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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 28

Mar 29, 2012

Wednesday Evening, March 28-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: June live cattle closed down $1.47 at $120.50
today. Prices closed nearer the session low today and hit a
fresh 3.5-month low. The key “outside markets” were bearish
for the cattle market today, as the U.S. dollar index was
firmer and crude oil prices were sharply lower. Cattle
futures bears now have the solid overall near-term
technical advantage as the bulls faded badly today. Prices
are in a steep five-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 this week’s high of $122.60. The next downside technical
breakout objective for the bears is pushing and closing
prices below solid technical support at $120.00. First
resistance is seen at today’s high of $121.15 and then at
$121.70. First support is seen at today’s low of $120.10
and then at $120.00. Wyckoff's Market Rating: 3.0

May feeder cattle closed down $1.37 at $153.70 today.
Prices closed near the session low today. Bears have the
overall near-term technical advantage and gained more
downside momentum today. 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 last week’s low of
$152.60. First resistance is seen at $154.00 and then at
today’s high of $155.60. First support is seen at today’s
low of $153.55 and then at $153.00. Wyckoff's Market
Rating: 4.0

June lean hogs closed down $1.55 at $92.17 today. Prices
closed near the session low today. The key “outside
markets” were bearish for the hog market today, as the U.S.
dollar index was firmer and crude oil prices were sharply
lower. Hog prices are still in a five-week-old downtrend on
the daily bar chart. Bears have the solid overall near-term
technical advantage. The next upside price breakout
objective for the hog bulls is to push and close prices
above solid chart resistance at this week’s high of $94.10.
The next downside price breakout objective for the bears is
pushing prices below solid technical support at last week’s
low of $91.60. First resistance is seen at $92.50 and then
at today’s high of $93.05. First support is seen at $92.00
and then at $91.60. Wyckoff's Market Rating: 2.5

*. GRAINS: May corn futures closed down 9 1/2 cents at
$6.21 1/4 today. Prices closed nearer the session low again
today and hit a fresh nine-week low. The key “outside
markets” were bearish for the corn market today, as the
U.S. dollar index was firmer and crude oil prices were
sharply lower. The corn bulls have faded badly ahead of
what they fear will be a bearish USDA planting intentions
report on Friday. Near-term chart damage has occurred.
Bears now have the slight near-term technical advantage.
Corn bulls' next upside price breakout objective is to push
and close prices above solid technical resistance at $6.50.
The next downside price breakout objective for the bears is
pushing and closing prices below psychological support at
$6.00. First resistance for March corn is seen at $6.25 and
then at $6.30. First support is seen at today’s low of
$6.19 and then at $6.15. Wyckoff's Market Rating: 4.5

May soybeans closed down 2 1/4 cents at $13.67 1/2 a bushel
today. Prices closed nearer the session low and saw more
mild profit-taking pressure from recent gains. The key
“outside markets” were bearish for the soybean market
today, as the U.S. dollar index was firmer and crude oil
prices were sharply lower. Traders are awaiting Friday
morning’s key USDA planting intentions and supply and
demand report. Bean bulls reckon that report will be
bullish. Bean bulls still have the solid overall near-term
technical advantage. Bean prices are still 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
$13.79 and then at this week’s high of $13.88 1/2. First
support is seen at this week’s low of $13.64 and then at
$13.50. Wyckoff's Market Rating: 7.5.

May soybean meal closed up $1.70 at $377.70 today. Prices
closed nearer the session 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
this week’s high of $379.70 and then at $382.50. First
support is seen at today’s low of $374.80 and then at this
week’s low of $372.40. Wyckoff's Market Rating: 7.5

May bean oil closed down 50 points at 54.60 cents today.
Prices closed nearer the session low again today and saw
more profit taking from recent gains. The key “outside
markets” were bearish for the bean oil market today, as the
U.S. dollar index was firmer and crude oil prices were
sharply lower. Bean oil bulls still have the slight 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 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 55.00 cents and then at today’s
high of 55.35 cents. First support is seen at 54.50 cents
and then at 54.25 cents. Wyckoff's Market Rating: 5.5

May Chicago SRW wheat closed down 9 cents at $6.30 3/4
today. Prices closed near the session low again today and
hit a fresh five-week low. The key “outside markets” were
bearish for the wheat market today, as the U.S. dollar
index was firmer and crude oil prices were sharply lower.
Perceived good worldwide wheat supplies have also hurt the
market this week. Traders are awaiting Friday morning’s key
USDA planting intentions and supply and demand report.
Wheat bears 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 $6.40
and then at today’s high of $6.46 1/4. First support lies
at today’s low of $6.30 and then at $6.28. Wyckoff's Market
Rating: 3.0.

