March sugar closed down 20 points at 16.31 cents today. Prices closed near the session low again today and hit another fresh contract low. A stronger U.S. dollar index today helped to pressure sugar. Sugar bears have the solid near-term technical advantage. A steep seven-week-old downtrend is in place on the daily bar chart. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at 17.00 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at 16.00 cents. First resistance is seen at today’s high of 16.54 cents and then at 16.72 cents. First support is seen at today’s contract low of 16.29 cents and then at 16.25 cents. Wyckoff’s Market Rating: 1.0.
March coffee closed up 160 points at 111.30 cents today. Prices closed nearer the session high today on short covering in a bear market. The coffee bears have the overall near-term technical advantage. The next upside breakout objective for the bulls is to close prices above solid technical resistance at last week’s high of 112.90 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the November low of 104.15 cents a pound, which is the contract low. First resistance is seen at today’s high of 112.00 cents and then at 112.90 cents. First support is seen at today’s low of 109.80 cents and then at 108.00 cents. Wyckoff’s Market Rating: 3.0
March cocoa closed up 31 points at $2,786 a ton today. Prices closed near mid-range. Trading has turned choppy at higher price levels in cocoa, and that is not a bullish clue. The cocoa bulls still have the 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 the contract high of $2,844. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $2,700. First resistance is seen at $2,800 and then at today’s high of $2,810. First support is seen at $2,775 and then at today’s low of $2,750. Wyckoff’s Market Rating: 7.0
March cotton closed up 57 points at 83.06 cents today. Prices closed nearer the session high and hit another fresh seven-week high today. Cotton bulls have quickly gained the overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at 84.00 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at this week’s low of 79.76 cents. First resistance is seen at today’s high of 83.13 cents and then at 83.50 cents. First support is seen at 82.50 cents and then at 82.00 cents. Wyckoff’s Market Rating: 6.0.
January orange juice closed up 220 points at $1.4625 today. Prices closed near the session high today and hit a fresh 4.5-month high. The FCOJ bulls have the solid 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 July high of $1.4785. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.4000. First resistance is seen at today’s high of $1.4630 and then at $1.4785. First support is seen at $1.4500 and then at $1.4400. Wyckoff’s Market Rating: 7.5.
January lumber futures closed up $2.60 at $357.60 today. Prices saw more short covering and bargain hunting after prices Monday hit a two-month low. Bulls and bears are on a level near-term technical playing field. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at this week’s low of $340.70. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $367.50. First resistance is seen at $360.00 and then at $362.50. First support is seen at $355.00 and then at $352.50. Wyckoff’s Market Rating: 5.0
