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Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--May 31

Jun 01, 2012

Thursday Evening, May 31-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: August live cattle closed up $1.07 at $119.00
today. Prices closed near the session high today on short
covering. Cattle bears still have the overall near-term
technical advantage. The bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at $120.00. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at $117.40. First resistance is
seen at $119.50 and then at $120.00. First support is seen
at $118.50 and then at this week’s low of $117.80.
Wyckoff's Market Rating: 3.5

August feeder cattle closed up $0.72 at $156.80 today.
Prices closed near mid-range today and saw some short
covering and bargain hunting. Bulls and bears are on a
level near-term technical playing field. The next upside
price breakout objective for the feeder bulls is to push
and close prices above solid technical resistance at
$158.00. 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 $154.80. First resistance is
seen at today’s high of $157.50 and then at $158.00. First
support is seen at today’s low of $156.40 and then at
$156.00. Wyckoff's Market Rating: 5.0

August lean hogs closed up $2.12 at $90.95 today. Prices
closed nearer the session high, hit a fresh six-week high
and closed at a bullish weekly high close today. Hog market
bulls gained solid upside technical momentum today to
suggest an uptrend can be sustained. A bullish double-
bottom reversal pattern has formed on the daily bar chart.
Bulls now have the slight 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
the April high of $95.15. The next downside price breakout
objective for the bears is pushing prices below solid
technical support at $87.50. First resistance is seen at
today’s high of $91.30 and then at $92.00. First support is
seen at $90.50 and then at $90.00. Wyckoff's Market Rating:
5.5

*. GRAINS: July corn futures closed down 2 3/4 cents at
$5.56 3/4 today. Prices closed nearer the session low today
and closed at a fresh 17-month low close and at a
technically bearish monthly low close. Some more beneficial
rainfall in the Corn Belt and more in the forecast also
helped to pressure corn today. Corn market bears have the
solid overall near-term technical advantage. Corn bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at $5.90. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at $5.50.
First resistance for July corn is seen at today’s high of
$5.64 1/4 and then at $5.68 1/2. First support is seen at
this week’s low of $5.53 1/2 and then at $5.50. Wyckoff's
Market Rating: 1.0

July soybeans closed down 30 cents at $13.43 1/4 a bushel
today. Prices closed near the session low today, hit a
fresh 11-week low and closed at a bearish monthly low
close. Bears gained fresh downside near-term technical
momentum today. Soybean prices are in a four-week-old
downtrend on the daily bar chart. Bean bulls and bears are
now on a level near-term technical playing field. The next
near-term upside technical breakout objective for the
soybean bulls is pushing and closing prices above
psychological resistance at $14.00 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 $13.51 and then at $13.65.
First support is seen at today’s low of $13.39 1/2 and then
at $13.25. Wyckoff's Market Rating: 5.0.

July soybean meal closed down $14.70 at $395.20 today.
Prices closed near the session low today, hit a fresh six-
week low and closed at a technically bearish monthly low
close. Meal bulls have faded but still have the slight
overall near-term technical advantage. The next upside
price breakout objective for the bulls is to produce a
close above solid technical resistance at this week’s high
of $417.20. The next downside price breakout objective for
the bears is pushing and closing prices below solid
technical support at the April low of $386.90. First
resistance comes in at $397.30 and then at $400.00. First
support is seen at today’s low of $394.20 and then at
$292.50. Wyckoff's Market Rating: 5.5

July bean oil closed down 43 points at 49.26 cents today.
Prices closed nearer the session low again today. Bean oil
bears have the solid overall near-term technical advantage.
Bean oil prices are in a seven-week-old downtrend 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 last week’s high of 51.28
cents. Bean oil bears' next downside technical price
breakout objective is pushing and closing prices below
solid technical support at 47.50 cents. First resistance is
seen at today’s high of 49.77 cents and then at 50.00
cents. First support is seen at today’s low of 49.00 cents
and then at last week’s low of 48.55 cents. Wyckoff's
Market Rating: 1.0

July Chicago SRW wheat closed down 8 1/4 cents at $6.45 1/2
today. Prices closed nearer the session low today and hit
another fresh two-week low. Good harvest progress in U.S.
wheat country and decent yields coming out of Kansas were
bearish for wheat. Wheat bulls have faded badly this week.
Bears have the near-term technical advantage. Bulls’ next
upside breakout objective is to push and close Chicago SRW
prices above solid technical resistance at $6.80 a bushel.
The next downside price breakout objective for the wheat
futures bears is pushing and closing prices below solid
technical support at $6.40. First resistance is seen at
today’s high of $6.53 3/4 and then at $6.61 1/4. First
support lies at 6.40 and then at $6.30. Wyckoff's Market
Rating: 3.5.

