SOFTS: May sugar closed down 63 points at 19.69 cents
today. Prices closed near mid-range today and hit another
fresh 7.5-month low. Serious chart damage has occurred in
sugar recently, including more today. Prices are in a
steep six-week-old downtrend on the daily bar chart.
There are no early technical clues to suggest a market
bottom is close at hand. However, the market is now
short-term oversold and due for a corrective, short-
covering bounce. Bulls' next upside price objective is to
push and close prices above solid technical resistance at
this week's high of 22.40 cents. Bears' next downside
price objective is to push and close prices below solid
technical support at 18.00 cents. First resistance is
seen at 20.00 cents and then at today's high of 20.38
cents. First support is seen at 19.50 cents and then at
19.00 cents. Wyckoff's Market Rating: 2.0

May coffee closed down 40 poin... more

May sugar closed down 63 points at 19.69 cents yesterday. Prices closed near mid-range yesterday and hit another fresh 7.5-month low. Serious chart damage has occurred in sugar recently, including more yesterday. Prices are in a steep six-week-old downtrend on the daily bar chart. There are no early technical clues to suggest a market bottom is close at hand. However, the market is now short-term oversold and due for a corrective, short- covering bounce. Bulls' next upside price objective is to push and close prices above solid technical resistance at this week's high of 22.40 cents. Bears' next downside price objective is to push and close prices below solid technical support at 18.00 cents. First resistance is seen at 20.00 cents and then at yesterday's high of 20.38 cents. First support is seen at 19.50 cents and then at 19.00 cents.

Wyckoff's Market Rating: 2.0

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Thursday, March 11--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market feature in quieter overnight/early morning
trading today is weaker U.S. stock index futures prices.

JIM'S MARKET THOUGHT OF THE DAY *

The U.S. dollar index continues to trade in a
sideways and choppy fashion at higher price levels.
Bulls still have the overall near-term technical
advantage. It's my bias that the dollar index is
presently storing up energy for a bigger upside
burst in prices in the not too distant future.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are weaker in early morning
trading today, on profit-taking pressure from
recent gains. Bulls still have the overall near-
term technical advantage as five-week-old uptrends
are in place on the daily bar charts.

S&P 500 futures: The shorter-term moving averages
are still bullish early today.
The 4-day... more

GRAINS: May corn futures closed down 6 1/4 cents at
$3.68 3/4 today. Prices closed near the session low today
and hit a fresh three-week low. The key outside markets
were in a bearish posture for corn today, as the U.S.
dollar index was firmer, while crude oil and gold prices
were weaker. Near-term chart damage has been inflicted
recently. A four-week-old uptrend on the daily bar chart
has been negated. Bears have the near-term technical
advantage. Traders are awaiting Wednesday morning's USDA
supply and demand report and the re-adjustments to
production due to last year's delayed harvest. The next
downside price objective for the bears is to push and
close prices below solid technical support at the
February low of $3.59 a bushel. Bulls' next upside price
objective is to push and close prices above solid
technical resistance at $3.80 a bushel. First resistance
for May corn is seen at $3.... more

May corn futures closed down 6 1/4 cents at $3.68 3/4 yesterday. Prices closed near the session low yesterday and hit a fresh three-week low. The key outside markets were in a bearish posture for corn yesterday, as the U.S. dollar index was firmer, while crude oil and gold prices were weaker. Near-term chart damage has been inflicted recently. A four-week-old uptrend on the daily bar chart has been negated. Bears have the near-term technical advantage. Traders are awaiting Wednesday morning's USDA supply and demand report and the re-adjustments to production due to last year's delayed harvest. The next downside price objective for the bears is to push and close prices below solid technical support at the February low of $3.59 a bushel. Bulls' next upside price objective is to push and close prices above solid technical resistance at $3.80 a bushel. First resistance for May corn is seen at $3.72 and then at yesterday's high of $3.75 1/4. First support is s... more

Wednesday, March 10--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market features in overnight/early morning trading
today are firmer crude oil and gold futures prices.

JIM'S MARKET THOUGHT OF THE DAY *

Most agricultural commodity futures markets have
price "seasonality," whereby prices tend to trend
higher or lower at certain times of the year. The
seasonality in ag markets is mostly due to the
weather. If you'd like to know the seasonality
patterns of specific ag futures markets, just send
me an email at jim@jimwyckoff.com and I'll attach a
story I wrote on the matter a while back.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are firmer in early morning
trading today. Bulls still have the overall near-
term technical advantage as four-week-old uptrends
are in place on the daily bar charts.

