Apr 17, 2014
Home| Tools| Events| Blogs| Discussions Sign UpLogin


Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--November 1

Nov 02, 2011

Tuesday Evening, November 1-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: December live cattle closed up the $3.00
limit at $121.60 today. Prices scored a big and bullish
“outside day” up on the daily bar chart and saw short
covering and bargain hunting buying after recent selling
pressure. Key for the bulls will be to see if follow-
through buying can occur the rest of this week. If not, the
downtrend on the daily chart will remain in place. The
bulls today did at least temporarily regain the near-term
technical advantage. The bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at last week’s high of $123.35. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
today’s low of $117.95. First resistance is seen at $122.00
and then at $122.50. First support is seen at $121.00 and
then at $120.50. Wyckoff's Market Rating: 5.0

November feeder cattle closed up $2.80 at $142.85 today.
Prices closed near the session high today and scored a big
and bullish “outside day” up on the daily bar chart after
hi9tting another fresh five-week low early on today. Bulls
quickly regained upside momentum today, as the feeders
followed the fat cattle higher. The next upside price
objective for the feeder bulls is to push and close prices
above technical resistance at $144.00. The next downside
price breakout objective for the bears is to push and close
prices below solid technical support at today’s low of
$139.35. First resistance is seen at $143.00 and then at
$143.55. First support is seen at $142.00 and then at
$141.00. Wyckoff's Market Rating: 6.5

December lean hogs closed up $0.07 at $87.55 today. Prices
closed near mid-range and saw tepid short covering and
perceived bargain-hunting buying again today. Sharp gains
in cattle futures did limit selling interest in hog futures
today. Hog futures prices are still in a two-week-old
downtrend on the daily bar chart. The next upside price
breakout objective for the bulls is to push and close
prices above solid chart resistance at $89.00. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at $85.00. First
resistance is seen at $88.00 and then at this week’s high
of $88.40. First support is seen at $87.00 and then at last
week’s low of $86.50. Wyckoff's Market Rating: 5.5

*. GRAINS: December corn futures closed up 7 1/4 cents at
$6.54 1/4 today. Prices closed nearer the session high
today and scored a bullish “outside day” up on the daily
bar chart today. The key “outside markets” were again
bearish for the corn market today as the U.S. dollar index
was solidly higher, while crude oil and U.S. stock index
prices were weaker. Yet, the corn market rallied anyway,
which is a bullish clue. The corn bulls have the slight
overall near-term technical advantage. Corn bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at the October high of
$6.65 1/2. The next downside price breakout objective for
the bears is pushing and closing prices below solid
technical support at $6.20. First resistance for December
corn is seen at today’s high of $6.60 1/4 and then at $6.65
1/2. First support is seen at $6.50 and then at $6.45.
Wyckoff's Market Rating: 5.5

January soybeans closed down 14 3/4 cents at $12.02 1/2 a
bushel today. Prices closed nearer the session low today
and hit a fresh three-week low. Bulls are fading again. The
key “outside markets” were again bearish for the soybean
market today as the U.S. dollar index was higher, while
crude oil and U.S. stock index prices were weaker. Soybean
bears the near-term technical advantage. The next near-term
upside technical breakout objective for the soybean bulls
is pushing and closing November prices above technical
resistance at last week’s high of $12.42 a bushel. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
October low of $11.63 1/2. First resistance is seen at
$12.15 and then at today’s high of $12.23. First support is
seen at today’s low of $11.90 and then at $11.80. Wyckoff's
Market Rating: 4.0.

December soybean meal closed down $5.40 at $310.70 today.
Prices closed nearer the session low today and hit a fresh
three-week low. Bears have the near-term technical
advantage. The next upside price breakout objective for the
bulls is to produce a close above technical resistance at
the October high of $330.50. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at the October low of
$300.90. First resistance comes in at $315.00 and then at
today’s high of $318.00. First support is seen at today’s
low of $309.50 and then at $305.00. Wyckoff's Market
Rating: 4.0

