Jul 22, 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--September 6

Sep 07, 2012

Thursday Evening, September 6-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: October live cattle closed up $0.10 at
$126.42 today. Prices closed near the session high today
and closed at a fresh nearly three-week high close. Bulls
have the slight near-term technical advantage. The bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at the August high
of $127.22. The next downside technical breakout objective
for the bears is pushing and closing prices below solid
technical support at the August low of $123.40. First
resistance is seen at this week’s high of $126.70 and then
at $127.22. First support is seen at today’s low of $125.77
and then at $125.25. Wyckoff's Market Rating: 5.5

October feeder cattle closed down $0.60 at $146.52 today.
Feeder cattle bulls still have the near-term technical
advantage. Prices are in a six-week-old uptrend on the
daily bar chart. The next upside price breakout objective
for the feeder bulls is to push and close prices above
solid technical resistance at 150.00. The next downside
price breakout objective for the bears is to push and close
prices below solid technical support at $144.00. First
resistance is seen at this week’s high of $147.80 and then
at $148.50. First support is seen at $146.00 and then at
this week’s low of $145.40. Wyckoff's Market Rating: 6.0

October lean hogs closed down $2.00 at $71.62 today. Prices
closed near the session low today and hit a fresh contract
low. Bears gained fresh downside technical momentum today
to suggest there might be a fresh leg down in prices from
here. Hog bears still have the solid overall near-term
technical advantage. The next upside price breakout
objective for the hog bulls is to push and close prices
above solid chart resistance at this week’s high of $75.20.
The next downside price breakout objective for the bears is
pushing prices below solid technical support at $70.00.
First resistance is seen at $72.50 and then at $73.00.
First support is seen at today’s contract low of $71.50 and
then at $71.00. Wyckoff's Market Rating: 1.0

*. GRAINS: December corn futures were up 7 1/4 cents at
$7.98 in late trading today. Prices were nearer the session
high and did hit a fresh three-week low early on today.
Some fresh export demand for U.S. corn boosted the market
today. The corn bulls still have the solid overall near-
term technical advantage. Corn bulls' next upside price
objective is to push and close prices above solid technical
resistance at $8.20. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at the last “reaction low” on the
daily chart, at $7.86. First resistance for December corn
is seen at today’s high of $8.02 and then at $8.10. First
support is seen at $7.86 and then at $7.80. Wyckoff's
Market Rating: 7.5

November soybeans were up 1/2 cent at $17.48 a bushel in
late trading today. Prices were nearer the session high.
Soybean bulls still have the solid overall near-term
technical advantage. The next near-term upside technical
breakout objective for the soybean bulls is pushing and
closing November prices above psychological resistance at
$18.00 a bushel. The next downside price breakout objective
for the bears is pushing and closing prices below solid
technical support at last week’s low of $17.01. First
resistance is seen at today’s high of $17.53 3/4 and then
at Wednesday’s high of $17.69 3/4. First support is seen at
$17.35 and then at today’s low of $17.25 1/2. Wyckoff's
Market Rating: 8.5.

December soybean meal was up $4.10 at $529.10 in late
trading today. Prices were near the session high. Meal
bulls have the solid overall near-term technical advantage.
Prices are in a three-month-old uptrend on the daily bar
chart. The next upside price breakout objective for the
bulls is to produce a close above solid technical
resistance at $550.00. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $510.00. First resistance comes
in at Wednesday’s high of $534.10 and then at the August
high of $538.90. First support is seen at $523.30 and then
at today’s low of $519.50. Wyckoff's Market Rating: 8.5

December bean oil was down 59 points at 57.38 cents in late
trading today. Prices were nearer the session low and saw
more profit taking after prices Tuesday hit a 12-month
high. Bean oil bulls still have the solid 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 the September
2011 high of 58.90 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
55.98 cents. First resistance is seen at 58.00 cents and
then at 58.24 cents. First support is seen at today’s low
of 57.14 cents and then at 57.00 cents. Wyckoff's Market
Rating: 7.5

December Chicago SRW wheat was up 24 cents at $8.92 in late
trading today. Prices were nearer the session high. Wheat
bulls have the overall near-term technical advantage. The
choppiness and sideways trading at higher price levels,
amid some higher volatility, is still a warning signal of a
topping process. A bearish double-top reversal pattern may
have formed on the daily bar chart. Wheat bulls’ next
upside breakout objective is to push and close Chicago SRW
prices above solid technical resistance at $9.26 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 the August low of $8.57 1/4.
First resistance is seen at $9.00 and then at $9.14 1/2.
First support lies at $8.80 and then at this week’s low of
$8.65 1/4. Wyckoff's Market Rating: 7.0.