July K.C. HRW wheat closed down 14 cents at $6.65 today.
Prices closed near the session low and hit another fresh
two-week low today. Bulls are fading badly. Bears have the
near-term technical advantage. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at $6.90. The bears' next
downside breakout objective is pushing and closing prices
below solid technical support at $6.50. First resistance is
seen at today’s high of $6.74 and then at $6.80. First
support is seen at today’s low of $6.65 and then at $6.58.
Wyckoff's Market Rating: 3.5

July oats closed up 11 1/4 cents at $2.82 today. Prices hit
another fresh contract low early on and then saw short
covering in a bear market as prices closed near the session
high today. Serious near-term chart damage has been
inflicted recently. Bears still have the near-term
technical advantage. Bears' next downside price breakout
objective is pushing and closing prices below solid
technical support at today’s contract low of $2.62 1/4.
Bulls' next upside price breakout objective is pushing and
closing prices above psychological resistance at $3.00.
First support lies at $2.80 and then at $2.76. First
resistance is seen at $2.85 and then at $2.90. Wyckoff's
Market Rating: 2.0

*. SOFTS: July sugar closed down 2 points at 19.46 cents
today. Prices closed nearer the session low, closed at a
1.5-year low close, and closed at a technically bearish
weekly low close today. Sugar bears have the solid overall
near-term technical advantage. Prices are in a 10-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at 20.50 cents. Bears' next downside
price breakout objective is to push and close prices below
solid technical support at 19.00 cents. First resistance is
seen at this week’s high of 19.82 cents and then at 20.00
cents. First support is seen at last week’s low of 19.36
cents and then at 19.00 cents. Wyckoff's Market Rating:
1.0.

July coffee closed down 385 points at 160.55 cents. Prices
closed nearer the session low today, hit a fresh 21-month
low and closed at a technically bearish monthly low close
today. Coffee prices are in an 8.5-month-old downtrend on
the daily bar chart. The bears have the solid overall near-
term technical advantage. The coffee bulls' next upside
breakout objective is to close prices above solid technical
resistance at 182.50 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 150.00 cents a pound. First
resistance is seen at 165.00 cents and then at 166.40
cents. First support is seen at today’s low of 160.15 cents
and then at 158.00 cents. Wyckoff's Market Rating: 1.0

July cocoa closed up $7 at $2,077 a ton. Prices closed
nearer the session low today and saw tepid short covering
in a bear market. Cocoa bears have the solid 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 $2,250. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
December low of $2,027. First resistance is seen at $2,100
and then at today’s high of $2,110. First support is seen
at today’s low of $2,070 and then at this week’s low of
$2,047. Wyckoff's Market Rating: 1.5

July cotton closed up 64 points at 71.55 cents today.
Prices closed nearer the session high today and saw tepid
short covering in a bear market. The cotton bears still
have the solid near-term technical advantage. Prices are in
a four-month-old downtrend on the daily bar chart. There
are no early clues of a market low being close at hand. The
next upside price breakout objective for the bulls is to
produce a close above solid technical resistance at 78.00
cents. The next downside price breakout objective for the
cotton bears is to push and close prices below solid
technical support at 70.00 cents. First resistance is seen
at 72.50 cents and then at 73.15 cents. First support is
seen at Wednesday’s contract low of 70.38 cents and then at
70.00 cents. Wyckoff's Market Rating: 1.0

July orange juice closed up 15 points at $1.1100 today.
Prices closed nearer the session low today. Tepid short
covering in a bear market was featured today. FCOJ bears
have the solid overall near-term technical advantage.
Prices are in a four-month-old downtrend on the daily bar
chart. The next upside price breakout objective for the
FCOJ bulls is pushing and closing prices above technical
resistance at $1.2500. The next downside technical breakout
objective for the FCOJ bears is to produce a close below
solid technical support at the May low of $.9710. First
resistance is seen at today’s high of $1.1445 and then at
this week’s high of $1.1735. First support is seen at this
week’s low of $1.0785 and then at $1.0500. Wyckoff's Market
Rating: 2.0.

