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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--November 28

Nov 29, 2011

Monday Evening, November 28-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 $0.25 at
$122.55 today. Prices closed nearer the session low today.
The key “outside markets” were bullish for cattle today, as
the U.S. dollar index was lower, while crude oil and U.S.
stock index prices were higher. The cattle market bulls
could not get much traction from the bullish outside
markets and that’s a bearish clue for cattle. Trading has
turned choppy in the cattle market. The bulls 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 $124.00. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
the November low of $120.20. First resistance is seen at
$123.00 and then at today’s high of $123.32. First support
is seen at today’s low of $122.15 and then at $121.50.
Wyckoff's Market Rating: 6.0

March feeder cattle closed down $0.10 at $147.35 today.
Prices closed nearer the session low today. Bulls still
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
$148.00 and then at today’s high of $148.45. First support
is seen at today’s low of $147.25 and then at $147.00.
Wyckoff's Market Rating: 7.0

February lean hogs closed down $1.22 at $90.57 today.
Prices closed near the session low today and saw profit
taking. The key “outside markets” were bullish for hogs
today, as the U.S. dollar index was lower, while crude oil
and U.S. stock index prices were higher. Yet, the hog
market sold off and that’s a bearish clue for hogs. Hog
bulls still have the overall near-term technical advantage.
The next upside price breakout objective for the bulls is
to push and close prices above solid chart resistance at
$92.50. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
$89.00. First resistance is seen at $91.00 and then at
$91.50. First support is seen at today’s low of $90.50 and
then at $90.00. Wyckoff's Market Rating: 6.5

*. GRAINS: March corn futures closed up 7 1/2 cents at
$5.97 1/2 today. Prices closed near mid-range and saw short
covering in a bear market. Prices Friday hit a seven-week
low. The key “outside markets” were bullish for corn today,
as the U.S. dollar index was lower, while crude oil and
U.S. stock index prices were higher. Serious near-term
chart damage has been inflicted in corn recently. Corn
market bears still 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 $6.25. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at the October low of $5.86. First
resistance for March corn is seen at today’s high of $6.03
and then at $6.08. First support is seen at today’s low of
$5.93 and then at last week’s low of $5.88 1/4. Wyckoff's
Market Rating: 2.5

January soybeans closed up 14 1/2 cents at $11.21 a bushel
today. Prices closed near mid-range today and saw short
covering in a bear market. Prices Friday hit a 14-month
low. The key “outside markets” were bullish for soybeans
today, as the U.S. dollar index was lower, while crude oil
and U.S. stock index prices were higher. Soybean bears
still 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 solid technical resistance at $11.75 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 today’s high of $11.27
1/4 and then at $11.41. First support is seen at today’s
low of $11.14 and then at $11.10. Wyckoff's Market Rating:
1.5.

March soybean meal closed up $6.10 at $291.60 today. Prices
closed near the session high today and saw short covering.
Prices Friday hit a 23-month low. Meal bears still have the
solid overall near-term technical advantage. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at $300.00. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$275.00. First resistance comes in at $292.50 and then at
$295.00. First support is seen at $290.00 and then at
today’s low of $286.40. Wyckoff's Market Rating: 1.5

March bean oil closed up 71 points at 49.58 cents today.
Prices closed nearer the session high today and saw short
covering in a bear market. Prices Friday hit a 23-month
low. The key “outside markets” were bullish for bean oil
today, as the U.S. dollar index was lower, while crude oil
and U.S. stock index prices were higher. 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 51.60 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 50.00 cents and then at 50.50 cents.
First support is seen at today’s low of 49.12 cents and
then at last week’s low of 48.78 cents. Wyckoff's Market
Rating: 1.5

March Chicago SRW wheat closed up 4 cents at $5.93 today.
Prices closed nearer the session low today and saw tepid
short covering in a bear market. Prices Friday hit a 16-
month low. The key “outside markets” were bullish for wheat
today, as the U.S. dollar index was lower, while crude oil
and U.S. stock index prices were higher. Wheat bears still
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 $6.25 a bushel. The next downside price breakout
objective for the wheat futures bears is pushing and
closing prices below solid technical support at $5.75.
First resistance is seen at $6.00 and then at $6.06 1/2.
First support lies at today’s low of $5.90 and then at last
week’s low of $5.86. Wyckoff's Market Rating: 1.0.