December K.C. HRW wheat was up 21 cents at $9.08 in late
trading today. Prices were nearer the session high. The
bulls have the overall near-term technical advantage.
Bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at $9.36
1/2. The bears' next downside breakout objective is pushing
and closing prices below solid technical support at the
August low of $8.74 1/4. First resistance is seen at
today’s high of $9.13 3/4 and then at $9.20. First support
is seen at $9.00 and then at this week’s low of $8.85 1/4.
Wyckoff's Market Rating: 7.0

December oats were up 5 cents at $3.92 today in late
trading. Prices were near mid-range. Oats bulls have the
solid overall near-term technical advantage. Bears' next
downside price breakout objective is pushing and closing
prices below solid technical support at $3.75. Bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at Tuesday’s
contract high of $4.14. First support lies at today’s low
of $3.87 1/4 and then at this week’s low of $3.84 1/2.
First resistance is seen at today’s high of $3.94 1/2 and
then at $3.98 1/2. Wyckoff's Market Rating: 7.5

*. SOFTS: October sugar closed down 12 points at 18.89
cents today. Prices closed nearer the session low and hit
another fresh nine-month low today. Sugar bears have the
solid overall near-term technical advantage. There are no
early clues to suggest a market bottom is close at hand.
Bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at last
week’s high of 20.39 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at 18.00 cents. First resistance is seen
at today’s high of 19.27 cents and then at 19.58 cents.
First support is seen at today’s low of 18.81 cents and
then at 18.50 cents. Wyckoff's Market Rating: 1.0.

December coffee closed down 240 points at 158.20 cents.
Prices closed nearer the session low and hit a fresh nearly
three-month low today. Coffee bears have the solid overall
near-term technical advantage and gained more power today.
The coffee bulls' next upside breakout objective is to
close prices above solid technical resistance at last
week’s high of 169.10 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the June low of 153.70 cents a
pound. First resistance is seen at 160.00 cents and then at
today’s high of 162.75 cents. First support is seen at
today’s low of 156.55 cents and then at 153.70 cents.
Wyckoff's Market Rating: 1.5

December cocoa closed up $41 at $2,695 a ton. Prices closed
nearer the session high again today and hit another fresh
10-month high. Cocoa bulls have the solid 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 this
week’s low of $2,531. First resistance is seen at today’s
high of $2,707 and then at $2,725. First support is seen at
today’s low of $2,656 and then at $2,625. Wyckoff's Market
Rating: 8.0

December cotton closed up 64 points at 75.99 cents today.
Prices closed near the session high today. The key “outside
markets” were in a bullish posture for cotton today as the
U.S. dollar index was weaker and crude oil prices were
higher. Cotton bulls have the slight near-term technical
advantage, but need to show more power soon. Prices are in
a three-month-old uptrend on the daily bar chart. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at the August high
of 77.49 cents. The next downside price breakout objective
for the cotton bears is to push and close prices below
solid technical support at 73.30 cents. First resistance is
seen at this week’s high of 77.29 cents and then at 77.49
cents. First support is seen at 74.72 cents and then at
74.00 cents. Wyckoff's Market Rating: 5.5

November orange juice closed up 150 points at $1.2620
today. Prices closed nearer the session high today and
closed at a fresh two-month high close. More short covering
and bargain hunting were featured. Bulls have the near-term
technical advantage and have gained upside momentum this
week. Traders will continue to watch for any fresh storms
brewing in the Atlantic. The next upside price breakout
objective for the FCOJ bulls is pushing and closing prices
above technical resistance at the July high of $1.2840. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at $1.1500. First resistance is seen at this week’s high of
$1.2690 and then at $1.2840. First support is seen at
today’s low of $1.2360 and then at $1.2030. Wyckoff's
Market Rating: 7.0.

