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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 7

Nov 08, 2011

Monday Evening, November 7-Jim Wyckoff's Daily Markets
Update

Questions? Just email me at jim@jimwyckoff.com . I enjoy
hearing from my readers worldwide.--Jim

Click below for "Today’s Hot Market" item on my website.

http://www.jimwyckoff.com/hotmarket/hotmarket.asp

Dear Valued Subscriber: Following are today's significant
developments in the U.S. futures markets.

*. LIVESTOCK: December live cattle closed down $1.10 at
$123.40 today. Prices closed near the session low today on
profit taking and amid the EU debt crisis uncertainty.
Prices Friday hit a fresh 3.5-month high. The cattle bulls
still have good upside technical momentum and have the
solid overall near-term technical advantage. The bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at the July high of
$125.50. The next downside technical breakout objective for
the bears is pushing and closing prices below solid
technical support at $121.50. First resistance is seen at
$124.00 and then at $124.45. First support is seen at
$123.00 and then at $122.50. Wyckoff's Market Rating: 7.0

November feeder cattle closed down $0.52 at $142.05 today.
Prices closed near the session low today and saw profit
taking from recent gains. Bulls still have the overall
near-term technical advantage. The next upside price
objective for the feeder bulls is to push and close prices
above technical resistance at $144.00. The next downside
price breakout objective for the bears is to push and close
prices below solid technical support at last week’s low of
$139.35. First resistance is seen at today’s high of
$142.65 and then at $143.00. First support is seen at
$141.50 and then at $141.00. Wyckoff's Market Rating: 6.0

December lean hogs closed down $1.20 at $85.65 today.
Prices closed nearer the session low today and hit a fresh
six-week low. Hog futures prices are in a three-week-old
downtrend on the daily bar chart and the bears gained frehs
downside momentum today. The next upside price breakout
objective for the bulls is to push and close prices above
solid chart resistance at $87.50. The next downside price
breakout objective for the bears is pushing prices below
solid technical support at $84.00. First resistance is seen
at $86.00 and then at $86.50. First support is seen at
today’s low of $85.40 and then at $85.00. Wyckoff's Market
Rating: 4.0

*. GRAINS: December corn futures closed down 2 1/2 cents at
$6.53 1/4 today. Prices closed near mid-range in quieter
trading. Gains were limited by the EU debt crisis that is
now focused on Italy. Trading was also quieter heading into
Wednesday’s monthly USDA supply and demand report. The corn
bulls have the slight overall near-term technical
advantage. However, trading has been choppy and sideways
for nearly four weeks. Corn bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at the October high of $6.65 1/2. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$6.20. First resistance for December corn is seen at
today’s high of $6.56 1/2 and then at $6.60. First support
is seen at today’s low of $6.48 and then at $6.44 1/2.
Wyckoff's Market Rating: 5.5

January soybeans closed down 19 1/2 cents at $12.01 1/2 a
bushel today. Prices closed nearer the session low today.
Prices were pressured by the EU debt crisis that is now
focused on Italy. Traders are awaiting Wednesday’s monthly
USDA supply and demand report. Soybean bears have the
overall near-term technical advantage. The next near-term
upside technical breakout objective for the soybean bulls
is pushing and closing prices above technical resistance at
$12.52 1/2 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 today’s high of $12.23 and then
at $12.31 1/2. First support is seen at last week’s low of
$11.90 and then at $11.80. Wyckoff's Market Rating: 4.0.

December soybean meal closed down $6.10 at $309.30 today.
Prices closed nearer the session low today and hit a fresh
four-week low. Bears have the overall near-term technical
advantage. However, my bias is that the downside is limited
for meal. The next upside price breakout objective for the
bulls is to produce a close above technical resistance at
$325.00. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at the October low of $300.90. First resistance
comes in at $312.50 and then at today’s high of $315.40.
First support is seen at today’s low of $307.90 and then at
$305.00. Wyckoff's Market Rating: 4.0

December bean oil closed down 75 points at 51.12 cents
today. Prices closed near the session low today. Bean oil
prices are in a three-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 52.50 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 49.95 cents. First resistance is seen at 51.50 cents
and then at today’s high of 51.90 cents. First support is
seen at 51.00 cents and then at 50.48 cents. Wyckoff's
Market Rating: 4.0

