Apr 16, 2014
Home| Contact Us| Sign UpLogin


Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--November 2

Nov 03, 2011

Wednesday Evening, November 2-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: December live cattle closed up $0.40 at
$122.00 today. Prices closed nearer the session low today.
The bulls have regained upside technical momentum following
Tuesday’s limit gains. The bulls have the slight near-term
technical advantage. The bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at last week’s high of $123.35. The next
downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
this week’s low of $117.95. First resistance is seen at
$122.50 and then at today’s high of $122.90. First support
is seen at today’s low of $121.75 and then at $121.00.
Wyckoff's Market Rating: 5.5

November feeder cattle closed down $0.55 at $142.30 today.
Prices closed nearer the session low today and saw a
corrective pullback from Tuesday’s big gains. Bulls have
the near-term technical advantage. The next upside price
objective for the feeder bulls is to push and close prices
above 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 this week’s low of
$139.35. First resistance is seen at this week’s high of
$142.85 and then at $143.55. First support is seen at
$142.00 and then at $141.00. Wyckoff's Market Rating: 6.5

December lean hogs closed down $0.67 at $86.87 today.
Prices closed near the session low today. Hog futures
prices are in a three-week-old downtrend on the daily bar
chart. The next upside price breakout objective for the
bulls is to push and close prices above solid chart
resistance at this week’s high of $88.40. The next downside
price breakout objective for the bears is pushing prices
below solid technical support at last week’s low of $86.50.
First resistance is seen at $87.00 and then at $87.50.
First support is seen at today’s low of $86.75 and then at
$86.50. Wyckoff's Market Rating: 5.0

*. GRAINS: December corn futures closed down 9 1/4 cents at
$6.45 today. Prices closed nearer the session low today as
trading has turned choppy and sideways. The corn bulls have
the slight overall near-term technical advantage, but need
to show fresh power soon to keep it. Corn bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at the October high of
$6.65 1/2. The next downside price breakout objective for
the bears is pushing and closing prices below solid
technical support at $6.20. First resistance for December
corn is seen at $6.50 and then at $6.55. First support is
seen at today’s low of $6.40 1/2 and then at $6.35.
Wyckoff's Market Rating: 5.5

January soybeans closed up 1/4 cent at $12.02 3/4 a bushel
today. Prices closed nearer the session low today. Bulls
are fading. Soybean bears have the overalll near-term
technical advantage. The next near-term upside technical
breakout objective for the soybean bulls is pushing and
closing prices above technical resistance at last week’s
high of $12.52 1/2 a bushel. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at the October low of
$11.63 1/2. First resistance is seen at today’s high of
$12.18 1/2 and then at $12.25. First support is seen at
this week’s low of $11.90 and then at $11.80. Wyckoff's
Market Rating: 4.0.

December soybean meal closed down $0.20 at $310.50 today.
Prices closed near the session low today. Bears have the
overall near-term technical advantage. The next upside
price breakout objective for the bulls is to produce a
close above technical resistance at the October high of
$330.50. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at the October low of $300.90. First resistance
comes in at today’s high of $315.50 and then at this week’s
high of $318.00. First support is seen at this week’s low
of $309.50 and then at $305.00. Wyckoff's Market Rating:
4.0

December bean oil closed up 5 points at 50.85 cents today.
Prices closed near mid-range today. Bean oil bulls are
fading. Prices are in a three-week-old downtrend on the
daily bar chart. The next upside price breakout objective
for the bean oil bulls is pushing and closing prices above
solid technical resistance at last week’s high of 52.50
cents. Bean oil bears' next downside technical price
breakout objective is pushing and closing prices below
solid technical support at this week’s low of 49.95 cents.
First resistance is seen at today’s high of 51.25 cents and
then at this week’s high of 51.73 cents. First support is
seen at today’s low of 50.41 cents and then at 50.00 cents.
Wyckoff's Market Rating: 4.0

December Chicago SRW wheat closed down 6 1/2 cents at $6.23
1/2 today. Prices closed nearer the session low today.
Wheat bears have the overall near-term technical advantage.
Bulls' next upside price breakout objective is to push and
close Chicago SRW prices above solid technical resistance
at last week’s high of $6.52 3/4 a bushel. The next
downside price breakout objective for the wheat futures
bears is pushing and closing prices below major
psychological support at $6.00. First resistance is seen at
$6.30 and then at today’s high of $6.38 1/2. First support
lies at $6.20 and then at this week’s low of $6.12.
Wyckoff's Market Rating: 3.5.

December K.C. HRW wheat closed down 5 1/2 cents at $7.13
today. Prices closed near the session low and hit a fresh
two-week low today. Bears have the overall near-term
technical advantage. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at the October high of $7.45. The
bears' next downside breakout objective is pushing and
closing prices below psychological support at $7.00. First
resistance is seen at $7.24 and then at this week’s high of
$7.31. First support is seen at $7.10 and then at $7.00.
Wyckoff's Market Rating: 3.5.