December bean oil closed down 37 points at 50.80 cents
today. Prices closed near mid-range today and hit a fresh
three-week low early on. The key “outside markets” were
bearish for the oil market again today as the U.S. dollar
index was higher, while crude oil and U.S. stock index
prices were weaker. Bean oil bulls are fading. 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 52.50 cents. Bean oil bears' next
downside technical price breakout objective is pushing and
closing prices below solid technical support at 50.00
cents. First resistance is seen at today’s high of 51.32
cents and then at this week’s high of 51.73 cents. First
support is seen at 50.50 cents and then at 50.00 cents.
Wyckoff's Market Rating: 4.0

December Chicago SRW wheat closed up 1 3/4 cents at $6.30
today. Prices closed nearer the session high today. The key
“outside markets” were bearish for the wheat market again
today as the U.S. dollar index was sharply higher, while
crude oil and U.S. stock index prices were weaker. That did
limit the upside for wheat today. Wheat bears have the
overall near-term technical advantage. Bulls' next upside
price breakout objective is to push and close Chicago SRW
prices above solid technical resistance at last week’s high
of $6.52 3/4 a bushel. The next downside price breakout
objective for the wheat futures bears is pushing and
closing prices below major psychological support at $6.00.
First resistance is seen at $6.40 and then at this week’s
high of $6.48. First support lies at $6.19 1/4 and then at
today’s low of $6.12. Wyckoff's Market Rating: 4.0.

December K.C. HRW wheat closed down 6 1/2 cents at $7.18
1/2 today. Prices closed near mid-range again today. Bears
have the overall near-term technical advantage. Bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at the October high
of $7.45. The bears' next downside breakout objective is
pushing and closing prices below psychological support at
$7.00. First resistance is seen at today’s high of $7.24
and then at this week’s high of $7.31. First support is
seen at today’s low of $7.13 1/2 and then at $7.00.
Wyckoff's Market Rating: 3.5.

December oats closed up 1/2 cent at $3.35 today. Prices
closed near the session high. Bears still have the slight
near-term technical advantage. Bears' next downside price
breakout objective is pushing and closing prices below
solid chart support at $3.25. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at the October high of $3.47.
First support lies at $3.30 and then at today’s low of
$3.27 1/2. First resistance is seen at this week’s high of
$3.35 1/2 and then at $3.38. Wyckoff's Market Rating: 4.5

*. SOFTS: March sugar closed down 22 points at 25.55 cents
today. Prices closed nearer the session low today and hit
another fresh three-week low. The key “outside markets”
were again bearish for the sugar market today as the U.S.
dollar index was higher, while crude oil and U.S. stock
index prices were weaker. Sugar bears have the near-term
technical advantage as a two-week-old downtrend is in place
on the daily bar chart. Sugar bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at last week’s high of 27.70 cents.
Bears' next downside price breakout objective is to push
and close prices below solid technical support at 25.00
cents. First resistance is seen at 26.00 cents and then at
this week’s high of 26.22 cents. First support is seen at
today’s low of 25.31 cents and then at 25.00 cents.
Wyckoff's Market Rating: 4.0

December coffee closed down 330 points at 223.65 cents.
Prices closed near mid-range today and hit a fresh four-
week low. The key “outside markets” were again bearish for
the coffee market today as the U.S. dollar index was
higher, while crude oil and U.S. stock index prices were
weaker. Coffee bears have the near-term technical advantage
and have gained fresh downside momentum this week. The
coffee bulls' next upside breakout objective is to close
prices above solid technical resistance at 242.50 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support at the October
low of 219.80 cents a pound. First resistance is seen at
225.00 cents and then at today’s high of 226.40 cents.
First support is seen at today’s low of 220.45 cents and
then at 219.80 cents. Wyckoff's Market Rating: 3.0

December cocoa closed down $99 at $2,597 a ton. Prices
closed nearer the session low again today. The key “outside
markets” were again bearish for the cocoa market today as
the U.S. dollar index was higher, while crude oil and U.S.
stock index prices were weaker. The cocoa bears have the
solid overall 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
last week’s high of $2,767. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at the contract low of
$2,523. First resistance is seen at $2,625 and then at
$2,650. First support is seen at today’s low of $2,574 and
then at $2,550. Wyckoff's Market Rating: 2.5.

