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Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Wednesday, April 18

Apr 18, 2012

* JIM'S MARKET THOUGHT OF THE DAY *

Here are my near-term biases for selected markets: Crude
oil is trapped in a trading range, grains are vulnerable to
more downside in the near term, as are the precious metals
and U.S. stock indexes. U.S. T-bonds and T-notes are likely
to trade sideways to higher in the near term. The U.S.
dollar index will continue to trade sideways in the near
term.--Jim

U.S. STOCK INDEXES

S&P 500 futures: The shorter-term moving averages (4-, 9-
and 18-day) are bearish early today. The 4-day moving
average is below the 9-day. The 9-day is below the 18-day
moving average. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Today, shorter-term
technical resistance comes in at Tuesday’s high of 1,388.70
and then at 1,400.00. Buy stops likely reside just above
those levels. Downside support for active traders today is
located at 1,375.00 and then at Tuesday’s low of 1,359.60.
Sell stops are likely located just below those levels.
Wyckoff's Intra-day Market Rating: 4.5

Nasdaq index futures: The shorter-term moving averages (4-
9-and 18-day) are bearish early today. The 4-day moving
average is below the 9-day and 18-day. The 9-day average is
below the 18-day. Short-term oscillators (RSI, slow
stochastics) are neutral early today. Shorter-term technical
resistance is located at Tuesday’s high of 2,728.25 and then
at last week’s high of 2,748.00. Buy stops likely reside
just above those levels. On the downside, short-term support
is seen at 2,700.00 and then at 2,684.25. Sell stops are
likely located just below those levels. Wyckoff's Intra-Day
Market Rating: 4.5

Dow futures: Sell stops likely reside just below technical
support at Tuesday’s low of 12,935 and then at 12,900. Buy
stops likely reside just above technical resistance at
13,024 and then more stops just above resistance at
Tuesday’s high of 13,070. Shorter-term moving averages are
neutral early today, as the 4-day moving average is above
the 9-day. The 9-day moving average is below the 18-day
moving average. Shorter-term oscillators (RSI, slow
stochastics) are bullish early today. Wyckoff's Intra-Day
Market Rating: 4.5

U.S. TREASURY BONDS AND NOTES

June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-
day) are bullish early today. The 4-day moving average is
above the 9-day and 18-day. The 9-day is above the 18-day
moving average. Oscillators (RSI, slow stochastics) are
neutral early today. Shorter-term support lies at 141 16/32
and then at the overnight low of 141 5/32. Sell stops likely
reside just below those levels. Shorter-term technical
resistance lies at 142 even and then at this week’s high of
142 9/32. Buy stops likely reside just above those levels.
Wyckoff's Intra-Day Market Rating: 6.0

June U.S. T-Notes: Shorter-term moving averages (4- 9- 18-
day) are bullish early today. The 4-day moving average is
above the 9-day. The 9-day is above the 18-day moving
average. Oscillators (RSI, slow stochastics) are neutral
early today. Shorter-term resistance lies at Tuesday’s high
of 131.25.0 and then at this week’s high of 131.29.0. Buy
stops likely reside just above those levels. Shorter-term
technical support lies at the overnight low of 131.09.5 and
then at 131.00.0. Sell stops likely reside just below those
levels. Wyckoff's Intra-Day Market Rating: 5.5

U.S. DOLLAR INDEX

The June U.S. dollar index is higher early today. Trading
has turned choppy and trendless recently. Slow stochastics
for the dollar index are bearish early today. The dollar
index finds shorter-term technical resistance at 80.00 and
then at 80.20. Shorter-term support is seen at the overnight
low of 79.66 and then at 79.50. Wyckoff's Intra Day Market
Rating: 6.0

CRUDE OIL

Crude oil prices are trading near steady early today. Bulls
gained some fresh upside momentum on Tuesday. In May crude,
look for buy stops to reside just above resistance at the
overnight high of $104.51 and then at Tuesday’s high of
$105.07. Look for sell stops just below technical support at
$103.50 and then at $103.00. Wyckoff's Intra-Day Market
Rating: 5.0

GRAINS

Markets were mostly weaker in overnight trading. The key
"outside markets" are in a mildly bearish posture for the
grains early today, as the U.S. dollar index is higher and
crude oil prices are steady. Corn and wheat bulls have
faded badly recently as technical damage has been
inflicted. Soybean bulls are also fading a bit to begin to
suggest a near-term top is in place in that market.