December oats closed down 1/2 cent at $3.34 1/2 today.
Prices closed nearer the session high. Bears still have the
slight overall near-term technical advantage. Bears' next
downside price breakout objective is pushing and closing
prices below solid chart support at $3.25. Bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at the October high
of $3.47. First support lies at today’s low of $3.31 1/4
and then at this week’s low of $3.27 1/2. First resistance
is seen at today’s high of $3.36 1/4 and then at $3.40.
Wyckoff's Market Rating: 4.5

*. SOFTS: March sugar closed up 22 points at 25.56 cents
today. Prices closed near mid-range today and saw short
covering in a bear market. Prices hit another fresh three-
week low today. Sugar bears have the overall near-term
technical advantage as a three-week-old downtrend is in
place on the daily bar chart. Sugar bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at last week’s high of 27.70
cents. Bears' next downside price breakout objective is to
push and close prices below solid technical support at
25.00 cents. First resistance is seen at 26.00 cents and
then at this week’s high of 26.22 cents. First support is
seen at today’s low of 25.30 cents and then at 25.00 cents.
Wyckoff's Market Rating: 4.0

December coffee closed up 15 points at 223.80 cents. Prices
closed nearer the session low today and saw tepid short
covering in a bear market. Coffee bears have the overall
near-term technical advantage and have gained fresh
downside momentum this week. The coffee bulls' next upside
breakout objective is to close prices above solid technical
resistance at 242.50 cents. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the October low of 219.80 cents
a pound. First resistance is seen at 225.00 cents and then
at today’s high of 227.50 cents. First support is seen at
today’s low of 223.00 cents and then at this week’s low of
220.45 cents. Wyckoff's Market Rating: 3.0

December cocoa closed up $34 at $2,634 a ton. Prices closed
near mid-range today on short covering in a bear market.
The cocoa bears still have the solid 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 last week’s high of
$2,767. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at the contract low of $2,523. First resistance is
seen at $2,650 and then at today’s high of $2,675. First
support is seen at this week’s low of $2,574 and then at
$2,550. Wyckoff's Market Rating: 3.0.

December cotton closed down 120 points at 98.34 cents
today. Prices closed near the session low again today.
Cotton bulls and bears are on a level near-term technical
playing field. The next upside price objective for the
bulls is to produce a close above solid technical
resistance at last week’s high of 105.05 cents. The next
downside price breakout objective for the cotton bears is
to push and close prices below solid technical support at
the October low of 96.47 cents. First support is seen at
today’s low of 98.00 cents and then at 96.47 cents. First
resistance is seen at 100.00 cents and then at today’s high
of 100.70 cents. Wyckoff's Market Rating: 5.0.

January orange juice closed up 115 points at $1.7145 today.
Prices closed near mid-range today. FCOJ bulls have the
overall near-term technical advantage. The next upside
price breakout objective for the FCOJ bulls is pushing and
closing prices above solid technical resistance at last
week’s high of $1.7920. The next downside technical
breakout objective for the FCOJ bears is to produce a close
below solid technical support at $1.6500. First resistance
is seen at today’s high of $1.7325 and then at $1.7500.
First support is seen at today’s low of $1.6960 and then at
this week’s low of $1.6625. Wyckoff's Market Rating: 6.5.

January lumber futures closed down $1.00 at $235.40 today.
The bears 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 the contract low of $229.10. The
next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at the October high of $246.00. First resistance is seen at
$238.80 and then at this week’s high of $240.40. First
support is seen at $234.00 and then at $232.50. Wyckoff's
Market Rating: 2.0

*. METALS: December gold futures closed up $21.80 an ounce
at $1,733.60 today. Prices closed nearer the session high
today and saw bargain hunting and safe-haven buying
interest. A weaker U.S. dollar index and firmer crude oil
prices also supported the gold market today. Bulls have the
overall near-term technical advantage. A five-week-old
uptrend is in place on the daily bar chart. Bulls' next
upside technical objective is to produce a close above
solid technical resistance at last week’s high of
$1,754.00. Bears' next near-term downside price objective
is closing prices below solid technical support at this
week’s low of $1,681.20. First resistance is seen at this
week’s high of $1,746.50 and then at $1,754.00. First
support is seen at today’s low of $1,715.50 and then at
$1,700.00. Wyckoff's Market Rating: 6.0.

