by Jim Wyckoff, Senior Analyst, TraderPlanet.com


OCTOBER SUGAR

October sugar closed up 9 points at 12.23 cents yesterday. Prices closed nearer the session high on short covering in a bear market. Bearish “outside markets”– sharply lower crude oil pricesand a firmer U.S. dollar– did limit the upside in sugar yesterday. Sugar bears still have the technical advantage. A four-week-old downtrend is in place on the daily bar chart. Bulls’ next upside price objective is to push and close prices above solid technical resistance at 13.00 cents. Bears’ next downside price objective is to push and close prices below solid technical support at this week’s low of 11.60 cents. First resistance is seen at this week’s high of 12.46 cents and then at 12.53 cents. First support is seen at 12.00 cents and then at the July low of 11.73 cents.


Wyckoff’s Market Rating
: 3.0

DECEMBER COFFEE

December coffee closed down 510 points at 133.95 cents yesterday. Prices closed near the session low yesterday and hit a fresh 12-month low. Bearish “outside markets”–sharply lower crude oil prices and a firmer U.S. dollar–pressured coffee yesterday. Serious near-term chart damage was inflicted yesterday. Coffee bears have solid downside near-term technical momentum. Prices are in a three-week-old downtrend on the daily bar chart. Coffee bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 140.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 130.00 cents a pound. First support is seen at yesterday’s low of 132.90 cents and then at 132.00 cents. First resistance is seen at 135.00 cents and then at 136.00 cents.


Wyckoff’s Market Rating
: 2.5


wyckoff_091708.jpg

Source: VantagePoint Intermarket Analysis Software

DECEMBER COCOA

December cocoa closed down $36 at $2,571 yesterday. Prices closed nearer the session high yesterday. More short covering in a bear market was featured yesterday. Prices are still in a 2.5-month-old downtrend on the daily bar chart. The next upside price objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,700. The next downside price objective for the bears is pushing and closing prices below solid technical support at this week low of $2,496. First resistance is seen at yesterday’s high of $2,600 and then at this week’s high of $2,625. First support is seen at $2,550 and then at yesterday’s low of $2,514.

Wyckoff’s Market Rating: 3.0.

DECEMBER COTTON

December cotton closed down 110 points at 61.03 cents yesterday. Prices closed near mid-range and hit another fresh 14-month low yesterday. Serious chart damage has been inflicted this week. Bearish “outside markets”–sharply lower crude oil prices and a firmer U.S. dollar–pressured cotton yesterday. Cotton bears still have the solid near-term technical advantage. The next downside price objective for the bears is to produce a close below strong technical support at 60.00 cents. The next upside price objective for the bulls is to produce a close above solid chart resistance at 64.00 cents. First resistance is seen at yesterday’s high of 62.25 cents and then at 63.00 cents. First support is seen at 60.00 cents and then at 59.00 cents.

Wyckoff’s Market Rating:
1.0.

NOVEMBER ORANGE JUICE

November orange juice closed down 290 points at $.9290. Prices closed nearer the session low yesterday and closed at a fresh contract low close. Bears are still strong and looking for more on the downside in the near term. A bearish pennant pattern has formed on the daily bar chart. The next downside technical objective for the FCOJ bears is to produce a close below solid technical support at the contract low of $.9115. The next upside price objective for the OJ bulls is pushing prices above solid technical resistance at $.9750. First resistance is seen at $.9400 and then at $.9500. First support is seen at the contract low of $.9115 and then at $.9000.


Wyckoff’s Market Rating
: 1.0.

NOVEMBER LUMBER

November lumber futures closed down $2.70 at $219.00 yesterday. Prices hit another fresh contract low and did close nearer the session high yesterday. Bearish financial marketshave pressured lumber recently. Lumber bears still have the near-term technical advantage. However, the market is way short-term oversold, technically, and due for a corrective bounce soon. The next upside technical objective for the lumber bulls is pushing and closing prices above solid technical resistance at $225.00. The next downside price objective for the bears is pushing and closing prices below solid support at yesterday’s contract low of $213.80. First resistance is seen at $220.00 and then at this week’s high of $223.10. First support is seen at yesterday’s contract low of $213.80 and then at $210.00.


Wyckoff’s Market Rating:
1.0.