Wednesday, December 01, 2010
Softs Market Commentary
March sugar closed down 80 points at 27.55 cents yesterday. Prices closed nearer the session low yesterday and scored a bearish "outside day" down on the daily bar chart. The key "outside markets" were in a bearish posture for sugar yesterday, as the U.S. dollar index was stronger and U.S. stock indexes and crude oil prices were
weaker. Bulls do still have the overall near-term technical advantage. Bulls' next upside price objective is to push and close prices above technical resistance at 29.30 cents. Bears' next downside price objective is to push and close prices below solid technical support at the November low of 25.30 cents. First resistance is seen at 28.00 cents and then at 28.50 cents. First support is seen at yesterday's low of 27.03 cents and then at 26.50 cents.
Wyckoff's Market Rating: 6.0
Source: VantagePoint Intermarket Analysis Software
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March coffee closed down 175 points at 200.90 cents yesterday. Prices closed nearer the session low yesterday and closed at a fresh two-week low close. The key "outside markets" were in a bearish posture for coffee yesterday, as the U.S. dollar index was stronger and U.S. stock indexes and crude oil prices were weaker. Coffee bulls still have the overall near-term technical advantage, but have faded recently and need to show fresh power soon. Bulls' next upside objective is to close prices above solid technical resistance at last week's high of 213.25 cents. The next downside price objective for the bears is closing prices below solid technical support at 198.30 cents a pound. First resistance is seen at yesterday's high of 204.00 cents and then at 205.00. First support is seen at 200.00 cents and then at 198.30 cents.
Wyckoff's Market Rating: 6.0
March cocoa closed up $67 at $2,822 yesterday. Prices closed nearer the session high yesterday on short covering. Trading has turned choppy. Prices are in the middle of a choppy trading range on the daily chart. The next upside price objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,900. The next downside price objective for the bears is pushing and closing prices below solid technical support at the November low of $2,729. First resistance is seen at this week's high of $2,846 and then at $2,875. First support is seen at $2,800 and then at $2,775.
Wyckoff's Market Rating: 5.0.
March cotton closed up 158 points at 117.34 cents yesterday. More short covering and perceived bargain-hunting buying were featured yesterday. Prices are still in a three-week-old downtrend on the daily chart. There are still technical warning signals that a market top is in place. A V-Top reversal pattern has formed on the daily chart, amid extreme price volatility. The next downside price objective for the cotton bears is to produce a close below solid technical support at last week's low of 111.13 cents. The next upside price objective for the bulls is to produce a close above solid technical resistance at 125.00 cents. First support is seen at 116.00 cents and then at 115.00 cents. First resistance is seen at yesterday's high of 118.90 cents and then at 120.00 cents.
Wyckoff's Market Rating: 5.0.
January orange juice closed down 100 points at $1.4920 yesterday. Prices closed near the session low yesterday and hit a fresh five-week low. Prices also closed at a bearish monthly low close yesterday. The bulls are fading. The next upside price objective for the FCOJ bulls is pushing and closing prices above strong technical resistance at last week's high of $1.5600. The next downside technical objective for the FCOJ bears is to produce a close below solid technical support at $1.4500. First resistance is seen at $1.5000 and then at yesterday's high of $1.5150. First support is seen at yesterday's low of $1.4900 and then at $1.4750.
Wyckoff's Market Rating: 4.5.
January lumber futures closed up $1.30 yesterday at $247.00. Prices closed near mid-range yesterday and saw short covering in a bear market. Lumber bears have the near-term technical advantage. The next downside technical objective for the lumber bears is pushing and closing prices above below technical support at the October low of $237.30. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at $255.00. First resistance is seen at yesterday's high of $248.30 and then at $250.00. First support is seen at $245.00 and then at $242.50.
Wyckoff's Market Rating: 3.0.