March K.C. HRW wheat closed down 1 1/2 cents at $6.52 1/2
today. Prices closed near the session low 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
solid technical resistance at last week’s high of $6.81.
The bears' next downside breakout objective is pushing and
closing prices below solid technical support at $6.25.
First resistance is seen at $6.60 and then at today’s high
of $6.66. First support is seen at $6.50 and then at $6.40.
Wyckoff's Market Rating: 1.0

March oats closed up 7 cents at $2.94 today. Prices closed
near mid-range and saw short covering in a bear market.
Bears still 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 psychological resistance
at $3.00. First support lies at today’s low of $2.90 and
then at the contract low of $2.84 3/4. First resistance is
seen at today’s high of $2.97 3/4 and then at $3.00.
Wyckoff's Market Rating: 1.5

*. SOFTS: March sugar closed up 25 points at 23.15 cents
today. Prices closed near mid-range and saw short covering
in a bear market. Prices Friday hit a 5.5-month low. The
key “outside markets” were bullish for sugar today, as the
U.S. dollar index was lower, while crude oil and U.S. stock
index prices were higher. Sugar bears still have the solid
overall near-term technical advantage. 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 last week’s high
of 24.32 cents. Bears' next downside price breakout
objective is to push and close prices below solid technical
support at 22.50 cents. First resistance is seen at today’s
high of 23.41 cents and then at 23.52 cents. First support
is seen at today’s low of 22.97 cents and then at last
week’s low of 22.71 cents. Wyckoff's Market Rating: 2.0

March coffee closed down 425 points at 228.30 cents. Prices
closed nearer the session low today and scored a big and
bearish “outside day” down on the daily bar chart. Prices
also hit a fresh three-week low today. The key “outside
markets” were bullish for coffee today, as the U.S. dollar
index was lower, while crude oil and U.S. stock index
prices were higher. Yet, coffee sold off sharply and that’s
another bearish clue for coffee. 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 the November high of
243.30 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 230.00 cents and then at 232.50
cents. First support is seen at today’s low of 227.35 cents
and then at 225.00 cents. Wyckoff's Market Rating: 2.0

March cocoa closed down $28 at $2,353 a ton. Prices closed
near the session low today and hit another fresh contract
low. The key “outside markets” were bullish for cocoa
today, as the U.S. dollar index was lower, while crude oil
and U.S. stock index prices were higher. Yet, the cocoa
market sold off, which shows just how bearish the cocoa
market is at present. 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 $2,500.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$2,300. First resistance is seen at $2,400 and then at
today’s high of $2,429. First support is seen at today’s
contract low of $2,351 and then at $2,340. Wyckoff's Market
Rating: 1.0.

March cotton closed up 48 points at 91.35 cents today.
Prices closed nearer the session low today. Short covering
was featured. The key “outside markets” were bullish for
cotton today, as the U.S. dollar index was lower, while
crude oil and U.S. stock index prices were higher. Serious
near-term chart damage has been inflicted in cotton
recently. Cotton bears have the solid near-term technical
advantage. A bearish pennant pattern has formed on the
daily bar chart. 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 today’s low of 90.85 cents and then at 90.00
cents. First resistance is seen at 92.00 cents and then at
today’s high of 92.81 cents. Wyckoff's Market Rating: 2.5

January orange juice closed up 270 points at $1.8030 today.
Prices closed near the session high today. The key “outside
markets” were bullish for FCOJ today, as the U.S. dollar
index was lower, while crude oil and U.S. stock index
prices were higher. 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 last week’s
high of $1.8100 and then at $1.8250. First support is seen
at $1.7920 and then at $1.7750. Wyckoff's Market Rating:
8.0.

