by Jim Wyckoff, Senior Analyst TraderPlanet.com

JULY SUGAR

July sugar closed down 22 points at 8.54 cents today. Prices closed near the session low and closed at a fresh contract low close today. There was not good follow-through buying interest today and a bullish “key reversal” pattern was not confirmed on the daily bar chart. Bears today reaffirmed they are in firm technical command of sugar. Bears’ next downside price objective is to close prices below solid technical support at 8.00 cents. Bulls would regain some fresh upside technical momentum by producing a close back above resistance at 9.00 cents. First resistance is seen at 8.70 cents and then at this week’s high of 8.80 cents. First support is seen at the contract low of 8.45 cents and then at 8.25 cents.

Wyckoff’s Market Rating: 1.0.

JULY COFFEE

July coffee closed down 215 points at 113.25 cents today. Prices closed nearer the session low today and hit a fresh two-week low. Bulls have lost upside technical momentum. However, an uptrend from the May low is still in place on the daily bar chart–but just barely. The bulls’ next upside price objective is closing prices above solid resistance at this month’s high of 118.40 cents. The next downside price objective for the bears is closing prices back below solid support at 112.00 cents a pound. First support is seen at today’s low of 112.40 cents and then at 112.00 cents. First resistance is seen at 114.00 cents and then at 115.00 cents.

Wyckoff’s Market Rating: 5.0.

JULY COCOA

July cocoa closed down $1 at $1,838 today. Prices closed near mid-range in quieter trading. Bears still have some downside technical momentum on their side. The next upside price objective for the bulls is closing prices above solid chart resistance at last week’s high of $1,900. The next downside price objective for the bears is closing prices below solid support at this week’s low of $1,816. First resistance is seen at today’s high of 1,854 and then at $1,870. First support is seen at today’s low of $1,823 and then at $1,816

Wyckoff’s Market Rating: 5.0.

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Source: VantagePoint Intermarket Analysis Software

JULY COTTON

July cotton closed down 29 points at 51.63 cents today in quieter trading. Prices closed nearer the session low. The bulls keep hanging tough. Their next upside objective is producing a close above solid resistance at 52.50 cents. The next downside price objective for the bears is pushing prices below strong technical support at 50.00 cents. First resistance is seen at last week’s high of 52.20 cents and then at 52.50 cents. First support is seen at 51.50 cents and then at this week’s low of 51.20.

Wyckoff’s Market Rating: 5.5.

JULY ORANGE JUICE

July orange juice closed down 665 points at $1.4025 today. Prices closed nearer the session low and hit another fresh 13-month low. Bears are still in strong technical command and gained more power today. There are no signs of a market bottom being close at hand, but the market is now short-term oversold, technically. A four-week-old downtrend is still in place from the early May high. For the bulls to regain some fresh upside technical momentum, they would have to push and close prices above solid resistance at $1.5500 a pound. The next downside price objective for the OJ bears is pushing and closing prices below solid support at $1.3500. First resistance is seen at $1.4250 and then at $1.4500. First support is seen at today’s low of $1.3690 and then at $1.3500.

Wyckoff’s Market Rating: 1.0.

JULY LUMBER

July lumber futures closed down $1.10 at $282.40 today. Prices again closed near the session high. A big bull flag is still forming on the daily bar chart. The next upside technical objective for the lumber bulls is closing prices above solid technical resistance at the May high of $293.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $264.00. First resistance is seen at $285.00 and then at last week’s high of $286.80. First support is seen at $280.00 and then at today’s low of $276.60.

Wyckoff’s Market Rating: 6.0.

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