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Trader's Tip
Never let a winner become a loser. Once you have a profit in a futures trade, you never want to allow your trading techniques to get so sloppy to allow it to turn into a loss. Use protective trailing buy or sell stops to avoid such an occurrence.
- Jim Wyckoff | |
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Today's Featured Article
Hello again Fast Break readers. It's my pleasure to be able to show you some of my latest work, on behalf of the fine folks at TraderPlanet.com. In today's issue of Fast Break
, I'm showing you a portion of my latest Daily Markets Update email report from Tuesday afternoon. My daily email reports provide a quick recap of the day's market price action, including key technical developments and support and resistance levels. Also, I provide my exclusive "Wyckoff's Market Rating" to each market.
Jim Wyckoff's Daily Markets Update -- Tuesday, December 9
LIVESTOCK: February live cattle closed down $0.42 at $82.25 yesterday. Prices closed near the session low yesterday. A potentially bullish "island bottom reversal" pattern on the daily bar chart was negated yesterday as Monday's upside price gap was filled on the downside. Mostly bearish "outside markets" yesterday -- lower crude oil prices and lower U.S. stock index prices -- did help pressure the cattle market yesterday. The cattle bears still have the overall near-term technical advantage. Prices are still trading below a five-month-old downtrend line on the daily bar chart. Bulls' next upside price objective is to push prices above solid technical resistance at $85.00. For more information
on live cattle and it's related markets go here. The next downside technical objective for the bears is pushing prices below solid technical support at the contract low of $80.60. First resistance is seen at $83.00 and then at this week's high of $83.30. First support is seen at yesterday's low of $82.22 and then at $82.00. Wyckoff's Market Rating: 1.5.
February lean hogs closed up $0.02 at $64.15 yesterday. Prices closed near mid-range yesterday. Mostly bearish "outside markets" yesterday -- lower crude oil prices and lower U.S. stock index prices -- did pressure the hog market yesterday. Bears have the near-term technical advantage in hogs. The next upside price objective for the bulls is to push and close prices above solid chart resistance at $66.00. The next downside price objective for the bears is pushing prices and closing below solid technical support at last week's low of $63.00. First resistance is seen at yesterday's high of $64.95 and then at $65.05. First support is seen at yesterday's low of $63.60 and then at $63.00.
Wyckoff's Market Rating: 2.5. | |
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GRAINS:
March corn futures closed down 2 1/4 cents at 3.27 3/4 yesterday. Prices closed near mid-range in quieter trading yesterday. Mostly bearish "outside markets" yesterday -- lower crude oil prices and lower U.S. stock index prices -- did help pressure the corn market yesterday. Traders are gearing up for Thursday morning's USDA supply and demand report, which most think will tilt toward the bearish side. The corn bears still have the overall near-term technical advantage. Corn prices are still trading below a 5.5-month-old downtrend on the daily bar chart. The next downside price objective for the bears is to push and close prices below major psychological support at $3.00. The bulls'
next upside price objective is to push and close prices above solid technical resistance at $3.50. For more information on corn and it's related markets go here. First resistance for March corn is seen at yesterday's high of $3.36 3/4 and then at $3.40. First support is seen at yesterday's low of $3.24 and then at $3.20. Wyckoff's Market Rating: 2.0.
January soybeans closed down 5 3/4 cents at $8.14 3/4 yesterday. Prices closed near mid-range in quieter trading yesterday. Mostly bearish "outside markets" yesterday -- lower crude oil prices and lower U.S. stock index prices -- did help pressure the bean market yesterday. Soybean bears remain in overall near-term technical control. Traders are waiting on Thursday morning's monthly USDA supply and demand report, which is not expected to be bullish. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at $8.75 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at
the contract low of $7.76 1/4 a bushel. First resistance for January soybeans is seen at this week's high of $8.27 1/2 and then at $8.35 1/4. First support is seen at yesterday's low of $8.09 1/4 and then at $8.00. Wyckoff's Market Rating: 2.0.
March Chicago SRW wheat closed down 1 3/4 cents at $4.88 3/4 yesterday. Prices closed nearer the session low in quieter trading. Mostly bearish "outside markets" -- lower crude oil prices and lower U.S. stock index prices -- did help pressure the wheat market yesterday. Traders are gearing up for Thursday morning's USDA supply and demand report. For more information on wheat and it's related markets
go here. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week's contract low of $4.71. Bulls' next upside price objective is to push and close December futures prices above solid technical resistance at $5.20 a bushel. First resistance is seen at $5.00 and then at $5.20. First support lies at yesterday's low of $4.86 1/4 and then at this week's low of $4.78 3/4. Wyckoff's Market Rating: 2.0.
SOFTS: March sugar closed down 3 points at 11.22 cents yesterday. Prices closed near mid-range yesterday. Mostly bearish "outside markets" -- lower crude oil prices and lower U.S. stock index prices -- did help pressure the sugar market yesterday. There is the specter of a bullish double-bottom reversal pattern forming on the daily bar chart, but more upside moves in the near term are needed to confirm it. Sugar prices are still trading below a three-month-old downtrend line drawn from the August and September highs. Bears do still have the overall near-term technical advantage. Bulls' next upside price objective is to push and close prices above solid technical resistance at 12.00 cents.
