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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 7

Mar 08, 2012

Wednesday Evening, March 7-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 $0.20 at
$125.57 today. Prices closed near mid-range today and hit
another fresh seven-week low. The key “outside markets”
were bullish for cattle today, as the U.S. dollar index was
weaker and crude oil prices were higher. Yet, cattle could
not rally today, which is another bearish clue. Serious
near-term technical damage has been inflicted in cattle
this week. The bulls' next upside price breakout objective
is to push and close prices above solid technical
resistance at $128.00. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at the January low of $124.15.
First resistance is seen at today’s high of $126.15 and
then at $126.70. First support is seen at today’s low of
$125.15 and then at $125.00. Wyckoff's Market Rating: 5.0

May feeder cattle closed down $0.10 at $157.60 today.
Prices closed near the session high today and hit a fresh
six-week low early on. Significant near-term technical
damage has been inflicted this week to suggest a market top
is in place. The next upside price objective for the feeder
bulls is to push and close prices above technical
resistance at $160.00. The next downside price breakout
objective for the bears is to push and close prices below
solid technical support at today’s low of $156.25. First
resistance is seen at $158.00 and then at $158.50. First
support is seen at $157.00 and then at $156.25. Wyckoff's
Market Rating: 5.5

April lean hogs closed up $0.57 at $87.35 today. Prices
closed nearer the session high today on a corrective,
short-covering bounce. Serious near-term technical damage
has been inflicted this week. The key “outside markets”
were bullish for hogs today, as the U.S. dollar index was
weaker and crude oil prices were higher. Bears have the
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 $89.40. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at the December low of
$85.50. First resistance is seen at $88.00 and then at
$88.50. First support is seen at $87.00 and then at this
week’s low of $86.60. Wyckoff's Market Rating: 4.0

*. GRAINS: May corn futures closed down 15 1/4 cents at
$6.38 3/4 today. Prices closed near the session low today
and hit a fresh two-week low as the bulls faded today. The
key “outside markets” were bullish for corn today, as the
U.S. dollar index was weaker and crude oil prices were
higher. Yet, corn bulls could get no traction today, which
is a bearish near-term clue. Corn market bulls and bears
are now back on a level near-term technical playing field.
Traders are awaiting Friday morning’s USDA monthly supply
and demand report, which is expected to favor the bulls.
Corn bulls' next upside price breakout objective is to push
and close prices above solid technical resistance at this
week’s high of $6.65 1/4. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at the February low of $6.26. First
resistance for March corn is seen at $6.44 and then at
$6.47. First support is seen at today’s low of $6.37 1/2
and then at $6.34. Wyckoff's Market Rating: 5.0

May soybeans closed down 8 1/2 cents at $13.26 3/4 a bushel
today. Prices closed nearer the session low today and did
hit a fresh 5.5-month high early on. Some profit-taking
pressure was seen today after recent solid gains. Soybean
bulls still have the solid overall near-term technical
advantage. Prices are in an 11-week-old uptrend on the
daily bar chart. Traders are awaiting Friday morning’s USDA
monthly supply and demand report, which they expect will be
friendly. The next near-term upside technical breakout
objective for the soybean bulls is pushing and closing
prices above solid technical resistance at $13.50 a bushel.
The next downside price breakout objective for the bears is
pushing and closing prices below psychological support at
$13.00. First resistance is seen at today’s high of $13.39
and then at $13.50. First support is seen at today’s low of
$13.24 and then at $13.15. Wyckoff's Market Rating: 7.0.

