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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 9

Nov 10, 2011

Wednesday Evening, November 9-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 $0.15 at
$122.60 today. Prices closed near the session low again
today on mild profit taking. The key “outside markets” were
bearish for cattle today, as the U.S. dollar index was
sharply higher, while U.S. stock indexes were sharply lower
and crude oil was weaker. The cattle bulls still have the
overall near-term technical advantage, but are fading a
bit. 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 today’s high of
$123.40. First support is seen at today’s low of $122.45
and then at $122.00. Wyckoff's Market Rating: 6.5

November feeder cattle closed steady at $141.55 today.
Prices closed near the session low today. 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 today’s high of
$142.10 and then at this week’s high of $142.77. First
support is seen at $141.00 and then at $140.50. Wyckoff's
Market Rating: 6.0

December lean hogs closed down $0.07 at $85.15 today.
Prices closed near the session high today and hit another
fresh six-week low early on. 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 $85.65 and then at $86.00. First
support is seen at today’s low of $84.80 and then at
$84.50. Wyckoff's Market Rating: 4.0

*. GRAINS: December corn futures closed down 4 3/4 cents at
$6.55 3/4 today. Prices closed near mid-range and did score
a mildly bearish “outside day” down on the daily bar chart
today. Pricse hit a fresh seven-week high early on today.
The key “outside markets” were bearish for corn today, as
the U.S. dollar index was sharply higher, while U.S. stock
indexes were sharply lower and crude oil was weaker.
Today’s monthly USDA supply and demand report was deemed
neutral to mildly bullish, but the outside market forces
trumped today. The corn bulls have the slight overall near-
term technical advantage. Corn bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at today’s high of $6.66. 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 $6.60 and
then at $6.66. First support is seen at $6.50 and then at
today’s low of $6.46 3/4. Wyckoff's Market Rating: 5.5

January soybeans closed down 19 1/2 cents at $11.85 1/2 a
bushel today. Prices closed nearer the session low today
and hit a fresh four-week low. The key “outside markets”
were bearish for soybeans today, as the U.S. dollar index
was sharply higher, while U.S. stock indexes were sharply
lower and crude oil was weaker. Today’s monthly USDA supply
and demand report was deemed neutral but the outside
markets trumped today. 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
$12.31 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 $12.00 and then at today’s high
of $12.12. First support is seen at today’s low of $11.83
1/2 and then at $11.75. Wyckoff's Market Rating: 3.0.

December soybean meal closed down $4.50 at $303.10 today.
Prices closed near the session low again today and hit
another fresh four-week low. Bears have the solid overall
near-term technical advantage. The next upside price
breakout objective for the bulls is to produce a close
above technical resistance at this week’s high of $315.40.
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
$305.00 and then at $307.50. First support is seen at
today’s low of $302.00 and then at $300.90. Wyckoff's
Market Rating: 3.0

December bean oil closed down 86 points at 50.99 cents
today. Prices closed near the session low today and scored
a bearish “outside day” down on the daily bar chart. The
key “outside markets” were bearish for bean oil today, as
the U.S. dollar index was sharply higher, while U.S. stock
indexes were sharply lower and crude oil was weaker. Bean
oil prices are in a four-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 52.00 cents. First support is seen at today’s
low of 50.91 cents and then at 50.50 cents. Wyckoff's
Market Rating: 4.0

December Chicago SRW wheat closed down 14 cents at $6.43
today. Prices closed near mid-range today. The key “outside
markets” were bearish for wheat today, as the U.S. dollar
index was sharply higher, while U.S. stock indexes were
sharply lower and crude oil was weaker. Wheat bears 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 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 $6.50 and then at this week’s
high of $6.59 1/4. First support lies at today’s low of
$6.33 and then at $6.25. Wyckoff's Market Rating: 4.0.

December K.C. HRW wheat closed down 25 1/2 cents at $7.13
today. Prices closed near the session low today. Bears 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 $7.20 and then at $7.25.
First support is seen at today’s low of $7.12 and then at
$7.00. Wyckoff's Market Rating: 4.0.

December oats closed down 3 3/4 cents at $3.42 1/4 today.
Prices closed nearer the session low today and hit another
fresh four-week low. Prices scored a bearish “outside day”
down on the daily bar chart today. 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 $3.20 ¾
and then at $3.18. First resistance is seen at $3.28 and
then at today’s high of $3.30 3/4. Wyckoff's Market Rating:
3.5

*. SOFTS: March sugar closed down 59 points at 25.32 cents
today. Prices closed near the session low today as trading
has turned choppy. The key “outside markets” were bearish
for sugar today, as the U.S. dollar index was sharply
higher, while U.S. stock indexes were sharply lower and
crude oil was weaker. Sugar bears have the overall near-
term technical advantage as a four-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 this week’s high of 26.18
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 25.75 cents. First support is seen at this week’s
low of 25.19 cents and then at 25.00 cents. Wyckoff's
Market Rating: 4.0

