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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Nov. 28

Nov 29, 2012

Wednesday Evening, November 28-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 $0.62 at
$131.70 today. Prices closed nearer the session low today
on more profit taking from recent strong gains. No chart
damage occurred and cattle bulls still have the overall
near-term technical advantage. A three-week-old uptrend is
in place on the daily bar chart. The bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at the September high of
$133.30. The next downside technical breakout objective for
the bears is pushing and closing prices below solid
technical support at $130.50. First resistance is seen at
$132.00 and then at today’s high of $132.30. First support
is seen at today’s low of $131.60 and then at $131.00.
Wyckoff's Market Rating: 6.5

January feeder cattle closed down $0.87 at $146.05 today.
Prices saw more profit taking today as the bulls have again
faded. Bears have the solid overall 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 this week’s and last week’s high of
$147.90. The next downside price breakout objective for the
bears is to push and close prices below solid technical
support at the November low of $144.37. First resistance is
seen at $146.50 and then at $147.00. First support is seen
at $145.50 and then at $145.00. Wyckoff's Market Rating:
3.0

February lean hogs closed up $0.82 at $87.55 today. Prices
closed near mid-range today. The hog bulls have the solid
overall near-term technical advantage as prices are in a
10-week-old uptrend on the daily bar chart. The next upside
price breakout objective for the hog bulls is to push and
close prices above solid chart resistance at $90.00. The
next downside price breakout objective for the bears is
pushing prices below solid technical support at $85.70.
First resistance is seen at today’s high of $87.75 and then
at last week’s high of $88.25. First support is seen at
today’s low of $87.30 and then at $87.00. Wyckoff's Market
Rating: 8.0

*. GRAINS: March corn futures were up 1 3/4 cents at 7.65
3/4 in late trading today. Prices were nearer the session
high and hit a fresh six-week high today. The corn market
bulls are regaining upside near-term technical momentum.
Bulls have the overall near-term technical advantage. Corn
bulls' next upside price objective is to push and close
prices above solid technical resistance at the October high
of $7.75 3/4. The next downside price breakout objective
for the bears is pushing and closing prices below solid
technical support at $7.35. First resistance for March corn
is seen at today’s high of $7.67 1/2 and then at $7.70.
First support is seen at today’s low of $7.58 3/4 and then
at $7.50. Wyckoff's Market Rating: 6.0

January soybeans were up 1 1/4 cents at $14.50 1/2 a bushel
in late trading today. Prices were nearer the session high
and hit a fresh three-week high today on more short
covering and bargain hunting. Soybean bears still have the
overall near-term technical advantage. However, the bulls
have gained fresh upside near-term momentum recently. The
next near-term upside technical breakout objective for the
soybean bulls is pushing and closing January 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 the
November low of $13.72 1/4. First resistance is seen at
today’s high of $14.56 3/4 and then at $14.65. First
support is seen at today’s low of $14.40 and then at
$14.25. Wyckoff's Market Rating: 3.5.

March soybean meal was up $1.70 at $427.10 in late trading
today. Prices were nearer the session high and hit a fresh
three-week high on more short covering and bargain hunting.
Meal bears still have the overall near-term technical
advantage. A 10-week-old downtrend is still 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 $435.00. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $400.00. First resistance comes
in at today’s high of $428.70 and then at $430.00. First
support is seen at today’s low of $424.20 and then at
$420.00. Wyckoff's Market Rating: 3.5

March bean oil was down 9 points at 50.75 cents in late
trading today. Prices were nearer the session high and hit
another fresh three-week high today. The bulls have gained
upside technical momentum recently. However, the 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 52.00 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at 49.00 cents. First
resistance is seen at 51.00 cents and then at 51.50 cents.
First support is seen at today’s low of 50.36 cents and
then at 50.00 cents. Wyckoff's Market Rating: 3.5