S&P 500... more

LIVESTOCK: April live cattle closed up $1.20 at $94.15
today. Prices closed nearer the session high and hit a
fresh nine-month high today. The cattle market bulls have
the overall near-term technical advantage and gained more
technical power and momentum today. Prices are in a
three-month-old uptrend on the daily bar chart. Bulls'
next upside price objective is to push and close prices
above solid technical resistance at the contract high of
$95.15. The next downside technical objective for the
bears is pushing and closing prices below solid technical
support at $92.60. First resistance is seen at today's
high of $94.45 and then at $95.15. First support is seen
at $94.00 and then at $93.52. Wyckoff's Market Rating:
8.0.

April feeder cattle closed up $0.77 at $106.00 today.
Prices closed near mid-range today and hit another fresh
contract high. Feeder bulls have the solid near-term
... more

April live cattle closed up $1.20 at $94.15 yesterday. Prices closed nearer the session high and hit a fresh nine-month high yesterday. The cattle market bulls have the overall near-term technical advantage and gained more technical power and momentum yesterday. Prices are in a three-month-old uptrend on the daily bar chart. Bulls' next upside price objective is to push and close prices above solid technical resistance at the contract high of $95.15. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $92.60. First resistance is seen at yesterday's high of $94.45 and then at $95.15. First support is seen at $94.00 and then at $93.52.

Wyckoff's Market Rating: 8.0.

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Tuesday, March 9--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market feature in overnight/early morning trading today
is a stronger U.S. dollar index and lower crude oil and
gold futures prices.

JIM'S MARKET THOUGHT OF THE DAY *

Crude oil prices are under selling pressure today,
after having pushed above $82.00 a barrel on
Monday. While no near-term chart damage has
occurred with today's sell off, recent history does
show that crude oil market rallies have petered out
when prices push above $80.00 a barrel.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are weaker in early morning
trading today, on a profit-taking pullback from
recent good gains. Bulls still have the overall
near-term technical advantage as four-week-old
uptrends are in place on the daily bar charts.

S&P 500 futures: The shorter-term moving averages
are still bullis... more

Monday, March 8--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

There is no standout market feature in quieter
overnight/early morning trading today.

JIM'S MARKET THOUGHT OF THE DAY *

Trading in the U.S. dollar index and Euro currency
futures has turned more sideways and choppy
recently. Still, there are no solid, early
technical clues to suggest the Euro currency has
bottomed or the U.S. dollar index has put in a
market top.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are steady to slightly lower
in quiet early morning trading today. Prices poked
to a fresh seven-week high overnight. Bulls have
the overall near-term technical advantage as four-
week-old uptrends are in place on the daily bar
charts.

S&P 500 futures: The shorter-term moving averages
are bullish early today. The 4-
day moving average is above the 9-day. The 9-day is... more

 ENERGIES: April crude oil closed down $0.56 at $80.31
a barrel today. Prices closed near mid-range today. Price
pressure came from a stronger U.S. dollar and lower gold
prices today. Crude oil bulls still have the overall
near-term technical advantage. The next upside price
objective for the bulls is producing a close above solid
technical resistance at the January high of $84.96 a
barrel. The next downside price objective for the crude
oil bears is to produce a close below solid technical
support at $75.00. First resistance is seen at this
week's high of $81.23 and then at $82.00. First support
is seen at $80.00 and then at today's low of $79.70.
Wyckoff's Market Rating: 6.5.

April heating oil closed down 217 points at $2.0720
today. Prices closed nearer the session low today. A
four-week-old uptrend is still in place on the daily bar
chart. Bulls still have the near-term technical more

April crude oil closed down $0.56 at $80.31 a barrel yesterday. Prices closed near mid-range yesterday. Price pressure came from a stronger U.S. dollar and lower gold prices yesterday. Crude oil bulls still have the overall near-term technical advantage. The next upside price objective for the bulls is producing a close above solid technical resistance at the January high of $84.96 a barrel. The next downside price objective for the crude oil bears is to produce a close below solid technical support at $75.00. First resistance is seen at this week's high of $81.23 and then at $82.00. First support is seen at $80.00 and then at yesterday's low of $79.70.

Wyckoff's Market Rating: 6.5.

