Consensus - Departments - Technical Corner

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MARCH CORN: Trend neutral-down. Support 2.64. Resistance 2.85. Resolving Asian currency problems will help exports.

MARCH SOYBEANS: Trend neutral. Support 6.68. Resistance 7.16. Good weather in South America has weakened market.

MARCH SOYMEAL: Trend neutral-down. Support 200.00. Resistance 222.50. Seasonal calls for further weakness.

MARCH BEAN OIL: Trend neutral-down. Support 24.45. Resistance 26.10. Wait for a test of support first.

MARCH WHEAT: Trend down. Support 3.30. Resistance 3.65. Might have a slight rebound to $3.54.

MARCH OATS: Trend neutral-down. Support 1.56½. Resistance 1.61½. Wait to buy, $1.40 possible.

FEBRUARY LIVE CATTLE: Trend down. Support 63.35. Resistance 67.55. Good short up near resistance.

JANUARY FEEDER CATTLE: Trend down. Support 74.00. Resistance 78.55. More than ample supplies on the feedlots.

FEBRUARY LIVE HOGS: Trend neutral-down. Support 58.50. Resistance 61.75. Still a bit more downside.

FEBRUARY PORK BELLIES: Trend neutral-down. Support 54.50. Resistance 59.00. Should chop between support and resistance.

MARCH BRITISH POUND: Trend neutral-down. Support 160.90. Resistance 165.86. No strong trend either direction.

MARCH SWISS FRANC: Trend neutral. Support 69.00. Resistance 71.23. When Asian problems die, so will this currency.

MARCH JAPANESE YEN: Trend down. Support 76.23. Resistance 79.60. The only chance for a rally is short covering.

MARCH D-MARK: Trend neutral-down. Support 56.00. Resistance 57.65. See Swiss Franc comment.

MARCH CANADIAN DOLLAR: Trend down. Support 70.00. Resistance 71.10. Short sellers definitely.

MARCH U.S. DOLLAR: Trend up. Support 97.61. Resistance 99.20. Maybe a bit too strong–hurts exports!

MARCH EURODOLLARS: Trend neutral. Support 93.98. Resistance 94.29. Probably tight range until the millennium.

MARCH U.S. BONDS: Trend up. Support 117.15. Resistance 120.20. 120-121 is tough resistance.

MARCH NYFE: Trend neutral-up. Support 500.00. Resistance 522.50. Still tough after all these years.

MARCH S&P: Trend neutral-up. Support 944.50. Resistance 999.50. Still the best game in town.

FEBRUARY GOLD: Trend down. Support 281.00. Resistance 294. Bottom pickers might try a June call option.

MARCH SILVER: Trend up. Support 5.46. Resistance 6.16. Surprisingly resilient. The drop will be vicious.

MARCH COPPER: Trend down. Support 76.50. Resistance 85.00. No immediate bottom in sight.

MARCH PALLADIUM: Trend down. Support 170.00. Resistance 211.00. We repeat. Next stop $150.

JANUARY PLATINUM: Trend down. Support 330.00. Resistance 370.00. Will probably follow gold under $300.

JANUARY LUMBER: Trend down. Support 295.00. Resistance 319.60. Needs to stay above $300.

FEBRUARY HEATING OIL: Trend down. Support 51.00. Resistance 54.80. Ready for a slight rally. Weather too mild now.

FEBRUARY UNLEADED GAS: Trend down. Support 54.00. Resistance 57.50. Trying to form a bottom here.

FEBRUARY NATURAL GAS: Trend down. Support 230.00. Resistance 268.00. Good support near 230.00.

FEBRUARY CRUDE OIL: Trend down. Support 18.00. Resistance 19.75. Still dropping. Bottom pickers might try calls options.

MARCH COCOA: Trend up. Support 16.78. Resistance 18.05. Tough to trade off of possible weather news.

MARCH SUGAR: Trend neutral. Support 11.95. Resistance 12.55. Supply large. Demand low. Who's holding this up?

MARCH COTTON: Trend down. Support 64.50. Resistance 69.50. Asia is largest buyer. Currency problems are hurting.

JANUARY ORANGE JUICE: Trend up. Support 83.00. Resistance 92.50. Speculative rally. Needs frost to sustain.

MARCH COFFEE: Trend up. Support 161.25. Resistance 188.50. Similar to cocoa. Needs El Nino's problems to rally.

December 16, 1997Stephen Connell and William Frejlich

The Windy City Trader

P.O. Box 1673, Chicago, Illinois

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