December cotton closed down 275 points at 99.54 cents
today. Prices closed nearer the session low again today.
The key “outside markets” were again bearish for the cotton
market today as the U.S. dollar index was higher, while
crude oil and U.S. stock index prices were weaker. Cotton
bulls and bears are back on a level near-term technical
playing field. The next upside price objective for the
bulls is to produce a close above solid technical
resistance at last week’s high of 105.05 cents. The next
downside price breakout objective for the cotton bears is
to push and close prices below solid technical support at
the October low of 96.47 cents. First support is seen at
today’s low of 98.77 cents and then at 97.50 cents. First
resistance is seen at 100.00 cents and then at 101.00
cents. Wyckoff's Market Rating: 5.0.

January orange juice closed up 95 points at $1.7030 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 solid technical resistance
at last week’s high of $1.7920. The next downside technical
breakout objective for the FCOJ bears is to produce a close
below solid technical support at $1.6500. First resistance
is seen at this week’s high of $1.7210 and then at $1.7500.
First support is seen at $1.6900 and then at this week’s
low of $1.6625. Wyckoff's Market Rating: 6.0.

January lumber futures closed down $4.00 at $236.40 today.
Prices closed nearer the session high. The bears 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 contract low of $229.10. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at the October high of $246.00.
First resistance is seen at today’s high of $238.80 and
then at this week’s high of $240.40. First support is seen
at $234.00 and then at $232.50. Wyckoff's Market Rating:
2.0

*. METALS: December gold futures closed down $6.60 an ounce
at $1,719.20 today. Prices closed nearer the session high
today after being under stronger selling pressure early on
today. The market was pressured by a stronger U.S. dollar
index and lower crude oil prices. Profit taking from recent
gains was seen again today. No chart damage has occurred
this week. Bulls still have the overall near-term technical
advantage. A five-week-old uptrend is still in place on the
daily bar chart. Bulls' next upside technical objective is
to produce a close above solid technical resistance at last
week’s high of $1,754.00. Bears' next near-term downside
price objective is closing prices below solid technical
support at last week’s low of $1,636.60. First resistance
is seen at today’s high of $1,725.60 and then at this
week’s high of $1,746.50. First support is seen at
$1,700.00 and then at today’s low of $1,681.20. Wyckoff's
Market Rating: 6.0.

December silver futures closed down $1.039 an ounce at
$33.33 today. Prices closed near mid-range today and saw
more profit taking. The key “outside markets” were bearish
for silver again today, as the U.S. dollar index was
sharply higher, while crude oil was lower. The silver bulls
still have the overall near-term technical advantage, but
are fading a bit and need to show fresh power soon. A five-
week-old uptrend is still in place on the daily bar chart.
Silver bulls' next upside price objective is producing a
close above solid technical resistance at last week’s high
of $35.70 an ounce. The next downside price breakout
objective for the bears is closing prices below solid
technical support at last week’s low of $31.23. First
resistance is seen at $34.00 and then at today’s high of
$34.725. Next support is seen at $33.00 and then at $32.50.
Wyckoff's Market Rating: 6.0.

December N.Y. copper closed down 1,090 points 352.30 cents
today. Prices closed nearer the session low today. The key
“outside markets” were bearish for copper again today, as
the U.S. dollar index was sharply higher, while crude oil
was lower. Copper bulls still have the slight overall near-
term technical advantage and a bullish double-bottom
reversal pattern has formed on the daily bar chart. Copper
bulls' next upside breakout objective is pushing and
closing prices above solid technical resistance at last
week’s high of 375.00 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support 330.00 cents. First resistance is
seen at 355.00 cents and then at 360.00 cents. First
support is seen at 350.00 cents and then at today’s low of
346.20 cents. Wyckoff's Market Rating: 5.5.

*. ENERGIES: December crude oil closed down $2.34 a barrel
at $90.86 today. Prices closed near mid-range today and saw
more profit-taking pressure from recent gains. A higher
U.S. dollar index and weaker stock indexes pressured crude
again today. Crude bulls still have the overall near-term
technical advantage, but are fading and need to show fresh
power soon. The next near-term upside price breakout
objective for the crude oil bulls is producing a close
above strong technical resistance at last week’s high of
$94.65 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 $88.00. First resistance
is seen at $92.00 and then at $92.50. First support is seen
at $90.00 and then at today’s low of $89.17. Wyckoff's
Market Rating: 6.0.

