Sep 1, 2014
Home| Tools| Blogs| Discussions| 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--Apr 2

Apr 02, 2013

Tuesday Evening, Apr 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: June live cattle closed down $1.27 at $122.82
today. Prices closed nearer the session low today as bulls
quickly faded. Cattle futures bears have the overall near-
term technical advantage and the bulls have much work to do
to suggest a price uptrend can be sustained. The bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at this week’s high
of $124.50. The next downside technical breakout objective
for the bears is pushing and closing prices below solid
technical support at $122.00. First resistance is seen at
$123.50 and then at $124.00. First support is seen at
today’s low of $122.40 and then at $122.00. Wyckoff's
Market Rating: 3.0

May feeder cattle closed down $0.57 at $147.10 today.
Prices closed near mid-range today in quieter trading. The
feeders market has been boosted sharply by sharply lower
corn prices. The feeder bulls still have the 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 $150.00. The next
downside price breakout objective for the bears is to push
and close prices below solid technical support at $145.00.
First resistance is seen at this week’s high of $147.70 and
then at $148.00. First support is seen at this week’s low
of $146.00 and then at $145.07. Wyckoff's Market Rating:
6.0

June lean hogs closed up $0.27 at $91.85 today. Prices
closed nearer the session low today and hit a six-week high
early on. While the hog bears still have the overall near-
term technical advantage, the hog bulls have gained upside
technical momentum to begin to suggest that a market bottom
is in place. However, the bulls have more work to do to
suggest prices can sustain an uptrend. The next upside
price breakout objective for the hog bulls is to push and
close prices above solid chart resistance at $93.50. The
next downside price breakout objective for the bears is
pushing prices below solid technical support at $89.00.
First resistance is seen at today’s high of $92.40 and then
at $93.00. First support is seen at $91.00 and then at this
week’s low of $90.25. Wyckoff's Market Rating: 3.0

*. GRAINS: May corn futures closed down 2 cents at $6.40
1/4 Tuesday. Prices closed nearer the session low and hit
another fresh nine-month low in the wake of a very bearish
USDA corn stocks report last Thursday. Very serious chart
damage has been inflicted and the bears have the solid
technical advantage heading into the critical planting and
growing season in the U.S. Corn bulls' next upside price
objective is to push and close prices above solid technical
resistance at this week’s high of $6.79. The next downside
price breakout objective for the bears is pushing and
closing prices below solid technical support at $6.25.
First resistance for May corn is seen at Tuesday’s high of
$6.53 3/4 and then at $6.60. First support is seen at
Tuesday’s low of $6.34 and then at $6.30. Wyckoff's Market
Rating: 2.5

May soybeans closed up 3 1/4 cents at $13.94 a bushel
Tuesday. Prices closed nearer the session low and saw tepid
short covering in a bear market and did hit a fresh 10-week
low early on Tuesday. The soybean market bears have the
near-term technical advantage. The next near-term upside
technical breakout objective for the soybean bulls is
pushing and closing prices above solid technical resistance
at last week’s high of $14.59 3/4 a bushel. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
January low of $13.44. First resistance is seen at $14.00
and then at this week’s high of $14.08 1/4. First support
is seen at Tuesday’s low of $13.86 and then at $13.75.
Wyckoff's Market Rating: 3.0.

May soybean meal closed up $3.40 at $401.90 Tuesday. Prices
closed near mid-range and saw short covering in a bear
market. The bears still have the near-term technical
advantage. The next upside price breakout objective for the
bulls is to produce a close above solid technical
resistance at $410.00. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at the January low of $387.80.
First resistance comes in at Tuesday’s high of $404.40 and
then at this week’s high of $406.30. First support is seen
at Tuesday’s low of $399.20 and then at this week’s low of
$396.40. Wyckoff's Market Rating: 3.5

May bean oil closed down 44 points at 49.62 cents Tuesday.
Prices closed nearer the session low. Bean oil bulls have
faded. Bears have the near-term technical advantage. The
next upside price breakout objective for the bean oil bulls
is pushing and closing prices above solid technical
resistance at the March high of 51.03 cents. Bean oil
bears' next downside technical price breakout objective is
pushing and closing prices below solid technical support at
49.03 cents. First resistance is seen at 50.00 cents and
then at Tuesday’s high of 50.28 cents. First support is
seen at this week’s low of 49.32 cents and then at 49.03
cents. Wyckoff's Market Rating: 4.0

May Chicago SRW wheat closed up 7 1/2 cents at $6.71 1/2
Tuesday. Prices closed nearer the session high and saw
short covering in a bear market. The wheat bears still 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
$7.00 a bushel. The next downside price breakout objective
for the wheat futures bears is pushing and closing prices
below solid technical support at $6.50. First resistance is
seen at $6.75 and then at this week’s high of $6.88 3/4.
First support lies at Tuesday’s low of $6.64 1/4 and then
this week’s low of at $6.59 3/4. Wyckoff's Market Rating:
1.5.

