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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Dec. 20

Dec 21, 2012

Thursday Evening, December 20-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: February live cattle closed down $0.85 at
$133.50 today. Prices closed near mid-range today on some
profit taking from recent strong gains. Bulls have the
solid near-term technical advantage. Prices are in a six-
week-old uptrend on the daily bar chart. The bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at the contract high of
$135.90. The next downside technical breakout objective for
the bears is pushing and closing prices below solid
technical support at $132.50. First resistance is seen at
today’s high of $133.87 and then at $134.00. First support
is seen at today’s low of $133.15 and then at this week’s
low of $132.82. Wyckoff's Market Rating: 7.0

March feeder cattle closed down $0.90 at $154.85 today.
Prices closed nearer the session low today on some profit
taking from recent gains. The feeder bulls still have the
overall chart advantage. Prices are in a five-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 this
week’s high of $157.07. The next downside price breakout
objective for the bears is to push and close prices below
solid technical support at $153.00. First resistance is
seen at today’s high of $155.52 and then at $156.00. First
support is seen at this week’s low of $154.37 and then at
154.00. Wyckoff's Market Rating: 6.5

February lean hogs closed down $0.12 at $86.45 today.
Prices closed nearer the session high. A major winter storm
in the Midwest U.S. will limit hogs coming to market this
week, and that’s near-term bullish. A three-month-old
uptrend is in place on the daily chart. The bulls have the
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 the November
contract high of $88.25. The next downside price breakout
objective for the bears is pushing prices below solid
technical support at this week’s low of $84.45. First
resistance is seen at this week’s high of $86.70 and then
at $87.00. First support is seen at today’s low of $85.90
and then at $85.45. Wyckoff's Market Rating: 6.5

*. GRAINS: March corn futures were down 6 1/2 cents at 6.96
1/2 in late trading today. Prices were near mid-range and
hit a fresh 6.5-month low today. Recent slack U.S. export
demand for corn and technical selling has hurt the bullish
camp. Corn bears have the near-term technical advantage and
have gained fresh downside momentum this week. Prices are
in a three-week-old downtrend on the daily bar chart. Corn
bulls' next upside price objective is to push and close
prices above solid technical resistance at $7.25. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at $6.75.
First resistance for March corn is seen at $7.00 and then
at today’s high of $7.05. First support is seen at $6.90
and then at today’s low of $6.87 1/2. Wyckoff's Market
Rating: 3.5

March soybeans were down 26 1/4 cents at $14.04 3/4 a
bushel in late trading today. Prices were nearer the
session low and hit another fresh three-week low today.
There was another report today of Chinese cancellations of
previous U.S. soybean purchases. That and good South
American growing weather have hit the soybean market hard
this week. Soybean bears have the near-term technical
advantage. The next near-term upside technical breakout
objective for the soybean bulls is pushing and closing
January prices above solid technical resistance at $14.50 a
bushel. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
and psychological support at $14.00. First resistance is
seen at $14.20 and then at $14.25. First support is seen at
today’s low of $13.97 3/4 and then at $13.85. Wyckoff's
Market Rating: 3.0.

March soybean meal was down $9.10 at $425.00 in late
trading today. Prices were nearer the session low and hit
another fresh three-week low today. Bears have the near-
term technical advantage. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at $445.00. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at the November low of
$405.50. First resistance comes in at $430.00 and then at
today’s high of $434.50. First support is seen at today’s
low of $423.20 and then at $420.00. Wyckoff's Market
Rating: 3.0

March bean oil was down 44 points at 48.31 cents in late
trading today. Prices were nearer the session low and hit
another fresh four-week low today. The bean oil bears 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 50.00 cents. Bean oil bears' next downside technical
price breakout objective is pushing and closing prices
below solid technical support at the November low of 47.35
cents. First resistance is seen at 48.50 cents and then at
49.00 cents. First support is seen at today’s low of 47.92
cents and then at 47.35 cents. Wyckoff's Market Rating: 1.5

March Chicago SRW wheat was down 15 1/4 cents at $7.90 1/2
in late trading today. Prices were nearer the session low
and hit a fresh 5.5-month low today. Wheat bears have the
near-term technical advantage and gained fresh downside
momentum today. A six-week-old downtrend is in place on the
daily bar chart. Wheat bulls’ next upside breakout
objective is to push and close Chicago SRW prices above
solid technical resistance at this week’s high of $8.22 3/4
a bushel. The next downside price breakout objective for
the wheat futures bears is pushing and closing prices below
solid technical support at $7.50. First resistance is seen
at $8.00 and then at today’s high of $8.08 1/2. First
support lies at today’s low of $7.82 1/2 and then at $7.75.
Wyckoff's Market Rating: 3.5.

