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Trader's Tip
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This is an extra important trading week, with September and October being so important to the stock indexes and other financial markets. How many markets trend the rest of this week could well be how they trend during the next two months.
- Jim Wyckoff |
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Special Message from Our Author
Today's Featured Article
Hello once again Fast Break readers. It's always my pleasure to be able to show you some of my latest research. In today's issue of Fast Break,
I'm showing you a portion of my latest comprehensive Daily Markets Update email report from Tuesday afternoon. My daily email reports provide a recap of the day's market price action, including key technical developments and support and resistance levels.
LIVESTOCK: October live cattle closed down $0.57 at $86.10 yesterday. Prices closed near the session low and closed at a fresh 10-week low close yesterday. The key "outside markets" were fully bearish for the cattle market yesterday, as crude oil prices were solidly lower, U.S. stock indexes were solidly lower and the U.S. dollar index was solidly higher.
Go here to see how related markets affect other target markets.
October live cattle are still trading below a six-week-old downtrend line on the daily bar chart. Bears still have the overall near-term technical advantage and have gained more downside momentum just recently. Bulls' next upside price objective is to push and close prices above solid technical resistance at $87.50. The next downside technical objective for the bears is pushing and closing prices below solid technical support at the June low of $85.60. First resistance is seen at $86.50 and then at yesterday's high of $86.90. First support is seen at this week's low of $86.00 and then at $85.60. Wyckoff's Market Rating: 2.0
October lean hogs closed up $1.35 at $49.50 yesterday. Prices closed nearer the session high yesterday and hit a fresh four-week high. More short covering in a bear market was featured yesterday. Bears still have the overall near-term technical advantage, but the bulls have gained a bit of upside momentum recently. The next upside price objective for the bulls is to push and close prices above solid chart resistance at $52.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $46.50. First resistance is seen at yesterday's high of $49.80 and then at $50.00. First support is seen at $49.00 and then at yesterday's low of $48.65.
Wyckoff's Market Rating: 3.0
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GRAINS:
December corn futures closed down 10 1/2 cents at $3.19 1/4 yesterday. Prices closed near the session low yesterday and closed at a fresh six-week low close. Weather in the U.S. Corn Belt is deemed somewhat bearish, as traders feel there will be no major frost episode in the Corn Belt the next couple weeks. The corn bears have the solid near-term technical advantage at present. The corn bulls' next upside price objective is to push prices above solid technical resistance at last week's high of $3.37 1/2 a bushel. The next downside price objective for the bears is to push and close prices below solid technical support at the August low of $3.11 1/2 a bushel. First resistance for
December corn is seen at $3.25 and then at yesterday's high of $3.29. First support is seen at yesterday's low of $3.16 1/2 and then at $3.11 1/2. Wyckoff's Market Rating: 1.5
November soybeans closed down 24 cents at $9.55 1/2 a bushel yesterday. Prices closed nearer the session low again yesterday and hit a fresh two-week low. Go here to see complimentary recent market forecasts for soybeans and corn.
Serious near-term technical damage has occurred this week. Weather in the U.S. Corn Belt is deemed slightly bearish for soybeans, as no serious frost episode is expected in the Corn Belt the next couple weeks. Bears have the near-term technical advantage.
The next upside price objective for the bean bulls is to push and close November prices 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 $9.40 a bushel. First resistance for November soybeans is seen at $9.67 1/4 and then at $9.80. First support is seen at yesterday's low of $9.50 3/4 and then at $9.40. Wyckoff's Market Rating: 3.0
December Chicago SRW wheat closed down 11 1/2 cents at $4.87 1/4 yesterday. Prices closed nearer the session low yesterday and closed at a fresh contract low close. Wheat bears still have the solid overall near-term technical advantage. Prices are still in a three-month-old downtrend on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at $4.50. Bulls' next upside price objective is to push and close December futures prices above solid technical resistance at the July low of $5.32 3/4 a bushel. First resistance is seen at this week's high of $5.02 and then at last week's high of $5.16 1/2. First support lies
at the contract low of $4.80 3/4 and then at $4.75. Wyckoff's Market Rating: 1.0
SOFTS:
October sugar closed down 15 points at 24.24 cents yesterday. Prices did hit a fresh contract and 28-year high early on yesterday. Prices closed near mid-range yesterday and were pressured on mild profit taking. The sugar bulls still have the solid near-term technical advantage. There are still no early technical clues of a market top being close at hand. Prices are in a 10-month-old uptrend on the daily bar chart. Bulls' next upside price objective is to push and close prices above solid technical resistance at 28.00 cents. Bears' next downside price objective is to push and close prices below solid technical support at 22.50 cents. First resistance is seen at yesterday's contract
high of 24.85 cents and then at 25.00 cents. First support is seen at 24.00 cents and then at yesterday's low of 23.61 cents. Wyckoff's Market Rating: 8.5
December coffee closed down 225 points at 120.05 cents yesterday. Prices closed nearer the session low yesterday, hit another fresh six-week low and scored a bearish "outside day" down on the daily bar chart. Did you miss this trading opportunity?
