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Softs Market Commentary
March sugar closed up 5 points at 29.33 cents yesterday. Prices closed near mid-range yesterday. The key "outside markets were in a bullish posture for sugar yesterday, as the U.S. dollar index was weaker, while crude oil prices were sharply higher and the U.S. stock indexes were also higher. The sugar bulls have the solid near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. Bulls' next upside price objective is to push and close prices above solid
technical resistance at 31.00 cents. Bears' next downside price objective is to push and close prices below solid technical support at 27.50 cents. First resistance is seen at 29.50 cents and then at yesterday's high of 29.82 cents. First support is seen at 29.00 cents and then at yesterday's low of 28.88 cents.
Wyckoff's Market Rating: 8.0
Source: VantagePoint Intermarket Analysis Software
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March coffee closed up 240 points at 134.95 cents yesterday. Prices closed nearer the session high yesterday on more short covering in a bear market. The key "outside markets" were in a bullish posture for coffee again yesterday, as U.S. stock index futures were higher, crude oil sharply higher and the U.S. dollar index was weaker. Serious near-term chart damage has occurred in coffee recently. Coffee bears still have the near-term technical advantage. Prices are still in a six-week-old downtrend on the daily bar chart. Bulls' next upside objective is to close prices above solid technical resistance at last week's high of 140.40 cents. The next downside price objective for the bears is closing prices below solid technical support at this week's low of 131.20 cents a pound. First resistance is seen at yesterday's high of 135.65 cents and then at 137.00 cents. First support is seen at 134.00 cents and then at 133.00 cents.
Wyckoff's Market Rating: 4.5
March cocoa closed down $10 at $3,142 yesterday. Prices closed near the session high yesterday after hitting a fresh two-month low early on. Yesterday's high-range close does suggest the bears have become exhausted during this recent sell off. The key "outside markets" were in a bullish posture for cocoa yesterday, as U.S. stock index futures were higher, crude oil sharply higher and the U.S. dollar index was weaker. Chart damage has been inflicted recently. The next upside price objective for the cocoa bulls is to push and close prices above solid technical resistance at $3,300. The next downside price objective for the bears is pushing and closing prices below solid technical support at yesterday's low of $3,040. First resistance is seen at yesterday's high of 3,154 and then at this week's high of $3,203. First support is seen at $3,100 and then at $3,075.
Wyckoff's Market Rating: 4.5.
March cotton closed up 104 points at 69.26 cents yesterday. Prices closed near the session high yesterday after hitting a fresh 3.5-month low early on. Short covering in a bear market was featured yesterday. The key "outside markets" were in a bullish posture for cotton yesterday, as U.S. stock index futures were higher, crude oil sharply higher and the U.S. dollar index was weaker. Serious near-term chart damage has been inflicted in cotton recently. Prices are in a steep four-week-old downtrend on the daily bar chart. The next downside price objective for the cotton bears is to produce a close below solid technical support at 67.00 cents. The next upside price objective for the bulls is to produce a close above solid technical resistance at 71.00 cents. First support is seen at 69.00 cents and then at 68.50 cents. First resistance is seen at yesterday's high of 69.46 cents and then at 70.00 cents.
Wyckoff's Market Rating: 3.5.
March orange juice closed up 175 points at $1.3895 yesterday. Prices closed nearer the session low yesterday. The key "outside markets" were in a bullish posture for FCOJ again yesterday, as U.S. stock index futures were higher, crude oil sharply higher and the U.S. dollar index was weaker. FCOJ bulls have the overall near-term technical advantage. The next upside price objective for the FCOJ bulls is pushing and closing prices above strong technical resistance at last week's high of $1.4780. The next downside technical objective for the FCOJ bears is to produce a close below solid technical support at the January low of $1.2900. First resistance is seen at $1.4000 and then at $1.4100. First support is seen at yesterday's low of $1.3720 and then at $1.3555.
Wyckoff's Market Rating: 6.5.
March lumber futures closed up $2.50 at $261.00 yesterday. Prices hit a fresh two-month high yesterday and then did back off the high to close near the session low. Bulls have quickly gained solid upside near-term technical momentum. The next upside technical objective for the lumber bulls is pushing and closing prices above solid technical resistance at the contract high of $269.00. The next downside price objective for the bears is pushing and closing prices below solid support at last week's low of $237.50. First resistance is seen at $265.00 and then at yesterday's high of $268.20. First support is seen at $258.50 and then at $257.50.
Wyckoff's Market Rating: 7.0.
Tags:coffee, cocoa, sugar, cotton, orange-juice, lumber, futures
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