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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 26

Oct 27, 2011

Wednesday Evening, October 26-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 $1.55 at
$120.42 today. Prices closed near the session low today and
hit a fresh two-week low today. The key “outside markets”
were bearish for the cattle market today as the U.S. dollar
index was firmer and crude oil prices were lower. The
cattle bulls are fading. The bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at this week’s high of $123.35. The
next downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
the October low of $120.30. First resistance is seen at
$121.00 and then at $121.50. First support is seen at
$120.30 and then at $120.00. Wyckoff's Market Rating: 5.0

November feeder cattle closed down $0.10 at $141.70 today.
Prices closed near the session low today and closed at
another fresh three-week low close. Bulls still have the
overall near-term technical advantage but are fading a bit
and need to show fresh power soon. 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 $141.00. First resistance is seen at
$142.50 and then at this week’s high of $143.00. First
support is seen at $141.50 and then at $141.00. Wyckoff's
Market Rating: 6.5

December lean hogs closed down $0.82 at $87.02 today.
Prices closed nearer the session low again today and hit
another fresh two-week low. The key “outside markets” were
bearish for the hog market today as the U.S. dollar index
was firmer and crude oil prices were lower. Hog bulls do
still have the slight overall near-term technical
advantage, but are fading fast. The next upside price
breakout objective for the bulls is to push and close
prices above solid chart resistance at $90.00. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at $86.75. First
resistance is seen at today’s high of $87.70 and then at
$88.00. First support is seen at $86.75 and then at $86.50.
Wyckoff's Market Rating: 5.5

*. GRAINS: December corn futures closed down 12 1/2 cents
at $6.38 1/4 today. Prices closed nearer the session low
today. The key “outside markets” were bearish for the corn
market today as the U.S. dollar index was firmer and crude
oil prices were lower. The corn bulls still have the slight
overall near-term technical advantage but did fade a bit
today and need to show fresh power soon. Corn bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at last week’s 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 $6.45 and then at $6.50. First support is
seen at today’s low of $6.33 and then at $6.30. Wyckoff's
Market Rating: 5.5

November soybeans closed down 15 cents at $12.10 1/2 a
bushel today. Prices closed near the session low today. The
key “outside markets” were bearish for the soybean market
today as the U.S. dollar index was firmer and crude oil
prices were lower. 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 November prices above technical resistance at the
October high of $12.75 3/4 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 $12.20 and then at today’s high of
$12.33 1/2. First support is seen at this week’s low of
$12.09 1/2 and then at $12.00. Wyckoff's Market Rating:
4.0.

December soybean meal closed down $5.00 at $317.20 today.
Prices closed near the session low today and scored a
bearish “outside day” down on the daily bar chart. 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 the October high of
$330.50. 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 $320.00 and then at today’s high of $324.00.
First support is seen at today’s low of $317.00 and then at
last week’s low of $314.20. Wyckoff's Market Rating: 4.0

December bean oil closed down 65 points at 50.85 cents
today. Prices closed near the session low today and closed
at a fresh three-week low close. The key “outside markets”
were bearish for the bean oil market today as the U.S.
dollar index was firmer and crude oil prices were lower.
Bean oil bears have the 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 this week’s high of 52.38 cents.
Bean oil bears' next downside technical price breakout
objective is pushing and closing prices below solid
technical support at 50.00 cents. First resistance is seen
at 51.00 cents and then at 51.50 cents. First support is
seen at today’s low of 50.74 cents and then at last week’s
low of 50.54 cents. Wyckoff's Market Rating: 3.5

December Chicago SRW wheat closed down 16 3/4 cents at
$6.19 1/2 today. Prices closed nearer the session low
today. The key “outside markets” were bearish for the wheat
market today as the U.S. dollar index was firmer and crude
oil prices were lower. Wheat bears have the overall near-
term technical advantage and gained fresh downside momentum
today. Bulls' next upside price breakout objective is to
push and close Chicago SRW prices above solid technical
resistance at last week’s high of $6.49 1/2 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
$6.25 and then at $6.35. First support lies at today’s low
of $6.16 1/2 and then at $6.05 Wyckoff's Market Rating:
3.0.

