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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Jan. 8

Jan 09, 2013

Tuesday Evening, January 8-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 $0.45 at
$132.55 today. Prices closed nearer the session low today
on profit taking. The recent choppy and volatile trading at
higher price levels is an early warning signal of a
potential topping process in this market. But right now the
cattle bulls still have the overall near-term technical
advantage. The bulls' next upside price breakout objective
is to push and close prices above solid technical
resistance at the December high of $134.40. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
last week’s low of $131.95. First resistance is seen at
$133.00 and then at this week’s high of $133.40. First
support is seen at today’s low of $132.47 and then at last
week’s low of $131.95. Wyckoff's Market Rating: 6.0

March feeder cattle closed down $1.10 at $155.00 today.
Prices closed near the session low today on profit taking.
The feeder bulls still have the overall near-term chart
advantage. The next upside price breakout objective for the
feeder bulls is to push and close prices above solid
technical resistance at the December high of $157.07. 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 $153.65. First resistance is seen at last
week’s high of $155.50 and then at $156.00. First support
is seen at $154.50 and then at 154.00. Wyckoff's Market
Rating: 6.5

February lean hogs closed up $0.05 at $86.35 today. Prices
closed nearer the session low today. A four-month-old
uptrend is still in place on the daily chart. The bulls
still have the 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
the November contract high of $88.25. The next downside
price breakout objective for the bears is pushing prices
below solid technical support at the December low of
$83.20. First resistance is seen at today’s high of $86.95
and then at last week’s high of $87.35 First support is
seen at this week’s low of $85.85 and then at $85.35.
Wyckoff's Market Rating: 6.5

*. GRAINS: March corn futures last traded up 2 1/2 cents at
6.88 today in late trading. More tepid short covering in a
bear market was featured. Prices were near mid-range late.
Traders are awaiting Friday’s important USDA supply and
demand, quarterly grain stocks and annual grain production
summary for direction. At present the corn bears have the
solid near-term technical advantage. Prices are in a six-
week-old downtrend on the daily bar chart. Corn bulls' next
upside price objective is to push and close prices above
psychological resistance at $7.00. 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 today’s high of $6.94
1/2 and then at $7.00. First support is seen at today’s low
of $6.83 3/4 and then at Monday’s low of $6.78. Wyckoff's
Market Rating: 3.5

March soybeans were down 1 3/4 cents at $13.86 3/4 a bushel
in late trading today. Prices were nearer the session high
in quiet trading. Traders are awaiting Friday’s important
USDA supply and demand, quarterly grain stocks and annual
grain production summary for direction. Soybean bears still
have the overall 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 support at the
November low of $13.56. First resistance is seen at $14.00
and then at $14.10. First support is seen at today’s low of
$13.76 1/2 and then at $13.56. Wyckoff's Market Rating:
3.0.

March soybean meal was up $2.00 at $410.90 today in late
trading. Prices were nearer the session high on more short
covering in a bear market. Meal 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 $425.00. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
late-August low of $393.00. First resistance comes in at
today’s high of $412.90 and then at $415.00. First support
is seen at today’s low of $405.50 and then at $400.00.
Wyckoff's Market Rating: 3.0

March bean oil was down 43 points at 49.53 cents in late
trading today. Prices were nearer the session low. The bean
oil bulls have quickly faded. 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 the
December high of 51.85 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
48.73 cents. First resistance is seen at 50.00 cents and
then today’s high of 50.34 cents. First support is seen at
this week’s low of 49.25 cents and then at 49.00 cents.
Wyckoff's Market Rating: 3.0

March Chicago SRW wheat was down 3/4 cent at $7.50 1/2 in
late trading today. Prices were near the session low and
hovering near last Friday’s 6.5-month low. Traders are
awaiting Friday’s important USDA supply and demand,
quarterly grain stocks and annual grain production summary
for direction. Wheat bears have the solid near-term
technical advantage. A two-month-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 $7.90 a bushel. The next
downside price breakout objective for the wheat futures
bears is pushing and closing prices below solid technical
support at $7.25. First resistance is seen at this week’s
high of $7.60 1/2 and then at $7.75. First support lies at
last week’s low of $7.39 3/4 and then at $7.30. Wyckoff's
Market Rating: 2.5.