March Chicago SRW wheat was up 4 1/4 cents at $8.92 3/4 in
late trading today. Prices were nearer the session high and
hit a fresh three-week high on deteriorating conditions in
the U.S. hard red winter wheat crop. Wheat bulls have
gained fresh upside near-term technical momentum this week.
Wheat bulls have the near-term technical advantage. Wheat
bulls’ next upside breakout objective is to push and close
Chicago SRW prices above solid technical resistance at
$9.00 a bushel. The next downside price breakout objective
for the wheat futures bears is pushing and closing prices
below solid technical support at this week’s low of $8.58
1/4. First resistance is seen at today’s high of $8.95 1/2
and then at $9.00. First support lies at $8.85 and then at
today’s low of $8.79 3/4. Wyckoff's Market Rating: 6.0.

March K.C. HRW wheat was up 6 1/4 cents at $9.39 1/2 in
late trading today. Prices were near the session high and
hit a fresh three-week high. HRW bulls have the near-term
technical advantage and have gained fresh technical power
this week. Bulls’ next upside price breakout objective is
pushing and closing prices above solid technical resistance
at the November high of $9.63. The bears' next downside
breakout objective is pushing and closing prices below
solid technical support at this week’s low of $8.93. First
resistance is seen at today’s high of $9.40 and then at
$9.50. First support is seen at today’s low of $9.23 1/2
and then at $9.15. Wyckoff's Market Rating: 7.0

March oats were up 2 cents at $3.91 1/2 today in late
trading. Prices were nearer the session high and hit a
fresh three-week high today. Oats bulls have the overall
near-term technical advantage. Bears' next downside price
breakout objective is pushing and closing prices below
solid technical support at the November low of $3.62 1/2.
Bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at $4.00.
First support lies at today’s low of $3.86 1/2 and then at
$3.80. First resistance is seen at today’s high of $3.93
and then at $3.95. Wyckoff's Market Rating: 6.5

*. SOFTS: March sugar closed down 11 points at 19.12 cents
today. Prices closed nearer the session low today. 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 the
November high of 20.03 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at the November low of 18.66 cents. First
resistance is seen at today’s high of 19.36 cents and then
at this week’s high of 19.47 cents. First support is seen
at this week’s low of 19.04 cents and then at 18.91 cents.
Wyckoff's Market Rating: 1.5.

March coffee closed up 485 points at 154.00 cents. Prices
closed nearer the session high today and saw short covering
in a bear market. Prices hit a fresh 22-month low early on
today but then reversed course to close nearer the session
high and score a bullish “outside day” up on the daily bar
chart. If there is decent follow-through buying interest on
Thursday then a bullish “key reversal” up on the daily bar
chart would be confirmed, which would be one early
technical clue that a market bottom is in place. But right
now the coffee bears still have the overall near-term
technical advantage. Prices are still in a seven-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 last week’s high of 157.80 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support at 145.00
cents a pound. First resistance is seen at today’s high of
155.35 cents and then at 157.80 cents. First support is
seen at 152.50 cents and then at 150.00 cents. Wyckoff's
Market Rating: 2.0.

March cocoa closed up $14 at $2,461 a ton. Prices closed
nearer the session high today on short covering. The cocoa
bulls and bears are on a level near-term technical playing
field. The next upside price breakout objective for the
cocoa bulls is to push and close prices above solid
technical resistance at the October high of $2,531. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
the November low of $2,322. First resistance is seen at
today’s high of $2,470 and then at $2,500. First support is
seen at today’s low of $2,428 and then at $2,400. Wyckoff's
Market Rating: 5.0

March cotton closed down 5 points at 72.47 cents today.
Prices closed nearer the session high today. Trading has
been choppy recently. Cotton 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 75.00 cents. The next
downside price breakout objective for the cotton bears is
to push and close prices below solid technical support at
the November low of 69.79 cents. First resistance is seen
at last week’s high of 73.15 cents and then at 74.00 cents.
First support is seen at 72.00 cents and then at last
week’s low of 71.28 cents. Wyckoff's Market Rating: 3.5.

