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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 22

Nov 23, 2011

Tuesday Evening, November 22-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 up $1.50 at
$123.30 today. Prices closed near the session high and saw
short covering and bargain hunting buying. Trading has
turned very choppy in the cattle market. There is still the
specter of a bearish double-top reversal pattern forming on
the daily chart for February live cattle, but the bulls
have regained the slight near-term technical advantage. The
bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at $124.00.
The next downside technical breakout objective for the
bears is pushing and closing prices below solid technical
support at this week’s low of $120.20. First resistance is
seen at today’s high of $123.40 and then at $124.00. First
support is seen at $123.00 and then at today’s low of
$122.35. Wyckoff's Market Rating: 6.0

March feeder cattle closed up $0.82 at $148.82 today.
Prices closed near mid-range today and the bulls regained
upside near-term technical momentum. Bulls have the solid
overall near-term technical advantage. The next upside
price objective for the feeder bulls is to push and close
prices above technical resistance at the contract high of
$150.87. The next downside price breakout objective for the
bears is to push and close prices below solid technical
support at $146.15. First resistance is seen at today’s
high of $149.15 and then at $150.00. First support is seen
at $148.00 and then at $147.50. Wyckoff's Market Rating:
8.0

February lean hogs closed up $0.10 at $91.10 today. Prices
closed near mid-range and hit another fresh four-week high.
Bulls have gained upside technical momentum recently to
suggest a challenge of the contract high of $93.80, scored
in October. The next upside price breakout objective for
the bulls is to push and close prices above solid chart
resistance at $91.70. The next downside price breakout
objective for the bears is pushing prices below solid
technical support at $89.00. First resistance is seen at
today’s high of $91.55 and then at $91.70. First support is
seen at this week’s low of $90.50 and then at $90.00.
Wyckoff's Market Rating: 6.5

*. GRAINS: March corn futures closed up 3/4 cent at $6.05
3/4 today. Prices closed near mid-range today and saw tepid
short covering in bear market. Serious near-term chart
damage has been inflicted recently. Corn market bears have
the solid near-term technical advantage. Corn bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at $6.40. The next
downside price breakout objective for the bears is pushing
and closing prices below psychological support at $6.00.
First resistance for March corn is seen at $6.10 and then
at this week’s high of $6.18 3/4. First support is seen at
$6.00 and then at $5.95. Wyckoff's Market Rating: 3.0

January soybeans closed up 3 3/4 cents at $11.51 3/4 a
bushel today. Prices closed nearer the session high today
and hit another fresh 12-month low early on. Tepid short
covering in a bear market was featured today. Soybean bears
have the solid overall near-term technical advantage.
Prices are in a six-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 major psychological resistance at $12.00 a
bushel. The next downside price breakout objective for the
bears is pushing and closing prices below psychological
support at $11.00. First resistance is seen at $11.67 and
then at this week’s high of $11.74 1/4. First support is
seen at today’s low of $11.41 and then at $11.35. Wyckoff's
Market Rating: 2.0.

March soybean meal closed down $0.60 at $293.80 today.
Prices closed nearer the session low today and hit another
fresh 23-month low. Bears have the solid overall near-term
technical advantage. The next upside price breakout
objective for the bulls is to produce a close above
technical resistance at $310.00. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $280.00. First
resistance comes in at today’s high of $297.20 and then at
$300.00. First support is seen at today’s low of $292.70
and then at $290.00. Wyckoff's Market Rating: 2.0

March bean oil closed up 78 points at 51.29 cents today.
Prices closed near the session high today and saw short
covering in a bear market. The next upside price breakout
objective for the bean oil bulls is pushing and closing
prices above solid technical resistance at 52.50 cents.
Bean oil bears' next downside technical price breakout
objective is pushing and closing prices below solid
technical support at the October low of 49.48 cents. First
resistance is seen at this week’s high of 51.60 cents and
then at 52.00 cents. First support is seen at 51.00 cents
and then at 50.50 cents. Wyckoff's Market Rating: 3.0

March Chicago SRW wheat closed down 6 1/2 cents at $6.02 ½
today. Prices closed nearer the session low today and
closed at a fresh 16-month low close. Wheat bears have the
solid overall near-term technical advantage. Bulls' next
upside price breakout objective is to push and close
Chicago SRW prices above solid technical resistance at
$6.40 a bushel. The next downside price breakout objective
for the wheat futures bears is pushing and closing prices
below psychological support at $6.00. First resistance is
seen at today’s high of $6.13 1/4 and then at this week’s
high of $6.18 1/4. First support lies at $6.00 and then at
$5.90. Wyckoff's Market Rating: 1.0.

