SOFTS: March sugar closed down 33 points at 15.73 cents today. Prices closed near the session low and hit a fresh contract low today. The key “outside markets” were bearish for the sugar market today as the U.S. dollar index was higher and crude oil prices were lower. Sugar bears have the solid near-term technical advantage and gained more power today. A steep 11-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 last week’s high of 16.58 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at 15.50 cents. First resistance is seen at 16.00 cents and then at this week’s high of 16.19 cents. First support is seen at today’s contract low of 15.69 cents and then at 15.60 cents. Wyckoff’s Market Rating: 1.0
March coffee closed up 370 points at 120.95 cents today. Prices closed nearer the session high today and are hovering near this week’s 3.5-month high. Trading has become volatile. Prices are in a choppy two-month-old uptrend on the daily bar chart. The coffee bulls have the overall near-term technical advantage. The next upside breakout objective for the bulls is to close prices above solid technical resistance at this week’s high of 122.60 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 115.00 cents a pound. First resistance is seen at 122.60 cents and then at 124.00 cents. First support is seen at 120.00 cents and then at 118.40 cents. Wyckoff’s Market Rating: 6.0
March cocoa closed up $32 at $2,707 a ton today. Prices closed nearer the session high. Bulls have the slight near-term technical advantage. However, a bearish pennant pattern has formed on the daily bar chart. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,775. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $2,629. First resistance is seen at this week’s high of $2,717 and then at $2,729. First support is seen at $2,692 and then at today’s low of $2,669. Wyckoff’s Market Rating: 5.5
March cotton closed down 153 points at 83.14 cents today. Prices closed nearer the session low today on heavy profit taking. The key “outside markets” were also bearish for the cotton market today as the U.S. dollar index was higher and crude oil prices were lower. Cotton bulls still have the slight overall near-term technical advantage. Prices are in a choppy six-week-old uptrend on the daily bar chart, but now just barely. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at last week’s high of 85.29 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at 81.42 cents. First resistance is seen at 83.50 cents and then at 84.00 cents. First support is seen at this week’s low of 82.66 cents and then at 82.50 cents. Wyckoff’s Market Rating: 5.5
March orange juice closed down 130 points at $1.4205 today. Prices closed nearer the session low. The bulls have the near-term technical advantage. Cold weather over much of the U.S. has worried orange growers in the southeastern U.S. However, there are not yet reports of serious damage to the crops. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at the December high of $1.4730. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at the December low of $1.3510. First resistance is seen at this week’s high of $1.4430 and then at $1.4520. First support is seen at this week’s low of $1.4050 and then at $1.3900. Wyckoff’s Market Rating: 6.5
March lumber futures closed down $0.10 at $359.30 today. Prices closed nearer the session low. Bears still have the slight near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at the December low of $347.80. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $372.00. First resistance is seen at $362.50 and then at today’s high of $363.00. First support is seen at this week’s low of $356.00 and then at $355.00. Wyckoff’s Market Rating: 4.5
