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Trader's Tip
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Keep positive company. Positive people impact your attitude, and attitude affects your confidence. To keep a positive mental attitude you need to believe in your ability to make good trading decisions.
- Jim Wyckoff |
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Special Message from Our Author
Today's Featured Article
Dear Fast Break
reader. Hello again and thanks for allowing me to show you some of my work. Today, I'm going to provide you with a portion of my Daily Markets Update report from Monday afternoon. I do follow all of the markets on a daily basis and you can check below to see the key technical points and my exclusive "Wyckoff's Market Rating" for the markets you are following. 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.
Monday Evening, July 6 -- Jim Wyckoff's Daily Markets Update
LIVESTOCK: October live cattle closed down $0.40 at $89.82 today. Prices closed near mid-range. The key "outside markets" were mostly bearish for cattle futures today, crude oil prices were sharply lower and the U.S. dollar was firmer. Lingering U.S. economic worries also weighed on the cattle futures market today. Prices are still in a two-week-old uptrend on the daily bar chart.
A bullish pennant pattern may be forming on the daily chart. Bulls' next upside price objective is to push and close prices above solid technical resistance at last week's high of $90.80. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $87.45. First resistance is seen at today's high of $90.15 and then at $90.50. First support is seen at today's low of $89.45 and then at $89.00. Wyckoff's Market Rating: 6.0.
October lean hogs closed up $0.77 at $57.95 today. Prices closed near mid-range today and hit a fresh two-week high on short covering in a bear market. Prices are still in a seven-month-old downtrend on the daily bar chart. The hog bears still have the near-term technical advantage. However, bulls have recently gained some fresh upside near-term technical momentum, but need to show more power soon. The next upside price objective for the bulls is to push prices above solid chart resistance at $60.00.
Go here to see complimentary recent forecasts for lean hogs. The next downside price objective for the bears is pushing and closing prices below solid technical support at $56.00. First resistance is seen at today's high of $58.40 and then at $59.00. First support is seen at today's low of $57.20 and then at $57.00. Wyckoff's Market Rating: 3.0.
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GRAINS: Yesterday's trading action -- the first trading day after the U.S. Independence Day holiday -- was extra important. History shows that the first trading week after the Fourth of July holiday can either find existing price trends in the grain futures accelerating, or reversing. After today's price action, the bears have gained a large lead to begin this very important trading week in the grain futures.
December corn futures closed down 13 1/4 cents at $3.44 1/4 today. Prices closed near the session low and hit a fresh contract low today. More importantly, the weather in the Corn Belt is at present deemed nearly perfect for growing an excellent corn crop. The corn market is presently way short-term oversold and due for at least a decent corrective bounce soon. The bulls' next upside price objective is to push and close prices above solid technical resistance at $3.90 a bushel. The next downside price objective for the bears is to push and close prices below strong longer-term technical support at $3.25 a bushel. First resistance for December corn is seen at $3.50 and then at today's
high of $3.58. First support is seen at today's low of $3.43 1/2 and then at $3.40. Wyckoff's Market Rating: 1.0.
November soybeans closed down 43 cents at $9.63 a bushel today. Prices closed near the session low today and closed at a fresh two-month low close. Some chart damage occurred today, but strong follow-through selling on Tuesday would produce more serious chart damage to suggest a market top is in place. Corn Belt weather is still deemed bearish for soybeans.
To learn more about soybeans and how related markets affect each other, go here.
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 $10.29 1/4 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week's low of $9.43 1/2 a bushel. First resistance for November soybeans is seen at $9.75 and then at today's high of $9.95. First support is seen at today's low of $9.60 1/4 and then at $9.50. Wyckoff's Market Rating: 5.0.
December Chicago SRW wheat closed down 9 3/4 cents at $5.45 1/4 today. Prices closed near the session low again today and hit a fresh seven-month low. Prices are in a steep five-week-old downtrend on the daily bar chart. Wheat bears still have the solid near-term technical advantage. However, the market is now short-term oversold, technically, and due for a corrective bounce soon. The next downside price objective for the bears is pushing and closing prices below solid technical support at the contract low of $5.42. Bulls' next upside price objective is to push and close July futures prices above solid technical resistance at $6.00 a bushel. First resistance is seen at today's high of
$5.57 and then at $5.67 3/4. First support lies at the contract low of $5.42 and then at $5.25. Wyckoff's Market Rating: 1.5.
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SOFTS:
October sugar closed down 18 points at 17.32 cents today. Prices closed nearer the session high. No serious chart damage has occurred in sugar on this profit-taking setback. World supply and demand fundamentals are still bullish for the sugar market. The sugar bulls still have the near-term technical advantage. Bulls' next upside price objective is to push and close prices above technical resistance at last week's contract high of 18.09 cents. Bears' next downside price objective is to push and close prices below solid technical support at 16.50 cents. First resistance is seen at today's high of 17.48 cents and then at 17.82 cents. First support is seen at 17.00 cents and then at
16.91 cents. Wyckoff's Market Rating: 7.0.
September coffee closed up 25 points at 118.05 cents today. Prices closed near mid-range after hitting a fresh nine-week low today. Prices are in a five-week-old downtrend on the daily bar chart. Coffee bulls' next upside price objective is pushing and closing prices above solid technical resistance at 125.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 115.00 cents a pound. First support is seen at today's low of 116.65 cents and then at 115.00 cents. First resistance is seen at 119.30 cents and then at today's high of 120.20 cents. Wyckoff's Market Rating: 2.5.
September cocoa closed down $31 at $2,459 today. Prices closed near mid-range and did close at a fresh six-week low close. Bears have the near-term technical advantage. The next upside price objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,600. The next downside price objective for the bears is pushing and closing prices below solid technical support at $2,400. First resistance is seen at today's high of $2,479 and then at $2,500. First support is seen at today's low of $2,444 and then at last week's low of $2,426. Wyckoff's Market Rating: 4.0.
December cotton closed down 46 points at 60.24 cents today. Prices closed nearer the session high. The next downside price objective for the bears is to produce a close solid technical support at 58.00 cents. The next upside price objective for the bulls is to produce a close above solid technical resistance at the June high of 62.63 cents. First resistance is seen at today's high of 60.65 cents and then at last week's high of 61.29 cents. First support is seen at 60.00 cents and then at today's low of 59.07 cents. Many markets in the Softs category are interrelated.
Go here to see how intermarket analysis can effect your trading. Wyckoff's Market Rating: 6.5.
METALS:
August gold futures closed down $6.20 at $924.80 today. Prices closed near mid-range today and were pressured by a firmer U.S. dollar and sharply lower crude oil prices. Bulls are fading again in gold. Prices are still in a five-week-old downtrend on the daily chart. Bears' next downside price objective is closing prices below solid technical support at the June low of $913.20. Gold bulls' next upside price objective is to push and close prices above solid technical resistance at $950.00. First resistance is seen at today's high of $932.40 and then at $940.00. Support is seen at today's low of $920.30 and then at $913.20. Wyckoff's Market Rating: 4.5.
ENERGIES:
August crude oil closed down $2.36 at $64.37 a barrel today. Prices closed near mid-range and did hit a fresh six-week low. The market was pressured again by concerns about a weak U.S. economy after last Thursday's jobs report. The bulls are fading badly. The next downside price objective for the crude oil bears is to produce a close below solid technical support at $60.00. The next upside price objective for the bulls is producing a close above solid technical resistance at $68.00 a barrel. First resistance is seen at $65.00 and then at today's high of $65.65. First support is seen at today's low of $63.40 and then at $63.00. Wyckoff's Market Rating: 5.0.
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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 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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Special Message from Our Author
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