December K.C. HRW wheat closed down 17 1/2 cents at $7.16
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 last week’s 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 $7.25 and then at
today’s high of $7.36. First support is seen at $7.10 and
then at $7.00. Wyckoff's Market Rating: 3.0.

December oats closed down 6 1/2 cents at $3.30 today.
Prices closed near the session low and hit a fresh three-
week low today. Bulls are fading. 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 the October high of
$3.47. First support lies at today’s low of $3.29 and then
at $3.25. First resistance is seen at $3.34 and then at
$3.37. Wyckoff's Market Rating: 4.5

*. SOFTS: March sugar closed down 53 points at 26.41 cents
today. Prices closed nearer the session low again today.
The key “outside markets” were bearish for the sugar market
today as the U.S. dollar index was firmer and crude oil
prices were lower. Sugar bulls are fading. Sugar bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at this week’s high
of 27.70 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 26.75
cents and then at 27.00 cents. First support is seen at
today’s low of 26.24 cents and then at last week’s low of
26.13 cents. Wyckoff's Market Rating: 5.0

December coffee closed down 420 points at 232.35 cents.
Prices closed near the session low again today. The key
“outside markets” were bearish for the coffee market today
as the U.S. dollar index was firmer and crude oil prices
were lower. Bears have the near-term technical advantage.
The coffee bulls' next upside breakout objective is to
close prices above solid technical resistance at this
week’s high of 252.50 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 237.50 cents. First support is seen at today’s low of
231.90 cents and then at 230.00 cents. Wyckoff's Market
Rating: 4.0

December cocoa closed up $63 at $2,699 a ton. Prices closed
near the session high and hit a fresh four-week high today.
More short covering was featured 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 $2,800. 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 today’s high of $2,720 and then at
$2,750. First support is seen at today’s low of $2,649 and
then at $2,613. Wyckoff's Market Rating: 3.0.

December cotton closed up 64 points at 100.32 cents today.
Prices closed near mid-range today. More short covering and
bargain-hunting buying were featured today. Bulls and bears
are on a level near-term technical playing field. Prices
are still in a seven-week-old downtrend on the daily bar
chart. The next upside price objective for the bulls is to
produce a close above solid technical resistance at the
October high of 104.00 cents. The next downside price
breakout objective for the cotton bears is to push prices
below solid technical support at the August low of 93.72
cents. First support is seen at today’s low of 99.48 cents
and then at 98.21 cents. First resistance is seen at
today’s high of 100.73 cents and then at 101.42 cents.
Wyckoff's Market Rating: 5.0.

January orange juice closed up 205 points at $1.7700 today.
Prices closed nearer the session high today, hit a fresh
nine-week high and scored a bullish “outside day” up on the
daily bar chart. FCOJ bulls have the solid near-term
technical advantage and gained more power today. The next
upside price breakout objective for the FCOJ bulls is
pushing and closing prices above solid technical resistance
at $1.8000. The next downside technical breakout objective
for the FCOJ bears is to produce a close below solid
technical support at $1.6750. First resistance is seen at
today’s high of $1.7920 and then at $1.8000. First support
is seen at $1.7500 and then at today’s low of $1.7225.
Wyckoff's Market Rating: 7.5.

November lumber futures closed down $0.40 at $220.30 today.
The bears 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 the
October high of $230.40. First resistance is seen at this
week’s high of $225.50 and then at $227.40. First support
is seen at $219.00 and then at $217.00. Wyckoff's Market
Rating: 2.0

*. METALS: December gold futures closed up $25.00 an ounce
at $1,725.40 today. Prices closed near the session high
again today and hit another fresh four-week high on more
safe-haven demand amid the fresh EU debt crisis
uncertainty. Bulls this week have gained solid upside near-
term technical momentum to re-establish a four-week-old
uptrend on the daily bar chart. Prices have also pushed
well above what was strong chart resistance at the August
spike low of $1,705.40. Bulls have the overall near-term
technical advantage and gained more power today. Bulls'
next upside technical objective is to produce a close above
solid technical resistance at $1,750.00. Bears' next near-
term downside price objective is closing prices below solid
technical support at last week’s low of $1,604.70. First
resistance is seen at $1,735.00 and then at $1,750.00.
First support is seen at $1,700.00 and then at $1,680.00.
Wyckoff's Market Rating: 6.5.

