SOFTS: October sugar closed up 19 points at 17.25 cents yesterday. Prices closed nearer the session high yesterday, hit a fresh five-week high and scored a bullish “outside day” up on the daily bar chart. A weekly high close, or close to it, on Friday would be a strong clue that the market has put in a major low. But right now the sugar bears still have the overall near-term technical advantage. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at 17.50 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at the June low of 16.48 cents. First resistance is seen at yesterday’s high of 17.41 cents and then at 17.50 cents. First support is seen at 17.00 cents and then at this week’s low of 16.83 cents. Wyckoff’s Market Rating: 2.5.
September coffee closed up 80 points at 124.30 cents yesterday. Prices closed near mid-range yesterday and saw tepid short covering in a bear market. The coffee bears still have the solid near-term technical advantage. There are no early clues to suggest a market low is close at hand. The next upside breakout objective for the bulls is to close prices above solid technical resistance at the June high of 131.80 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 120.00 cents a pound. First resistance is seen at 126.30 cents and then at 127.50 cents. First support is seen at yesterday’s low of 123.40 cents and then at the contract low of 122.15 cents. Wyckoff’s Market Rating: 1.0
September cocoa closed up $1 at $2,211 a ton yesterday. Prices closed near the session low and saw tepid short covering. The bears have the near-term technical advantage. 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 May low of $2,198. First resistance is seen at yesterday’s high of $2,229 and then at this week’s high of $2,253. First support is seen at $2,198 and then at $2,175. Wyckoff’s Market Rating: 4.0
December cotton closed down 65 points at 86.67 cents yesterday. Prices closed near mid-range on another corrective pullback and profit taking from recent gains. Cotton bulls still have the overall near-term technical advantage but are now fading a bit. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at last week’s high of 89.56 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at 85.00 cents. First resistance is seen at yesterday’s high of 87.47 cents and then at 88.00 cents. First support is seen at yesterday’s low of 85.80 cents and then at 85.00 cents. Wyckoff’s Market Rating: 6.5.
September orange juice closed down 145 points at $1.4435 yesterday. Prices closed near mid-range yesterday, hit a fresh four-week low and saw more profit taking. The FCOJ bulls still have the overall near-term technical advantage, but are fading and need to show some fresh power soon. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at $1.5000. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.4000. First resistance is seen at yesterday’s high of $1.4575 and then at $1.4700. First support is seen at yesterday’s low of $1.4265 and then at $1.4200. Wyckoff’s Market Rating: 6.0.
July lumber futures closed up $0.70 at $281.50 yesterday. The bears have the solid overall near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at the contract low of $277.40. 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 $282.50 and then at $285.00. First support is seen at $280.00 and then at $277.40. Wyckoff’s Market Rating: 1.0
