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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 8

Mar 09, 2012

Thursday Evening, March 8-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 $1.22 at $126.80
today. Prices closed near the session high today on a
corrective bounce from the strong selling pressure seen
earlier this week. The key “outside markets” were bullish
for cattle today, as the U.S. dollar index was lower and
crude oil prices were firmer. 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
$127.00 and then at $127.50. First support is seen at
$126.00 and then at today’s low of $125.80. Wyckoff's
Market Rating: 5.5

May feeder cattle closed up $0.97 at $158.57 today. Prices
closed near the session high again today and saw a
corrective bounce from recent strong selling pressure.
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 this
week’s low of $156.25. First resistance is seen at $159.15
and then at $160.00. First support is seen at $158.00 and
then at today’s low of $157.75. Wyckoff's Market Rating:
6.0

April lean hogs closed up $0.40 at $87.75 today. Prices
closed near mid-range today on a corrective, short-covering
bounce. The key “outside markets” were bullish for hogs
today, as the U.S. dollar index was lower and crude oil
prices were firmer. Serious near-term technical damage has
been inflicted this week. 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 today’s high of $88.05
and then at $88.50. First support is seen at today’s low of
$87.50 and then at $87.00. Wyckoff's Market Rating: 4.0

*. GRAINS: May corn futures closed down 5 1/4 cents at
$6.33 1/2 today. Prices closed nearer the session low again
today and hit a fresh three-week low as the bulls have
faded this week. The key “outside markets” were bullish for
corn again today, as the U.S. dollar index was lower and
crude oil prices were firmer. Yet, corn sold off again,
which is a bearish near-term clue. Corn market bulls and
bears are 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.
Bulls need to show power Friday, or they could be in
trouble in the coming few weeks. 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 $6.37 1/2 and then at $6.40. First
support is seen at today’s low of $6.31 3/4 and then at
$6.30. Wyckoff's Market Rating: 5.0

May soybeans closed up 10 1/2 cents at $13.37 1/4 a bushel
today. Prices closed nearer the session high today and
closed at another fresh 5.5-month high close. Very strong
weekly USDA export sales data, including to China, boosted
beans today.  The key “outside markets” were also bullish
for soybeans again today, as the U.S. dollar index was
lower and crude oil prices were firmer. Bean prices are in
a three-month-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 this week’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: 7.5.

May soybean meal closed up $2.50 at $367.00 today. Prices
closed near the session high today, hit a fresh six-month
high and scored a mildly bullish “outside day” up on the
daily bar chart. Meal bulls have the solid 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 $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 today’s high of
$367.20 and then at $370.00. First support is seen at
$365.00 and then at today’s low of $362.10. Wyckoff's
Market Rating: 7.5

May bean oil closed up 45 points at 53.43 cents today.
Prices closed near mid-range today on a corrective bounce
and some short covering. The key “outside markets” were
bullish for bean oil today, as the U.S. dollar index was
lower while crude oil prices were firmer. Bean oil bulls
still have the slight overall near-term technical
advantage, but need to show more power soon to establish
upside technical momentum. 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 52.50 cents. First
resistance is seen at today’s high of 53.88 cents and then
at 54.00 cents. First support is seen at 53.00 cents and
then at today’s low of 52.88. Wyckoff's Market Rating: 5.5

May Chicago SRW wheat closed down 4 3/4 cents at $6.34 1/2
today. Prices closed nearer the session low again today and
hit a fresh two-week low. Bulls are fading badly. The key
“outside markets” were bullish for wheat again 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 have the near-term technical
advantage. Traders are awaiting Friday morning’s USDA
monthly supply and demand report, which they expect will
favor the bears. Bulls’ next upside breakout objective is
to push and close Chicago SRW prices above solid technical
resistance at $6.60 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 $6.47 3/4. First support lies
at today’s low of $6.33 1/2 and then at $6.28. Wyckoff's
Market Rating: 3.5.

May K.C. HRW wheat closed down 5 1/2 cents at $6.78 1/4
today. Prices closed nearer the session low today and hit a
fresh three-week low as bulls are fading badly. Bears have
the near-term technical advantage. Bulls' next upside price
breakout objective is pushing and closing prices above
major psychological resistance at $7.00. 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 today’s high of $6.89 and
then at $6.95. First support is seen at today’s low of
$6.76 1/2 and then at $6.70. Wyckoff's Market Rating: 3.5

May oats closed down 10 3/4 cents at $2.87 3/4 today.
Prices closed nearer the session low and hit a fresh seven-
week low 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 the
contract low of $2.81 1/2. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at today’s high of $3.02. First
support lies at today’s low of $2.84 3/4 and then at $2.81
1/2. First resistance is seen at $2.90 and then at $2.95.
Wyckoff's Market Rating: 2.5