November lumber futures closed up $1.50 at $279.40 today.
Prices closed nearer the session low. Short covering in a
bear market was featured. Bears still have the near-term
technical advantage. The next downside technical breakout
objective for the lumber bears is pushing and closing
prices below solid technical support at $276.00. The next
upside price breakout objective for the bulls is pushing
and closing prices above solid technical resistance at last
week’s high of $296.60. First resistance is seen at today’s
high of $282.90 and then at this week’s high of $284.00.
First support is seen at this week’s low of $276.50 and
then at $276.00. Wyckoff's Market Rating: 3.5

*. METALS: December gold futures closed up $11.30 an ounce
at $1,705.30 today. Prices closed near mid-range today and
hit a fresh six-month high. The key “outside markets” were
in a bullish posture for gold today as the U.S. dollar
index was weaker and crude oil prices were higher. Gold
prices are in a two-month-old uptrend on the daily bar
chart. The gold market bulls have the solid overall near-
term technical advantage. The gold bulls’ next upside price
breakout 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 the August high low of $1,679.30.
First resistance is seen at today’s high of $1,716.90 and
then at $1,725.00. First support is seen at $1,700.00 and
then at today’s low of $1,693.70. Wyckoff’s Market Rating:
7.5

December silver futures closed up $0.356 an ounce at
$32.685 today. Prices closed near mid-range today and hit a
fresh five-month high. The key “outside markets” were in a
bullish posture for silver today as the U.S. dollar index
was weaker and crude oil prices were higher. Bulls are in
firm near-term technical command. Prices are in a six-week-
old uptrend on the daily bar chart. Bulls’ next upside
price breakout objective is closing prices above solid
technical resistance at $34.00 an ounce. The next downside
price breakout objective for the bears is closing prices
below solid technical support at the August high of
$31.315. First resistance is seen at today’s high of $33.04
and then at $33.50. Next support is seen at today’s low of
$32.245 and then at $32.00. Wyckoff's Market Rating: 7.5.

December N.Y. copper closed down 140 points at 351.50 cents
today. Prices closed near mid-range today and poked to a
fresh six-week high. Copper bulls have the slight near-term
technical advantage. Prices are in a four-week-old uptrend
on the daily bar chart. Copper bulls' next upside breakout
objective is pushing and closing prices above solid
technical resistance at the July high of 355.65 cents. The
next downside price breakout objective for the bears is
closing prices below solid technical support at 335.00
cents. First resistance is seen at today’s high of 353.90
cents and then at 355.65 cents. First support is seen at
350.00 cents and then at 347.50 cents. Wyckoff's Market
Rating: 5.5.

*. ENERGIES: October crude oil closed up $0.22 a barrel at
$95.58 today. Prices closed nearer the session low today.
Crude oil bulls still have the overall near-term technical
advantage, but are fading a bit. A two-month-old price
uptrend is still in place on the daily bar chart, but now
just barely. The next near-term upside price breakout
objective for the crude oil bulls is producing a close
above major psychological resistance at the August high of
$98.29 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 $92.00. First resistance
is seen at $96.00 and then at $97.00. First support is seen
at $95.00 and then at last week’s low of $93.95. Wyckoff's
Market Rating: 6.0

October heating oil closed up 292 points at $3.1468 today.
Prices closed near mid-range today. Bulls have the solid
overall near-term technical advantage. Prices are in a
nine-week-old uptrend on the daily bar chart. The bulls'
next upside price breakout objective is closing prices
above solid technical resistance at $3.2500. Bears' next
downside price breakout objective is producing a close
below solid technical support at $3.0800. First resistance
lies at today’s high of $3.1719 and then at this week’s
high of $3.2160. First support is seen at today’s low of
$3.1213 and then at $3.1000. Wyckoff's Market Rating: 7.0.

