March sugar closed up 20 points at 19.61 cents yesterday. Prices closed nearer the session high on more short covering in a bear market after hitting an 8.5-month low on Monday. The key “outside markets” were bullish for sugar yesterday as the U.S. dollar index was lower and crude oil prices were firmer. Sugar bears still have the solid near-term technical advantage. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at last week’s high of 20.50 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at 18.50 cents. First resistance is seen at 19.75 cents and then at 19.95 cents. First support is seen at yesterday’s low of 19.42 cents and then at this week’s low of 19.27 cents. Wyckoff’s Market Rating: 1.5.
December coffee closed down 510 points at 156.55 cents. Prices closed near the session low and closed at a fresh four-month low close yesterday. The key “outside markets were bullish for coffee yesterday as the U.S. dollar index was lower and crude oil prices were higher. Yet, coffee sold off anyway, which is a bearish near-term clue. Coffee bears have the solid overall near-term technical advantage. However, it’s around present price levels that recent downtrends have been halted. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 165.70 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 150.00 cents a pound. First resistance is seen at 158.00 cents and then at 160.00 cents. First support is seen at yesterday’s low of 156.55 cents and then at 152.50 cents. Wyckoff’s Market Rating: 1.5
December cocoa closed up $42 at $2,392 a ton. Prices closed near mid-range yesterday and saw short covering. The key “outside markets were bullish for cocoa yesterday as the U.S. dollar index was lower and crude oil prices were higher. Cocoa bulls and bears are on a level near-term technical playing field. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at the October high of $2,526. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the October low of $2,338. First resistance is seen at $2,400 and then at $2,425. First support is seen at this week’s low of $2,343 and then at $2,338. Wyckoff’s Market Rating: 5.0
December cotton closed down 180 points at 70.81 cents yesterday. Prices closed near the session low yesterday and hit a fresh two-week low. The key “outside markets” were bullish for cotton yesterday as the U.S. dollar index was lower and crude oil prices were firmer. Yet, cotton sold off anyway, which is another bearish clue. Bears have the near-term technical advantage. Price action yesterday saw a downside “breakout” from a bearish pennant pattern that had formed on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at 73.50 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at the October low of 70.22 cents. First resistance is seen at 72.00 cents and then at yesterday’s high of 73.13 cents. First support is seen at 70.22 cents and then at 69.50 cents. Wyckoff’s Market Rating: 3.5
January orange juice closed down 90 points at $1.0725 yesterday. Prices closed nearer the session low yesterday and hit another fresh 2.5-month low. Bears have the solid overall near-term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at $1.1500. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at the August low of $1.0505. First resistance is seen at yesterday’s high of $1.0930 and then at $1.1000. First support is seen at yesterday’s low of $1.0700 and then at $1.0600. Wyckoff’s Market Rating: 2.0.
January lumber futures closed down $1.00 at $321.20 yesterday. Prices closed nearer the session high. Bulls still have the solid near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $307.60. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at the August high of $330.00. First resistance is seen at yesterday’s high of $322.80 and then at last week’s contract high of $325.70. First support is seen at $320.00 and then at yesterday’s low of $318.00. Wyckoff’s Market Rating: 8.0
