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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Mar 11

Mar 12, 2013


Monday Evening, March 11-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: April live cattle closed up $1.02 at $128.57
today. Prices closed nearer the session high today on short
covering in a bear market. Prices Friday hit a 10-month
low. The market was supported today by some improving cash
cattle market fundamentals to start the week. Cattle
futures bears still have the solid overall near-term
technical advantage. Good follow-through buying interest
and solid gains on Tuesday would begin to hint that a
market bottom is in place. The bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at the March high of $130.80. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
last week’s low of $127.20. First resistance is seen at
$129.00 and then at $129.35. First support is seen at
$128.00 and then at $127.50. Wyckoff's Market Rating: 2.0

April feeder cattle closed up $0.02 at $141.37 today.
Prices saw tepid short covering in a bear market. Prices
Friday hit a contract low. The feeder bears still have the
solid near-term technical advantage. The next upside price
breakout objective for the feeder bulls is to push and
close prices above solid technical resistance at $143.50.
The next downside price breakout objective for the bears is
to push and close prices below solid technical support at
$140.00. First resistance is seen at today’s high of
$142.02 and then at $142.50. First support is seen at
Friday’s contract low of $140.95 and then at $140.50.
Wyckoff's Market Rating: 1.0

April lean hogs closed down $0.92 at $81.10 today. Prices
closed nearer the session low today. Price action late 
last week still hints at a market bottom being in place,
but the bulls will have to show fresh power early this week
to support that notion. The hog bears 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 $83.00. The
next downside price breakout objective for the bears is
pushing prices below solid technical support at $80.00.
First resistance is seen at today’s high of $81.70 and then
at last week’s high of $82.25. First support is seen at
today’s low of $80.90 and then at $80.37. Wyckoff's Market
Rating: 2.0

*. GRAINS: May corn futures last traded up 9 1/4 cents at
$7.12 3/4 today in late trading. Prices were nearer the
session high and hit a fresh four-week high today. Heavy
short covering and bargain hunting were seen today,
including follow-through technical buying interest from
Friday’s solid gains. The corn market bulls are now gaining
fresh upside near-term technical momentum to suggest that a
market low is in place. Corn bulls and bears are now back
on a level near-term technical playing field. 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 $7.00.
First resistance for May corn is seen at today’s high of
$7.16 1/4 and then at $7.20. First support is seen at $7.10
and then at today’s low of $7.02 1/2. Wyckoff's Market
Rating: 5.0

May soybeans were up 8 3/4 cents at $14.79 3/4 a bushel in
late trading today. Prices were nearer the session high and
poised to close at a fresh five-week high close today.
Soybean bulls have the slight near-term technical advantage
as a choppy two-month-old uptrend is in place on the daily
bar chart. However, there is very strong overhead
resistance at $15.00, or just below, that has checked
rallies the past few months. The next near-term upside
technical breakout objective for the soybean bulls is
pushing and closing prices above psychological resistance
at $15.00 a bushel. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $14.20. First resistance is seen
at last week’s high of $14.84 3/4 and then at $14.90. First
support is seen at today’s low of $14.67 1/4 and then at
$14.60. Wyckoff's Market Rating: 5.5.

May soybean meal was up $2.30 at $437.50 today in late
trading. Prices were near mid-range but poised to close at
a fresh three-month high close today. Bulls have the near-
term technical advantage. Prices are in a choppy, two-
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 February high
of $443.90. The next downside price breakout objective for
the bears is pushing and closing prices below solid
technical support at the March low of $424.20. First
resistance comes in at today’s high of $439.90 and then at
last week’s high of $442.90. First support is seen at
$435.00 and then at today’s low of $432.90 and then at
$430.00. Wyckoff's Market Rating: 6.0

May bean oil was up 8 points at 50.42 cents in late trading
today. Prices were near mid-range. More short covering was
featured today. Bean oil bears still 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 51.00 cents.
Bean oil bears' next downside technical price breakout
objective is pushing and closing prices below solid
technical support at the March low of 48.67 cents. First
resistance is seen at last week’s high of 50.78 cents and
then at 51.00 cents. First support is seen at today’s low
of 50.16 cents and then at 50.00 cents. Wyckoff's Market
Rating: 3.5