December Chicago SRW wheat closed up 2 1/4 cents at $6.39
today. Prices closed nearer the session high today and saw
short covering. Gains were limited by the EU debt crisis
that is now focused on Italy. Trading was also quieter
heading into Wednesday’s monthly USDA supply and demand
report. Wheat bears still have the overall near-term
technical advantage. Bulls' next upside price breakout
objective is to push and close Chicago SRW prices above
solid technical resistance at $6.52 3/4 a bushel. The next
downside price breakout objective for the wheat futures
bears is pushing and closing prices below major
psychological support at $6.00. First resistance is seen at
$6.44 1/4 and then at $6.52 3/4. First support lies at
today’s low of $6.30 and then at $6.20. Wyckoff's Market
Rating: 4.0.

December K.C. HRW wheat closed up 6 cents at $7.24 today.
Prices closed near the session high today. Short covering
was featured. Bears still have the overall near-term
technical advantage. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at the October high of $7.45. The
bears' next downside breakout objective is pushing and
closing prices below psychological support at $7.00. First
resistance is seen at $7.29 and then at last week’s high of
$7.31. First support is seen at last week’s low of $7.13
and then at $7.10. Wyckoff's Market Rating: 4.0.

December oats closed down 3 1/2 cents at $3.25 1/2 today.
Prices closed near mid-range today and did hit a fresh
four-week low. Bears have the overall near-term technical
advantage. Bears' next downside price breakout objective is
pushing and closing prices below solid chart support at the
October low of $3.22 1/2. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at last week’s high of $3.37 1/2.
First support lies at today’s low of $3.22 1/2 and then at
$3.20. First resistance is seen at today’s high of $3.30
and then at $3.32. Wyckoff's Market Rating: 4.0

*. SOFTS: March sugar closed down 30 points at 25.27 cents
today. Prices closed near the session low today and hit a
fresh four-week low. The EU debt crisis that is now focused
on Italy was bearish for most commodity markets today.
Sugar bears have the overall near-term technical advantage
as a three-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 27.00 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 25.50
cents and then at today’s high of 25.85 cents. First
support is seen at today’s low of 25.22 cents and then at
25.00 cents. Wyckoff's Market Rating: 4.0

December coffee closed up 280 points at 233.00 cents.
Prices closed near mid-range today and saw short covering
in a bear market. Coffee bears still have the overall near-
term technical advantage. The coffee bulls' next upside
breakout objective is to close prices above solid technical
resistance at 242.50 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the October low of 219.80 cents
a pound. First resistance is seen at 235.00 cents and then
at today’s high of 236.80 cents. First support is seen at
230.00 cents and then at today’s low of 228.65 cents.
Wyckoff's Market Rating: 3.5

December cocoa closed up $23 at $2,720 a ton. Prices closed
near mid-range today on more short covering in a bear
market. The cocoa bears still have the overall near-term
technical advantage. However, it does appear that a near-
term market low is in place. The next upside price breakout
objective for the cocoa bulls is to push and close prices
above solid technical resistance at the October high of
$2,767. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at last week’s low of $2,574. First resistance is
seen at last week’s high of $2,744 and then at $2,767.
First support is seen at $2,700 and then at $2,675.
Wyckoff's Market Rating: 3.5.

December cotton closed down 221 points at 96.53 cents
today. Prices closed near the session low today and closed
at a fresh three-month low close. Cotton bears have
regained the slight near-term technical advantage. The next
upside price objective for the bulls is to produce a close
above major psychological resistance at 100.00 cents. The
next downside price breakout objective for the cotton bears
is to push and close prices below solid technical support
at the October low of 96.47 cents. First support is seen at
96.47 cents and then at 96.00 cents. First resistance is
seen at 98.00 cents and then at 99.00 cents. Wyckoff's
Market Rating: 4.5.

January orange juice closed up 30 points at $1.7400 today.
Prices closed near the session high today. FCOJ bulls have
the overall near-term technical advantage. The next upside
price breakout objective for the FCOJ bulls is pushing and
closing prices above solid technical resistance at 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 $1.7500 and then at
$1.7650. First support is seen at $1.7250 and then at
today’s low of 1.7100. Wyckoff's Market Rating: 6.5.