December coffee closed up 60 points at 230.20 cents. Prices
closed nearer the session high today and saw tepid short
covering in a bear market. The key “outside markets” were
bearish for coffee today, as the U.S. dollar index was
sharply higher, while U.S. stock indexes were sharply lower
and crude oil was weaker. Coffee bears have the overall
near-term technical advantage. The coffee bulls' next
upside breakout objective is to close prices above solid
technical resistance at 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 today’s low
of 226.95 cents and then at 225.00 cents. Wyckoff's Market
Rating: 3.0

December cocoa closed down $91 at $2,572 a ton. Prices
closed near the session low today and hit a fresh three-
week low. The key “outside markets” were bearish for cocoa
today, as the U.S. dollar index was sharply higher, while
U.S. stock indexes were sharply lower and crude oil was
weaker. The cocoa bears have the overall near-term
technical advantage and gained more power today. The next
upside price breakout objective for the cocoa bulls is to
push and close prices above solid technical resistance at
$2,700. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at the contract low of $2,523. First resistance is
seen at $2,600 and then at $2,625. First support is seen at
today’s low of $2,549 and then at $2,523. Wyckoff's Market
Rating: 2.0.

December cotton closed down 44 points at 97.18 cents today.
Prices closed near mid-range. The key “outside markets”
were bearish for cotton today, as the U.S. dollar index was
sharply higher, while U.S. stock indexes were sharply lower
and crude oil was weaker. Cotton bears 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 96.62 cents and then at this week’s low of
95.96 cents. First resistance is seen at today’s high of
98.18 cents and then 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 185 points at $1.7110
today. Prices closed nearer the session low today. FCOJ
bulls still have the overall near-term technical advantage
but trading has turned choppy. 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 $1.7250 and then at
today’s high of $1.7350. First support is seen at $1.7000
and then at 1.6750. Wyckoff's Market Rating: 6.0.

January lumber futures closed down $3.60 at $227.70 today.
Prices closed near the session high today but hit another
fresh contract 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 $220.00.
The next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at this week’s high of $237.00. First resistance is seen at
$230.00 and then at $233.00. First support is seen at
today’s contract low of $223.50 and then at $220.00.
Wyckoff's Market Rating: 1.0

*. METALS: December gold futures closed down $12.70 an
ounce at $1,786.40 today. Prices closed nearer the session
low today and saw some profit-taking pressure from recent
gains. A stronger U.S. dollar index and weaker crude oil
prices helped to pressure gold today. Gold bulls still 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 solid
technical support at $1,750.00. First resistance is seen at
this week’s high of $1,804.40 and then at $1,825.00. First
support is seen at today’s low of $1,778.80 and then at
$1,769.50. Wyckoff's Market Rating: 7.0.

December silver futures closed down $0.938 an ounce at
$34.228 today. Prices closed nearer the session low today.
The key “outside markets” were bearish for silver today, as
the U.S. dollar index was stronger and crude oil prices
were weaker. The silver bulls have the overall near-term
technical advantage. A six-week-old uptrend is still 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
today’s high of $35.255. Next support is seen at today’s
low of $34.085 and then at this week’s low of $33.855.
Wyckoff's Market Rating: 6.0.

December N.Y. copper closed down 1,230 points 341.45 cents
today. Prices closed near the session low today and hit a
fresh two-week low. Copper bulls faded today. The key
“outside markets” were bearish for copper today as the U.S.
dollar index was sharply higher, while the U.S. stock
indexes were sharply lower and crude oil prices were also
weaker. Copper bulls' next upside breakout objective is
pushing and closing prices above solid technical resistance
at this week’s high of 365.35 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 345.00 cents and then at 350.00
cents. First support is seen at 340.00 cents and then at
335.00 cents. Wyckoff's Market Rating: 5.0.

*. ENERGIES: December crude oil closed down $0.65 a barrel
at $96.15 today. Prices closed near mid-range and hit
another fresh three-month high. Prices did score a mildly
bearish “outside day” down on the daily bar chart. Profit
taking was seen today and a stronger U.S. dollar and lower
stock index prices were bearish for crude. Crude bulls
still have the solid overall near-term technical advantage.
Prices are still 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 today’s high of
$97.84. First support is seen at $95.00 and then at today’s
low of $94.54. Wyckoff's Market Rating: 7.0.

December heating oil closed down 137 points at $3.1024
today. Prices closed near mid-range today. 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 this week’s high of $3.1574 and then at
$3.1750. First support is seen at today’s low of $3.0490
and then at $3.0000. Wyckoff's Market Rating: 6.0.

December (RBOB) unleaded gasoline closed down 556 points at
$2.6508. Prices closed nearer the session low today and saw
profit taking from recent gains. Bulls and bears are on a
level near-term technical playing field. 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 $2.7000 and then at
today’s high of $2.7320. First support is seen at today’s
low of $2.6275 and then at $2.6000. Wyckoff's Market
Rating: 5.0.

