Sep 20, 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--Feb. 4

Feb 05, 2013

Monday Evening, February 4-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.

(Note: I’ve been posting daily dispatches on Twitter for
quite some time. I invite you to follow me, and it’s free:
@jimwyckoff )

*. LIVESTOCK: April live cattle closed up $0.10 at $132.27
today. Prices closed near the session low again today. The
key “outside markets” were in a fully bearish posture for
the cattle market today as the U.S. dollar index was
sharply higher and crude oil prices were solidly lower.
Cattle market bulls and bears are now back on a level near-
term technical playing field. The bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at last week’s high of $133.65. The
next downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
$131.25. First resistance is seen at today’s high of
$133.10 and then at $133.65. First support is seen at last
week’s low of $131.95 and then at $131.25. Wyckoff's Market
Rating: 5.0

March feeder cattle closed down $0.32 at $148.87 today.
Prices closed near mid-range today. The feeder bulls still
have the slight near-term technical advantage but need to
show fresh power soon to keep it. The next upside price
breakout objective for the feeder bulls is to push and
close prices above solid technical resistance at last
week’s high of $150.45. The next downside price breakout
objective for the bears is to push and close prices below
solid technical support at the November low of $146.85.
First resistance is seen at today’s high of $149.40 and
then at $150.00. First support is seen at today’s low of
$148.12 and then at 147.50. Wyckoff's Market Rating: 5.5

April lean hogs closed down $0.40 at $88.35 today. Prices
closed near mid-range today. The key “outside markets” were
in a fully bearish posture for the hog market today as the
U.S. dollar index was sharply higher and crude oil prices
were solidly lower. The hog bulls and bears are on a level
near-term technical playing field, but the bulls are now
fading. The next upside price breakout objective for the
hog bulls is to push and close prices above solid chart
resistance at last week’s high of $90.25. The next downside
price breakout objective for the bears is pushing prices
below solid technical support at the January low of $86.90.
First resistance is seen at today’s high of $89.10 and then
at $89.50. First support is seen at today’s low of $87.75
and then at $87.50. Wyckoff's Market Rating: 5.0

*. GRAINS: March corn futures last traded down 3 1/2 cents
at $7.32 1/2 today in late trading. Prices were near the
session low on some profit taking after prices Friday hit a
fresh seven-week high. The key “outside markets” were in a
fully bearish posture for the corn market today as the U.S.
dollar index was sharply higher and crude oil prices were
solidly lower. Corn bulls still have the slight near-term
technical advantage but need to show fresh power soon to
keep it. Corn bulls' next upside price objective is to push
and close prices above solid technical resistance at $7.50.
The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$7.14 1/2. First resistance for March corn is seen at $7.35
and then at $7.40. First support is seen at today’s low of
$7.30 3/4 and then at $7.25. Wyckoff's Market Rating: 5.5

March soybeans were up 12 1/4 cents at $14.86 1/2 a bushel
in late trading today. Prices were near mid-range and hit a
fresh seven-week high today. Dry and hot weather forecasts
for Argentina soybean regions boosted the bulls today.
Bulls have the slight near-term technical advantage. 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 psychological support at $14.00.
First resistance is seen at $15.00 and then at $15.08.
First support is seen at today’s low of $14.75 1/2 and then
at $14.63 3/4. Wyckoff's Market Rating: 5.5.

March soybean meal was up $4.90 at $433.10 today in late
trading. Prices were near mid-range and hit a fresh six-
week high today. Bulls have the slight near-term technical
advantage. The next upside price breakout objective for the
bulls is to produce a close above solid technical
resistance at $450.00. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at $408.00. First resistance comes
in at $435.00 and then at today’s high of $438.00. First
support is seen at $430.00 and then at today’s low of
$428.10. Wyckoff's Market Rating: 5.5

March bean oil was up 18 points at 53.17 cents in late
trading today. Prices were nearer the session low but
poised to close at a fresh four-month high close today.
Bean oil bulls have the near-term technical advantage. A
six-week-old uptrend is in place 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 54.00 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below technical support at last week’s low of 51.60
cents. First resistance is seen at last week’s high of
53.57 cents and then at 53.75 cents. First support is seen
at 53.00 cents and then at 52.64 cents. Wyckoff's Market
Rating: 6.0