December heating oil closed down 515 points at $3.0068
today. Prices closed near mid-range again today. Bulls
still have the slight overall near-term technical
advantage. The bulls' next upside price breakout objective
is closing prices above solid technical resistance at last
week’s high of $3.1177. Bears' next downside price breakout
objective is producing a close below solid technical
support at $2.500. First resistance lies at $3.0250 and
then at today’s high of $3.0524. First support is seen at
today’s low of $2.9700 and then at $2.9500. Wyckoff's
Market Rating: 5.5.

December (RBOB) unleaded gasoline closed down 39 points at
$2.6018. Prices closed nearer the session high today. Bears
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 $2.7317. Bears' next downside price breakout objective
is closing prices below solid support at $2.5000. First
resistance is seen at today’s high of $2.6271 and then at
$2.6500. First support is seen at $2.5755 and then at
today’s low of $2.5336. Wyckoff's Market Rating: 4.5.

December natural gas closed down 14.7 cents at $3.782
today. Prices closed nearer the session low today. The
bears 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
the October high of $4.039. The next downside price
breakout objective for the bears is closing prices below
solid technical support at $3.70. First resistance is seen
$3.90 and then at this week’s high of $3.978 and then at
$4.00. First support is seen at today’s low of $3.76 and
then at the contract low of $3.724. Wyckoff's Market
Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed down 224 points at 1.3697 today. Prices
closed nearer the session low today and hit a fresh three-
week low. Significant chart damage has occurred this week
to suggest a near-term market top is in place. Bears now
have the slight overall near-term technical advantage. A
four-week-old uptrend on the daily bar chart was negated
today. Euro bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at 1.4000. The next downside price breakout objective for
the bears is closing prices below solid chart support at
1.3500. First resistance for the Euro lies at 1.3750 and
then at 1.3800. Next support is seen at today’s low of
1.3604 and then at 1.3550. Wyckoff's Market Rating: 4.5

The December Japanese yen closed down 41 points at 1.2780
today. Prices closed nearer the session high and closed at
a fresh three-month low close. The yen is still feeling the
effects of Monday’s Bank of Japan massive central bank
intervention to weaken the yen. Monday’s price action
produced a big and bearish “key reversal” down on the daily
bar chart, which is a clue that a market top is in place.
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 Monday’s low of 1.2582. First
resistance is seen at today’s high of 1.2832 and then at
1.2900. First support is seen at 1.2750 and then at 1.2700.
Wyckoff's Market Rating: 4.5.

The December Swiss franc closed down 171 points at 1.1289
today. Prices closed near mid-range today. Bears 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 1.1682. The
next downside price breakout objective for the bears is
closing prices below solid technical support at 1.1000.
First resistance is seen at today’s high of 1.1421 and then
at 1.1500. First support is seen at 1.1200 and then at
today’s low of 1.1168. Wyckoff's Market Rating: 3.0.

The December Australian dollar closed down 242 points at
1.0289 today. Prices closed nearer the session low again
today and heavy saw profit taking from recent gains. A
four-week-old uptrend on the daily bar chart was at least
temporarily negated today. Bulls have faded this week.
Bulls' next upside price breakout objective is closing
prices above solid chart resistance at last week’s high of
1.0687. The next downside breakout objective for the bears
is to produce a close below solid technical support at
1.0000. First resistance is seen at 1.0400 and then at
1.0500. Next support is seen at today’s low of 1.0211 and
then at 1.0100. Wyckoff's Market Rating: 5.5

The December Canadian dollar closed down 230 points at
.9819 today. Prices closed nearer the session low today on
heavy profit taking. Bulls faded today. A four-week-old
uptrend on the daily bar chart was at least temporarily
negated today. Bulls' next upside price breakout objective
is producing a close above chart resistance at last week’s
high of 1.0097. The next downside price breakout objective
for the bears is closing prices below solid technical
support at .9600. First resistance is seen at .9850 and
then at .9900. First support is seen at today’s low of
.9785 and then at .9750. Wyckoff's Market Rating: 5.0.