March K.C. HRW wheat closed down 6 cents at $6.72 today.
Prices closed near mid-range today and hit another fresh
16-month low. Bears have the solid overall near-term
technical advantage. Bulls' next upside price breakout
objective is pushing and closing prices above psychological
resistance at $7.00. The bears' next downside breakout
objective is pushing and closing prices below solid
technical support at $6.50. First resistance is seen at
this week’s high of $6.81 and then at $6.90. First support
is seen at today’s low of $6.66 and then at $6.60.
Wyckoff's Market Rating: 1.0

March oats closed down 1 3/4 cents at $2.93 1/4 today.
Prices closed nearer the session low and hit another fresh
contract low. Bears have the solid overall near-term
technical advantage. Bears' next downside price breakout
objective is pushing and closing prices below technical
support at $2.75. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at $3.20. First support lies at
today’s contract low of $2.91 3/4 and then at $2.90. First
resistance is seen at $2.98 and then at today’s high of
$3.01. Wyckoff's Market Rating: 1.0

*. SOFTS: March sugar closed down 68 points at 23.41 cents
today. Prices closed nearer the session low today and hit
another fresh 5.5-month low. Sugar bears have the solid
overall near-term technical advantage and gained more power
today as a six-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 25.00 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at 23.00 cents. First resistance is seen
at 23.75 cents and then at 24.00 cents. First support is
seen at today’s low of 23.33 cents and then at 23.25 cents.
Wyckoff's Market Rating: 2.5

March coffee closed down 30 points at 236.70 cents. Prices
closed nearer the session high today. Coffee bears have the
overall near-term technical advantage. The coffee bulls'
next upside breakout objective is to close prices above
solid technical resistance at last week’s high of 243.30
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
230.00 cents a pound. First resistance is seen at this
week’s high of 238.55 cents and then at 240.30 cents. First
support is seen at today’s low of 234.60 cents and then at
232.50 cents. Wyckoff's Market Rating: 3.0

March cocoa closed up $8 at $2,422 a ton. Prices closed
near mid-range today and hit another fresh contract low.
Tepid short covering in a bear market was featured today.
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 $2,550. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $2,350. First
resistance is seen at $2,440 and then at today’s high of
$2,466. First support is seen at today’s contract low of
$2,395 and then at $2,375. Wyckoff's Market Rating: 1.0.

March cotton closed up 110 points at 91.51 cents today.
Prices closed nearer the session high on short covering in
a bear market after hitting a fresh 11-month low early on.
Serious near-term chart damage has been inflicted just
recently. Cotton bears have the solid near-term technical
advantage. The next upside price objective for the bulls is
to produce a close above solid technical resistance at
95.00 cents. The next downside price breakout objective for
the cotton bears is to push and close prices below solid
technical support at 85.00 cents. First support is seen at
90.00 cents and then at today’s low of 89.33 cents. First
resistance is seen at 92.50 cents and then at this week’s
high of 93.71 cents. Wyckoff's Market Rating: 3.0

January orange juice closed up 110 points at $1.7965 today.
Prices closed near mid-range today and hit another fresh
four-month high. FCOJ bulls have the solid 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 the contract high of
$1.8420. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at $1.7000. First resistance is seen at today’s
high of $1.8100 and then at $1.8250. First support is seen
at today’s low of $1.7810 and then at this week’s low of
1.7690. Wyckoff's Market Rating: 7.5.

January lumber futures closed down $4.90 at $241.60 today.
Prices closed near the session high. Bulls faded today and
the bears have regained the near-term technical advantage.
The next downside technical breakout objective for the
lumber bears is pushing and closing prices below solid
technical support at $230.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at this week’s high
of $254.00. First resistance is seen at $245.00 and then at
$246.00. First support is seen at today’s low of $239.00
and then at $237.00. Wyckoff's Market Rating: 4.0

*. METALS: December gold futures closed up $22.70 an ounce
at $1,701.20 today. Prices closed nearer the session high
today and saw bargain hunting and short covering following
strong losses on Monday that pushed gold to a four-week
low. The general rebound in the raw commodity sector today
also helped out the gold market bulls. Still, near-term
technical damage has been inflicted recently. Bulls and
bears are back on a level near-term technical playing
field. Bulls' next upside technical breakout objective is
to produce a close above solid technical resistance at
$1,754.00. Bears' next near-term downside price objective
is closing prices below solid technical support at
$1,604.70. First resistance is seen at today’s high of
$1,706.40 and then at this week’s high of 1,727.40. First
support is seen at $1,681.20 and then at this week’s low of
$1,667.10. Wyckoff's Market Rating: 5.0.