March K.C. HRW wheat was up 2 cents at $8.09 1/2 in late
trading today. Prices were nearer the session low and
hovering near last Friday’s six-month low. HRW 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 last week’s high
of $8.41. The bears' next downside breakout objective is
pushing and closing prices below solid technical support at
$7.75. First resistance is seen at today’s high of $8.17
and then at $8.25. First support is seen at last week’s low
of $7.96 3/4 and then at $7.90. Wyckoff's Market Rating:
2.5

March oats were up 1/4 cent at $3.31 3/4 in late trading
today. Prices were near mid-range today. Oats bears have
the solid near-term technical advantage. Bears' next
downside price breakout objective is pushing and closing
prices below solid technical support at $3.20. Bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at $3.50. First
support lies at this week’s low of $3.28 1/2 and then at
$3.25. First resistance is seen today’s high of at $3.34
1/2 and then at this week’s high of $3.38 1/2. Wyckoff's
Market Rating: 3.0

*. SOFTS: March sugar closed down 25 points at 18.61 cents
today. Prices closed near the session low today and hit
another fresh three-week low. Sugar bears have the solid
overall near-term technical advantage. Bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at last week’s high of 19.75
cents. Bears' next downside price breakout objective is to
push and close prices below solid technical support at the
December low of 18.31 cents. First resistance is seen at
18.75 cents and then at this week’s high of 19.05 cents.
First support is seen at 18.50 cents and then at 18.31
cents. Wyckoff's Market Rating: 2.0.

March coffee closed down 375 points at 146.65 cents today.
Prices closed nearer the session low today. The coffee
bears have the solid overall near-term technical advantage.
The next upside breakout objective for the bulls is to
close prices above solid technical resistance at 157.50
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the contract low of 141.24 cents a pound. First resistance
is seen at 150.00 cents and then at last week’s high of
151.95 cents. First support is seen at today’s low of
145.65 cents and then at 142.60 cents. Wyckoff's Market
Rating: 2.0.

March cocoa closed down $46 at $2,221 a ton. Prices closed
nearer the session low today, scored a bearish “outside
day” down on the daily bar chart and hit a fresh six-month
low. The cocoa bears have the near-term technical
advantage. Prices are in a five-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 $2,325. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $2,115. First
resistance is seen at $2,250 and then at today’s high of
$2,276. First support is seen at today’s low of $2,206 and
then at $2,200. Wyckoff's Market Rating: 3.0

March cotton closed down 55 points at 75.16 cents today.
Prices closed nearer the session low today. Traders are
awaiting Friday’s important USDA supply and demand and
annual production summary for direction. The cotton bulls
still have the slight overall near-term technical
advantage, but need to show more power soon to keep it. The
next upside price breakout objective for the bulls is to
produce a close above solid technical resistance at the
December high of 77.10 cents. The next downside price
breakout objective for the cotton bears is to push and
close prices below solid technical support at last week’s
low of 73.72 cents. First resistance is seen at today’s
high of 75.86 cents and then at 76.00 cents. First support
is seen at this week’s low of 74.64 cents and then at 74.00
cents. Wyckoff's Market Rating: 5.5.