 

Tuesday Evening, April 17-Jim Wyckoff's Daily Markets
Update
a
COPYING AND FORWARDING IS THEFT AND PROHIBITED BY LAW!!

Copyright: 2012 Jim Wyckoff Enterprises. It is theft and a
violation of international law to redistribute any part of
this proprietary content in any form without expressed
permission from Jim Wyckoff. This content is reserved for
paying subscribers. I will vigorously pursue any and all
violators of my copyrights — and they will be prosecuted.

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: June live cattle closed up $0.50 at $116.65
today. Prices closed near mid-range and saw more short
covering in a bear market. While bulls have more work to do
soon to begin to suggest that a market bottom is in place,
the solid rebound in feeder cattle futures recently does
hint that fat cattle futures have put in a market low, too.
But live cattle bears still presently 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 $118.00. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
last week’s low of $113.95. First resistance is seen at
$117.00 and then at last week’s high of $117.70. First
support is seen at today’s low of $116.35 and then at
$116.00. Wyckoff's Market Rating: 3.0

May feeder cattle closed up $1.20 at $153.12 today. Prices
closed near the session low today and hit a fresh three-
week high. More short covering and bargain hunting were
featured and the feeder bulls have gained upside near-term
technical momentum to suggest a market low is in place. The
next upside price objective for the feeder bulls is to push
and close prices above technical resistance at $155.00. The
next downside price breakout objective for the bears is to
push and close prices below solid technical support at
$150.00. First resistance is seen at today’s high of
$153.50 and then at $154.00. First support is seen at
$152.50 and then at $152.00. Wyckoff's Market Rating: 5.0

June lean hogs closed up $1.07 at $89.80 today. Prices
closed near the session high today and did hit a fresh 13-
month low early on. Short covering in a bear market was
featured. Bears still have the solid overall near-term
technical advantage. Prices are in a seven-week-old
downtrend on the daily bar chart. However, given the action
in the cattle futures market, my bias is that hogs are also
at or very close to bottoming out. The next upside price
breakout objective for the hog bulls is to push and close
prices above solid chart resistance at $91.00. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at today’s low of
$88.15. First resistance is seen at $90.00 and then at
$90.50. First support is seen at $89.00 and then at $88.15.
Wyckoff's Market Rating: 2.0

*. GRAINS: May corn futures closed down 7 cents at $6.16
1/4 today. Prices again closed near the session low today
and hit a fresh three-week low. Fresh near-term technical
damage has been inflicted in the corn market and the bears
have the near-term technical advantage. Corn bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at $6.45. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
March low of $6.03. First resistance for May corn is seen
at $6.20 and then at $6.25. First support is seen at
today’s low of $6.15 3/4 and then at $6.10. Wyckoff's
Market Rating: 3.0

May soybeans closed up 6 cents at $14.26 a bushel today.
Prices closed near mid-range today. The market got support
from a fresh USDA export sale announcement for soybeans.
Bean bulls have the solid overall near-term technical
advantage. Bean prices are in a four-month-old uptrend on
the daily bar chart. The next near-term upside technical
breakout objective for the soybean bulls is pushing and
closing prices above solid technical resistance at the
August 2011 contract high of $14.68 1/2 a bushel. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at $14.00.
First resistance is seen at this week’s high of $14.35 3/4
and then at last Friday’s high of $14.47 3/4. First support
is seen at last week’s low of $14.15 and then at $14.00.
Wyckoff's Market Rating: 7.5.

