March sugar closed down 15 points at 17.65 cents today. Prices closed near the session low and hit another fresh six-week low today. Bears have the near-term technical advantage. A steep four-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 this week’s high of 18.14 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at 17.40 cents. First resistance is seen at 17.75 cents and then at today’s high of 17.85 cents. First support is seen at today’s low of 17.62 cents and then at 17.50 cents. Wyckoff’s Market Rating: 3.0
December coffee closed down 45 points at 102.60 cents today. Prices closed nearer the session low. The coffee bears have the solid overall near-term technical advantage. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 110.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 100.00 cents a pound. First resistance is seen at today’s high of 104.45 cents and then at 106.00 cents. First support is seen at today’s low of 102.15 cents and then at last week’s contract low of 100.95 cents. Wyckoff’s Market Rating: 1.0
December cocoa closed up $13 at $2,660 a ton today. Prices closed near mid-range today on more short covering and bargain hunting. The cocoa bulls have the overall 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 November high of $2,745. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $2,550. First resistance is seen at today’s high of $2,675 and then at $2,700. First support is seen at today’s low of $2,640 and then at $2,625. Wyckoff’s Market Rating: 6.5
December cotton closed down 129 points at 76.68 cents today. Prices closed nearer the session low. Cotton bears have the solid near-term technical advantage. Prices are in a five-week-old downtrend on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at 80.00 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at 75.00 cents. First resistance is seen at 77.50 cents and then at 78.00 cents. First support is seen at today’s low of 76.27 cents and then at the November low of 75.27 cents. Wyckoff’s Market Rating: 2.0
January orange juice closed up 250 points at $1.3620 today. Prices closed nearer the session high and closed at a fresh two-month high close today. The FCOJ bulls 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 $1.3800. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.2800. First resistance is seen at this week’s high of $1.3700 and then at $1.3850. First support is seen at today’s low of $1.3370 and then at this week’s low of $1.3100. Wyckoff’s Market Rating: 6.0
January lumber futures closed down $7.50 at $359.40 today. Heavy profit taking was featured and prices hit another three-week low today. Bulls still have the slight overall near-term technical advantage but are quickly fading. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $350.00. The next pside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at last week’s high of $380.00. First resistance is seen at $363.00 and then at $365. First support is seen at $357.50 and then at $355.00. Wyckoff’s Market Rating: 5.5