December silver futures closed up $1.294 an ounce at
$34.025 today. Prices closed nearer the session high today.
Silver is following the lead of gold. The key “outside
markets” were mildly bullish for silver today, as the U.S.
dollar index was weaker, while crude oil was firmer. The
silver bulls have the overall near-term technical
advantage. A five-week-old uptrend is in place on the daily
bar chart. Silver bulls' next upside price objective is
producing a close above solid technical resistance at last
week’s high of $35.70 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at last week’s low of $31.23. First
resistance is seen at today’s high of $34.435 and then at
Tuesday’s high of $34.725. Next support is seen at $33.50
and then at today’s low of $33.10. Wyckoff's Market Rating:
6.0.

December N.Y. copper closed up 675 points 357.20 cents
today. Prices closed near mid-range today. The key “outside
markets” were mildly bullish for copper today, as the U.S.
dollar index was weaker, while crude oil was firmer. Copper
bulls have the slight overall near-term technical advantage
and a bullish double-bottom reversal pattern has formed on
the daily bar chart. Copper bulls' next upside breakout
objective is pushing and closing prices above solid
technical resistance at last week’s high of 375.00 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support 330.00 cents.
First resistance is seen at 360.00 cents and then at
today’s high of 362.95 cents. First support is seen at
355.00 cents and then at 350.00 cents. Wyckoff's Market
Rating: 5.5.

*. ENERGIES: December crude oil closed up $0.49 a barrel at
$92.71 today. Prices closed near mid-range today. Crude
bulls 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 strong
technical resistance at the October high of $94.65 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 $93.00 and then at today’s high of $93.79. First
support is seen at $92.00 and then at today’s low of
$90.97. Wyckoff's Market Rating: 6.0.

December heating oil closed down 339 points at $3.0040
today. Prices closed near the session low today. Bulls
still have the slight overall near-term technical
advantage. The bulls' next upside price breakout objective
is closing prices above solid technical resistance at the
October high of $3.1177. Bears' next downside price
breakout objective is producing a close below solid
technical support at $2.9500. First resistance lies at
$3.0250 and then at $3.0524. First support is seen at
today’s low of $2.9940 and then at this week’s low of
$2.9700. Wyckoff's Market Rating: 5.5.

December (RBOB) unleaded gasoline closed up 48 points at
$2.6298. Prices closed nearer the session low today. Bears
have the slight near-term technical advantage. Prices are
in a three-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 last
week’s high of $2.7317. Bears' next downside price breakout
objective is closing prices below solid support at $2.5000.
First resistance is seen at $2.6500 and then at today’s
high of $2.6879. First support is seen at today’s low of
$2.6049 and then at $2.5755. Wyckoff's Market Rating: 4.5.

December natural gas closed down 2.3 cents at $3.757 today.
Prices closed near mid-range today. The bears have the
solid overall near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at the October high
of $4.039. The next downside price breakout objective for
the bears is closing prices below solid technical support
at $3.70. First resistance is seen at today’s high of
$3.804 and then at $3.90. First support is seen at the
contract low of $3.724 and then at $3.70. Wyckoff's Market
Rating: 1.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed up 35 points at 1.3742 today. Prices closed
near mid-range today and saw a short-covering bounce from
recent strong selling pressure. Significant chart damage
has occurred this week to suggest a near-term market top is
in place. Bears 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 1.4000. The next downside price breakout
objective for the bears is closing prices below solid chart
support at 1.3500. First resistance for the Euro lies at
1.3800 and then at today’s high of 1.3825. Next support is
seen at 1.3700 and then at today’s low of 1.3633. Wyckoff's
Market Rating: 4.5

The December Japanese yen closed up 35 points at 1.2818
today. Prices closed nearer the session high on short
covering. Monday’s price action produced a big and bearish
“key reversal” down on the daily bar chart, which is a clue
that a market top is in place. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 1.2900. Bears' next downside breakout objective is
closing prices below solid technical support at Monday’s
low of 1.2582. First resistance is seen at today’s high of
1.2841 and then at 1.2900. First support is seen at today’s
low of 1.2768 and then at 1.2700. Wyckoff's Market Rating:
4.5.

The December Swiss franc closed up 19 points at 1.1311
today. Prices closed near mid-range today. 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 last week’s high of 1.1682. The
next downside price breakout objective for the bears is
closing prices below solid technical support at 1.1000.
First resistance is seen at 1.1421 and then at 1.1500.
First support is seen at 1.1200 and then at this week’s low
of 1.1168. Wyckoff's Market Rating: 3.0.

The December Australian dollar closed down 1 point at
1.0286 today. Prices closed near mid-range today. Bulls
have faded this week, but do still have the slight near-
term technical advantage. Bulls' next upside price breakout
objective is closing prices above solid chart resistance at
last week’s high of 1.0687. The next downside breakout
objective for the bears is to produce a close below solid
technical support at 1.0000. First resistance is seen at
today’s high of 1.0371  and then at 1.0429. Next support is
seen at this week’s low of 1.0211 and then at 1.0100.
Wyckoff's Market Rating: 5.5

The December Canadian dollar closed up 29 points at .9849
today. Prices closed nearer the session high today. Bulls
and bears are on a level near-term technical playing field.
Bulls' next upside price breakout objective is producing a
close above chart resistance at last week’s high of 1.0097.
The next downside price breakout objective for the bears is
closing prices below solid technical support at .9600.
First resistance is seen at .9900 and then at .9950. First
support is seen at .9800 and then at today’s low of .9771.
Wyckoff's Market Rating: 5.0.

