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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 29

Nov 30, 2011

Tuesday Evening, November 29-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 $0.20 at
$122.35 today. Prices closed nearer the session low again
today. The key “outside markets” were again bullish for
cattle today, as the U.S. dollar index was lower, while
crude oil and U.S. stock index prices were higher. Yet, the
cattle market still weakened. That’s a bearish clue for
cattle. Trading has turned choppy in the cattle market and
prices are in a three-week-old downtrend on the daily bar
chart. The 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 $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 today’s high of $122.82 and
then at this week’s high of $123.32. First support is seen
at this week’s low of $122.15 and then at $121.50.
Wyckoff's Market Rating: 6.0

March feeder cattle closed up $0.10 at $147.45 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 this week’s high of $148.45.
First support is seen at this week’s low of $147.25 and
then at $147.00. Wyckoff's Market Rating: 7.0

February lean hogs closed up $0.57 at $91.15 today. Prices
closed nearer the session high today. 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. Hog bulls 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 $92.00 and then at last week’s high of $92.25. 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 6 1/2 cents at
$6.05 today. Prices closed near mid-range and saw more
short covering in a bear market. The key “outside markets”
were again 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
overall 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 $6.12 1/2 and then at $6.20. First
support is seen at $6.00 and then at today’s low of $5.95.
Wyckoff's Market Rating: 3.0

January soybeans closed up 5 1/2 cents at $11.26 1/2 a
bushel today. Prices closed near mid-range today and saw
more short covering in a bear market. 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 $11.38 1/2 and then
at $11.50. First support is seen at today’s low of $11.15
and then at $11.00. Wyckoff's Market Rating: 2.0.

March soybean meal closed down $2.60 at $289.00 today.
Prices closed near the session low today. Meal bears 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 today’s high of
$293.90 and then at $295.00. First support is seen at
today’s low of $288.90 and then at this week’s low of
$286.40. Wyckoff's Market Rating: 1.5

March bean oil closed up 40 points at 49.98 cents today.
Prices closed nearer the session high today and saw more
short covering in a bear market. The key “outside markets”
were again 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 today’s high of 50.43 cents and then
at 50.78 cents. First support is seen at 49.50 cents and
then at today’s low of 49.11 cents. Wyckoff's Market
Rating: 2.0

March Chicago SRW wheat closed up 23 cents at $6.16 today.
Prices closed near the session high today and saw more
short covering in a bear market. The key “outside markets”
were bullish for wheat again 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 last week’s low of $5.86. First
resistance is seen at today’s high of $6.19 and then at
$6.25. First support lies at $6.00 and then at this week’s
low of $5.90. Wyckoff's Market Rating: 2.0.

March K.C. HRW wheat closed up 13 3/4 cents at $6.66 1/4
today. Prices closed nearer the session high today and saw
short covering in a bear market. Bears still 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 today’s high of $6.72
1/2 and then at $6.81. First support is seen at today’s low
of $6.55 1/4 and then at $6.50. Wyckoff's Market Rating:
1.5

March oats closed up 12 1/2 cents at $3.06 1/2 today.
Prices closed near the session high and saw more short
covering in a bear market. Bears still have the overall
near-term technical advantage. Bears' next downside price
breakout objective is pushing and closing prices below
technical support at the contract low of $2.84 3/4. Bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at $3.25. First
support lies at $3.00 and then at the $2.97 3/4. First
resistance is seen at today’s high of $3.06 1/2 and then at
$3.10. Wyckoff's Market Rating: 2.5

*. SOFTS: March sugar closed up 43 points at 23.55 cents
today. Prices closed near the session high today and scored
a mildly bullish “outside day” up on the daily bar chart.
More short covering was featured. The key “outside markets”
were bullish for sugar again 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 23.64 cents and then at 24.00 cents. First support
is seen at 23.25 cents and then at 23.00 cents. Wyckoff's
Market Rating: 2.5

March coffee closed down 30 points at 227.50 cents. Prices
closed near the session low today. 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 could not gain ground. 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 today’s high of 232.05
cents. First support is seen at today’s low of 227.30 cents
and then at 225.00 cents. Wyckoff's Market Rating: 2.0

March cocoa closed down $26 at $2,338 a ton. Prices closed
nearer the session high today but did 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
$2,250. First resistance is seen at today’s high of $2,366
and then at $2,400. First support is seen at $2,300 and
then at today’s contract low of $2,287. Wyckoff's Market
Rating: 1.0.