Go here to see how intermarket analysis can help you to forecast trends.
Coffee bears still have the near-term technical advantage. Prices are in a steep three-week-old downtrend on the daily bar chart. Coffee bulls' next upside price objective is pushing and closing prices above solid technical resistance at 127.50 cents. The next downside price objective for the bears is closing prices below solid technical support at the July low of 116.40 cents a pound. First support is seen at yesterday's low of 120.00 cents and then at 119.00 cents. First resistance is seen at 121.00 cents and then at 122.50 cents. Wyckoff's Market Rating: 3.0
December cotton closed down 139 points at 58.35 cents yesterday. Prices closed nearer the session low and took back all of Monday's gains. The cotton bears still have the overall near-term technical advantage. Prices are still in a three-week-old downtrend on the daily bar chart. The next downside price objective for the cotton bears is to produce a close solid technical support at last week's low of 57.00 cents. The next upside price objective for the bulls is to produce a close above solid technical resistance at 60.00 cents. First resistance is seen at 59.00 cents and then at 59.50 cents. First support is seen at 58.00 cents and then at yesterday's low of 57.52 cents. Wyckoff's
Market Rating: 3.0
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METALS:
December gold futures closed up $3.80 at $957.30 yesterday. Prices closed near the session high and were supported by a lower U.S. stock market prompting some perceived flight-to-quality buying of gold. Bulls and bears are still presently on a level near-term technical playing field. Bears' next downside price objective is closing prices below solid technical support at the late July low of $927.60. Gold bulls' next upside price objective is to push and close prices above solid technical resistance at the August high of $974.30. First resistance is seen at $960.00 and then at last week's high of $954.60. Support is seen at $950.00 and then at this week's low of $944.30. Wyckoff's
Market Rating: 5.0
ENERGIES:
October crude oil closed down $1.70 at $68.26 a barrel yesterday. Prices closed near the session low yesterday, hit a fresh three-week low and were pressured by a big sell off in the U.S. stock market and a stronger U.S. dollar. Crude bulls and bears are on a level near-term technical playing field. The next downside price objective for the crude oil bears is to produce a close below solid technical support at the August low of $67.42. The next upside price objective for the bulls is producing a close above solid technical resistance at $72.00 a barrel. First resistance is seen at $69.00 and then at $70.00. First support is seen at yesterday's low of $68.00 and then at $67.50.
Wyckoff's Market Rating: 5.0
FINANCIALS, CURRENCIES:
The December U.S. dollar index closed up 59 points at 79.11 yesterday. Prices closed nearer the session high yesterday. Short covering in a bear market was featured. Bears still have the overall near-term technical advantage. Bulls' next upside price objective is to close prices above solid technical resistance at the August high of 79.92. The next downside price objective for the bears is to produce a close below solid technical support at the August low of 77.83. Next resistance lies at yesterday's high of 79.29 and then at last week's high of .7945. First support is seen at 79.00 and then at 78.50.
VantagePoint can provide you with complimentary recent forecasts for U.S. dollar index -- go here to see them for yourself. Wyckoff's Market Rating: 2.5
December U.S. T-Bonds closed up 10/32 at 120 2/32 yesterday. Prices closed nearer the session high yesterday and hit a fresh 3.5-month high. Bond market bulls have the near-term technical advantage and gained some more upside momentum yesterday. The next downside price objective for the T-Bond bears is closing prices below solid technical support at last week's low of 116 30/32. The next upside technical objective for the bulls is to produce a close above solid technical resistance at 122 even. First resistance is seen at yesterday's high of 120 13/32 and then at 121 even. First support is seen at 119 16/32 and then at 119 even. Wyckoff's Market Rating: 6.0
*The Market Rating System is based on a scale of 1 to 10, with 1 being the most bearish market rating and 10 being the most bullish market rating. The number 5 would be a neutral rating. And it is not uncommon to see fractions used -- like 1.5, 3.5, etc. -- if conditions warrant.
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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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