KEY EVENTS TO WATCH FOR:
Wednesday, February 14, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 416.3)
Composite Idx, W/W% (previous +0.7%)
Purchase Idx-SA (previous 255.4)
Purchase Idx-SA, W/W% (previous +0.0%)
Refinance Idx (previous 1299.3)
Refinance Idx, W/W% (previous +0.9%)
8:30 AM ET. January CPI
CPI, M/M% (expected +0.4%; previous +0.1%)
Core CPI, M/M% (expected +0.2%; previous +0.3%)
Energy Idx, M/M% (previous -1.2%)
Food Idx, M/M% (previous +0.2%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.2%)
CPI, Y/Y% (expected +1.9%; previous +2.1%)
Core Annual, Y/Y% (expected +1.7%; previous +1.8%)
8:30 AM ET. January Real Earnings
8:30 AM ET. January Advance Monthly Sales for Retail & Food Services
Overall Sales-SA, M/M% (expected +0.3%; previous +0.4%)
Sales, Ex-Auto, M/M% (expected +0.5%; previous +0.4%)
Sales, Ex-Auto & Gas, M/M% (previous +0.4%)
10:00 AM ET. December Manufacturing & Trade: Inventories & Sales
Total Inventories (expected +0.3%; previous +0.4%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 420.254M)
Crude Oil Stocks, Net Chg (Bbl) (previous +1.895M)
Gasoline Stocks (Bbl) (previous 245.474M)
Gasoline Stocks, Net Chg (Bbl) (previous +3.414M)
Distillate Stocks (Bbl) (previous 141.826M)
Distillate Stocks, Net Chg (Bbl) (previous +3.926M)
Refinery Usage (previous 92.5%)
Total Prod Supplied (Bbl/day) (previous 20.843M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.16M)
Thursday, February 15, 2018
8:30 AM ET. January PPI
PPI, M/M% (expected +0.4%: previous -0.1%)
Ex-Food & Energy PPI, M/M% (expected +0.2%; previous -0.1%)
Personal Consumption (previous -0.2%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1769.6K)
Soybeans (Metric Tons) (previous 751.6K)
Wheat (Metric Tons) (previous 415.5K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 226K; Previous 221K)
Jobless Claims, Net Chg (previous -9K)
Continuing Claims (previous 1923000)
Continuing Claims, Net Chg (previous -33K)
8:30 AM ET. February Empire State Manufacturing Survey
Mfg Idx (expected 17.0; previous 17.7)
Employment Idx (previous 3.8)
New Orders Idx (previous 11.9)
Prices Received (previous 21.7)
8:30 AM ET. February Philadelphia Fed Business Outlook Survey
Business Activity (expected 20.0; previous 22.2)
Prices Paid (previous 32.9)
Employment (previous 16.8)
New Orders (previous 10.1)
Prices Received (previous 25.1)
Delivery Times (previous 6.1)
Inventories (previous 9.4)
Shipments (previous 30.3)
9:15 AM ET. January Industrial Production & Capacity Utilization
Industrial Production, M/M% (expected +0.3%; previous +0.9%)
Capacity Utilization % (expected 78.1%; previous 77.9%)
Capacity Utilization, Net Chg (Pts) (previous +0.7)
9:30 AM ET. IMF regular press briefing
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. February NAHB Housing Market Index
Housing Mkt Idx (expected 72; previous 72)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2078B)
Working Gas In Storage, Net Chg (Cbf) (previous -119B)
4:00 PM ET. December Treasury International Capital Data
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Money Stock Measures
4:30 PM ET. Foreign Central Bank Holdings
Friday, February 16, 2018
8:30 AM ET. January Import & Export Price Indexes
Import Prices (expected +0.6%; previous +0.1%)
Non-Petroleum Prices (previous -0.2%)
Petroleum Prices (previous +2.0%)
8:30 AM ET. January New Residential Construction - Housing Starts and Building Permits
Total Starts (expected 1.24M; previous 1.192M)
Housing Starts, M/M% (expected +4.2%; previous -8.2%)
Building Permits (expected 1.31M; previous 1.302M)
Building Permits, M/M% (expected +0.8%; previous -0.1%)
10:00 AM ET. February University of Michigan Survey of Consumers – preliminary
Mid-Mo Sentiment (expected 94.6; previous 94.4)
Mid-Mo Expectations (previous 84.8)
Mid-Mo Current Idx (previous 109.2)
10:00 AM ET. 4th Quarter Quarterly Retail E-Commerce Sales
10:00 AM ET. 4th Quarter Advance Quarterly Services
Monday, February 19, 2018
N/A U.S. Presidents Day / Washington's Birthday. Financial markets closed
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The March NASDAQ 100 closed higher on Tuesday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 6766.66 are needed to confirm that a short-term low has been posted. If March renews the decline off January's high, the October 25th low crossing at 6024.00 is the next downside target. First resistance is last Wednesday's high crossing at 6717.75. Second resistance is the 20-day moving average crossing at 6766.66. First support is the 38% retracement level of the 2017-2018-rally crossing at 6217.75. Second support is the October 25th low crossing at 6024.00.
