March sugar closed down 315 points at 29.66 cents yesterday, after hitting a fresh 30-year high early on. Prices closed near the session low yesterday and saw huge losses that produced a big and bearish "key reversal" down on the daily bar chart, which is an early technical clue that a market top is in place. A firmer U.S. dollar index helped to pressure sugar yesterday. Bulls' next upside price objective is to push and close prices above technical resistance at 31.00 cents. Bears' next downside price objective is to push and close prices below solid technical support at 27.50 cents. First resistance is seen at 30.00 cents and then at 30.50 cents. First support is seen at yesterday's low of 29.05 cents and then at 28.50 cents.
Wyckoff's Market Rating: 7.0
Source: VantagePoint Intermarket Analysis Software
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December coffee closed down 610 points at 206.15 cents yesterday. Prices closed near the session low again yesterday and saw more profit taking. A firmer U.S. dollar index yesterday again helped to pressure coffee. Coffee bulls still have the overall near-term technical advantage. Bulls' next upside objective is to close prices above solid technical resistance at this week's contract high of 218.70 cents. The next downside price objective for the bears is closing prices below solid technical support at 200.00 cents a pound. First resistance is seen at 209.25 cents and then at 212.50. First support is seen at 205.00 cents and then at this week's low of 203.85 cents.
Wyckoff's Market Rating: 8.0
December cocoa closed up $9 at $2,835 yesterday. Prices closed near mid-range yesterday. Cocoa bulls have the slight near-term technical advantage. The next upside price objective for the cocoa bulls is to push and close prices above solid technical resistance at the October high of $2,949. The next downside price objective for the bears is pushing and closing prices below solid technical support at this week's low of $2,696. First resistance is seen at yesterday's high of $2,870 and then at this week's high of $2,882. First support is seen at yesterday's low of
$2,806 and then at $2,800.
Wyckoff's Market Rating: 5.5.
December cotton closed down 144 points at 144.21 cents yesterday. Prices closed near the session low again yesterday. Wednesday's price action produced a bearish "key reversal" down on the daily bar chart. This is one early technical clue that a market top is in place in cotton. Bulls do still have the overall technical advantage, but the recent record high price volatility is also a warning signal that a market topping process is occurring. The next downside price objective for the cotton bears is to produce a close below solid technical support at 140.00 cents. The next upside price objective for the bulls is to produce a close above solid technical resistance at
yesterday's high of 150.00 cents. First support is seen at yesterday's low of 143.55 cents and then at 142.50 cents. First resistance is seen at 145.00 cents and then at 147.50 cents.
Wyckoff's Market Rating: 7.0.
January orange juice closed down 145 points at $1.5655 yesterday. Prices closed near mid-range yesterday. Trading has become very choppy. A firmer U.S. dollar index did pressure FCOJ again yesterday. FCOJ bulls still have the slight near-term technical advantage. The next upside price objective for the FCOJ bulls is pushing and closing prices above strong technical resistance at last week's high of $1.6485. The next downside technical objective for the FCOJ bears is to produce a close below solid technical support at this week's low of $1.5325. First resistance is seen at yesterday's high of $1.5820 and then at $1.6000. First support is seen at yesterday's low of $1.5460 and then at $1.5325.
Wyckoff's Market Rating: 5.5.
January lumber futures closed up $0.50 yesterday at $276.50. Prices closed nearer the session low yesterday. Lumber bulls still have the overall near-term technical advantage, but are fading a bit and need to show fresh power soon. This is still a volatile market environment. The next downside technical objective for the lumber bears is pushing and closing prices above below technical support at $258.00. The next upside price objective for the bulls is pushing and closing prices above solid technical support at the November high of $288.60. First resistance is seen at $278.00 and then at $280.00. First support is seen at $275.00 and then at this week's low of $273.00.
Wyckoff's Market Rating: 6.5.
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