Sep 2, 2014
Home| Tools| Events| Blogs| Discussions Sign UpLogin


Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--October 17

Oct 18, 2011
Monday Evening, October 17-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 up $0.45 at $123.65 today. Prices closed near mid-range today after hitting a fresh three-month high early on. The bulls still have upside technical momentum. The overall supply and demand fundamentals in the cash cattle market remain bullish. Cattle bulls 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 last week’s low of $120.30. First resistance is seen at $124.00 and then at today’s high of $124.45. First support is seen at today’s low of $123.20 and then at $122.50. Wyckoff's Market Rating: 7.5 November feeder cattle closed steady at $144.42 today. Prices closed near mid-range today and hit a fresh three- month high early on. Bulls have the solid overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. The next upside price objective for the feeder bulls is to push and close prices above technical resistance at the contract high of $145.90. 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 $142.00. First resistance is seen at last week’s high of $144.82 and then at today’s high of $145.25. First support is seen at $144.00 and then at $143.40. Wyckoff's Market Rating: 8.0 December lean hogs closed up $0.67 at $90.75 today. Prices closed nearer the session high today, hit a fresh contract high and scored a bullish “outside day” up on the daily bar chart. Hog bulls have the solid overall near-term technical advantage and gained more power today. However, market tops have been put in place in recent months, near present price levels. 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 $88.00. First resistance is seen at today’s contract high of $91.15 and then at $91.50. First support is seen at $90.00 and then at today’s low of $89.45. Wyckoff's Market Rating: 8.0 *. GRAINS: December corn futures closed down 1 1/4 cents at $6.38 3/4 today. Prices closed near mid-range today. The market saw some mild selling pressure due to a firmer U.S. dollar index and harvest pressure. While the corn bulls have the slight near-term technical advantage, they need to show fresh power soon to keep it. Corn bulls' next upside price breakout objective is to push and close prices above solid technical resistance at $6.80. The next downside price breakout objective for the bears is pushing and closing prices below psychological support at $6.00. First resistance for December corn is seen at today’s high of $6.47 and then at $6.50. First support is seen at today’s low of $6.35 1/4 and then at $6.30. Wyckoff's Market Rating: 5.5 November soybeans closed down 19 3/4 cents at $12.50 1/4 a bushel today. Prices closed near the session low today and saw a corrective pullback from recent gains. The market also saw selling pressure due to a firmer U.S. dollar index and harvest pressure. Bulls and bears are now back on a level near-term technical playing field. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing November prices above psychological resistance at $13.00 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below psychological support at $12.00. First resistance is seen at $12.60 and then at today’s high of $12.72. First support is seen at $12.40 and then at $12.30 1/4. Wyckoff's Market Rating: 5.0. December soybean meal closed down $4.50 at $323.10 today. Prices closed near the session low and saw a corrective pullback from recent gains. The next upside price breakout objective for the bulls is to produce a close above technical resistance at $340.00. 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 $325.00 and then at $327.50. First support is seen at $322.50 and then at $320.00. Wyckoff's Market Rating: 5.0. December bean oil closed down 76 points at 52.78 cents today. Prices closed near the session low today and saw a corrective pullback from recent solid gains. Bulls still have the slight overall near-term technical advantage. 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 53.92 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 51.00 cents. First resistance is seen at 53.00 cents and then at 53.50 cents. First support is seen at 52.50 cents and 52.21. Wyckoff's Market Rating: 5.5 December Chicago SRW wheat closed up 3 cents at $6.25 3/4 today. Prices closed near mid-range today and saw tepid short covering in a bear market. Wheat bears still have the near-term technical advantage. Bulls' next upside price breakout objective is to push and close Chicago SRW prices above solid technical resistance at last week’s 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 major psychological support at $6.00. First resistance is seen at today’s high of $6.35 1/4 and then at $6.40. First support lies at today’s low of $6.19 and then at $6.10. Wyckoff's Market Rating: 3.0. December K.C. HRW wheat closed up 7 1/2 cents at $7.15 today. Prices closed near the session high today and saw short covering in a bear market. 