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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--November 10

Nov 11, 2011

Thursday Evening, November 10-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: February live cattle closed down $0.80 at
$123.65 today. Prices closed near the session low again
today on more profit taking. Prices scored a bearish
“outside day” down on the daily bar chart today as the
bulls have faded this week. A bearish double-top reversal
pattern could be forming on the daily chart for February
live cattle. The cattle bulls do still have the slight
overall near-term technical advantage. The bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at the October high of
$126.55. The next downside technical breakout objective for
the bears is pushing and closing prices below solid
technical support at last week’s low of $120.45. First
resistance is seen at $124.00 and then at $124.50. First
support is seen at today’s low of $123.60 and then at
$123.00. Wyckoff's Market Rating: 6.0

March feeder cattle closed down $0.07 at $146.50 today.
Prices closed near the session low today. Bulls still have
the overall near-term technical advantage but are fading a
bit this week. The next upside price objective for the
feeder bulls is to push and close prices above technical
resistance at last week’s contract high of $149.15. The
next downside price breakout objective for the bears is to
push and close prices below solid technical support at last
week’s low of $144.30. First resistance is seen at $147.00
and then at $147.50. First support is seen at this week’s
low of $146.15 and then at $145.50. Wyckoff's Market
Rating: 7.0

February lean hogs closed up $0.32 at $87.27 today. Prices
closed near the session low today and saw tepid short
covering in a bear market. Prices Wednesday hit a six-week
low. Hog futures prices are still in a steep three-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 $89.50. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at $85.90. First
resistance is seen at $87.50 and then at $88.00. First
support is seen at today’s low of $87.15 and then at this
week’s low of $86.80. Wyckoff's Market Rating: 4.0

*. GRAINS: March corn futures closed down 10 1/4 cents at
$6.54 3/4 today. Prices closed near the session low today.
The corn bulls have the slight overall near-term technical
advantage but are fading and need to show fresh power soon
to keep it. Corn prices have been trading in a sideways,
choppy range for four weeks. Corn bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at this week’s high of $6.76 1/4. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$6.43 1/2. First resistance for March corn is seen at $6.60
and then at $6.65. First support is seen at $6.50 and then
at $6.45. Wyckoff's Market Rating: 5.5

January soybeans closed down 18 cents at $11.67 1/2 a
bushel today. Prices closed near the session low today and
hit another fresh four-week low. Soybean bears have the
solid overall near-term technical advantage. Prices are in
a four-week-old downtrend on the daily bar chart. The next
near-term upside technical breakout objective for the
soybean bulls is pushing and closing prices above
psychological resistance at $12.00 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
$11.80 and then at today’s high of $11.91 1/4. First
support is seen at $11.63 1/2 and then at $11.50. Wyckoff's
Market Rating: 3.0.

March soybean meal closed down $5.20 at $302.90 today.
Prices closed near the session low again today and hit a
fresh 12-month low. Bears have the solid overall near-term
technical advantage and have gained more downside momentum
this week. The next upside price breakout objective for the
bulls is to produce a close above technical resistance at
this week’s high of $320.20. The next downside price
breakout objective for the bears is pushing and closing
prices below psychological support at $300.00. First
resistance comes in at $305.00 and then at $307.50. First
support is seen at $302.00 and then at $300.00. Wyckoff's
Market Rating: 2.5

March bean oil closed down 48 points at 51.07 cents today.
Prices closed nearer the session low today and closed at a
fresh four-week low close. Bean oil prices are in a four-
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 52.70 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at last week’s low of
50.58 cents. First resistance is seen at 51.50 cents and
then at today’s high of 51.90 cents. First support is seen
at today’s low of 50.78 cents and then at 50.58 cents.
Wyckoff's Market Rating: 3.0

March Chicago SRW wheat closed down 15 1/4 cents at $6.47
today. Prices closed near the session low today and hit a
fresh four-week low. Wheat bears have the overall near-term
technical advantage. Prices have been trading sideways at
lower price levels for six weeks. Bulls' next upside price
breakout objective is to push and close Chicago SRW prices
above solid technical resistance at this week’s high of
$6.82 a bushel. The next downside price breakout objective
for the wheat futures bears is pushing and closing prices
below solid technical support at the October low of $6.34
1/4. First resistance is seen at $6.60 and then at today’s
high of $6.68 1/4. First support lies at today’s low of
$6.46 and then at $6.34 1/4. Wyckoff's Market Rating: 3.0.

