by Jim Wyckoff, Senior Analyst TraderPlanet.com

SEPTEMBER COFFEE

September coffee closed higher on Tuesday as it consolidated some of Monday’s decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If July extends this month’s decline, the reaction low crossing at 107.95 is the next downside target. Closes above the 10-day moving average crossing at 115.72 would confirm that a low has been posted.

SEPTEMBER COCOA

September cocoa closed sharply higher on Tuesday and above May’s high crossing at 20.04. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If September extends Tuesday’s rally, April’s high crossing at 20.35 is the next upside target. Closes below the 10-day moving average crossing at 19.41 would confirm that a short-term top has been posted.

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Source: VantagePoint Intermarket Analysis Software

OCTOBER SUGAR

October sugar closed higher on Tuesday as it consolidates above the 20-day moving average crossing at 9.21. The mid-range close set the stage for a steady opening on Wednesday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends this month’s rally, the 50% retracement level of the March-June decline crossing at 10.06 is the next upside target. Closes below the 20-day moving average crossing at 9.21 would temper the near-term friendly outlook in the market.

OCTOBER COTTON

October cotton closed higher on Tuesday as it consolidates above March’s high crossing at 58.30. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are overbought but remain neutral signaling that sideways to higher prices are possible near-term. If October extends the rally off May’s low, last July’s high crossing at 62.40 is the next upside target. Closes below the 10-day moving average crossing at 58.33 would confirm that a short-term top has been posted.