May Chicago SRW wheat was up 5 cents at $7.02 in late
trading today. Prices were near mid-range on tepid short
covering in a bear market. Prices are still in a seven-
week-old downtrend on the daily bar chart. Wheat bears have
the solid overall near-term technical advantage. Wheat
bulls’ next upside breakout objective is to push and close
Chicago SRW prices above solid technical resistance at the
March high of $7.26 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 last
June’s low of $6.79. First resistance is seen at today’s
high of $7.08 1/4 and then at $7.20. First support lies at
today’s low of $6.93 3/4 and then at Friday’s low of $6.87
1/4. Wyckoff's Market Rating: 1.5.

May HRW wheat was up 1 1/4 cents at $7.35 1/2 in late
trading today. Prices were near mid-range and saw tepid
short covering in a bear market. HRW bears still have the
solid overall near-term technical advantage. Bulls’ next
upside price breakout objective is pushing and closing
prices above solid technical resistance at the March high
of $7.61 1/4. The bears' next downside breakout objective
is pushing and closing prices below solid technical support
at $7.00. First resistance is seen at today’s high of $7.42
and then at $7.50. First support is seen at today’s low of
$7.31 and then at last week’s low of $7.23. Wyckoff's
Market Rating: 1.5

May oats were up 4 1/4 cents at $3.92 1/4 in late trading
today. Prices were nearer the session high and hit a fresh
2.5-month high today. Oats bulls have the near-term
technical advantage and gained fresh upside momentum today.
Bears' next downside price breakout objective is pushing
and closing prices below solid technical support at the
February low of $3.75. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at $4.00. First support lies at $3.90
and then at $3.85. First resistance is seen at today’s high
of $3.94 and then at $3.98. Wyckoff's Market Rating: 7.0

*. SOFTS: May sugar closed up 16 points at 18.91 cents
today. Prices closed nearer the session high today and
closed at a fresh five-week high close. More short covering
and bargain hunting were featured today. The bulls have
some fresh upside technical momentum to suggest that a
market bottom is in place. But right now the sugar bears
still have the overall near-term technical advantage.
Bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at 19.38
cents. Bears' next downside price breakout objective is to
push and close prices below solid technical support at
18.20 cents. First resistance is seen at last week’s high
of 19.05 cents and then at 19.25 cents. First support is
seen at today’s low of 18.67 cents and then at Friday’s low
of 18.58 cents. Wyckoff's Market Rating: 4.0.

May coffee closed down 55 points at 143.50 cents today.
Prices closed nearer the session low today. The coffee
bears have the overall near-term technical advantage. The
next upside breakout objective for the bulls is to close
prices above solid technical resistance at the March high
of 147.50 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the February contract low of 137.60 cents a
pound. First resistance is seen at today’s high of 144.85
cents and then at 146.00 cents. First support is seen at
142.00 cents and then at 141.00 cents. Wyckoff's Market
Rating: 2.5.

May cocoa closed up $5 at $2,125 a ton. Prices closed near
mid-range today and hit a fresh two-week high early on.
There was good follow-through buying on Friday, including a
bullish weekly high close, and a bullish "key reversal" up
was confirmed on the daily bar chart. That is an early clue
that a market bottom is in place. But right now the cocoa
bears still have the overall near-term technical advantage.
The next upside price breakout objective for the cocoa
bulls is to push and close prices above solid technical
resistance at $2,175. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at the March low of $2,034. First
resistance is seen at today’s high of $2,139 $2,156. First
support is seen at today’s low of $2,106 and then at
$2,100. Wyckoff's Market Rating: 2.5

May cotton closed up 2 points at 86.90 cents today. Prices
closed nearer the session high today. Prices Friday hit a
10-month high. The cotton bulls still have the solid
overall near-term technical advantage. The next upside
price breakout objective for the bulls is to produce a
close above solid technical resistance at 90.00 cents. The
next downside price breakout objective for the cotton bears
is to push and close prices below solid technical support
at 84.00 cents. First resistance is seen at today’s high of
87.41 cents and then at 88.00. First support is seen at
today’s low of 85.59 cents and then at 85.00 cents.
Wyckoff's Market Rating: 7.5.