May soybean meal closed up $1.80 at $393.20 today. Prices
closed near mid-range today. Meal bulls have the solid
overall near-term technical advantage. Prices are in a
four-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 $400.00. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$380.00. First resistance comes in at today’s high of
$395.30 and then at last week’s high of $397.40. First
support is seen at $390.00 and then at last week’s low of
$385.60. Wyckoff's Market Rating: 7.5

May bean oil closed up 18 points at 55.84 cents today.
Prices closed nearer the session low today. Bean oil bulls
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 the April high of 57.45 cents. Bean oil bears' next
downside technical price breakout objective is pushing and
closing prices below solid technical support at 54.50
cents. First resistance is seen at 56.00 cents and then at
today’s high of 56.38 cents. First support is seen at this
week’s low of 55.60 cents and then at 55.25 cents.
Wyckoff's Market Rating: 7.0

May Chicago SRW wheat closed down 3/4 cents at $6.15 1/2
today. Prices closed near the session low again today.
Wheat bears have the solid overall near-term technical
advantage. Bulls’ next upside breakout objective is to push
and close Chicago SRW prices above solid technical
resistance at last week’s high of $6.53 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 March low of $6.11 1/4. First
resistance is seen at today’s high of $6.27 and then at
$6.35. First support lies at today’s low of $6.15 and then
at $6.11 1/4. Wyckoff's Market Rating: 1.5.

May K.C. HRW wheat closed up 1/2 cent at $6.31 today.
Prices closed near the session low again today. The bears
have the solid overall near-term technical advantage.
Bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at $6.53.
The bears' next downside breakout objective is pushing and
closing prices below solid technical support at $6.00.
First resistance is seen at today’s high of $6.40 and then
at this week’s high of $6.43 1/2. First support is seen at
this week’s low of $6.30 1/2 and then at $6.25. Wyckoff's
Market Rating: 1.0

May oats closed down 2 cents at $3.21 today. Prices closed
near mid-range today and hit a fresh four-week low. Bulls
are fading and bears have the slight near-term technical
advantage. Bears' next downside price breakout objective is
pushing and closing prices below solid technical support at
$3.10. Bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at last week’s high of $3.42. First support lies at today’s
low of $3.18 1/2 and then at $3.15. First resistance is
seen at today’s high of $3.24 1/2 and then at this week’s
high of $3.27 1/4. Wyckoff's Market Rating: 4.5

*. SOFTS: May sugar closed up 9 points at 22.99 cents
today. Prices closed near mid-range on tepid short covering
in a bear market today. Prices hit a fresh three-month low
early on today. Bears still have the near-term technical
advantage. Sugar bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at 24.00 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at the December low of 22.25 cents. First
resistance is seen at today’s high of 23.26 cents and then
at this week’s high of 23.43 cents. First support is seen
at today’s low of 22.80 cents and then at 22.50 cents.
Wyckoff's Market Rating: 3.5.

May coffee closed down 165 points at 173.05 cents. Prices
closed near the session low today and hit a fresh 18-month
low. Coffee prices are in a seven-month-old downtrend on
the daily bar chart. The bears have the solid overall near-
term technical advantage. The coffee bulls' next upside
breakout objective is to close prices above solid technical
resistance at the April high of 190.45 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 170.00 cents a
pound. First resistance is seen at 175.00 cents and then at
today’s high of 177.30 cents. First support is seen at
today’s low of 172.45 cents and then at 170.00 cents.
Wyckoff's Market Rating: 1.0

May cocoa closed up $11 at $2,311 a ton. Prices closed
nearer the session high today and hit another fresh three-
week high. The market saw more short covering. Cocoa bears
still have the slight overall near-term technical
advantage, but the bulls are gaining upside momentum. The
next upside price breakout objective for the cocoa bulls is
to push and close prices above solid technical resistance
at $2,400. The next downside price breakout objective for
the bears is pushing and closing prices below solid
technical support at the February low of $2,144. First
resistance is seen at today’s high of $2,327 and then at
$2,350. First support is seen at today’s low of $2,258 and
then at this week’s low of $2,222. Wyckoff's Market Rating:
4.5