December silver futures closed up $0.253 an ounce at
$33.305 today. Prices closed near mid-range today and hit
another fresh four-week high. The bulls this week have
gained good upside near-term technical momentum to re-
establish a four-week-old uptrend on the daily bar chart.
The silver bulls have the overall near-term technical
advantage. Silver bulls' next upside price objective is
producing a close above solid technical resistance at
$35.00 an ounce. The next downside price breakout objective
for the bears is closing prices below solid technical
support at last week’s low of $29.935. First resistance is
seen at today’s high of $33.95 and then at $34.50. Next
support is seen at today’s low of $32.905 and then at
$32.50. Wyckoff's Market Rating: 6.0.

December N.Y. copper closed up 880 points 350.90 cents
today. Prices closed nearer the session high today and hit
a fresh four-week high. Bulls have gained upside technical
momentum recently and a bullish double-bottom reversal
pattern has formed on the daily bar chart. Copper bears
still have the slight overall near-term technical
advantage. Copper bulls' next upside breakout objective is
pushing and closing prices above solid technical resistance
at 370.00 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support 320.00 cents. First resistance is seen at today’s
high of 358.80 cents and then at 360.00 cents. First
support is seen at 346.35 cents and then at 340.00 cents.
Wyckoff's Market Rating: 4.5.

*. ENERGIES: December crude oil closed down $2.62 a barrel
at $90.59 today. Prices closed nearer the session low today
and saw a corrective pullback from recent strong gains.
Prices were also pressured by a bearish weekly DOE report
today. Prices Tuesday hit an 11-week high. Crude bulls
still have the overall near-term technical advantage. The
next near-term upside price breakout objective for the
crude oil bulls is producing a close above strong technical
resistance at this week’s high of $94.65 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 $88.00. First resistance is seen at $92.00 and
then at $92.50. First support is seen at today’s low of
$90.00 and then at $89.00. Wyckoff's Market Rating: 6.0.

December heating oil closed down 258 points at $3.0254
today. Prices closed nearer the session low today. Bulls
still have the slight overall near-term technical
advantage. The bulls' next upside price breakout objective
is closing prices above solid technical resistance at the
September high of $3.1040. 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 today’s high of $3.0703. First support
is seen at this week’s low of $3.0150 and then at $3.000.
Wyckoff's Market Rating: 5.5.

December (RBOB) unleaded gasoline closed down 466 points at
$2.6281. Prices closed near the session low today. 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
September high of $2.8431. Bears' next downside price
breakout objective is closing prices below solid support at
$2.5861. First resistance is seen at $2.6500 and then at
$2.6750. First support is seen at today’s low of $2.6210
and then at last week’s low of $2.5952. Wyckoff's Market
Rating: 5.0.

December natural gas closed down 7.4 cents at $3.778 today.
Prices closed nearer the session low today and closed at a
fresh contract low close. 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 the October high of $4.039.
The next downside price breakout objective for the bears is
closing prices below solid technical support at $3.70.
First resistance is seen at this week’s high of $3.888 and
then at $4.00. First support is seen at the contract low of
$3.747 and then at $3.70. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed down 15 points at 1.3907 today. Prices
closed nearer the session high today and hit another fresh
seven-week high. Bulls still have the slight near-term
technical advantage as prices are in a three-week-old
uptrend on the daily bar chart. 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
1.3645. First resistance for the Euro lies at today’s high
of 1.3970 and then at 1.4000. Next support is seen at
1.3842 and then at today’s low of 1.3792. Wyckoff's Market
Rating: 5.5

The December Japanese yen closed down 53 points at 1.3128
today. Prices closed nearer the session low today and saw
some profit taking. Prices did hit a fresh contract high
early on. Bulls still have the solid overall near-term
technical advantage. Bulls' next upside price breakout
objective is closing prices above solid resistance at
1.3300. Bears' next downside breakout objective is closing
prices below solid technical support at the October low of
1.2912. First resistance is seen at today’s contract high
of 1.3219 and then at 1.3250. First support is seen at this
week’s low of 1.3083 and then at 1.3050. Wyckoff's Market
Rating: 8.0.