October (RBOB) unleaded gasoline closed up 448 points at
$2.9946 today. Prices closed near mid-range and hit a fresh
five-month high today. 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
breakout objective for the bulls is closing prices above
solid technical resistance at the March high of $3.0402.
Bears' next downside price breakout objective is closing
prices below solid support at $2.8000. First resistance is
seen at today’s high of $3.0203 and then at $3.0402. First
support is seen at today’s low of $2.9579 and then at
$2.9250. Wyckoff's Market Rating: 7.5.

October natural gas closed down 2.4 cents at $2.771 today.
Prices closed near the session low again today. Bears still
have the slight overall near-term technical advantage. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at $3.00.
The next downside price breakout objective for the bears is
closing prices below solid technical support at $2.50.
First resistance is seen at today’s high of $2.866 and then
at $2.91 and then at $2.95. First support is seen at $2.75
and then at $2.70. Wyckoff's Market Rating: 4.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed up 46 points at 1.2661 today. Prices closed
nearer the session high today and hit a fresh two-month
high. The Euro bulls have the overall near-term technical
advantage. Prices are in a six-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 the June high of 1.2805. The next
downside price breakout objective for the bears is closing
prices below solid chart support at 1.2450. First
resistance for the Euro lies at today’s high of 1.2667 and
then at 1.2700. Next support is seen at 1.2600 and then at
today’s low of 1.2576. Wyckoff's Market Rating: 6.0

The December Japanese yen closed down 74 points at 1.2692
today. Prices closed nearer the session low today on profit
taking. Bulls still have the overall near-term technical
advantage but did fade today and need to show fresh power
soon. Bulls' next upside price breakout objective is
closing prices above solid resistance at the July high of
1.2851. Bears' next downside breakout objective is closing
prices below solid technical support at the August low of
1.2565. First resistance is seen at today’s high of 1.2768
and then at last week’s high of 1.2804. First support is
seen at today’s low of 1.2664 and then at 1.2600. Wyckoff's
Market Rating: 6.0.

The December Swiss franc closed up 27 points at 1.0512
today. Prices closed nearer the session high today and
closed at a fresh two-month high close. The Swissy bulls
have the overall near-term technical advantage. Prices are
in a six-week-old uptrend on the daily bar chart. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at 1.0600. The next downside
price breakout objective for the bears is closing prices
below solid technical support at 1.0250. First resistance
is seen at today’s high of 1.0521 and then at last week’s
high of 1.0546 and then at 1.0600. First support is seen at
today’s low of 1.0450 and then at 1.0402. Wyckoff's Market
Rating: 6.0.

The December Australian dollar closed up 101 points at
1.0200 today. Prices closed near the session high and saw
short covering. Bulls and bears are back on a level near-
term technical playing field. Prices are still in a four-
week-old downtrend on the daily bar chart, but now just
barely. Bulls' next upside price breakout objective is
closing prices above solid chart resistance at last week’s
high of 1.0301. 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 today’s high
of 1.0207 and then at 1.0250. Next support is seen at
1.0150 and then at this week’s low of 1.0077. Wyckoff's
Market Rating: 5.0

The December Canadian dollar closed up 85 points at 1.0156
today. Prices closed nearer the session high today and hit
a fresh 12-month high. Bulls have the solid overall near-
term technical advantage and gained more upside momentum
today. Prices are in a three-month-old uptrend on the daily
bar chart. Bulls' next upside price breakout objective is
producing a close above chart resistance at 1.0250. The
next downside price breakout objective for the bears is
closing prices below solid technical support at 1.0026.
First resistance is seen at today’s high of 1.0171 and then
at 1.0200. First support is seen at 1.0100 and then at
today’s low of 1.0066. Wyckoff's Market Rating: 7.5.

The December British pound closed up 32 points at 1.5932
today. Prices closed near the session high again today and
hit another fresh 3.5-month high. Bulls have the overall
near-term technical advantage. Prices are in a seven-week-
old uptrend on the daily chart. 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 1.5747. First resistance is
seen at today’s high of 1.5937 and then at 1.6000. First
support is seen at today’s low of 1.5878 and then at this
week’s low of 1.5821. Wyckoff's Market Rating: 6.5.

