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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 12

Mar 13, 2013

Tuesday Evening, March 12-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 $0.57 at $128.70
today. Prices closed nearer the session high again today on
more short covering in a bear market. The market is
supported early this week by ideas of improving cash cattle
market fundamentals this week. Cattle futures bears still
have the solid overall near-term technical advantage. Good
follow-through buying interest and solid gains on Wednesday
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 today’s high of $129.05 and
then at $129.50. First support is seen at today’s low of
$128.10 and then at $127.50. Wyckoff's Market Rating: 2.5

April feeder cattle closed up $0.82 at $142.20 today.
Prices saw more short covering in a bear market. 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 $144.00. 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 $142.50 and then at $143.00. First support is seen
at today’s low of $141.35 and then at the contract low of
$140.95. Wyckoff's Market Rating: 1.5

April lean hogs closed up $0.30 at $81.45 today. Prices
closed near mid-range today and saw short covering. Price
action late last week still hints at a market bottom being
in place, but the bulls will have to show more power 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 $82.00 and then
at last week’s high of $82.25. First support is seen at
this week’s low of $80.90 and then at $80.37. Wyckoff's
Market Rating: 2.5

*. GRAINS: May corn futures last traded up 4 cents at $7.15
1/4 today in late trading. Prices were nearer the session
high and hit another fresh four-week high today. More short
covering and bargain hunting were seen today. The corn
market bulls have gained good upside near-term technical
momentum to suggest that a market low is in place. Corn
bulls and bears are 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 $7.17 3/4 and then at $7.20. First support is seen
at $7.12 3/4 and then at today’s low of $7.08 3/4.
Wyckoff's Market Rating: 5.0

May soybeans were down 8 1/4 cents at $14.71 1/4 a bushel
in late trading today. Prices were nearer the session low
today. Some profit-taking pressure was seen today. Soybean
bulls still 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 $14.65 and then at
$14.60. Wyckoff's Market Rating: 5.5.

May soybean meal was down $1.60 at $436.50 today in late
trading. Prices were near mid-range and saw mild profit
taking. Bulls still 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 this
week’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 this
week’s low of $432.90 and then at $430.00. Wyckoff's Market
Rating: 6.0

May bean oil was down 43 points at 50.01 cents in late
trading today. Prices were nearer the session low. 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 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 today’s high of
50.49 cents and then at last week’s high of 50.78 cents.
First support is seen at today’s low of 49.86 cents and
then at 49.50 cents. Wyckoff's Market Rating: 3.0

May Chicago SRW wheat was up 4 3/4 cents at $7.04 1/2 in
late trading today. Prices were nearer the session high on
more 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 this week’s high of $7.08 1/4 and
then at $7.20. First support lies at this week’s low of
$6.93 3/4 and then at Friday’s low of $6.87 1/4. Wyckoff's
Market Rating: 2.0.

May HRW wheat was up 4 1/2 cents at $7.04 1/2 in late
trading today. Prices were nearer the session high and saw
more 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
this week’s high of $7.42 and then at $7.50. First support
is seen at this week’s low of $7.31 and then at last week’s
low of $7.23. Wyckoff's Market Rating: 2.0

May oats were up 1/4 cent at $3.93 1/4 in late trading
today. Prices were nearer the session high and hit another
fresh 2.5-month high today. Oats bulls have the near-term
technical advantage and have gained fresh upside momentum
this week. 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 $3.96 1/4 and then at $4.00. Wyckoff's
Market Rating: 7.0

*. SOFTS: May sugar closed down 1 point at 18.81 cents
today. Prices closed nearer the session high today. The
bulls still have some 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 today’s high of
18.91 cents and then at last week’s high of 19.05 cents and
then at 19.25 cents. First support is seen at 18.67 cents
and then at 18.58 cents. Wyckoff's Market Rating: 3.5.

May coffee closed down 155 points at 142.20 cents today.
Prices closed nearer the session low today. The coffee
bears have the overall near-term technical advantage. A big
Brazilian coffee crop is also a bearish fundamental in the
market place at present. 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 143.50 cents and then at this
week’s high of 144.85 cents. First support is seen at
141.00 cents and then at last week’s low of 140.00 cents.
Wyckoff's Market Rating: 2.0.

May cocoa closed up $20 at $2,150 a ton. Prices closed near
mid-range today and hit a fresh four-week high. Short
covering was featured. Recent price action has seen a
bullish "key reversal" up 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 the February high of
$2,260. 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 $2,176 and then at $2,200. First
support is seen at today’s low of $2,132 and then at this
week’s low of $2,106. Wyckoff's Market Rating: 3.0

May cotton closed up 66 points at 87.38 cents today. Prices
closed nearer the session high today and closed at a 10-
month high close. The cotton bulls 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
87.74 cents and then at 88.00. First support is seen at
today’s low of 86.23 cents and then at this week’s low of
85.59 cents. Wyckoff's Market Rating: 7.5.