May HRW wheat closed up 6 1/4 cents at $7.16 Tuesday.
Prices closed nearer the session high and saw short
covering. 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 $7.35. 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 $7.29 and then at $7.40. First
support is seen at this week’s low of $7.04 1/2 and then at
$7.00. Wyckoff's Market Rating: 1.0

May oats closed down 8 1/2 cents at $3.67 3/4 Tuesday.
Prices hit a fresh four-week low Tuesday and have been
pressured by the bigger grains getting hammered lower
recently. Oats bulls have lost their near-term technical
advantage. Bears' next downside price breakout objective is
pushing and closing prices below solid technical support at
the February low of $3.58 1/4. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at $3.85. First support lies at
Tuesday’s low of $3.63 3/4 and then at $3.60. First
resistance is seen at $3.70 and then at $3.75. Wyckoff's
Market Rating: 5.0

*. SOFTS: May sugar closed down 10 points at 17.59 cents
today. Prices closed near mid-range today and hit a nearly
2.5-year low. The sugar bears have the solid overall near-
term technical advantage. There are no early technical
clues of a market low being close at hand. Bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at 18.25 cents. Bears'
next downside price breakout objective is to push and close
prices below solid technical support at 17.00 cents. First
resistance is seen at this week’s high of 17.79 cents and
then at 18.01 cents. First support is seen at today’s low
of 17.50 cents and then at 17.25 cents. Wyckoff's Market
Rating: 1.0.

May coffee closed down 275 points at 135.65 cents today.
Prices closed near the session low today. The coffee bears
have the solid overall near-term technical advantage. The
next upside breakout objective for the bulls is to close
prices above solid technical resistance at this week’s high
of 141.35 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the contract low of 132.05 cents a pound. First
resistance is seen at today’s high of 138.15 cents and then
at 140.00 cents. First support is seen at this week’s low
of 135.50 cents and then at last week’s low of 134.65
cents. Wyckoff's Market Rating: 1.5.

May cocoa closed down $10 at $2,174 a ton today. Prices
closed nearer the session low. The cocoa bears have the
overall near-term technical advantage. However, the bulls
are working on a fledgling uptrend on the daily chart but
have more work to do in the near term. The next upside
price breakout objective for the cocoa bulls is to push and
close prices above solid technical resistance at $2,225.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
last week’s low of $2,124. First resistance is seen at
$2,200 and then at $2,215. First support is seen at today’s
low of $2,168 and then at $2,150. Wyckoff's Market Rating:
3.0

May cotton closed up 148 points at 88.87 cents today.
Prices closed nearer the session high today. The cotton
bulls have the overall near-term technical advantage and
regained some fresh upside momentum today. The next upside
price breakout objective for the bulls is to produce a
close above solid technical resistance at last week’s high
of 90.27 cents. The next downside price breakout objective
for the cotton bears is to push and close prices below
solid technical support at last week’s low of 86.12 cents.
First resistance is seen at today’s high of 89.69 cents and
then at 90.27 cents. First support is seen at 88.00 cents
and then at today’s low of 87.21 cents. Wyckoff's Market
Rating: 7.0.

May orange juice closed up 560 points at $1.3955 today.
Prices closed nearer the session high today and hit a fresh
3.5-month high. The FCOJ bulls now have the solid overall
near-term technical advantage and regained upside momentum
today. The next upside price breakout objective for the
FCOJ bulls is pushing and closing prices above technical
resistance at the December high of $1.4415. The next
downside technical breakout objective for the FCOJ bears is
to produce a close below solid technical support at this
week’s low of $1.3115. First resistance is seen at $1.4030
and then at today’s high of $1.4200. First support is seen
at $1.3800 and then at $1.3600. Wyckoff's Market Rating:
7.5.

May lumber futures closed down $9.90 at $375.90 today.
Prices closed near the session low on heavy profit taking
and hit a fresh five-week low. Bulls still have the slight
overall near-term technical advantage but faded today. The
next downside technical breakout objective for the lumber
bears is pushing and closing prices below solid technical
support at the February low of $372.50. The next upside
price breakout objective for the bulls is pushing and
closing prices above solid technical resistance at this
week’s high of $394.40. First resistance is seen at $377.50
and then at $380.00. First support is seen at $375.00 and
then at $372.50. Wyckoff's Market Rating: 5.5

*. METALS: June gold futures closed down $23.80 an ounce at
$1,577.10 today. Prices closed near the session low today
and hit a fresh two-week low on fresh technically related
selling. The key "outside markets" were also in a bearish
posture for the gold market today, as the U.S. dollar index
was firmer and crude oil prices were weaker. The gold bears
have the overall near-term technical advantage and gained
fresh downside momentum today. 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
$1,556.40. First resistance is seen at $1,585.00 and then
at $1,590.00. First support is seen at today’s low of
$1,574.00 and then at $1,570.00. Wyckoff’s Market Rating:
3.0

