SOFTS: July sugar closed down 6 points at 16.66 cents yesterday. Prices closed nearer the session low. Prices are hovering near a 2.5-year low. The sugar bears have the solid overall near-term technical advantage. Prices are in a five-month-old downtrend on the daily bar chart. There are no early clues of a market low being close at hand. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at this week’s high of 17.00 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at 16.00 cents. First resistance is seen at yesterday’s high of 16.82 cents and then at 17.00 cents. First support is seen at yesterday’s low of 16.61 cents and then at last week’s low of 16.56 cents. Wyckoff’s Market Rating: 1.0.
July coffee closed up 150 points at 127.95 cents yesterday. Prices closed near the session high yesterday and saw short covering in a bear market. The weaker U.S. dollar index was also bullish for coffee yesterday. The coffee bears still have the solid near-term technical advantage. The next upside breakout objective for the bulls is to close prices above solid technical resistance at last week’s high of 136.90 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 125.00 cents a pound. First resistance is seen at 130.00 cents and then at 131.50 cents. First support is seen at Tuesday’s contract low of 125.80 cents and then at 125.00 cents. Wyckoff’s Market Rating: 1.0
July cocoa closed down $1 at $2,204 a ton yesterday. Prices closed near mid-range yesterday and hit a fresh seven-week low. The cocoa bears have the near-term technical advantage. A four-week-old downtrend is in place on the daily bar chart. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,300. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the April low of $2,126. First resistance is seen at yesterday’s high of $2,219 and then at $2,244. First support is seen at yesterday’s low of $2,191 and then at $2,175. Wyckoff’s Market Rating: 3.0
July cotton closed down 69 points at 80.73 cents yesterday. Prices closed near the session low and closed at a fresh four-month low close yesterday. Cotton bears have the near-term technical advantage. A 10-week-old downtrend is in place on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at 84.00 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at 80.00 cents. First resistance is seen at yesterday’s high of 81.71 cents and then at 82.50 cents. First support is seen at yesterday’s low of 80.61 cents and then at 80.00 cents. Wyckoff’s Market Rating: 3.0.
July orange juice closed up 530 points at $1.5410 yesterday. Prices closed near the session high yesterday and hit a fresh contract high. The FCOJ bulls have the solid overall near-term technical advantage and gained more power yesterday. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at $1.6000. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.4500. First resistance is seen at yesterday’s high of $1.5460 and then at $1.5600. First support is seen at $1.5300 and then at $1.5075. Wyckoff’s Market Rating: 8.0.
July lumber futures again closed down the $10.00 limit at $277.40 yesterday. Prices hit another fresh contract low yesterday. Bears have the solid near-term technical advantage. A steep 2.5-month-old downtrend is in place on the daily bar chart. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $270.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $300.00. First resistance is seen at $280.00 and then at $285.00. First support is seen at $275.00 and then at $272.50. Wyckoff’s Market Rating: 1.0