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 $7.50. The bears' next downside breakout objective is pushing and closing prices below solid technical support at the October low of $6.79. First resistance is seen at $7.25 and then at last week’s high of $7.31 3/4. First support is seen at today’s low of $7.05 and then at $7.00. Wyckoff's Market Rating: 3.0. December oats closed down 1/2 cent at $3.39 1/2 today. Prices closed nearer the session low after hitting a fresh four-week high early on today. Bulls still have some upside near-term technical momentum to suggest a market low is in place. Bears' next downside price breakout objective is pushing and closing prices below solid chart support at $3.25. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.50. First support lies at today’s low of $3.37 1/2 and then at $3.35. First resistance is seen at $3.43 and then at today’s high of $3.47. Wyckoff's Market Rating: 5.0 *. SOFTS: March sugar closed down 23 points at 27.70 cents today. Prices closed near the session low today after hitting a fresh four-week high early on. The market saw a corrective, profit-taking pullback today. Bulls have gained upside momentum recently and still have the overall near- term technical advantage. Recent heavy rains in Thailand have reportedly destroyed much of that country’s sugar crop. Bulls' next upside price breakout objective is to push and close prices above solid technical resistance at 29.00 cents. Bears' next downside price breakout objective is to push and close prices below solid technical support at 26.00 cents. First resistance is seen at 28.00 cents and then at today’s high of 28.35 cents. First support is seen at 27.50 cents and then at 27.00 cents. Wyckoff's Market Rating: 6.5 December coffee closed down 555 points at 234.00 cents. Prices closed near mid-range today after hitting a fresh three-week high early on. The coffee market was pressured by a stronger U.S. dollar index today. Coffee prices also scored a big and bearish “outside day” down on the daily bar chart today. The coffee bulls' next upside breakout objective is to close prices above solid technical resistance at 246.55 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 236.00 cents and then at 237.50 cents. First support is seen at 232.50 cents and then at 230.00 cents. Wyckoff's Market Rating: 4.0 December cocoa closed down $70 at $2,601 a ton. Prices closed near the session low today. A firmer U.S. dollar index helped to pressure cocoa today. The cocoa bears still 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 $2,750. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the contract low of $2,540. First resistance is seen at $2,650 and then at today’s high of $2,688. First support is seen at today’s low of $2,596 and then at last week’s low of $2,580. Wyckoff's Market Rating: 2.0. December cotton closed down 158 points at 100.36 cents today. Prices closed near the session low today and were pressured by a stronger U.S. dollar index. Cotton bulls and bears are still on a level near-term technical playing field. The next upside price objective for the bulls is to produce a close above solid technical resistance at 105.00 cents. The next downside price breakout objective for the cotton bears is to push prices below solid technical support at the September low of 98.21 cents. First support is seen at last week’s low of 99.67 and then at 98.00 cents. First resistance is seen at 101.50 cents and then at today’s high of 102.48 cents. Wyckoff's Market Rating: 5.0. January orange juice closed down 120 points at $1.6630 today. Prices closed nearer the session low today and hit a fresh nine-week high early on. Bulls still have the near- term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above solid technical resistance at $1.7250. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.6000. First resistance is seen at today’s high of $1.6815 and then at $1.7000. First support is seen at today’s low of $1.6575 and then at 1.6320. Wyckoff's Market Rating: 6.0. November lumber futures closed up $3.30 at $224.30 today. Prices closed nearer the session low today and saw short covering in a bear market. The bears still have the 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 $211.10. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $227.40. First resistance is seen at today’s high of $226.40 and then at $227.40. First support is seen at today's low of $223.50 and then at $221.00. Wyckoff's Market Rating: 2.0 *. METALS: December gold futures closed down $7.00 an ounce at $1,676.00 today. Prices closed near mid-range today after hitting a fresh three-week high early on. Trading remains choppy on a daily basis. A stronger U.S. dollar index helped to pressure gold today. Gold bulls still have the slight near-term technical advantage. Prices are in a three-week-old uptrend on the daily bar chart. Bulls' next upside technical objective is to produce a close above solid technical resistance at $1,705.40. Bears' next near- term downside price objective is closing prices below psychological support at $1,600.00. First resistance is seen at today’s high of $1,696.80 and then at $1,700.00. First support is seen at today’s low of $1,667.00 and then at $1,650.00. Wyckoff's Market Rating: 5.5. December silver futures closed down $0.408 an ounce at $31.765 today. Prices closed nearer the session