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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 8

Nov 09, 2011

Tuesday Evening, November 8-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 $0.65 at
$122.75 today. Prices closed near the session low again
today on more profit taking. The cattle 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 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
$123.00 and then at $123.50. First support is seen at
$122.50 and then at $122.00. Wyckoff's Market Rating: 6.5

November feeder cattle closed down $0.47 at $141.55 today.
Prices closed near the session low today and saw more
profit taking from recent gains. Bulls still have the
overall near-term technical advantage but are fading a bit.
The next upside price objective for the feeder bulls is to
push and close prices above technical resistance at last
week’s high of $143.40. 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 $142.00 and then at today’s
high of $142.60. First support is seen at $141.00 and then
at $140.50. Wyckoff's Market Rating: 6.0

December lean hogs closed down $0.40 at $85.22 today.
Prices closed near the session low today and hit another
fresh six-week low. Hog futures prices are in a steep
three-week-old downtrend on the daily bar chart and the
bears have downside technical momentum. 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 today’s high of $85.65 and then at
$86.00. First support is seen at $85.00 and then at $84.50.
Wyckoff's Market Rating: 4.0

*. GRAINS: December corn futures closed up 9 1/2 cents at
$6.62 3/4 today. Prices closed near the session high today
and closed at a fresh seven-week high close. The key
“outside markets” were bullish for corn today, as the U.S.
dollar index was lower, while crude oil and the U.S. stock
indexes were higher. Short covering and fresh buying ahead
of Wednesday’s monthly USDA supply and demand report were
also featured. The corn bulls have the overall near-term
technical advantage and gained some fresh upside momentum
today. 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 $6.30. First
resistance for December corn is seen at $6.65 1/2 and then
at $6.70. First support is seen at today’s low of $6.52 and
then at $6.50. Wyckoff's Market Rating: 6.0

January soybeans closed up 3 1/4 cents at $12.05 a bushel
today. Prices closed nearer the session low today. The key
“outside markets” were bullish for soybeans today, as the
U.S. dollar index was lower, while crude oil and the U.S.
stock indexes were higher. Tepid short covering was seen
ahead of 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 $12.17 1/4 and then at this week’s high of
$12.23. 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 $1.70 at $307.60 today.
Prices closed near the session low again today and hit
another fresh four-week low. Spreaders were selling meal
and buying soybean oil today. Bears have the overall near-
term technical advantage. 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 $310.00 and then at
today’s high of $313.00. First support is seen at today’s
low of $307.60 and then at $305.00. Wyckoff's Market
Rating: 4.0

December bean oil closed up 65 points at 51.85 cents today.
Prices closed near the session high today and saw short
covering. The key “outside markets” were bullish for bean
oil today, as the U.S. dollar index was lower, while crude
oil and the U.S. stock indexes were higher. Bean oil prices
are still 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 today’s
high of 51.94 cents and then at last week’s high of 52.13
cents. First support is seen at 51.50 cents and then at
51.00 cents. Wyckoff's Market Rating: 4.5

December Chicago SRW wheat closed up 18 1/4 cents at $6.57
today. Prices closed nearer the session high today, hit a
fresh three-week high and saw short covering and position
evening ahead of Wednesday’s monthly USDA supply and demand
report. The key “outside markets” were bullish for wheat
today, as the U.S. dollar index was lower, while crude oil
and the U.S. stock indexes were higher. Wheat bears still
have the slight overall near-term technical advantage.
Bulls' next upside price breakout objective is to push and
close Chicago SRW prices above solid technical resistance
at the October high of $6.65 1/4 a bushel. The next
downside price breakout objective for the wheat futures
bears is pushing and closing prices below solid technical
support at $6.20. First resistance is seen at today’s high
of $6.59 1/4 and then at $6.65 1/4. First support lies at
$6.50 and then at $6.40. Wyckoff's Market Rating: 4.5.

December K.C. HRW wheat closed up 14 cents at $7.38 1/2
today. Prices closed near the session high today as more
short covering was featured. Bears still have the slight
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 solid technical support at
last week’s low of $7.12 1/2. First resistance is seen at
$7.45 and then at $7.50. First support is seen at $7.30 and
then at today’s low of $7.23 1/2. Wyckoff's Market Rating:
4.5.