The December British pound closed down 32 points at 1.5923
today. Prices closed nearer the session low today. A four-
week-old uptrend is still in place on the daily bar chart,
but just barely now. Bulls still 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 1.6200. Bears' next downside
technical breakout objective is closing prices below solid
support at 1.5700. First resistance is seen at 1.6000 and
then at today’s high of 1.6043. First support is seen at
this week’s low of 1.5883 and then at 1.5800. Wyckoff's
Market Rating: 5.5.

The December U.S. dollar index closed down 5 points at
77.33 today. Prices closed near mid-range today and saw a
mild corrective pullback from recent strong gains. The
index has been supported this week by safe-haven buying and
more short covering following the BOJ intervention Monday
and fresh EU debt crisis worries. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at 78.50. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at last week’s low of 74.86. Next
resistance lies at today’s high of 77.64 and then at this
week’s high of 77.84. First support is seen at 77.00 and
then at 76.59. Wyckoff's Market Rating: 5.5.

December U.S. T-Bonds closed up 1/32 at 142 1/32 today.
Prices closed nearer the session high today. The EU debt
concerns this week have boosted the bonds. Bulls have
regained fresh upside near-term technical momentum. The
next downside price breakout objective for the T-Bond bears
is closing prices below solid technical support at last
week’s low of 138 even. The next upside technical objective
for the bulls is to produce a close above solid technical
resistance at the October high of 145 26/32. First
resistance is seen at this week’s high of 142 26/32 and
then at 143 even. First support is seen at 141 16/32 and
then at 141 even. Wyckoff's Market Rating: 7.0.

December U.S. T Notes closed up 5.0 (32nds) at 130.13.0
today. Prices closed nearer the session high today. Bulls
have regained solid upside technical momentum this week.
The next upside price breakout objective for the bulls is
closing prices above solid resistance at the October high
of 131.12.5. The next downside price breakout objective for
the bears is producing a close below solid technical
support at 128.00.0. First resistance is seen at this
week’s high of 130.18.0 and then at 131.00.0. First support
is seen at 130.00.0 and then at today’s low of 129.23.0.
Wyckoff's Market Rating: 7.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today. Bulls still have the overall near-term
technical advantage.

The Nasdaq stock futures index closed up 12.75 at 2,316.25
today. Prices closed near mid-range today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at the July high of 2,435.50. The bears'
next downside price breakout objective is closing prices
below solid technical support at 2,268.50. First resistance
is seen at today’s high of 2,329.75 and then at 2,355.75.
First support is seen at this week’s low of 2,282.75 and
then at 2,268.50. Wyckoff's Market Rating: 5.5.

The S&P 500 futures index closed up 9.40 at 1,234.00.
Prices closed near the session high today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1,300.00. The next downside price
breakout objective for the bears is closing prices below
solid support at 1,150.00. First resistance is seen at
1,247.80 and then at this week’s high of 1,280.90. First
support is seen at this week’s low of 1,208.00 and then at
1,185.80. Wyckoff's Market Rating: 5.5.

The Dow futures closed up 89 points at 11,771 today. Prices
closed near mid-range again today. The next upside price
objective for the bulls is closing prices above technical
resistance at last week’s high of 12,230. The next downside
price objective for the bears is closing prices below solid
technical support at 11,500. First resistance in the Dow
lies at today’s high of 11,810 and then at 11,900. First
support is seen at today’s low of 11,690 and then at
11,600. Wyckoff's Market Rating: 5.5.

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
 

Log In or Sign Up to comment

COMMENTS (1 Comments)

shunkygirl
excellent
http://www.shunkycrusher.com
http://www.jawcrusher.hk
http://www.sandmaker.biz
http://​www.c-crusher.net
http://www.jaw-breaker.org​
9:32 PM Nov 7th
 

Information to help you                   make great decisions

Land management

Track your local input prices.

Risk management strategies

 

Complete list of Pro Farmer services



More Than A Newsletter

PRO FARMER SUBSCRIPTION SERVICES

All
LandOwner Newsletter Archives
Pro Farmer Washington Report Archives
Pro Farmer Annual Land Report Archives
Pro Farmer Grain Report Archives
Pro Farmer Newsletter Archives
Pro Farmer Tax Report Archives
Crop Tour Newsletter Archives
 
* Login or signup to access newsletters.