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Softs
July sugar closed down 41 points at 15.44 cents yesterday. Prices closed near the session low on profit-taking pressure. The key "outside markets" were mixed for the sugar futures market yesterday, as the U.S. stock indexes were steady-higher, crude oil prices were steady-lower and the U.S. dollar was lower. Sugar has been trading in a sideways range at higher levels for three weeks. Bulls need to push prices above this trading range to gain fresh power. That means pushing and closing prices above the May high of 16.03 cents. Sugar bulls do still have the near-term technical advantage. Prices are still in a seven-week-old uptrend on the daily bar chart. Bulls' next upside price objective is to push and close prices above technical resistance at 16.03 cents. Bears' next downside price objective is to push and close prices below solid technical support at 14.90 cents. First resistance is seen at 15.75 cents and then at yesterday's high of 15.88 cents. First support is seen at yesterday's low of 15.40 cents and then at last week's low of 15.26 cents.
Wyckoff's Market Rating: 7.0
Source: VantagePoint Intermarket Analysis Software
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July coffee closed down 20 points at 142.05 cents yesterday. Prices closed nearer the session high and hit another fresh eight-month high yesterday. The key "outside markets" were mixed for the coffee futures market yesterday, as the U.S. stock indexes were steady-higher, crude oil prices were steady-lower and the U.S. dollar was lower. The coffee bulls still have the solid near-term technical advantage. Prices are in a steep four-week-old uptrend on the daily bar chart. Coffee bulls' next upside price objective is pushing and closing prices above solid technical resistance at 150.00 cents. The next downside price objective for the bears is closing prices below solid technical support at last week's low of 131.60 cents a pound. First support is seen at yesterday's low of 140.00 cents and then at 138.00 cents. First resistance is seen at yesterday's high of 142.90 cents and then at 144.00 cents.
Wyckoff's Market Rating: 7.5
July cocoa closed up $32 at $2,673 yesterday. Prices closed near the session high yesterday and hit a fresh two-month high. The key "outside markets" were mixed for the cocoa futures market yesterday, as the U.S. stock indexes were steady-higher, crude oil prices were steady-lower and the U.S. dollar was lower. Cocoa bulls have gained upside near-term technical momentum recently. The next upside price objective for the cocoa bulls is to push and close prices above solid technical resistance at the April high of $2,796. The next downside price objective for the bears is pushing and closing prices below solid technical support at $2,575. First resistance is seen at yesterday's high of $2,675 and then at $2,700. First support is seen at $2,650 and then at yesterday's low of $2,606.
Wyckoff's Market Rating: 7.0
July cotton closed up 86 points at 58.65 cents yesterday. Prices closed nearer the session high again yesterday and hit a fresh three-week high. The key "outside markets" were mixed for the cotton futures market yesterday, as the U.S. stock indexes were steady-higher, crude oil prices were steady- lower and the U.S. dollar was lower. Bulls have regained upside near-term technical momentum. The next downside price objective for the bears is to produce a close below technical support at last week's low of 54.16 cents. The next upside price objective for the bulls is to produce a close above solid technical resistance at 60.00 cents. First resistance is seen at yesterday's high of 58.88 cents and then at 59.50 cents. First support is seen at 58.00 cents and then at yesterday's low of 57.25 cents.
Wyckoff's Market Rating: 6.5
July orange juice closed down 60 points at $.9365. Prices closed near mid-range yesterday. Profit taking was featured. The key "outside markets" were mixed for the FCOJ futures market yesterday, as the U.S. stock indexes were steady-higher, crude oil prices were steady-lower and the U.S. dollar was lower. FCOJ bulls still have the near-term technical advantage. The next downside technical objective for the FCOJ bears is to produce a close below solid technical support at $.9000. The next upside price objective for the OJ bulls is pushing prices above major psychological resistance at $1.0000. First resistance is seen at yesterday's high of $.9485 and then at this week's high of $.9575. First support is seen at $.9250 and then at yesterday's low of $.9150.
Wyckoff's Market Rating: 6.5
July lumber futures closed up the $10.00 limit at $208.00 yesterday. Prices hit a fresh 4.5-month high yesterday. Fresh speculative buying was featured again yesterday. Bulls have quickly gained solid upside near-term technical momentum. The key "outside markets" were mixed for the lumber futures market yesterday, as the U.S. stock indexes were steady-higher, crude oil prices were steady-lower and the U.S. dollar was lower. The next upside technical objective for the lumber bulls is pushing and closing prices above solid technical resistance at $220.00. The next downside price objective for the bears is pushing and closing prices below solid support at $187.50. First resistance is seen at $210.00 and then at $213.50. First support is seen at $205.00 and then at $202.50.
Wyckoff's Market Rating: 7.0
Tags:futures, energies, softs
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