December silver futures closed up $1.669 an ounce at $32.79
today. Prices closed nearer the session high today and saw
short covering and bargain hunting. Near-term technical
damage has been inflicted in silver recently. The bears
have the slight near-term technical advantage. Bulls next
upside price breakout objective is closing prices above
solid technical resistance at $34.00 an ounce. The next
downside price breakout objective for the bears is closing
prices below major psychological support at $30.00. First
resistance is seen at today’s high of $33.04 and then at
$33.50. Next support is seen at $32.50 and then at $32.00.
Wyckoff's Market Rating: 4.5.

December N.Y. copper closed up 365 points 333.95 cents
today. Prices closed near mid-range today and saw short
covering in a bear market after prices Monday hit a four-
week low. Copper bears still have the near-term technical
advantage. Copper bulls' next upside breakout objective is
pushing and closing prices above solid technical resistance
at 350.00 cents. The next downside price breakout objective
for the bears is closing prices below major psychological
support at 300.00 cents. First resistance is seen at
today’s high of 337.35 cents and then at this week’s high
of 340.95 cents. First support is seen at today’s low of
329.35 cents and then at this week’s low of 327.20 cents.
Wyckoff's Market Rating: 3.5.

*. ENERGIES: January crude oil closed up $0.92 a barrel at
$97.84 today. Prices closed near mid-range today and saw
short covering from recent selling pressure. Recent price
action in crude does hint that a near-term market top is in
place. Crude bulls do still 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 solid technical resistance at last week’s high
of $103.37 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 $94.00. First
resistance is seen at today’s high of $98.70 and then at
$99.00. First support is seen at $96.70 and then at today’s
low of $96.55 Wyckoff's Market Rating: 6.0.

January heating oil closed up 295 points at $3.0338 today.
Prices closed nearer the session high today and saw some
short covering and bargain hunting after recent selling
pressure. Bulls have the 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 $3.1956. Bears' next downside price breakout
objective is producing a close below solid technical
support at $2.900. First resistance lies at today’s high of
$3.0494 and then at this week’s high of $3.0674. First
support is seen at $3.0000 and then at this week’s low of
$2.9778. Wyckoff's Market Rating: 5.5.

January (RBOB) unleaded gasoline closed up 591 points at
$2.5578 today. Prices closed nearer the session high. Short
covering in a bear market was featured today. Bears have
the 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 $2.6359.
Bears' next downside price breakout objective is closing
prices below solid support at the October low of $2.3803.
First resistance is seen at today’s high of $2.5681 and
then at $2.6000. First support is seen at $2.5250 and then
at $2.5000. Wyckoff's Market Rating: 3.5.

January natural gas closed up 0.05 cent at $3.563 today.
Prices closed near mid-range today. Today’s price action
did not see good follow-through buying and a bullish “key
reversal” up on the daily bar chart was not confirmed.
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 $3.75.
The next downside price breakout objective for the bears is
closing prices below solid technical support at $3.40.
First resistance is seen at $3.613 and then at $3.7000.
First support is seen at $3.50 and then at the contract low
of $3.461. Wyckoff's Market Rating: 1.5.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 10 points at 1.3522 today. Prices closed nearer
the session low. Bears have the solid overall near-term
technical advantage. Prices are in a four-week-old
downtrend on the daily bar chart. Euro bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at last week’s high of
1.3798. The next downside price breakout objective for the
bears is closing prices below solid chart support at the
October low of 1.3161. First resistance for the Euro lies
at today’s high of 1.3576 and then at 1.3625. Next support
is seen at today’s low of 1.3491 and then at last week’s
low of 1.3440. Wyckoff's Market Rating: 3.0

The March Japanese yen closed down 10 points at 1.3032
today. Prices closed nearer the session high today. Bulls
have the near-term technical advantage. Prices are in a
three-week-old uptrend on the daily bar chart. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1.3150. Bears' next downside breakout
objective is closing prices below solid technical support
at 1.2900. First resistance is seen at this week’s high of
1.3060 and then at last week’s high of 1.3101. First
support is seen at 1.3000 and then at today’s low of
1.2987. Wyckoff's Market Rating: 6.0.

The March Swiss franc closed up 21 points at 1.0958 today.
Prices closed near mid-range today. Bears have the solid
overall near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at 1.1300. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the October low of 1.0805. First
resistance is seen at this week’s high of 1.0966 and then
at 1.1000. First support is seen at this week’s low of
1.0891 and then at last week’s low of 1.0869. Wyckoff's
Market Rating: 2.0.