March orange juice closed down 110 points at $1.0950 today.
Prices closed near the session low today and hit another
fresh seven-week low. FCOJ bulls have faded badly recently
as a bearish V-Top reversal pattern has formed on the daily
bar chart. No threatening cold weather for the southeastern
U.S. has sucked speculative money out of the FCOJ market.
The market is now well overdone on the downside and due for
at least a good upside corrective bounce very soon. The
next upside price breakout objective for the FCOJ bulls is
pushing and closing prices above technical resistance at
$1.1800. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at the October low of $1.0675. First resistance is
seen at today’s high of 1.1245 and then at this week’s high
of $1.1445. First support is seen at $1.0900 and then at
$1.0800. Wyckoff's Market Rating: 1.5.

March lumber futures closed down $5.90 at $376.00 today.
Prices closed near the session high. Profit taking was
featured. The lumber bulls still have the overall near-term
technical advantage. The next downside technical breakout
objective for the lumber bears is pushing and closing
prices below solid technical support at $365.00. The next
upside price breakout objective for the bulls is pushing
and closing prices above solid technical resistance at the
contract high of $397.00. First resistance is seen at
$380.00 and then at this week’s high of $383.00. First
support is seen at today’s low of $371.90 and then at
$370.00. Wyckoff's Market Rating: 7.0

*. METALS: February gold futures closed up $14.50 an ounce
at $1,660.90 today. Prices closed nearer the session high
today on short covering and bargain hunting. Today’s price
action begins to suggest the bears are getting exhausted on
from their recent push lower. However, bulls have more work
to do in the near term. The gold bears still have the
overall near-term technical advantage. A three-month-old
downtrend is still in place on the daily bar chart. The
gold bulls’ next upside price breakout objective is to
produce a close above solid technical resistance at last
week’s high of $1,695.40. Bears' next near-term downside
breakout price objective is closing prices below solid
technical support at last week’s low of $1,626.00. First
resistance is seen at $1,664.50 and then at $1,675.00.
First support is seen at 1,650.00 and then at this week’s
low of $1,642.60. Wyckoff’s Market Rating: 4.0

March silver futures closed up $0.338 an ounce at $30.42
today. Prices closed nearer the session high today. Bulls
are regaining a bit of upside technical momentum. The bears
appear to be exhausted on from their recent push lower. The
silver bears still have the overall near-term technical
advantage and bulls still have work to do in the near term.
Bulls’ next upside price breakout objective is closing
prices above solid technical resistance at last week’s high
of $31.535 an ounce. The next downside price breakout
objective for the bears is closing prices below solid
technical support at last week’s low of $29.24. First
resistance is seen at today’s high of $30.59 and then at
$30.79. Next support is seen at today’s low of $30.085 and
then at this week’s low of $29.86. Wyckoff's Market Rating:
4.0.

March N.Y. copper closed down 20 points at 367.60 cents
today. Prices closed near mid-range today in quieter
trading. Copper bulls still have the overall near-term
technical advantage. Prices are in a two-month-old uptrend
on the daily bar chart. Copper bulls' next upside breakout
objective is pushing and closing prices above solid
technical resistance at the September high of 384.80 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support at 365.00
cents. First resistance is seen at 370.00 cents and then at
this week’s high of 371.35 cents. First support is seen at
this week’s low of 365.25 cents and then at 362.50 cents.
Wyckoff's Market Rating: 6.0.

*. ENERGIES: February crude oil closed up $0.08 a barrel at
$93.27 today. Prices closed near mid-range today. The crude
bulls still have some upside near-term technical momentum
and they have the overall near-term technical advantage.
Prices are in a four-week-old uptrend on the daily bar
chart. The next near-term upside price breakout objective
for the crude oil bulls is producing a close above solid
technical resistance at $95.00 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 last week’s high of
$93.87 and then at $94.50. First support is seen at today’s
low of $92.67 and then at $92.00. Wyckoff's Market Rating:
6.0

February heating oil closed up 320 points at $3.0634 today.
Prices closed nearer the session high today and hit a fresh
five-week high. Bulls have the near-term technical
advantage and gained fresh upside momentum today. 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 last week’s low of $2.9809. First resistance
lies at today’s high of $3.0752 and then at $3.1026. First
support is seen at $3.0500 and then at today’s low of
$3.0323. Wyckoff's Market Rating: 6.0.