March cotton closed up 112 points at 92.47 cents today.
Prices closed nearer the session high today and scored a
bullish “outside day” up on the daily bar chart after
hitting a fresh 11-month low early on. 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 still 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 91.00
cents and then at 90.00 cents. First resistance is seen at
today’s high of 92.94 cents and then at 94.00 cents.
Wyckoff's Market Rating: 3.0

January orange juice closed down 245 points at $1.7660
today. Prices closed nearer the session low today and
scored a bearish “outside day” down on the daily bar chart.
Profit taking from recent gains was seen today and no chart
damage occurred. 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 $1.7800 and
then at $1.7920. First support is seen at today’s low of
$1.7560 and then at $1.7480. Wyckoff's Market Rating: 7.5.

January lumber futures closed down $8.60 at $223.00 today.
Prices closed near the session low. Bulls have faded badly
and the bears again have the solid 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 $221.80. The
next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at this week’s high of $235.00. First resistance is seen at
today’s high of $225.60 and then at $227.50. First support
is seen at $221.80 and then at $220.00. Wyckoff's Market
Rating: 1.0

*. METALS: February gold futures closed up $3.50 an ounce
at $1,718.00 today. Prices closed nearer the session high
today in quieter trading, and saw more short covering and
bargain-hunting. A weaker U.S. dollar was also supportive
for gold again 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 this week’s high of $1,724.90 and
then at 1,741.20. First support is seen at today’s low of
$1,707.20 and then at $1,700.00. Wyckoff's Market Rating:
5.0.

March silver futures closed down $0.262 an ounce at $31.99
today. Prices closed nearer the session high today. The key
“outside markets” were bullish for silver today, as the
U.S. dollar index was weaker, while crude oil was higher.
That did limit the downside in silver today. 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 last week’s high of
$33.12 an ounce. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the November low of $30.74. First resistance is
seen at this week’s high of $32.365 and then at $32.50.
Next support is seen at today’s low of $31.53 and then at
this week’s low of $31.24. Wyckoff's Market Rating: 4.0.

March N.Y. copper closed up 255 points 339.70 cents today.
Prices closed nearer the session high today and saw more
short covering and bargain hunting. The key “outside
markets” were bullish for copper again 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 this week’s high of 341.55 cents and
then at 345.00 cents. First support is seen at today’s low
of 334.55 cents and then at this week’s low of 330.55
cents. Wyckoff's Market Rating: 3.5.

*. ENERGIES: January crude oil closed up $1.63 a barrel at
$99.84 today. Prices closed nearer the session high today
and were supported by increasing tensions between the West
and Iran, and by a weaker U.S. dollar index. Recent price
action in crude still 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 last week’s low of
$94.99. First resistance is seen at today’s high of $100.15
and then at $101.00. First support is seen at $99.00 and
then at $98.00. Wyckoff's Market Rating: 6.5.

January heating oil closed up 592 points at $3.0422 today.
Prices closed near the session high today. Bulls have
regained the slight near-term technical advantage. The
bulls' next upside price breakout objective is closing
prices above solid technical resistance at $3.1200. Bears'
next downside price breakout objective is producing a close
below solid technical support at last week’s low of
$2.9288. First resistance lies at $3.0500 and then at
$3.0750. First support is seen at $3.0000 and then at
today’s low of $2.9710. Wyckoff's Market Rating: 5.5.

January (RBOB) unleaded gasoline closed up 233 points at
$2.5410 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 last week’s high of $2.5681 and then
at $2.6000. First support is seen at today’s low of $2.5040
and then at this week’s low of $2.4734. Wyckoff's Market
Rating: 3.5.