March Chicago SRW wheat was down 2 cents at $7.63 in late
trading today. Prices were nearer the session low and hit a
fresh three-week low today. The key “outside markets” were
in a fully bearish posture for the wheat market today as
the U.S. dollar index was sharply higher and crude oil
prices were solidly lower. Wheat bears have the overall
near-term technical advantage and have regained some
downside momentum just recently. Wheat bulls’ next upside
breakout objective is to push and close Chicago SRW prices
above solid technical resistance at $8.00 a bushel. The
next downside price breakout objective for the wheat
futures bears is pushing and closing prices below solid
technical support at the January low of $7.36 1/4. First
resistance is seen at today’s high of $7.74 and then at
$7.80. First support lies at today’s low of $7.61 and then
at $7.50. Wyckoff's Market Rating: 3.5.

March K.C. HRW wheat was down 5 cents at $8.17 in late
trading today. Prices were nearer the session low and hit a
fresh three-week low today. HRW bears have the overall
near-term technical advantage and are gaining fresh
downside momentum. Bulls’ next upside price breakout
objective is pushing and closing prices above solid
technical resistance at the January high of $8.52. The
bears' next downside breakout objective is pushing and
closing prices below solid technical support at the January
low of $7.85 1/4. First resistance is seen at today’s high
of $8.29 3/4 and then at $8.40. First support is seen at
today’s low of $8.13 1/4 and then at $8.00. Wyckoff's
Market Rating: 3.5

March oats were up 1/4 cent at $3.59 1/2 in late trading
today. Prices were near the session low today. Oats bulls
have the slight near-term technical advantage. Bears' next
downside price breakout objective is pushing and closing
prices below solid technical support at $3.50. Bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at $3.75. First
support lies at today’s low of $3.58 1/2 and then at last
week’s low of $3.54 3/4. First resistance is seen at $3.63
and then at today’s high of $3.65. Wyckoff's Market Rating:
5.5

*. SOFTS: March sugar closed down 16 points at 18.73 cents
today. Prices closed near the session low today. The key
“outside markets” were in a fully bearish posture for the
sugar market today as the U.S. dollar index was sharply
higher and crude oil prices were solidly lower. The 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 19.19
cents. Bears' next downside price breakout objective is to
push and close prices below solid technical support at the
January low of 18.06 cents. First resistance is seen at
last week’s high of 19.02 cents and then at 19.19 cents.
First support is seen at 18.69 cents and then at 18.50
cents. Wyckoff's Market Rating: 2.5.

March coffee closed down 325 points at 144.70 cents today.
Prices closed nearer the session low today and hit a fresh
four-week low. The key “outside markets” were in a fully
bearish posture for the coffee market today as the U.S.
dollar index was sharply higher and crude oil prices were
solidly lower. 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 last week’s high of 150.80 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support at the
contract low of 141.25 cents a pound. First resistance is
seen at 145.00 cents and then at 147.50 cents. First
support is seen at today’s low of 143.95 cents and then at
142.50 cents. Wyckoff's Market Rating: 1.5.

March cocoa closed down $8 at $2,197 a ton. Prices closed
near mid-range today. The key “outside markets” were in a
fully bearish posture for the cocoa market today as the
U.S. dollar index was sharply higher and crude oil prices
were solidly lower. The cocoa bears have the solid 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 January high of
$2,313. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $2,115. First resistance is seen at last week’s
high of $2,217 and then at $2,234. First support is seen at
today’s low of $2,181 and then at the January low of
$2,155. Wyckoff's Market Rating: 3.0

March cotton closed down 137 points at 81.61 cents today.
Prices closed nearer the session low today and saw profit
taking from recent gains. The key “outside markets” were in
a fully bearish posture for the cotton market today as the
U.S. dollar index was sharply higher and crude oil prices
were solidly lower. The cotton bulls 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 the January high of
84.00 cents. The next downside price breakout objective for
the cotton bears is to push and close prices below solid
technical support at 77.00 cents. First resistance is seen
at 82.00 cents and then at today’s high of 82.90 cents.
First support is seen at today’s low of 81.30 cents and
then at 81.00 cents. Wyckoff's Market Rating: 7.0.

