SOFTS: October sugar closed up 8 points at 16.08 cents today. Prices closed near mid-range on tepid short covering in a bear market. Prices Tuesday hit a 2.5-year low. The sugar bears have the solid overall near-term technical advantage. There are still 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 16.50 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at 15.00 cents. First resistance is seen at this week’s high of 16.23 cents and then at 16.33 cents. First support is seen at this week’s low of 15.93 cents and then at 15.75 cents. Wyckoff’s Market Rating: 1.0.
September coffee closed up 135 points at 127.30 cents today. Prices closed near mid-range again today and hit another fresh five-week high. The market this week has seen a bullish upside “breakout” from the sideways trading range at lower price levels. This is suggesting that a market bottom is in place. The coffee bears do still have the overall near-term technical advantage. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 132.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 122.00 cents a pound. First resistance is seen at today’s high of 129.20 cents and then at 130.00 cents. First support is seen at today’s low of 125.30 cents and then at 124.00 cents. Wyckoff’s Market Rating: 3.5
September cocoa closed up $13 at $2,302 a ton today. Prices closed near mid-range today and hit another fresh four-week high on more short covering and bargain hunting. The cocoa bulls have the slight overall near-term technical advantage. Prices are in a three-week-old uptrend 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 the June high of $2,384. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $2,209. First resistance is seen at today’s high of $2,327 and then at $2,350. First support is seen at today’s low of $2,276 and then at $2,260. Wyckoff’s Market Rating: 5.5
December cotton closed down 57 points at 83.80 cents today. Prices closed nearer the session low today and hit a fresh two-week low. Cotton bears have 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 86.00 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at 83.00 cents. First resistance is seen at 84.00 cents and then at today’s high of 84.65 cents. First support is seen at today’s low of 83.58 cents and then at 83.00 cents. Wyckoff’s Market Rating: 4.5.
September orange juice closed up 220 points at $1.4480 today. Prices closed nearer the session high again today and hit another fresh three-week high. Bulls have gained good upside technical momentum and have the near-term technical advantage. Prices are in a steep three-week-old uptrend on the daily bar chart. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at $1.5000. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.3800. First resistance is seen at today’s high of $1.4510 and then at $1.4700. First support is seen at today’s low of $1.4290 and then at $1.4200. Wyckoff’s Market Rating: 6.5.
September lumber futures closed up the $10.00 limit at $325.80 today. Prices hit a two-month high and the bulls have quickly gained the slight overall near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $310.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $335.00. First resistance is seen at $328.00 and then at $330.00. First support is seen at $320.00 and then at today’s low of $318.00. Wyckoff’s Market Rating: 5.5