March K.C. HRW wheat closed down 12 cents at $7.11 today.
Prices closed near the session low and hit a fresh four-
week low today. Bears have the solid overall 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 $7.49. The
bears' next downside breakout objective is pushing and
closing prices below solid technical support at the October
low of $6.95. First resistance is seen at today’s high of
$7.23 and then at $7.30. First support is seen at today’s
low of $7.08 1/4 and then at $7.00. Wyckoff's Market
Rating: 3.0.

March oats closed down 2 1/2 cents at $3.27 1/2 today.
Prices closed near mid-range today and closed at a fresh
contract low close. Bears have the solid overall near-term
technical advantage. Bears' next downside price breakout
objective is pushing and closing prices below solid chart
support at the contract low of $3.24, scored on Wednesday.
Bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at last
week’s high of $3.46. First support lies at today’s low of
$3.25 1/2 and then at $3.24. First resistance is seen at
today’s high of $3.31 and then at $3.35. Wyckoff's Market
Rating: 2.0

*. SOFTS: March sugar closed up 6 points at 25.42 cents
today. Prices closed near mid-range and saw short covering
in a bear market. Sugar bears have the overall near-term
technical advantage as a four-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 this week’s high of 26.18
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 today’s high of
25.70 cents and then at 26.00 cents. First support is seen
at this week’s low of 25.19 cents and then at 25.00 cents.
Wyckoff's Market Rating: 4.0

March coffee closed up 15 points at 233.60 cents. Prices
closed near mid-range and saw tepid short covering in a
bear market. Coffee 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 245.0 cents. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the October low of 223.15 cents a
pound. First resistance is seen at today’s high of 236.00
cents and then at 238.15 cents. First support is seen at
today’s low of 231.35 cents and then at 230.00 cents.
Wyckoff's Market Rating: 3.0

March cocoa closed down $45 at $2,558 a ton. Prices closed
nearer the session low today and hit a fresh contract low.
The cocoa bears have the solid overall near-term technical
advantage and gained more power today. The next upside
price breakout objective for the cocoa bulls is to push and
close prices above solid technical resistance at $2,700.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$2,500. First resistance is seen at $2,600 and then at
today’s high of $2,618. First support is seen at today’s
contract low of $2,548 and then at $2,525. Wyckoff's Market
Rating: 1.0.

March cotton closed up 174 points at 98.88 cents today.
Prices closed near mid-range and saw short covering. 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 the
October high of 102.85 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 95.00 cents. First support is seen at 98.00 cents
and then at today’s low of 96.71 cents. First resistance is
seen at 100.00 cents and then at today’s high of 100.32
cents. Wyckoff's Market Rating: 5.0

January orange juice closed up 45 points at $1.7155 today.
Prices closed near the session high today. FCOJ bulls still
have the overall near-term technical advantage but trading
has turned choppy. The next upside price breakout objective
for the FCOJ bulls is pushing and closing prices above
solid technical resistance at the October high of $1.7920.
The next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at last week’s low of $1.6625. First resistance is seen at
$1.7250 and then at $1.7350. First support is seen at
$1.7000 and then at today’s low of 1.6880. Wyckoff's Market
Rating: 6.0.

January lumber futures closed down $5.80 at $221.90 today.
Prices closed near the session low today and hit another
fresh contract low. The bears have the solid 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 $220.00.
The next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at this week’s high of $237.00. First resistance is seen at
$225.00 and then at today’s high of $226.00. First support
is seen at today’s contract low of $221.80 and then at
$220.00. Wyckoff's Market Rating: 1.0

*. METALS: December gold futures closed down $29.50 an
ounce at $1,761.80 today. Prices closed near mid-range
today and saw heavy profit-taking and weak long
liquidation. No significant chart damage occurred today but
the bulls did fade a bit and they do not want to see
follow-through selling pressure on Friday that would then
produce a bearish weekly low close. Gold bulls still have
the overall near-term technical advantage. A six-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 this week’s high of
$1,804.40. Bears' next near-term downside price objective
is closing prices below psychological support at $1,700.00.
First resistance is seen at today’s high of $1,776.90 and
then at $1,800.00. First support is seen at today’s low of
$1,736.60 and then at $1,725.00. Wyckoff's Market Rating:
6.5.