The March S&P 500 closed higher on Tuesday as it extended the rebound off the 38% retracement level of the 2016-2018-rally crossing at 2529.20. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2761.62 are needed to confirm that a short-term low has been posted. If March renews the decline off January's high, the September 26th low crossing at 2494.90 is the next downside target. First resistance is the 10-day moving average crossing at 2691.08. Second resistance is the 20-day moving average crossing at 2761.62. First support is the 38% retracement level of the 2016-2018-rally crossing at 2529.20. Second support is the September 26th low crossing at 2494.90.
The Dow closed higher on Tuesday as it extends the rally off last Friday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 25,587.72 are needed to confirm that a short-term low has been posted. If the Dow resumes the decline off January's high, November's low crossing at 23,242.75 is the next downside target. First resistance is the 10-day moving average crossing at 24,934.70. Second resistance is the 20-day moving average crossing at 25,587.72. First support is last Friday's low crossing at 23,360.29. Second support is November's low crossing at 23,242.75.
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March T-bonds closed up 11/32's at 144-24.
March T-bonds closed higher on Tuesday as it consolidated some of the decline off December's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, weekly support crossing at 140-03 is the next downside target. Closes above the 20-day moving average crossing at 147-03 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 145-11. Second resistance is the 20-day moving average crossing at 147-03. First support is Monday's low crossing at 143-04. Second support is weekly support crossing at 140-03.
March T-notes closed up 55/32's at 121-020.
March T-notes closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are diverging but are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this winter's decline, weekly support crossing at 119.170 is the next downside target. Closes above the 20-day moving average crossing at 121.220 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 121.220. Second resistance is the 50-day moving average crossing at 122.311. First support is last Thursday's low crossing at 120.170. Second support is weekly support crossing at 119.170.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
March crude oil closed slightly lower on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 55.87 is the next downside target. Closes above the 20-day moving average crossing at 63.47 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 63.47. Second resistance is January's high crossing at 66.66. First support is last Friday's low crossing at 58.07. Second support is the 38% retracement level of the 2016-2018-rally crossing at 55.87.
March heating oil closed slightly lower on Tuesday as it extends the decline off January's high. The mid-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 50% retracement level of the June-January-rally crossing at 178.38 is the next downside target. Closes above the 20-day moving average crossing at 201.94 are needed to confirm that a short-term low has been posted.First resistance is the 10-day moving average crossing at 195.67. Second resistance is the 20-day moving average crossing at 201.94. First support is the 50% retracement level of the June-January-rally crossing at 178.38. Second support is the 62% retracement level of the June-January-rally crossing at 170.04.
March unleaded gas closed slightly higher on Tuesday as it consolidated some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 50% retracement level of the June-January-rally crossing at 162.06 is the next downside target. Closes above the 20-day moving average crossing at 184.20 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 178.90. Second resistance is the 20-day moving average crossing at 184.20. First support is the 50% retracement level of the June-January-rally crossing at 162.06. Second support is the 62% retracement level of the June-January-rally crossing at 162.06.
March Henry natural gas closed higher due to short covering on Tuesday as it consolidated some of the decline off January's high. The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, December's low crossing at 2.532 is the next downside target. Closes above the 20-day moving average crossing at 2.902 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.739. Second resistance is the 20-day moving average crossing at 2.903. First support is Monday's low crossing at 2.538. Second support is December's low crossing at 2.532.
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The March Dollar closed lower on Tuesday as it consolidates some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 10-day moving average crossing at 89.56 would confirm that a short-term top has been posted. If March extends the rally off January's low, the 38% retracement level of the November-January-decline crossing at 90.71 is the next upside target. First resistance is the 38% retracement level of the November-January-decline crossing at 90.71. Second resistance is the 50-day moving average crossing at 91.32. First support is the 10-day moving average crossing at 89.56. Second support is January's low crossing at 88.25.