March orange juice closed down 180 points at $1.1995 today.
Prices closed nearer the session low today but did hit a
fresh five-week high early on. Prices today also scored a
bearish “outside day” down on the daily bar chart. FCOJ
bulls have the slight near-term technical advantage. The
next upside price breakout objective for the FCOJ bulls is
pushing and closing prices above technical resistance at
$1.2500. The next downside technical breakout objective for
the FCOJ bears is to produce a close below solid technical
support at $1.1250. First resistance is seen at $1.2200 and
then at today’s high of $1.2395. First support is seen at
$1.1880 and then at $1.1780. Wyckoff's Market Rating: 5.5.

March lumber futures closed up $6.30 at $369.00 today.
Short covering and bargain hunting were seen again today. 
Bulls have quickly regained good upside near-term technical
momentum. The next downside technical breakout objective
for the lumber bears is pushing and closing prices below
solid technical support at last week’s low of $342.30. The
next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at the January high of $376.40. First resistance is seen at
$372.50 and then at today’s high of $376.40. First support
is seen at today’s low of $360.80 and then at $358.00.
Wyckoff's Market Rating: 6.5

*. METALS: April gold futures closed up $4.80 an ounce at
$1,675.30 today. Prices closed nearer the session high
today. Short covering and bargain hunting were featured
today. The gold market made gains despite bearish outside
markets that included a sharply higher U.S. dollar index
and solidly lower crude oil prices. Bulls and bears are on
a level near-term technical playing field. The gold bulls’
next upside price breakout objective is to produce a close
above solid technical resistance at $1,700.00. Bears' next
near-term downside breakout price objective is closing
prices below solid technical support at last week’s low of
$1,653.20. First resistance is seen at last week’s high of
$1,685.00 and then at $1,690.00. First support is seen at
today’s low of $1,661.80 and then at last week’s low of
$1,653.20. Wyckoff’s Market Rating: 5.0

March silver futures closed down $0.258 an ounce at $31.70
today. Prices closed near mid-range today. The key outside
markets were in a bearish posture for the silver market
today as the U.S. dollar index was sharply higher and crude
oil prices were solidly lower. Silver bulls have the slight
near-term technical advantage as a bullish symmetrical
triangle pattern has formed on the daily bar chart. Bulls’
next upside price breakout objective is closing prices
above solid technical resistance at the January high of
$32.485 an ounce. The next downside price breakout
objective for the bears is closing prices below solid
technical support at last week’s low of $30.745. First
resistance is seen at today’s high of $31.925 and then at
$32.16. Next support is seen at today’s low of $31.385 and
then at $31.12. Wyckoff's Market Rating: 5.5.

March N.Y. copper closed down 145 points at 377.00 cents
today. Prices closed nearer the session low today and did
hit another fresh four-month high early on. The key outside
markets were in a bearish posture for the copper market
today as the U.S. dollar index was sharply higher and crude
oil prices were solidly lower. Profit taking was featured.
Copper bulls still have the overall near-term technical
advantage. Prices are in a choppy three-month-old uptrend
on the daily bar chart. Copper bulls' next upside breakout
objective is pushing and closing prices above solid
technical resistance at the September high of 384.80 cents.
The next downside price breakout objective for the bears is
closing prices below solid technical support at of 364.05
cents. First resistance is seen at today’s high of 379.25
cents and then at 380.00 cents. First support is seen at
375.00 cents and then at 372.50 cents. Wyckoff's Market
Rating: 6.5.

*. ENERGIES: March crude oil closed down $1.48 a barrel at
$96.29 today. Prices closed nearer the session low today on
profit taking and due to a stronger U.S. dollar index. The
crude bulls still have the overall near-term technical
advantage. Prices are in a two-month-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 major psychological resistance at $100.00 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 $94.00. First resistance is seen at
$97.00 and then at $97.50. First support is seen at today’s
low of $95.89 and then at $95.00. Wyckoff's Market Rating:
6.5

March heating oil closed down 7 points at $3.1599 today.
Prices closed nearer the session high today and hit a fresh
4.5-month high. Bulls have the near-term technical
advantage and gained more upside momentum just recently. A
seven-week-old uptrend is in place on the daily bar chart.
The bulls' next upside price breakout objective is closing
prices above solid technical resistance at the September
high of $3.2100. Bears' next downside price breakout
objective is producing a close below solid technical
support at $3.0800. First resistance lies at today’s high
of $3.1699 and then at $3.2000. First support is seen at
today’s low of $3.1433 and then at $3.1250. Wyckoff's
Market Rating: 7.0.

