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Today's Featured Article
Hello again Fast Break
readers. It's been my privilege through the years to provide the fine folks at FutureSource.com and you with some of my market analysis and educational features. In producing each Fast Break report, it's my mission to ensure that after reading my report you will take away at least one valuable trading "nugget" that will enhance your own trading methodology, or provide you with a fresh clue on a market you are closely following.
In today's Fast Break
issue, I'm going to provide you with a portion of my comprehensive "Daily Markets Update" email report from Tuesday afternoon. Feel free to email me at jim@jimwyckoff.com if you have any comments or questions. I do answer all email in a timely fashion.
Tuesday Evening, March 24 -- Jim Wyckoff's Daily Markets Update
LIVESTOCK: June live cattle closed down $0.02 at $83.37 today. Prices closed nearer the session high today. Bearish "outside markets" today -- weaker crude oil prices, a weaker U.S. stock market and a firmer U.S. dollar -- did limit buying interest in cattle today. The cattle bears still have the overall near-term technical advantage. Bulls' next upside price objective is to push prices above solid technical resistance at $85.00. The next downside technical objective for the bears is pushing and closing prices below solid technical support at the March low of $80.50. First resistance is seen at today's high of $83.55 and then at this week's high of $83.80. First support is seen at $83.00 and
then at today's low of $82.77 and then at $82.50. Wyckoff's Market Rating: 3.0.
June lean hogs closed up $0.52 at $73.15 today. For complimentary recent forecasts on lean hogs go here
. Prices closed near the session high today on short covering in a bear market. Bearish "outside markets" today -- weaker crude oil prices, a weaker U.S. stock market and a firmer U.S. dollar -- did limit the upside in hogs today. The next upside price objective for the bulls is to push prices above solid chart resistance at last week's high of $75.92. The next downside price objective for the bears is pushing and closing prices below solid technical support at the contract low of $69.65. First resistance is seen at $73.50 and then at $74.00. First support is seen at $72.50 and then at today's low of $72.25. Wyckoff's Market Rating: 2.5. | |
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GRAINS:
May corn futures closed down 1 cent at $3.94 1/2 today. Prices closed near mid-range in quieter trading today. Bearish "outside markets" today -- weaker crude oil prices, a weaker U.S. stock market and a firmer U.S. dollar -- did limit the upside in corn today. While a three-week-old uptrend is still in place on the daily bar chart, the bulls are fading a bit, technically, and need to show fresh power soon. The next downside price objective for the bears is to push and close prices below solid technical support at $3.75 a bushel. The bulls' next upside price objective is to push and close prices above solid technical resistance at $4.25. First resistance for May corn is seen at
today's high of $3.98 and then at this week's high of $4.03 3/4. First support is seen at today's low of $3.92 and then at $3.90. Wyckoff's Market Rating: 5.0
May soybeans closed up 11 1/2 cents at $9.67 a bushel today. Prices closed near the session high and closed at a fresh six-week high close today. A farmers' strike in Argentina this week is a main bullish force beans. For more information on soybeans and its related markets
go here. Bearish "outside markets" today -- weaker crude oil prices, a weaker U.S. stock market and a firmer U.S. dollar -- did cap gains in beans today. Soybean bulls still have upside near-term technical momentum. Prices are in a steep three-week-old uptrend on the daily bar chart. The next upside price objective for the bean bulls is to push and close prices back above major psychological resistance at $10.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at $9.20 a bushel. First resistance for May soybeans is seen at today's high of $9.70 3/4 and then at this week's high of $9.81 1/4. First support is seen at $9.50 and
then at $9.40. Wyckoff's Market Rating: 6.0.
May Chicago SRW wheat closed down 14 1/4 cents at $5.35 today. Prices closed nearer the session low today on beneficial rains that are forecast for the U.S. Plains states in the coming days. Bearish "outside markets" today -- weaker crude oil prices, a weaker U.S. stock market and a firmer U.S. dollar -- did help pressure wheat today. Wheat bears still have the near-term technical advantage. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week's low of $5.11 1/2. Bulls' next upside price objective is to push and close May futures prices above solid technical resistance at this week's high of $5.63 a bushel. First
resistance is seen at $5.45 and then at today's high of $5.52 3/4. First support lies at today's low of $5.30 1/4 and then at $5.25. Wyckoff's Market Rating: 3.5.
SOFTS: May sugar closed down 40 points at 13.01 cents today. Prices closed near the session low today. Bearish "outside markets" today -- weaker crude oil prices, a weaker U.S. stock market and a firmer U.S. dollar -- did help pressure sugar today. Bulls are fading this week and need to show fresh power soon. Bulls' next upside price objective is to push and close prices above solid technical resistance at the February high of 13.93 cents.