July lumber futures closed down $2.00 at $281.00 today.
Prices closed near mid-range today were pressured by more
weak U.S. economic data. Bulls still have the slight
overall near-term technical advantage but are fading and
need to show fresh power soon. The next downside technical
breakout objective for the lumber bears is pushing and
closing prices below solid technical support at the May low
of $276.00. The next upside price breakout objective for
the bulls is pushing and closing prices above solid
technical resistance at the February high of $294.00. First
resistance is seen at today’s high of $283.70 and then at
$285.00. First support is seen at today’s low of $281.00
and then at $280.00. Wyckoff's Market Rating: 5.5

*. METALS: August gold futures closed down $1.00 an ounce
at $1,564.70 today. Prices closed near mid-range today on
some chart consolidation. There was also a bit of fresh
safe-haven hunting of gold today, amid the EU debt crisis
and today’s weak U.S. economic data. Gold bears do still
have the overall near-term technical advantage. A three-
month-old downtrend is still in place on the daily bar
chart. The gold bulls’ next upside price breakout objective
is to produce a close above psychological resistance at
$1,600.00. Bears' next near-term downside price objective
is closing prices below solid technical support at the May
low of $1,529.30. First resistance is seen at today’s high
of $1,574.60 and then at this week’s high of $1,585.70.
First support is seen at today’s low of $1,553.00 and then
at $1,540.00. Wyckoff's Market Rating: 3.5.

July silver futures closed down $0.193 an ounce at $27.785
today. Prices closed near mid-range today. Silver bears
still have the solid overall near-term technical advantage.
A three-month-old downtrend is in place on the daily bar
chart. Bulls’ next upside price breakout objective is
closing prices above solid technical resistance at $29.00
an ounce. The next downside price breakout objective for
the bears is closing prices below solid technical support
at the December low of $26.50. First resistance is seen at
today’s high of $28.19 and then at $28.50. Next support is
seen at $27.50 and then at this week’s low of $27.355.
Wyckoff's Market Rating: 3.0.

July N.Y. copper closed down 280 points 336.20 cents today.
Prices closed nearer the session low, hit a fresh 5.5-month
low and closed at a bearish monthly low close today. Weak
U.S. economic data today helped to sink the copper market.
Copper bears have the solid overall near-term technical
advantage. Prices are in a four-week-old downtrend on the
daily bar chart. Copper bulls' next upside breakout
objective is pushing and closing prices above solid
technical resistance at this week’s high of 350.85 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support at the
December low of 327.00 cents. First resistance is seen at
340.00 cents and then at 343.00 cents. First support is
seen at today’s low of 334.15 cents and then at 332.50
cents. Wyckoff's Market Rating: 3.0.

*. ENERGIES: July crude oil closed down $1.21 a barrel at
$86.61 today. Prices closed nearer the session low today,
hit another fresh seven-month low and closed at a
technically bearish weekly low close. More EU debt crisis
worries and fresh, weak U.S. economic data pressured crude
today. The crude bears have the solid overall near-term
technical advantage. There are no early technical clues to
suggest a market bottom is close at hand. The next near-
term upside price breakout objective for the crude oil
bulls is producing a close above solid technical resistance
at this week’s high of $92.21 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
$85.00. First resistance is seen at $87.50 and then at
$88.00. First support is seen at today’s low of $85.86 and
then at $85.00. Wyckoff's Market Rating: 1.5

July heating oil closed down 336 points at $2.7102 today.
Prices closed nearer the session low today, hit another
fresh eight-month low and closed at a technically bearish
monthly low close. Bears have the solid overall near-term
technical advantage as prices are in a 2.5-month-old
downtrend on the daily bar chart. The bulls' next upside
price breakout objective is closing prices above solid
technical resistance at this week’s high of $2.8579. Bears'
next downside price breakout objective is producing a close
below solid technical support at $2.6500. First resistance
lies at $2.7500 and then at $2.7750. First support is seen
at today’s low of $2.6994 and then at $2.6750. Wyckoff's
Market Rating: 1.5.