The March Euro closed higher on Tuesday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 10-day moving average crossing at 123.84 would confirm that a short-term low has been posted. If March extends the decline off January's high, the 50-day moving average crossing at 121.34 is the next downside target. First resistance is February's high crossing at 125.57. Second resistance is the January high crossing at 126.77. First support is the reaction low crossing at 122.09. Second support is the 50-day moving average crossing at 121.34.
The March British Pound closed slightly higher on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 50-day moving average crossing at 1.3719 is the next downside target. Closes above the 20-day moving average crossing at 1.4029 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.4029. Second resistance is January's high crossing at 1.4370. First support is last Friday's low crossing at 1.3780. Second support is the 50-day moving average crossing at 1.3719.
The March Swiss Franc closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below last Thursday's low crossing at 1.0589 are needed to confirm that a short-term top has been posted. If March resumes the rally off October's low, the 38% retracement level of the 2015-2016-decline crossing at 1.0994 is the next upside target. First resistance is January's high crossing at 1.0829. Second resistance is the 38% retracement level of the 2015-2016-decline crossing at 1.0994. First support is last Thursday's low crossing at 1.0589. Second support is the 50-day moving average crossing at 1.0408.
The March Canadian Dollar closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 80.40 would confirm that a short-term low has been posted. If March extends the decline off January's high, the 75% retracement level of the December-January-rally crossing at 78.56 is the next downside target. First resistance is the 20-day moving average crossing at 80.40. Second resistance is January's high crossing at 81.68. First support is the 62% retracement level of the December-January-rally crossing at 79.11. Second support is the 75% retracement level of the December-January-rally crossing at 78.56.
The March Japanese Yen closed higher on Tuesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, last-September's high crossing at 0.9363 is the next upside target. Closes below the 20-day moving average crossing at 0.9156 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at 0.9329. Second resistance is last-September high crossing at 0.9363. First support is the reaction low crossing at 0.9073. Second support is the 50-day moving average crossing at 0.9016.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
April gold closed higher on Tuesday as it consolidated some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 1337.90 would confirm that a short-term low has been posted. If April resumes the decline off January's high, the 50% retracement level of the December-January-rally crossing at 1306.70 is the next downside target. First resistance is the 20-day moving average crossing at 1337.90. Second resistance is January's high crossing at 1370.50. First support is the 50-day moving average crossing at 1310.30. Second support is the 50% retracement level of the December-January-rally crossing at 1306.70.
March silver closed higher on Tuesday as it consolidates some of the decline off January's high. The mid-range close set the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 16.896 would confirm that a short-term low has been posted. If March resumes the decline off January's high, December's low crossing at 15.635 is the next downside target. First resistance is the 20-day moving average crossing at 16.896. Second resistance is January's high crossing at 17.705. First support is last Friday's low crossing at 16.130. Second support is December's low crossing at 15.635.
March copper closed sharply higher on Tuesday as it extended the rebound off last Friday's low.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 316.93 would confirm that a short-term low has been posted. If March resumes the decline off December's high, the 87% retracement level of December's rally crossing at 299.03 is the next downside target. First resistance is the 20-day moving average crossing at 316.93. Second resistance is last Monday's high crossing at 325.75. First support is the 75% retracement level of December's rally crossing at 303.58. Second support is the 87% retracement level of December's rally crossing at 299.03.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed down a 1/2-cent at 3.66 1/2.
March corn closed slightly lower on Tuesday but remains above the 25% retracement level of the July-January-decline crossing at 3.65 1/2. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, October's high crossing at 3.69 1/4 is the next upside target. Closes below the 20-day moving average crossing at 3.59 would confirm that a short-term top has been posted. First resistance is last October's high crossing at 3.69 1/4. Second resistance is last-September's high crossing at 3.74 1/2. First support is the 20-day moving average crossing at 3.59. Second support is the 50-day moving average crossing at 3.54.
March wheat closed down 4 3/4-cents at 4.59 1/4.
March wheat closed lower on Tuesday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, last September's high crossing at 4.82 is the next upside target. Closes below the 20-day moving average crossing at 4.43 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 4.67 1/4. Second resistance is September's high crossing at 4.82. First support is the 20-day moving average crossing at 4.43. Second support is the 50-day moving average crossing at 4.32 1/2.
