Do your homework before executing any trade. When you do execute a trade, stick to your trading plan of action and don't let emotions "in the heat of trading battle" sway your original opinion.

- Jim Wyckoff

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Hello, Fast Break readers. I've been a contributor to this FutureSource platform for many years. I used to work for FutureSource many years ago, and the people there are all good folks. I very much enjoy showing you some of my work and I hope you enjoy and benefit from it.

Today, I want to show you part of my latest Daily Markets Update report from Monday afternoon. And what a day it was Monday! I do a brief, mostly technically oriented, analysis of all the major markets traded in the U.S. Below you can check out the key near-term technical support and resistance levels on the markets you are trading.

Jim Wyckoff's Daily Markets Update for Monday, Sept. 16 -- Selected Commodities

General Comment: Monday's big downdraft in the U.S. stock market came in the wake of the stunning weekend news of the demise of Lehman Brothers, the absorption of Merrill Lynch and AIG being on the verge of collapse. However, Monday's losses in the stock market were not as severe as many expected earlier in the day, and the important psychology of the overall marketplace was relatively calm.

Maybe another surprising shoe will drop soon to really rattle investors, but Monday's price action does suggest the present crisis in the U.S. financial sector is close to or has reached its worst point. History shows that once Wall Street woes reach their worst points, that's when traders start to step in to buy at bargain-basement price levels, and the general market starts to trend higher. Trading action in the stock and financial markets this week will be extra important. How prices end up on Friday afternoon -- either near their weekly highs or near their weekly lows -- is likely to be telling for trading action in those markets the next several weeks or months.

GRAINS: December corn futures closed up 4 1/2 cents at $5.67 3/4 Monday. Prices closed nearer the session high and hit a fresh two-week high Monday on follow-through buying from limit-up gains Friday in the wake of a bullish USDA report issued Friday morning. Sharply lower crude oil prices did limit the upside Monday in corn. Corn traders will continue to focus on the key "outside markets"-- crude oil and the value of the U.S. dollar. The upside in corn will be limited if the outside markets continue in a bearish posture (lower crude oil prices and a firmer U.S. dollar). For more information on grains and it's related markets go to www.tradertech.com. The bulls' next upside price objective is to push and close prices above psychological resistance at $6.00. The next downside price objective for the bears is to push and close prices below solid technical support at $5.50. First resistance for December corn is seen at $5.80 3/4, which would fill a downside price gap, and then at $5.90. First support is seen at $5.62 3/4 and then at $5.50. Wyckoff's Market Rating: 5.0

November soybeans closed down 14 cents at $11.88 Monday. Prices closed near mid-range after hitting a fresh five-month low. Lower crude oil prices pressured soybeans Monday. Prices are still in a nine-week-old downtrend on the daily bar chart. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at last week's high of $12.22 1/2 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at Monday's low of $11.55 1/4. First resistance for November soybeans is seen at $12.00 and then at Monday's high of $12.10. First support is seen at $11.68 and then at Monday's low of $11.55 1/4. Wyckoff's Market Rating: 3.0.

SOFTS: October sugar closed down 18 points at 12.18 cents Monday. Prices closed nearer the session high after hitting a fresh three-month low early on Monday. Strong losses in crude oil futures weighed on the sugar market. Sugar bears still have downside technical momentum on their side. A three-week-old downtrend is in place on the daily bar chart. For more information on sugar and it's related markets go to www.tradertech.com. Bulls' next upside price objective is to push and close prices above solid technical resistance at 13.00 cents. Bears' next downside price objective is to push and close prices below solid technical support at Monday's low of 11.60 cents. First resistance is seen at Monday's high of 12.46 cents and then at 12.53 cents. First support is seen at 12.00 cents and then at the July low of 11.73 cents. Wyckoff's Market Rating: 3.0.

December coffee closed up 50 points at 139.70 cents Monday. Prices closed nearer the session high after hitting a fresh four-week low early on. Sharply lower crude oil prices pressured coffee Monday. Coffee bears still have downside near-term technical momentum. Prices are in a 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 144.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the August low of 135.15 cents a pound. First support is seen at last week's low of 137.25 cents and then at 135.15 cents. First resistance is seen at Monday's high of 140.00 cents and then at 141.35 cents. Wyckoff's Market Rating: 3.0.

December cotton closed down 285 points at 61.67 cents Monday. Prices closed nearer the session low and hit a fresh 14-month low Monday. More serious chart damage was inflicted Monday as lower crude oil prices helped to pressure cotton. Cotton bears still have the solid near-term technical advantage and gained more power Monday. The next downside price objective for the bears is to produce a close below strong technical support at 60.00 cents. The next upside price objective for the bulls is to produce a close above solid chart resistance at 65.00 cents. First resistance is seen at 62.50 cents and then at 63.00 cents. First support is seen at 61.50 cents and then at 61.00 cents. Wyckoff's Market Rating: 1.0.

