Dear Valued Subscriber: Following are today's significant developments in the U.S. futures markets.
*. LIVESTOCK: April live cattle closed down $0.42 at 122.80 today. Prices closed nearer the session low today. The cattle market bulls have the slight overall near-term technical advantage, but have faded and need to show more power soon to keep their edge. Bulls' next upside price objective is to close prices above solid resistance at the February high of $127.95. The next downside technical breakout objective for the bears is closing prices below solid technical support at $120.00. First resistance is seen at $124.00 and then at today's high of $124.82. First support is seen at last week's low of $121.90 and then at $121.00. Wyckoff's Market Rating: 5.5
May feeder cattle closed down $0.65 at $147.02 today. Prices closed nearer the session low today. The feeder cattle market bulls and bears are on a level overall near- term technical playing field, but the bulls are fading. The next upside price objective for the feeder bulls is to close prices above technical resistance at the February high of $153.55. The next downside price breakout objective for the bears is to close prices below solid technical support at $143.00. First resistance is seen at $148.17 and then at today's high of $148.97. First support is seen at $146.00 and then at this week's today's low of $145.52. Wyckoff's Market Rating: 5.0
April lean hogs closed down $0.65 at $68.15 today. Prices closed near the session low. The bears have the firm overall near-term technical advantage. The next upside price breakout objective for the hog bulls is to close prices above solid chart resistance at $72.00. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of $65.05. First resistance is seen at today's high of $69.32 and then at $70.00. First support is seen at this week's low of $67.65 and then at last week's low of $66.87. Wyckoff's Market Rating: 2.5
*. GRAINS: May corn futures closed up 3/4 cent at $3.88 today. Prices closed nearer the session high and hit a six- month high today. The corn bulls have the overall near-term technical advantage and have momentum. Prices are in a seven-week-old uptrend on the daily bar chart. The next upside price objective for the bulls is to close prices above solid technical resistance at $4.00. The next downside price breakout objective for the bears is closing prices below solid support at $3.75. First resistance is seen at today's high of $3.88 1/2 and then at $3.90. First support is seen at this week's low of $3.84 and then at $3.80. Wyckoff's Market Rating: 6.5
May soybeans closed down 2 cents at $10.74 3/4 a bushel today. Prices closed near mid-range on mild profit taking. The bean bulls still have the solid near-term technical advantage as a steep two-month-old uptrend is in place on the daily bar chart. However, the market is still overbought and due for a decent corrective pullback soon. The next near-term upside technical breakout objective for the soybean bulls is closing prices above solid resistance at $11.00. The next downside price breakout objective for the bears is closing prices below solid technical support at $10.50. First resistance is seen at the contract high of $10.82 1/2 and then at $10.90. First support is seen at this week's low of $10.66 1/2 and then at $10.60. Wyckoff's Market Rating: 8.0
May soybean meal closed down $5.70 at $387.90 today. Prices closed nearer the session low today, on profit taking. Prices last Friday hit a contract high. The meal bulls still have the solid overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $415.00. The next downside price breakout objective for the bears is closing prices below solid technical support at $375.00. First resistance comes in at this week's high of $396.10 and then at $400.00. First support is seen at this week's low of $385.80 and then at $380.00. Wyckoff's Market Rating: 7.5
May bean oil closed up 26 points at 32.49 cents today. Prices closed nearer the session high today, on short covering. The bears still have the overall near-term technical advantage. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the February high of 33.50 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at the contract low of 31.61 cents. First resistance is seen at this week's high of 32.58 cents and then at last week's high of 32.96 cents. First support is seen at this week's low of 32.17 cents and then at last week's low of 31.93 cents. Wyckoff's Market Rating: 2.5
May Chicago SRW wheat closed down 1 cent at $5.06 today. Prices closed nearer the session high today and saw mild profit taking. The wheat bulls have the solid overall near- term technical advantage. Wheat bulls' next upside breakout objective is to push and close SRW prices above solid technical resistance at $5.50. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $4.80. First resistance is seen at this week's high of $5.10 1/2 and then at last week's high of $5.18 1/2. First support is seen at $5.00 and then at this week's low of $4.95 1/4. Wyckoff's Market Rating: 7.0.