July (RBOB) unleaded gasoline closed down 506 points at
$2.7233 today. Prices closed nearer the session low, hit
another fresh five-month low and closed at a technically
bearish monthly low close today. Bears have the solid near-
term technical advantage. A nine-week-old downtrend is in
place on the daily bar chart. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at this week’s high of $2.8725.
Bears' next downside price breakout objective is closing
prices below solid support at $2.7000. First resistance is
seen at $2.7500 and then at today’s high of $2.7735. First
support is seen at today’s low of $2.7195 and then at
$2.7000. Wyckoff's Market Rating: 2.0.

July natural gas closed up 1.1 cents at $2.429 today.
Prices closed near mid-range today and did hit a fresh
three-week low early on as the bulls have faded. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at $2.70. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $2.25. First
resistance is seen at $2.50 and then at $2.55. First
support is seen at today’s low of $2.377 and then at $2.30.
Wyckoff's Market Rating: 3.0.

*.STOCKS, FINANCIALS, CURRENCIES: The September Euro
currency closed down 5 points at 1.2387 today. Prices
closed near mid-range today, hit a fresh nearly two-year
low and closed at a technically bearish monthly low close.
The Euro bears have the solid overall near-term technical
advantage. There are no early technical clues of a market
bottom being close at hand. Euro prices are in a three-
month-old downtrend on the daily bar chart. Euro bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at this week’s high
of 1.2630. The next downside price breakout objective for
the bears is closing prices below solid chart support at
1.2250. First resistance for the Euro lies at today’s high
of 1.2439 and then at 1.2500. Next support is seen at
today’s low of 1.2350 and then at 1.2300. Wyckoff's Market
Rating: 1.0

The September Japanese yen closed up 111 points at 1.2774
today. Prices closed nearer the session high today, hit a
fresh 3.5-month high and closed at a technically bullish
monthly high close today. Bulls have the overall near-term
technical advantage and gained more upside momentum today.
Prices are in a 2.5-month-old uptrend on the daily bar
chart. Bulls' next upside price breakout objective is
closing prices above solid resistance at 1.2900. Bears'
next downside breakout objective is closing prices below
solid technical support at this week’s low of 1.2568. First
resistance is seen at today’s high of 1.2801 and then at
1.2850. First support is seen at 1.2750 and then at 1.2700.
Wyckoff's Market Rating: 7.0.

The September Swiss franc closed down 13 points at 1.0324
today. Prices closed nearer the session low today, hit a
fresh nearly two-year low and closed at a technically
bearish monthly low close. The bears have the solid near-
term technical advantage in the Swissy. Prices are in a
three-month-old downtrend. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at this week’s high of 1.0506. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 1.0250. First resistance
is seen at today’s high of 1.0370 and then at 1.0400. First
support is seen at today’s low of 1.0311 and then at
1.0300. Wyckoff's Market Rating: 1.0.

The September Australian dollar closed up 50 points at
.9675 today. Prices closed near the session high today and
saw tepid short covering in a bear market. Prices hit a
fresh 6.5-month low early on today. Bears still have the
solid overall near-term technical advantage. Prices are in
a three-month-old downtrend on the daily bar chart. Bulls'
next upside price breakout objective is closing prices
above solid chart resistance at .9900. The next downside
breakout objective for the bears is to produce a close
below solid technical support at .9500. First resistance is
seen at .9700 and then at .9742. Next support is seen at
today’s low of .9592 and then at .9550. Wyckoff's Market
Rating: 3.0

The September Canadian dollar closed down 18 points at
.9670 today. Prices closed near mid-range today and hit
another fresh six-month low. Prices also closed at a
technically bearish monthly low close today. Bears have the
near-term technical advantage. Bulls' next upside price
breakout objective is producing a close above chart
resistance at .9800. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the December low of .9572. First
resistance is seen at .9700 and then at today’s high of
.9720. First support is seen at .9650 and then at today’s
low of .9625. Wyckoff's Market Rating: 3.0.