December silver futures closed down $0.436 an ounce at
$33.925 today. Prices closed near mid-range today, on
profit taking. The silver bulls still have the overall
near-term technical advantage. A six-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 the October 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 $32.105. First resistance is seen at
today’s high of $34.34 and then at $35.00. Next support is
seen at $33.50 and then at today’s low of $33.13. Wyckoff's
Market Rating: 6.0.

December N.Y. copper closed down 700 points 337.10 cents
today. Prices closed near mid-range today and hit a fresh
three-week low. Copper bulls have faded. Copper bulls' next
upside breakout objective is pushing and closing prices
above solid technical resistance at this week’s high of
365.35 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 today’s
high of 342.90 cents and then at 345.00 cents. First
support is seen at 335.00 cents and then at today’s low of
331.80 cents. Wyckoff's Market Rating: 4.5.

*. ENERGIES: December crude oil closed up $2.02 a barrel at
$97.76 today. Prices closed nearer the session high and hit
a fresh 13-week high today. Crude bulls have the solid
overall near-term technical advantage and gained more power
today. Prices are in a five-week-old uptrend on the daily
bar chart. The next near-term upside price breakout
objective for the crude oil bulls is producing a close
above major psychological resistance at $100.00 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 $91.00. First resistance is seen at
today’s high of $98.35 and then at $99.00. First support is
seen at $97.00 and then at $96.00. Wyckoff's Market Rating:
7.5.

December heating oil closed up 478 points at $3.1464 today.
Prices closed nearer the session high today and hit a fresh
13-week high. Bulls have the overall near-term technical
advantage and gained fresh upside momentum today. The
bulls' next upside price breakout objective is closing
prices above solid technical resistance at $3.2000. Bears'
next downside price breakout objective is producing a close
below major psychological support at $3.0000. First
resistance lies at today’s high of $3.1740 and then at
$3.2000. First support is seen at $3.1177 and then at
today’s low of $3.0829. Wyckoff's Market Rating: 7.0.

December (RBOB) unleaded gasoline closed down 161 points at
$2.6281. Prices closed near mid-range today and saw more
profit taking from recent gains. 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 technical resistance at this week’s high of
$2.7576. Bears' next downside price breakout objective is
closing prices below solid support at last week’s low of
$2.5336. First resistance is seen at $2.6500 and then at
today’s high of $2.6700. First support is seen at today’s
low of $2.6005 and then at $2.5750. Wyckoff's Market
Rating: 5.0.

December natural gas closed down 0.6 cents at $3.646 today.
Prices closed near mid-range today and hit another contract
low. The 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
last week’s high of $3.978. The next downside price
breakout objective for the bears is closing prices below
solid technical support at $3.50. First resistance is seen
at today’s high of $3.708 and then at this week’s high of
$3.783 and then at $3.863. First support is seen at today’s
contract low of $3.612 and then at $3.60. Wyckoff's Market
Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed up 61 points at 1.3600 today. Prices closed
nearer the session high today on short covering after
hitting a fresh four-week low early on. Bears still have
the solid overall near-term technical advantage. Euro
bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at this
week’s high of 1.3857. The next downside price breakout
objective for the bears is closing prices below solid chart
support at 1.3350. First resistance for the Euro lies at
today’s high of 1.3653 and then at 1.3700. Next support is
seen at 1.3521 and then at today’s low of 1.3484. Wyckoff's
Market Rating: 3.0

The December Japanese yen closed up 33 points at 1.2887
today. Prices closed near mid-range today. Bulls and bears
are on a level near-term technical playing field. Bulls'
next upside price breakout objective is closing prices
above solid resistance at 1.3000. Bears' next downside
breakout objective is closing prices below solid technical
support at 1.2750. First resistance is seen at today’s high
of 1.2910 and then at 1.2950. First support is seen at
today’s low of 1.2850 and then at 1.2800. Wyckoff's Market
Rating: 5.0.