May orange juice closed up 240 points at $1.3555 today.
Prices closed nearer the session high and hit a fresh 2.5-
month high today on fresh buying interest following last
Friday’s bullish USDA report on the Florida orange crop.
The bulls have quickly gained good upside technical power.
The next upside price breakout objective for the FCOJ bulls
is pushing and closing prices above technical resistance at
the December contract high of $1.4415. The next downside
technical breakout objective for the FCOJ bears is to
produce a close below solid technical support at $1.2500.
First resistance is seen at today’s high of $1.3750 and
then at $1.3900. First support is seen at today’s low of
$1.3200 and then at $1.3000. Wyckoff's Market Rating: 7.5.

May lumber futures closed down $2.20 at $394.90 today.
Prices closed nearer the session low on profit taking.
Bulls still have the solid near-term technical advantage.
The next downside technical breakout objective for the
lumber bears is pushing and closing prices below solid
technical support at $384.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at $410.00. First
resistance is seen at today’s high of $397.50 and then at
$400.00. First support is seen at today’s low of $393.90
and then at $390.00. Wyckoff's Market Rating: 7.5

*. METALS: April gold futures closed up $1.10 an ounce at
$1,578.00 today. Prices closed near mid-range today in
subdued trading. Gold prices are in a seven-week-old
downtrend on the daily bar chart. However, price action the
past week has seen sideways trading, with the bulls
strongly defending strong chart support at the February low
of $1,554.30. The gold bulls’ next upside near-term price
breakout objective is to produce a close above solid
technical resistance at $1,600.00. Bears' next near-term
downside breakout price objective is closing prices below
solid technical support at the February low of $1,554.40.
First resistance is seen at last week’s high of $1,585.80
and then at $1,590.00. First support is seen at $1,564.00
and then at last week’s low of $1,560.40. Wyckoff’s Market
Rating: 3.0

May silver futures closed down $0.073 an ounce at $28.875
today. Prices closed near mid-range today. May silver bears
have the near-term technical advantage. Prices are in a
seven-week-old downtrend on the daily bar chart. However,
prices have been trading sideways for the past week as the
bulls try to stabilize the market. Bulls’ next upside price
breakout objective is closing prices above solid technical
resistance at $29.495 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the March low of $27.925. First
resistance is seen at today’s high of $29.085 and then at
last week’s high of $29.26. Next support is seen at today’s
low of $28.705 and then at $28.50. Wyckoff's Market Rating:
3.0.

May N.Y. copper closed up 70 points at 351.60 cents today.
Prices closed nearer the session high today and saw tepid
short covering. Copper bears still have the overall near-
term technical advantage. Prices are in a steep five-week-
old downtrend on the daily bar chart. Copper bulls' next
upside breakout objective is pushing and closing prices
above solid technical resistance at 360.00 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the November low of
343.75 cents. First resistance is seen at today’s high of
352.20 cents and then at last week’s high of 354.45 cents.
First support is seen at 350.00 cents and then at the March
low of 347.25 cents. Wyckoff's Market Rating: 3.0.

*. ENERGIES: April crude oil closed steady at $91.96 today.
Prices closed nearer the session high today on tepid short
covering. The crude oil bears still have the overall near-
term technical advantage. The next near-term upside price
breakout objective for the crude oil bulls is producing a
close solid chart resistance at $93.50 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 March low of $89.33. First resistance is
seen at today’s high of $92.15 and then at $92.50. First
support is seen at $91.00 and then at $90.22. Wyckoff's
Market Rating: 4.0

April heating oil closed down 79 points at $2.9670 today.
Prices closed near mid-range today. Bears have the near-
term technical advantage. A bearish pennant pattern has
formed on the daily bar chart. The bulls' next upside price
breakout objective is closing prices above solid technical
resistance at $3.0000. Bears' next downside price breakout
objective is producing a close below solid technical
support at the December low of $2.8900. First resistance
lies at today’s high of $2.9829 and then at $3.0000. First
support is seen at today’s low of $2.9550 and then at
$2.9200. Wyckoff's Market Rating: 3.5.