*. SOFTS: May sugar closed up 11 points at 24.03 cents
today. Prices closed near mid-range today on some short
covering and hit a fresh three-week low early on. 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. Sugar bears 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 today’s high of 24.22 cents and then at 24.31
cents. First support is seen at today’s low of 23.81 cents
and then at 23.50 cents. Wyckoff's Market Rating: 4.5

May coffee closed up 5 points at 188.65 cents. Prices
closed near mid-range 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 could manage very little
gain, which is a 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
today’s high of 192.00 cents. First support is seen at
today’s low of 185.10 cents and then at 184.00 cents.
Wyckoff's Market Rating: 1.0

May cocoa closed up $102 at $2,379 a ton. Prices closed
nearer the session high again today. The key “outside
markets” were bullish for cocoa today, as the U.S. dollar
index was weaker while crude oil prices were higher. Bulls
today regained the slight near-term technical advantage.
The next upside price breakout objective for the cocoa
bulls is to push and close prices above solid technical
resistance at the February high of $2,467. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at this
week’s low of $2,260. First resistance is seen at today’s
high of $2,404 and then at $2,425. First support is seen at
$2,350 and then at $2,325. Wyckoff's Market Rating: 5.5.

May cotton closed down 56 points at 89.56 cents today.
Prices closed nearer the session low again today. Traders
are awaiting Friday morning’s USDA supply and demand
report. 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 a
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 89.30 cents and then at 89.01 cents. First
resistance is seen at 90.00 cents and then at today’s high
of 90.93 cents. Wyckoff's Market Rating: 3.0

May orange juice closed up 150 points at $1.9000 today.
Prices closed nearer the session high today. FCOJ bulls
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 today’s high of $1.9100 and then at $1.9250.
First support is seen at today’s low of $1.8675 and then at
this week’s low of $1.8500. Wyckoff's Market Rating: 6.0.

May lumber futures closed up $5.80 at $278.20 today. Prices
closed nearer the session high and scored a big and bullish
“outside day” up on the daily bar chart today. Prices hit a
fresh four-week low early on today. The lumber bulls have
the overall near-term technical advantage and gained fresh
upside momentum today. The next downside technical breakout
objective for the lumber bears is pushing and closing
prices below solid technical support at today’s low of
$267.70. 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 $281.00 and then at
$284.00. First support is seen at $275.00 and then at
$273.00. Wyckoff's Market Rating: 6.0

*. METALS: April gold futures closed up $14.80 an ounce at
$1,698.70 today. Prices closed nearer the session high
today and saw more bargain hunting and another corrective
upside bounce after prices Tuesday hit a fresh six-week
low. The key “outside markets” were again bullish for gold
today, as the U.S. dollar index was lower while crude oil
prices were firmer. The bulls need to show more power soon
to re-establish upside technical momentum. 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 this week’s low of $1,663.40. First
resistance is seen at today’s high of $1,704.80 and then at
$1,718.00. First support is seen at today’s low of
$1,683.60 and then at Wednesday’s low of $1,671.70.
Wyckoff's Market Rating: 5.5.

May silver futures closed up $0.255 an ounce at $33.84
today. Prices closed near mid-range today and saw more
bargain hunting and another corrective bounce after hitting
a six-week low on Tuesday. The key “outside markets” were
again bullish for silver today, as the U.S. dollar index
was lower while crude oil prices were firmer. 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 $32.00. First
resistance is seen at today’s high of $34.185 and then at
$34.50. Next support is seen at today’s low of $33.36 and
then at $33.00. Wyckoff's Market Rating: 5.5.

May N.Y. copper closed up 205 points 378.75 cents today.
Prices closed near mid-range today on another corrective
rebound from strong selling pressure earlier this week. The
key “outside markets” were again bullish for copper today,
as the U.S. dollar index was lower while crude oil prices
were firmer. Copper bulls have the overall near-term
technical advantage, but need to show more power soon to
re-establish upside momentum. 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 today’s high of 383.10 cents. First support is seen
at today’s low of 376.50 cents and then at 375.00 cents.
Wyckoff's Market Rating: 5.5.

*. ENERGIES: April crude oil closed up $0.71 a barrel at
$106.87 today. Prices closed nearer the session high again
today. The market was supported by a weaker U.S. dollar
index 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 this week’s high of
$107.42 and then at $108.00. First support is seen at
today’s low of $105.84 and then at $105.00. Wyckoff's
Market Rating: 7.0

April heating oil closed up 585 points at $3.2780 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 today’s
high of $3.2822 and then at $3.3000. First support is seen
at $3.2500 and then at today’s low of $3.2111. Wyckoff's
Market Rating: 7.5.

