JULY SUGAR
July sugar closed down 36 points at 8.56 cents today. Prices closed near the session low again today and hit a fresh contract low, and a two-year low, basis nearby futures. Bulls suffered another ver hard blow today and the market appears headed for another leg lower in the coming weeks. Bears have the strong overall technical advantage and gained still more power today. Bears’ next downside price objective is to close prices below solid technical support at 8.00 cents. Bulls would regain some fresh upside technical momentum by producing a close back above resistance at 9.00 cents. First resistance is seen at 8.75 cents and then at today’s high of 8.96 cents. First support is seen at today’s contract low of 8.50 cents and then at 8.25 cents.
Wyckoff’s Market Rating: 1.0.
JULY COFFEE
July coffee closed up 145 points at 116.75 cents today. Prices closed near the session high. Bulls still have some upside technical momentum after recent gains, including the recent bullish upside “breakout” from a trading range on the daily bar chart. Bulls still need to show more power soon to hold the technical gains they’ve recently made. The bulls’ next upside price objective is closing prices above solid resistance at this week’s high of 118.40 cents. The next downside price objective for the bears is closing prices back below solid support at 112.00 cents a pound. First support is seen at today’s low of 115.30 cents and then at 114.00 cents. First resistance is seen at 118.40 cents and then at 119.50 cents.
Wyckoff’s Market Rating: 5.5.
Source: VantagePoint Intermarket Analysis Software
JULY COCOA
July cocoa closed up $29 at $1,885 today. Prices closed near the session high on a short-covering bounce after prices Monday hit a fresh four-week low. Spec buying was featured, too. Bears still have some downside technical momentum on their side. The next upside price objective for the bulls is closing prices above solid chart resistance at $1,950. The next downside price objective for the bears is closing prices below solid support at this week’s low of $1,849. First resistance is seen at today’s high of 1,894 and then at $1,900. First support is seen at $1,870 and then at this week’s low of $1,849 and then at $1,840.
Wyckoff’s Market Rating: 6.5.
JULY COTTON
July cotton closed up 176 points at 51.75 cents today. Prices closed near the session high and hit a fresh six-week high today. The bulls stepped up today and showed solid power, which suggests a low is in place and that prices can continue the uptrend began in mid-May. Bulls would gain better upside technical momentum by producing a close above solid resistance at 52.50 cents. The next downside price objective for the bears is pushing prices below strong technical support at 50.00 cents. First resistance is seen at today’s high of 51.95 cents and then at 52.50 cents. First support is seen at 51.50 cents and then at 51.00.
Wyckoff’s Market Rating: 5.0.
JULY ORANGE JUICE
July orange juice closed up 255 points at $1.5160 today. Prices closed nearer the session high today on short covering in a bear market, after prices Monday hit a fresh six-week low. Bears are still in full technical command. A four-week-old downtrend is still in place from the early May high. For the bulls to regain some fresh upside technical momentum, they would have to push and close prices above solid resistance at $1.6000 a pound. The next downside price objective for the OJ bears is pushing and closing prices below solid support at the April low of $1.4600. First resistance is seen at today’s high of $1.5200 and then at $1.5500. First support is seen at today’s low of $1.4840 and then at this week’s low of $1.4750.
Wyckoff’s Market Rating: 2.0.
JULY LUMBER
July lumber futures closed down the $10.00 limit at $275.00 today. Prices scored a bearish “outside day” down on the daily bar chart. No serious chart damage occurred today, but strong follow-through selling on Wednesday would begin to produce fresh near-term chart damage. The next upside technical objective for the lumber bulls is closing prices above solid technical resistance at last week’s high of $293.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $264.00. First resistance is seen at $280.00 and then at $285.00. First support is seen at $270.00 and then at $267.50.
Wyckoff’s Market Rating: 5.5.