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Friday, March 5--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

There is no standout market feature in quieter
overnight/early morning trading today, as traders await
this morning's important U.S. jobs data.

JIM'S MARKET THOUGHT OF THE DAY *

Commodity traders, an excellent gauge for
determining the overall trend in commodity markets
is the Continuous Commodity Index . The CCI is
a basket of 17 commodity futures markets rolled
into one composite price index. Downside price
action in the CCI in January suggested commodity
markets such as metals and energies had topped out.
However, the month of February saw the CCI trend
higher. A look at the weekly CCI chart shows the
CCI index has been trending higher since December
of 2008, and also suggests January's downside price
action was just a downside price correction in an
overall longer-term uptrend in the in... more

SOFTS: May sugar closed down 63 points at 22.01 cents
today. Prices closed near the session low today. The key
"outside markets" were in a bullish posture for sugar
today, as the U.S. dollar index was lower, while crude
oil, gold and stock index futures prices were higher.
Yet, sugar could not manage to rally, which is another
bearish clue for sugar. Serious chart damage has occurred
in sugar recently. Prices are still in a steep four-week-
old downtrend on the daily bar chart. 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 October 2009 low of 20.44 cents.
First resistance is seen at 22.50 cents and then at
today's high of 22.80 cents. First support is seen at
today's low of 21.93 cents and then at 21.50 cents.
Wyckoff's Mark... more

May sugar closed down 63 points at 22.01 cents yesterday. Prices closed near the session low yesterday. The key "outside markets" were in a bullish posture for sugar yesterday, as the U.S. dollar index was lower, while crude oil, gold and stock index futures prices were higher. Yet, sugar could not manage to rally, which is another bearish clue for sugar. Serious chart damage has occurred in sugar recently. Prices are still in a steep four-week-old downtrend on the daily bar chart. 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 October 2009 low of 20.44 cents. First resistance is seen at 22.50 cents and then at yesterday's high of 22.80 cents. First support is seen at yesterday's low of 21.93 cents and then at 21.50 cents.

Wyckoff's Market Rating: 3.0

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Thursday, March 4--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

There is no standout market feature in quieter
overnight/early morning trading today.

JIM'S MARKET THOUGHT OF THE DAY *

Crude oil has pushed above $80.00 a barrel this
week. Prices are in a four-week-old uptrend on the
daily bar chart. The next upside price objective
for the bulls is solid technical resistance at the
January high of $84.96, basis April futures. Recent
history suggests crude will challenge the $85.00
area and then back off and trade sideways to lower,
down to the $70.00-a-barrel area.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are near steady in early
morning trading today. Bulls still have the overall
near-term technical advantage as four-week-old
uptrends are still in place on the daily bar
charts.

S&P 500 futures: The shorter-term moving averages
... more

GRAINS: May corn futures closed down 1 cent at $3.80
3/4 today. Prices closed near mid-range. No serious chart
damage has occurred this week as profit-taking from
recent gains has been featured. However, the bulls have
faded a bit and need to show fresh power soon. Bulls
still have the slight near-term technical advantage. The
next downside price objective for the bears is to push
and close prices below solid technical support at last
week's low of $3.71 1/4 a bushel. Bulls' next upside
price objective is to push and close prices above solid
technical resistance at this week's high of $3.92 a
bushel. First resistance for May corn is seen at today's
high of $3.84 1/2 and then at $3.87 3/4 and then at
$3.90. First support is seen at $3.78 and then at today's
low of $3.76. Wyckoff's Market Rating: 5.5

May soybeans closed up 1 cent at $9.63 1/2 a bushel
today. Prices closed near mid-range to... more

May corn futures closed down 1 cent at $3.80 3/4 yesterday. Prices closed near mid-range. No serious chart damage has occurred this week as profit-taking from recent gains has been featured. However, the bulls have faded a bit and need to show fresh power soon. Bulls still have the slight near-term technical advantage. The next downside price objective for the bears is to push and close prices below solid technical support at last week's low of $3.71 1/4 a bushel. Bulls' next upside price objective is to push and close prices above solid technical resistance at this week's high of $3.92 a bushel. First resistance for May corn is seen at yesterday's high of $3.84 1/2 and then at $3.87 3/4 and then at $3.90. First support is seen at $3.78 and then at yesterday's low of $3.76.

Wyckoff's Market Rating: 5.5

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