The December Swiss franc closed up 42 points at 1.1038
today. Prices closed nearer the session high after hitting
a fresh four-week low early on today. Short covering was
featured. Bears still have the solid overall near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 1.1400. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the October low of 1.0749. First
resistance is seen at 1.1100 and then at 1.1200. First
support is seen at today’s low of 1.0926 and then at
1.0800. Wyckoff's Market Rating: 2.0.

The December Australian dollar closed up 4 points at 1.0106
today. Prices closed nearer the session high today after
hitting a four-week low early on. Bulls have faded. Bulls'
next upside price breakout objective is closing prices
above solid chart resistance at 1.0400. 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 today’s high of 1.0164 and then at 1.0200. Next
support is seen at 1.0000 and then at .9950. Wyckoff's
Market Rating: 5.0

The December Canadian dollar closed up 45 points at .9815
today. Prices closed nearer the session high today and did
hit a fresh three-week low early on. Bears have the slight
near-term technical advantage. Bulls' next upside price
breakout objective is producing a close above chart
resistance at the October 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 today’s high of .9831 and then at .9900. First
support is seen at today’s low of .9733 and then at .9700.
Wyckoff's Market Rating: 4.5.

The December British pound closed up 6 points at 1.5919
today. Prices closed near mid-range today and did hit a
fresh three-week low. Bulls still have the slight overall
near-term technical advantage but have faded. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at the October high
of 1.6158. Bears' next downside technical breakout
objective is closing prices below solid support at 1.5750.
First resistance is seen at 1.6000 and then at 1.6100.
First support is seen at today’s low of 1.5863 and then at
1.5800. Wyckoff's Market Rating: 5.5.

The December U.S. dollar index closed down 28 points at
77.89 today. Prices closed nearer the session low on profit
taking after hitting a fresh four-week high early on today.
Bulls still have the near-term technical advantage. Bulls'
next upside price breakout objective is to close prices
above solid technical resistance at 79.25. The next
downside price breakout objective for the bears is to
produce a close below solid technical support at this
week’s low of 76.67. Next resistance lies at today’s high
of 78.42 and then at 78.75. First support is seen at
today’s low of 77.62 and then at 77.50. Wyckoff's Market
Rating: 6.0.

December U.S. T-Bonds closed down 1 9/32 at 141 14/32
today. Prices closed near mid-range today. Bond market
bulls still have the solid overall near-term technical
advantage. The next downside price breakout objective for
the T-Bond bears is closing prices below solid technical
support at 139 even. The next upside technical objective
for the bulls is to produce a close above solid technical
resistance at this week’s high of 143 4/32. First
resistance is seen at 142 even and then at today’s high of
142 29/32. First support is seen at 141 even and then at
this week’s low of 149 6/32. Wyckoff's Market Rating: 7.0.

December U.S. T Notes closed down 13.5 (32nds) at 130.12.5
today. Prices closed near mid-range today. Bulls still have
the solid overall near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at the September high of
131.30.0. The next downside price breakout objective for
the bears is producing a close below solid technical
support at 129.00.0. First resistance is seen at today’s
high of 130.28.5 and then at the October high of 131.12.5.
First support is seen at 130.00.0 and then at this week’s
low of 129.27.5. Wyckoff's Market Rating: 7.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mostly firmer today. The EU debt crisis stabilized just a
bit today, which allowed the stock indexes to do the same.
However, the EU crisis is far from resolved and it could
negatively impact the U.S. stock indexes in the near term.
But at present the U.S. stock index bulls still have the
overall near-term technical advantage.

The Nasdaq stock futures index closed down 4.50 at 2,306.50
today. Prices closed nearer the session low 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 2,350.00 and then at 2,375.00. First
support is seen at today’s low of 2,286.50 and then at last
week’s low of 2,279.00. Wyckoff's Market Rating: 6.0.

The S&P 500 futures index closed up 12.20 at 1,237.80.
Prices closed nearer the session high 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
1,250.00 and then at this week’s high of 1,275.00. First
support is seen at today’s low of 1,218.80 and then at last
week’s low of 1,208.00. Wyckoff's Market Rating: 6.0.

The Dow futures closed up 123 points at 11,855 today.
Prices closed near mid-range today. The next upside price
objective for the bulls is closing prices above technical
resistance at the October 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 11,915 and then at 12,000. First
support is seen at today’s low of 11,765 and then at this
week’s low of 11,695. Wyckoff's Market Rating: 6.0.

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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