SOFTS: October sugar closed down 26 points at 17.42 cents today. Prices closed nearer the session low and hit a 4.5-month low today. Sugar bears have the near-term technical advantage. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at 18.00 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 17.60 cents and then at this week’s high of 17.78 cents. First support is seen at today’s low of 17.27 cents and then at 17.15 cents. Wyckoff’s Market Rating: 4.0
September coffee closed down 5 points at 172.90 cents today. Prices closed near mid-range in quieter trading. The coffee bears have the slight overall near-term technical advantage. The next upside breakout objective for the bulls is to close prices above solid technical resistance at the June high of 184.90 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 last week’s high of 175.40 cents and then at 177.50 cents. First support is seen at 169.80 cents and then at this week’s low of 166.10 cents. Wyckoff’s Market Rating: 4.5
September cocoa closed down $26 at $3,090 a ton today. Prices closed near mid-range today on profit taking. Cocoa bulls still have the overall near-term technical advantage. However, a rare and potentially bearish broadening pattern has formed on the daily bar chart, to hint of a market top being close at hand. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at the contract high of $3,149. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the June low of $3,040. First resistance is seen at $3,100 and then at today’s high of $3,118. First support is seen at today’s low of $3,069 and then at $3,060. Wyckoff’s Market Rating: 7.0
December cotton closed down 43 points at 69.67 cents today. Prices closed nearer the session low and hit another contract low today. While the bears have the solid overall near-term technical advantage, the market is way short-term oversold. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at 72.00 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at 68.00 cents. First resistance is seen at 70.00 cents and then at today’s high of 70.68 cents. First support is seen at today’s contract low of 69.50 cents and then at 69.00 cents. Wyckoff’s Market Rating: 1.0
September orange juice closed up 35 points at $1.5120 today. Prices closed near the session high today and saw more short covering. The FCOJ bears still have the near-term technical advantage. 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 last week’s low of $1.4555. First resistance is seen at this week’s high of $1.5240 and then at $1.5400. First support is seen at this week’s low of $1.4910 and then at $1.4710. Wyckoff’s Market Rating: 3.5
September lumber futures closed up $6.90 at $339.00 today. Prices closed near the session high today. Bulls have the near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $327.20. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $350.00. First resistance is seen at $340.00 and then at the June high of $342.00. First support is seen at $335.00 and then at today’s low of $331.00. Wyckoff’s Market Rating: 6.0