The December U.S. dollar index closed down 25 points at
81.30 today. Prices closed near the session low and closed
at a fresh 3.5-month low close today. The bears have the
near-term technical advantage. Prices are in a six-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at 83.25. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at 81.00. Next resistance lies at today’s
high of 81.76 and then at this week’s high of 81.95. First
support is seen at today’s and last week’s low of 81.30 and
then at 81.00. Wyckoff's Market Rating: 4.0.

December U.S. T-Bonds closed down 1 14/32 at 149 13/32
today. Prices closed nearer the session low on more profit
taking. Some stronger U.S. economic data today also spooked
the bond bulls a bit. Bulls do 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 148 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at this week’s high of 151
29/32. First resistance is seen at 150 even and then at 150
16/32. First support is seen at today’s low of 149 5/32 and
then at 148 16/32. Wyckoff's Market Rating: 6.0.

December U.S. T Notes closed down 20.0 (32nds) at 132.23.5
today. Prices closed nearer the session low today on more
profit taking. 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 last week’s high of 133.26.5. The next
downside price breakout objective for the bears is
producing a close below solid technical support at
132.100.0. First resistance is seen at 133.00.0 and then at
133.10.0. First support is seen at today’s low of 132.20.5
and then at 132.16.0. Wyckoff's Market Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
solidly higher today and some hit multi-year highs. Stock
index bulls still have the overall near-term technical
advantage and gained more power today. The monthly meeting
of the European Central Bank did produce the widely
expected, fresh EU monetary stimulus plan, in which the ECB
will buy EU countries’ bonds. That was bullish for the
stock market, as was some stronger-than-expected U.S.
economic data out Thursday morning. The U.S. ADP national
employment report showed a stronger-than-expected rise of
201,000 in August. Weekly U.S. jobless claims also declined
in the latest reporting week. On Friday the important U.S.
employment report for August is released. Many believe a
weak jobs report on Friday would open the door wide for a
fresh U.S. monetary stimulus announcement by the Federal
Reserve at its FOMC meeting in two weeks. The forecast for
the key non-farm payrolls figure of the jobs report is up
125,000. However, the strong ADP jobs figure Thursday has
many wondering of the Friday jobs report will be stronger
than forecast. In other overnight news there was more weak
economic data released from Europe Thursday. The collective
Euro zone gross domestic product fell by 0.2% in the second
quarter, for an annualized decline of 0.7%. Also, EU
consumers reduced their purchases by 0.2% in the second
quarter. EU businesses cut their spending by 0.8% in the
same time period. Meantime, the Bank of England left its
monetary policy unchanged, the BOE said in a statement.

In late trading, the Nasdaq stock futures index was up
56.75 at 2,824.75. Prices were near the session high.
Bulls' next upside price breakout objective is closing
prices above solid resistance at 2,900.00. The bears' next
downside price breakout objective is closing prices below
solid technical support at 2,700.00. First resistance is
seen at today’s high of 2,829.50 and then at 2,850.00.
First support is seen at 2,802.50 and then at 2,775.00.
Wyckoff's Market Rating: 7.5

The S&P 500 futures index was up 24.50 at 1,428.00 in late
trading. Prices were near the session high and hit a fresh
four-year high. Bulls' next upside price breakout objective
is closing prices above solid resistance at 1,500.00. The
next downside price breakout objective for the bears is
closing prices below solid support at 1,395.40. First
resistance is seen at today’s high of 1,430.70 and then at
1,450.00. First support is seen at 1,415.00 and then at
today’s low of 1,403.50. Wyckoff's Market Rating: 7.5.

The Dow futures were up 210 points at 13,260 in late
trading today. Prices were near the session high and hit a
fresh three-week high. The next upside price objective for
the bulls is closing prices above solid technical
resistance at the August high of 13,305. The next downside
price objective for the bears is closing prices below solid
technical support at the August low of 12,730. First
resistance in the Dow lies at today’s high of 13,281 and
then at 13,305. First support is seen at 13,200 and then at
today’s low of 13,135. Wyckoff's Market Rating: 7.0.

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
 

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