May HRW wheat closed down 4 cents at $5.45 1/2 today. Prices closed nearer the session high today. The bulls have the solid overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Bulls' next upside price breakout objective is closing prices above solid technical resistance at $5.75. The bears' next downside breakout objective is closing prices below solid technical support at $5.00. First resistance is seen at last week's high of $5.48 1/2 and then at $5.50. First support is seen at this week's low of $5.29 3/4 and then at $5.25. Wyckoff's Market Rating: 7.0
*. SOFTS: May sugar closed down 13 points at 13.43 cents today. Prices closed nearer the session low today. Last week's price gains confirmed a significantly bullish "key reversal" up on the daily bar chart, which is a chart clue that a market bottom is in place. But right now the sugar bears still have the firm overall near-term technical advantage and the bulls need to show fresh power soon to better validate last week's key reversal putting in a market bottom. Bulls' next upside price breakout objective is to push and close prices above solid technical resistance at the February high of 14.02 cents. Bears' next downside price breakout objective is to push and close prices below solid technical support at last week's low of 12.82 cents. First resistance is seen at today's high of 13.65 cents and then at last week's high of 13.80 cents. First support is seen at this week's low of 13.35 cents and then at 13.25 cents. Wyckoff's Market Rating: 2.5.
May coffee closed down 30 points at 120.80 cents today. Prices closed nearer the session low. The coffee bears have the firm overall near-term technical advantage. The next upside breakout objective for the bulls is to close prices above solid technical resistance at the February high of 126.50 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 115.00 cents a pound. First resistance is seen at today's high of 122.30 cents and then at last week's high of 124.20 cents. First support is seen at this week's low of 119.95 cents and then at the February low of 118.55 cents. Wyckoff's Market Rating: 2.0
May cocoa closed down $10 at $2,436 a ton today. Prices closed near mid-range and hit another 1.5-year high early on today. The cocoa bulls have the solid overall near-term technical advantage. Prices are in an accelerating 2.5- month-old uptrend on the daily bar chart. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,600. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $2,235. First resistance is seen at today's high of $2,471 and then at $2,500. First support is seen at today's low of $2,404 and then at $2,350. Wyckoff's Market Rating: 8.0
May cotton closed down 134 points at 83.90 cents today. Prices closed nearer the session low on profit taking after hitting another contract high early on today. Profit taking was featured and today's low-range close hints the bulls are near-term exhausted. The cotton bulls still have the solid overall near-term technical advantage. The next upside price breakout objective for the cotton bulls is to produce a close above solid technical resistance at 87.50 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at 80.00 cents. First resistance is seen at 84.50 and then at 85.00 cents. First support is seen at today's low of 83.35 cents and then at this week's low of 82.24 cents. Wyckoff's Market Rating: 7.5.
May orange juice closed up 185 points at $1.4225 today. Prices closed near mid-range and saw short covering after hitting a seven-week-low on Monday. Bears still have the overall near-term technical advantage. Prices are in a five-week-old downtrend on the daily bar chart. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at the February high of $1.5020. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.3600. First resistance is seen at $1.4100 and then at $1.4250. First support is seen at $1.4070 and then at this week's low of $1.3785. Wyckoff's Market Rating: 4.0.
May lumber futures closed up $7.40 at $486.90 today. Prices saw a corrective bounce from recent selling pressure. The bulls have the overall near-term technical advantage, but the recent selling pressure still suggests a market top is in place. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $450.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $500.00. First resistance is seen at $491.70 and then at $495.00. First support is seen at $480.00 and then at this week's low of $473.80. Wyckoff's Market Rating: 6.5
*. METALS: April gold futures closed up $14.90 at $1,334.80 today. Prices closed nearer the session high today. The gold bulls have regained the slight overall near-term technical advantage. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,350.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at today's high of $1,339.90 and then at last week's high of $1,342.90. First support is seen at #1,325.00 and then at this week's low of $1,318.30. Wyckoff's Market Rating: 5.5
May silver futures closed up $0.378 at $16.79 today. Prices closed nearer the session high today on short covering and bargain hunting. The silver bears still have the slight overall near-term technical advantage. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at the February high of $17.04 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.00. First resistance is seen at today's high of $16.895 and then at $17.00. Next support is seen at $16.50 and then at this week's low of $16.37. Wyckoff's Market Rating: 4.5.