March K.C. HRW wheat was down 14 1/4 cents at $8.43 3/4 in
late trading today. Prices were nearer the session low and
hit a fresh five-month low today. HRW bears have downside
momentum and have the overall near-term technical
advantage. Bulls’ next upside price breakout objective is
pushing and closing prices above solid technical resistance
at the November low of $8.86. The bears' next downside
breakout objective is pushing and closing prices below
solid technical support at $8.25. First resistance is seen
at $8.50 and then at today’s high of $8.60 1/2. First
support is seen at today’s low of $8.40 1/2 and then at
$8.34. Wyckoff's Market Rating: 3.5

March oats were down 15 1/2 cents at $3.59 3/4 today in
late trading. Prices were nearer the session low and hit a
fresh 5.5-month low. Oats bulls crashed today and the bears
suddenly have the near-term technical advantage. Bears'
next downside price breakout objective is pushing and
closing prices below solid technical support at $3.50.
Bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at $3.75.
First support lies at today’s low of $3.56 1/4 and then at
$3.55. First resistance is seen at $3.65 and then at $3.67
1/4. Wyckoff's Market Rating: 4.0

*. SOFTS: March sugar closed steady at 19.23 cents today.
Prices closed nearer the session high today. Sugar bears
have the overall near-term technical advantage. Bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at the November high of
20.03 cents. Bears' next downside price breakout objective
is to push and close prices below solid technical support
at last week’s low of 18.31 cents. First resistance is seen
at this week’s high of 19.46 cents and then at 19.77 cents.
First support is seen at 19.00 cents and then at today’s
low of 18.81 cents. Wyckoff's Market Rating: 2.0.

March coffee closed down 205 points at 142.85 cents. Prices
closed nearer the session low today and hit another fresh
contract and 2.5-year low. The coffee bears have the solid
overall near-term technical advantage. Prices are in an 11-
week-old downtrend on the daily bar chart. The next upside
breakout objective for the bulls is to close prices above
solid technical resistance at 150.00 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 135.00 cents a
pound. First resistance is seen at 145.00 cents and then at
today’s high of 146.25 cents. First support is seen at
today’s contract low of 141.80 cents and then at 140.00
cents. Wyckoff's Market Rating: 1.0.

March cocoa closed down $19 at $2,339 a ton. Prices closed
near mid-range and hit a fresh five-month low today. The
cocoa bears have the near-term technical advantage and
gained more downside momentum today. Prices are in a three-
week-old downtrend on the daily bar chart. The next upside
price breakout objective for the cocoa bulls is to push and
close prices above solid technical resistance at last
week’s high of $2,453. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $2,250. First resistance is seen
at $2,350 and then at today’s high of $2,371. First support
is seen at today’s low of $2,311 and then at $2,300.
Wyckoff's Market Rating: 3.5

March cotton closed down 20 points at 75.69 cents today.
Prices closed nearer the session high again today and saw
some mild profit taking. Given the weakness in grains and
other commodity markets today, the cotton market performed
pretty well. The cotton bulls have the overall near-term
technical advantage. A five-week-old uptrend is in place 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 October high of 76.39 cents.
The next downside price breakout objective for the cotton
bears is to push and close prices below solid technical
support at the December low of 73.50 cents. First
resistance is seen at this week’s high of 76.29 cents and
then at 77.00 cents. First support is seen at today’s low
of 75.05 cents and then at 74.37 cents. Wyckoff's Market
Rating: 6.0.

