July sugar closed down 58 points at 25.01 cents yesterday. Prices closed nearer the session low yesterday on more profit taking. Sugar prices are still in a five-week-old uptrend on the daily bar chart and the bulls have the near-term technical advantage. Bulls' next upside price breakout objective is to push and close prices above technical resistance at 27.00 cents. Bears' next downside price breakout objective is to push and close prices below solid technical support at 24.00 cents. First resistance is seen at 25.50 cents and then at yesterday's high of 25.73 cents. First support is seen at yesterday's low of 24.91 cents and then at 24.50 cents.
Wyckoff's Market Rating: 6.0
Source: VantagePoint Intermarket Analysis Software
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July coffee closed up 70 points at 268.15 cents. Prices closed near mid-range yesterday in quieter trading. Bulls have the overall near-term technical advantage. Bulls' next upside breakout objective is to close prices above solid technical resistance at the June high of 273.80 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the June low of 253.30 cents a pound. First resistance is seen at this week's high of 270.65 cents and then at 273.80 cents. First support is seen at yesterday's low of 265.00 cents and then at 263.00 cents.
Wyckoff's Market Rating: 6.5
July cocoa closed up $25 at $3,026 a ton. Prices closed near mid-range again yesterday. Cocoa bulls and bears are back on a level near-term technical playing field. A bullish double-bottom reversal pattern has formed on the daily bar chart. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at $3,150. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the June low of $2,851. First resistance is seen at last week's high of $3,067 and then at $3,100. First support is seen at yesterday's low of $2,999 and then at this week's low of $2,960.
Wyckoff's Market Rating: 5.0.
July cotton closed up 459 points at 155.54 cents yesterday. Prices closed near the session high yesterday.The key "outside markets" were bullish for the cotton market yesterday, as the U.S. dollar index was weaker and crude oil prices were sharply higher.Bulls regained the slight near-term technical advantage yesterday. Look for continued higher volatility in the cotton market. The next downside price breakout objective for the cotton bears is to push prices below solid technical support at last week's low of 144.31 cents. The next upside price objective for the bulls is to produce a close above solid technical resistance at 160.00 cents. First support is seen at 152.50 cents and then at 150.00 cents. First resistance is seen at 157.50 cents and then at 160.00 cents.
Wyckoff's Market Rating: 5.5.
July orange juice closed up 250 points at $1.8565 yesterday. Prices closed nearer the session high yesterday.FCOJ bulls have the solid overall near-term technical advantage. Prices are in an 11-week-old uptrend on the daily bar chart. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above strong technical resistance at the May high of $1.8775. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.7715. First resistance is seen at yesterday's high of $1.8665 and then at $1.8775. First support is seen at $1.8400 and then at yesterday's low of $1.8270.
Wyckoff's Market Rating: 8.0.
July lumber futures closed up $0.10 at $223.60 yesterday. The bears still have the solid overall near- term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at the May contract low of $216.50. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $240.00. First resistance is seen at this week's high of $225.50 and then at $227.50. First support is seen at this week's low of $220.70 and then at $216.50.
Wyckoff's Market Rating: 1.5.
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