April (RBOB) unleaded gasoline closed down 475 points at
$3.1560 today. Prices closed nearer the session low after
hitting a fresh two-week high early on today. The gasoline
bears have the slight near-term technical advantage. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at today’s
high of $3.2672. Bears' next downside price breakout
objective is closing prices below solid support at the
March low of $3.0590. First resistance is seen at $3.2000
and then at $3.2250. First support is seen at today’s low
of $3.1355 and then at $3.1000. Wyckoff's Market Rating:
4.5.

April natural gas closed up 1.7 cents at $3.646 today.
Prices closed nearer the session high today hit a fresh
seven-week high. Nat gas bulls have the slight near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at the January high of $3.67. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $3.40. First
resistance is seen at today’s high of $3.652 and then at
$3.67. First support is seen at today’s low of $3.59 and
then at $3.55. Wyckoff's Market Rating: 5.5.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed up 35 points at 1.3046 today. Prices closed nearer
the session high today on short covering. The Euro bears
still have the overall near-term technical advantage. A
six-week-old downtrend is still in place on the daily bar
chart. Euro bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at last week’s high of 1.3143. The next downside price
breakout objective for the bears is closing prices below
solid chart support at 1.2900. First resistance for the
Euro lies at today’s high of 1.3052 and then at 1.3100.
Next support is seen at 1.3000 and then at last week’s low
of 1.2964. Wyckoff's Market Rating: 4.0

The June Japanese yen closed down 53 points at 1.0391
today. Prices closed near the session low today and closed
at another fresh contract low close. Bears have the solid
overall near-term technical advantage. Bulls' next upside
price breakout objective is closing prices above solid
resistance at 1.0700. Bears' next downside breakout
objective is closing prices below solid technical support
at 1.0250. First resistance is seen at 1.0450 and then at
1.0500. First support is seen at Friday’s contract low of
1.0362 and then at 1.0300. Wyckoff's Market Rating: 1.0.

The June Swiss franc closed up 39 points at 1.0559 today.
Prices closed nearer the session high today on short
covering. Prices are still in a steep six-week-old
downtrend on the daily bar chart. The Swissy bears have the
near-term technical advantage. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at 1.0700. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 1.0400. First resistance is seen
at 1.0600 and then at 1.0638. First support is seen at
today’s low of 1.0504 and then at Friday’s low of 1.0479.
Wyckoff's Market Rating: 3.5.

The June Australian dollar closed up 32 points at 1.0192
today. Prices closed nearer the session high today on short
covering. Bears still have the slight near-term technical
advantage. Prices are in a two-month-old downtrend on the
daily bar chart. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
1.0275. The next downside breakout objective for the bears
is to produce a close below solid technical support at the
March low of 1.0038. First resistance is seen at last
week’s high of 1.0221 and then at 1.0250. Next support is
seen at today’s low of 1.0128 and then at 1.0100. Wyckoff's
Market Rating: 4.5

The June Canadian dollar closed up 21 points at .9719
today. Prices closed nearer the session high today on short
covering in a bear market. Prices are still in a two-month-
old downtrend on the daily bar chart. Bears have the solid
near-term technical advantage. Bulls' next upside price
breakout objective is producing a close above chart
resistance at .9760. The next downside price breakout
objective for the bears is closing prices below solid
technical support at .9600. First resistance is seen at
today’s high of .9729 and then at last week’s high of
.9750. First support is seen at today’s low of .9692 and
then at .9675. Wyckoff's Market Rating: 2.0.

The June British pound closed down 11 points at 1.4915
today. Prices closed nearer the session high today and did
hit another fresh contract low. Bears have the solid
overall near-term technical advantage. Prices are in a
steep nine-week-old downtrend on the daily bar chart. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at 1.5200.
Bears' next downside technical breakout objective is
closing prices below solid support at 1.4750. First
resistance is seen at 1.5000 and then at 1.5074. First
support is seen at today’s contract low of 1.4935 and
1.4900. Wyckoff's Market Rating: 1.0.