low today. A stronger U.S. dollar index pressured the silver market today. Silver bulls and bears are on a level near-term technical playing field. Silver bulls' next upside price objective is producing a close above strong technical resistance at $33.585 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $30.00. First resistance is seen at $32.00 and then at today’s high of $32.675. Next support is seen at today’s low of $31.55 and then at $31.00. Wyckoff's Market Rating: 5.0. December N.Y. copper closed down 330 points 337.55 cents today. Prices closed near the session low today after hitting a fresh three-week high early on. A stronger U.S. dollar index and lower U.S. stock indexes pressured copper today. Copper bears have the overall near-term technical advantage as a 2.5-month-old downtrend is in place on the daily bar chart. 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 solid technical support at 300.00 cents. First resistance is seen at 340.00 cents and then at today’s high of 346.35 cents. First support is seen at 335.00 cents and then at 330.00 cents. Wyckoff's Market Rating: 3.0. *. ENERGIES: November crude oil closed down $0.32 a barrel at $86.48 today. Prices closed nearer the session low today after hitting a fresh four-week high early on. Mild profit taking from recent gains was seen. The firmer U.S. dollar index today also put some downside price pressure on crude. Crude bulls still have the slight 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 September high of $90.69 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 $80.00. First resistance is seen at $87.50 and then at today’s high of $88.18. First support is seen at today’s low of $85.88 and then at $85.00. Wyckoff's Market Rating: 6.0. November heating oil closed down 397 points at $3.0144 today. Prices closed nearer the session low today after hitting a fresh six-week high early on. Profit taking from recent strong gains was seen today. Bulls still have the overall near-term technical advantage. The bulls' next upside price breakout objective is closing prices above solid technical resistance at today’s high of $3.0953. Bears' next downside price breakout objective is producing a close below solid technical support at $2.9000. First resistance lies at $3.0500 and then at last week’s high of $3.0667. First support is seen at $3.0000 and then at $2.9700. Wyckoff's Market Rating: 6.0. November (RBOB) unleaded gasoline closed down 775 points at $2.7472. Prices closed nearer the session low today after hitting a fresh five-week high early on. Prices today also scored a big and bearish “outside day” down on the daily bar chart. Bulls still have the 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 September high of $2.8669. Bears' next downside price breakout objective is closing prices below solid support at last week’s low of $2.6497. First resistance is seen at $2.7713 and then at $2.8000. First support is seen at today’s low of $2.7342 and then at $2.7000. Wyckoff's Market Rating: 5.5. November natural gas closed down 3.4 cents at $3.669 today. Prices closed nearer the session low today after prices Friday hit a fresh two-week high on short covering in a bear market. 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 $3.926. The next downside price breakout objective for the bears is closing prices below solid technical support at the contract low of $3.446. First resistance is seen at $3.70 and then at today’s high of $3.777. First support is seen at today’s low of $3.641 and then at $3.60. Wyckoff's Market Rating: 2.0. *.STOCKS, FINANCIALS, CURRENCIES: The December Euro currency closed down 133 points at 1.3737 today. Prices closed nearer the session low today after hitting a fresh four-week high early on. The bulls still have some upside near-term technical momentum to suggest that a near-term market low is in place. Euro bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at 1.3925. The next downside price breakout objective for the bears is closing prices below solid chart support at 1.3500. First resistance for the Euro lies at 1.3800 and then at 1.3825. Next support is seen at 1.3700 and then at 1.3650. Wyckoff's Market Rating: 5.0 The December Japanese yen closed up 66 points at 1.3027 today. Prices closed nearer the session high today. Trading remains choppy and sideways at higher price levels. Bulls still have the overall near-term technical advantage. Bulls' next upside price breakout objective is closing prices above solid resistance at last week’s high of 1.3120. Bears' next downside breakout objective is closing prices below solid technical support at the September low of 1.2860. First resistance is seen at today’s high of 1.3068 and then at 1.3100. First support is seen at 1.3000 and then at 1.2950. Wyckoff's Market Rating: 7.5. The December Swiss franc closed down 71 points at 1.1138 today. Prices closed nearer the session low today after hitting a fresh four-week high early on. 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 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 1.1200 and then at today’s high of 1.1272. First support is seen at 1.1100 and then at 1.1000. Wyckoff's Market Rating: 3.0. The December Australian dollar closed down 138 points at 1.0120 today. Prices closed nearer the session low today and hit a fresh five-week high early on. Bulls still have the slight overall near-term technical advantage. 