March orange juice closed down 400 points at $1.3800 today.
Prices closed nearer the session low on profit taking from
recent gains. Prices Wednesday hit a 7.5-month high. FCOJ
bulls still have the overall near-term technical advantage.
The next upside price breakout objective for the FCOJ bulls
is pushing and closing prices above technical resistance at
$1.5000. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at the September high of $1.3095. First resistance
is seen at $1.4000 and then at today’s high of $1.4200.
First support is seen at this week’s low of $1.3460 and
then at $1.3295. Wyckoff's Market Rating: 7.0.

January lumber futures closed down $2.10 at $356.60 today.
Prices closed near mid-range today. Mild profit taking was
seen. The lumber bulls still have the solid overall near-
term technical advantage. The next downside technical
breakout objective for the lumber bears is pushing and
closing prices below solid technical support at last week’s
low of $342.10. The next upside price breakout objective
for the bulls is pushing and closing prices above solid
technical resistance at $370.00. First resistance is seen
at Monday’s contract high of $360.70 and then at $362.50.
First support is seen at today’s low of $354.70 and then at
this week’s low of $353.00. Wyckoff's Market Rating: 8.0

*. METALS: February gold futures closed down $21.30 an
ounce at $1,646.50 today. Prices closed nearer the session
low today and hit a fresh four-month low today. As the year
winds down there is less investor and trader risk aversion
in the market place and that has been bearish for the safe-
haven gold market. More technical selling and end-of-year
book-squaring also pressured gold today. Serious near-term
chart damage has been inflicted this week. A 2.5-month-old
downtrend is in place on the daily bar chart. Gold bears
have the overall near-term technical advantage. The gold
bulls’ next upside price breakout objective is to produce a
close above solid technical resistance at the November low
of $1,674.70. Bears' next near-term downside breakout price
objective is closing prices below psychological support at
$1,600.00. First resistance is seen at $1,650.00 and then
at 1,660.00. First support is seen at today’s low of
$1,636.00 and then at $1,625.00. Wyckoff’s Market Rating:
3.0

March silver futures closed down $1.236 an ounce at $29.88
today. Prices closed nearer the session low again today and
hit a fresh four-month low. The silver bears have the near-
term technical advantage and gained more downside momentum
today. Prices are in a steep three-week-old downtrend on
the daily bar chart. Serious near-term chart damage has
been inflicted in silver recently, including more today.
Bulls’ next upside price breakout objective is closing
prices above solid technical resistance at $32.00 an ounce.
The next downside price breakout objective for the bears is
closing prices below solid technical support at $29.00.
First resistance is seen at $30.00 and then at $30.50. Next
support is seen at today’s low of $29.635 and then at
$29.50. Wyckoff's Market Rating: 3.0.

March N.Y. copper closed down 710 points at 353.45 cents
today. Prices closed nearer the session low gain today and
hit a fresh three-week low. Copper bulls have faded badly
this week. Bears now have the slight overall near-term
technical advantage. Copper bulls' next upside breakout
objective is pushing and closing prices above solid
technical resistance at 362.50 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 355.00 cents and then at 357.50
cents. First support is seen at today’s low of 352.30 cents
and then at 350.00 cents. Wyckoff's Market Rating: 4.5.

*. ENERGIES: February crude oil closed down $0.06 a barrel
at $89.90 today. Prices closed near mid-range and saw some
mild profit taking from recent gains. Prices did hit a
fresh three-week high early on. A weaker U.S. dollar index
has been bullish for crude oil this week. Crude oil bulls
have 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 the December high of $90.90 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 the
December low of $85.76. First resistance is seen at today’s
high of $90.54 and then at $90.90. First support is seen at
today’s low of $89.26 and then at Wednesday’s low of
$88.26. Wyckoff's Market Rating: 5.5

February heating oil closed up 119 points at $3.0432 today.
Prices closed near mid-range today. Bulls and bears are on
a level near-term technical playing field. Prices are still
in a three-month-old downtrend on the daily bar chart. The
bulls' next upside price breakout objective is closing
prices above solid technical resistance at the December
high of $3.1026. Bears' next downside price breakout
objective is producing a close below solid technical
support at the December low of $2.9027. First resistance
lies at today’s high of $3.0619 and then at $3.0800. First
support is seen at today’s low of $3.0198 and then at
$3.0000. Wyckoff's Market Rating: 5.0.

