ENERGY MARKETS

May crude oil closed lower due to profit taking on Thursday as it
consolidates some of Wednesday’s rally. The mid-range close sets the stage
for a steady opening on Monday. Stochastics and the RSI are turning bullish
signaling that sideways to higher prices are possible near-term. If May
renews the rally off February’s low, January’s high crossing at 85.43 is the
next upside target. Closes below Monday’s low crossing at 79.41 would
confirm that a short-term top has been posted. First resistance is the
reaction high crossing at 83.47. Second resistance is January’s high
crossing at 85.43. First support is the 20-day moving average crossing at
81.03. Second support is Monday’s low crossing at 80.89.

May heating oil closed lower due to profit taking on Thursday as it
consolidates some of the rally off February’s low. The mid-range close sets
the stage for a steady opening on Friday. Stochastics and the... more

May crude oil closed lower due to profit taking on Thursday as it consolidates some of Wednesday’s rally. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off February’s low, January’s high crossing at 85.43 is the next upside target. Closes below Monday’s low crossing at 79.41 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 83.47. Second resistance is January’s high crossing at 85.43. First support is the 20-day moving average crossing at 81.03. Second support is Monday’s low crossing at 80.89.

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Friday, March 19--Jim Wyckoff's Morning Web Log Note: I am out of the office today, and my friend and fellow Trader/analyst Ken Seehusen produced my morning report. Ken’s style is different than mine, but I think you’ll enjoy his work, too. Jim The STOCK INDEXES & MARKETS The June NASDAQ 100 was slightly higher overnight as it extends the rally off February’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off February’s low, the 75% retracement level of the 2007-2008-decline crossing at 1946.62 is the next upside target. Closes below the 20-day moving average crossing at 1877.23 would confirm that a short-term top has been posted. First resistance is Wednesday ’s high crossing at 1934.75. Second resistance is the 75% retracement level of the 2007-2008-decline crossing at 1946.62. First support is the 10-day moving average crossing at 1921.12. Second support is th... more

METALS: April gold futures closed up $1.70 at
$1,124.20 Wednesday. Prices closed nearer the session
low. A weaker U.S. dollar index and firmer crude oil
prices supported buying interest in gold Wednesday. The
gold market bulls this week have kept a six-week-old
uptrend from the early-February lows in place on the
daily bar chart. Bulls' next upside technical objective
is to produce a close above solid technical resistance at
the March high of $1,145.80. Bears' next downside price
objective is closing prices below solid technical support
at last week's low of $1,097.30. First resistance is seen
at Wednesday's high of $1,133.90 and then at $1,140.00.
Support is seen at Wednesday's low of $1,121.00 and then
at $1,113.00. Wyckoff's Market Rating: 6.5.

May silver futures closed up 16.9 cents at $17.523 an
ounce Wednesday. Prices closed nearer the session high
and closed at a fresh two-month h... more

April gold futures closed up $1.70 at $1,124.20 Wednesday. Prices closed nearer the session low. A weaker U.S. dollar index and firmer crude oil prices supported buying interest in gold Wednesday. The gold market bulls this week have kept a six-week-old uptrend from the early-February lows in place on the daily bar chart. Bulls' next upside technical objective is to produce a close above solid technical resistance at the March high of $1,145.80. Bears' next downside price objective is closing prices below solid technical support at last week's low of $1,097.30. First resistance is seen at Wednesday's high of $1,133.90 and then at $1,140.00. Support is seen at Wednesday's low of $1,121.00 and then at $1,113.00.

Wyckoff's Market Rating: 6.5.

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Thursday, March 18--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market features in overnight/early morning trading
today are a firmer U.S. dollar index and weaker crude oil
prices.

JIM'S MARKET THOUGHT OF THE DAY *

U.S. Treasuries bulls this
week have gained fresh upside technical momentum
and have jump-started uptrends on the daily charts.
The FOMC statement this week has given the
Treasuries bulls fundamental support on ideas U.S.
interest rates will remain low for some time to
come.--Jim

U.S. STOCK INDEXES

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

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

May sugar closed down 109 points at 18.30 cents yesterday. Prices again closed near the session low and hit a fresh eight-month low. The key "outside markets" were in a bullish posture for sugar Tuesday, as crude oil prices were sharply higher, U.S. stock indexes higher and the U.S. dollar index was lower. Yet, the market sold off sharply anyway, which is yet another bearish clue for sugar. Serious chart damage has occurred in sugar recently. Prices are in a steep six-week-old downtrend on the daily bar chart. There are still no early technical clues to suggest a market bottom is close at hand. Bulls' next upside price objective is to push and close prices above solid technical resistance at 21.00 cents. Bears' next downside price objective is to push and close prices below solid technical support at 17.00 cents. First resistance is seen at 18.50 cents and then at 19.00 cents. First support is seen at 18.00 cents and then at 17.50 cents.

