Consensus - Departments - Technical Corner

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MARCH CORN: Trend neutral-down. Support 2.76. Resistance 2.91. Needs to keep holding above 2.80 near term.

MARCH SOYBEANS: Trend neutral. Support 6.94. Resistance 7.50. We still expect a test of support near term.

MARCH SOYMEAL: Trend neutral. Support 213.70. Resistance 234.40. Needs a good flush out before any big rally.

MARCH SOYBEAN OIL: Trend neutral. Support 25.25. Resistance 26.20. A good buy soon. Wait for test of support.

MARCH WHEAT: Trend neutral- down. Support 3.49½. Resistance 3.70. Technical bounce up. Still weak fundamentally.

MARCH OATS: Trend down. Support 1.48. Resistance 1.70. Cereal companies needs to push another cholesterol scare.

FEBRUARY LIVE CATTLE: Trend down. Support 66.40. Resistance 69.70. Needs slight rally first. Then a good short.

JANUARY FEEDER CATTLE: Trend neutral. Support 77.30. Resistance 80.75. Still plenty of downside.

FEBRUARY LIVE HOGS: Trend down. Support 59.75. Resistance 61.75. Weak exports are hurting right now.

FEBRUARY PORK BELLIES: Trend down. Support 53.20. Resistance 62.70. Could test support next 1-2 weeks.

DECEMBER BRITISH POUND: Trend neutral. Support 165.70. Resistance 171.14. Stuck in the middle of range.

DECEMBER SWISS FRANC: Trend neutral-down. Support 69.35. Resistance 71.69. Turning negative once more.

DECEMBER JAPANESE YEN: Trend down. Support 77.00. Resistance 80.25. Weak. Even jibberish political talk hasn't helped.

DECEMBER DEUTSCHEMARK: Trend down. Support 55.95. Resistance 58.14. Rallied on U.S. weakness. not D-mark strength.

DECEMBER CANADIAN DOLLAR: Trend down. Support 95.15. Resistance 70.82. Only a rate hike might support this market.

DECEMBER U.S. DOLLAR: Trend up. Support 95.15. Resistance 99.00. This King is back!

MARCH EURODOLLARS: Trend neutral. Support 93.98. Resistance 94.37. A real yawner these days. No movements.

MARCH U.S. BONDS: Trend up. Support 116.08. Resistance 120.00. Will have real trouble pushing past 120...116 soon.

DECEMBER NYFE: Trend neutral-up. Support 489.00. Resistance 514.50. Trying to rally. Still volatile though.

DECEMBER S&P 500: Trend up. Support 936.00. Resistance 992.25. A few weeks of calm could cause push to old highs.

FEBRUARY GOLD: Trend down. Support 294.80. Resistance 301.60. Due for a bounce. April calls perhaps?

MARCH SILVER: Trend neutral-up. Support 5.20. Resistance 5.57. Trying to hold up. If we break $5.20 look out below.

MARCH COPPER: Trend down. Support 82.00. Resistance 89.00. Needs help. None imminent. Don't buy yet.

MARCH PALLADIUM: Trend neutral. Support 196.00. Resistance 220.50. Don't buy anywhere above $150. Unless covering a short.

JANUARY PLATINUM: Trend down. Support 375.00. Resistance 403.50. Could hold these levels.

JANUARY LUMBER: Trend neutral. Support 300.00. Resistance 334.00. A bit pricey over $300. Historically speaking.

JANUARY HEATING OIL: Trend down. Support 52.50. Resistance 56.00. Very oversold. Psychologically hurt by OPEC.

JANUARY UNLEADED GAS: Trend down. Support 55.00. Resistance 59.00. Psychological effects are short lived.

JANUARY NATURAL GAS: Trend neutral. Support 250.00. Resistance 286.00. Held support well. Very choppy.

JANUARY CRUDE OIL: Trend down. Support 18.50. Resistance 19.70. Probably rangebound 1800-2100 next 6 months.

MARCH COCOA: Trend neutral- down. Support 15.28. Resistance 16.77. Needs to push over 1600 soon.

MARCH SUGAR: Trend neutral-up. Support 11.95. Resistance 12.55. No fundamental reason to rally.

MARCH COTTON: Trend down. Support 69.50. Resistance 72.40. Weak short term. Long-term prospects good.

JANUARY ORANGE JUICE: Trend neutral-up. Support 78.00. Resistance 86.50. Rally running out of steam.

MARCH COFFEE: Trend neutral-up. Support 144.50. Resistance 171.00. Weather scare is pushing higher short term.

December 2, 1997 Stephen Connell and William Frejlich

The Windy City Trader

P.O. Box 1673, Chicago, Illinois

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