by Jim Wyckoff, Senior Analyst TraderPlanet.com

OCTOBER SUGAR

October sugar closed up 30 points at 13.67 cents yesterday. Prices yesterday closed near the session high on short covering. The bulls still have the slight near-term technical advantage, but have faded as the market has been posting lower highs and lower lows during August. Bulls’ next upside price objective is to push and close prices above psychological resistance at 14.00 cents. Bears’ next downside price objective is to push and close prices below solid technical support at 13.00 cents. First resistance is seen at this week’s high of 13.83 cents and then at 14.00 cents. First support is seen at 13.50 cents and then at yesterday’s low of 13.19 cents.

Wyckoff’s Market Rating: 6.0

SEPTEMBER COFFEE

September coffee closed up 150 points at 137.35 cents yesterday. Prices closed near mid-range yesterday. Coffee bears do have the slight near-term technical advantage. Coffee bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 140.00 cents. The next downside price objective for the bears is closing prices below solid support at the July low of 133.95 cents a pound. First support is seen at 136.00 cents and then at yesterday’s low of 134.55 cents. First resistance is seen at 138.10 cents and then at 139.00 cents.

Wyckoff’s Market Rating: 4.5

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Source: VantagePoint Intermarket Analysis Software

SEPTEMBER COCOA

September cocoa closed up $44 at $2,714 yesterday. Prices closed near the session high yesterday on short covering after hitting a fresh 2.5-month low early on. Near term chart damage has been inflicted recently. Prices are in a six- week-old downtrend on the daily bar chart. The next upside price objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,800. The next downside price objective for the bears is closing prices below solid technical support at yesterday’s low of $2,639. First resistance is seen at this week’s high of $2,735 and then at $2,750. First support is seen at $2,700 and then at $2,662.

Wyckoff’s Market Rating: 4.0

DECEMBER COTTON

December cotton closed up 76 points at 69.50 cents yesterday. Prices closed nearer the session low and were boosted by short covering and a mildly bullish USDA crop report issued this morning. Bears still have the overall near-term technical advantage. The next downside price objective for the bears is to produce a close below strong technical support at last week’s low of 68.20 cents. The next upside price objective for the bulls is to produce a close above solid chart resistance at yesterday’s high of 71.74 cents. First resistance is seen at 70.00 cents and then at 71.00 cents. First support is seen at this week’s low of 68.54 cents and then at 68.20 cents.

Wyckoff’s Market Rating: 3.0

SEPTEMBER ORANGE JUICE

September orange juice closed up 235 points at $1.0050. Prices closed near mid-range yesterday. Short covering in a bear market was featured. A potentially bearish pennant pattern on the daily bar chart was negated yesterday. Bears do still have the near-term technical advantage. The next downside technical objective for the FCOJ bears is to produce a close below solid chart support at last week’s contract low of $.9610. The next upside price objective for the OJ bulls is pushing and closing prices above solid technical resistance at yesterday’s high of $1.0350. First resistance is seen at 1.0100 and then at $1.0200. First support is seen at $.9900 and then at yesterday’s low of $.9805.

Wyckoff’s Market Rating: 2.0

SEPTEMBER LUMBER

September lumber futures closed up $5.50 at $263.00 yesterday. Prices closed near the session high and hit a fresh seven- week high yesterday. While the bears do still have the overall near-term technical advantage, the bulls yesterday did gain fresh upside technical momentum. The next upside technical objective for the lumber bulls is pushing and closing prices above solid technical resistance at the June high of $267.80. The next downside price objective for the bears is pushing and closing prices below solid support at last week’s low of $253.20. First resistance is seen at yesterday’s high of $263.40 and then at $265.00. First support is seen at $261.50 and then at $260.00.

Wyckoff’s Market Rating: 4.0