May orange juice closed up 180 points at $1.3805 today.
Prices closed nearer the session high and hit another 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 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 $1.3000.
First resistance is seen at today’s high of $1.3875 and
then at $1.4000. First support is seen at today’s low of
$1.3510 and then at $1.3400. Wyckoff's Market Rating: 7.5.

May lumber futures closed up $5.00 at $399.90 today. Prices
closed near the session low. Bulls have the solid near-term
technical advantage as prices hover near the contract high.
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 $402.00 and then at
the contract high of $403.00. First support is seen at
$397.50 and then at $395.00. Wyckoff's Market Rating: 8.0

*. METALS: April gold futures closed up $13.60 an ounce at
$1,591.60 today. Prices closed nearer the session high
today, hit a fresh two-week high, and saw heavy short
covering and some fresh bargain hunting. Today’s price
action produced a minor bullish upside "breakout" from the
recent sideways trading range on the daily bar chart, and
the bulls have gained some fresh upside near-term technical
momentum. But the bulls have more heavy lifting to do in
the near term to suggest a near-term price uptrend can be
sustained. The bears still have the overall near-term
technical advantage. 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 today’s high of $1,597.60 and
then at $1,600.00. First support is seen at today’s low of
$1,578.80 and then at this week’s low of $1,574.50.
Wyckoff’s Market Rating: 3.5

May silver futures closed up $0.317 an ounce at $29.17
today. Prices closed nearer the session high today and hit
a fresh two-week high. May silver bears still have the
near-term technical advantage. However, prices have been
trading sideways to higher 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 $29.35 and then at
$29.495. Next support is seen at today’s low of $28.87 and
then at this week’s low of $28.705. Wyckoff's Market
Rating: 3.5.

May N.Y. copper closed up 340 points at 355.10 cents today.
Prices closed nearer the session high today and saw more
short covering. Copper bears still have the overall near-
term technical advantage. 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 March low of
347.25 cents. First resistance is seen at today’s high of
357.60 cents and then at 360.00 cents. First support is
seen at 352.50 cents and then at today’s low of 350.00
cents. Wyckoff's Market Rating: 3.5.

*. ENERGIES: April crude oil closed up $0.45 at $92.51
today. Prices closed near mid-range today and hit a fresh
two-week high on more short covering. The crude oil bears
still have the slight overall near-term technical
advantage. However, the bulls are gaining some fresh upside
near-term technical momentum. The next near-term upside
price breakout objective for the crude oil bulls is
producing a close solid chart 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 the March low of $89.33.
First resistance is seen at $93.00 and then at today’s high
of $93.47. First support is seen at today’s low of $91.60
and then at $91.00. Wyckoff's Market Rating: 4.5

April heating oil closed down 214 points at $2.9477 today.
Prices closed nearer the session low today and scored a big
and bearish "outside day" down on the daily bar chart.
Bears have the near-term technical advantage. 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 $2.9750 and then at
$2.9900. First support is seen at today’s low of $2.9365
and then at $2.9200. Wyckoff's Market Rating: 3.0.

April (RBOB) unleaded gasoline closed down 75 points at
$3.1449 today. Prices closed near mid-range today. The
gasoline 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 technical
resistance at this week’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 today’s high of $3.1900 and then at $3.2000.
First support is seen at today’s low of $3.1026 and then at
$3.0800. Wyckoff's Market Rating: 5.0.

April natural gas closed down 1.7 cents at $3.632 today.
Prices closed nearer the session low today and did hit a
fresh three-month high early on. 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 December high of $3.747.
The next downside price breakout objective for the bears is
closing prices below solid technical support at $3.45.
First resistance is seen at today’s high of $3.676 and then
at $3.70. First support is seen at this week’s low of $3.59
and then at $3.55. Wyckoff's Market Rating: 5.5.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed down 15 points at 1.3035 today. Prices closed near
mid-range today. 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 1.3083 and then at 1.3100. Next support is seen at
today’s low of 1.3000 and then at last week’s low of
1.2964. Wyckoff's Market Rating: 4.0

The June Japanese yen closed up 27 points at 1.0422 today.
Prices closed near mid-range and did hit another fresh
contract low. Tepid short covering in a bear market was
featured. Bears still 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 1.0500 and then at 1.0549. First
support is seen at today’s contract low of 1.0345 and then
at 1.0300. Wyckoff's Market Rating: 1.5.