May silver futures closed down $0.614 an ounce at $27.32
today. Prices closed nearer the session low again today and
hit another fresh eight-month low. The key "outside
markets" were in a bearish posture for the silver market
today, as the U.S. dollar index was firmer and crude oil
prices were weaker.  Silver bears have the solid overall
near-term technical advantage and have gained fresh
downside momentum this week. Bulls’ next upside price
breakout objective is closing prices above solid technical
resistance at this week’s high of $28.36 an ounce. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $27.00. First
resistance is seen at $27.50 and then at $27.81. Next
support is seen at today’s low of $27.15 and then at
$27.00. Wyckoff's Market Rating: 2.0.

May N.Y. copper closed up 10 points at 337.55 cents today.
Prices closed near mid-range today and saw tepid short
covering in a bear market. Copper bears still have the
solid overall near-term technical advantage. Copper bulls'
next upside breakout objective is pushing and closing
prices above solid technical resistance at last week’s high
of 348.65 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the August 2012 low of 332.00 cents. First
resistance is seen at 340.00 cents and then at 342.50
cents. First support is seen at today’s low of 335.85 cents
and then at this week’s low of 334.00 cents. Wyckoff's
Market Rating: 2.5.

*. ENERGIES: May crude oil closed down $0.22 at $96.86
today. Prices closed nearer the session high today and saw
mild profit taking and some pressure from the firmer U.S.
dollar index. Crude oil bulls still have the near-term
technical advantage. A four-week-old uptrend is in place on
the daily bar chart. The next near-term upside price
breakout objective for the crude oil bulls is producing a
close solid chart resistance at $99.00 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 last week’s low of $93.70. First resistance is
seen at today’s high of $97.44 and then at this week’s high
of $97.80. First support is seen at $96.00 and then at
$95.58. Wyckoff's Market Rating: 6.5

May heating oil closed up 179 points at $3.0866 today.
Prices closed near mid-range today and hit a fresh five-
week high. Bulls and bears are now on a level near-term
technical playing field. The bulls' next upside price
breakout objective is closing prices above solid technical
resistance at $3.1600. 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 $3.1044 and then at $3.1250. First support is seen at
today’s low of $3.0675 and then at $3.0500. Wyckoff's
Market Rating: 5.0.

May (RBOB) unleaded gasoline closed down 607 points at
$3.0408 today. Prices closed nearer the session low today.
The gasoline bears gained the slight near-term technical
advantage today as prices are in a six-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 $3.1500. Bears' next downside price
breakout objective is closing prices below solid support at
the March low of $3.0151. First resistance is seen at
$3.0750 and then at today’s high of $3.1024. First support
is seen at $3.0151 and then at $3.0000. Wyckoff's Market
Rating: 4.5.

May natural gas closed down 5.7 cents at $3.958 today.
Prices closed nearer the session low today on profit
taking. Nat gas bulls still have the near-term technical
advantage. Prices are in a six-week-old uptrend on the
daily bar chart. The next upside price breakout objective
for the bulls is closing prices above solid technical
resistance at $4.20. The next downside price breakout
objective for the bears is closing prices below solid
technical support at last week’s low of $3.885. First
resistance is seen at $4.00 and then at today’s high of
$4.044. First support is seen at this week’s low of $3.934
and then at $3.885. Wyckoff's Market Rating: 7.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed down 29 points at 1.2827 today. Prices closed nearer
the session low today. The Euro bears have the overall
near-term technical advantage. A two-month-old downtrend is
in place on the daily bar chart. Euro bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at 1.3000. The next
downside price breakout objective for the bears is closing
prices below solid chart support at 1.2700. First
resistance for the Euro lies at today’s high of 1.2885 and
then at 1.2950. Next support is seen at last week’s low of
1.2758 and then at 1.2700. Wyckoff's Market Rating: 3.0

The June Japanese yen closed down 7 points at 1.0709 today.
Prices closed nearer the session low today and did hit a
fresh four-week high today. While bears still have the
overall near-term technical advantage the bulls are working
on a fledgling two-week-old uptrend, to begin to suggest
that a market bottom is in place. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 1.0900. Bears' next downside breakout objective is
closing prices below solid technical support at the
contract low of 1.0345. First resistance is seen at today’s
high of 1.0809 and then at 1.0900. First support is seen at
this week’s low of 1.0601 and then at last week’s low of
1.0536. Wyckoff's Market Rating: 2.5.

