Dear Valued Subscriber: Following are today's significant developments in the U.S. futures markets.
*. LIVESTOCK: April live cattle closed down $0.85 at 125.37 today. Prices closed near mid-range today on more profit taking after hitting a three-month high on Tuesday. The cattle market bulls still have overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart. Bulls' next upside price objective is to push and close prices above solid resistance at the November high of $130.10. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $122.50. First resistance is seen at today's high of $126.12 and then at $127.00. First support is seen at this week's low of $124.72 and then at $124.00. Wyckoff's Market Rating: 6.5
May feeder cattle closed down $0.85 at $149.25 today. Prices closed near mid-range today on more profit taking after hitting a three-month high on Tuesday. The feeder cattle market bulls still have the overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. The next upside price objective for the feeder bulls is to push and close prices above technical resistance at this week's high of $153.55. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $146.00. First resistance is seen at $150.00 and then at $151.00. First support is seen at today's low of $148.87 and then at $148.00. Wyckoff's Market Rating: 6.0
April lean hogs closed up $0.85 at $70.75 today. Prices closed nearer the session high on more short covering. The bears still have the overall near-term technical advantage. However, a six-week-old downtrend on the daily bar chart was negated today. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at $73.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at the February low of $68.02.First resistance is seen at today's high of $71.42 and then at $72.00. First support is seen at $70.00 and then at $69.12. Wyckoff's Market Rating: 4.0
*. GRAINS: May corn futures closed up 3/4 cent at $3.74 3/4 today. Prices closed nearer the session high. The corn bulls have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. The next upside price objective for the bulls is to push and close prices above solid technical resistance at $3.85. The next downside price breakout objective for the bears is pushing and closing prices below solid support at the February low of $3.64 1/4. First resistance is seen at this week's high of $3.78 and then at $3.80. First support is seen at this week's low of $3.72 1/4 and then at $3.70. Wyckoff's Market Rating: 6.0
May soybeans closed down 2 3/4 cents at $10.42 3/4 a bushel today. Prices closed near mid-range today on mild profit taking after hitting a seven-month high earlier this week. The bean bulls have the firm near-term technical advantage. A steep five-week-old uptrend is in place on the daily bar chart. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid resistance at the July 2017 high of $10.53. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $10.00. First resistance is seen at this week's high of $10.50 and then at $10.53. First support is seen at $10.35 and then at $10.30. Wyckoff's Market Rating: 7.0
May soybean meal closed down $1.70 at $379.30 today. Prices closed near mid-range today. 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 $400.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $360.00. First resistance comes in at $383.00 and then at Tuesday's contract high of $387.90. First support is seen at $375.00 and then at this week's low of $371.10. Wyckoff's Market Rating: 8.0
May bean oil closed up 4 points at 32.25 cents today. Prices closed near mid-range on mild short covering today. The bears still have the solid overall near-term technical advantage as prices hover not far above the recent 2.5-year low. 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 30.00 cents. First resistance is seen at this week's high of 32.47 cents and then at 32.75 cents. First support is seen at today's low of 32.10 cents and then at 31.92 cents. Wyckoff's Market Rating: 2.0
May Chicago SRW wheat closed up 4 1/4 cents at $4.63 3/4 today. Prices closed nearer the session high. The wheat bulls and bears are on a level overall near-term technical playing field. Wheat bulls' next upside breakout objective is to push and close SRW prices above solid technical resistance at the February high of $4.79 1/2. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $4.40. First resistance is seen at today's high of $4.65 and then at $4.70. First support is seen at today's low of $4.57 and then at the February low of $4.51. Wyckoff's Market Rating: 5.0.
May HRW wheat closed up 5 cents at $4.86 1/4 today. Prices closed nearer the session high today. The bulls have the slight overall near-term technical advantage. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at $5.20. The bears' next downside breakout objective is pushing and closing prices below solid technical support at $4.60. First resistance is seen at $4.90 and then at this week's high of $5.00 1/4. First support is seen at today's low of $4.75 3/4 and then at $4.70. Wyckoff's Market Rating: 5.5
*. SOFTS: May sugar closed up 31 points at 13.58 cents today. Prices closed nearer the session high today on short covering. The key "outside markets" were bullish for sugar today as the U.S. dollar index was lower and crude oil prices were higher. The sugar bears still have the solid overall near-term technical advantage. 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 the January low of 13.17 cents. First resistance is seen at today's high of 13.63 cents and then at 13.75 cents. First support is seen at 13.40 cents and then at last week's low of 13.20 cents. Wyckoff's Market Rating: 2.0.
May coffee closed up 195 points at 120.85 cents today. Prices closed nearer the session high and hit another contract low early on today. Prices also scored a bullish "outside day" up on the daily bar chart today. If there is good follow-through buying on Friday, then a bullish "key reversal" up would be confirmed, which would be a technical clue that a market bottom is in place. The key "outside markets" were bullish for coffee today as the U.S. dollar index was lower and crude oil prices were higher. The coffee bears still 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 121.50 cents and then at 124.00 cents. First support is seen at today's contract low of 118.55 cents and then at 117.50 cents. Wyckoff's Market Rating: 2.0
May cocoa closed steady at $2,147 a ton today. Prices closed nearer the session low today and hit another three- month high early on. The cocoa bulls have the firm overall near-term technical advantage. Prices are in an accelerating six-week-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 the November high of $2,235. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $2,000. First resistance is seen at today's high of $2,177 and then at $2,200. First support is seen at Wednesday's low of $2,124 and then at this week's low of $2,116. Wyckoff's Market Rating: 7.0
May cotton closed down 81 points at 79.58 cents today. Prices closed nearer the session low on a corrective pullback from this week's good gains. The cotton bulls have the 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 82.50 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at the February low of 76.44 cents. First resistance is seen at this week's high of 80.52 cents and then at 81.00 cents. First support is seen at 78.57 cents and then at 78.00 cents. Wyckoff's Market Rating: 6.5.
May orange juice closed up 220 points at $1.4425 today. Prices gapped higher lower on the daily bar chart and saw short covering. Bears still have the slight overall near- term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at this week's high of $1.5020. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.3750. First resistance is seen at $1.4500 and then at $1.4590. First support is seen at today's low of $1.4330 and then at this week's low of $1.4050. Wyckoff's Market Rating: 4.5.
March lumber futures closed down $4.40 at $522.00 today. Prices closed nearer the session low after hitting another contract high early on today. The bulls have the solid overall near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $500.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $540.00. First resistance is seen at today's high of $528.00 and then at $530.00. First support is seen at $518.10 and then at $515.00. Wyckoff's Market Rating: 8.5
*. METALS: April gold futures closed up $0.20 at $1,332.10 today. Prices closed nearer the daily high. No serious chart damage has been inflicted with this week's downturn. The gold bulls still have the overall near-term technical advantage, but need to show fresh power soon to keep it. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the January high of $1,370.50. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the February low of $1,309.00. First resistance is seen at Wednesday's high of $1,338.50 and then at $1,350.00. First support is seen at today's low of $1,322.90 and then at $1,320.00. Wyckoff's Market Rating: 6.0
March silver futures closed down $0.012 at $16.605 today. Prices closed nearer the session high. The silver bears have the slight overall near-term technical advantage. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $17.00 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 this week's high of $16.745 and then at the February high of $16.95. Next support is seen at $16.50 and then at this week's low of $16.34. Wyckoff's Market Rating: 4.5.
March N.Y. copper closed up 220 points at 323.80 cents today. Prices closed nearer the session high and scored a bullish "outside day" up on the daily bar chart. The copper bulls have the firm overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the December high of 323.65 cents. The next downside price objective for the bears is closing prices below solid technical support at the February low of 302.60 cents. First resistance is seen at this week's high of 324.60 cents and then at last week's high of 327.20 cents. First support is seen 320.00 cents and then at today's low of 315.35 cents. Wyckoff's Market Rating: 7.0.
*. ENERGIES: April Nymex crude oil closed up $0.91 at $62.60 today. Prices closed nearer the session high today and scored a bullish "outside day" up on the daily bar chart. The bulls have the overall near-term technical advantage and gained some fresh momentum today. The next near-term upside price breakout objective for the crude oil bulls is pushing prices above resistance at $65.00. 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 today's high of $63.09 and then at $64.00. First support is seen at $62.00 and then at $61.00. Wyckoff's Market Rating: 6.5
April heating oil closed up 169 points at $1.9490 today. Prices closed nearer the session high. The bulls have gained the overall near-term technical advantage. The bulls' next upside price breakout objective is closing prices above solid technical resistance at $2.0000. Bears' next downside price breakout objective is producing a close below solid technical support at the February low of $1.8097. First support lies at today's low of $1.9162 and then at $1.9000. First resistance is seen at today's high of $1.9586 and then at $1.9800. Wyckoff's Market Rating: 6.0.
April (RBOB) unleaded gasoline closed up 161 points at $1.9607 today. Prices closed nearer the session high. The bulls have regained the overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $2.0000. Bears' next downside price breakout objective is closing prices below solid support at the February low of $1.8284. First resistance is seen at today's high of $1.9696 and then at 2.0000. First support is seen at this week's low of $1.9243 and then at $1.9000. Wyckoff's Market Rating: 6.0.
April natural gas closed down 2.1 cents at $2.66 today. Prices closed near mid-range today. Bears have the overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $2.82. The next downside price breakout objective for the bears is closing prices below solid technical support at the December low of $2.487. First resistance is seen at this week's high of $2.701 and then at $2.75. First support is seen at today's low of $2.652 and then at this week's low of $2.593. Wyckoff's Market Rating: 3.5.
*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency closed up 32 points at 1.2438 today. Prices closed nearer the session high today. The bulls have the overall near- term technical advantage. 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 February low of 1.2317. First resistance for the Euro lies at Wednesday's high of 1.2459 and then at 1.2500. Next support is seen at 1.2400 and then at today's low of 1.2363. Wyckoff's Market Rating: 6.5
The June Japanese yen closed up 895 points at .94400 today. Prices closed nearer the session high. Bulls have the firm overall near-term technical advantage and regained upside momentum today. Prices are in a six-week-old uptrend on the daily bar chart. Bulls' next upside price breakout objective is closing prices above solid resistance at the contract high of .95485. Bears' next downside breakout objective is closing prices below solid technical support at .92000. First resistance is seen at .94500 and then at .95000. First support is seen at .94000 and then at this week's low of .93430. Wyckoff's Market Rating: 7.0
The June Swiss franc closed up 57 points at 1.0816 today. Prices closed near the session high. The Swissy bulls have the firm overall near-term technical advantage. Prices are in a 10-week-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid resistance at 1.1000. The next downside price breakout objective for the bears is closing prices below solid technical support at the February low of 1.0669. First resistance is seen at 1.0850 and then at this week's high of 1.0891. First support is seen at 1.0770 and then at today's low of 1.0732. Wyckoff's Market Rating: 7.0.
The June Australian dollar closed up 29 points at .7851 today. Prices closed nearer the session high today. Bulls and bears are on a level overall near-term technical playing field. Bulls' next upside price breakout objective is producing a close above chart resistance at the February high of .8130. The next downside price breakout objective for the bears is closing prices below solid technical support at .7650. First resistance is seen at Wednesday's high of .7894 and then at this week's high of .7934. First support is seen at .7800 and then at the February low of .7761. Wyckoff's Market Rating: 5.0
The June Canadian dollar closed down 15 points at .7884 today. Prices closed near mid-range and hit another two- month low today. The bears have the solid overall near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. Bulls' next upside price breakout objective is closing prices above solid chart resistance at the January high of .8175. The next downside breakout objective for the bears is to produce a close below solid technical support at the October low of .7763. First resistance is seen at today's high of .7906 and then at .7935. Next support is seen at today's low of .7855 and then at .7825. Wyckoff's Market Rating: 2.5
The June British pound closed up 29 points at 1.4033 today. Prices closed nearer the session high. The bulls have the overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the January high of 1.4404. Bears' next downside technical breakout objective is closing prices below solid support at the February low of 1.3837. First resistance is seen at this week's high of 1.4105 and then at last week's high of 1.4207. First support is seen at today's low of 1.3930 and then at 1.3900. Wyckoff's Market Rating: 6.5.
The June U.S. dollar index closed down 0.283 at 89.270 today. Prices closed nearer the session low today. The bears have the overall near-term technical advantage. However, a bullish double-bottom reversal pattern could be forming 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 today's high of 89.780 and then at 90.000. First support is seen at Wednesday's low of 89.135 and then at this week's low of 88.780. Wyckoff's Market Rating: 3.0.
June U.S. T-Bonds closed up 14/32 at 142 6/32 today. Prices closed near mid-range on short covering after hitting a contract low on Wednesday. The bond market bears have the solid overall near-term technical advantage. The next downside price breakout objective for the T-Bond bears is closing prices below solid technical support at 140 even. The next upside technical objective for the bulls is to produce a close above solid technical resistance at 146 even. First resistance is seen at today's high of 142 19/32 and then at 143 5/32. First support is seen at the contract low of 141 14/32 and then at 141 even. Wyckoff's Market Rating: 1.0
June U.S. T Notes closed up 5.5 (32nds) at 119.25.0 today. Prices closed nearer the session high today. The bears have the solid 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 119.00.0. First resistance is seen at 120.00.0 and then at 120.06.5. First support is seen at today's low of 119.16.0 and then at the contract low of 119.14.0. Wyckoff's Market Rating: 1.0.
GENERAL STOCK MARKET COMMENT: U.S. stock indexes closed firmer today. World stock markets were mostly lower overnight. The marketplace has mostly digested Wednesday afternoon's FOMC minutes that said stronger-than-expected U.S. economic growth in recent weeks is keeping the Federal Reserve on pace to keep gradually raising U.S. interest rates. The minutes prompted choppy trading in the stock and currency markets, and pushed U.S. Treasury yields up. The FOMC minutes contained elements that could be deemed as both hawkish and dovish on U.S. monetary policy.
The March Nasdaq 100 stock index futures closed up 20.00 at 6,780.50 today. Prices closed nearer the session high. 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 6,400.00. First resistance is seen at today's high of 6,831.50 and then at this week's high of 6,885.50. First support is seen at 6,640.00 and then at this week's low of 6,723.25. Wyckoff's Market Rating: 6.5
The March e-mini S&P 500 futures stock index futures closed up 9.50 at 2,708.00 today. Prices closed near mid-range today. Bulls have the slight overall near-term technical advantage. Bulls' next upside price objective is closing prices above solid resistance at 2,763.00. The next downside price breakout objective for the bears is closing prices below solid support at last week's low of 2,620.00. First resistance is seen at today's high of 2,731.00 and then at last week's high of 2,754.75. First support is seen at today's low of 2,682.00 and then at 2,667.00. Wyckoff's Market Rating: 5.5.