May soybean meal closed down $2.20 at $360.90 today. Prices
closed nearer the session high today. Mild profit taking
was seen. Meal bulls still have the solid near-term
technical advantage. Prices are in an 11-week-old uptrend
on the daily bar chart. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at $375.00. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $350.00. First
resistance comes in at this week’s high of $366.00 and then
at $368.00. First support is seen at today’s low of $359.00
and then at $355.00. Wyckoff's Market Rating: 7.5

May bean oil closed down 30 points at 52.98 cents today.
Prices closed nearer the session low again today and hit a
fresh four-week low. The key “outside markets” were bullish
for bean oil today, as the U.S. dollar index was weaker
higher while crude oil prices were higher. Yet, bean oil
bulls could get no traction today, which is a bearish clue.
Bean oil bulls still have the slight overall near-term
technical advantage, but are fading and need to show fresh
power soon. The next upside price breakout objective for
the bean oil bulls is pushing and closing prices above
solid technical resistance at this week’s high of 54.35
cents. Bean oil bears' next downside technical price
breakout objective is pushing and closing prices below
solid technical support at 52.00 cents. First resistance is
seen at 53.24 cents and then at 53.50 cents. First support
is seen at today’s low of 52.88 cents and then at 52.50
cents. Wyckoff's Market Rating: 5.5

May Chicago SRW wheat closed down 18 1/2 cents at $6.39 1/4
today. Prices closed nearer the session low today. Bulls
are fading fast. The key “outside markets” were bullish for
wheat today, as the U.S. dollar index was weaker while
crude oil prices were higher. Yet, wheat sold off anyway,
which is a bearish clue for wheat. Wheat bears now have the
near-term technical advantage. Traders are awaiting Friday
morning’s USDA monthly supply and demand report, which they
reckon will favor the bears. Bulls’ next upside breakout
objective is to push and close Chicago SRW prices above
solid technical resistance at this week’s 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 today’s high of
$6.59 1/4. First support lies at today’s low of $6.36 1/2
and then at $6.28. Wyckoff's Market Rating: 4.0.

May K.C. HRW wheat closed down 14 1/4 cents at $6.83 3/4
today. Prices closed near the session low today as bulls
are fading fast. Bears now have the near-term technical
advantage. Bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at this week’s high of $7.22 1/2. The bears' next downside
breakout objective is pushing and closing prices below
solid technical support at the February low of $6.76 1/2.
First resistance is seen at $6.90 and then at $6.95. First
support is seen at today’s low of $6.82 and then at $6.76
1/2. Wyckoff's Market Rating: 4.0

May oats closed down 5 1/2 cents at $2.98 1/2 today. Prices
closed nearer the session low and hit another fresh five-
week low today. Prices also scored a big and bearish
“outside day” down on the daily bar chart today. Bears have
the near-term technical advantage and gained more downside
momentum today. Bears' next downside price breakout
objective is pushing and closing prices below solid
technical support at $2.90. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at today’s high of $3.14. First
support lies at today’s low of $2.97 1/4 and then at $2.95.
First resistance is seen at $3.00 and then at $3.01 1/2.
Wyckoff's Market Rating: 4.0

*. SOFTS: May sugar closed down 17 points at 23.88 cents
today. Prices closed nearer the session low again today and
hit another fresh two-week low, on more profit taking.
Bulls are fading. The key “outside markets” were bullish
for sugar today, as the U.S. dollar index was weaker while
crude oil prices were higher. Yet, sugar sold off anyway,
which is a bearish clue for sugar. Sugar bears now have the
slight near-term technical advantage. Sugar bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at 25.00 cents. Bears'
next downside price breakout objective is to push and close
prices below solid technical support at 23.50 cents. First
resistance is seen at 24.00 cents and then at today’s high
of 24.31 cents. First support is seen at today’s low of
23.82 cents and then at 23.50 cents. Wyckoff's Market
Rating: 4.5

May coffee closed down 515 points at 187.90 cents. Prices
closed near the session low today and hit another fresh 15-
month low. The key “outside markets” were bullish for
coffee today, as the U.S. dollar index was weaker while
crude oil prices were higher. Yet coffee sold off sharply
anyway, which is another bearish clue. This latest sell off
looks like a final climactic push lower just before a
market low occurs. Prices are in a choppy, six-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 185.00 cents a
pound. First resistance is seen at 190.00 cents and then at
192.50 cents. First support is seen at today’s low of
186.20 cents and then at 185.00 cents. Wyckoff's Market
Rating: 1.0