January natural gas closed up 10.9 cents at $3.634 today.
Prices closed near the session high today and saw short
covering in a bear market. 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 this week’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 $3.72 and then at $3.75.
First support is seen at this week’s low of $3.521 and then
at the contract low of $3.461. Wyckoff's Market Rating:
2.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 29 points at 1.3354 today. Prices closed nearer
the session low and saw more tepid short covering in a bear
market. 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 today’s high of 1.3464. Next support
is seen at this week’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 up 10 points at 1.2871 today.
Prices closed near mid-range today and hit another fresh
three-week low. Bulls have faded recently. 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
this week’s high of 1.2933. First support is seen at
today’s low of 1.2812 and then at 1.2800. Wyckoff's Market
Rating: 5.0.

The March Swiss franc closed up 41 points at 1.0903 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 1.0969 and then at 1.1000. First support is
seen at today’s low of 1.0854 and then at last week’s low
of 1.0738 and then at 1.0700. Wyckoff's Market Rating: 2.0.

The March Australian dollar closed up 137 points at .9905
today. Prices closed nearer the session high today and saw
more short covering in a bear market. Bears still have the
overall near-term technical advantage. Prices are still in
a four-week-old downtrend on the daily bar chart, but now
just barely. 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 last
week’s low of .9548. First resistance is seen at today’s
high of .99950 and then at 1.0000. Next support is seen at
.9800 and then at this week’s low of .9678. Wyckoff's
Market Rating: 3.5

The March Canadian dollar closed up 58 points at .9684
today. Prices closed near mid-range and saw more short
covering in a bear market. 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 last week’s low of .9485. First
resistance is seen at today’s high of .9722 and then at
.9750. First support is seen at today’s low of .9636 and
then at .9600. Wyckoff's Market Rating: 3.0.

The March British pound closed up 112 points at 1.5589
today. Prices closed nearer the session high today, scored
a bullish “outside day” up on the daily bar chart and saw
more short covering in a bear market. Bears still have the
overall 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 1.5633 and then at 1.5700. First support is seen at
1.5500 and then at today’s low of 1.5452. Wyckoff's Market
Rating: 3.0.

The March U.S. dollar index closed down 28 points at 79.53
today. Prices closed near mid-range today and saw more
profit-taking pressure. 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 today’s high of 79.87 and then at 80.00.
First support is seen at today’s low of 79.10 and then at
78.75. Wyckoff's Market Rating: 7.0.

March U.S. T-Bonds closed down 29/32 at 142 30/32 today.
Prices closed near mid-range today and saw more profit-
taking pressure. 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 25/32 and then at 144 even. First support is seen at
today’s low of 142 9/32 and then at 142 even. Wyckoff's
Market Rating: 7.5.

March U.S. T Notes closed down 9.5 (32nds) at 129.23.0
today. Prices closed near mid-range today and saw more
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 today’s high of
129.31.0 and then at 130.08.5. First support is seen at
129.16.0 and then at today’s low of 129.10.0. Wyckoff's
Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mixed and well down from their daily highs today. More
short covering was featured. 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 stock index bulls are awaiting the seasonal “Santa
Claus” rally in the U.S. stock market.

The Nasdaq stock futures index closed down 8.50 at 2,212.50
today. Prices closed nearer the session low today. 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 2,245.00 and then at 2,275.00.
First support is seen at 2,200.00 and then at this week’s
low of 2,178.25. Wyckoff's Market Rating: 4.0

The S&P 500 futures index closed up 5.40 at 1,196.50.
Prices closed near mid-range 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 1,206.00 and then at 1,215.00. First support is
seen at today’s low of 1,186.40 and then at this week’s low
of 1,170.00. Wyckoff's Market Rating: 4.0.

The Dow futures closed up 67 points at 11,565 today. Prices
closed near mid-range today. 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 11,605 and then at 11,700. First
support is seen at 11,500 and then at this week’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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