by Jim Wyckoff, Senior Analyst, TraderPlanet.com

MARCH SUGAR

March sugar closed down 13 points at 11.61 cents yesterday. Prices closed near mid-range. Bearish “outside markets” including a stronger U.S. dollar, weaker crude oil prices and a weaker U.S. stock market, pressured the market yesterday. Sugar prices are still trading below a 2.5-month-old downtrend line drawn from the August and September highs. Bears still have the near-term technical advantage. Bulls’ next upside price objective is to push and close prices above solid technical resistance at last week’s high of 12.55 cents. Bears’ next downside price objective is to push and close prices below solid technical support at the October low of 10.44 cents. First resistance is seen at this week’s high of 11.80 cents and then at 12.00 cents. First support is seen at yesterday’s low of 11.48 cents and then at last week’s low of 11.30 cents.

Wyckoff’s Market Rating: 2.5

DECEMBER COFFEE

December coffee closed down 40 points at 110.15 cents yesterday. Prices closed near the session low yesterday. Bearish “outside markets” including a stronger U.S. dollar, weaker crude oil prices and a weaker U.S. stock market, pressured the market yesterday. Coffee bears still have the overall near- term technical advantage. Prices are still in an 11-week- old downtrend on the daily bar chart. Coffee bulls’ next upside price objective is pushing and closing prices above solid technical resistance at last week’s high of 116.50 cents. The next downside price objective for the bears is closing prices below solid technical support at the October contract low of 105.05 cents a pound. First support is seen at 109.35 cents and then at 107.50 cents. First resistance is seen at this week’s high of 112.00 cents and then at 114.00 cents.

Wyckoff’s Market Rating: 1.5

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Source: VantagePoint Intermarket Analysis Software

DECEMBER COCOA

December cocoa closed up $98 at $2,215 yesterday. Prices closed nearer the session high again yesterday and hit a fresh six- week high on more short covering and bargain hunting buying. Bulls have gained fresh near-term technical momentum to now suggest a near term low is in place. The next upside price objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,330. The next downside price objective for the bears is pushing and closing prices below solid technical support at $2,000. First resistance is seen at yesterday’s high of $2,218 and then at $2,250. First support is seen at $2,200 and then at $2,150.

Wyckoff’s Market Rating: 4.5

DECEMBER COTTON

December cotton closed up 11 points at 39.48 cents yesterday. Prices closed near the session high in quiet trading. Bearish “outside markets” including a stronger U.S. dollar, weaker crude oil prices and a weaker U.S. stock market, limited the upside in cotton yesterday. The cotton bears still have the solid near-term technical advantage. My bias is that this market does not have a lot of downside pressure left and at some point soon will put in a major low. Prices are still in a 7.5-month-old downtrend on the daily bar chart. The next downside price objective for the bears is to produce a close below technical support at the contract low of 36.70 cents. The next upside price objective for the bulls is to produce a close above solid technical resistance at 43.15 cents. First resistance is seen at yesterday’s high of 40.00 cents and then at 41.00 cents. First support is seen at yesterday’s low of 38.75 cents and then at 38.00 cents.

Wyckoff’s Market Rating: 1.0