February (RBOB) unleaded gasoline closed up 156 points at
$2.7930 today. Prices closed near mid-range 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 breakout objective for the bulls is closing
prices above solid technical resistance at the September
high of $2.8660. Bears' next downside price breakout
objective is closing prices below solid support at $2.6500.
First resistance is seen at last week’s high of $2.8136 and
then at $2.8500. First support is seen at today’s low of
$2.7745 and then at this week’s low of $2.7433. Wyckoff's
Market Rating: 6.5.

February natural gas closed down 3.7 cents at $3.229 today.
Prices closed near mid-range today. Nat gas bears have the
solid overall near-term technical advantage. A six-week-old
downtrend is in place on the daily bar chart. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at $3.50. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the contract low of
$3.050. First resistance is seen at today’s high of $3.281
and then at this week’s high of $3.352. First support is
seen at today’s low of $3.201 and then at $3.164. Wyckoff's
Market Rating: 2.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 29 points at 1.3091 today. Prices closed nearer
the session low today. The Euro bulls have the overall
near-term technical advantage but have faded recently. Euro
bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at 1.3250.
The next downside price breakout objective for the bears is
closing prices below solid chart support at the December
low of 1.2892. First resistance for the Euro lies at
today’s high of 1.3148 and then at 1.3200. Next support is
seen at today’s low of 1.3064 and then at last week’s low
of 1.3005. Wyckoff's Market Rating: 6.0

The March Japanese yen closed up 97 points at 1.1488 today.
Prices closed nearer the session high again today on more
short covering in a bear market. Bears still have the solid
overall near-term technical advantage. Prices are in a
steep three-month-old downtrend on the daily bar chart.
There are still no early clues of a market bottom being
close at hand. Bulls' next upside price breakout objective
is closing prices above solid resistance at 1.1700. Bears'
next downside breakout objective is closing prices below
solid technical support at 1.1200. First resistance is seen
at 1.1550 and then at 1.1600. First support is seen at
today’s low of 1.1393 and then at the contract low of
1.1317. Wyckoff's Market Rating: 1.5.

The March Swiss franc closed down 27 points at 1.0834
today. Prices closed nearer the session low today. The
Swissy bulls have the slight overall near-term technical
advantage but have faded recently. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at the December high of 1.1026. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the December low of
1.0678. First resistance is seen at today’s high of 1.0878
and then at 1.0915. First support is seen at 1.0800 and
then at last week’s low of 1.0760. Wyckoff's Market Rating:
5.5.

The March Australian dollar closed up 10 points at 1.0450
today. Prices closed nearer the session high today. Bulls
have the solid overall near-term technical advantage.
Bulls' next upside price breakout objective is closing
prices above solid chart resistance at the December high of
1.0520. The next downside breakout objective for the bears
is to produce a close below solid technical support at the
December low of 1.0281. First resistance is seen at last
week’s high of 1.0472 and then at 1.0500. Next support is
seen at 1.0400 and then at 1.0350. Wyckoff's Market Rating:
7.5

The March Canadian dollar closed down 4 points at 1.0120
today. Prices closed near mid-range today. Bulls still have
the slight overall near-term technical advantage. Bulls'
next upside price breakout objective is producing a close
above chart resistance at the December high of 1.0158. The
next downside price breakout objective for the bears is
closing prices below solid technical support at 1.0000.
First resistance is seen at last week’s high of 1.0149 and
then at 1.0158. First support is seen at this week’s low of
1.0100 and then at 1.0080. Wyckoff's Market Rating: 5.5.

