"Risk-Off" Trader Attitudes HIt Softs Markets

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March sugar closed down 36 points at 19.70 cents today. Prices closed nearer the session low and hit a fresh six-week low today. The key "outside markets" were fully bearish for sugar today as the U.S. dollar index was higher and crude oil prices were sharply lower. Sugar bears have the solid near-term technical advantage. Bulls' next upside price breakout objective is to push and close prices above solid technical resistance at 20.59 cents. Bears' next downside price breakout objective is to push and close prices below solid technical support at the September low of 19.48 cents. First resistance is seen at today's high of 20.04 cents and then at 20.25 cents. First support is seen at today's low of 19.55 cents and then at 19.48 cents. Wyckoff's Market Rating: 1.5.

December coffee closed down 380 points at 160.70 cents. Prices closed nearer the session low. The key "outside markets were fully bearish for coffee today as the U.S. dollar index was higher and crude oil prices were sharply lower. Coffee bears have the solid near-term technical advantage. However, it's around present price levels that recent downtrends have been halted. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 170.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the September low of 156.55 cents a pound. First resistance is seen at today's high of 164.10 cents and then at Monday's high of 165.70 cents. First support is seen at 160.00 cents and then at last week's low of 157.15 cents. Wyckoff's Market Rating: 2.0

December cocoa closed down $36 at $2,480 a ton. Prices closed nearer the session low today. The key "outside markets were fully bearish for cocoa today as the U.S. dollar index was higher and crude oil prices were sharply lower. Cocoa bulls have the slight 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 $2,595. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the October low of $2,338. First resistance is seen at $2,500 and then at this week's high of $2,526. First support is seen at this week's low of $2,460 and then at $2,440. Wyckoff's Market Rating: 5.5

December cotton closed down 271 points at 74.22 cents today. Prices closed nearer the session low on profit taking and long liquidation. The key "outside markets" were fully bearish for cotton today as the U.S. dollar index was higher and crude oil prices were sharply lower. Bulls still have the slight near-term technical advantage but did fade today. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at last week's high of 79.19 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at 72.00 cents. First resistance is seen at 75.00 cents and then at 76.00 cents. First support is seen at today's low of 73.93 cents and then at 73.00 cents. Wyckoff's Market Rating: 5.5

November orange juice closed down 50 points at $1.1165 today. Prices closed near mid-range today. Bears 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 October high of $1.1995. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at the October low of $1.0870. First resistance is seen at today's high of $1.1350 and then at $1.1500. First support is seen at last week's low of $1.1055 and then at the October low of $1.0870. Wyckoff's Market Rating: 3.5.

November lumber futures closed up $1.50 at $298.70 today. Prices Friday hit a two-month high. Bulls have the solid near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $288.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at the August high of $308.00. First resistance is seen at $300.00 and then at $303.00. First support is seen at $295.00 and then at $292.50. Wyckoff's Market Rating: 7.0

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About the Author

Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years. He was born and raised in Iowa, where he still resides.

Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another.

Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders.

His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies. He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning.

Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college.

When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.

JimWyckoff

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