The June U.S. dollar index closed down .076 at 82.885
today. Prices closed nearer the session low today and saw
mild profit taking from recent strong gains. The bulls
still have the near-term technical advantage. Prices are
still in a six-week-old uptrend on the daily bar chart.
Bulls' next upside price breakout objective is to close
prices above solid technical resistance at 84.000. The next
downside price breakout objective for the bears is to
produce a close below solid technical support at the March
low of 82.070. Next resistance lies at last week’s high of
83.160 and then at 83.250. First support is seen at 82.500
and then at 82.250. Wyckoff's Market Rating: 6.0.

June U.S. T-Bonds closed down 3/32 at 140 29/32 today.
Prices closed near mid-range today and closed at a fresh
contract low close. Bond market bears have the solid near-
term technical advantage. The next downside price breakout
objective for the T-Bond bears is closing prices below
solid technical support at 140 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at 143 even. First
resistance is seen at today’s high of 141 9/32 and then at
141 16/32. First support is seen at today’s low of 141 9/32
and then at Friday’s contract low of 140 14/32. Wyckoff's
Market Rating: 2.0.

June U.S. T Notes closed down 0.5 (32nds) at 130.06.5
today. Prices closed near mid-range today. Bears have the
solid near-term technical advantage. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at the 130.24.0. The next downside price
breakout objective for the bears is producing a close below
solid technical support at the February low of 129.19.0.
First resistance is seen at today’s high of 130.12.5 and
then at 130.16.0. First support is seen at today’s low of
130.02.5 and then at last week’s low of 130.00.0. Wyckoff's
Market Rating: 2.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
firmer again today, with the Dow Jones Industrial average
hitting another new all-time record high and the S&P index
at a fresh five-year high. There was no major U.S. economic
data out Today. In overnight news, Italian bond yields rose
after the Fitch ratings agency late Friday downgraded the
country’s credit rating. That news helped to pressure
European stock markets Monday. However, the Organization
for Economic Cooperation and Development issued a report
that said the European Union will see improving economic
conditions in the coming months. However, the OECD
projected weaker economic growth in China, Canada and India
in the coming months. Meantime, fresh economic data from
China was downbeat, as weekend figures showed the inflation
rate rose to 3.2% in February from 2.0% in January, on an
annualized basis. That prompted worries Chinese monetary
officials could move to tighten monetary policy. Industrial
production and retail sales data for China were also weaker
than expected.

The Nasdaq stock futures index closed up 9.50 at 2,807.25
today. Prices closed near the session high today and closed
at a fresh five-month high close. Bulls have the solid
near-term technical advantage. Bulls' next upside price
breakout objective is closing prices above solid resistance
at the September high of 2,871.75. The bears' next downside
price breakout objective is closing prices below solid
technical support at the February low of 2,689.00. First
resistance is seen at last week’s high of 2,817.00 and then
at 2,825.00. First support is seen at today’s low of
2,787.50 and then at 2,775.00. Wyckoff's Market Rating: 7.0

The S&P 500 futures index closed up 5.50 at 1,550.00.
Prices closed nearer the session high today and poked to
another fresh five-year high. Bulls have the solid overall
near-term technical advantage. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 1,575.00. The next downside price breakout objective for
the bears is closing prices below solid support at the
February low of 1,482.00. First resistance is seen at
today’s high of 1,550.50 and then at 1,565.00. First
support is seen at today’s low of 1,540.60 and then at
1,535.60. Wyckoff's Market Rating: 8.0.

The Dow futures closed up 62 points at 14,375 today. Prices
closed near the session high today and hit another fresh
all-time high. The bulls have the solid overall near-term
technical advantage. The next upside price objective for
the bulls is closing prices above solid technical
resistance at 14,500. The next downside price objective for
the bears is closing prices below solid technical support
at 14,000. First resistance in the Dow lies at today’s high
of 14,375 and then at 14,400. First support is seen at
14,350 and then at today’s low of 14,310. Wyckoff's Market
Rating: 8.5.

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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