February (RBOB) unleaded gasoline closed up 65 points at
$2.7403 today. Prices closed near mid-range today and hit a
fresh three-week high. Bulls have the near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance at
the December high of $2.7634. Bears' next downside price
breakout objective is closing prices below solid support at
the December low of $2.5959. First resistance is seen at
the December high of $2.7634 and then at the October high
of $2.8087. First support is seen at today’s low of $2.7182
and then at $2.7000. Wyckoff's Market Rating: 6.0.

February natural gas closed up 12.5 cents at $3.491 today.
Prices closed nearer the session high and saw short
covering in a bear market. Nat gas bears still have the
overall near-term technical advantage. A steep four-week-
old downtrend 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 the
December high of $3.765. The next downside price breakout
objective for the bears is closing prices below solid
technical support at the August low of $3.222. First
resistance is seen at today’s high of $3.503 and then at
$3.55. First support is seen at $3.40 and then at today’s
low of $3.36. Wyckoff's Market Rating: 3.5.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 4 points at 1.3255 today. Prices closed near
mid-range today and saw mild profit taking. Prices
Wednesday hit a 7.5-month high. The bulls have the solid
near-term technical advantage. A six-week-old uptrend is in
place on the daily bar chart. Euro bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at 1.3400. The next downside
price breakout objective for the bears is closing prices
below solid chart support at 1.3050. First resistance for
the Euro lies at 1.3300 and then at this week’s high of
1.3321. Next support is seen at today’s low of 1.3212 and
then at this week’s low of 1.3156. Wyckoff's Market Rating:
7.5

The March Japanese yen closed down 1 point at 1.1857 today.
Prices closed nearer the session low today and closed at a
fresh contract low close. Bears have the solid overall
near-term technical advantage. Prices are in a steep 10-
week-old downtrend on the daily bar chart. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1.2000. Bears' next downside breakout
objective is closing prices below solid technical support
at 1.1750. First resistance is seen at today’s high of
1.1934 and then at this week’s high of 1.1968. First
support is seen at Wednesday’s contract low of 1.1827 and
then at 1.1800. Wyckoff's Market Rating: 1.0.

The March Swiss franc closed up 4 points at 1.0987 today.
Prices closed near mid-range today and hit another fresh
seven-month high. The Swissy bulls have the solid near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
resistance at 1.1100. The next downside price breakout
objective for the bears is closing prices below solid
technical support at 1.0800. First resistance is seen at
today’s high of 1.1026 and then at 1.1050. First support is
seen at today’s low of 1.0945 and then at 1.0900. Wyckoff's
Market Rating: 7.5.

The March Australian dollar closed down 7 points at 1.0417
today. Prices closed near mid-range today and saw some more
mild profit taking. Prices Monday hit a contract high.
Bulls still have the solid overall near-term technical
advantage. Bulls' next upside price breakout objective is
closing prices above solid chart resistance at 1.0600. The
next downside breakout objective for the bears is to
produce a close below solid technical support at 1.0360.
First resistance is seen at today’s high of 1.0433 and then
at 1.0464. Next support is seen at today’s low of 1.0394
and then at 1.0360. Wyckoff's Market Rating: 7.5

The March Canadian dollar closed up 3 points at 1.0109
today. Prices closed nearer the session high today. Bulls
have the near-term technical advantage. Prices are still in
a four-week-old uptrend on the daily bar chart. Bulls' next
upside price breakout objective is producing a close above
chart resistance at 1.0200. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 1.0000. First resistance is seen
at 1.0133 and then at last week’s high of 1.0158. First
support is seen at today’s low of 1.0085 and then at
1.0050. Wyckoff's Market Rating: 6.0.

The March British pound closed up 19 points at 1.6274
today. Prices closed nearer the session high today and did
close at a fresh contract high close. Bulls 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 1.6400. Bears' next
downside technical breakout objective is closing prices
below solid support at 1.6075. First resistance is seen at
the contract high of 1.6304 and then at 1.6350. First
support is seen at today’s low or 1.6240 and then at
1.6191. Wyckoff's Market Rating: 7.5.