May K.C. HRW wheat closed down 9 cents at $6.70 today.
Prices closed near the session low and closed at a fresh
nine-week low close today. Bears have the overall 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 last week’s low of $6.68 1/2. First
resistance is seen at $6.75 and then at today’s high of
$6.83. First support is seen at $6.68 1/2 and then at the
January low of $6.60. Wyckoff's Market Rating: 3.0

May oats closed up 2 1/4 cents at $3.42 1/4 today. Prices
closed near mid-range today and hit a fresh 4.5-month high.
Bulls have the overall near-term technical advantage.
Bears' next downside price breakout objective is pushing
and closing prices below solid technical support at last
week’s low of $3.22. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at $3.50. First support lies at
today’s low of $3.39 and then at $3.35. First resistance is
seen at today’s high of $3.45 and then at $3.50. Wyckoff's
Market Rating: 6.5

*. SOFTS: May sugar closed up 7 points at 24.37 cents
today. Prices closed near mid-range today and hit another
fresh two-week low. The key “outside markets” were bearish
for the sugar market today, as the U.S. dollar index was
firmer and crude oil prices were sharply lower. Bulls have
faded badly recently. Bulls and bears are on a level near-
term technical playing field. Sugar bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at this week’s high of 25.66
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
24.56 cents and then at 24.75 cents. First support is seen
at today’s low of 24.11 cents and then at 24.00 cents.
Wyckoff's Market Rating: 5.0.

May coffee closed down 575 points at 181.60 cents. Prices
closed near the session low today and gave back over half
of Tuesday’s solid gains. The key “outside markets” were
bearish for the coffee market today, as the U.S. dollar
index was firmer and crude oil prices were sharply lower.
Coffee prices are still in a seven-month-old downtrend on
the daily bar chart. The bears have the overall near-term
technical advantage. The coffee bulls' next upside breakout
objective is to close prices above solid technical
resistance at 190.00 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at last week’s low of 174.45 cents
a pound. First resistance is seen at 185.00 cents and then
at last week’s high of 188.45 cents. First support is seen
at 180.00 cents and then at this week’s low of 177.70
cents. Wyckoff's Market Rating: 2.0

May cocoa closed down $68 at $2,288 a ton. Prices closed
near the session low today. The key “outside markets” were
bearish for the cocoa market today, as the U.S. dollar
index was firmer and crude oil prices were sharply lower.
Bears today gained 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 this week’s high of $2,384. 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 $2,300
and then at $2,325. First support is seen at today’s low of
$2,285 and then at $2,271. Wyckoff's Market Rating: 4.5

May cotton closed up 144 points at 94.03 cents today.
Prices closed near the session high today and hit another
fresh three-week high and saw more short covering and
bargain hunting. Cotton bulls and bears are now on a level
near-term technical playing field as bulls are gaining
upside momentum to suggest a market low is in place. A
bullish “rounding-bottom” reversal pattern is in place 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 94.24 cents and then at 95.00 cents. First support is
seen at 93.00 cents and then at 92.50 cents. Wyckoff's
Market Rating: 5.0

May orange juice closed down 70 points at $1.6650 today.
Prices closed near the session low today. Serious near-term
chart damage has been inflicted in FCOJ recently. 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
today’s high of $1.6885 and then at this week’s high of
$1.7050. First support is seen at $1.6500 and then at last
week’s low of $1.6440. Wyckoff's Market Rating: 3.5.

May lumber futures closed up $2.30 at $261.6 today. Prices
closed near the session high today on short covering in a
bear market. 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 $262.70
and then at this week’s high of $265.30. First support is
seen at this week’s low of $258.00 and then at $256.00.
Wyckoff's Market Rating: 2.5

*. METALS: April gold futures closed down $26.70 an ounce
at $1,658.30 today. Prices closed nearer the session low
today. The key “outside markets” were bearish for gold
today, as the U.S. dollar index was firmer and crude oil
prices were sharply lower. Bulls faded today and the bears
now have the slight near-term technical advantage. 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 $1,670.00 and then
at today’s high of $1,684.50. First support is seen at
today’s low of $1,654.00 and then at $1,650.00. Wyckoff's
Market Rating: 4.5.

May silver futures closed down $0.741 an ounce at $31.87
today. Prices closed nearer the session low 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 bears 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 $33.19 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 $32.00 and then at $32.50. Next
support is seen at today’s low of $31.765 and then at
$31.50. Wyckoff's Market Rating: 4.0.

May N.Y. copper closed down 840 points 379.60 cents today.
Prices closed nearer the session low today. The key
“outside markets” were bearish for gold 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. However, prices have been trading
sideways for six weeks. 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 last week’s low of 375.25
cents. First resistance is seen at 382.50 cents and then at
385.00 cents. First support is seen at today’s low of
378.25 cents and then at last week’s low of 375.25 cents.
Wyckoff's Market Rating: 5.5.

