by Jim Wyckoff, Senior Analyst TraderPlanet.com

MAY SUGAR

May sugar closed up 35 points at 12.44 cents yesterday. Prices closed near the session high on short covering and some bargain-hunting buying. Serious near-term technical damage has been inflicted recently. Bears still have the near-term technical advantage and their next downside price objective is to push and close prices below solid support at this week’s low of 11.83 cents. Bulls’ next upside price objective is to push and close prices above solid chart resistance at 12.77 cents. First resistance is seen at 12.50 cents and then at 12.77 cents. First support is seen at 12.25 cents and then at 12.00 cents.

Wyckoff’s Market Rating: 4.0

MAY COFFEE

May coffee closed up 215 points at 138.15 cents yesterday. Prices closed nearer the session high on short covering and bargain hunting buying after recent strong losses. Bears still have the near- term technical advantage. Very serious near-term technical damage has been inflicted recently. The next downside price objective for the bears is closing prices below solid support at yesterday’s low of 134.40 cents a pound. Bulls’ next upside price objective is closing prices above solid technical resistance at 142.00 cents. First support is seen at 136.00 cents and then at yesterday’s low of 134.40 cents. First resistance is seen at 140.00 cents and then at 142.00 cents.

Wyckoff’s Market Rating: 4.0

MAY COCOA

May cocoa closed down $61 at $2,669 yesterday. Prices closed nearer the session high after hitting a fresh three-week low early on. yesterday’s follow- through selling pressure did more chart damage after strong losses on Monday, to suggest a near- term market top is in place. A bearish broadening pattern has formed on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at yesterday’s low of $2,588. The next upside price objective for the bulls is to push and close prices above technical resistance at $2,750. First resistance is seen at $2,700 and then at $2,750. First support is seen at $2,635 and then at $2,600.

Wyckoff’s Market Rating: 6.5


MAY COTTON

May cotton closed down 11 points at 75.19 cents yesterday. Prices hit a fresh three-week low early on yesterday and did close nearer the session high. Serious near-term chart damage has been inflicted recently to strongly suggest at least a near-term market top is in place. The next downside price objective for the bears is to produce a close below strong technical support at 72.00 cents. First resistance is seen at yesterday’s high of 76.60 cents and then at 77.00 cents. First support is seen at 74.64 cents and then at 74.00 cents.

Wyckoff’s Market Rating: 4.0

MAY ORANGE JUICE

May orange juice closed up 155 points at $1.1795. Prices closed near mid-range yesterday and were supported on short covering in a bear market. Bears still have the solid near-term technical advantage. A 10-week-old downtrend is in place on the daily bar chart. The next upside technical objective for the FCOJ bulls is to produce a close above solid chart resistance at $1.2000. The next downside price objective for the OJ bears is pushing and closing prices below solid support at $1.1500. First resistance is seen at yesterday’s high of $1.1940 and then at $1.2000. First support is seen at yesterday’s low of $1.1630 and then at this week’s low of $1.1540.

Wyckoff’s Market Rating: 3.0

MAY LUMBER

May lumber futures closed down $1.30 at $221.10 yesterday. Prices closed near the session low and closed at a fresh contract low close yesterday. Bears are still in full technical command. The next upside technical objective for the lumber bulls is pushing prices above solid resistance at $226.60, which would fill on the upside a downside price gap. The next downside price objective for the bears is pushing and closing prices below solid support at $220.00. First resistance is seen at $226.60 and then at $230.00. First support is seen at the contract low of $221.80 and then at $220.00.

Wyckoff’s Market Rating: 1.0