January orange juice closed down 220 points at $1.2385
today. Prices closed nearer the session high today on more
profit taking from recent solid gains. FCOJ bulls still
have the overall near-term technical advantage but are now
fading a bit. The next upside price breakout objective for
the FCOJ bulls is pushing and closing prices above
technical resistance at the September high of $1.3010. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at last week’s low of $1.1430. First resistance is seen at
today’s high of $1.2540 and then at $1.2700. First support
is seen at $1.2200 and then at today’s low of $1.2050.
Wyckoff's Market Rating: 6.0.

January lumber futures again closed up the $10.00 limit at
$339.10 today. Prices hit a fresh contract and 6.5-year
high today. Some better U.S. economic data recently has
helped to fuel the lumber bulls. 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
$325.00. The next upside price breakout objective for the
bulls is pushing and closing prices above solid technical
resistance at $350.00. First resistance is seen at $342.50
and then at $345.00. First support is seen at today’s low
of $335.00 and then at $332.50. Wyckoff's Market Rating:
9.0

*. METALS: February gold futures closed down $24.90 an
ounce at $1,719.80 today. Prices closed nearer the session
low today amid reports of a huge sell order hitting the
market at the open. Options-related selling was also likely
responsible for some of today’s downside pressure. A three-
week-old uptrend line on the daily bar chart was negated
today. While no serious chart damage was inflicted today,
the bulls have faded, technically, and need to step up and
show fresh power soon. Gold bulls still 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 high of $1,757.10.
Bears' next near-term downside breakout price objective is
closing prices below solid technical support at $1,700.00.
First resistance is seen at $1,730.00 and then at
$1,740.00. First support is seen at today’s low of
$1,707.90 and then at $1,700.00. Wyckoff’s Market Rating:
6.0

March silver futures closed down $0.294 an ounce at $33.78
today. Prices closed nearer the session high today and saw
more profit taking. A three-week-old uptrend is still in
place on the daily bar chart and silver bulls have the
overall near-term technical advantage. Bulls’ next upside
price breakout objective is closing prices above solid
technical resistance at the October high of $35.51 an
ounce. The next downside price breakout objective for the
bears is closing prices below solid technical support at
$32.50. First resistance is seen at today’s high of $34.13
and then at this week’s high of $34.37. Next support is
seen at $33.50 and then at $33.00. Wyckoff's Market Rating:
6.5.

March N.Y. copper closed down 190 points at 353.20 cents
today. Prices closed nearer the session high today. 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 November low of 341.45 cents. First resistance is seen
at today’s high of 355.25 cents and then at the November
high of 357.65 cents. First support is seen at 350.00 cents
and then at 348.25 cents. Wyckoff's Market Rating: 4.0.

*. ENERGIES: January crude oil closed down $0.50 a barrel
at $86.68 today. Prices closed nearer the session high
today. 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 above solid technical resistance at $90.00 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 November low of $84.53. First
resistance is seen at today’s high of $87.34 and then at
$88.00. First support is seen at $86.00 and then at today’s
low of $85.36. Wyckoff's Market Rating: 4.0

January heating oil closed 5 points at $3.0241 today.
Prices closed nearer the session high today. Bulls and
bears are on a level near-term technical playing field. The
bulls' next upside price breakout objective is closing
prices above solid technical resistance at $3.1500. Bears'
next downside price breakout objective is producing a close
below solid technical support at $3.0000. First resistance
lies at today’s high of $3.0349 and then at $3.0500. First
support is seen at $3.0000 and then at today’s low of
$2.9885. Wyckoff's Market Rating: 5.0.

January (RBOB) unleaded gasoline closed down 56 points at
$2.6900 today. Prices closed nearer the session high today.
Bulls have the overall near-term technical advantage. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at the
October high of $2.8241. Bears' next downside price
breakout objective is closing prices below solid support at
$2.6200. First resistance is seen at $2.7145 and then at
this week’s high of $2.7293. First support is seen at
today’s low of $2.6484 and then at $2.6250. Wyckoff's
Market Rating: 6.0.

