This report was sent to subscribers on 12/8/09 6:00 p.m. Chicago time to be used for trading on 12/9/09. Everything is done by Howard Tyllas, no program or black box.
After the close on 12/9/09: My resistance was 81.85, .60 from the actual high (only .12 in open outcry), and my support was 79.17, just .07 from the actual low.
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82.97 81.85 --------------80.67 Pivot 79.50 Low since June 15, 2008 79.17 Use the same numbers as used on 12/ 4 thru 8 /09 Trend 87.75 is the 200 day MA 5 day chart....…. Down from last week same day Daily chart ……….Down Weekly chart …….. Sideways Monthly chart …... Sideways ATR .77 Extremely Oversold 9%
December Cattle (elec) for 12/9/09:
79.50 Low since June 15, 2008
Use the same numbers as used on 12/ 4 thru 8 /09
Trend 87.75 is the 200 day MA
5 day chart....…. Down from last week same day
Daily chart ……….Down
Weekly chart …….. Sideways
Monthly chart …... Sideways
ATR .77 Extremely Oversold 9%
The red steep downtrend line finds resistance at 81.50; support is at 79.50 on the weekly chart". I want to sell rallies near the downtrend line.
Notice how the lower channel line acted as perfect support on Wednesday, and perfect resistance on Thursday. Also note the high on Monday was exactly on this same line.
In my daily numbers on Tuesday; my resistance was .45 from the actual high, my pivot acted as support and was .10 from the actual low.
Cattle: Spot on support did little to buoy this market. Same thoughts as before, sell rallies at a good location, and I cannot buy this market looking at a chart like this. I would rather wait for bottoming action and buy 1.00 or 2.00 higher than where we are now, than buy it here.
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Canary-colored IH: 1961 International 4300
March Corn Daily Numbers & Trade Ideas for 12/9/09