March sugar closed up 26 points at 19.59 cents yesterday. Prices closed nearer the session high yesterday, scored a mildly bullish “outside day” up on the daily bar chart, and saw short covering in a bear market. The key “outside markets” were bullish for the sugar market yesterday as the U.S. dollar index was weaker and crude oil prices were sharply higher. Prices are still not far above an eight-month low. Sugar bears still have the solid near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at 20.50 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at 18.50 cents. First resistance is seen at yesterday’s high of 19.77 cents and then at 19.95 cents. First support is seen at yesterday’s low of 19.26 cents and then at last week’s low of 19.18 cents. Wyckoff’s Market Rating: 2.0.
December coffee closed up 15 points at 151.05 cents. Prices closed nearer the session low and hit another fresh 14-month low yesterday. Recent reports of a big Brazil coffee crop have pressured coffee futures recently. Coffee bears still have the solid overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 165.70 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 147.50 cents a pound. First resistance is seen at yesterday’s high of 152.50 cents and then at this week’s high of 154.70 cents. First support is seen at 150.00 cents and then at 149.00 cents. Wyckoff’s Market Rating: 1.0
December cocoa closed up $24 at $2,468 a ton. Prices closed near the session high yesterday and hit a fresh two-week high. The key “outside markets” were bullish for the cocoa market yesterday as the U.S. dollar index was weaker and crude oil prices were sharply higher. Cocoa bulls yesterday regained the slight 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 October high of $2,526. 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 yesterday’s high of $2,470 and then at
$2,500. First support is seen at yesterday’s low of $2,435 and then at this week’s low of $2,423. Wyckoff’s Market Rating: 5.5
December cotton closed down 30 points at 70.10 cents yesterday. Prices closed nearer the session low yesterday. The key “outside markets” were bullish for the cotton market yesterday as the U.S. dollar index was weaker and crude oil prices were sharply higher. Yet, cotton could manage no gains, which is yet another bearish clue for cotton. Bears have the solid near-term technical advantage. The next upside
price breakout objective for the bulls is to produce a close above solid technical resistance at 73.50 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at July low of 69.40 cents. First resistance is seen at yesterday’s high of 71.10 cents and then at 71.86 cents. First support is seen at last week’s low of 69.66 cents and then at 69.40 cents. Wyckoff’s Market Rating: 2.5
January orange juice closed up 295 points at $1.0970 yesterday. Prices closed near the session high yesterday and saw more short covering in a bear market. The key “outside markets” were bullish for the FCOJ market yesterday as the U.S. dollar index was weaker and crude oil prices were sharply higher. FCOJ bears still 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 $1.1200. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.0250. First resistance is seen at yesterday’s high of $1.1015 and then at $1.1200. First support is seen at yesterday’s low of $1.067 and then at this week’s low of $1.0585. Wyckoff’s Market Rating: 2.5.
January lumber futures closed up the $10.00 limit at $333.30 yesterday. Prices closed at a fresh contract high close. Ideas the major storm on the U.S. east coast will produce strong lumber demand is bullish. 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 last week’s low of $318.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $340.00. First resistance is seen at the contract high of $335.00 and then at $337.50. First support is seen at $330.00 and then at $326.30. Wyckoff’s Market Rating: 8.5