March Kansas City Wheat closed down 3-cents at 4.74 1/2.
March Kansas City wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's high, the 38% retracement level of 2017's trading range crossing at 4.88 1/2. Closes below the 20-day moving average crossing at 4.53 1/2 are needed to confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 4.84 1/2. Second resistance is the 38% retracement level of 2017's trading range crossing at 4.88 1/2. First support is the 10-day moving average crossing at 4.70. Second support is the 20-day moving average crossing at 4.53 1/2.
March Minneapolis wheat closed down 8 1/4-cents at 6.01 3/4.
March Minneapolis wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 87% retracement level of the April-July-rally crossing at 5.89 1/2 is the next downside target. Closes above the 50-day moving average crossing at 6.15 are needed to confirm that a low has been posted. First resistance is January's high crossing at 6.34 1/2. Second resistance is the reaction high resistance crossing at 6.51. First support is last Monday's low crossing at 6.00. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans closed up 9-cents at 10.10 3/4.
March soybeans closed higher on Tuesday as it extends the rally off January's low.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, December's high crossing at 10.27 is the next upside target. Closes below the 20-day moving average crossing at 9.86 1/4 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the December-January-decline crossing at 10.16 1/4. Second resistance is December's high crossing at 10.27. First support is the reaction low crossing at 9.61 1/4. Second support is January's low crossing at 9.44 1/2.
March soybean meal closed up $6.20 at 364.00.
March soybean meal closed higher on Tuesday as it extends this year's rally. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off January's low, weekly resistance crossing at 378.80 is the next upside target. Closes below Monday's gap crossing at 344.80 would confirm a short-term top has been posted. First resistance is today's high crossing at 371.60. Second resistance is weekly resistance crossing at 378.80. First support is Monday's low crossing at 344.80. Second support is the 20-day moving average crossing at 338.10.
March soybean oil closed down 26 pts. At 31.59.
March soybean oil closed lower on Tuesday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the July-2016 low crossing at 31.19 is the next downside target. Closes above the 20-day moving average crossing at 32.50 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 32.50. Second resistance is February's high crossing at 33.31. First support is today's low crossing at 31.40. Second support is the July-2016 low crossing at 31.19.
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April hogs closed down $1.10 at $69.43.
April hogs closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off January's high, the 75% retracement level of the August-January-rally crossing at 68.07 is the next downside target. Closes above the 20-day moving average crossing at 72.86 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 71.09. Second resistance is the 20-day moving average crossing at 72.86. First support is Monday's low 68.55. Second support is the 75% retracement level of the August-January-rally crossing at 68.07.
April cattle closed down $0.23 at 124.78.
April cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off January's low, November's high crossing at 130.10 is the next upside target. Multiple closes below last Friday's low crossing at 122.80 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 127.38. Second resistance is November's high crossing at 130.10. First support is last Friday's low crossing at 122.80. Second support is January's low crossing at 118.05.
March Feeder cattle closed down $0.40 at $147.28.
March Feeder cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. If March extends the decline off February's high, the reaction low crossing at 142.42 is the next downside target. If March renews the rally off December's low, the reaction high crossing at 154.05 is the next upside target. First resistance is the reaction high crossing at 154.05. Second resistance is the reaction high crossing at 156.13. First support is the reaction low crossing at 142.42. Second support is January's low crossing at 140.13.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off January's high, December's low crossing at 11.83 is the next downside target. Multiple closes above the 50-day moving average crossing at 12.32 are needed to confirms that a short-term low has been posted.
March cocoa closed higher on Tuesday as it consolidates some of Monday's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends Monday's decline, the 50-day moving average crossing at 19.41 is the next downside target. If March renews the rally off December's low, the 75% retracement level of the November-December-decline crossing at 21.20 is the next upside target.
March sugar closed lower on Tuesday. The mid-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that a short-term top is in or near. If March renews the decline off January's high, the September-2015 low crossing at 12.72 is the next downside target. If March resumes the rally off January's low, the 50-day moving average crossing at 14.11 is the next upside target.
March cotton closed slightly lower on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 62% retracement level of the October-January-rally crossing at 73.52 is the next downside target. Closes above the 20-day moving average crossing at 79.08 would confirm that a short-term low has been posted.