May cotton closed up 173 points at 89.81 cents today.
Prices hit a fresh four-week low today and then rebounded
on short covering and bargain hunting. Bears still have the
overall near-term technical advantage. The next upside
price breakout objective for the bulls is to produce a
close above solid technical resistance at the 92.50 cents.
The next downside price breakout objective for the cotton
bears is to push and close prices below solid technical
support at the March low of 87.00 cents. First resistance
is seen at 91.00 cents and then at 92.00 cents. First
support is seen at 89.00 cents and then at 88.00 cents.
Wyckoff's Market Rating: 4.0

May orange juice closed up 145 points at $1.4770 today.
Prices closed nearer the session low today and saw short
covering in a bear market. Serious near-term chart damage
has been inflicted in FCOJ recently. Bears still have the
solid near-term technical advantage. Prices are in a steep
five-week-old downtrend on the daily bar chart. The next
upside price breakout objective for the FCOJ bulls is
pushing and closing prices above technical resistance at
$1.5500. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at $1.3500. First resistance is seen at $1.4500 and
then at today’s high of $1.5235. First support is seen at
this week’s low of $1.4520 and then at $1.4250. Wyckoff's
Market Rating: 2.5.

May lumber futures closed down $6.00 at $260.40 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 March low of $254.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at $275.00. First
resistance is seen at $262.00 and then at $264.00. First
support is seen at $258.00 and then at $255.00. Wyckoff's
Market Rating: 3.0

*. METALS: June gold futures closed up $2.30 an ounce at
$1,652.20 today. Prices closed nearer the session high
today and saw mild short covering and bargain hunting. A
steady-weak U.S. dollar index and higher crude oil prices
did limit selling interest in the gold market. Bears have
the slight near-term technical advantage. Prices are in a
six-week-old downtrend on the daily bar chart. The gold
bulls’ next upside price breakout objective is to produce a
close above solid technical resistance at the April high of
$1,685.40. Bears' next near-term downside price objective
is closing prices below technical support at the April low
of $1,613.00. First resistance is seen at this week’s high
of $1,659.60 and then at $1,670.00. First support is seen
at today’s low of $1,635.20 and then at last week’s low of
$1,632.50. Wyckoff's Market Rating: 4.5.

May silver futures closed up $0.297 an ounce at $31.67
today. Prices closed near mid-range today. The key "outside
markets" were mildly bullish for silver today, as the U.S.
dollar index was steady-weaker and crude oil prices were
higher. The silver bears still have the slight near-term
technical advantage. Bulls’ next upside price breakout
objective is closing prices above solid technical
resistance at the April high of $33.295 an ounce. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the April low of
$30.98. First resistance is seen at today’s high of $31.91
and then at last week’s high of $32.58. Next support is
seen at this week’s low of $31.175 and then at $30.98.
Wyckoff's Market Rating: 4.5.

May N.Y. copper closed up 225 points 365.05 cents today.
Prices closed near the session high and more short covering
from recent strong selling pressure. The key "outside
markets" were mildly bullish for copper today, as the U.S.
dollar index was steady-weaker and crude oil prices were
higher. Copper bears still have the near-term technical
advantage. Copper bulls' next upside breakout objective is
pushing and closing prices above solid technical resistance
at 380.00 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at 350.00 cents. First resistance is seen at 367.50
cents and then at 370.00 cents. First support is seen at
362.50 cents and then at 360.00 cents. Wyckoff's Market
Rating: 4.0.

