1.1150. First support is seen at 1.1042 and then at 1.1000.
Wyckoff's Market Rating: 5.0.

The June Australian dollar closed up 68 points at 1.0429
today. Prices closed nearer the session high today and saw
some short covering and bargain hunting. Bulls have the
slight overall near-term technical advantage. Prices have
been trending lower for four weeks. Bulls' next upside
price breakout objective is closing prices above solid
chart resistance at last week’s high of 1.0529. The next
downside breakout objective for the bears is to produce a
close below solid technical support at last week’s low of
1.0236. First resistance is seen at today’s high of 1.0447
and then at 1.0500. Next support is seen at today’s low of
1.0329 and then at 1.0236. Wyckoff's Market Rating: 5.5

The June Canadian dollar closed up 69 points at 1.0066
today. Prices closed nearer the session high today. Bulls
have the overall near-term technical advantage amid choppy
trading at higher price levels. 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
.9946. First resistance is seen at today’s high of 1.0075
and then at 1.0122. First support is seen at 1.0050 and
then at 1.0000. Wyckoff's Market Rating: 7.0.

The June British pound closed up 100 points at 1.5960
today. Prices closed near the session high today and closed
at a fresh 4.5-month high close. Bulls have the near-term
technical advantage and gained more upside momentum today.
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
last week’s low of 1.5761. First resistance is seen at
1.5971 and then at 1.6000. First support is seen at 1.5900
and then at 1.5850. Wyckoff's Market Rating: 6.0.

The June U.S. dollar index closed down 50 points at 79.07
today. Prices closed near the session low today and hit a
fresh four-week low as bulls have faded. Bears now have the
near-term technical advantage. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at last week’s high of 80.19. 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 79.50 and then at today’s
high of 79.94. First support is seen at today’s low of
79.06 and then at 78.88. Wyckoff's Market Rating: 4.0.

June U.S. T-Bonds closed down 8/32 at 137 18/32 today.
Prices closed nearer the session high today. Bulls could
get little upside traction from Fed Chairman Bernanke’s
comments that hinted the Fed may employ more easing of
monetary policy. This is a very bearish clue for bonds and
notes. Bears still have the near-term technical advantage.
The next downside price breakout objective for the T-Bond
bears is closing prices below solid technical support at
last 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 26/32 and then at last week’s high
of 138 4/32. First support is seen at 137 even and then at
today’s low of 136 27/32. Wyckoff's Market Rating: 4.0.

June U.S. T Notes closed up 1.0 (32nds) at 120.02.5 today.
Prices closed nearer the session high today and saw tepid
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 last week’s low of 127.23.0. First
resistance is seen at today’s high of 129.06.0 and then at
last week’s high of 129.09.5. First support is seen at
today’s low of 128.18.0 and then at 128.13.0. Wyckoff's
Market Rating: 4.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today on some bullish comments from Fed Chairman
Bernanke. He hinted more Fed easing may be in the cards in
the coming months. The stock index bulls 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 up 47.25 at 2,776.00.
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
2,800.00. The bears' next downside price breakout objective
is closing prices below solid technical support at
2,700.00. First resistance is seen at today’s high of
2,777.50 and then at 2,800.00. First support is seen at
2,750.00 and then at today’s low of 2,729.00. Wyckoff's
Market Rating: 8.5

The S&P 500 futures index closed up 19.90 at 1,414.00.
Prices closed near the session high today and hit a fresh
3.5-year high. 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 1,414.50 and then at
1,425.00. First support is seen at 1,400.00 and then at
today’s low of 1,392.70. Wyckoff's Market Rating: 8.0.

The Dow futures closed up 161 points at 13,193 today.
Prices closed near the session high 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 the March high of 13,220 and
then at 13,250. First support is seen at today’s low of
13,100 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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