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Wednesday, March 17--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market features in overnight/early morning trading
today are a weaker U.S. dollar index and higher crude oil
prices.

JIM'S MARKET THOUGHT OF THE DAY *

The crude oil market bulls are regaining some fresh
upside technical momentum following a sharp sell
off last Friday and on Monday. However, recent
chart history does show that crude oil futures
market rallies do peter out around $85.00 a barrel.
If crude oil prices do post multiple closes above
$85.00, then the door would be opened to a price
move to $90.00 or even $100.00 a barrel. If nearby
crude oil prices close below this week's low of
$79.13 a barrel, then the door would be opened to a
price move back down to $70.00, or below.

U.S. STOCK INDEXES

The U.S. stock indexes are firmer in early morning
trading today. Bulls have... more

April live cattle closed up $0.60 at $95.70 yesterday. Prices closed near the session high yesterday and set a fresh contract high. The cattle market bulls have the solid overall near-term technical advantage. While there are no significant technical clues that a market top is close at hand, the market is presently short-term overbought and due for a corrective price pullback very soon. Futures 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 $97.50. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $93.50. First resistance is seen at yesterday's contract high of $95.85 and then at $96.00. First support is seen at yesterday's low of $95.07 and then at $94.60.

Wyckoff's Market Rating: 8.5.

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Tuesday, March 16--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market features in overnight/early morning trading
today are a lower U.S. dollar index and higher gold prices.

JIM'S MARKET THOUGHT OF THE DAY *

The gold market bulls are regaining some fresh
upside technical momentum this week, on short
covering and some fresh speculative buying
interest. Gold market bulls were impressed by the
precious yellow metal's ability to make price gains
Monday, in the face of a stronger U.S. dollar
index. However, the gold bulls have more work to do
in the near term to suggest prices can push above
strong technical resistance at the March high of
$1,145.80, basis April futures.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are firmer in early morning
trading today. Bulls have the solid overall near-
term technical advantage as five-week-old uptrends
... more

Monday, March 15--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market features in overnight/early morning trading
today are lower U.S. stock index futures prices and lower
crude oil prices.

JIM'S MARKET THOUGHT OF THE DAY *

April crude oil posted a bearish "outside day" down
on the daily bar chart on Friday and also posted a
bearish weekly low close Friday. If there is solid
follow-through selling pressure in crude oil early
this week, that would be a good clue that a market
top is in place and that prices will then begin to
trend sideways to lower. Recent history shows the
crude oil market has topped out around the $85.00-
a-barrel level.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are weaker in early morning
trading today. Mild profit-taking is featured
following recent gains. Bulls still have the solid
overall near-term technical adva... more

 ENERGIES: April crude oil closed up $0.11 at $82.20 a
barrel today. Prices closed near the session high today.
Crude oil bulls have the solid overall near-term
technical advantage. However, recent history has shown
that as prices approach $85.00 a barrel, rallies do peter
out. 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 $77.00. First resistance
is seen at this week's high of $83.03 and then at $83.50.
First support is seen at today's low of $81.33 and then
at $81.00. Wyckoff's Market Rating: 7.0.

April heating oil closed up 49 points at $2.1211 today.
Prices closed near the session high today. A five-week-
old uptrend is in place on the daily bar chart. Bulls
have the near-term tech... more

April crude oil closed up $0.11 at $82.20 a barrel yesterday. Prices closed near the session high yesterday. Crude oil bulls have the solid overall near-term technical advantage. However, recent history has shown that as prices approach $85.00 a barrel, rallies do peter out. 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 $77.00. First resistance is seen at this week's high of $83.03 and then at $83.50. First support is seen at yesterday's low of $81.33 and then at $81.00.

Wyckoff's Market Rating: 7.0.

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Friday, March 12--Jim Wyckoff's Morning Web Log

OVERNIGHT/EARLY MORNING DEVELOPMENTS

The market features in overnight/early morning trading
today are a lower U.S. dollar index and higher crude oil
prices.

JIM'S MARKET THOUGHT OF THE DAY *

The grain futures markets have been under selling
pressure recently and are at or near their lows of
the past several months. However, my bias is that
there is not much downside price pressure left in
the grains. It appears the bearish fundamentals in
these markets have all been factored into the
present price structure. Seasonal factors generally
favor the grain market bulls this time of year.
Speculators are also getting more interested in the
grains this time of year, wanting to get positioned
on the long side in anticipation of bullish weather
markets in the grains.--Jim

U.S. STOCK INDEXES

The U.S. stock indexes are firmer in... more

 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