May N.Y. copper closed up 325 points at 316.05 cents today. Prices closed nearer the session high today. The copper bulls have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the February high of 329.05 cents. The next downside price objective for the bears is closing prices below solid technical support at the February low of 304.65 cents. First resistance is seen at today's high of 317.80 cents and then at 320.00 cents. First support is seen at today's low of 312.65 cents and then at this week's low of 309.55 cents. Wyckoff's Market Rating: 6.5.
*. ENERGIES: April Nymex crude oil closed down $0.07 at $62.50 today. Prices closed nearer the session low today. The bulls have the overall near-term technical advantage. The next near-term upside price breakout objective for the crude oil bulls is closing prices above resistance at the January high of $66.39. The next near-term downside price breakout objective for the crude oil bears is to produce a close below solid technical support at the February low of $57.90. First resistance is seen at $63.00 and then at today's high of $63.28. First support is seen at $62.00 and then at this week's low of $61.10. Wyckoff's Market Rating: 6.0
April heating oil closed up 97 points at $1.9065 today. Prices closed nearer the session high. The bulls have the overall near-term technical advantage. The bulls' next upside price breakout objective is closing prices above solid technical resistance at the January high of $2.1098. Bears' next downside price breakout objective is producing a close below solid technical support at the February low of $1.8097. First resistance lies at $1.9250 and then at $1.9500. First support is seen at last week's low of $1.8500 and then at $1.8097. Wyckoff's Market Rating: 6.0.
April (RBOB) unleaded gasoline closed down 5 points at $1.9344 today. Prices closed nearer the session high. The bulls have the slight overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at last week's high of $2.0122. Bears' next downside price breakout objective is closing prices below solid support at the February low of $1.8284. First resistance is seen at $1.9500 and then at 1.9800. First support is seen at today's low of $1.9157 and then at $1.9000. Wyckoff's Market Rating: 5.5.
April natural gas closed up 4.2 cents at $2.746 today. Prices closed nearer the session high today and hit a four- week high. Bears have the slight overall near-term technical advantage. However, prices are in a three-week- old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $2.90. The next downside price breakout objective for the bears is closing prices below solid technical support at the February low of $2.565. First resistance is seen at today's high of $2.75 and then at $2.80. First support is seen at today's low of $2.702 and then at this week's low of $2.673. Wyckoff's Market Rating: 4.5.
*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency closed up 76 points at 1.2497 today. Prices closed nearer the session high today. The bulls have the firm overall near-term technical advantage and have gained upside momentum. Euro bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at the February high of 1.2658. The next downside price breakout objective for the bears is closing prices below solid chart support at the March low of 1.2254. First resistance for the Euro lies at today's high of 1.2516 and then at 1.2550. Next support is seen at today's low of 1.2424 and then at 1.2400. Wyckoff's Market Rating: 6.5
The June Japanese yen closed up 25 points at .94845 today. Prices closed near mid-range today. Bulls have the firm overall near-term technical advantage. Prices are in a two- month-old uptrend on the daily bar chart. Bulls' next upside price breakout objective is closing prices above solid resistance at .97000. Bears' next downside breakout objective is closing prices below solid technical support at .92500. First resistance is seen at today's high of .95130 and then at last week's high of .95685. First support is seen at .94500 and then at .94000. Wyckoff's Market Rating: 7.0
The June Swiss franc closed down 3 points at 1.0725 today. Prices closed nearer the session low today. The Swissy bulls have the slight overall near-term technical advantage. However, a fledgling price downtrend on the daily bar chart is in place to suggest a near-term top is in place. The next upside price breakout objective for the bulls is closing prices above solid resistance at the February high of 1.0986. The next downside price breakout objective for the bears is closing prices below solid technical support at 1.0500. First resistance is seen at this week's high of 1.0785 and then at 1.0825. First support is seen at 1.0700 and then at the March low of 1.0642. Wyckoff's Market Rating: 6.0.