The June Swiss franc closed up 4 points at 1.0568 today.
Prices closed near mid-range today on tepid 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
today’s high of 1.0608 and then at 1.0638. First support is
seen at today’s low of 1.0533 and then at this week’s low
of 1.0504. Wyckoff's Market Rating: 3.5.

The June Australian dollar closed up 46 points at 1.0241
today. Prices closed nearer the session high today on short
covering and bargain hunting. A two-month-old downtrend on
the daily bar chart was negated today as the bulls gained
fresh upside near-term technical momentum. Bulls' next
upside price breakout objective is closing prices above
solid chart resistance at 1.0300. The next downside
breakout objective for the bears is to produce a close
below solid technical support at this week’s low of 1.0128.
First resistance is seen at today’s high of 1.0260 and then
at 1.0275. Next support is seen at today’s low of 1.0191
and then at 1.0150. Wyckoff's Market Rating: 5.0

The June Canadian dollar closed down 1 point at .9722
today. Prices closed nearer the session high today. Prices
are still in a two-month-old downtrend on the daily bar
chart. Bears have the near-term technical advantage.
However, a bullish "rounding-bottom" reversal pattern may
be forming on the daily bar chart. 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 .9734 and then at last week’s high of
.9750. First support is seen at this week’s low of .9692
and then at .9675. Wyckoff's Market Rating: 2.0.

The June British pound closed down 24 points at 1.4899
today. Prices closed nearer the session high today and did
hit another fresh contract low early on. 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 1.4923 and
1.4900. Wyckoff's Market Rating: 1.0.

The June U.S. dollar index closed up .035 at 82.865 today.
Prices closed near mid-range today. The bulls still have
the near-term technical advantage. Prices are 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 today’s low of 82.685
and then at 82.500. Wyckoff's Market Rating: 6.0.

June U.S. T-Bonds closed up 19/32 at 141 17/32 today.
Prices closed nearer the session high today and scored a
bullish "outside day" up on the daily bar chart. Short
covering in a bear market was featured today. Bond market
bears still have the overall near-term technical advantage.
The next downside price breakout objective for the T-Bond
bears is closing prices below solid technical support at
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
24/32 and then at 142 even. First support is seen at 141
even and then at today’s low of 140 18/32. Wyckoff's Market
Rating: 2.5.

June U.S. T Notes closed up 7.5 (32nds) at 130.14.5 today.
Prices closed nearer the session high today and scored a
bullish "outside day" up on the daily bar chart. Bears
still have the overall near-term technical advantage. The
next upside price breakout objective for the bulls is
closing prices above solid resistance at the 131.00.0. 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 130.18.5 and then at 130.24.0. First
support is seen at 130.08.0 and then at last week’s low of
130.00.0. Wyckoff's Market Rating: 3.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
slightly lower today, with the Dow Jones Industrial average
poking to another new all-time record high. U.S. economic
data released Tuesday was not important and failed to
significantly move the markets. In overnight news, Spanish
and Italian bond yields held steady following successful
government debt auctions in both countries Tuesday.
However, the Italian bond auction did see the government’s
borrowing costs rise to a three-month high, reports said.
The auctions came after the Fitch ratings agency last
Friday downgraded Italy’s credit rating. Another Italian
bond auction is slated for Wednesday. The U.S. dollar hit a
3.5-year high against the Japanese yen overnight amid
reports the Bank of Japan will continue on its aggressive
monetary policy easing path. Asian stock markets were
pressured again Tuesday following the recent spate of
Chinese economic data that hints at slowing growth and
rising inflationary pressures.

The Nasdaq stock futures index closed down 9.00 at 2,796.50
today. Prices closed near mid-range today and saw mild
profit taking from recent gains. Bulls still have the
overall 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 today’s high of
2,808.00 and then at last week’s high of 2,817.00 and then
at 2,825.00. First support is seen at today’s low of
2,782.75 and then at 2,775.00. Wyckoff's Market Rating: 6.5

The S&P 500 futures index closed down 4.30 at 1,546.20.
Prices closed near mid-range today and saw mild profit
taking after poking to a five-year high on Monday. Bulls
still 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 Monday’s high of 1,551.40 and
then at 1,565.00. First support is seen at this week’s low
of 1,540.60 and then at 1,535.60. Wyckoff's Market Rating:
8.0.

The Dow futures closed down 1 point at 14,380 today. Prices
closed near mid-range 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 14,400 and
then at 14,450. First support is seen at today’s low of
14,345 and then at this week’s low of 14,310. Wyckoff's
Market Rating: 8.0.

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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