The March U.S. dollar index closed down 1 point at 79.30
today. Prices closed nearer the session high today. Prices
Wednesday hit a three-month low. The bears have the near-
term technical advantage and have gained fresh downside
momentum this week. Prices are in a four-week-old downtrend
on the daily bar chart. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at 80.50. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at the September low of 78.94. Next
resistance lies at 79.50 and then at 79.65. First support
is seen at this week’s low of 79.01 and then at 78.94.
Wyckoff's Market Rating: 2.5.

March U.S. T-Bonds closed down 2/32 at 146 16/32 today.
Prices closed nearer the session low today. Prices Tuesday
hit a two-month low. Bears have the near-term technical
advantage. Prices are in a steep two-week-old downtrend on
the daily bar chart. The next downside price breakout
objective for the T-Bond bears is closing prices below
solid technical support at the October low of 144 27/32.
The next upside technical objective for the bulls is to
produce a close above solid technical resistance at 148
24/32. First resistance is seen at today’s high of 147 4/32
and then at 147 16/32. First support is seen at today’s low
of 146 9/32 and then at 146 even. Wyckoff's Market Rating:
3.5.

March U.S. T Notes closed down 1.0 (32nds) at 132.04.0
today. Prices closed near the session low today. Prices
Tuesday hit a six-week low. Bears have the slight near-term
technical advantage. Prices are in a steep two-week-old
downtrend on the daily bar chart. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at 132.27.0. The next downside price
breakout objective for the bears is producing a close below
solid technical support at the October low of 131.03.0.
First resistance is seen at today’s high of 132.12.0 and
then at 132.16.0. First support is seen at 131.28.0 and
then at this week’s low of 131.25.5. Wyckoff's Market
Rating: 4.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
mixed today. Investors continue to worry about the U.S.
fiscal cliff negotiations that appear to have again
stalled, after some movement toward an agreement was
apparent earlier in the week. The U.S. House of
Representatives is set to vote on a “Plan B” budget plan
Thursday night that President Obama said he will veto. U.S.
lawmakers have until January 3 to come to agreement before
the government falls off the fiscal cliff. Markets do not
like uncertainty and most markets will remain jittery until
the fiscal cliff issue comes to pass. In overnight news,
the Bank of Japan announced another monetary stimulus plan
Thursday, which was not unexpected.

The Nasdaq stock futures index closed down 1.00 at 2,692.00
today. Prices closed near mid-range. Bulls have the near-
term technical advantage. Bulls' next upside price breakout
objective is closing prices above solid resistance at
2,750.00. The bears' next downside price breakout objective
is closing prices below solid technical support at
2,600.00. First resistance is seen at this week’s high of
2,713.75 and then at 2,725.00. First support is seen at
today’s low of 2,678.25 and then at Tuesday’s low of
2,662.25. Wyckoff's Market Rating: 6.0

The S&P 500 futures index closed up 7.20 at 1,440.30.
Prices closed near the session high. Bulls have the near-
term technical advantage. A four-week-old uptrend is in
place on the daily bar chart. Bulls' next upside price
breakout objective is closing prices above solid resistance
at the September high of 1,467.50. The next downside price
breakout objective for the bears is closing prices below
solid support at the December low of 1,397.00. First
resistance is seen at this week’s high of 1,445.80 and then
at 1,460.00. First support is seen at 1,425.50 and then at
last week’s low of 1,406.00. Wyckoff's Market Rating: 6.0.

The Dow futures closed up 48 points at 13,267. Prices
closed near the session high today. Bulls have the near-
term technical advantage. Prices are in a four-week-old
uptrend on the daily bar chart. The next upside price
objective for the bulls is closing prices above solid
technical resistance at 13,500. The next downside price
objective for the bears is closing prices below solid
technical support at the December low of 12,915. First
resistance in the Dow lies at this week’s high of 13,310
and then at 13,350. First support is seen at 13,200 and
then at today’s low of 13,175. 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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