January lumber futures closed up $2.20 at $233.3 today.
Short covering in a bear market was featured. Prices closed
near the session low. The bears still 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
the contract low of $229.10. The next upside price breakout
objective for the bulls is pushing and closing prices above
solid technical resistance at the October high of $246.00.
First resistance is seen at $235.00 and then at $238.00.
First support is seen at $230.00 and then at $229.10.
Wyckoff's Market Rating: 2.0

*. METALS: December gold futures closed up $35.90 an ounce
at $1,792.10 today. Prices closed near the session high
today and hit another fresh six-week high. Strong safe-
haven buying interest was seen amid the EU turmoil that is
now focusing on Italy. Bulls have solid the overall near-
term technical advantage and gained more upside technical
momentum today. A six-week-old uptrend is in place on the
daily bar chart. Bulls' next upside technical objective is
to produce a close above psychological resistance at
$1,800.00. Bears' next near-term downside price objective
is closing prices below psychological support at $1,700.00.
First resistance is seen at $1,800.00 and then at
$1,825.00. First support is seen at $1,769.50 and then at
today’s low of $1,754.00. Wyckoff's Market Rating: 7.5.

December silver futures closed up $0.711 an ounce at
$34.795 today. Prices closed nearer the session high today.
The silver bulls have the overall near-term technical
advantage. A six-week-old uptrend is 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 $35.00 and then at $35.50. Next
support is seen at $34.50 and then at $34.00. Wyckoff's
Market Rating: 6.5.

December N.Y. copper closed down 280 points 353.65 cents
today. Prices closed nearer the session low today. Copper
bulls have the slight overall near-term technical
advantage. Copper bulls' next upside breakout objective is
pushing and closing prices above solid technical resistance
at the October high of 375.00 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support 330.00 cents. First
resistance is seen at 360.05 cents and then at today’s high
of 365.35 cents. First support is seen at today’s low of
349.05 cents and then at last week’s low of 346.20 cents.
Wyckoff's Market Rating: 5.5.

*. ENERGIES: December crude oil closed up $1.25 a barrel at
$95.51 today. Prices closed nearer the session high and hit
a fresh three-month high today. Crude bulls have the solid
overall near-term technical advantage and gained more
upside momentum 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 last week’s low of
$89.17. First resistance is seen at today’s high of $95.66
and then at $96.00. First support is seen at $95.00 and
then at $94.00. Wyckoff's Market Rating: 7.0.

December heating oil closed up 510 points at $3.1221 today.
Prices closed nearer the session high today, hit a fresh
three-month high and scored a big and bullish “outside day”
up on the daily bar chart. 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 solid technical support at last week’s low of
$2.9350. First resistance lies at today’s high of $3.1344
and then at $3.1500. First support is seen at $3.1000 and
then at $3.0750. Wyckoff's Market Rating: 6.0.

December (RBOB) unleaded gasoline closed up 659 points at
$2.7293. Prices closed nearer the session high today and
hit a fresh three-week high. Bulls now have the slight
near-term technical advantage. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at the October high of $2.8103.
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 today’s high of $2.7441 and
then at $2.7750. First support is seen at $2.7000 and then
at today’s low of $2.6525. Wyckoff's Market Rating: 5.5.

December natural gas closed down 8.6 cents at $3.697 today.
Prices closed nearer the session low today and scored
another fresh 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
$3.60. First resistance is seen at today’s high of $3.783
and then at $3.863. First support is seen at today’s
contract low of $3.652 and then at $3.60. Wyckoff's Market
Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed down 1 point at 1.3772 today. Prices closed
nearer the session high today. The EU debt crisis limited
buying interest in the Euro today. Chart damage has
occurred recently to suggest a near-term market top is in
place. A bear flag has formed on the daily bar chart. Bears
have the overall near-term technical advantage. Euro bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at 1.4000. The next
downside price breakout objective for the bears is closing
prices below solid chart support at last week’s low of
1.3604. First resistance for the Euro lies at today’s high
of 1.3819 and then at 1.3879. Next support is seen at
1.3700 and then at today’s  low of 1.3678. Wyckoff's Market
Rating: 4.0

The December Japanese yen closed up 16 points at 1.2818
today. Prices closed near mid-range today in quieter
trading. Bears still have the slight near-term technical
advantage. Bulls' next upside price breakout objective is
closing prices above solid resistance at 1.2900. Bears'
next downside breakout objective is closing prices below
solid technical support at last week’s spike low of 1.2582.
First resistance is seen at 1.2849 and then at 1.2900.
First support is seen at today’s low of 1.2800 and then at
1.2768. Wyckoff's Market Rating: 4.5.

