March sugar closed down 10 points at 19.31 cents yesterday. Prices closed near mid-range yesterday. The key “outside markets” were bullish for the sugar market yesterday, as the U.S. dollar index was lower and crude oil prices were modestly higher. Yet, sugar could not rally, which is another bearish clue. Sugar bears have the overall near-term technical advantage. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at the November high of 20.03 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at last week’s low of 18.31 cents. First resistance is seen at this week’s high of 19.45 cents and then at 19.77 cents. First support is seen at yesterday’s low of 19.06 cents and then at 19.00 cents. Wyckoff’s Market Rating: 2.0.
March coffee closed down 230 points at 143.65 cents. Prices closed near the session low yesterday. The key “outside markets” were bullish for the coffee market yesterday, as the U.S. dollar index was lower and crude oil prices were modestly higher. Yet, coffee bulls could get no upside traction, which is another bearish clue for coffee. The coffee bears have the solid overall near-term technical advantage. Prices are in a 10-week-old downtrend on the daily bar chart. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 157.50 cents. The next downside price breakout objective
for the bears is closing prices below solid technical support at 140.00 cents a pound. First resistance is seen at yesterday’s high of 148.00 cents and then at 150.00 cents. First support is seen at the contract low of 142.20 cents and then at 140.00 cents. Wyckoff’s Market Rating: 1.0.
March cocoa closed down $18 at $2,407 a ton. Prices closed near mid-range yesterday. The key “outside markets” were bullish for the cocoa market yesterday as the U.S. dollar index was lower and crude oil prices were higher. Yet, cocoa bulls could get no traction, which is a bearish clue. The cocoa bulls and bears are still 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 $2,500. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the December low of $2,369. First resistance is seen at yesterday’s high of $2,420 and then at last week’s high of $2,453. First support is seen at yesterday’s low of $2,387 and then at $2,369. Wyckoff’s Market Rating: 5.0
March cotton closed up 20 points at 76.05 cents yesterday. Prices closed nearer the session high yesterday and hit another fresh two-month high. The key “outside markets” were bullish for the cotton market yesterday, as the U.S. dollar index was lower and crude oil prices were modestly higher. The cotton bulls have the overall near-term technical advantage. A five-week-old uptrend 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 the October high of 76.39 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at the December low of 73.50 cents. First resistance is seen at yesterday’s high of 76.29 cents and then at 77.00 cents. First support is seen at yesterday’s low of 75.25 cents and then at 75.00 cents. Wyckoff’s Market Rating: 6.0.
January orange juice closed steady at $1.3800 yesterday. Prices closed nearer the session low yesterday and did hit a fresh seven-month high early on. FCOJ bulls 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 $1.4500. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.3000. First resistance is seen at yesterday’s high of $1.4060 and then at $1.4200. First support is seen at yesterday’s low of $1.3670 and then at this week’s low of $1.3415. Wyckoff’s Market Rating: 7.5.
January lumber futures closed up $0.50 at $358.70 yesterday. Prices closed nearer the session high yesterday and closed at a fresh contract high and 6.5-year high close. The lumber bulls 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 last week’s low of $342.10. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $370.00. First resistance is seen at Monday’s contract high of $360.70 and then at $362.50. First support is seen at yesterday’s low of $355.40 and then at $352.50. Wyckoff’s Market Rating: 8.0