METALS: December gold futures closed up $22.00 at $786.50 Monday. Prices closed nearer the session high on short covering and some "flight-to-quality" buying amid the U.S. financial market crisis. Sharply lower crude oil prices and a steady to weaker dollar (and not a sharply lower dollar) did limit the upside in gold. Still, serious chart damage was inflicted last week in gold. Prices are in a two-month-old downtrend on the daily bar chart. For more information on gold futures and it's related markets go to www.tradertech.com. The gold bears still have the near-term technical advantage. Bears' next downside price objective is closing prices below solid technical support at last week's low of $739.80. Gold bulls' next upside price objective is to produce a close above major psychological resistance at $800.00. First resistance is seen at Monday's high of $789.50 and then at $800.00. Support is seen at the August low of $777.70 and then at Monday's low of $767.40. Wyckoff's Market Rating: 3.5.

ENERGIES: October crude oil closed down $5.93 at $95.25 a barrel Monday. Prices closed near the session low and hit a fresh seven-month low Monday. The financial market crisis is hitting crude on two fronts: long liquidation due to cash needs for trading institutions and selling pressure on ideas of a slowing world economy. Prices Monday closing well below what was major psychological support at $100.00 a barrel produced more major chart damage to suggest still more downside price pressure in the near term. Hurricane Ike and its damage to oil installations in the Gulf of Mexico was ignored by traders Monday. The next upside price objective for the crude oil bulls is to produce a close above what is now major psychological resistance at $100.00. The next downside price objective for the bears is producing a close below technical support at $90.00 a barrel. First resistance is seen at $96.00 and then at $97.00. First support is seen at Monday's low of $94.13 and then at $93.00. Wyckoff's Market Rating: 2.0.

FINANCIALS, CURRENCIES: The December Euro currency closed up 44 points at 1.4186 Monday. Prices closed near mid-range Monday on short covering in a bear market -- and tepid short covering at that. The financial market turmoil in the U.S. at present should have been very bullish for the Euro. Bears still have downside technical momentum on their side. A two-month-old downtrend line is still in place on the daily bar chart. Euro bulls' next upside price objective is pushing and closing prices above solid technical resistance at Monday's high of 1.4407. The next downside price objective for the bears is closing prices below solid chart support at last week's low of 1.3811. First resistance for the Euro lies at 1.4200 and then at 1.4250. Next support is seen at 1.4100 and then at Monday's low of 1.4015. Wyckoff's Market Rating: 3.5.

The December Japanese yen closed up 216 points at .9537 Monday. Prices closed near mid-range but did hit a fresh two-month high Monday as the bulls gained more upside technical momentum. For more information on the Japanese yen and it's related markets go to www.tradertech.com . A three-week-old uptrend is still in place on the daily bar chart. Bulls' next upside price objective is closing prices above solid resistance at Monday's high of .9617. Bears' next downside objective is closing prices below solid technical support at .9400. First resistance is seen at .9600 and then at .9617. First support is seen at .9500 and then at .9476. Wyckoff's Market Rating: 6.5.

The December U.S. Dollar Index closed down 44 points at 79.05 Monday. Prices closed near mid-range and hit a fresh two-week low on profit-taking pressure Monday. No serious chart damage has occurred recently and, in fact, the dollar index performed pretty well Monday, given the financial market fallout from the weekend demise of Lehman Brothers and Merrill Lynch. Prices are still in a two-month-old uptrend on the daily bar chart. Bulls still have upside technical momentum, and their next upside price objective is to close prices above solid technical resistance at 80.00. The next downside price objective for the bears is to produce a close below solid technical support at Monday's low of 78.14. Next resistance lies at Monday's high of 79.86 and then at 80.00. First support is seen at Monday's low of 78.14 and then at 78.00. Wyckoff's Market Rating: 7.0.

December U.S. T-Bonds closed up 2 27/32 at 121 14/32. Prices closed near the session high Monday and did set another fresh contract high. Monday's gains were the biggest in recent memory amid the financial market turmoil that produced a flight to quality into Treasuries. The bulls are still very strong. The next downside price objective for the bears is closing prices below solid technical support at 118 17/32. For more information on the U.S. T-Bonds and it's related markets go to www.tradertech.com. 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 Monday's contract high of 121 21/32 and then at 122 even. First support is seen at 121 even and then at 120 20/32. Wyckoff's Market Rating: 9.5

Explanation of Market Rating System: Wyckoff's 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.

VantagePoint Trading Software has been the trading tool of choice among successful traders for close to 20 years. In today's volatile market, intermarket analysis and leading indicators will give you the edge needed to be successful on a consistent basis. As a special offer you can receive complimentary market forecasts for over 600 world markets and a complimentary eBook. Go here now to receive both at no charge and begin your journey to trading success!