May cocoa closed up $22 at $2,305 a ton. Prices closed
nearer the session high again today after hitting a fresh
three-week low early on. The key “outside markets” were
bullish for cocoa today, as the U.S. dollar index was
weaker while crude oil prices were higher. Bulls and bears
are on a level near-term technical playing field. The next
upside price breakout objective for the cocoa bulls is to
push and close prices above solid technical resistance at
the February high of $2,467. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $2,250. First
resistance is seen at today’s high of $2,317 and then at
this week’s high of $2,341. First support is seen at
today’s low of $2,260 and then at $2,250. Wyckoff's Market
Rating: 5.0.

May cotton closed down 130 points at 90.12 cents today.
Prices closed near the session low today. Early-week news
reports that the Indian government is banning all cotton
exports has faded amid conflicting statements from India on
the matter. The key “outside markets” were bullish for
cotton today, as the U.S. dollar index was weaker while
crude oil prices were higher. Yet, cotton sold off anyway,
which is another bearish clue. Cotton bears have the
overall near-term technical advantage. The next upside
price breakout objective for the bulls is to produce a
close above solid technical resistance at 94.57 cents. The
next downside price breakout objective for the cotton bears
is to push and close prices below solid technical support
at last week’s low of 87.80 cents. First support is seen at
today’s low of 89.75 cents and then at 89.01 cents. First
resistance is seen at 91.00 cents and then at today’s high
of 91.54 cents. Wyckoff's Market Rating: 3.5

May orange juice closed down 140 points at $1.8845 today.
Prices closed near mid-range today and saw more profit
taking from recent gains. FCOJ bulls still have the overall
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 $1.9695. The next downside technical breakout
objective for the FCOJ bears is to produce a close below
solid technical support at $1.8000. First resistance is
seen at $1.9000 and then at today’s high of $1.9115. First
support is seen at today’s low of $1.8630 and then at this
week’s low of $1.8500. Wyckoff's Market Rating: 6.0.

May lumber futures closed down $3.10 at $272.40 today.
Prices closed nearer the session high. The lumber bulls
still have the slight near-term technical advantage but are
fading. The next downside technical breakout objective for
the lumber bears is pushing and closing prices below solid
technical support at $269.70. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at the February
high of $285.40. First resistance is seen at today’s high
of $273.00 and then at $275.00. First support is seen at
today’s low of $270.60 and then at $269.70. Wyckoff's
Market Rating: 5.5

*. METALS: April gold futures closed up $11.00 an ounce at
$1,683.00 today. Prices closed nearer the session high
today and saw a corrective upside bounce after prices
Tuesday hit a fresh six-week low. The key “outside markets”
were bullish for gold today, as the U.S. dollar index was
weaker while crude oil prices were higher. Near-term
technical damage has been inflicted recently. The bulls
need to show more power soon to avoid more chart damage.
The bulls’ next upside price breakout objective is to
produce a close above solid technical resistance at
$1,727.30. Bears' next near-term downside price objective
is closing prices below solid technical support at
$1,650.00. First resistance is seen at $1,688.40 and then
at $1,700.00. First support is seen at today’s low of
$1,671.70 and then at this week’s low of $1,663.40.
Wyckoff's Market Rating: 5.5.

May silver futures closed up $0.632 an ounce at $33.415
today. Prices closed nearer the session high today and saw
a corrective upside bounce after hitting a six-week low on
Tuesday. The key “outside markets” were bullish for silver
today, as the U.S. dollar index was weaker while crude oil
prices were higher. Bulls’ next upside price breakout
objective is closing prices above solid technical
resistance at $35.00 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at $31.00. First resistance is seen
at today’s high of $33.61 and then at $34.00. Next support
is seen at $33.00 and then at today’s low of $32.755.
Wyckoff's Market Rating: 5.5.

