by Jim Wyckoff, Senior Analyst TraderPlanet.com

MARCH SUGAR

March sugar closed down 4 points at 10.10 cents yesterday. Prices closed near the session low yesterday. Bulls still have some upside technical momentum after big gains produced last week. A bull flag or bullish pennant pattern still may be forming on the daily bar chart. Bulls’ next upside price objective is to push prices above solid resistance at 10.29 cents, which would fill a downside price gap on the daily bar chart. Bears’ next downside price objective is to push prices below solid technical support at 10.00 cents, which would fill on the downside a big upside price gap on the daily bar chart that was created last week. First resistance is seen at yesterday’s high of 10.22 cents and then at last week’s high of 10.24 cents. First support is seen at this week’s low of 10.06 cents and then at 10.00 cents.

Wyckoff’s Market Rating: 5.5.

DECEMBER COFFEE

December coffee closed down 75 points at 131.65 cents yesterday. Prices closed nearer the session low after hitting a fresh nine-month high early on. Mild profit-taking pressure was seen after recent strong gains. Bulls still have the solid upside technical advantage. Bulls’ next upside price objective is closing prices above solid technical resistance at yesterday’s high of 135.00 cents. The next downside price objective for the bears is closing prices below solid support at 128.00 cents a pound. First support is seen at 130.00 cents and then at 128.00 cents. First resistance is seen at 133.25 cents and then at 135.00 cents.

Wyckoff’s Market Rating: 7.0.

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Source: VantagePoint Intermarket Analysis Software

DECEMBER COCOA

December cocoa closed up $28 at $2,039 yesterday. Prices again closed nearer the session high yesterday and hit another fresh two-month high. Bulls have solid upside technical momentum, amid fresh speculative and fundbuying. A steep four-week- old price uptrend remains intact on the daily bar chart, from the August low. The next upside price objective for the bulls is closing prices above solid chart resistance at $2,100. The next downside price objective for the bears is closing prices below solid support at this week’s low of $1,973. First resistance is seen at yesterday’s high of $2,046 and then at $2,075. First support is seen at $2,020 and then at $2,000.

Wyckoff’s Market Rating: 8.0.

DECEMBER COTTON

December cotton closed down 12 points at 66.11 cents yesterday. Prices closed nearer the session high. Bulls are still in technical command. Bulls’ next upside objective is producing a close above solid resistance at the contract high of 68.80 cents. The next downside price objective for the bears is to produce a close below strong technical support at 63.00 cents. First resistance is seen at this week’s high of 66.70 cents and then at 67.00 cents. First support is seen at yesterday’s low of 65.15 cents and then at 64.50.

Wyckoff’s Market Rating: 7.0.

NOVEMBER ORANGE JUICE

November orange juice closed up 25 points at $1.3100 yesterday. Prices closed near mid-range and did hit a fresh six-week high yesterday. Bulls have gained solid upside technical momentum recently. Prices are in a three-week-old uptrend from the early-September low. The next upside technical objective for the bulls is to produce a close above solid chart resistance at $1.3500. The next downside price objective for the OJ bears is pushing and closing prices below solid support at $1.2500. First resistance is seen at yesterday’s high of $1.3250 and then at $1.3500. First support is seen at yesterday’s low of $1.2975 and then at this week’s low of $1.2805.

Wyckoff’s Market Rating: 6.0.

NOVEMBER LUMBER

November lumber futures closed up $4.00 at $247.50 yesterday. Prices closed nearer the session high on more short covering in a bear market. Bulls yesterday did gain some confidence that a near-term market low might be in place, but will need strong follow-through selling on Wednesday or Thursday to gain better confidence. My bias is that there is not much left on the downside in lumber. Bears do still have the technical advantage. The next upside technical objective for the lumber bulls is closing prices above strong resistance at $251.80. The next downside price objective for the bears is pushing and closing prices below solid support at the contract low of $237.10. First resistance is seen at yesterday’s high of $250.20 and then at $251.80. First support is seen at $245.00 and then at yesterday’s low of $241.70.

Wyckoff’s Market Rating: 2.5.

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