SOFTS: March sugar closed down 35 points at 16.01 cents today. Prices closed nearer the session low. The slumping crude oil market that hit a three-year low today was a bearish factor for sugar. Sugar bears have the firm overall near-term technical advantage. However, a bullish double-bottom reversal pattern may still be forming on the daily bar chart. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at 16.75 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at last week’s low of 15.42 cents. First resistance is seen at 16.25 cents and then at today’s high of 16.34 cents. First support is seen at today’s low of 15.94 cents and then at 15.75 cents. Wyckoff’s Market Rating: 2.5
December coffee closed up 425 points at 188.65 cents today. Prices closed nearer the session high on short covering and bargain hunting. The coffee bears still have the overall near-term technical advantage. Prices are in a four-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 195.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the September low of 176.40 cents a pound. First resistance is seen at today’s high of 190.10 cents and then at the November high of 192.80 cents. First support is seen at 185.00 cents and then at 183.00 cents. Wyckoff’s Market Rating: 4.0
December cocoa closed down $43 at $2,808 a ton today. Prices closed near the session low and hit another 10-month low today. Bears have the firm near-term technical advantage and have gained fresh downside momentum this week. Prices are in a steep six-week-old downtrend on the daily bar chart. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at this week’s high of $2,930. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $2,750. First resistance is seen at $2,825 and then at today’s high of $2,847. First support is seen at $2,800 and then at today’s low of $2,765. Wyckoff’s Market Rating: 2.0
December cotton closed down 171 points at 60.23 cents today. Prices closed near the session low and hit a contract low today. Cotton bears have the solid overall near-term technical advantage and gained fresh downside momentum today amid a bearish downside “breakout” on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at 64.00 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at 57.50 cents. First resistance is seen at 60.50 cents and then at 61.00 cents. First support is seen at 60.00 cents and then at 59.50 cents. Wyckoff’s Market Rating: 1.0
January orange juice closed up 155 points at $1.2840 today. Prices closed nearer the session high on short covering in a bear market. Prices Tuesday hit a contract low. The FCOJ bears still have the solid overall near-term technical advantage. Prices are in a four-month-old downtrend on the daily bar chart. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at $1.3500. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.2000. First resistance is seen at this week’s high of $1.3085 and then at $1.3250. First support is seen at $1.2670 and then at the contract low of $1.2410. Wyckoff’s Market Rating: 1.5
January lumber futures closed up $0.90 at $323.50 today. Bears have the near-term technical advantage. Prices are in a five-week-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 $315.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $336.00. First resistance is seen at $325.00 and then at $328.00. First support is seen at $322.00 and then at $320.00. Wyckoff’s Market Rating: 3.0