*. ENERGIES: May crude oil closed up $1.36 a barrel at
$104.29 today. Prices closed nearer the session high today
and hit a fresh two-week high. Bulls today regained the
slight 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
$106.00 a barrel. The next near-term downside price
breakout objective for the crude oil bears is to produce a
close below major psychological support at $100.00. First
resistance is seen at today’s high of $105.07 and then at
$106.00. First support is seen at $103.50 and then at
103.00. Wyckoff's Market Rating: 5.5

May heating oil closed up 109 points at $3.1275 today.
Prices closed nearer the session high. Bulls and bears are
on a level near-term technical playing field. The bulls'
next upside price breakout objective is closing prices
above solid technical resistance at the April high of
$3.2610. Bears' next downside price breakout objective is
producing a close below major psychological support at
$3.0000. First resistance lies at $3.1500 and then at this
week’s high of $3.1746. First support is seen at today’s
low of $3.1050 and then at last week’s low of $3.0796.
Wyckoff's Market Rating: 5.0.

May (RBOB) unleaded gasoline closed down 326 points at
$3.2344 today. Prices closed nearer the session low and hit
a fresh six-week low today. Bulls still have the overall
near-term technical advantage, but are fading a bit. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at the
April high of $3.4278. Bears' next downside price breakout
objective is closing prices below solid support at $3.1900.
First resistance is seen at $3.2500 and then at today’s
high of $3.3766. First support is seen at today’s low of
$3.2166 and then at $3.2000. Wyckoff's Market Rating: 6.0.

May natural gas closed down 6.3 cents at $1.953 today.
Prices closed nearer the session low today and hit another
fresh contract and 10-year low. The bears have the solid
overall near-term technical advantage. There are no early
clues to suggest a market low is close at hand. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at $2.25. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $1.75. First
resistance is seen at $2.069 and then at $2.10. First
support is seen at today’s contract low of $1.947 and then
at $1.90. Wyckoff's Market Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed down 2 points at 1.3137 today. Prices closed near
mid-range today. Bulls are on a level near-term technical
playing field with the bears. Euro bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at 1.3300. The next downside
price breakout objective for the bears is closing prices
below solid chart support at this week’s low of 1.3000.
First resistance for the Euro lies at today’s high of
1.3178 and then at 1.3200. Next support is seen at today’s
low of 1.3095 and then at 1.3037. Wyckoff's Market Rating:
5.0

The June Japanese yen closed down 62 points at 1.2368
today. Prices closed near the session low today and saw
some profit taking after prices Monday hit a six-week high.
Bulls still have some upside near-term technical momentum
to suggest an uptrend can be sustained. Prices are in a
four-week-old uptrend on the daily bar chart. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1.2600. Bears' next downside breakout
objective is closing prices below solid technical support
at 1.2200. First resistance is seen at 1.2400 and then at
this week’s high of 1.2462. First support is seen at 1.2350
and then at 1.2300. Wyckoff's Market Rating: 5.0.

The June Swiss franc closed down 1 point at 1.0939 today.
Prices closed near mid-range today. The 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 resistance at the April high of 1.1119.
The next downside price breakout objective for the bears is
closing prices below solid technical support at this week’s
low of 1.0817. First resistance is seen at today’s high of
1.0967 and then at last week’s high of 1.1009. First
support is seen at today’s low of 1.0900 and then at
1.0854. Wyckoff's Market Rating: 5.0.

The June Australian dollar closed up 43 points at 1.0332
today. Prices closed near the session high and scored a
bullish "outside day" up on the daily bar chart today.
Bulls and bears are on a level near-term technical playing
field. Bulls' next upside price breakout objective is
closing prices above solid chart resistance at 1.0461. The
next downside breakout objective for the bears is to
produce a close below solid technical support at last
week’s low of 1.0150. First resistance is seen at last
week’s high of 1.0380 and then at 1.0461. Next support is
seen at today’s low of 1.0235 and then at 1.0200. Wyckoff's
Market Rating: 5.0

The June Canadian dollar closed up 94 points at 1.0086
today. Prices closed nearer the session high and hit a
fresh six-week high today. The bulls have the overall near-
term technical advantage and gained fresh upside momentum
today. Bulls' next upside price breakout objective is
producing a close above chart resistance at the March high
of 1.0133. The next downside price breakout objective for
the bears is closing prices below solid technical support
at the April low of .9933. First resistance is seen at
1.0100 and then at today’s high of 1.0125. First support is
seen at 1.0050 and then at 1.0000. Wyckoff's Market Rating:
6.5.