January natural gas closed down 8.6 cents at $3.806 today.
Prices closed near mid-range again today. Bulls still have
the near-term technical advantage. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at the October high of $4.088.
The next downside price breakout objective for the bears is
closing prices below solid technical support at $3.78.
First resistance is seen at $3.85 and then at $3.90. First
support is seen at today’s low of $3.737 and then at $3.70.
Wyckoff's Market Rating: 6.0.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed up 2 points at 1.2952 today. Prices closed nearer
the session high today. The Euro bulls have the slight
overall near-term technical advantage. Euro bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at the October high
of 1.3155. The next downside price breakout objective for
the bears is closing prices below solid chart support at
the November low of 1.2680. First resistance for the Euro
lies at 1.3000 and then at this week’s high of 1.3024. Next
support is seen at today’s low of 1.2899 and then at
1.2850. Wyckoff's Market Rating: 5.5

The March Japanese yen closed up 35 points at 1.2219 today.
Prices closed near mid-range today and saw short covering
in a bear market. Bears still have the solid overall near-
term technical advantage. Prices are in a steep nine-week-
old downtrend on the daily bar chart. Bulls' next upside
price breakout objective is closing prices above solid
resistance at last week’s high of 1.2345. Bears' next
downside breakout objective is closing prices below solid
technical support at 1.2000. First resistance is seen at
today’s high of 1.2253 and then at 1.2300. First support is
seen at today’s low of 1.2180 and then at this week’s low
of 1.2119. Wyckoff's Market Rating: 1.5.

The March Swiss franc closed up 4 points at 1.0768 today.
Prices closed nearer the session high today. The Swissy
bulls have the near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at the October high of
1.0874. The next downside price breakout objective for the
bears is closing prices below solid technical support at
the November low of 1.0555. First resistance is seen at
1.0807 and then at last week’s high of 1.0842. First
support is seen at today’s low of 1.0736 and then at
1.0700. Wyckoff's Market Rating: 6.0.

The March Australian dollar closed up 35 points at 1.0391
today. Prices closed near the session high and closed at a
fresh nine-week high close today. Bulls have the overall
near-term technical advantage and have gained fresh upside
momentum recently. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
the September high of 1.0470. The next downside breakout
objective for the bears is to produce a close below solid
technical support at the November low of 1.0203. First
resistance is seen at this week’s high of 1.0397 and then
at 1.0470. Next support is seen at today’s low of 1.0337
and then at 1.0300. Wyckoff's Market Rating: 7.0

The March Canadian dollar closed up 19 points at 1.0052
today. Prices closed near the session high on short
covering. Bears still have the slight near-term technical
advantage but the bulls have gained some upside momentum
recently. Bulls' next upside price breakout objective is
producing a close above chart resistance at the November
high of 1.0095. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the November low of .9919. First resistance is
seen at this week’s high of 1.0070 and then at 1.0095.
First support is seen at today’s low of 1.0016 and then at
1.0000. Wyckoff's Market Rating: 4.5.

The March British pound closed down 6 points at 1.6009
today. Prices closed nearer the session high today. Bulls
have the slight overall near-term technical advantage. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at the
November high of 1.6140. Bears' next downside technical
breakout objective is closing prices below solid support at
the November low of 1.5828. First resistance is seen at
this week’s high of 1.6053 and then at 1.6100. First
support is seen at today’s low of 1.5960 and then at
1.5900. Wyckoff's Market Rating: 5.5.

The March U.S. dollar index closed down 9 points at 80.54
today. Prices closed nearer the session low today. The
bulls and bears are presently on a level near-term
technical playing field. Bulls' next upside price breakout
objective is to close prices above solid technical
resistance at the November high of 81.70. The next downside
price breakout objective for the bears is to produce a
close below solid technical support at 80.00. Next
resistance lies at today’s high of 80.82 and then at 81.00.
First support is seen at this week’s low of 80.27 and then
at 80.00. Wyckoff's Market Rating: 5.0.