December oats closed up 3 cents at $3.28 today. Prices
closed near the session high today after hitting another
fresh four-week low early on. Short covering was featured.
Bears still 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 $3.25 and then at today’s low of
$3.22. First resistance is seen at this week’s high of
$3.30 and then at $3.32. Wyckoff's Market Rating: 4.0

*. SOFTS: March sugar closed up 83 points at 26.15 cents
today. Prices closed near the session high today after
hitting a fresh four-week low early on. Short covering was
featured and prices also scored a bullish “outside day” up
on the daily bar chart today. The key “outside markets”
were bullish for corn today, as the U.S. dollar index was
lower, while crude oil and the U.S. stock indexes were
higher. Sugar bears still have the slight overall near-term
technical advantage as a three-week-old downtrend is still
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 today’s high of 26.18 cents and then
at 26.50 cents. First support is seen at 25.85 cents and
then at 25.50 cents. Wyckoff's Market Rating: 4.5

December coffee closed down 250 points at 230.50 cents.
Prices closed nearer the session low today. Coffee bears
have the overall near-term technical advantage. The key
“outside markets” were bullish for coffee today, as the
U.S. dollar index was lower, while crude oil and the U.S.
stock indexes were higher. Yet, coffee could not rally,
which is a bearish near-term clue. 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 232.50 cents and
then at 235.00 cents. First support is seen at this week’s
low of 228.65 cents and then at 225.00 cents. Wyckoff's
Market Rating: 3.0

December cocoa closed down $39 at $2,689 a ton. Prices
closed near mid-range again today. The key “outside
markets” were bullish for cocoa today, as the U.S. dollar
index was lower, while crude oil and the U.S. stock indexes
were higher. Yet, cocoa could not rally, which is a bearish
near-term clue. The cocoa bears have the 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 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 $2,700 and then at last week’s high of $2,744.
First support is seen at today’s low of $2,643 and then at
$2,600. Wyckoff's Market Rating: 3.0.

December cotton closed up 86 points at 97.62 cents today.
Prices closed nearer the session high after hitting a fresh
three-month low early on. Short covering was seen today.
The key “outside markets” were bullish for cotton today, as
the U.S. dollar index was lower, while crude oil and the
U.S. stock indexes were higher. Cotton bears still have the
slight overall 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 July low of 93.20 cents. First support is seen at
today’s low of 95.96 cents and then at 95.00 cents. First
resistance is seen at this week’s high of 98.96 cents and
then at 100.00 cents. Wyckoff's Market Rating: 4.5.

January orange juice closed down 20 points at $1.7295
today. Prices closed near the session low today. FCOJ bulls
still 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 today’s high of
$1.7515 and then at $1.7650. First support is seen at
$1.7250 and then at this week’s low of 1.7100. Wyckoff's
Market Rating: 6.5.

January lumber futures closed down $2.00 at $231.3 today.
Prices closed nearer the session low. The bears have the
solid overall near-term technical advantage. The next
downside technical breakout objective for the lumber bears
is pushing and closing prices below solid technical support
at 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 today’s high of
$233.20 and then at $235.00. First support is seen at
$230.00 and then at $229.10. Wyckoff's Market Rating: 1.5

*. METALS: December gold futures closed up $8.90 an ounce
at $1,800.00 today. Prices closed near the session high
today and hit another fresh six-week high. More safe-haven
buying interest and technically related buying was seen
today. A weaker U.S. dollar index and higher crude oil
futures prices were also bullish “outside market” forces
for gold today. Gold bulls have solid the overall near-term
technical advantage. A six-week-old uptrend is in place on
the daily bar chart. Bulls' next upside technical objective
is to produce a close above solid technical resistance at
$1,850.00. Bears' next near-term downside price objective
is closing prices below psychological support at $1,700.00.
First resistance is seen at today’s high of $1,804.40 and
then at $1,825.00. First support is seen at today’s low of
$1,785.10 and then at $1,769.50. Wyckoff's Market Rating:
7.5.

December silver futures closed up $0.357 an ounce at $35.18
today. Prices closed nearer the session high again today.
The key “outside markets” were bullish for silver today, as
the U.S. dollar index was weaker and crude oil prices were
higher. 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 today’s high of $35.35
and then at $35.70. Next support is seen at today’s low of
$34.505 and then at $34.00. Wyckoff's Market Rating: 6.5.

December N.Y. copper closed up 85 points 354.40 cents
today. Prices closed near mid-range 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 today’s high of 359.00 cents and then at this
week’s high of 365.35 cents. First support is seen at this
week’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 $1.43 a barrel at
$96.94 today. Prices closed near the session high again
today and hit another fresh three-month high. Crude bulls
have the solid overall near-term technical advantage and
have gained more upside momentum this week. 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 $97.00
and then at $97.50. First support is seen at $96.00 and
then at today’s low of $95.23. Wyckoff's Market Rating:
7.5.