The December Swiss franc closed down 52 points at 1.1347
today. Prices closed near mid-range today and hit a fresh
six-week high early on. Bears still have the overall near-
term technical advantage. However, a bullish “rounding-
bottom” reversal pattern may be forming on the daily bar
chart. The next upside price breakout objective for the
bulls is closing prices above solid resistance at 1.1600.
The next downside price breakout objective for the bears is
closing prices below solid technical support at 1.1000.
First resistance is seen at 1.1400 and then at today’s high
of 1.1467. First support is seen at today’s low of 1.1296
and then at 1.1250. Wyckoff's Market Rating: 3.0.

The December Australian dollar closed down 60 points at
1.0330 today. Prices closed nearer the session high today.
Prices are still in a steep four-week-old uptrend on the
daily bar chart. Bulls still have the overall near-term
technical advantage. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
the September high of 1.0630. 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
this week’s high of 1.0429 and then at 1.0500. Next support
is seen at today’s low of 1.0254 and then at 1.0200.
Wyckoff's Market Rating: 6.0

The December Canadian dollar closed up 87 points at .9935
today. Prices closed near the session high today. Bulls and
bears are now back on a level near-term technical playing
field. 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 .9700.
First resistance is seen at 1.0000 and then at 1.0050.
First support is seen at .9900 and then at .9850. Wyckoff's
Market Rating: 5.0.

The December British pound closed down 53 points at 1.5953
today. Prices closed near mid-range after hitting another
fresh six-week high early on. Prices did score a mildly
bearish “outside day” down on the daily bar char today. A
steep three-week-old uptrend is still in place on the daily
bar chart. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
1.6200. Bears' next downside technical breakout objective
is closing prices below solid support at last week’s low of
1.5621. First resistance is seen at today’s high of 1.6033
and then at 1.6100. First support is seen at today’s low of
1.5880 and then at 1.5800. Wyckoff's Market Rating: 6.0.

The December U.S. dollar index closed up 13 points at 76.45
today. Prices closed near mid-range today and hit another
fresh six-week low early on. Some near-term chart damage
has occurred recently. Prices are still in a three-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at 78.50. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at this week’s low of 76.00. Next
resistance lies at today’s high of 76.87 and then at 77.00.
First support is seen at today’s low of 76.06 and then at
75.75. Wyckoff's Market Rating: 4.0.

December U.S. T-Bonds closed down 1 5/32 at 138 29/32
today. Prices closed nearer the session low today. 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 last
week’s low of 137 13/32. 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 today’s high of 140 13/32. First
support is seen at today’s low of 138 19/32 and then at 138
even. Wyckoff's Market Rating: 6.5.

December U.S. T Notes closed down 18.0 (32nds) at 128.18.0
today. Prices closed nearer the session low today. 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 130.00.0. The next
downside price breakout objective for the bears is
producing a close below solid technical support at the
October low of 127.16.5. First resistance is seen at
129.00.0 and then at 129.09.5. First support is seen at
today’s low of 128.14.0 and then at this week’s low of
128.01.0. Wyckoff's Market Rating: 6.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer today on just a bit of optimism ahead of the
European Union leaders meeting results on the sovereign
debt crisis. The Dow and S&P index hit 11-week highs this
week and the stock index still bulls 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. It’s been a very good October for the
stock market bulls.

The Nasdaq stock futures index closed up 7.75 at 2,329.50
today. Prices closed near mid-range 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 2,200.00. First resistance
is seen at 2,350.00 and then at last week’s high of
2,388.50. First support is seen at 2,300.00 and then at
today’s low of 2,286.75. Wyckoff's Market Rating: 6.0.

The S&P 500 futures index closed up 13.40 at 1,238.00.
Prices closed nearer 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 1,125.00. First resistance is seen at this
week’s high of 1,254.40 and then at 1,270.00. First support
is seen at this week’s low of 1,222.50 and then at
1,200.00. Wyckoff's Market Rating: 6.0.

The Dow futures closed up 140 points at 11,802 today.
Prices closed nearer the session high today. The next
upside price objective for the bulls is closing prices
above psychological resistance at 12,000. The next downside
price objective for the bears is closing prices below solid
technical support at last week’s low of 11,231. First
resistance in the Dow lies at this week’s high of 11,875
and then at 11,950. First support is seen at 11,725 and
then at 11,625. 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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