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Trader's Tip
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Don't cry over spilled milk. Forget yesterday's losers. Every day is a fresh start. And don't blame "the market" or your broker for your losses.
- Jim Wyckoff |
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Today's Featured Article
Hello Fast Break
readers. I very much enjoy showing you some of my work and I hope you enjoy and benefit from it. Today, I want to again show you part of my latest Daily Markets Update report from Monday afternoon. 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. Don't forget that most markets are somehow inter-related and react to each other's significant price moves. It's a concept called "Intermarket analysis" and veteran traders know its significance. It's not prudent for traders to just follow one market closely, especially nowadays.
LIVESTOCK:
December live cattle closed up $0.25 at $83.57 yesterday. Prices closed nearer the session low yesterday. The key outside markets were in a fully bullish posture for cattle yesterday, as crude oil prices were sharply higher, stock indexes sharply higher and the U.S. dollar index was lower. Yet, cattle futures could only manage slight gains, which is another bearish clue. Bears have the solid near-term technical advantage in cattle. A steep four-week-old downtrend is in place on the daily chart. However, live cattle are still short-term oversold, technically, and due for an upside corrective bounce soon. 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 $82.00. First resistance is seen at yesterday's high of $83.87 and then at $84.00. First support is seen at yesterday's low of $83.40 and then at $83.00. Wyckoff's Market Rating: 1.5.
December lean hogs closed down $0.05 at $54.95 yesterday. Prices closed nearer the session low yesterday. The key outside markets were in a fully bullish posture for hogs yesterday, as crude oil prices were sharply higher, stock indexes sharply higher and the U.S. dollar index was lower. Yet, hog futures could not rally, which is a bearish clue. Bulls have faded and need to show fresh power soon. The next upside price objective for the bulls is to push and close prices above solid chart resistance at last week's high of $56.45. The next downside price objective for the bears is pushing and closing prices below solid technical support at $53.00. First resistance is seen at yesterday's
high of $55.50 and then at $56.00. First support is seen at last week's low of $54.27 and then at $54.00. Wyckoff's Market Rating: 5.0. Go here to see how related markets affect other target markets. |
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GRAINS:
March corn futures closed up 11 3/4 cents at $4.17 1/2 yesterday. Prices closed near the session high yesterday and closed at a fresh 4.5-month high close. Corn bulls have the overall near-term technical advantage and gained more upside momentum yesterday. A nine-week-old uptrend line is still in place on the daily bar chart. Bulls' next upside price objective is to push and close prices above solid technical resistance at the October high of $4.24 1/2 a bushel. The next downside price objective for the bears is to push and close prices below solid technical support at last week's low of $3.79 a bushel. First resistance for March corn is seen at last week's high of $4.18 and then at
$4.24 1/2. First support is seen at $4.10 and then at yesterday's low of $4.05. Wyckoff's Market Rating: 7.0
January soybeans closed up 23 cents at $10.10 a bushel yesterday. Prices closed near the session high yesterday and hit a fresh two-week high. Short covering and fresh speculative buying were featured in beans again yesterday. Bulls have regained upside technical momentum and have the near-term technical advantage. The key outside markets were in a fully bullish posture for beans yesterday, as crude oil prices were sharply higher, stock indexes sharply higher and the U.S. dollar index was lower. The next upside technical objective for the bulls is pushing and closing January prices above solid technical resistance at the October 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 the November low of $9.50 a bushel. Go here to see complimentary recent market forecasts for soybeans.
First resistance for January soybeans is seen at yesterday's high of $10.11 3/4 and then at the November high of $10.22 1/2. First support is seen at $10.00 and then at yesterday's low of $9.91 1/2. Wyckoff's Market Rating: 6.0.
March Chicago SRW wheat closed up 24 cents at $5.83 3/4 yesterday. Prices gapped higher on the daily bar chart and closed at a fresh 13-week high close yesterday. The key outside markets were in a fully bullish posture for wheat yesterday, as crude oil prices were sharply higher, stock indexes sharply higher and the U.S. dollar index was lower. Bulls have the near-term technical advantage and gained more upside momentum yesterday. Prices are in a six-week-old uptrend on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at $5.48. Bulls' next upside price objective is to push and close March futures prices
above solid technical resistance at the October high of $5.93 a bushel. First resistance is seen at yesterday's high of $5.85 1/2 and then at $5.93. First support lies at $5.75 and then at yesterday's low of $5.62. Wyckoff's Market Rating: 6.5.
