July sugar closed down 48 points at 23.64 cents yesterday. Prices closed nearer the session low yesterday and hit another fresh nine-week low. The key "outside markets" were in a bearish posture for sugar yesterday, as the U.S. dollar index was higher, while crude oil and stock index futures prices were lower. Sugar prices produced strong follow-through selling pressure yesterday, after big losses Monday, which is another bearish technical clue. Serious chart damage has occurred this week. Prices are in a steep three-week-old downtrend on the daily bar chart. Bulls' next upside price objective is to push and close prices above solid technical resistance at this week's high of 26.34 cents. Bears' next downside price objective is to push and close prices below solid technical support at 22.50 cents. First resistance is seen at 24.00 cents and then at yesterday's high of 24.60 cents. First support is seen at yesterday's low of 23.49 cents and then at 23.00 cents.

Wyckoff's Market Rating: 3.5

Source: VantagePoint Intermarket Analysis Software

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May coffee closed up 40 points at 132.30 cents yesterday. Prices closed nearer the session high yesterday on tepid short covering in a bear market. The key "outside markets" were in a bearish posture for coffee yesterday, as the U.S. dollar index was higher, while crude oil and stock index futures prices were lower. Coffee bears have the near-term technical advantage. Prices are in a nine-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 137.35 cents. The next downside price objective for the bears is closing prices below solid technical support at the October low of 124.75 cents a pound. First resistance is seen at yesterday's high of 132.80 cents and then at 134.00 cents. First support is seen at yesterday's low of 131.30 cents and then at the February low of 130.35 cents.

Wyckoff's Market Rating: 3.0

May cocoa closed down $146 at $2,937 yesterday. Prices closed near the session low yesterday and hit a fresh six-month low. The key "outside markets" were in a bearish posture for cocoa yesterday, as the U.S. dollar index was higher, while crude oil and stock index futures prices were lower. Price action in cocoa yesterday also produced a big and bearish downside "breakout" from a trading range on the daily chart. More serious chart damage occurred yesterday. Bears have the solid overall near-term technical advantage. Prices are in a steep four-week-old downtrend on the daily bar chart. The next upside price objective for the cocoa bulls is to push and close prices above solid technical resistance at this week's high of $3,150. The next downside price objective for the bears is pushing and closing prices below solid technical support at the August 2009 low of $2,742. First resistance is seen at 2,950 and then at $3,000. First support is seen at yesterday's low of $2,931 and then at $2,900.

Wyckoff's Market Rating: 3.0.

May cotton closed down 36 points at 79.34 cents yesterday. Prices closed near mid-range yesterday and hit another fresh 17-month high. Mild profit taking was seen in cotton. The key "outside markets" were in a bearish posture for cotton yesterday, as the U.S. dollar index was higher, while crude oil and stock index futures prices were lower. Bulls still have the solid near-term technical advantage in cotton. There are no early clues of a market top being close at hand. The next downside price objective for the cotton bears is to produce a close below solid technical support at the January high of 77.83 cents. The next upside price objective for the bulls is to produce a close above solid technical resistance at 82.00 cents. First support is seen at 79.00 cents and then at yesterday's low of 78.71 cents. First resistance is seen at yesterday's high of 80.10 cents and then at 80.50 cents.

Wyckoff's Market Rating: 8.0.

May orange juice closed up 245 points at $1.4225 yesterday. Prices closed near the session high yesterday and scored a bullish "outside day" up on the daily bar chart.
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 the February high of $1.4700. The next downside technical objective for the FCOJ bears is to produce a close below solid technical support at the February low of $1.3680. First resistance is seen at last week's high of $1.4275 and then at $1.4400. First support is seen at $1.4100 and then at $1.4000.

Wyckoff's Market Rating: 6.5.

March lumber futures closed down $3.30 at $258.20 yesterday. Prices closed near the session low yesterday and hit a fresh three-week low. Bulls still have the overall near-term technical advantage, but are fading. The next upside technical objective for the lumber bulls is pushing and closing prices above solid technical resistance at $270.00. The next downside price objective for the bears is pushing and closing prices below solid support at $248.70. First resistance is seen at yesterday's high of $260.30 and then at $262.50. First support is seen at yesterday's low of $257.70 and then at $255.00.

Wyckoff's Market Rating: 6.0.