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Trader's Tip
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Upon entering a trading position, first make the market come to you. Making the market first move a bit in the direction you want to trade it is a very good trading "filter" that can weed out potentially bad trades.
- 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 yesterday's issue of Fast Break,
I'm showing you a portion of my latest comprehensive Daily Markets Update email report from Monday afternoon -- October 5th. My daily email reports provide a recap of the day's market price action, including key technical developments and support and resistance levels.
Remember, too, that all markets are inter-related. It's a concept called "intermarket analysis" that was developed and refined many years ago by trading software pioneer and my friend Louis Mendelsohn. No longer can a trader nowadays just follow only one market and expect to have trading success.
LIVESTOCK:
December live cattle closed down $0.10 at $83.90 yesterday. Prices closed nearer the session low yesterday and hit a fresh contract low. The key "outside markets" were in a bullish posture for cattle by the close yesterday, as U.S. stock index prices were higher, the U.S. dollar index was lower and crude oil prices were higher. Yet, the cattle could get no positive traction from the outsides, which is another bearish clue. Bears have regained the solid near-term technical advantage. Bulls' next upside price objective is to push and close prices above solid technical resistance at last week's high of $86.15. The next downside technical objective for the bears is pushing and closing
prices below solid technical support at $82.50. First resistance is seen at yesterday's high of $84.50 and then at $85.00. First support is seen at yesterday's contract low of $83.72 and then at $83.50. Wyckoff's Market Rating: 1.0.
Go here to see how related markets affect other target markets.
December lean hogs closed down $0.95 at $47.60 yesterday. Prices closed nearer the session low yesterday and hit a fresh four-week low. Yet, hogs could not rally, which is another bearish clue. Bears have the near-term technical advantage and have gained fresh downside momentum. The next upside price objective for the bulls is to push and close prices above solid chart resistance at last week's high of $50.72. The next downside price objective for the bears is pushing and closing prices below solid technical support at $46.00. First resistance is seen at $48.00 and then at yesterday's high of $48.35. First support is seen at yesterday's low of $47.50 and then at $47.00. Wyckoff's
Market Rating: 2.5.
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GRAINS:
December corn futures closed up 8 cents at $3.41 1/2 yesterday. Prices closed near mid-range but did hit a fresh two-month high yesterday. Prices also scored a bullish "outside day" up on the daily bar chart yesterday. Weather is also bullish for corn, as wet, cool weather is slowing harvest progress. The corn bulls' next upside price objective is to push prices above solid technical resistance at the August high of $3.76 a bushel. The next downside price objective for the bears is to push and close prices below solid technical support at $3.20 a bushel. First resistance for December corn is seen at the September high of $3.47 3/4 and then at yesterday's high of $3.50. First support
is seen at $3.37 1/2 and then at $3.35. Wyckoff's Market Rating: 5.5.
November soybeans closed steady at $8.85 a bushel yesterday. Prices closed nearer the session low and hit a fresh six-month low yesterday. Go here to see complimentary recent market forecasts for soybeans and corn.
Yet, beans could get no upside traction, which is a bearish clue. Bean bears have the solid near-term technical advantage. Prices are still in a two-month-old downtrend on the daily bar chart. The next upside technical objective for the bulls is pushing and closing November prices above solid technical resistance at last week's high of $9.37 1/4 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at $8.50 a bushel. First resistance for November soybeans is seen at yesterday's high of $8.97 3/4 and then at $9.00. First support is seen at yesterday's low of $8.78 3/4 and then at $8.60. Wyckoff's Market Rating: 2.5.
December Chicago SRW wheat closed up 1 1/2 cents at $4.42 3/4 yesterday. Prices closed nearer the session low and matched Friday's contract low. The key "outside markets" were in a bullish posture for wheat by the close yesterday, as U.S. stock index prices were higher, the U.S. dollar index was lower and crude oil prices were higher. Yet, wheat prices could not muster much strength, which is another bearish clue. Wheat bears still have the solid overall near-term technical advantage. Prices are still in a four-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 $4.25. Bulls' next
upside price objective is to push and close December futures prices above solid technical resistance at $5.00 a bushel. First resistance is seen at yesterday's high of $4.52 and then at $4.60. First support lies at yesterday's contract low of $4.39 1/4 and then at $4.30. Wyckoff's Market Rating: 1.0.
