March sugar closed down 4 points at 19.32 cents yesterday. Prices closed nearer the session low yesterday. The key “outside markets” were in a bearish posture for sugar yesterday as the U.S. dollar index was firmer and crude oil prices were weaker. Prices last Friday hit a fresh 22-month low. Sugar bears still have the solid near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at 20.00 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at 18.00 cents. First resistance is seen at yesterday’s high of 19.64 cents and then at last week’s high of 19.77 cents. First support is seen at yesterday’s low of 19.24 cents and then at this week’s low of 19.04 cents. Wyckoff’s Market Rating: 1.5.
March coffee closed down 685 points at 151.35 cents. Prices closed nearer the session low yesterday and hit a fresh 22-month low. The key “outside markets” were in a bearish posture for coffee yesterday as the U.S. dollar index was firmer and crude oil prices were weaker. Coffee bears have the solid overall near-term technical advantage. Prices are in a five-week-old downtrend on the daily bar chart. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 160.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 150.00 cents a pound. First resistance is seen at 152.50 cents and then at 155.00 cents. First support is seen at yesterday’s low of 150.90 cents and then at 150.00 cents. Wyckoff’s Market Rating: 1.0
March cocoa closed up $3 at $2,378 a ton. Prices closed near mid-range yesterday and saw tepid short covering in a bear market. The key “outside markets” were in a bearish posture for cocoa yesterday as the U.S. dollar index was firmer and crude oil prices were weaker. Cocoa prices Friday hit a 3.5-month low. Cocoa bears have the overall near-term technical advantage. A nine-week-old downtrend on the daily bar chart is in place. 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 $2,475. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $2,250. First resistance is seen at yesterday’s high of $2,398 and then at $2,408. First support is seen at yesterday’s low of $2,356 and then at last week’s low of $2,322. Wyckoff’s Market Rating: 3.5
March cotton closed down 49 points at 70.71 cents yesterday. Prices closed nearer the session low yesterday. The key “outside markets” were in a bearish posture for cotton yesterday as the U.S. dollar index was firmer and crude oil prices were weaker. Cotton prices Friday hit a four-month low. Cotton bears have the solid near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at 73.00 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at June low of 68.49 cents. First resistance is seen at yesterday’s high of 71.20 cents and then at this week’s high of 71.94 cents. First support is seen at this week’s low of 70.10 cents and then at last week’s low of 69.79 cents. Wyckoff’s Market Rating: 2.5
January orange juice closed up 340 points at $1.0950 yesterday. Prices closed nearer the session high yesterday on short covering and bargain hunting. FCOJ bears still have the overall near-term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at $1.1200. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at the October low of $1.0445. First resistance is seen at $1.1000 and then at $1.1080. First support is seen at $1.0800 and then at $1.0700. Wyckoff’s Market Rating: 2.5.
January lumber futures closed down $3.70 at $324.00 yesterday. Prices closed near mid-range and saw more profit taking yesterday. Bulls still have the overall near-term technical advantage, but trading has become choppy at higher price levels. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $315.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at the contract high of $335.00. First resistance is seen at yesterday’s high of $326.00 and then at $328.00. First support is seen at yesterday’s low of $322.00 and then at $320.00. Wyckoff’s Market Rating: 7.0