The June Swiss franc closed down 21 points at 1.0549 today.
Prices closed nearer the session low today. 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 the March high of 1.0738.
The next downside price breakout objective for the bears is
closing prices below solid technical support at 1.0300.
First resistance is seen at today’s high of 1.0598 and then
at 1.0650. First support is seen at this week’s low of
1.0506 and then at the March low of 1.0463. Wyckoff's
Market Rating: 3.0.

The June Australian dollar closed up 25 points at 1.0391
today. Prices closed near mid-range today. Bulls have the
overall near-term technical advantage. Prices are in a
four-week-old uptrend on the daily bar chart. Bulls' next
upside price breakout objective is closing prices above
solid chart resistance at the January high of 1.0474. The
next downside breakout objective for the bears is to
produce a close below solid technical support at 1.0273.
First resistance is seen at today’s high of 1.0420 and then
at last week’s high of 1.0432. Next support is seen at
today’s low of 1.0363 and then at this week’s low of
1.0327. Wyckoff's Market Rating: 7.0

The June Canadian dollar closed up 19 points at .9839
today. Prices closed near mid-range today and hit a fresh
six-week high. Bulls have gained the slight near-term
technical advantage. A four-week-old uptrend is in place on
the daily bar chart. Bulls' next upside price breakout
objective is producing a close above chart resistance at
.9900. The next downside price breakout objective for the
bears is closing prices below solid technical support at
.9750. First resistance is seen at today’s high of .9860
and then at .9900. First support is seen at today’s low of
.9818 and then at .9800. Wyckoff's Market Rating: 5.5.

The June British pound closed down 126 points at 1.5098
today. Prices closed near the session low today and scored
a bearish "outside day" down on the daily bar chart. Bears
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 March high
of 1.5260. Bears' next downside technical breakout
objective is closing prices below solid support at 1.5000.
First resistance is seen at 1.5200 and then at 1.5260.
First support is seen at last week’s low of 1.5085 and then
at 1.5019. Wyckoff's Market Rating: 2.0.

The June U.S. dollar index closed up .191 at 83.090 today.
Prices closed nearer the session high today. The greenback
bulls have the near-term technical advantage. 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
81.830. Next resistance lies at last week’s high of 83.520
and then at 83.750. First support is seen at today’s low of
82.645 and then at 82.500. Wyckoff's Market Rating: 6.5.

June U.S. T-Bonds closed down 13/32 at 144 15/32 today.
Prices closed nearer the session low today on profit taking
after hitting another fresh three-month high early on
today. Bulls still have the slight near-term technical
advantage. The next downside price breakout objective for
the T-Bond bears is closing prices below solid technical
support at last week’s low of 142 20/32. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at 146 even. First
resistance is seen at today’s high of 145 4/32 and then at
145 16/32. First support is seen at this week’s low of 144
even and then at 143 16/32. Wyckoff's Market Rating: 5.5.

June U.S. T Notes closed down 4.0 (32nds) at 132.00.0
today. Prices closed nearer the session low today on profit
taking. Prices last week hit a 3.5-month high. Bulls have
the near-term technical advantage. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at 133.00.0. The next downside price
breakout objective for the bears is producing a close below
solid technical support at last week’s low of 131.03.0.
First resistance is seen at today’s high of 132.08.0 and
then at last week’s high of 132.11.0. First support is seen
at today’s low of 131.29.0 and then at this week’s low of
131.23.5. Wyckoff's Market Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today. The Dow and S&P indexes hit new for-the-move
highs again today. Bulls have the solid near-term technical
advantage and there are no early technical clues to suggest
market tops are on the horizon.

The Nasdaq stock futures index closed up 27.50 at 2,815.50
today. Prices closed nearer the session high today and hit
a fresh six-month high. Bulls 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 March low of 2,711.75. First resistance is
seen at today’s high of 2,823.00 and then at 2,850.00.
First support is seen at 2,800.00 and then at today’s low
of 2,786.25. Wyckoff's Market Rating: 7.5

The S&P 500 futures index closed up 10.20 at 1,566.10.
Prices closed nearer the session high and poked to another
fresh five-year high today. Bulls have the solid overall
near-term technical advantage. Bulls' next upside price
breakout objective is closing prices above solid resistance
at the all-time high of 1,586.50. The next downside price
breakout objective for the bears is closing prices below
solid support at 1,520.00. First resistance is seen at
today’s high of 1,568.00 and then at 1,575.00. First
support is seen at today’s low of 1,555.40 and then at last
week’s low of 1,539.20. Wyckoff's Market Rating: 8.5.

The Dow futures closed up 95 points at 14,584 today. Prices
closed near mid-range today and did hit another new record
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 14,750.
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 14,600 and
then at 14,650. First support is seen at today’s low of
14,550 and then at 14,500. 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
 

Log In or Sign Up to comment

COMMENTS

No comments have been posted, be the first one to comment.

Receive the latest news, information and commentary customized for you. Sign up to receive Top Producer's eNewsletter today!

 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions