Dear Valued Subscriber: Following are today's significant developments in the U.S. futures markets.
*. LIVESTOCK: April live cattle closed up $0.20 at 124.20 today. Prices closed near the session low today. The cattle market bulls still have overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart, but now just barely. 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 $120.00. First resistance is seen at $125.00 and then at today's high of $125.67. First support is seen at this week's low of $123.55 and then at $123.00. Wyckoff's Market Rating: 6.0
May feeder cattle closed up $0.77 at $149.92 today. Prices closed near mid-range today. The feeder cattle market bulls 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 the February high of $153.55. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $145.00. First resistance is seen at today's high of $150.97 and then at $152.00. First support is seen at $149.00 and then at this week's low of $147.77. Wyckoff's Market Rating: 6.0
April lean hogs closed down $0.20 at $69.80 today. Prices closed near the session low. The bears have the overall near-term technical advantage. 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 $70.67 and then at $71.50. First support is seen at $69.00 and then at $68.02. Wyckoff's Market Rating: 4.0
*. GRAINS: May corn futures closed up 2 cents at $3.79 1/4 today. Prices closed nearer the session high and hit another five-month high today. The corn bulls have the overall near-term technical advantage. Prices are in a six- 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 $3.90. 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 $3.80 and then at $3.85. First support is seen at today's low of $3.76 1/2 and then at this week's low of $3.74 3/4. Wyckoff's Market Rating: 6.0
May soybeans closed up 3 cents at $10.49 a bushel today. Prices closed near mid-range and closed at a contract high close today. The bean bulls have the solid near-term technical advantage as a steep six-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 $10.75. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $10.20. First resistance is seen at this week's contract high of $10.59 1/2 and then at $10.70. First support is seen at $10.40 and then at $10.30. Wyckoff's Market Rating: 8.0
May soybean meal closed up $9.10 at $390.00 today. Prices closed nearer the session high and hit a contract high today. The meal bulls 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 $370.00. First resistance comes in at today's contract high of $391.40 and then at $395.00. First support is seen at $385.00 and then at $380.00. Wyckoff's Market Rating: 8.5
May bean oil closed down 40 points at 32.40 cents today. Prices closed near the session low today. The bears 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 32.60 cents and then at this week's high of 32.96 cents. First support is seen at 32.25 cents and then at 32.00 cents. Wyckoff's Market Rating: 2.5
May Chicago SRW wheat closed up 4 3/4 cents at $4.77 1/2 today. Prices closed nearer the session high and closed at a five-month high close today. The wheat bulls have the overall near-term technical advantage. Wheat bulls' next upside breakout objective is to push and close SRW prices above solid technical resistance at the September high of $4.95. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the February low of $4.51. First resistance is seen at the February high of $4.79 1/2 and then at $4.85. First support is seen at today's low of
$4.73 1/2 and then at this week's low of $4.67 3/4. Wyckoff's Market Rating: 6.0.
May HRW wheat closed up 12 cents at $5.05 1/2 today. Prices closed near the session high and hit a six-month high today. The bulls have the overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at $5.25. The bears' next downside breakout objective is pushing and closing prices below solid technical support at $4.70. First resistance is seen at today's high of $5.05 1/2 and then at $5.10. First support is seen at today's low of $4.96 1/2 and then at this week's low of $4.87 3/4. Wyckoff's Market Rating: 6.0
*. SOFTS: May sugar closed down 56 points at 12.87 cents today. Prices closed near the session low and hit a 2.5- year low today. The sugar bears have the solid overall near-term technical advantage and gained more power today by producing a bearish downside "breakout" from the recent sideways trading range. Bulls' next upside price breakout objective is to push and close prices above solid technical resistance at last week's high of 13.63 cents. Bears' next downside price breakout objective is to push and close prices below solid technical support at 12.00 cents. First resistance is seen at 13.00 cents and then at 13.25 cents. First support is seen at today's low of 12.84 cents and then at 12.75 cents. Wyckoff's Market Rating: 1.0.
May coffee closed down 75 points at 121.15 cents today. Prices closed near mid-range. The coffee bears have the solid 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 122.80 cents and then at 125.00 cents. First support is seen at 120.60 cents and then at the contract low of 118.55 cents. Wyckoff's Market Rating: 2.0
May cocoa closed down $5 at $2,215 a ton today. Prices closed near mid-range today and hit a 3.5-month high early on. The cocoa bulls have the solid overall near-term technical advantage. Prices are in an accelerating seven- 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 $2,100. First resistance is seen at $2,235 and then at $2,250. First support is seen at today's low of $2,194 and then at this week's low of $2,160. Wyckoff's Market Rating: 7.5
May cotton closed up 23 points at 82.38 cents today. Prices closed nearer the session high and closed at a four-week high close today. The cotton bulls 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 the January high of 84.45 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 82.52 cents and then at 83.00 cents. First support is seen at this week's low of 81.00 cents and then at 79.50 cents. Wyckoff's Market Rating: 7.0.
May orange juice closed down 55 points at $1.4395 today. Prices closed nearer the session high. Bears 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 $1.4630 and then at $1.4800. First support is seen at today's low of $1.4300 and then at last week's low of $1.4050. Wyckoff's Market Rating: 4.5.
May lumber futures closed down $4.00 at $511.10 today. Prices closed nearer the session low. Prices last week hit a contract high. 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 $530.00. First resistance is seen at today's high of $516.00 and then at the contract high of $520.00. First support is seen at today's low of $510.00 and then at $505.00. Wyckoff's Market Rating: 7.5
*. METALS: April gold futures closed down $16.10 at $1,316.60 today. Prices closed nearer the session low and hit a two-week low today. The gold bulls still have the slight overall near-term technical advantage but faded badly today and need to show fresh power soon to keep their chart edge. 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 the February low of $1,309.00. First resistance is seen at $1,325.00 and then at $1,330.00. First support is seen at today's low of $1,314.40 and then at $1,309.00. Wyckoff's Market Rating: 5.5
May silver futures closed down $0.212 at $16.405 today. Prices closed nearer the session low and hit a two-week low today. The silver bears have the 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 $16.50 and then at today's high of $16.72. Next support is seen at today's low of $16.34 and then at the February low of $16.21. Wyckoff's Market Rating: 4.0.
May N.Y. copper closed down 380 points at 318.60 cents today. Prices closed nearer the session low. The copper bulls still 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 333.35 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 320.00 cents and then at today's high of 323.70 cents. First support is seen at today's low of 316.30 cents and then at 315.00 cents. Wyckoff's Market Rating: 6.5.
*. ENERGIES: April Nymex crude oil closed down $1.01 at $62.90 today. Prices closed nearer the session low today and saw some profit taking after prices hit a three-week high on Monday. The bulls still have the overall near-term technical advantage. The next near-term upside price breakout objective for the crude oil bulls is pushing 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 $60.00. First resistance is seen at $63.50 and then at $64.00. First support is seen at today's low of $62.72 and then at $62.00. Wyckoff's Market Rating: 6.5
April heating oil closed down 187 points at $1.9688 today. Prices closed nearer the session low. 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 $2.0000 and then at $2.0500. First support is seen at today's low of $1.9618 and then at $1.9500. Wyckoff's Market Rating: 7.0.
April (RBOB) unleaded gasoline closed down 185 points at $1.9843 today. Prices closed nearer the session low. 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 $2.0986. Bears' next downside price breakout objective is closing prices below solid support at the February low of $1.8284. First resistance is seen at this week's high of $2.0122 and then at 2.0500. First support is seen at today's low of $1.9773 and then at $1.9500. Wyckoff's Market Rating: 6.0.
April natural gas closed up 0.6 cent at $2.692 today. Prices closed nearer the session high 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 $2.723 and then at $2.75. First support is seen at today's low of $2.633 and then at last week's low of $2.593. Wyckoff's Market Rating: 3.5.
*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency closed down 65 points at 1.2346 today. Prices closed nearer the session low and hit a two-week low today. The bulls still have the overall near-term technical advantage. However, there is the specter of a bearish double-top reversal pattern forming on the daily bar chart. 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 1.2400 and then at this week's high of 1.2455. Next support is seen at the February low of 1.2317 and then at 1.2300. Wyckoff's Market Rating: 6.0
The June Japanese yen closed down 340 points at .93905 today. Prices closed near mid-range. Bulls have the firm overall near-term technical advantage. Prices are in a seven-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 today's high of .94330 and then at this week's high of .94700. First support is seen at today's low of .93595 and then at last week's low of .93430. Wyckoff's Market Rating: 6.5
The June Swiss franc closed down 24 points at 1.0738 today. Prices closed nearer the session low and hit a three-week low today. The Swissy bulls still have the overall near- term technical advantage. However, an 11-week-old uptrend on the daily bar chart has been negated. 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 the February low of 1.0669. First resistance is seen at today's high of 1.0780 and then at this week's high of 1.0815. First support is seen at today's low of 1.0719 and then at 1.0700. Wyckoff's Market Rating: 6.5.
The June Australian dollar closed down 36 points at .7815 today. Prices closed nearer the session low today. Bulls and bears are on a level overall near-term technical playing field. However, a bearish symmetrical triangle pattern has formed 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 .7700. First resistance is seen at today's high of .7869 and then at .7900. First support is seen at last week's low of .7797 and then at the February low of .7761. Wyckoff's Market Rating: 5.0
The June Canadian dollar closed down 33 points at .7868 today. Prices closed nearer the session low and hit a two- month low today. The bears have the firm overall near-term technical advantage. Prices are in a four-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 .7900 and then at this week's high of .7940. Next support is seen at today's low of .7851 and then at .7825. Wyckoff's Market Rating: 2.5
The June British pound closed down 29 points at 1.4001 today. Prices closed near mid-range. 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 1.4133 and then at the February high of 1.4207. First support is seen at today's low of 1.3929 and then at 1.3900. Wyckoff's Market Rating: 6.5.
The June U.S. dollar index closed up 0.345 at 89.765 today. Prices closed nearer the session high 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 the February high of 90.140 and then at 90.400. First support is seen at 89.500 and then at this week's low of 89.055. Wyckoff's Market Rating: 3.0.
June U.S. T-Bonds closed down 26/32 at 142 13/32 today. Prices closed nearer the session low today. 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 143 even and then at this week's high of 143 26/32. First support is seen at today's low of 142 4/32 and then at the contract low of 141 14/32. Wyckoff's Market Rating: 1.5
June U.S. T Notes closed down 16.5 (32nds) at 119.24.0 today. Prices closed nearer the session low 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 today's high of 120.10.0. First support is seen at today's low of 119.21.5 and then at 119.16.0. Wyckoff's Market Rating: 1.5.
GENERAL STOCK MARKET COMMENT: U.S. stock indexes closed lower today. Fed Chairman Jerome Powell's testimony to the U.S. House of Representatives on Capitol Hill was the feature in the marketplace so far this week. Powell said the Fed remains on pace to gradually raise U.S. interest rates, amid increasing economic growth and rising inflation. He said the U.S. economy has strengthened even since December and that the risk of an economic recession is low. Powell also said the recent stock market volatility is not a significant detriment to the U.S. economy. The U.S. dollar index rallied to a two-week high on Powell's hawkish-construed testimony. The U.S. stock market and U.S. Treasuries were also pressured by the Fed chief's remarks today. Powell speaks to the U.S. Senate on Thursday. The other key outside market on Tuesday saw Nymex crude oil prices weaker and trading just above $63.00 a barrel. Growing U.S. oil production the past few months is a major factor that is likely to cap oil price advances.
The March Nasdaq 100 stock index futures closed down 82.00 at 6,917.75 today. Prices closed nearer the session low today. Bulls still have the solid overall near-term technical advantage. However, the specter of a bearish double top reversal pattern now exists on the daily bar chart. 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 6,700.00. First resistance is seen at today's high of 7,009.00 and then at 7,047.25. First support is seen at this week's low of 6,890.00 and then at 6,850.00. Wyckoff's Market Rating: 7.0
The March e-mini S&P 500 futures stock index futures closed down 36.50 at 2,747.00 today. Prices closed near the session low today. Bulls have the overall near-term technical advantage, amid the recent price uptrend. Bulls' next upside price objective is closing prices above solid resistance at 2,825.00. The next downside price breakout objective for the bears is closing prices below solid support at 2,682.00. First resistance is seen at today's high of 2,789.75 and then at 2,800.00. First support is seen at 2,725.00 and then at 2,710.00. Wyckoff's Market Rating: 6.5.