Bears' next downside price objective is to push and close prices below solid technical support at the October low of 10.44 cents. First resistance is seen at yesterday's high of 11.40 cents and then at 11.50 cents. First support is seen at 11.00 cents and then at this week's low of 10.75 cents. Wyckoff's Market Rating: 2.5.
March coffee closed up 15 points at 109.65 cents yesterday. Prices closed near mid-range yesterday. Mostly bearish "outside markets" -- lower crude oil prices and lower U.S. stock index prices -- did help pressure the coffee market yesterday. Coffee bears still have the overall near-term technical advantage. Prices are still in a five-month-old downtrend on the daily bar chart. For more information on coffee and it's related markets
go here. Coffee bulls' next upside price objective is pushing and closing prices above solid technical resistance at 115.00 cents. The next downside price objective for the bears is closing prices below major psychological support at 100.00 cents a pound. First support is seen at yesterday's low of 107.00 cents and then at this week's low of 104.95 cents. First resistance is seen at yesterday's high of 112.10 cents and then at 114.00 cents. Wyckoff's Market Rating: 2.0. | |
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March cocoa closed down $20 at $2,267 yesterday. Prices closed near mid-range yesterday in quieter trading. Profit taking was featured. Mostly bearish "outside markets" -- lower crude oil prices and lower U.S. stock index prices -- did help pressure the cocoa market yesterday. The bulls still have some upside near-term technical momentum. Prices are still in a three-week-old uptrend on the daily bar chart. The next upside price objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,400. The next downside price objective for the bears is pushing and closing prices below solid technical support at $2,100. First resistance
is seen at yesterday's high of $2,293 and then at this week's high of $2,323. First support is seen at yesterday's low of $2,240 and then at $2,200. Wyckoff's Market Rating: 5.5.
March cotton closed down 110 points at 43.24 cents yesterday. Prices closed near the session low yesterday. Mostly bearish "outside markets" -- lower crude oil prices and lower U.S. stock index prices -- did help pressure the cotton market yesterday. Traders are awaiting Thursday morning's USDA supply and demand report. The cotton bears still have the overall near-term technical advantage. The next downside price objective for the bears is to produce a close below technical support at last week's low of 41.31 cents. The next upside price objective for the bulls is to produce a close above solid technical resistance at the December high of 47.99 cents. First resistance is at 44.00 cents
and then at yesterday's high of 45.13 cents. First support is seen at 42.50 cents and then at 42.00 cents. For more information on cotton and it's related markets go here. Wyckoff's Market Rating: 2.0.
METALS: February gold futures closed up $7.00 at $776.30 yesterday. Prices closed nearer the session high yesterday on more short covering. Bears still have the slight near-term technical advantage. Downtrend lines are in place on the daily bar chart. Bears' next downside price objective is closing prices below solid technical support at last week's low of $741.20. Gold bulls' next upside price objective is to produce a close above psychological resistance at $800.00. First resistance is seen at this week's high of $782.80 and then at $790.00. Support is seen at $770.00 and then at yesterday's low of $762.50. Wyckoff's Market Rating: 4.5.
ENERGIES: January crude oil closed down $1.51 at $42.20 a barrel yesterday. Prices closed near the session low yesterday. Lower U.S. stock index futures prices pressured crude yesterday. Crude oil bears still have the near-term technical advantage. Prices remain in a 4.5-month-old downtrend on the daily bar chart. The next downside price objective for the crude oil bears is to produce a close below technical support at last week's low of $40.50. The next upside price objective for the bulls is producing a close above technical resistance at $50.00 a barrel. First resistance is seen at this week's high of $44.70 and then at $46.00. First support is seen at $41.00 and then at the contract low
of $40.50. Wyckoff's Market Rating: 1.5.
January natural gas closed up 4.4 cents at $5.61 yesterday. Prices closed near mid-range yesterday and hit another fresh contract low. The bears still have the solid near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $6.50. For more information on natural gas and it's related markets go here. The next downside price objective for the bears is closing prices below solid technical support at $5.25. First resistance is seen at this week's high of $5.738 and then at $6.00. First support is seen at yesterday's contract low of $5.458 and then at $5.40. Wyckoff's Market Rating: 1.0. | |
About the Author
Jim Wyckoff is the senior market analyst with TraderPlanet.com
. TraderPlanet.com, a Tampa Bay, Fla.-based financial social networking site, provides individual traders of all skill levels a one-stop destination for financial information and trading tools. TraderPlanet.com is the only financial social networking site that offers its members a full suite of market data feeds, advanced technical analysis tools and exclusive analyst commentary across asset classes, while enabling members to give back to the broader world community through gift-giving to charitable causes. Designed to level the playing field between institutional and individual traders, TraderPlanet.com's fully interactive, multi-media rich platform is designed to promote the free-flow
exchange of ideas through questions, answers and comments designed to improve trading strategies and investment performance.
Jim has spent nearly 25 years involved with the stock, financial and commodity markets. He was a financial journalist with what is now the Dow Jones Newswires service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York. As a journalist, he has covered every futures market traded in the U.S., at one time or another. Not long after he began his career in financial/commodity market journalism, Jim began studying technical analysis. By studying chart patterns and other technical indicators, Jim realized the playing field could be leveled between the "professional insiders" in the markets, and traders/analysts like
himself. As a proponent of Intermarket Analysis, VantagePoint Intermarket Analysis Software is one of the tools in Jim's tool-box. | |
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