October sugar closed up 23 points at 13.75 cents yesterday. Prices yesterday closed nearer the session high on short covering and bargain-hunting buying. Given sharply lower crude oil prices and a firmer U.S. dollar again yesterday (bearish outside markets) the sugar market fared well. Bulls do still have the near-term technical advantage. A four-week-old uptrend line is still in place on the daily bar chart. Bulls' next upside price objective is to push and close prices above solid technical resistance at last week's high of 14.35 cents. Bears' next downside price objective is to push and close prices below solid technical support at 13.00 cents. First resistance is seen at this week's high of 13.93 cents and then at 14.00 cents. First support is seen at 13.35 cents and then at yesterday's low of 13.26 cents.
Wyckoff's Market Rating: 6.5
SEPTEMBER COFFEE
September coffee closed down 50 points at 142.80 cents yesterday. Prices did close nearer the session high after hitting a fresh three-week low yesterday. Bearish "outside markets" yesterday--sharply lower crude oil prices and a firmer U.S. dollar--again put the bite on coffee. Serious near- term chart damage has been inflicted this week to suggest a near-term market top is in place. Coffee bulls' next upside price objective is pushing and closing prices above solid technical resistance at 150.00 cents. The next downside price objective for the bears is closing prices below solid support at yesterday's low of 138.10 cents a pound. First support is seen at 141.40 cents and then at 140.00 cents. First resistance is seen at yesterday's high of 143.75 cents and then at 145.00 cents.
September cocoa closed up $67 at $2,947 yesterday. Prices closed near the session high after hitting a fresh four- week low early on yesterday. Short covering and bargain-hunting buying were featured yesterday. However, serious near-term chart damage has been inflicted recently. Technical odds are higher that a major market top is in place. Lower crude oil prices and a firmer U.S. dollar are bearish for cocoa. The next upside price objective for the cocoa bulls is to push and close prices above psychological at $3,000. The next downside price objective for the bears is closing prices below solid technical support at yesterday's low of $2,857. First resistance is seen at $3,000 and then at $3,050. First support is seen at $2,900 and then at yesterday's low of $2,857.
Wyckoff's Market Rating: 6.5
DECEMBER COTTON
December cotton closed down 100 points at 71.76 cents yesterday. Prices closed nearer the session low and hit a fresh seven-month low yesterday. Serious chart damage has been inflicted in cotton recently, including more yesterday, amid bearish "outside markets"--lower grains and crude oil and a firmer U.S. dollar. Cotton will continue to look to the grain markets, crude oil futures and the U.S. dollar for direction. The next downside price objective for the bears is to produce a close below strong technical support at 70.00 cents. The next upside price objective for the bulls is to produce a close above solid chart resistance at 77.00 cents. First resistance is seen at 72.00 cents and then at 73.00 cents. First support is seen at yesterday's low of 70.86 cents and then at 70.00 cents.
Wyckoff's Market Rating: 3.0
SEPTEMBER ORANGE JUICE
September orange juice closed down 335 points at $1.2600. Prices closed near mid-range yesterday. Profit-taking pressure was featured. Bearish "outside markets"--sharply lower crude oil prices and a firmer U.S. dollar, pressured FCOJ again yesterday. Bulls appeared on Monday to become exhausted at higher price levels. Bulls have faded, technically. The next upside technical objective for the FCOJ bulls is to produce a close above chart resistance at $1.3000. The next downside price objective for the OJ bears is pushing and closing prices below solid support at yesterday's low of $1.2330. First resistance is seen at yesterday's high of $1.2800 and then at $1.3000. First support is seen at 1.2500 and then at yesterday's low of $1.2330.
Wyckoff's Market Rating: 5.0
SEPTEMBER LUMBER
September lumber futures closed down $2.70 at $259.10 yesterday. Prices closed near mid-range yesterday. The bears still have the overall near-term technical advantage. The next upside technical objective for the lumber bulls is pushing and closing prices above solid resistance at this week's high of $262.80. The next downside price objective for the bears is pushing and closing prices below solid support at $256.00. First resistance is seen at yesterday's high of $261.80 and then at $262.80. First support is seen at $258.00 and then at yesterday's low of $256.40.
Jim Wyckoff became a financial journalist with
Futures World News for many years, cutting his teeth
as a reporter on the futures trading floors in
Chicago and New York, where he covered every futures
market traded in the United States at one time or
another including commodity futures trading in Softs and Metals. Click here for full
bio >>
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