July sugar closed down 70 points at 22.48 cents yesterday. Prices closed nearer the session low yesterday after hitting a fresh four-week high early on. Prices yesterday did score a bearish “outside day”down on the daily bar chart and were pressured in part by sharply lower crude oil prices. Prices are still in a three-week-old uptrend on the daily bar chart, but the bulls need to show power soon to keep it in place. Bulls’ next upside price breakout objective is to push and close prices above technical resistance at 24.00 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at 22.00 cents. First resistance is seen at 23.00 cents and then at yesterday’s high of 23.52 cents. First support is seen at yesterday’s low of 22.35 cents and then at 22.00 cents.
Wyckoff’s Market Rating: 5.0
Source: VantagePoint Intermarket Analysis Software
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July coffee closed down 935 points at 255.25 cents.Prices closed near the session low yesterday and hit a fresh 3.5-month low. The coffee market was pressured by sharply lower crude oil prices. Fresh near-term chart damage was inflicted yesterday. Prices are in a four-week-old downtrend on the daily bar chart. Bulls’ next upside breakout objective is to close prices above solid technical resistance at 270.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 250.00 cents a pound.First resistance is seen at 257.50 cents and then at the May low of 258.60 cents. First support is seen at 255.00 cents and then at 254.00 cents.
Wyckoff’s Market Rating: 5.0
July cocoa closed down $46 at $2,953 a ton. Prices closed nearer the session low yesterday and were pressured by sharply lower crude oil prices. Cocoa bears 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 last week’s high of $3,062. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the May low of $2,860. First resistance is seen at $3,000 and then at this week’s high of $3,020. First support is seen at yesterday’s low of $2,941 and then at $2,900.
Wyckoff’s Market Rating: 3.5.
July cotton closed up 230 points at 160.97 cents yesterday. Prices closed near mid-range yesterday and hit a fresh five-week high. Trading has been choppy recently but the bulls have regained upside near- term technical momentum. Look for continued higher volatility in the cotton market. The next downside price breakout objective for the cotton bears is to push prices below solid technical support at 150.00 cents. The next upside price objective for the bulls is to produce a close above solid technical resistance at 167.00 cents. First support is seen at 160.00 cents and then at yesterday’s low of 158.50 cents. First resistance is seen at yesterday’s high of 163.00 cents and then at 165.00 cents. Wyckoff’s Market Rating: 6.5.
July orange juice closed up 80 points at $1.8330 yesterday. Prices closed near the session high yesterday.Bulls have the solid overall near-term technical advantage. Prices are in a nine-week-old uptrend on the daily bar chart. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above strong technical resistance at $1.9000. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at last week’s low of $1.7715. First resistance is seen at $1.8500 and then at this week’s high of $1.8595. First support is seen at yesterday’s low of $1.8135 and then at $1.8000.
Wyckoff’s Market Rating: 7.5.
July lumber futures closed down $6.50 at $237.00 yesterday. Prices closed near the session low on more of a corrective pullback from recent gains. Some weaker U.S. economic data this week’s has also pressured lumber. The bears have the 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 $225.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $250.00.First resistance is seen at $240.00 and then at $242.50. First support is seen at $235.00 and then at $232.50.
Wyckoff’s Market Rating: 2.0.