The December British pound closed down 183 points at 1.5944
today. Prices closed nearer the session low today and saw
more profit taking. A four-week-old uptrend is still in
place on the daily bar chart, but just barely now. Bulls
still have the slight overall near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
1.6200. Bears' next downside technical breakout objective
is closing prices below solid support at 1.5700. First
resistance is seen at 1.6000 and then at today’s high of
1.6090. First support is seen at today’s low of 1.5883 and
then at 1.5800. Wyckoff's Market Rating: 5.5.

The December U.S. dollar index closed up 111 points at
77.42 today. Prices closed nearer the session high today
and hit a fresh two-week high. The index was supported by
safe-haven buying and more short covering following the BOJ
intervention Monday and fresh EU debt crisis worries. A
four-week-old downtrend on the daily bar chart was negated
today and the bulls have fresh upside near-term technical
momentum. Bulls' next upside price breakout objective is to
close prices above solid technical resistance at 78.50. The
next downside price breakout objective for the bears is to
produce a close below solid technical support at last
week’s low of 74.86. Next resistance lies at today’s high
of 77.84 and then at 78.00. First support is seen at 77.00
and then at today’s low of 76.59. Wyckoff's Market Rating:
5.5.

December U.S. T-Bonds closed up 3 7/32 at 142 9/32 today.
Prices closed near the session high today, hit a fresh
four-week high and saw heavy short covering, bargain
hunting buying amid safe-haven buying. The MF Global
bankruptcy and fresh EU debt concerns this week have
boosted the bonds. A five-week-old downtrend on the daily
bar chart was soundly negated today. Bulls have quickly
gained fresh upside near-term technical momentum. The next
downside price breakout objective for the T-Bond bears is
closing prices below solid technical support at last week’s
low of 138 even. The next upside technical objective for
the bulls is to produce a close above solid technical
resistance at the October high of 145 26/32. First
resistance is seen at today’s high of 142 26/32 and then at
143 even. First support is seen at 142 even and then at 141
even. Wyckoff's Market Rating: 7.0.

December U.S. T Notes closed up 1 7.5 (32nds) at 130.09.5
today. Prices closed nearer the session high and hit a
fresh four-week high today. Bulls have regained solid
upside technical momentum this week. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at the October high of 131.12.5. The next
downside price breakout objective for the bears is
producing a close below solid technical support at
128.00.0. First resistance is seen at today’s high of
130.18.0 and then at 131.00.0. First support is seen at
130.00.0 and then at 129.16.0. Wyckoff's Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
solidly lower again today. Bulls are fading. The MF Global
bankruptcy and renewed worries regarding the European Union
debt crisis pressured the indexes today. Bulls can argue
the stock indexes are just seeing profit-taking pressure
from very good gains scored during October.

The Nasdaq stock futures index closed down 52.50 at
2,303.50 today. Prices closed nearer the session low again
today. Bulls' next upside price breakout objective is
closing prices above solid resistance at the July high of
2,435.50. The bears' next downside price breakout objective
is closing prices below solid technical support at
2,268.50. First resistance is seen at 2,325.00 and then at
today’s high of 2,355.75. First support is seen at today’s
low of 2,282.75 and then at 2,268.50. Wyckoff's Market
Rating: 5.5.

The S&P 500 futures index closed down 24.70 at 1,224.60.
Prices closed near mid-range today. Bulls' next upside
price breakout objective is closing prices above solid
resistance at 1,300.00. The next downside price breakout
objective for the bears is closing prices below solid
support at 1,150.00. First resistance is seen at today’s
high of 1,247.80 and then at this week’s high of 1,280.90.
First support is seen at today’s low of 1,208.00 and then
at 1,185.80. Wyckoff's Market Rating: 5.5.

The Dow futures closed down 215 points at 11,682 today.
Prices closed near mid-range today. The next upside price
objective for the bulls is closing prices above technical
resistance at last week’s high of 12,230. The next downside
price objective for the bears is closing prices below solid
technical support at 11,500. First resistance in the Dow
lies at today’s high of 11,725 and then at 11,800. First
support is seen at 11,600 and then at today’s low of
11,570. Wyckoff's Market Rating: 5.5.

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
 

Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions