SOFTS: October sugar closed down 8 points at 21.92
cents today. Prices closed nearer the session high today
and were pressured on mild profit taking. The major
runaway bull market in sugar continues. Would-be top-
pickers do not want to stand in front of this market.
Bullish fundamentals and technicals are fueling the
advance. The sugar bulls still have the solid near-term
technical advantage. Prices are still in a nine-month-old
uptrend on the daily bar chart. Bulls’ next upside price
objective is to push and close prices above technical
resistance at 24.00 cents. Bears’ next downside price
objective is to push and close prices below solid
technical support at 20.00 cents. First resistance is
seen at today’s high of 22.20 cents and then at Monday’s
contract high of 22.44 cents. First support is seen at
21.50 cents and then at today’s low of 21.25 cents.
Wyckoff’s Market Rating: 8.5
September coffee closed up 105 points at 136.90 cents
today. Prices closed nearer the session high today. The
key “outside markets were mostly bearish for coffee
today, as crude oil prices were weaker and the U.S. stock
indexes were weaker. That did limit buying interest in
coffee. Bulls still have the solid near-term technical
advantage. Prices are in a four-week-old uptrend on the
daily bar chart. Coffee bulls’ next upside price
objective is pushing and closing prices above solid
technical resistance at the June high of 144.80 cents.
The next downside price objective for the bears is
closing prices below solid technical support at 128.00
cents a pound. First support is seen at 135.00 cents and
then at today’s low of 134.15 cents. First resistance is
seen at this week’s high of 138.60 cents and then at
140.00 cents. Wyckoff’s Market Rating: 7.0
September cocoa closed down $82 at $2,817 today. Prices
closed nearer the session low. The key “outside markets
were mostly bearish for cocoa today, as crude oil prices
were weaker and the U.S. stock indexes were weaker. Cocoa
bulls still have the near-term technical advantage.
However, still overhead resistance does lie overhead at
last week’s high of $2,964. The next upside price
objective for the cocoa bulls is to push and close prices
above solid technical resistance at the August 2008 high
of $2,973. The next downside price objective for the
bears is pushing and closing prices below solid technical
support at $2,729. First resistance is seen at $2,850 and
then at today’s high of $2,904. First support is seen at
today’s low of $2,792 and then at $2,780. Wyckoff’s
Market Rating: 7.0.
December cotton closed up 25 points at 64.00 cents today.
Prices closed nearer the session high today and hit
another fresh three-week high. Concerns about a hurricane
hitting the U.S. cotton crop in the coming weeks have
added to speculative buying interest. The cotton bulls
have the near-term technical advantage. The next downside
price objective for the cotton bears is to produce a
close solid technical support at 60.00 cents. The next
upside price objective for the bulls is to produce a
close above solid technical resistance at the July high
of 64.98 cents. First resistance is seen at today’s high
of 64.14 cents and then at 64.50 cents. First support is
seen at 63.50 cents and then at 63.00 cents. Wyckoff’s
Market Rating: 6.5.
September orange juice closed up 445 points at $1.1125
today. Prices closed near the session high and hit a
fresh 10-month high again today. Fresh speculative buying
has hit the FCOJ market amid talk of hurricanes brewing
in the Atlantic Ocean, which could threaten a Florida
orange crop that is already perceived as being a short
one this year. The bulls have the solid near-term
technical advantage. However, the market is now short-
term overbought, technically, and due for a corrective
pullback soon. The next downside technical objective for
the FCOJ bears is to produce a close below solid
technical support at the July high of $1.0485. The next
upside price objective for the OJ bulls is pushing prices
above solid technical resistance at $1.2000. First
resistance is seen at today’s high of $1.1160 and then at
$1.1250. First support is seen at $1.1000 and then at
$1.0800. Wyckoff’s Market Rating: 8.0.
September lumber futures closed up $2.70 at $193.70
today. Prices closed near mid-range and were supported on
short covering in a bear market. Bears have the solid
near-term technical advantage. The next upside technical
objective for the lumber bulls is pushing and closing
prices above solid technical resistance at $205.00. The
next downside price objective for the bears is pushing
and closing prices below solid support at the contract
low of $179.00. First resistance is seen at today’s high
of $196.00 and then at $200.00. First support is seen at
today’s low of $189.80 and then at $187.00. Wyckoff’s
Market Rating: 2.5.