December natural gas closed down 8.6 cents at $3.658 today.
Prices closed near the session low today and hit another
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 this week’s high of $3.783 and
then at $3.863. First support is seen at today’s contract
low of $3.648 and then at $3.60. Wyckoff's Market Rating:
1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed down 287 points at 1.3553 today. Prices
closed near the session low today and hit a fresh four-week
low. More chart damage occurred today. Prices saw a
downside “breakout” from a bear flag that has formed on the
daily bar chart. Bears have the solid overall near-term
technical advantage. Euro bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at today’s high of 1.3857. The next
downside price breakout objective for the bears is closing
prices below solid chart support at 1.3350. First
resistance for the Euro lies at 1.3600 and then at 1.3650.
Next support is seen at today’s low of 1.3521 and then at
1.3500. Wyckoff's Market Rating: 3.0

The December Japanese yen closed down 21 points at 1.2857
today. Prices closed nearer the session low today. Bulls
and bears are on a level near-term technical playing field.
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 1.2905 and then at 1.2950. First support is
seen at today’s low of 1.2847 and then at 1.2800. Wyckoff's
Market Rating: 5.0.

The December Swiss franc closed down 188 points at 1.1001
today. Prices closed near the session low and hit a fresh
four-week low today. Prices also scored a bearish “outside
day” down on the daily bar chart. Bears have the solid
overall near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at 1.1400. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the October low of 1.0749. First
resistance is seen at 1.1100 and then at 1.1200. First
support is seen at today’s low of 1.0981 and then at
1.0900. Wyckoff's Market Rating: 2.0.

The December Australian dollar closed down 235 points at
1.0104 today. Prices closed near the session low today and
hit a fresh three-week low. Bulls faded today. Bulls' next
upside price breakout objective is closing prices above
solid chart resistance at 1.0400. 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 1.0200 and then at 1.0300. Next support is seen
at 1.0000 and then at .9950. Wyckoff's Market Rating: 5.0

The December Canadian dollar closed down 114 points at
.9781 today. Prices closed nearer the session low today and
hit a fresh three-week low. Bulls faded today. 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 .9850 and then at .9900. First
support is seen at today’s low of .9763 and then at .9700.
Wyckoff's Market Rating: 4.5.

The December British pound closed down 192 points at 1.5921
today. Prices closed nearer the session low today. Bulls
have the slight overall near-term technical advantage but
did fade today. 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 1.6000 and then at 1.6100. First
support is seen at today’s low of 1.5899 and then at
1.5867. Wyckoff's Market Rating: 5.5.

The December U.S. dollar index closed up 136 points at
76.12 today. Prices closed near the session high and hit a
fresh four-week high today. Bulls have the near-term
technical advantage and gained more power today as prices
saw an upside “breakout” from a bullish pennant pattern on
the daily bar chart. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at 79.25. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at today’s low of 76.67. Next resistance
lies at today’s high of 78.25 and then at 78.50. First
support is seen at 77.84 and then at 77.50. Wyckoff's
Market Rating: 6.5.

December U.S. T-Bonds closed up 1 25/32 at 142 17/32 today.
Prices closed nearer the session high today and closed at a
fresh four-week high close. Safe-haven buying was featured
today amid an escalation in the EU debt crisis. Bond market
bulls have the solid overall near-term technical advantage
and gained fresh power today. The next downside price
breakout objective for the T-Bond bears is closing prices
below solid technical support at 139 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at today’s high of 143
4/32. First resistance is seen at 143 4/32 and then at 144
even. First support is seen at 142 even and then at 141
even. Wyckoff's Market Rating: 7.5.

December U.S. T Notes closed up 22.0 (32nds) at 130.23.5
today. Prices closed nearer the session high today and hit
a fresh five-week high. 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 September high of 131.30.0. 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
131.00.0 and then at the October high of 131.12.5. First
support is seen at 130.00.0 and then at this week’s low of
129.27.5. Wyckoff's Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
sharply lower today. The EU debt crisis has escalated and
is now focused on Italy and its bond yields. However, at
present the U.S. stock index bulls still have the overall
near-term technical advantage.

The Nasdaq stock futures index closed down 82.50 at
2,312.00 today. Prices closed nearer the session low 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 2,350.00 and then at 2,375.00.
First support is seen at today’s low of 2,302.50 and then
at last week’s low of 2,279.00. Wyckoff's Market Rating:
6.0.

The S&P 500 futures index closed down 47.20 at 1,226.00.
Prices closed near the session low 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
1,250.00 and then at today’s high of 1,273.80. First
support is seen at today’s low of 1,223.50 and then at last
week’s low of 1,208.00. Wyckoff's Market Rating: 6.0.

The Dow futures closed down 391 points at 11,732 today.
Prices closed near the session low 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 11,800 and then at 11,850.
First support is seen at today’s low of 11,700 and then at
11,650. 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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