May N.Y. copper closed up 270 points 376.45 cents today.
Prices closed nearer the session high today on a corrective
rebound from strong selling pressure Monday and Tuesday.
The key “outside markets” were bullish for copper today, as
the U.S. dollar index was weaker while crude oil prices
were higher. Copper bulls have the overall near-term
technical advantage, but need to show more power soon.
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 today’s high of 378.60 cents and then at 380.00 cents.
First support is seen at 373.65 cents and then at today’s
low of 371.40 cents. Wyckoff's Market Rating: 5.5.

*. ENERGIES: April crude oil closed up $1.69 a barrel at
$106.39 today. Prices closed near the session high today
after hitting a fresh two-week low early on. The market was
supported by a weaker U.S. dollar index and by some bullish
U.S. economic data and positive news coming out of Greece
today. 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 psychological resistance at $110.00 a barrel. The
next near-term downside price breakout objective for the
crude oil bears is to produce a close below major
psychological support at $100.00. First resistance is seen
at $107.00 and then at this week’s high of $107.42. First
support is seen at $105.00 and then at today’s low of
$104.35. Wyckoff's Market Rating: 7.0

April heating oil closed up 363 points at $3.2245 today.
Prices closed near the session high today. Bulls have the
solid overall near-term technical advantage. The bulls'
next upside price breakout objective is closing prices
above solid technical resistance at the April 2011 high of
$3.3422. Bears' next downside price breakout objective is
producing a close below solid technical support at last
week’s low of $3.1605. First resistance lies at this week’s
high of $3.2340 and then at $3.2500. First support is seen
at $3.2000 and then at this week’s low of $3.1760.
Wyckoff's Market Rating: 7.0.

April (RBOB) unleaded gasoline closed up 613 points at
$3.2912 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 last
week’s high of $3.3868. Bears' next downside price breakout
objective is closing prices below solid support at last
week’s low of $3.1968. First resistance is seen at $3.3000
and then at $3.3270. First support is seen at $3.2500 and
then at this week’s low of $3.2138. Wyckoff's Market
Rating: 7.5.

April natural gas closed down 5.2 cents at $2.304 today.
Prices closed near mid-range today and hit another fresh
contract low. 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 $2.65. 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 $2.343 and then at this week’s high of
$2.441 and then at $2.50. First support is seen at today’s
contract low of $2.281 and then at $2.25. Wyckoff's Market
Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed up 41 points at 1.3154 today. Prices closed nearer
the session high today and did hit a fresh three-week low
early on. 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 1.3325. 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 of
1.3172 and then at 1.3200. Next support is seen at today’s
low of 1.3104 and then at 1.3050. Wyckoff's Market Rating:
5.0

The June Japanese yen closed down 62 points at 1.2333
today. Prices closed near the session low. Bears have the
overall near-term technical advantage. Prices are in a
steep five-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
1.2512. Bears' next downside breakout objective is closing
prices below solid technical support at 1.2200. First
resistance is seen at this week’s high of 1.2421 and then
at 1.2473. First support is seen at 1.2300 and then at
1.2269. Wyckoff's Market Rating: 2.0.

The June Swiss franc closed up 30 points at 1.0921 today.
Prices closed nearer the session high today and did hit a
fresh two-week low early on. 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 1.1050. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the February low of 1.0781.
First resistance is seen at 1.0950 and then at this week’s
high of 1.0992. First support is seen at today’s low of
1.0882 and then at 1.0840. Wyckoff's Market Rating: 5.0.