The March Australian dollar closed up 6 points at .9712
today. Prices closed nearer the session low today. Bears
have the near-term technical advantage. Prices are in a
four-week-old downtrend on the daily bar chart. Bulls' next
upside price breakout objective is closing prices above
solid chart resistance at 1.0000. The next downside
breakout objective for the bears is to produce a close
below solid technical support at .9500. First resistance is
seen at today’s high of .9765 and then at this week’s high
of .9856. Next support is seen at this week’s low of .9685
and then at .9600. Wyckoff's Market Rating: 3.0

The March Canadian dollar closed steady at .9610 today.
Prices closed near mid-range. Bears have the overall 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 October low of .9359. First resistance is seen at
today’s high of .9642 and then at this week’s high of
.9700. First support is seen at this week’s low of .9577
and then at .9500. Wyckoff's Market Rating: 2.5.

The March British pound closed down 9 points at 1.5617
today. Prices closed nearer the session high today and hit
a fresh six-week low early on. Bears have the near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at 1.5900. Bears' next downside
technical breakout objective is closing prices below solid
support at 1.5500. First resistance is seen at 1.5700 and
then at this week’s high of 1.5738. First support is seen
at today’s low of 1.5561 and then at 1.5500. Wyckoff's
Market Rating: 3.5.

The March U.S. dollar index closed down 2 points at 78.81
today. Prices closed near mid-range today in quieter
trading. Bulls have the overall near-term technical
advantage. Bulls' next upside price breakout objective is
to close prices above solid technical resistance at 80.00.
The next downside price breakout objective for the bears is
to produce a close below solid technical support at last
week’s low of 77.40. Next resistance lies at last week’s
high of 79.00 and then at 79.37. First support is seen at
today’s low of 78.54 and then at 78.37. Wyckoff's Market
Rating: 6.5.

March U.S. T-Bonds closed up 25/32 at 144 5/32 today.
Prices closed near the session high today, hit a fresh
seven-week high and scored a bullish “outside day” up on
the daily bar chart. Bond market bulls have the solid
overall near-term technical advantage and gained some more
upside momentum today. The next downside price breakout
objective for the T-Bond bears is closing prices below
solid technical support at 141 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at the September contract
high of 146 15/32. First resistance is seen at today’s high
of 144 5/32 and then at 145 even. First support is seen at
143 even and then at today’s low of 142 28/32. Wyckoff's
Market Rating: 8.5.

March U.S. T Notes closed up 9.0 (32nds) at 130.05.5 today.
Prices closed near the session high today and scored a
bullish “outside day” up on the daily bar chart. Bulls 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 November high of
130.08.5. The next downside price breakout objective for
the bears is producing a close below solid technical
support at 128.27.5. First resistance is seen at 130.08.5
and then at the October high of 130.22.0. First support is
seen at today’s low of 129.22.0 and then at 129.15.0.
Wyckoff's Market Rating: 8.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mostly weaker today. The EU debt crisis and the U.S. debt
wrangling have pressured stock indexes this week. The EU
crisis is far from resolved and it could continue to
negatively impact the U.S. stock indexes in the near term.
The stock index bulls have faded recently and have lost
their upside momentum and their near-term technical
advantage.

The Nasdaq stock futures index closed up 0.75 at 2,214.25
today. Prices closed nearer the session high today. Bulls'
next upside price breakout objective is closing prices
above solid resistance at the October high of 2,408.75. The
bears' next downside price breakout objective is closing
prices below solid technical support at 2,100.00. First
resistance is seen at today’s high of 2,226.75 and then at
this week’s high of 2,244.00. First support is seen at this
week’s low of 2,187.00 and then at 2,175.00. Wyckoff's
Market Rating: 4.0

The S&P 500 futures index closed down 7.90 at 1,182.80.
Prices closed nearer the session low today and hit another
fresh six-week low. Bulls' next upside price breakout
objective is closing prices above solid resistance at the
October high of 1,288.70. 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 1,198.70 and then at this week’s high of 1,209.00.
First support is seen at today’s low of 1,179.50 and then
at 1,165.00. Wyckoff's Market Rating: 4.0.

The Dow futures closed down 78 points at 11,447 today.
Prices closed nearer the session low today and hit another
fresh four-week low. The next upside price objective for
the bulls is closing prices above psychological resistance
at 12,000. The next downside price objective for the bears
is closing prices below solid technical support at 11,000.
First resistance in the Dow lies at 11,500 and then at
today’s high of 11,550. First support is seen at today’s
low of 11,410 and then at 11,350. Wyckoff's Market Rating:
4.0.

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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