by Jim Wyckoff, Senior Analyst TraderPlanet.com

OCTOBER SUGAR

October sugar closed up 31 points at 10.33 cents today. Prices gapped higher on the daily bar chart, closed near the session high and closed at the monthly high close today. Bulls today showed needed power to keep the uptrend on the daily bar chart intact. Bulls’ next upside price objective is to produce a close above solid resistance at the July high of 10.52 cents. Bears’ next downside price objective is to close prices below solid technical support at 10.00 cents. First resistance is seen at today’s high of 10.35 cents and then at 10.52 cents. First support is seen at today’s low of 10.22 cents and then at 10.12 cents–the bottom of today’s upside price gap on the daily bar chart.

Wyckoff’s Market Rating: 6.5.

SEPTEMBER COFFEE

September coffee closed up 135 points at 114.30 cents today. Prices closed nearer the session high. Bulls today regained some fresh upside technical momentum. Bulls’ next upside price objective is closing prices above solid resistance at the July high of 116.20 cents. The next downside price objective for the bears is closing prices below solid support at last week’s low of 111.00 cents a pound. First support is seen at 114.00 cents and then at today’s low of 113.00 cents. First resistance is seen at 115.00 cents and then at 116.20 cents.

Wyckoff’s Market Rating: 4.5.

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Source: VantagePoint Intermarket Analysis Software

SEPTEMBER COCOA

September cocoa closed up $14 at $1,945 today. Prices closed near the session high today after hitting a fresh six-week low early on. Short covering was featured today. Last week’s strong downside price action produced serious near-term chart damage to suggest a market top is in place. The next upside price objective for the bulls is pushing prices above major psychological chart resistance at $2,000. The next downside price objective for the bears is closing prices below solid support at today’s low of $1,900. First resistance is seen at this week’s high of $1,953 and then at $1,970. First support is seen at $1,918 and then at $1,900.

Wyckoff’s Market Rating: 6.0.

DECEMBER COTTON

December cotton closed up 9 points at 64.64 cents today. Prices closed nearer the session high. The bulls this week have regained some fresh upside technical momentum after being in some trouble last week. A close below strong technical support at the July low of 61.84 cents would produce serious near-term chart damage to begin to suggest that a market top is in place. Bulls have the overall technical advantage. Bulls’ next upside objective is producing a close above solid resistance at 65.00 cents. The next downside price objective for the bears is pushing and closing prices below strong technical support at 61.84 cents. First resistance is seen at today’s high of 64.95 cents and then at 65.50 cents. First support is seen at today’s low of 63.85 cents and then at this week’s low of 63.40.

Wyckoff’s Market Rating: 7.0.

SEPTEMBER ORANGE JUICE

September orange juice closed up 45 points at $1.4015 today in quieter trading. Prices closed near mid-range. The bulls still have some upside technical momentum. The next upside technical objective for the bulls is to produce a close above solid chart resistance at 145.60 cents, which is the April low. The next downside price objective for the OJ bears is pushing and closing prices below solid support at last week’s low of $1.3260. First resistance is seen at last week’s high of $1.4280 and then at $1.4560. First support is seen at today’s low of $1.3865 and then at $1.3700.

Wyckoff’s Market Rating: 5.5.

SEPTEMBER LUMBER

September lumber futures closed up $3.00 at $279.50 today. Prices closed near the session high on short covering in a bear market. Bears are still in technical command amid a steep two-week-old downtrend on the daily bar chart. The next upside technical objective for the lumber bulls is closing prices above strong resistance at $290.00. The next downside price objective for the bears is pushing and closing prices below solid support at $270.00. First resistance is seen at this week’s high of $280.30 and then at $283.00. First support is seen at this week’s low of $276.00 and then at $272.50.

Wyckoff’s Market Rating: 3.0.

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Source: VantagePoint Intermarket Analysis Software