The September British pound closed down 66 points at 1.5411
today. Prices closed near the session low today, hit
another fresh 4.5-month low and closed at a technically
bearish monthly low close. Bears have the solid near-term
technical advantage and have gained fresh downside power
this week. A steep four-week-old downtrend is in place on
the daily bar chart. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at this week’s high of 1.5704. Bears'
next downside technical breakout objective is closing
prices below solid support at the December low of 1.5266.
First resistance is seen at today’s high of 1.5515 and then
at 1.5600. First support is seen at today’s low of 1.5356
and then at 1.5300. Wyckoff's Market Rating: 2.0.

The September U.S. dollar index closed up 4 points at 83.52
today. Prices closed nearer the session high today, hit a
fresh nearly two-year high and closed at a technically
bullish monthly high close. Bulls have the solid overall
near-term technical advantage. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at 84.00. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at 82.00. Next resistance lies at today’s
high of 83.65 and then at 84.00. First support is seen at
today’s low of 83.26 and then at 83.00. Wyckoff's Market
Rating: 8.5.

September U.S. T-Bonds closed up 26/32 at 149 29/32 today.
Prices closed near mid-range today, hit a fresh contract
high and closed at a technically bullish monthly high close
today. More safe-haven buying was featured. Bulls have the
solid overall near-term technical advantage. Prices are in
a nine-week-old uptrend on the daily bar chart. There are
no early technical clues to suggest a market top is close
at hand. The next downside price breakout objective for the
T-Bond bears is closing prices below solid technical
support at 146 even. The next upside technical objective
for the bulls is to produce a close above solid technical
resistance at 152 even. First resistance is seen at today’s
contract high of 150 26/32 and then at 151 even. First
support is seen at 149 even and then at today’s low of 148
17/32. Wyckoff's Market Rating: 9.5.

September U.S. T Notes closed up 10.0 (32nds) at 134.00.5
today. Prices closed near mid-range today and hit another
fresh all-time record high. Bulls have the solid overall
near-term technical advantage. Prices are in a 2.5-month-
old uptrend on the daily bar chart. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at 135.00.0. The next downside price
breakout objective for the bears is producing a close below
solid technical support at 132.16.0. First resistance is
seen at today’s contract high of 134.10.0 and then at
134.16.0. First support is seen at today’s low of 133.14.5
and then at 133.00.0. Wyckoff's Market Rating: 9.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker today amid another “risk-off” trading day due
weaker-than-expected U.S. economic data released today, and
ongoing EU debt crisis fears. The stock index bulls have
faded heading into Friday morning’s key U.S. jobs report,
which is arguably the most important data point of the
month.

The Nasdaq stock futures index closed down 11.25 at
2,519.50. Prices closed near mid-range today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 2,650.00. The bears' next downside
price breakout objective is closing prices below solid
technical support at the May low of 2,465.00. First
resistance is seen at today’s high of 2,542.50 and then at
this week’s high of 2,570.00. First support is seen at
today’s low of 2,506.00 and then at 2,500.00. Wyckoff's
Market Rating: 4.5

The S&P 500 futures index closed down 2.10 at 1,306.50.
Prices closed near mid-range today. Bulls' next upside
price breakout objective is closing prices above solid
resistance at 1,380.00. The next downside price breakout
objective for the bears is closing prices below solid
support at the May low of 1,287.40. First resistance is
seen at today’s high of 1,318.50 and then at this week’s
high of 1,334.20. First support is seen at today’s low of
1,297.50 and then at the May low of 1,287.40. Wyckoff's
Market Rating: 5.0.

The Dow futures closed down 6 points at 12,375 today.
Prices closed near mid-range today. The next upside price
objective for the bulls is closing prices above solid
technical resistance at 12,800. The next downside price
objective for the bears is closing prices below solid
technical support at 12,000. First resistance in the Dow
lies at today’s high of 12,460 and then at 12,500. First
support is seen at the May low of 12,290 and then at
12,250. Wyckoff's Market Rating: 5.0.

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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