The June Australian dollar closed up 59 points at .7822 today. Prices closed nearer the session high today on more short covering after hitting a seven-week low last week. Bears still have the slight overall near-term technical advantage. Prices are still in a six-week-old downtrend on the daily bar chart. Bulls' next upside price breakout objective is producing a close above chart resistance at the February high of .7985. The next downside price breakout objective for the bears is closing prices below solid technical support at .7600. First resistance is seen at today's high of .7844 and then at .7900. First support is seen at today's low of .7760 and then at last week's low of .7716. Wyckoff's Market Rating: 4.5
The June Canadian dollar closed up 62 points at .7772 today. Prices closed nearer the session high on short covering. Prices Monday hit a nine-month low. The bears still have the solid overall near-term technical advantage. Prices are in a five-week-old downtrend on the daily bar chart. Bulls' next upside price breakout objective is closing prices above solid chart resistance at .7900. The next downside breakout objective for the bears is to produce a close below solid technical support at .7500. First resistance is seen at today's high of .7789 and then at .7800. Next support is seen at .7750 and then at this week's low of .7708. Wyckoff's Market Rating: 2.0
The June British pound closed up 57 points at 1.3950 today. Prices closed near mid-range and saw more short covering after hitting a six-week low last week. The bulls and bears are on a level overall near-term technical playing field. A six-week-old downtrend is still in place on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at 1.4200. Bears' next downside technical breakout objective is closing prices below solid support at 1.3600. First resistance is seen at today's high of 1.3994 and then at 1.4100. First support is seen at today's low of 1.3884 and then at this week's low of 1.3829. Wyckoff's Market Rating: 5.0.
The June U.S. dollar index closed down 0.471 at 89.170 today. Prices closed nearer the session low today. The bears have the overall near-term technical advantage. However, a bullish double-bottom reversal pattern has formed on the daily bar chart. The bulls' next upside price breakout objective is to close prices above solid technical resistance at 91.000. The next downside price breakout objective for the bears is to produce a close below solid technical support at the February low of 87.830. Next resistance lies at this week's high of 89.765 and then at 90.000. First support is seen at 89.000 and then at 88.500. Wyckoff's Market Rating: 3.0.
June U.S. T-Bonds closed up 2/32 at 143 5/32 today. Prices closed near mid-range today. The bond market bears have the firm overall near-term technical advantage. The next downside price breakout objective for the T-Bond bears is closing prices below solid technical support at the contract low of 141 14/32. The next upside technical objective for the bulls is to produce a close above solid technical resistance at 147 even. First resistance is seen at today's high of 143 22/32 and then at 144 even. First support is seen at this week's low of 142 21/32 and then at 142 even. Wyckoff's Market Rating: 2.0
June U.S. T Notes closed down 1.0 (32nds) at 120.00.0 today. Prices closed near mid-range today. The bears have the firm overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at the February high of 122.02.0. The next downside price breakout objective for the bears is producing a close below solid technical support at the contract low of 119.14.0. First resistance is seen at today's high of 120.07.0 and then at 120.16.0. First support is seen at today's low of 119.26.5 and then at 119.20.0. Wyckoff's Market Rating: 2.0.
GENERAL STOCK MARKET COMMENT: U.S. stock indexes closed slightly higher today. World stock markets were also mostly higher today, partly on hopes that the U.S. plans for import tariffs on steel and aluminum will be rolled back, or at least scaled way down. Several U.S. lawmakers, including the Speaker of the House, have spoken out against President Trump's protectionist initiative that surprised the marketplace. Also boosting investor risk appetite today is news overnight that North Korea has reportedly made an overture to South Korea regarding its possible denuclearization. Details are sketchy at this time, but the news is a positive for the world marketplace.
The March Nasdaq 100 stock index futures closed up 35.50 at 6,913.00 today. Prices closed nearer the session high today. Bulls have the overall near-term technical advantage. Bulls' next upside price breakout objective is closing prices above solid resistance at the January high of 7,047.25. The bears' next downside price breakout objective is closing prices below solid technical support at 6,500.00. First resistance is seen at today's high of 6,939.25 and then at 6,970.00. First support is seen at today's low of 6,871.75 and then at 6,850.00. Wyckoff's Market Rating: 7.0
The March e-mini S&P 500 futures stock index futures closed up 7.25 at 2,725.75 today. Prices closed nearer the session high today. Bulls have the overall near-term technical advantage, but the recent price uptrend has been negated. Bulls' next upside price objective is closing prices above solid resistance at last week's high of 2,789.75. The next downside price breakout objective for the bears is closing prices below solid support at 2,600.00. First resistance is seen at today's high of 2,734.50 and then at 2,750.00. First support is seen at today's low of 2,710.25 and then at this week's low of 2,663.75. Wyckoff's Market Rating: 6.0.