SOFTS:
March sugar closed up 41 points at 24.19 cents yesterday. Prices closed nearer the session high yesterday. Sugar bulls still have the near-term technical advantage. Bulls' next upside price objective is to push and close prices above solid technical resistance at last week's high of 25.43 cents. Bears' next downside price objective is to push and close prices below solid technical support at 23.00 cents. First resistance is seen at 24.50 cents and then at 24.75 cents. First support is seen at 24.00 cents and then at yesterday's low of 23.79 cents. Wyckoff's Market Rating: 7.0.
December coffee closed down 10 points at 129.60 cents yesterday. Prices closed nearer the session low yesterday. Coffee could get no positive traction from the outsides, which is a bearish clue. Coffee bears have the near-term technical advantage. Coffee bulls' next upside price objective is pushing and closing prices above solid technical resistance at 134.00 cents. The next downside price objective for the bears is closing prices below solid technical support at last week's low of 125.30 cents a pound. First support is seen at yesterday's low of 128.85 cents and then at 127.50 cents. First resistance is seen at 130.00 cents and then at yesterday's high of 131.65 cents. Wyckoff's
Market Rating: 4.0.
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December cocoa closed up $244 at $3,245 yesterday. Prices closed near the session high yesterday and hit a fresh contract high. Prices also scored a big and bullish "outside day" up on the daily bar chart yesterday.
Go here to see how intermarket analysis can help you to forecast trends in the coffee and cocoa markets.
Cocoa bulls have the solid overall near-term technical advantage and gained fresh upside power yesterday. Prices are still in a 14-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 $3,400. The next downside price objective for the bears is pushing and closing prices below solid technical support at $3,000. First resistance is seen at yesterday's contract high of $3,259 and then at $3,300. First support is seen at $3,219 and then at $3,200. Wyckoff's Market Rating: 8.5.
December cotton closed up 93 points at 61.59 cents yesterday. Prices closed nearer the session high yesterday. Trading has turned very choppy in cotton recently. Cotton bulls still have the slight overall near-term technical advantage. There is very strong overhead chart resistance just above 65.00 cents. The next downside price objective for the cotton bears is to produce a close below solid technical support at 60.00 cents. The next upside price objective for the bulls is to produce a close above solid technical resistance at the August high of 65.47 cents. First resistance is seen at 62.00 cents and then at 62.50 cents. First support is seen at 61.00 cents and then at last week's low of
60.65 cents. Wyckoff's Market Rating: 5.5.
METALS:
December gold futures closed up $13.20 at $1,017.50 yesterday. Prices closed nearer the session high yesterday and hit a fresh two-week high. Gold was boosted yesterday by a weaker U.S. dollar and firmer crude oil prices. Bulls yesterday did gain fresh upside near-term technical momentum. Gold bulls' next upside price objective is to produce a close above solid technical resistance at the September high of $1,025.80. Bears' next downside price objective is closing prices below solid technical support at $983.20. First resistance is seen at yesterday's high of $1,018.90 and then at $1,025.80. Support is seen at $1,011.10 and then at yesterday's low of $1,001.60. Wyckoff's Market
Rating: 8.5.
ENERGIES: November crude oil closed up $0.56 at $70.51 a barrel yesterday. Prices closed nearer the session high yesterday and scored a bullish "outside day" up on the daily bar chart. A weaker U.S. dollar and stronger stock market boosted crude oil yesterday. Crude bulls have the slight near-term technical advantage.
VantagePoint can provide you with complimentary recent forecasts for the crude oil market -- go here to see them for yourself.
The next downside price objective for the crude oil bears is to produce a close below solid technical support at $65.00. The next upside price objective for the bulls is producing a close above solid technical resistance at the September high of $73.58 a barrel. First resistance is seen at yesterday's high of $71.00 and then at last week's high of $71.39. First support is seen at $70.00 and then at $69.00. Wyckoff's Market Rating: 5.5.
Note: 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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Special Message from Our Author
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