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 .9800. First resistance is seen at 1.0200 and then at today’s high of 1.0292. Next support is seen at 1.0000 and then at .9900. Wyckoff's Market Rating: 5.5 The December Canadian dollar closed down 86 points at .9785 today. Prices closed near the session low today after hitting a fresh four-week high early on. Bears still have the overall near-term technical advantage. Bulls' next upside price breakout objective is producing a close above chart resistance at 1.0000. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of .9611. First resistance is seen at .9853 and then at .9900. First support is seen at .9750 and then at .9719. Wyckoff's Market Rating: 4.0. The December British pound closed down 64 points at 1.5740 today. Prices closed nearer the session low. Recent price action suggests a near-term market low is in place. The bulls still have some upside near-term technical momentum. Bears still have the slight overall near-term technical advantage, however. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at 1.6000. Bears' next downside technical breakout objective is closing prices below solid support at last week’s low of 1.5517. First resistance is seen at last week’s high of 1.5842 and then at 1.5900. First support is seen at 1.5700 and then at 1.5655. Wyckoff's Market Rating: 4.5. The December U.S. dollar index closed up 53 points at 77.44 today. Prices closed nearer the session high today and hit a fresh four-week low early on. Short covering was featured today. Significant near-term chart damage has occurred recently to suggest a near-term market top is in place. Bulls' next upside price breakout objective is to close prices above solid technical resistance at the October high of 80.43. The next downside price breakout objective for the bears is to produce a close below solid technical support at 76.00. Next resistance lies at 77.50 and then at 77.74. First support is seen at 77.00 and then at today’s low of 76.70. Wyckoff's Market Rating: 5.0. December U.S. T-Bonds closed up 1 9/32 at 139 22/32 today. Prices closed near the session high today and scored a bullish “outside day” up on the daily bar chart after hitting a fresh six-week low early on. Bulls have faded recently but 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 136 even. The next upside technical objective for the bulls is to produce a close above solid technical resistance at 142 even. First resistance is seen at 140 even and then at 140 10/32. First support is seen at 139 even and then at 138 even. Wyckoff's Market Rating: 7.0. December U.S. T Notes closed up 16.5 (32nds) at 128.20.5 today. Prices closed nearer the session high today and scored a bullish “outside day” up on the daily bar chart. Bulls have the overall near-term technical advantage. However, they have faded and need to show more power soon. The next upside price breakout objective for the bulls is closing prices above solid resistance at 130.00.0. The next downside price breakout objective for the bears is producing a close below solid technical support at 127.00.0. First resistance is seen at today’s high of 128.24.0 and then at 129.00.0. First support is seen at 128.00.0 and then at last week’s low of 127.16.5. Wyckoff's Market Rating: 7.0 GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed lower today on profit-taking pressure from recent gains and due to some fresh worries about the European Union debt and financial crisis. Bulls still have some upside near-term technical momentum to suggest that market lows are in place and that prices can trend sideways to higher into the end of the year. The Nasdaq stock futures index closed down 44.75 at 2,322.75 today. Prices closed near the session low today after hitting a fresh 2.5-month high early on. Prices also scored a bearish “outside day” down on the daily bar chart. 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 2,100.00. First resistance is seen at 2,350.00 and then at today’s high of 2,388.50. First support is seen at 2,300.00 and then at 2,289.00. Wyckoff's Market Rating: 5.5. The S&P 500 futures index closed down 2.40 at 1,216.80. Prices closed nearer the session low today after hitting a fresh 2.5-month high early on. 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 1,100.00. First resistance is seen at today’s high of 1,230.70 and then at 1,250.00. First support is seen at 1,200.00 and then at 1,180.00. Wyckoff's Market Rating: 5.5. The Dow futures closed down 265 points at 11,301 today. Prices closed near the session low today. The next upside price objective for the bulls is closing prices above solid technical resistance at the September high of 11,700. 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 11,350 and then at 11,400. First support is seen at today’s low of 11,300 and then at 11,250. Wyckoff's Market Rating: 5.5. 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
Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions