JULY SUGAR
July sugar closed down 10 points at 8.77 cents today. Prices closed near the session low. Bulls just cannot muster follow-through strength when the market does see an up day. This shows just how weak is the market. The bears are still powerful, technically. Their next downside price objective is to close prices below solid chart support at 8.50 cents. Bulls would gain some fresh upside technical momentum by producing a close back above resistance at the May high of 9.43 cents. First resistance is seen at today’s high of 8.87 cents and then at this week’s high of 8.94 cents. First support is seen at today’s low of 8.75 cents and then at the contract low of 8.62 cents.
Wyckoff’s Market Rating: 1.0.
JULY COFFEE
July coffee closed down 45 points at 111.55 cents today. Prices closed near the session low on mild profit-taking pressure from recent gains. This week’s price action is a “pause” from recent good gains. This pause has formed a potentially bullish pennant pattern on the daily bar chart. Bulls still have some upside technical momentum on their side, but do need to show more power very soon. There are still ideas a market low is in place and that prices can continue the fresh uptrend. The bulls’ next upside price objective is closing prices above solid resistance at last week’s high of 114.00 cents. The next downside price objective for the bears is closing prices back below solid support at 108.00 cents a pound. First support is seen at 111.00 cents and then at 110.00 cents. First resistance is seen at today’s high of 113.05 cents and then at last week’s high of 114.00 cents.
Wyckoff’s Market Rating: 4.0.
Source: VantagePoint Intermarket Analysis Software
July cocoa closed down $20 at $1,929 today. Prices closed nearer the session low on profit-taking pressure after scoring a fresh five-week high early on. Prices did score a bearish “outside day” down on the daily bar chart today. Bulls have some upside technical momentum on their side, but need to show power very soon. The next upside price objective for the bulls is closing prices above solid chart resistance at April contract high of $2,014. The next downside price objective for the bears is closing prices below solid support at last week’s low of $1,884. First resistance is seen at $1,950 and then at today’s high of $1,968. First support is seen at today’s low of $1,912 and then at $1,900.
Wyckoff’s Market Rating: 7.0.
JULY COTTON
July cotton closed down 36 points at 50.18 cents today. Prices closed near mid-range on mild profit-taking pressure and a corrective pullback from recent strong gains. Bulls are still confident and recent price action still begins to suggest that a major market low is in place. But this market is one sharply lower close, in the near term, away from dashing those bullish hopes. The bulls would gain better upside technical momentum by producing a close above solid chart resistance at 52.00 cents. The next downside price objective for the bears is pushing prices below strong technical support at 49.00 cents. First resistance is seen at this week’s high of 50.75 cents and then at 51.00 cents. First support is seen at 50.00 cents and then at this week’s low of 49.70 cents at 49.50.
Wyckoff’s Market Rating: 4.0.
JULY ORANGE JUICE
July orange juice closed down 180 points at $1.6300 today. Prices closed nearer the session low today and scored a bearish downside “breakout” from the recent trading range. Speculators have lost interest in being long FCOJ and that has allowed prices to drift lower from the May high. A two-week-old downtrend is in place from the May high. For the bulls to regain fresh upside technical momentum, they would have to push and close prices above solid resistance at the May high of $1.7150 a pound. The next downside price objective for the OJ bears is pushing and closing prices below solid support at $1.6000. First resistance is seen at today’s high of $1.6520 and then at $1.6600. First support is seen at today’s low of $1.6175 and then at $1.6000.
Wyckoff’s Market Rating: 4.0.
JULY LUMBER
July lumber futures closed up the $10.00 limit at $269.10 today. Prices hit a fresh nine-week high and bulls today gained much better upside technical momentum, amid ideas a major market low is in place. The next upside technical objective for the lumber bulls is closing prices above solid technical resistance at $275.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $255.00. First resistance is seen at $270.00 and then at $272.50. First support is seen at $265.00 and then at $262.50.
Wyckoff’s Market Rating: 5.5.