January lumber futures closed down $3.70 at $231.60 today.
Prices closed near the session low. Bulls have faded and
the bears have 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 $246.00. First resistance is seen
at today’s high of $235.90 and then at $237.50. First
support is seen at $230.00 and then at $227.50. Wyckoff's
Market Rating: 2.0

*. METALS: February gold futures closed up $26.90 an ounce
at $1,715.40 today. Prices closed nearer the session high
today and saw short covering and bargain-hunting. A weaker
U.S. dollar was also supportive for gold today. Bulls and
bears are on a level near-term technical playing field.
Bulls' next upside technical breakout objective is to
produce a close above solid technical resistance at
$1,755.50. Bears' next near-term downside price objective
is closing prices below solid technical support at last
week’s low of $1,670.50. First resistance is seen at
today’s high of $1,724.90 and then at 1,741.20. First
support is seen at $1,700.00 and then at today’s low of
$1,686.70. Wyckoff's Market Rating: 5.0.

March silver futures closed up $1.158 an ounce at $32.25
today. Prices closed near the session high today on short
covering and bargain hunting. The key “outside markets”
were bullish for silver today, as the U.S. dollar index was
weaker, while crude oil was higher. Some 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 $32.50 and then at last week’s
high of $33.12. Next support is seen at $32.00 and then at
$31.50. Wyckoff's Market Rating: 4.0.

March N.Y. copper closed up 855 points 336.95 cents today.
Prices closed near mid-range today and saw short covering
and bargain hunting. Prices Friday hit a fresh four-week
low. The key “outside markets” were bullish for copper
today, as the U.S. dollar index was lower, while crude oil
and the U.S. stock indexes were higher. 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 340.00 cents and then at
today’s high of 341.55 cents. First support is seen at
335.00 cents and then at today’s low of 330.55 cents.
Wyckoff's Market Rating: 3.5.

*. ENERGIES: January crude oil closed up $0.84 a barrel at
$97.62 today. Prices closed nearer the session low today
and well off the early high. The crude oil market was
supported by a weaker U.S. dollar and stronger U.S. stock
market. However, today’s low-range close suggests the bulls
are exhausted at the higher price levels. Recent price
action in crude hints 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 the November 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 $99.00 and then at $100.00. First
support is seen at today’s low of $97.13 and then at
$96.00. Wyckoff's Market Rating: 6.0.

January heating oil closed up 287 points at $2.9692 today.
Prices closed nearer the session low today. Prices Friday
hit a six-week low. Bulls and bears are on a level near-
term technical playing field. The bulls' next upside price
breakout objective is closing prices above solid technical
resistance at $3.0750. Bears' next downside price breakout
objective is producing a close below solid technical
support at $2.900. First resistance lies at $3.0000 and
then at today’s high of $3.0100. First support is seen at
today’s low of $2.9486 and then at last week’s low of
$2.9288. Wyckoff's Market Rating: 5.0.

January (RBOB) unleaded gasoline closed up 591 points at
$2.5133 today. Prices closed near mid-range today. Bears
still have the near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at $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 $2.5466 and then at
last week’s high of $2.5681. First support is seen at
today’s low of $2.4734 and then at last week’s low of
$2.4480. Wyckoff's Market Rating: 3.0.

January natural gas closed down 12.7 cents at $3.538 today.
Prices closed nearer the session low and scored a bearish
“outside day” down on the daily bar chart today. 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 today’s high of
$3.72. The next downside price breakout objective for the
bears is closing prices below solid technical support at
$3.40. First resistance is seen at $3.60 and then at $3.68.
First support is seen at today’s low of $3.521 and then at
the contract low of $3.461. Wyckoff's Market Rating: 1.5.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 66 points at 1.3325 today. Prices closed near the
session low and saw tepid short covering in a bear market.
Prices Friday hit a seven-week low. Bears still 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 1.3576. 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 1.3400 and then at 1.3450. Next support is
seen at today’s low of 1.3297 and then at last week’s low
of 1.3240. Wyckoff's Market Rating: 2.0

The March Japanese yen closed down 50 points at 1.2861
today. Prices closed nearer the session low today and hit a
fresh three-week low. Bulls have faded recently. A three-
week-old uptrend on the daily bar chart has been soundly
negated. 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 1.2700. First resistance is seen
at 1.2900 and then at today’s high of 1.2933. First support
is seen at today’s low of 1.2826 and then at 1.2800.
Wyckoff's Market Rating: 5.0.

