SOFTS: March sugar closed up 53 points at 16.16 cents today. Prices closed nearer the session high today and saw short covering and bargain hunting. A weaker U.S. dollar index was bullish for sugar today. Sugar bears still have the overall near-term technical advantage. While recent price action recently began to suggest a market bottom being in place, bulls need to show more power soon to suggest prices can sustain an uptrend. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at 17.00 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at the contract low of 14.70 cents. First resistance is seen at today’s high of 16.23 cents and then at the February high of 16.38 cents. First support is seen at 16.00 cents and then at today’s low of 15.65 cents. Wyckoff’s Market Rating: 3.0
March coffee closed up 1,275 points at 152.65 cents today. Prices closed nearer the session high and hit a fresh nine-month high today. Prices also saw a big upside breakout from a bullish pennant pattern that had formed on the daily bar chart. Prices are in an accelerating 3.5-month-old uptrend on the daily bar chart. The next upside breakout objective for the bulls is to close prices above solid technical resistance at the May 2013 high of 157.20 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 132.05 cents a pound. First resistance is seen at today’s high of 154.35 cents and then at 157.20 cents. First support is seen at 150.00 cents and then at 147.50 cents. Wyckoff’s Market Rating: 8.5
March cocoa closed down $11 at $2,923 a ton today. Prices closed near mid-range today. Prices last week hit a contract high. Cocoa bulls have the solid 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 $3,000. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $2,800. First resistance is seen at today’s high of $2,945 and then at the contract high of $2,961. First support is seen at today’s low of $2,910 and then at $2,900. Wyckoff’s Market Rating: 8.0
March cotton closed up 36 points at 87.91 cents today. Prices closed nearer the session high today. Cotton bulls have the solid overall near-term technical advantage. Prices are in an 11-week-old uptrend 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 contract high of 90.61 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 today’s high of 88.24 cents and then at the January high of 88.43 cents. First support is seen at today’s low of 87.30 cents and then at 87.00 cents. Wyckoff’s Market Rating: 7.5
March orange juice closed down 85 points at $1.4350 today. Prices closed near mid-range today. The bulls have the overall near-term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at the January high of $1.5550. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.3725. First resistance is seen at today’s high of $1.4500 and then at $1.4600. First support is seen at $1.4200 and then at $1.4100. Wyckoff’s Market Rating: 6.5
March lumber futures closed down $0.70 at $361.70 today. Prices closed near the session low. Bears have the slight 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 December low of $347.80. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $368.00. First resistance is seen at last week’s high of $365.00 and then at $367.50. First support is seen at $360.00 and the
