SOFTS: May sugar closed up 51 points at 17.87 cents today. Prices closed near the session high again today on heavy short covering and bargain hunting. Sugar bulls have regained the slight near-term technical advantage. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at the March high of 18.47 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at 17.00 cents. First resistance is seen at today’s high of 17.89 cents and then at 18.00 cents. First support is seen at 17.75 cents and then at 17.50 cents. Wyckoff’s Market Rating: 5.5
May coffee closed up 35 points at 176.35 cents today. Prices closed near the session high today in more quiet trading. This recent pause, or “collapse in volatility” makes me suspect a big price move is on the horizon. Bulls and bears are on a level near-term technical playing field. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 185.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 160.00 cents a pound. First resistance is seen at this week’s high of 179.40 cents and then at 181.00 cents. First support is seen at 172.15 cents and then at 170.00 cents. Wyckoff’s Market Rating: 5.0
May cocoa closed down $22 at $2,941 a ton today. Prices closed nearer the session low. Cocoa bulls have the overall 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 the March low of $2,901. First resistance is seen at today’s high of $2,969 and then at this week’s high of $2,986. First support is seen at today’s low of $2,937 and then at this week’s low of $2,921. Wyckoff’s Market Rating: 6.5
May cotton closed up 90 points at 92.56 cents today. Prices closed near mid-range today. Prices Wednesday hit a contract high. Trading has turned extremely volatile this week, and that’s not bullish. Wednesday’s price action shows a bearish “buying exhaustion tail” on the daily bar chart, which suggests a market top is in place. But the bulls do still have the overall near-term technical advantage at present. Prices are still in a four-month-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 95.00 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at this week’s low of 89.84 cents. First resistance is seen at 93.00 cents and then at today’s high of 93.91 cents. First support is seen at today’s low of 91.60 cents and then at 91.00 cents. Wyckoff’s Market Rating: 7.5
May orange juice closed up 165 points at $1.5050 today. Prices closed nearer the session high on short covering and bargain hunting. The FCOJ bulls regained the slight near-term technical advantage today. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at $1.5400. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.4400. First resistance is seen at $1.5125 and then at $1.5250. First support is seen at today’s low of $1.4920 and then at this week’s low of $1.4670. Wyckoff’s Market Rating: 5.5
May lumber futures closed up $9.30 at $335.60 today. Prices hit a fresh nine-month low early on today and then reversed course to score a bullish “outside day” up on the daily bar chart. Bargain hunting and short covering were featured. Bears still have the solid near-term technical advantage. However, good follow-through buying on Friday would hint that a market bottom is in place. But right now prices are in a three-month-old downtrend 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 the July low of $316.40. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $342.50. First resistance is seen at today’s high of $336.00 and then at $338.00. First support is seen at $333.00 and then at $330.00. Wyckoff’s Market Rating: 2.5