Go here to receive complimentary recent forecasts for sugar. Bears' next downside price objective is to push and close prices below solid technical support at last week's low of 12.74 cents. First resistance is seen at 13.25 cents and then at today's high of 13.45 cents. First support is seen at today's low of 12.96 cents and then at 12.74 cents. Wyckoff's Market Rating: 4.5.
May coffee closed down 70 points at 116.80 cents today. Prices closed nearer the session low today. Bearish "outside markets" today -- weaker crude oil prices, a weaker U.S. stock market and a firmer U.S. dollar -- did help pressure coffee today. Bulls and bears are on a level near-term technical playing field. Prices are still in a steep two-week-old uptrend on the daily bar chart. Coffee bulls' next upside price objective is pushing and closing prices above solid technical resistance at 120.00 cents. The next downside price objective for the bears is closing prices below solid technical support at last week's low of 108.60 cents a pound. First support is seen at this week's low of
115.90 cents and then at 115.00 cents. First resistance is seen at 117.65 cents and then at last week's high of 118.10 cents. Wyckoff's Market Rating: 5.0.
May cotton closed down 72 points at 44.31 cents today. Prices closed nearer the session low today on a corrective pullback after hitting a six-week high on Monday. Bearish "outside markets" today -- weaker crude oil prices, a weaker U.S. stock market and a firmer U.S. dollar -- did help pressure cotton today. Cotton bears do still have the near-term technical advantage, even though the bulls have gained a bit of upside momentum recently. The next downside price objective for the bears is to produce a close below technical support at 42.50 cents. For more on information on intermarket analysis, like the relationship between cotton and it's related markets
go here. The next upside price objective for the bulls is to produce a close above solid technical resistance at 47.00 cents. First resistance is seen at this week's high of 45.10 cents and then at 45.50 cents. First support is seen at today's low of 43.95 cents and then at 43.00 cents. Wyckoff's Market Rating: 3.0. | |
METALS:
June gold futures closed down $22.20 at $932.60 today. Prices closed near mid-range. Bearish "outside markets" today -- weaker crude oil prices, a weaker U.S. stock market and a firmer U.S. dollar -- did help pressure gold today. Bulls are fading but still have the near-term technical advantage, amid choppier trading conditions. Bears' next downside price objective is closing prices below solid technical support at last week's low of $885.00. Gold bulls' next upside price objective is to push and close prices above solid technical resistance at the February high of $1,009.80. First resistance is seen at today's high of $946.60 and then at $950.00. Support is seen at today's low of
$919.50 and then at $910.00. Wyckoff's Market Rating: 6.0.
ENERGIES: May crude oil closed down $0.14 at $53.66 a barrel today. Prices closed nearer the session high today and hit another fresh 10-week high. Bulls have gained upside near-term technical momentum recently. My bias is that there is not a lot of upside price potential left in the crude oil market, given the economic recessions gripping the world's major countries. The next downside price objective for the crude oil bears is to produce a close below solid technical support at $50.00. Interested in oils next move?
Go here to see complimentary recent forecasts. The next upside price objective for the bulls is producing a close above solid technical resistance at the January high of $58.31 a barrel. First resistance is seen at today's high of $54.20 and then at $55.00. First support is seen at $53.00 and then at $52.50. Wyckoff's Market Rating: 5.5.
CURRENCIES: The June U.S. dollar index closed up 75 points at 84.70 today. Prices closed nearer the session high today on a short-covering bounce. Serious near-term technical damage has been inflicted recently. Bears still have the near-term technical advantage. Bulls' next upside price objective is to close prices above solid technical resistance at 86.00. The next downside price objective for the bears is to produce a close below solid technical support at 82.00. Next resistance lies at 85.00 and then at 85.50. First support is seen at 84.00 and then at today's low of 83.70 and then at 83.50. Wyckoff's Market Rating: 4.0.
FINANCIALS:
June U.S. T-Bonds closed up 7/32 at 128 26/32 today. Prices closed near the session high today. While a bullish pennant pattern on the daily bar chart was negated with today's early downside price action, the high-range close today does encourage the bulls. The next downside price objective for the T-Bond bears is closing prices below solid technical support at the February low of 123 4/32. The next upside technical objective for the bulls is to produce a close above solid technical resistance at last week's high of 132 18/32. First resistance is seen at today's high of 129 11/32 and then at this week's high of 129 23/32. First support is seen at 128 even and then at 127 16/32.
Wyckoff's Market Rating: 6.0. | |
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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