SOFTS:
March sugar closed up 52 points at 23.24 cents yesterday. Prices closed near the session high yesterday on short covering and fresh speculative buying interest. However, prices are still trending lower from the early-September high. Bulls' next upside price objective is to push and close prices above solid technical resistance at 24.00 cents. Bears' next downside price objective is to push and close prices below solid technical support at the November low of 21.78 cents. First resistance is seen at yesterday's high of 23.33 cents and then at 23.50 cents. First support is seen at 23.00 cents and then at yesterday's low of 22.78 cents. Wyckoff's Market Rating: 5.5
March coffee closed up 525 points at 139.45 cents yesterday. Prices closed nearer the session high yesterday on short covering and some fresh speculative buying interest. The key outside markets were in a fully bullish posture for coffee yesterday, as crude oil prices were sharply higher, stock indexes sharply higher and the U.S. dollar index was lower. Coffee bulls did regain some fresh upside near-term technical momentum yesterday, but need to show that important follow-through buying pressure on Tuesday to keep it. Coffee bulls' next upside price objective is pushing and closing prices above solid technical resistance at the October high of 147.95 cents. The next downside price
objective for the bears is closing prices below solid technical support at last week's low of 133.05 cents a pound. First resistance is seen at yesterday's high of 140.35 cents and then at 142.00 cents. First support is seen at 138.00 cents and then at 136.00 cents. Wyckoff's Market Rating: 6.0
March cotton closed up 134 points at 72.67 cents yesterday. Prices closed near the session high yesterday. The key outside markets were in a fully bullish posture for cotton yesterday, as crude oil prices were sharply higher, stock indexes sharply higher and the U.S. dollar index was lower. However, bulls have more work to do in the near term as last week's price action did produce a bearish "key reversal" down on the daily bar chart. That is one clue that a market top is in place.
Go here to see how intermarket analysis can help you to forecast trends in the coffee and cotton markets.
The next downside price objective for the cotton bears is to produce a close below solid technical support at 68.75 cents. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week's high of 74.27 cents. First resistance is seen at yesterday's high of 72.77 cents and then at 73.04 cents. First support is seen at 72.00 cents and then at 71.50 cents. Wyckoff's Market Rating: 7.0.
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METALS:
December gold futures closed up $22.00 at $1,138.70 yesterday. The market was boosted to another fresh contract and all-time high by a lower U.S. dollar index yesterday. Prices closed nearer the session high. Gold bulls have the solid overall near-term technical advantage and gained fresh upside power yesterday. Gold bulls' next upside price objective is to produce a close above solid technical resistance at $1,200.00. Bears' next downside price objective is closing prices below solid technical support at $1,100.00. First resistance is seen at yesterday's all-time high of $1,144.20 and then at $1,150.00. Support is seen at $1,130.00 and then at $1,125.00. Wyckoff's Market Rating:
8.5.
December silver futures closed up 96.0 cents at $18.34 an ounce yesterday. Prices closed near the session high and hit a fresh 15-month high yesterday. The silver bulls have the solid near-term technical advantage and gained fresh upside momentum yesterday. Bulls' next upside price objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $17.00. First resistance is seen at yesterday's high of $18.45 and then at $18.75. Next support is seen at $18.175 and then at $18.00. Wyckoff's Market Rating: 8.0.
December N.Y. copper closed up 1,355 points at 310.80 cents yesterday. Prices closed nearer the session high yesterday and scored a fresh 15-month high. Copper bulls have the solid near-term technical advantage and gained more upside power yesterday. The next downside price objective for the bears is closing prices below solid technical support at 290.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 325.00 cents. First resistance is seen at yesterday's high of 312.75 cents and then at 315.00 cents. First support is seen at 306.90 cents and then at 300.00 cents. Wyckoff's Market Rating: 8.5.
ENERGIES: December crude oil closed up $2.52 at $78.87 a barrel yesterday. VantagePoint can provide you with complimentary recent forecasts for the crude oil market -- go here to see them for yourself.
Prices closed nearer the session high on short covering and fresh speculative buying interest yesterday. A lower U.S. dollar and stronger stock indexes boosted crude oil yesterday. Bulls yesterday regained fresh upside near-term technical momentum. The next downside price objective for the crude oil bears is to produce a close below solid technical support at last week's low of $75.57. The next upside price objective for the bulls is producing a close above solid technical resistance at the October high of $82.00 a barrel. First resistance is seen at yesterday's high of $79.43 and then at $80.00. First support is seen at $78.00 and then at $77.50. Wyckoff's Market Rating: 7.0.
December natural gas closed up 23.8 cents at $4.63 yesterday. Prices closed nearer the session high on short covering and on bullish outside markets that saw higher crude oil prices and a stronger U.S. stock market. However, serious near-term chart damage has occurred recently. The next upside price objective for the bulls is closing prices above solid technical resistance at $5.00. The next downside price objective for the bears is closing prices below solid technical support at last week's low of $4.287. First resistance is seen at yesterday's high of $4.656 and then at $4.75. First support is seen at $4.50 and then at yesterday's low of $4.382. Wyckoff's Market Rating: 2.5.
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About the Author
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Jim Wyckoff
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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