December heating oil closed up 44 points at $3.1242 today.
Prices closed near mid-range today and hit another fresh
three-month high. Bulls have the overall near-term
technical advantage. 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 $3.1574 and then at $3.1750. First
support is seen at today’s low of $3.1036 and then at
$3.0750. Wyckoff's Market Rating: 6.0.

December (RBOB) unleaded gasoline closed down 145 points at
$2.7137. Prices closed nearer the session low today and saw
some profit taking from recent gains. Bulls 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 $2.7576 and
then at $2.7750. First support is seen at today’s low of
$2.6911 and then at this week’s low of $2.6525. Wyckoff's
Market Rating: 5.5.

December natural gas closed up 6.1 cents at $3.757 today.
Prices closed near the session low today and saw short
covering in a bear market. Prices Monday hit a contract
low. The 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 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 this week’s high of $3.783 and
then at $3.863. First support is seen at the contract low
of $3.652 and then at $3.60. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed up 70 points at 1.3841 today. Prices closed
near the session high today and saw short covering. Some
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 still 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 1.3879 and then at 1.3950. Next support is
seen at 1.3800 and then at today’s  low of 1.3722.
Wyckoff's Market Rating: 4.0

The December Japanese yen closed up 65 points at 1.2883
today. Prices closed nearer the session high today. Bulls
regained some upside technical momentum today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1.3000. Bears' next downside breakout
objective is closing prices below solid technical support
at 1.2750. First resistance is seen at today’s high of
1.2898 and then at 1.2950. First support is seen at 1.2850
and then at today’s low of 1.2814. Wyckoff's Market Rating:
5.0.

The December Swiss franc closed up 81 points at 1.1184
today. Prices closed near the session high on short
covering after hitting a fresh three-week low early on
today. Bears still have the 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 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
1.1250 and then at this week’s high of 1.1298. First
support is seen at 1.1081 and then at today’s low of
1.1035. Wyckoff's Market Rating: 3.0.

The December Australian dollar closed up 19 points at
1.0346 today. Prices closed nearer the session high again
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
this week’s low of 1.0224. Wyckoff's Market Rating: 6.0

The December Canadian dollar closed up 38 points at .9898
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 .9935 and then at 1.0000. First
support is seen at today’s low of .9812 and then at last
week’s low of .9766. Wyckoff's Market Rating: 5.0.

The December British pound closed up 46 points at 1.6096
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 1.6124 and then at 1.6158. First support is seen at
today’s low of 1.6029 and then at this week’s low of
1.5972. Wyckoff's Market Rating: 6.0.

The December U.S. dollar index closed down 34 points at
76.80 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 77.00 and
then at this week’s high of 77.59. First support is seen at
today’s low of 76.72 and then at 76.50. Wyckoff's Market
Rating: 5.5.

December U.S. T-Bonds closed down 1 17/32 at 140 15/32
today. Prices closed nearer the session low today and saw
some profit taking pressure and selling pressure due to a
rally in the U.S. stock market. Bond market bulls still
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 last
week’s high of 143 4/32. First resistance is seen at 141
even and then at today’s high of 141 29/32. First support
is seen this week’s low of 140 6/32 and then at 139 20/32.
Wyckoff's Market Rating: 6.5.

December U.S. T Notes closed down 19.5 (32nds) at 129.30.0
today. Profit taking was featured. Bulls still have the
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
130.18.0 and then at this week’s high of 130.26.0. First
support is seen at today’s low of 129.27.5 and then at
129.16.0. Wyckoff's Market Rating: 7.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher again today. The EU debt crisis is now focused on
Italy, and that did limit buying interest in the stock
indexes today. However, the U.S. stock index bulls still
have the overall near-term technical advantage.

The Nasdaq stock futures index closed up 27.75 at 2,397.50
today. Prices closed near the session high again 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 the October high of 2,408.75
and then at 2,435.50. First support is seen at today’s low
of 2,355.25 and then at this week’s low of 2,319.50.
Wyckoff's Market Rating: 6.5.

The S&P 500 futures index closed up 15.50 at 1,273.00.
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 1,275.00 and then at the October high of
1,288.70. First support is seen at today’s low of 1,249.00
and then at this week’s low of 1,232.20. Wyckoff's Market
Rating: 6.5.

The Dow futures closed up 123 points at 12,130 today.
Prices closed near the session high again 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 12,135 and
then at 12,200. First support is seen at 12,050 and then at
12,000. Wyckoff's Market Rating: 6.5.

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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