The June British pound closed up 34 points at 1.5932 today.
Prices closed nearer the session high today. Bulls have the
overall near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at the April high of
1.6056. Bears' next downside technical breakout objective
is closing prices below solid support at the April low of
1.5797. First resistance is seen at last week’s high of
1.5979 and then at 1.6000. First support is seen at today’s
low of 1.5857 and then at this week’s low of 1.5813.
Wyckoff's Market Rating: 6.0.

The June U.S. dollar index closed down 4 points at 79.68
today. Prices closed nearer the session low again today.
Bulls and bears are on a level near-term technical playing
field amid choppy and sideways trading. Bulls' next upside
price breakout objective is to close prices above solid
technical resistance at the April high of 80.38. The next
downside price breakout objective for the bears is to
produce a close below solid technical support at the April
low of 78.79. Next resistance lies at 80.00 and then at
80.38. First support is seen at today’s low of 79.56 and
then at last week’s low of 79.36. Wyckoff's Market Rating:
5.0.

June U.S. T-Bonds closed down 15/32 at 141 13/32 today.
Prices closed near mid-range today and saw profit-taking
pressure from recent gains. Bulls still have the overall
near-term technical advantage. Prices are in a four-week-
old uptrend on the daily bar chart. 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 the March high of 142
10/32. First resistance is seen at today’s high of 141
30/32 and then at this week’s high of 142 9/32. First
support is seen at today’s low of 141 4/32 and then at 140
26/32. Wyckoff's Market Rating: 6.0.

June U.S. T Notes closed down 7.0 (32nds) at 131.15.0
today. Prices closed near mid-range today and saw profit
taking from recent gains. Bulls still have the overall
near-term technical advantage. Prices are in a four-week-
old uptrend on the daily bar chart. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at the January and February high of
132.05.5. The next downside price breakout objective for
the bears is producing a close below solid technical
support at 130.16.0. First resistance is seen at today’s
high of 131.25.0 and then at this week’s high of 131.29.0.
First support is seen at today’s low of 131.10.0 and then
at 131.00.0. Wyckoff's Market Rating: 6.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
solidly higher today as it was a "risk on" trading day
today. The stock index bulls regained some fresh upside
near-term technical momentum today.

The Nasdaq stock futures index closed up 49.00 at 2,712.75.
Prices closed nearer the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 2,800.00. The bears' next downside
price breakout objective is closing prices below solid
technical support at the March low of 2,575.00. First
resistance is seen at today’s high of 2,728.25 and then at
last week’s high of2,748.00. First support is seen at
2,700.00 and then at 2,684.25. Wyckoff's Market Rating: 7.0

The S&P 500 futures index closed up 19.70 at 1,383.60.
Prices closed nearer the session high today and scored a
bullish "outside day" up on the daily bar chart. Bulls'
next upside price breakout objective is closing prices
above solid resistance at 1,425.00. The next downside price
breakout objective for the bears is closing prices below
solid support at the March low of 1,338.80. First
resistance is seen at today’s high of 1,388.70 and then at
1,400.00. First support is seen at 1,370.00 and then at
today’s low of 1,359.60. Wyckoff's Market Rating: 7.0.

The Dow futures closed up 174 points at 13,024 today.
Prices closed nearer the session high today. The next
upside price objective for the bulls is closing prices
above solid technical resistance at the March high of
13,220. The next downside price objective for the bears is
closing prices below solid technical support at last week’s
low of 12,650. First resistance in the Dow lies at today’s
high of 13,070 and then at 13,100. First support is seen at
13,000 and then at today’s low of 12,935. 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
 

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