The December Swiss franc closed down 188 points at 1.1110
today. Prices closed near the session low and hit a fresh
two-week low today. Bears have the overall near-term
technical advantage and gained some fresh downside momentum
today. The next upside price breakout objective for the
bulls is closing prices above solid resistance at the
October high of 1.1682. The next downside price breakout
objective for the bears is closing prices below solid
technical support at 1.1000. First resistance is seen at
1.1200 and then at today’s high of 1.1298. First support is
seen at today’s low of 1.1081 and then at 1.1000. Wyckoff's
Market Rating: 2.5.

The December Australian dollar closed down 7 points at
1.0336 today. Prices closed nearer the session high today.
Bulls have the overall near-term technical advantage.
Bulls' next upside price breakout objective is closing
prices above solid chart resistance at the October high of
1.0687. The next downside breakout objective for the bears
is to produce a close below solid technical support at
1.0000. First resistance is seen at 1.0393  and then at
1.0429. Next support is seen at 1.0300 and then at today’s
low of 1.0224. Wyckoff's Market Rating: 6.0

The December Canadian dollar closed up 41 points at .9862
today. Prices closed near the session high today. Bulls and
bears are on a level near-term technical playing field.
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 .9900 and then at .9935. First
support is seen at today’s low of .9790 and then at last
week’s low of .9766. Wyckoff's Market Rating: 5.0.

The December British pound closed up 11 points at 1.6043
today. Prices closed nearer the session high today. A four-
week-old uptrend is in place on the daily bar chart. Bulls
have the overall near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at the October high
of 1.6158. Bears' next downside technical breakout
objective is closing prices below solid support at last
week’s low of 1.5867. First resistance is seen at today’s
high of 1.6073 and then at 1.6100. First support is seen at
today’s low of 1.5972 and then at 1.5900. Wyckoff's Market
Rating: 6.0.

The December U.S. dollar index closed steady at 77.15
today. Prices closed nearer the session low today. Bulls
still have the slight near-term technical advantage as a
bullish pennant pattern has formed on the daily bar chart.
Bulls' next upside price breakout objective is to close
prices above solid technical resistance at 78.00. The next
downside price breakout objective for the bears is to
produce a close below solid technical support at the
October low of 74.86. Next resistance lies at today’s high
of 77.59 and then at last week’s high of 77.84. First
support is seen at 76.75 and then at 76.50. Wyckoff's
Market Rating: 5.5.

December U.S. T-Bonds closed up 26/32 at 141 26/32 today.
Prices closed nearer the session high today and saw fresh
safe-haven buying interest amid the EU debt crisis that is
now focused on Italy. Bulls have the overall near-term
technical advantage. The next downside price breakout
objective for the T-Bond bears is closing prices below
solid technical support at 138 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at the October high of 146
13/32. First resistance is seen at today’s high of 142
15/32 and then at last week’s high of 143 4/32. First
support is seen at 141 even and then at today’s low of 140
6/32. Wyckoff's Market Rating: 7.0.

December U.S. T Notes closed up 6.5 (32nds) at 130.14.5
today. 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
October high of 131.12.5. 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 130.26.0 and then at last week’s high of
130.29.0. First support is seen at today’s low of 129.31.5
and then at 129.16.0. Wyckoff's Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today. Traders looked to do some bargain hunting
despite the EU debt crisis that is now focused on Italy.
U.S. stock index bulls have the overall near-term technical
advantage.

The Nasdaq stock futures index closed up 18.75 at 2,369.75
today. Prices closed near the session high and scored a
bullish “outside day” up on the daily bar chart 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 today’s high of 2,371.50 and
then at 2,388.50. First support is seen at 2,350.00 and
then at today’s low of 2,319.50. Wyckoff's Market Rating:
6.0.

The S&P 500 futures index closed up 6.60 at 1,257.70.
Prices closed near 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
today’s high of 1,259.00 and then at last week’s high of
1,280.90. First support is seen at today’s low of 1,232.20
and then at last week’s low of 1,208.00. Wyckoff's Market
Rating: 6.0.

The Dow futures closed up 64 points at 12,005 today. Prices
closed near the session high 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 12,015 and then at 12,100. First
support is seen at 11,900 and then at today’s low of
11,825. 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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