March (RBOB) unleaded gasoline closed down 352 points at
$3.0184 today. Prices closed nearer the session low today
on profit taking. Prices Friday hit a contract high.
Gasoline bulls still 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 $3.10. Bears' next downside price
breakout objective is closing prices below solid support at
$2.8750. First resistance is seen at the contract high of
$3.0663 and then at $3.0800. First support is seen at
$3.0000 and then at $2.9626. Wyckoff's Market Rating: 7.5.

March natural gas closed up 2.0 cents at $3.321 today.
Prices closed near mid-range. Nat gas bears are still in
near-term technical control. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at the January high of $3.646. The
next downside price breakout objective for the bears is
closing prices below solid technical support at the January
low of $3.10. First resistance is seen at today’s high of
$3.354 and then at $3.42. First support is seen at today’s
low of $3.259 and then at last week’s low of $3.232.
Wyckoff's Market Rating: 2.5.

*.STOCKS, FINANCIALS, CURRENCIES: The March Euro currency
closed down 148 points at 1.3517 today. Prices closed
nearer the session low today on heavy profit taking. Prices
Friday hit a 14-month high. No chart damage occurred today.
Bulls still have the solid overall near-term technical
advantage. Prices are in an 11-week-old uptrend on the
daily bar chart. Euro bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at 1.3750. The next downside price
breakout objective for the bears is closing prices below
solid chart support at 1.3400. First resistance for the
Euro lies at 1.3600 and then at today’s high of 1.3658.
Next support is seen at 1.3500 and then at 1.3450.
Wyckoff's Market Rating: 7.5

The March Japanese yen closed up 53 points at 1.0838 today.
Prices closed near the session high today on short covering
after hitting another contract low early on. Bears still
have the solid overall near-term technical advantage.
Prices are in a steep four-month-old downtrend on the daily
bar chart. There are still no early clues of a market
bottom being close at hand. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 1.1300. Bears' next downside breakout objective is
closing prices below solid technical support at 1.0500.
First resistance is seen at 1.0918 and then at 1.1000.
First support is seen at today’s contract low of 1.0734 and
then at 1.0700. Wyckoff's Market Rating: 1.0.

The March Swiss franc closed down 10 points at 1.1013
today. Prices closed nearer the session high today. Prices
Friday hit a nine-month high. The Swissy bulls still have
the solid near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at 1.1200. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 1.0800. First resistance is seen
at today’s high of 1.1027 and then at last week’s high of
1.1090. First support is seen at today’s low of 1.0973 and
then at 1.0900. Wyckoff's Market Rating: 8.0.

The March Australian dollar closed up 20 points at 1.0397
today. Prices closed near mid-range today. Bulls have the
overall near-term technical advantage. Bulls' next upside
price breakout objective is closing prices above solid
chart resistance at the January high of 1.0547. The next
downside breakout objective for the bears is to produce a
close below solid technical support at the December low of
1.0281. First resistance is seen at today’s high of 1.0410
and then at last week’s high of 1.0434. Next support is
seen at today’s low of 1.0377 and then at last week’s low
of 1.0327. Wyckoff's Market Rating: 6.0

The March Canadian dollar closed down 14 points at 1.0006
today. Prices closed nearer the session low today. Bulls
and bears are back on a level near-term technical playing
field. Bulls' next upside price breakout objective is
producing a close above chart resistance at 1.0100. The
next downside price breakout objective for the bears is
closing prices below solid technical support at the January
low of .9889. First resistance is seen at today’s high of
1.0042 and then at 1.0085. First support is seen at today’s
low of .9998 and then at .9950. Wyckoff's Market Rating:
5.0.