The March British pound closed down 52 points at 1.6050
today. Prices closed nearer the session low today. Bulls
still have the slight overall near-term technical advantage
but have faded badly recently, and a bearish double-top
reversal pattern may be forming on the daily bar chart. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at the
contract high of 1.6314. Bears' next downside technical
breakout objective is closing prices below solid support at
last week’s low of 1.5945. First resistance is seen at
today’s high of 1.6123 and then at 1.6175. First support is
seen at this week’s low of 1.6017 and then at 1.5998.
Wyckoff's Market Rating: 5.5.

The March U.S. dollar index closed up 6 points at 80.43
today. Prices closed near mid-range today. The bears still
have the overall near-term technical advantage. However,
the bulls have gained some fresh upside near-term technical
momentum recently. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at the December high of 81.05. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at 79.42. Next
resistance lies at today’s high of 80.57 and then at this
week’s high of 80.80. First support is seen at today’s low
of 80.57 and then at 80.42. Wyckoff's Market Rating: 4.0.

March U.S. T-Bonds closed up 17/32 at 145 7/32 today.
Prices closed nearer the session high and saw more short
covering in a bear market after hitting a nearly four-month
low last Friday. T-Bond bears still have the near-term
technical advantage. The next downside price breakout
objective for the T-Bond bears is closing prices below
solid technical support at the September low of 143 8/32.
The next upside technical objective for the bulls is to
produce a close above solid technical resistance at 146
23/32. First resistance is seen at today’s high of 145
13/32 and then at 145 19/32. First support is seen at 145
even and then at today’s low of 144 17/32. Wyckoff's Market
Rating: 3.0.

March U.S. T Notes closed up 9.0 (32nds) at 131.27.5 today.
Prices closed nearer the session high on more short
covering after hitting a nearly four-month low last Friday.
Bears have the overall near-term technical advantage.
Prices are in a four-week-old downtrend on the daily bar
chart. The next upside price breakout objective for the
bulls is closing prices above solid resistance at 133.02.5.
The next downside price breakout objective for the bears is
producing a close below solid technical support at the
September low of 130.10.5. First resistance is seen at
today’s high of 131.29.0 and then at 132.00.0. First
support is seen at today’s low of 131.17.5 and then at last
week’s low of 131.04.0. Wyckoff's Market Rating: 3.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker today on more profit taking. In overnight news there
was a mixed bag of economic data released by the European
Union Tuesday. Most of it was downbeat, highlighted by the
Euro zone seeing record high unemployment in November, at
11.8%. Traders are awaiting Thursday’s monthly European
Central Bank meeting. Asian traders are awaiting a fresh
batch of Chinese economic data due out later this week and
during the upcoming weekend. U.S. economic released Tuesday
moved the markets very little.

The Nasdaq stock futures index closed down 3.50 at 2,714.25
today. Prices closed near mid-range again today. Bulls
still have the near-term technical advantage. 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 December low of 2,580.00. First
resistance is seen at 2,736.00 and then at last week’s high
of 2,747.00. First support is seen at today’s low of
2,698.50 and then at 2,686.25. Wyckoff's Market Rating: 6.0

The S&P 500 futures index closed down 4.00 at 1,451.80.
Prices closed near mid-range again on more mild profit
taking after hitting a 2.5-month high last Friday. Bulls
still have the near-term technical advantage. 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
1,383.00. First resistance is seen at today’s high of
1,456.80 and then at 1,467.50. First support is seen at
today’s low of 1,446.20 and then at 1,439.30. Wyckoff's
Market Rating: 6.0.

The Dow futures closed down 40 points at 13,267. Prices
closed near mid-range on again today on more mild profit
taking after prices last Friday another 2.5-month high.
Bulls still have the near-term technical advantage. The
next upside price objective for the bulls is closing prices
above solid technical resistance at the October high of
13,597. The next downside price objective for the bears is
closing prices below solid technical support at the
December low of 12,777. First resistance in the Dow lies at
today’s high of 13,309 and then at last week’s high of
13,370. First support is seen at today’s low of 13,267 and
then at 13,200. 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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