OCTOBER SUGAR
October sugar closed up 9 points at 9.75 cents today. Prices closed near the session high and closed at a fresh 2.5-month high close today. Bulls gained some fresh technical momentum today. A close above solid technical resistance at this week’s high of 9.88 cents would be significantly bullish to suggest a market low is in place and that prices can continue to work sideways to higher in the coming weeks. Bears’ next downside price objective is to close prices below solid technical support at last week’s low of 9.18 cents. First resistance is seen at 9.88 cents and then at 10.00 cents. First support is seen at today’s low of 9.60 cents and then at 9.50 cents.
Wyckoff’s Market Rating: 4.5.
SEPTEMBER COFFEE
September coffee closed up 70 points at 111.85 cents today. Prices closed nearer the session high on more short covering in a bear market. Prices are still in a six-week-old downtrend from the early-June high. Bulls’ next upside price objective is closing prices above solid resistance at 112.00 cents. The next downside price objective for the bears is closing prices below solid support at last week’s low of 108.70 cents a pound. First support is seen at today’s low of 111.10 cents and then at 110.00 cents. First resistance is seen at today’s high of 112.10 cents and then at 113.00 cents.
Wyckoff’s Market Rating: 3.0.
SEPTEMBER COCOA
September cocoa closed up $40 at $2,062 today. Prices closed nearer the session high today on a corrective bounce from big losses Tuesday. No serious chart damage occurred Tuesday. The next upside price objective for the bulls is closing prices above solid chart resistance at $2,089, which would fill on the upside this week’s downside price gap on the daily bar chart. The next downside price objective for the bears is closing prices below solid support at this week’s low of $2,014. First resistance is seen at today’s high of $2,075 and then at $2,089. First support is seen at $2,040 and then at today’s low of $2,022.
Wyckoff’s Market Rating: 7.5.
Source: VantagePoint Intermarket Analysis Software
DECEMBER COTTON
December cotton closed down 16 points at 66.92 cents today. Prices hit a fresh contract high early on today and then backed off a bit on some mild profit-taking pressure and some position squaring ahead of Thursday morning’s USDA supply and demand report. Prices are still in a steep two-month-old uptrend on the daily bar chart. Bulls still have solid upside near-term technical power and are looking for still more on the upside in the near term. Bulls’ next upside objective is producing a close above solid resistance at the contract high of 67.30 cents. The next downside price objective for the bears is pushing prices below strong technical support at 64.95 cents, which would fill on the downside this week’s upside price gap on the daily bar chart. First resistance is seen at the contract high of 67.50 cents and then at 68.00 cents. First support is seen at today’s low of 66.25 cents and then at this week’s low of 65.40.
Wyckoff’s Market Rating: 8.5.
SEPTEMBER ORANGE JUICE
September orange juice closed up 45 points at $1.2960 today. Prices closed near the session high on more tepid short covering in a bear market. FCOJ Bears are still in technical command. There are still no strong signs of a market bottom being close at hand. A six-month-old downtrend is in place from the early December high. In fact, a bearish symmetrical triangle pattern has just formed on the daily bar chart. For the bulls to regain some fresh upside technical momentum, they would have to push and close prices above solid resistance at $1.3650 a pound. The next downside price objective for the OJ bears is pushing and closing prices below solid support at the contract low of $1.1890. First resistance is seen at this week’s high of $1.3150 and then at $1.3300. First support is seen at this week’s low of $1.2505 and then at $1.2250.
Wyckoff’s Market Rating: 1.5.
SEPTEMBER LUMBER
September lumber futures closed down $1.60 at $299.80 today. Prices closed near mid-range today on more profit-taking pressure after hitting a fresh seven-month high last week. Bulls still have the near-term technical advantage, but are fading. The next upside technical objective for the lumber bulls is closing prices above strong resistance at last week’s high of $313.70. The next downside price objective for the bears is pushing and closing prices below support at the July low of $291.10. First resistance is seen at today’s high of $302.10 and then at $306.00. First support is seen at today’s low of $298.00 and then at $295.00.
Wyckoff’s Market Rating: 6.0.