The June Australian dollar closed up 57 points at 1.0459
today. Prices closed nearer the session high today and did
hit a fresh five-week low early on. Bulls have the overall
near-term technical advantage. Bulls' next upside price
breakout objective is closing prices above solid chart
resistance at this week’s high of 1.0611. The next downside
breakout objective for the bears is to produce a close
below solid technical support at 1.0300. First resistance
is seen at 1.0500 and then at 1.0565. Next support is seen
at today’s low of 1.0389 and then at 1.0350. Wyckoff's
Market Rating: 6.5

The June Canadian dollar closed up 46 points at .9998
today. Prices closed nearer the session high. Bulls 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
February low of .9923. First resistance is seen at 1.0039
and then at 1.0065. First support is seen at this week’s
low of .9949 and then at .9923. Wyckoff's Market Rating:
7.0.

The June British pound closed up 32 points at 1.5728 today.
Prices closed nearer the session high 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 last week’s high of 1.5971.
Bears' next downside technical breakout objective is
closing prices below solid support at the February low of
1.5632. First resistance is seen at 1.5750 and then at
1.5800. First support is seen at this week’s low of 1.5685
and then at 1.5632. Wyckoff's Market Rating: 5.5.

The June U.S. dollar index closed down 12 points at 80.24
today. Prices closed near mid-range in quieter trading.
Bulls still have the near-term technical advantage. Bulls'
next upside price breakout objective is to close prices
above solid technical resistance at the February high of
80.58. 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 this
week’s high of 80.47 and then at 80.58. First support is
seen at 80.00 and then at this week’s low of 79.60.
Wyckoff's Market Rating: 6.0.

June U.S. T-Bonds closed down 16/32 at 141 16/32 today.
Prices closed nearer the session low today as trading has
turned choppy again. The bond market bulls still have the
overall near-term technical advantage. The next downside
price breakout objective for the T-Bond bears is closing
prices below solid technical support at the January low of
139 11/32. The next upside technical objective for the
bulls is to produce a close above solid technical
resistance at last week’s high of 143 1/32. First
resistance is seen at 142 even and then at this week’s high
of 142 10/32. First support is seen at today’s low of 141
9/32 and then at 141 even. Wyckoff's Market Rating: 6.0.

June U.S. T Notes closed down 6.5 (32nds) at 131.07.0
today. Prices closed nearer the session low today. Bulls
still have the overall near-term technical advantage. The
next upside price breakout objective for the bulls is
closing prices above solid resistance at last week’s high
of 131.19.5. The next downside price breakout objective for
the bears is producing a close below solid technical
support at the February low of 130.03.0. First resistance
is seen at today’s high of 131.13.5 and then at this week’s
high of 131.16.5. First support is seen at today’s low of
131.04.5 and then at 131.00.0. Wyckoff's Market Rating: 6.5

GENERAL STOCK MARKET COMMENT: The U.S. ock indexes closed
higher today and saw a corrective bounce from solid losses
posted Tuesday. The stock index bulls still have the solid
overall near-term technical advantage. Traders are looking
ahead to Friday morning’s key U.S. jobs report.

The Nasdaq stock futures index closed up 19.50 at 2,609.00.
Prices closed nearer the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 2,700.00. The bears' next downside
price breakout objective is closing prices below solid
technical support at 2,542.75. First resistance is seen at
Tuesday’s high of 2,617.50 and then at 2,630.00. First
support is seen at this week’s low of 2,575.00 and then at
2,550.00. Wyckoff's Market Rating: 7.5

The S&P 500 futures index closed up 11.10 at 1,353.00.
Prices closed nearer the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1,400.00. The next downside price
breakout objective for the bears is closing prices below
solid support at 1,334.30. First resistance is seen at
Tuesday’s high of 1,365.40 and then at last week’s high of
1,376.90. First support is seen at this week’s low of
1,338.80 and then at 1,334.30. Wyckoff's Market Rating:
7.5.

The Dow futures closed up 97 points at 12,841 today. Prices
closed nearer the session high today. The next upside price
objective for the bulls is closing prices above major
psychological resistance at 13,000. The next downside price
objective for the bears is closing prices below solid
technical support at 12,500. First resistance in the Dow
lies at today’s high of 12,845 and then at 12,900. First
support is seen at 12,800 and then at this week’s low of
12,725. 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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