The March Swiss franc closed up 82 points at 1.0862 today.
Prices closed near mid-range today. Bears still have the
solid overall near-term technical advantage. Prices Friday
hit a fresh 8.5-month low. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 1.1200. The next downside price breakout
objective for the bears is closing prices below solid
technical support at 1.0600. First resistance is seen at
today’s high of 1.0925 and then at 1.1000. First support is
seen at last week’s low of 1.0738 and then at 1.0700.
Wyckoff's Market Rating: 1.5.

The March Australian dollar closed up 171 points at .9756
today. Prices closed near mid-range today and saw short
covering in a bear market. Bears still have the solid near-
term technical advantage. Prices are still 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
.9800 and then at today’s high of .9851. Next support is
seen at today’s low of .9678 and then at .9600. Wyckoff's
Market Rating: 3.0

The March Canadian dollar closed up 120 points at .9628
today. Prices closed near mid-range and saw short covering
in a bear market. Prices Friday hit a seven-week low. Bears
still 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 .9680 and then
at .9700. First support is seen at .9600 and then at
today’s low of .9542. Wyckoff's Market Rating: 2.5.

The March British pound closed up 58 points at 1.5477
today. Prices closed near the session low today and saw
tepid short covering in a bear market. Prices Friday hit a
seven-week low. Bears still have the solid near-term
technical advantage.  Prices are in a three-week-old
downtrend on the daily bar chart. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at last week’s high of 1.5738.
Bears' next downside technical breakout objective is
closing prices below solid support at the October low of
1.5267. First resistance is seen at today’s high of 1.5566
and then at 1.5647. First support is seen at last week’s
low of 1.5415 and then at 1.5312. Wyckoff's Market Rating:
2.5.

The March U.S. dollar index closed down 44 points at 79.81
today. Prices closed nearer the session high today and saw
profit-taking pressure. Prices Friday hit a seven-week
high. Bulls still have the solid overall near-term
technical advantage. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at the October high of 80.58. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at 78.37. Next
resistance lies at 80.00 and then at 80.58. First support
is seen at 79.50 and then at today’s low of 79.33.
Wyckoff's Market Rating: 7.5.

March U.S. T-Bonds closed steady at 143 21/32 today. Prices
closed near the session high today and saw some profit-
taking pressure early on. 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 140 even.
The next upside technical objective for the bulls is to
produce a close above solid technical resistance at last
week’s high of 145 8/32. First resistance is seen at
today’s high of 143 31/32 and then at 144 16/32. First
support is seen at 143 even and then at 142 even. Wyckoff's
Market Rating: 8.0.

March U.S. T Notes closed down 1.0 (32nds) at 129.31.0
today. Prices closed nearer the session high today and saw
some mild profit taking. 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 October high of 130.22.0. 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 last week’s high of
130.20.0 and then at the October high of 130.22.0. First
support is seen at 129.16.0 and then at today’s low of
129.02.5. Wyckoff's Market Rating: 8.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
solidly higher today. Short covering was featured after
prices last week and hit fresh seven-week lows. Good early-
season U.S. holiday shopping results helped to boost the
stock market today. The EU debt crisis continues to be a
cloud over the stock indexes, however. The EU crisis is far
from resolved and it could continue to negatively impact
the U.S. stock indexes in the near term.

The Nasdaq stock futures index closed up 73.50 at 2,221.00
today. Prices closed nearer the session high after Friday
hitting a seven-week low. Bulls' next upside price breakout
objective is closing prices above solid resistance at
2,300.00. 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
2,228.00 and then at 2,250.00. First support is seen at
2,200.00 and then at today’s low of 2,178.25. Wyckoff's
Market Rating: 4.0

The S&P 500 futures index closed up 37.70 at 1,191.10.
Prices closed near the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1,250.00. The next downside price
breakout objective for the bears is closing prices below
solid support at 1,100.00. First resistance is seen at
today’s high of 1,196.00 and then at 1,208.00. First
support is seen at today’s low of 1,170.00 and then at
1,159.00. Wyckoff's Market Rating: 4.0.

The Dow futures closed up 311 points at 11,498 today.
Prices closed nearer the session high today. Prices Friday
hit a seven-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 today’s high of 11,540
and then at 11,600. First support is seen at 11,500 and
then at today’s low of 11,425. 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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