*. ENERGIES: May crude oil closed down $1.93 a barrel at
$105.40 today. Prices closed nearer the session low today
as prices were pressured by a bearish weekly DOE stocks
report and by reports the International Energy Agency may
coordinate tapping of strategic oil reserves of nations.
Prices have been trading sideways at higher price levels
for the past month. Crude oil bulls still 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 $106.00
and then at $107.00. First support is seen at $105.00 and
then at today’s low of 104.67. Wyckoff's Market Rating: 6.0

May heating oil closed down 136 points at $3.2224 today.
Prices closed nearer the session high today. Bulls still
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 this week’s high of $3.2526 and
then at $3.2821. First support is seen at today’s low of
$3.2038 and then at last week’s low of $3.1728. Wyckoff's
Market Rating: 6.5.

May (RBOB) unleaded gasoline closed down 252 points at
$3.3612 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 $3.3716 and then at
the contract high of $3.4118. First support is seen at
today’s low of $3.3250 and then at $3.3000. Wyckoff's
Market Rating: 7.5.

May natural gas closed down 1.5 cents at $2.279 today.
Prices closed near mid-range today and hit another fresh
contract low. The bears have the solid overall near-term
technical advantage. There are no early clues to suggest a
market low is close at hand. 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 $2.35 and then at this week’s high of $2.419 and then at
$2.50. First support is seen at today’s contract low of
$2.251 and then at $2.20. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed down 15 points at 1.3326 today. Prices closed near
mid-range today. Bulls still have 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 this
week’s high of 1.3391 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: 5.5

The June Japanese yen closed up 38 points at 1.2084 today.
Prices closed nearer the session high today on short
covering in a bear market. 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 this week’s high of 1.2140 and then
at last week’s high of 1.2210. First support is seen at
this week’s low of 1.2000 and then at 1.1950. Wyckoff's
Market Rating: 2.5.

The June Swiss franc closed down 13 points at 1.1060 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 the March high of 1.1213. The
next downside price breakout objective for the bears is
closing prices below solid technical support at 1.0900.
First resistance is seen at this week’s high of 1.1102 and
then at 1.1150. First support is seen at today’s low of
1.1021 and then at 1.1000. Wyckoff's Market Rating: 5.0.

The June Australian dollar closed down 96 points at 1.0292
today. Prices closed nearer the session low today. Bulls
and bears are back on a level near-term technical playing
field but the bulls are fading. 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 1.0366 and then at
1.0400. Next support is seen at today’s low of 1.0261 and
then at 1.0236. Wyckoff's Market Rating: 5.0

The June Canadian dollar closed down 43 points at .9997
today. Prices closed nearer the session low 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 1.0035
and then at this week’s high of 1.0083. First support is
seen at today’s low of .9982 and then at last week’s low of
.9946. Wyckoff's Market Rating: 6.5.

The June British pound closed down 70 points at 1.5883
today. Prices closed near mid-range today and saw some
profit taking from recent gains. Prices Tuesday hit a 4.5-
month high. Bulls still 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 and November highs of 1.6094. 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 today’s high of 1.5956 and then at
this week’s high of 1.5994. First support is seen at
today’s low of 1.5832 and then at 1.5800. Wyckoff's Market
Rating: 6.0.

The June U.S. dollar index closed up 8 points at 79.31
today. Prices closed near mid-range today and saw some
short covering. Bears still have the slight 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 today’s high of 79.51 and
then at this week’s high of 79.94. First support is seen at
this week’s low of 78.93 and then at 78.42. Wyckoff's
Market Rating: 4.5.

June U.S. T-Bonds closed down 2/32 at 138 8/32 today.
Prices closed near mid-range today. Bears still have the
slight near-term technical advantage. The next downside
price breakout objective for the T-Bond bears is closing
prices below solid technical support at 136 16/32. 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 138 27/32 and then at
139 even. First support is seen at 138 even and then at
today’s low of 137 23/32. Wyckoff's Market Rating: 4.5.

June U.S. T Notes closed down 1.5 (32nds) at 129.17.5
today. Prices closed near mid-range today. Bears still have
the slight overall near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at 130.00.0. The next
downside price breakout objective for the bears is
producing a close below solid technical support at this
week’s low of 128.20.0. First resistance is seen at today’s
high of 129.27.0 and then at 130.00.0. First support is
seen at today’s low of 129.11.0 and then at 129.00.0.
Wyckoff's Market Rating: 4.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker again today on more profit-taking pullbacks from
recent gains. It was also a bit of a “risk off” day in the
market place today. 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 6.75 at
2,769.00. Prices closed near mid-range again today and
poked to 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 2,790.25 and then at 2,800.00. First support is
seen at today’s low of 2,750.25 and then at this week’s low
of 2,729.00. Wyckoff's Market Rating: 8.0

The S&P 500 futures index closed down 5.90 at 1,400.50.
Prices closed near mid-range 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 1,412.00 and then at this week’s high of 1,419.60.
First support is seen at today’s low of 1,392.10 and then
at last week’s low of 1,381.00. Wyckoff's Market Rating:
7.5.

The Dow futures closed down 72 points at 13,052 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 13,100 and then at today’s
high of 13,145. First support is seen at 13,000 and then at
last week’s low of 12,940. 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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