December crude oil closed down $1.87 at $77.71 a barrel yesterday. Prices closed nearer the session low yesterday amid a rebound in the U.S. dollar index and solidly lower U.S. stock index futures prices. Crude oil bulls still have the overall near-term technical advantage. However, the bulls do not want to see a bearish weekly low close on Friday. 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 $75.57. The next upside price objective for the bulls is producing a close above solid technical resistance at the October high of $82.00 a barrel. First resistance is seen at $78.00 and then at $79.00. First support is seen at yesterday's low of $77.06 and then at $76.50.

Wyckoff's Market Rating: 6.0.

Source: VantagePoint Intermarket Analysis Software

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December heating oil closed down 476 points at $2.0010 yesterday. Prices closed nearer the session low again yesterday. Bulls still have the overall near-term technical advantage. However, prices are still trending lower from the October high. The bulls' next upside price objective is closing prices above solid technical resistance at $2.1000. Bears' next downside price objective is producing a close below solid technical support at last week's low of $1.9504. First resistance lies at $2.0250 and then at $2.0500. First support is seen at yesterday's low of $1.9845 and then at $1.9750.

Wyckoff's Market Rating: 6.0.

December unleaded gasoline closed down 381 points at $.19733 yesterday. Prices closed nearer the session low yesterday. Bulls still have the overall near-term technical advantage. 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 the November low of $1.9026. First support is seen at yesterday's low of $1.9556 and then at $1.9250. First resistance is seen at $2.0000 and then at yesterday's high of $2.0204.

Wyckoff's Market Rating: 6.0.

December natural gas closed up 8.9 cents at $4.343 yesterday. Prices closed near the session high after hitting a fresh contract low early on yesterday. Short covering in a bear market was seen yesterday. Serious near-term chart damage has occurred recently. Bears have the solid near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at this week's high of $4.578. The next downside price objective for the bears is closing prices below psychological support at $4.00. First resistance is seen at $4.50 and then at $4.578. First support is seen at yesterday's contract low of $4.157 and then at $4.10.

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.