March U.S. T-Bonds closed up 9/32 at 149 27/32 today.
Prices closed nearer the session low today and saw some
more short covering and safe-haven buying. Bulls have the
overall technical advantage. The next downside price
breakout objective for the T-Bond bears is closing prices
below solid technical support at 147 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at the November high of
151 10/32. First resistance is seen at 150 even and then at
today’s high of 150 14/32. First support is seen at today’s
low of 149 19/32 and then at 149 even. Wyckoff's Market
Rating: 6.0.

March U.S. T Notes closed up 7.0 (32nds) at 133.13.5 today.
Prices closed near mid-range today. Bulls have the overall
near-term technical advantage. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at the November high of 133.27.5. The next
downside price breakout objective for the bears is
producing a close below solid technical support at the
November low of 131.24.5. First resistance is seen at
today’s high of 133.18.5 and then at 133.22.0. First
support is seen at today’s low of 133.08.5 and then at seen
at 133.00.0. Wyckoff's Market Rating: 7.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today after a lower start. Bears still have the
slight near-term technical advantage in the stock indexes,
but the bulls are showing some strength to begin to suggest
market bottoms are now be in place. The early part of the
trading day Wednesday saw a “risk-off” trader and investor
mentality in the market place. Traders and investors are
more keenly focused on the negotiations among U.S.
lawmakers and President Obama regarding the so-called
“fiscal cliff” tax increases and spending cuts that are
approaching. Rhetoric coming from all U.S. lawmakers
earlier this week was not soothing to the market place—
highlighted by Senate Majority Leader Harry Reid, who said
late Tuesday there had been scant progress made in the
negotiating process to resolve the matter. However, more
conciliatory words came from U.S. lawmakers Wednesday,
which did somewhat assuage the markets, as the U.S. stock
indexes pushed into positive territory after starting the
day lower. European and Asian stock markets, and the Euro
currency were weaker overnight on the fiscal cliff worries.
There is still a sense among many veteran politicos and
market watchers that some type of deal will be reached soon
to avoid the U.S. government going over the fiscal cliff.
Meantime, in the Middle East there are growing tensions in
Egypt, as its president awarded himself major powers last
week, and the public did not like it. Protesting in the
streets is occurring this week. This situation bears close
watching and if it escalates, it will more significantly
impact markets.

The Nasdaq stock futures index closed up 20.25 at 2,661.25.
Prices closed nearer the session high today, hit a fresh
three-week high and scored a bullish “outside day” up on
the daily bar chart. Bulls' next upside price breakout
objective is closing prices above solid resistance at
2,700.00. The bears' next downside price breakout objective
is closing prices below solid technical support at the June
low of 2,433.75. First resistance is seen at today’s high
of 2,665.50 and then at 2,675.00. First support is seen at
2,650.00 and then at 2,623.00. Wyckoff's Market Rating: 4.5

The S&P 500 futures index closed up 9.80 at 1,407.20.
Prices closed nearer the session high today, hit a fresh
three-week high and scored a bullish “outside day” up on
the daily bar chart. Bulls' next upside price breakout
objective is closing prices above solid resistance at the
November high of 1,431.40. The next downside price breakout
objective for the bears is closing prices below solid
support at the Novemer low of 1,340.30. First resistance is
seen at today’s high of 1,409.00 and then at 1,420.00.
First support is seen at 1,395.20 and then at today’s low
of 1,383.20. Wyckoff's Market Rating: 4.5.

The Dow futures closed up 100 points at 12,962. Prices
closed near the session high today and scored a bullish
“outside day” up on the daily bar chart. The next upside
price objective for the bulls is closing prices above solid
technical resistance at the November high of 13,225. The
next downside price objective for the bears is closing
prices below solid technical support at the November low of
12,440. First resistance in the Dow lies at last week’s
high of 12,983 and then at 13,000. First support is seen at
12,900 and then at 12,850. Wyckoff's Market Rating: 4.5.

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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