March corn futures closed up 8 1/2 cents at $6.20 yesterday. Prices closed nearer the session high yesterday and saw more short covering in a bear market. The key "outside markets" were bullish for the corn market yesterday, as the U.S. dollar index was lower and crude oil prices were higher. Some bargain-hunting buying has also occurred recently. And, South American corn-growing regions still need rain. Corn bears do still have the overall near-term technical advantage, but the bulls are gaining a bit of upside technical momentum. Corn bulls' next upside price breakout objective is to push and close prices above solid technical resistance at $6.40. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week's low of $5.92 1/2. First resistance for March corn is seen at yesterday's high of $6.21 1/4 and then at $6.25. First support is seen at $6.15 and then at yesterday's low of $6.12.

Wyckoff's Market Rating: 3.5

Source: VantagePoint Intermarket Analysis Software

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March soybeans closed up 30 1/2 cents at $12.17 1/2 a bushel yesterday. Prices closed near the session high yesterday and saw short covering in a bear market. The key "outside markets" were bullish for the soybean market yesterday, as the U.S. dollar index was lower and crude oil prices were higher. Bargain-hunting buying was also featured yesterday. The South American soybean region weather is still bullish, as rain is needed. Soybean bulls and bears are now back on a level near-term technical playing field as the bulls have gained upside momentum recently. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at the January high of $12.44 3/4 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below technical support at the January low of $11.50. First resistance is seen at yesterday's high of $12.19 and then at $12.25. First support is seen at $12.00 and then at yesterday's low of $11.92.

Wyckoff's Market Rating: 5.0.

March soybean meal closed up $9.10 at $321.00 yesterday. Prices closed nearer the session high yesterday and saw more short covering and some fresh bargain hunting. Bulls and bears are back on a level near-term technical playing field. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the January high of $324.50. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the January low of $296.40. First resistance comes in at yesterday's high of $323.30 and then at $324.50. First support is seen at $317.50 and then at $315.00.

Wyckoff's Market Rating: 5.0

March bean oil closed up 99 points at 51.42 cents yesterday. Prices closed nearer the session high yesterday and saw short covering and bargain hunting. The key "outside markets" were bullish for the bean oil market yesterday, as the U.S. dollar index was lower and crude oil prices were higher. Bean oil bears still have the overall near-term technical advantage. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 52.55 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 50.00 cents. First resistance is seen at yesterday's high of 51.53 cents and then at 51.75 cents. First support is seen at 51.00 cents and then at yesterday's low of 50.55 cents.

Wyckoff's Market Rating: 3.5

March Chicago SRW wheat closed up 9 1/4 cents at $6.19 3/4 yesterday. Prices closed nearer the session high yesterday and saw short covering in bear market. The key "outside markets" were bullish for the wheat market yesterday, as the U.S. dollar index was lower and crude oil prices were higher. Wheat bears still have the overall near-term technical advantage. Wheat will remain a follower of corn and beans for at least the near term. Bulls' next upside price breakout objective is to push and close Chicago SRW prices above solid technical resistance at $6.50 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the January low of $5.90. First resistance is seen at yesterday's high of $6.21 1/2 and then at $6.25. First support lies at yesterday's low of $6.13 1/2 and then at $6.00.

Wyckoff's Market Rating: 3.5.

March K.C. HRW wheat closed up 6 1/2 cents at $6.73 1/2 yesterday. Prices closed near the session high yesterday and saw short covering in a bear market. Bears still have the overall near-term technical advantage. Bulls' next upside price breakout objective is pushing and closing prices above major psychological resistance at $7.00. The bears' next downside breakout objective is pushing and closing prices below solid technical support at the December low of $6.35. First resistance is seen at last week's high of $6.75 and then at $6.80. First support is seen at yesterday's low of $6.67 3/4 and then at $6.60.

Wyckoff's Market Rating: 3.0

March oats closed up 1 cent at $2.95 1/2 yesterday. Prices closed nearer the session low yesterday. Tepid short covering in a bear market was featured. Oats bears still have the solid overall near-term technical advantage. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at the contract low of $2.78 1/2. Bulls' next upside price breakout objective is pushing and closing prices above psychological resistance at $3.00. First support lies at yesterday's low of $2.93 1/4 and then at $2.90. First resistance is seen at last week's high of $2.97 and then at $3.00.

Wyckoff's Market Rating: 2.5

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Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years.  He was born and raised in Iowa, where he still resides.

Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another.

Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders.

His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies.  He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning.

Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college.

When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.