December crude oil closed down $2.55 at  $76.73 a barrel yesterday. Prices closed nearer the session low and hit a fresh two-week low yesterday. A stronger dollar, weaker stock indexes and a bearish weekly DOE storage report pressured crude oil yesterday. No serious chart damage occurred yesterday but the bulls did fade. Strong follow-through selling pressure on Friday would produce a bearish weekly low close and would also produce a bearish downside "breakout" from the recent sideways trading range at higher price levels. Crude oil bulls still have the overall near-term technical advantage. The next downside price objective for the crude oil bears is to produce a close below solid technical support at last week's low of $76.55. The next upside price objective for the bulls is producing a close above solid technical resistance at $80.00 a barrel. First resistance is seen at $77.00 and then at $77.50. First support is seen at $76.55 and then at $76.00.

Wyckoff's Market Rating: 6.0.

Source: VantagePoint Intermarket Analysis Software

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December heating oil closed down 723 points at $1.9835 yesterday. Prices closed near the session low yesterday. Bulls have the slight overall near-term technical advantage, but did fade yesterday. The bulls' next upside price objective is closing prices above solid technical resistance at this week's high of $2.0606. Bears' next downside price objective is producing a close below solid technical support at $1.9500. First resistance lies at $2.0000 and then at $2.0250. First support is seen at last week's low of $1.9762 and then at $1.9500.

Wyckoff's Market Rating: 6.0.

December unleaded gasoline closed down 544 points at $1.9383 yesterday. Prices closed nearer the session low yesterday. Bulls still have the near-term technical advantage, but did fade yesterday. The next upside price objective for the bulls is closing prices above solid technical resistance at the October high of $2.1015. Bears' next downside price objective is closing prices below solid support at $1.9000. First support is seen at yesterday's low of $1.9214 and then at $1.9000. First resistance is seen at $1.9500 and then at $1.9750.

Wyckoff's Market Rating: 6.0.

December natural gas closed down 12.2 cents at $4.381 yesterday. Prices hit another fresh two-month low yesterday and closed nearer the session low. Serious near-term chart damage has occurred recently. The next upside price objective for the bulls is closing prices above solid technical resistance at $4.80. The next downside price objective for the bears is closing prices below solid technical support at the September low of $4.34. First resistance is seen at yesterday's high of $4.517 and then at this week's high of $4.69. First support is seen at $4.34 and then at $4.25.

Wyckoff's Market Rating: 1.5.

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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.