Futures Market Guide

Tag: Jim Wyckoff

  • Corn Bulls Still Have Some Upside Technical Momentum

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    by

    aaron
    in

    December corn futures at the Chicago Board of Trade on Monday morning were under some modest profit-taking pressure from recent gains that on Friday saw prices hit a fresh two-month high of $3.98 a bushel. The corn market bulls do still have some near-term upside technical momentum as December futures prices have rallied around 50…

  • Wheat Bulls Gain Upside Technical Momentum

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    by

    aaron
    in

    December Chicago soft red winter wheat futures at the Chicago Board of Trade on Tuesday hit a fresh seven-week high of $5.53 1/4 a bushel. Prices are in a four-week-old uptrend from the early-June contract low of $4.72 3/4. The wheat market bulls have recently gained fresh upside near-term technical momentum to firmly suggest that…

  • Copper Sees Short Covering in a Bear Market

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    by

    aaron
    in

    Comex copper futures for July delivery on Wednesday morning were trading solidly higher on short covering in a market that is still technically bearish. July copper prices are in a two-month-old downtrend on the daily chart and earlier this week hit a fresh eight-month low of $2.72 a pound. For the bulls to begin to…

  • Big and Potentially Bearish Pennant Pattern in Crude Oil

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    by

    aaron
    in

    June crude oil futures on the New York Mercantile Exchange last week saw a steep price decline of more than $10.00 a barrel. Serious near-term technical damage has been inflicted to suggest that a market top is in place in crude oil. Price action in June crude oil this week has been less volatile and…

  • Chicago Wheat Bulls Show Resilience

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    by

    aaron
    in

    July soft red winter wheat futures at the Chicago Board of Trade have recovered in solid fashion from early last week’s sharp downside price action that produced what was at the time a big and bearish “outside day” down on the daily bar chart. An outside day down occurs when the session high is higher…

  • July Corn Drops to Near Longer-Term Chart Support

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    by

    aaron
    in

    July corn futures at the Chicago Board of Trade on Tuesday dropped to a fresh seven-month low of $3.51 1/2 a bushel as the bears gained some fresh downside near-term technical momentum. Prices are closing in on longer-term technical support at $3.50 a bushel. Multiple closes below the key $3.50 level would produce more serious…

  • Bullish Upside “Breakout” in July Cotton

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    by

    aaron
    in

    ICE Futures U.S. cotton for July delivery on Wednesday set a fresh contract high and two-year high of 86.80 cents a pound. Wednesday’s technically bullish follow-through buying strength follows Monday’s price action, in which July cotton rose the daily trading limit of 300 points (3 cents). Tuesday’s and Wednesday’s price action in July cotton futures…

  • Gold Bulls Still Have Technical Power

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    by

    aaron
    in

    June Comex gold futures bulls have recently gained fresh upside near-term technical momentum. Prices on Monday hit a fresh four-month high of $1,170.00 an ounce. Prices are also in a nine-week-old uptrend on the daily bar chart. For June gold, shorter-term technical resistance is seen at Wednesday’s high of $1,162.80, at this week’s high of…

  • Live Cattle Futures Bulls Jump-Start Price Uptrend

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    by

    aaron
    in

    June live cattle futures on the Chicago Mercantile Exchange on Monday scored a fresh two-week high of $94.80, as the bulls have re-established a four-month-old uptrend on the daily bar chart. After scoring a contract high of $96.22 on March 19, June live cattle futures had backed off sharply to score a low of $91.50…

  • Corn Futures Suffer More Chart Damage After USDA Data

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    by

    aaron
    in

    May corn futures at the Chicago Board of Trade on Wednesday morning hit a fresh six-month low of $3.44 1/4 a bushel, as of this writing. A bearish USDA quarterly grain stocks report was the bearish fundamental impetus for Wednesday’s selling pressure. Corn futures prices are now poised to produce significantly bearish monthly and quarterly…