April (RBOB) unleaded gasoline closed up 329 points at
$3.3200 today. Prices closed nearer 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 today’s
high of $3.3295 and then at $3.3500. First support is seen
at $3.3000 and then at today’s low of $3.2828. Wyckoff's
Market Rating: 7.5.

April natural gas closed down 1.7 cents at $2.285 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 $2.50. The next downside price
breakout objective for the bears is closing prices below
solid technical support at $2.15. First resistance is seen
at today’s high of $2.335 and then at $2.40. First support
is seen at today’s contract low of $2.235 and then at
$2.20. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed up 138 points at 1.3293 today. Prices closed near
the session high today. Bulls regained the slight near-term
technical advantage with today’s solid gains. Euro bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at 1.3400. The next
downside price breakout objective for the bears is closing
prices below solid chart support at this week’s low of
1.3104. First resistance for the Euro lies at 1.3325 and
then at 1.3350. Next support is seen at 1.3250 and then at
1.3200. Wyckoff's Market Rating: 5.5

The June Japanese yen closed down 57 points at 1.2269
today. Prices closed nearer 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 today’s high of 1.2342 and then at
this week’s high of 1.2421. First support is seen at
today’s low of 1.2247 and then at last week’s low of
1.2226. Wyckoff's Market Rating: 1.5.

The June Swiss franc closed up 109 points at 1.1032 today.
Prices closed near the session high today. Bulls regained
the slight near-term technical advantage today. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at the February high of
1.1213. The next downside price breakout objective for the
bears is closing prices below solid technical support at
this week’s low of 1.0882. First resistance is seen at
1.1050 and then at 1.1100. First support is seen at 1.1000
and then at 1.0950. Wyckoff's Market Rating: 5.5.

The June Australian dollar closed up 89 points at 1.0541
today. Prices closed nearer the session high today. 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 1.0565 and then at 1.0600. Next
support is seen at 1.0500 and then at today’s  low of
1.0418. Wyckoff's Market Rating: 7.0

The June Canadian dollar closed up 89 points at 1.0078
today. Prices closed nearer the session high. Bulls have
the solid 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
this week’s low of .9949. First resistance is seen at
today’s high of 1.0085 and then at 1.0133. First support is
seen at 1.0050 and then at 1.0000. Wyckoff's Market Rating:
7.5.

The June British pound closed up 90 points at 1.5818 today.
Prices closed near 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 this week’s high of
1.5866 and then at 1.5900. First support is seen at 1.5750
and then at 1.5700. Wyckoff's Market Rating: 5.5.

The June U.S. dollar index closed down 67 points at 79.55
today. Prices closed near the session low today. Bulls
still have slight near-term technical advantage but trading
has turned choppy. 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 80.00 and then at today’s
high of 80.30. First support is seen at 79.23 and then at
79.00. Wyckoff's Market Rating: 5.5.

June U.S. T-Bonds closed down 29/32 at 140 19/32 today.
Prices closed nearer the session low again today as the
bulls are fading again. The bond market bulls still have
the slight 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 141 even and then at today’s high of
141 17/32. First support is seen at today’s low of 140
16/32 and then at 140 2/32. Wyckoff's Market Rating: 5.5.

June U.S. T Notes closed down 11.5 (32nds) at 130.27.5
today. Prices closed near the session low today. Bulls
still have the overall near-term technical advantage but
are fading. 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 131.00.0 and then at today’s high of
131.08.5. First support is seen at today’s low of 130.26.5
and then at 130.16.0. Wyckoff's Market Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. ock indexes closed
higher again today. The stock index bulls have the solid
overall near-term technical advantage. Traders are looking
ahead to Friday morning’s key U.S. jobs report. Look for a
more active trading day in the market place on Friday, in
the wake of the jobs report. The key non-farm payrolls
figure of the employment report is expected to rise by just
over 200,000 in February.

The Nasdaq stock futures index closed up 30.25 at 2,633.50.
Prices closed nearer the session high again 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 today’s high of 2,640.00 and then at last week’s
high of 2,650.00. First support is seen at 2,600.00 and
then at this week’s low of 2,575.00. Wyckoff's Market
Rating: 8.0

The S&P 500 futures index closed up 12.80 at 1,359.80.
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
today’s high of 1,362.50 and then at last week’s high of
1,376.90. First support is seen at today’s low of 1,351.70
and then at this week’s low of 1,338.80. Wyckoff's Market
Rating: 8.0.

The Dow futures closed up 68 points at 12,840 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 12,865 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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