SOFTS: March sugar closed down 8 points at 19.86 centsyesterday. Prices closed near mid-range yesterday and did hit afresh four-week high early on. The key “outside markets”were bearish for the sugar market yesterday as the U.S. dollarindex was firmer and crude oil prices were sharply lower.Sugar bears still have the overall near-term technicaladvantage. However, a five-week-old downtrend on the dailybar chart was negated Monday to suggest a near-term marketlow is in place. Bulls’ next upside price breakoutobjective is to push and close prices above solid technicalresistance at 20.50 cents. Bears’ next downside pricebreakout objective is to push and close prices below solidtechnical support at the November low of 18.66 cents. Firstresistance is seen at yesterday’s high of 20.03 cents and thenat 20.25 cents. First support is seen at yesterday’s low of19.73 cents and then at 19.64 cents. Wyckoff’s MarketRating: 2.5.
March coffee closed down 495 points at 152.45 cents. Pricesclosed nearer the session low yesterday. The key “outsidemarkets” were bearish for the coffee market yesterday as theU.S. dollar index was firmer and crude oil prices weresharply lower. Prices last week hit a 22-month low. Coffeebears have the solid overall near-term technical advantage.Prices are in a six-week-old downtrend on the daily barchart. The next upside breakout objective for the bulls isto close prices above solid technical resistance at 160.00 cents. The next downside price breakout objective for thebears is closing prices below solid technical support at145.00 cents a pound. First resistance is seen at 155.00cents and then at this week’s high of 157.80 cents. Firstsupport is seen at yesterday’s low of 151.90 cents and then atlast week’s low of 149.45 cents. Wyckoff’s Market Rating:1.5.
March cocoa closed up $40 at $2,461 a ton. Prices closednearer the session high yesterday on more short covering.Trading has turned choppy. Cocoa bulls and bears are on alevel near-term technical playing field. The next upsideprice breakout objective for the cocoa bulls is to push andclose prices above solid technical resistance at theOctober high of $2,531. The next downside price breakoutobjective for the bears is pushing and closing prices belowsolid technical support at the November low of $2,322.First resistance is seen at yesterday’s high of $2,473 and thenat last week’s high of $2,488. First support is seen at$2,450 and then at yesterday’s low of $2,421. Wyckoff’s MarketRating: 5.0
March cotton closed up 75 points at 72.81 cents yesterday.Prices closed near the session high yesterday and closed at afresh three-week high close. Cotton bears still have theoverall near-term technical advantage. The next upsideprice breakout objective for the bulls is to produce aclose above solid technical resistance at 75.00 cents. Thenext downside price breakout objective for the cotton bearsis to push and close prices below solid technical supportat the November low of 69.79 cents. First resistance isseen at this week’s high of 73.15 cents and then at 74.00cents. First support is seen at yesterday’s low of 71.71 centsand then at 71.00 cents. Wyckoff’s Market Rating: 3.0.
January orange juice closed up 460 points at $1.2165 yesterday.Prices closed nearer the session high yesterday and hit a freshseven-week high. The frost season for citrus regions in thesoutheastern U.S. is approaching, which is promptingspeculative buying in FCOJ. FCOJ bulls gained good upsidemomentum yesterday and have the overall near-term technicaladvantage. The next upside price breakout objective for theFCOJ bulls is pushing and closing prices above technicalresistance at the September high of $1.3010. The nextdownside technical breakout objective for the FCOJ bears isto produce a close below solid technical support at thisweek’s low of $1.1430. First resistance is seen at yesterday’shigh of $1.2330 and then at $1.2500. First support is seenat $1.1935 and then at $1.1700. Wyckoff’s Market Rating:
6.0.
January lumber futures closed down $6.10 at $324.10 yesterday.Profit taking was seen. Bulls still have the solid overallnear-term technical advantage, but trading has becomechoppy at higher price levels. The next downside technicalbreakout objective for the lumber bears is pushing andclosing prices below solid technical support at $315.00.The next upside price breakout objective for the bulls ispushing and closing prices above solid technical resistanceat the contract high of $335.00. First resistance is seenat $327.50 and then at $330.00. First support is seen atyesterday’s low of $322.60 and then at $321.00. Wyckoff’sMarket Rating: 7.0
