SOFTS: October sugar closed down 13 points at 16.21 cents yesterday. Prices closed near the session low, scored a bearish “outside day” down on the daily bar chart and hit a fresh 2.5-year low. The sugar bears have the solid overall near-term technical advantage. There are no early clues of a market low being close at hand. 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 16.41 cents and then at yesterday’s high of 16.47 cents. First support is seen at yesterday’s low of 16.19 cents and then at 16.10 cents. Wyckoff’s Market Rating: 1.0.
September coffee closed down 70 points at 121.55 cents yesterday. Prices closed nearer the session low. The coffee bears have the overall near-term technical advantage. Bulls are hoping recent price action is “basing” at lower levels that has or could soon put in a market bottom. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 126.30 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the contract low of 117.10 cents a pound. First resistance is seen at yesterday’s high of 123.75 cents and then at this week’s high of 124.90 cents. First support is seen at 120.00 cents and then at 119.00 cents. Wyckoff’s Market Rating: 2.0
September cocoa closed down $8 at $2,178 a ton yesterday. Prices closed nearer the session low. The cocoa bears have the 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 last week’s high of $2,250. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the June low of $2,129. First resistance is seen at yesterday’s high of $2,207 and then at this week’s high of $2,216. First support is seen at this week’s low of $2,165 and then at $2,150. Wyckoff’s Market Rating: 3.0
December cotton closed up 67 points at 86.65 cents yesterday. Prices closed nearer the session high yesterday and hit a fresh three-week high. The key “outside markets” were bullish for the cotton market yesterday as the U.S. dollar index was solidly lower and crude oil prices were sharply higher. Cotton bulls yesterday gained the slight near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at 87.50 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at 84.00 cents. First resistance is seen at yesterday’s high of 86.89 cents and then at 87.00 cents. First support is seen at 86.00 cents and then at yesterday’s low of 85.20 cents. Wyckoff’s Market Rating: 5.5.
September orange juice closed down 135 points at $1.3530 yesterday. Prices closed near mid-range. 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 $1.3900. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.3000. First resistance is seen at yesterday’s high of $1.3660 and then at this week’s high of $1.3740. First support is seen at yesterday’s low of $1.3335 and then at this week’s low of $1.3285. Wyckoff’s Market Rating: 3.5.
September lumber futures closed up $8.50 at $319.20 yesterday. Prices closed nearer the session high and hit a fresh seven-week high yesterday. The bears still have the overall near-term technical advantage but the bulls have gained upside momentum. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $300.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $330.00. First resistance is seen at yesterday’s high of $320.70 and then at $325.00. First support is seen at yesterday’s low of $314.00 and then at $310.00. Wyckoff’s Market Rating: 4.0