The March British pound closed up 43 points at 1.5756
today. Prices closed nearer the session high today on short
covering. Trading has turned very choppy. Bears still have
the overall near-term technical advantage. Prices are in a
four-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 1.6000. Bears'
next downside technical breakout objective is closing
prices below solid support at the January low of 1.5670.
First resistance is seen at 1.5800 and then at last week’s
high of 1.5874. First support is seen at 1.5700 and then at
1.5670. Wyckoff's Market Rating: 3.0.

The March U.S. dollar index closed up 45 points at 79.58
today. Prices closed nearer the session high today and saw
heavy short covering. Prices Friday hit a contract low. The
bears still have the solid overall near-term technical
advantage. Bulls' next upside price breakout objective is
to close prices above solid technical resistance at 80.27.
The next downside price breakout objective for the bears is
to produce a close below solid technical support at 78.50.
Next resistance lies at today’s high of 79.64 and then at
80.00. First support is seen at today’s low of 79.17 and
then at 79.01. Wyckoff's Market Rating: 2.0.

March U.S. T-Bonds closed up 27/32 at 143 22/32 today.
Prices closed nearer the session high today and saw short
covering in a bear market after prices early on hit a fresh
contract low. T-Bond bears still have the solid overall
near-term technical advantage. The next downside price
breakout objective for the T-Bond bears is closing prices
below solid technical support at 142 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at the January high of 146
17/32. First resistance is seen at today’s high of 143
28/32 and then at 144 even. First support is seen at 143
even and then at today’s contract low of 142 5/32.
Wyckoff's Market Rating: 1.5.

March U.S. T Notes closed up 14.5 (32nds) at 131.18.5
today. Prices closed nearer the session high on short
covering in a bear market after hitting a fresh 4.5-month
low early on 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 the January high of 132.17.5. The next
downside price breakout objective for the bears is
producing a close below solid technical support at the
September low of 130.10.5. First resistance is seen at
today’s high of 131.22.0 and then at last week’s high of
131.26.5. First support is seen at 131.14.5 and then at
131.08.0. Wyckoff's Market Rating: 3.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker today on more profit taking. Bulls still have the
overall near-term technical advantage as the indexes are
not far from their recent highs. A lighter slate of U.S.
economic data Monday failed to move the markets in a
significant fashion. In overnight news, European stocks
were weaker along with the Euro currency, as Spanish and
Italian bond yields crept higher. There is political
scandal in Spain and banking troubles in Italy that are
grabbing the European financial news headlines to start the
new trading week. However, the Standard & Poors ratings
agency said Monday that European Union periphery countries
that are weaker have been making progress to climb back to
economic health. However, S&P said Greece is still in big
trouble. Later this week China will issue a fresh batch of
economic data, including inflation and trade balance
reports. The markets will closely scrutinize those reports
coming out of China.

The Nasdaq stock futures index closed down 45.00 at
2,711.50 today. Prices closed nearer the session low today.
Bulls still have the near-term technical advantage but are
now fading. Bulls' next upside price breakout objective is
closing prices above solid resistance at 2,800.00. The
bears' next downside price breakout objective is closing
prices below solid technical support at 2,675.00. First
resistance is seen at 2,725.00 and then at 2,750.00. First
support is seen at today’s low of 2,709.00 and then at the
January low of 2,698.50. Wyckoff's Market Rating: 6.0

The S&P 500 futures index closed down 13.30 at 1,493.40.
Prices closed nearer the daily low today. Bulls still have
the solid near-term technical advantage. Bulls' next upside
price breakout objective is closing prices above solid
resistance at 1,525.00. The next downside price breakout
objective for the bears is closing prices below solid
support at 1,457.00. First resistance is seen at 1,500.00
and then at last week’s high of 1,510.00. First support is
seen at today’s low of 1,490.50 and then at 1,475.10.
Wyckoff's Market Rating: 7.0.

The Dow futures closed down 85 points at 13,845. Prices
closed near mid-range today. Bulls still have the solid
near-term technical advantage. The next upside price
objective for the bulls is closing prices above solid
technical resistance at 14,000. The next downside price
objective for the bears is closing prices below solid
technical support at 13,500. First resistance in the Dow
lies at today’s high of 13,867 and then at 13,908. First
support is seen at today’s low of 13,810 and then at
13,750. Wyckoff's Market Rating: 7.5.

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