INO Morning Market Commentary
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Started by tallpine - Dec. 12, 2017, 8:05 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

Tuesday, December 12, 2017   

 



 

 

N/A 1st Quarter Manpower Quarterly U.S. Employment Outlook Survey

 



 

 

6:00 AM ET. November NFIB Index of Small Business Optimism

 



 

 

                       Small Business Idx (expected 104.0; previous 103.8)

 



 

 

7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index

 



 

 

                       Chain Store Sales, W/W% (previous -4.0%)

 



 

 

                       Chain Store Sales, M/M% (previous +3.7%)

 



 

 

8:30 AM ET. November PPI

 



 

 

                       PPI, M/M% (expected +0.3%; previous +0.4%)

 



 

 

                       Ex-Food & Energy PPI, M/M% (expected +0.2%; previous +0.4%)

 



 

 

                       Personal Consumption (previous +0.4%)

 



 

 

8:55 AM ET. Johnson Redbook Retail Sales Index

 



 

 

                       Ret Sales Mo-to-Date, M/M% (previous -0.9%)

 



 

 

                       Ret Sales Mo-to-Date, Y/Y% (previous +3.0%)

 



 

 

                       Latest Wk, Y/Y% (previous +3.0%)

 



 

 

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

 



 

 

                       Corn, End Stocks (Bushels)

 



 

 

                       Soybeans, End Stocks (Bushels)

 



 

 

                       Wheat, End Stocks (Bushels)

 



 

 

2:00 PM ET. November Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt

 



 

 

4:30 PM ET. API Weekly Statistical Bulletin

 



 

 

                       Crude Stocks, Net Chg (Bbls) (previous -5.5M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbls) (previous +9.2M)

 



 

 

                       Distillate Stocks, Net Chg (Bbls) (previous +4.3M)

 



 

 

                       Refinery Runs

 



 

 

  N/A               U.S. Federal Open Market Committee meeting

 



 

 

Wednesday, December 13, 2017  

 



 

 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

 



 

 

                       Composite Idx (previous 408.3)

 



 

 

                       Composite Idx, W/W% (previous +4.7%)

 



 

 

                       Purchase Idx-SA (previous 250.6)

 



 

 

                       Purchase Idx-SA, W/W% (previous +2.4%)

 



 

 

                       Refinance Idx (previous 1313.9)

 



 

 

                       Refinance Idx, W/W% (previous +9.0%)

 



 

 

8:30 AM ET. November Real Earnings

 



 

 

8:30 AM ET. November CPI

 



 

 

                       CPI, M/M% (expected +0.4%; previous +0.1%)

 



 

 

                       Core CPI, M/M% (expected +0.2%; previous +0.2%)

 



 

 

                       Energy Idx, M/M% (previous -1.0%)

 



 

 

                       Food Idx, M/M% (previous +0%)

 



 

 

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous -0.1%)

 



 

 

                       CPI, Y/Y% (expected +2.2%; previous +2.0%)

 



 

 

                       Core Annual, Y/Y% (expected +1.8%; previous +1.8%)

 



 

 

8:30 AM ET. 3rd Quarter Travel & Tourism Satellite Account

 



 

 

10:30 AM ET. EIA Weekly Petroleum Status Report

 



 

 

                       Crude Oil Stocks (Bbl) (previous 448.103M)

 



 

 

                       Crude Oil Stocks, Net Chg (Bbl) (previous -5.61M)

 



 

 

                       Gasoline Stocks (Bbl) (previous 220.882M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbl) (previous +6.78M)

 



 

 

                       Distillate Stocks (Bbl) (previous 129.446M)

 



 

 

                       Distillate Stocks, Net Chg (Bbl) (previous +1.667M)

 



 

 

                       Refinery Usage (previous 93.8%)

 



 

 

                       Total Prod Supplied (Bbl/day) (previous 19.948M)

 



 

 

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.284M)

 

                        

 

2:00 PM ET. Federal Reserve economic projections

 



 

 

                       Median Fed Funds Rate - 2017 (previous 1.400%)

 



 

 

                       Median Fed Funds Rate - 2018 (previous 2.100%)

 



 

 

                       Median Fed Funds Rate - 2019 (previous 2.700%)

 



 

 

2:00 PM ET. U.S. interest rate decision, followed by Janet Yellen press briefing

 



 

 

                       Federal Funds Rate

 



 

 

                       Federal Funds Rate Change (Pts)

 



 

 

                       Fed Funds Rate-Range High (previous 1.25)

 



 

 

                       Fed Funds Rate-Range Low (previous 1.00)

 



 

 

                       FOMC Vote For Action (previous 9)

 



 

 

                       FOMC Vote Against Action (previous 0)

 



 

 

                       Discount Rate (previous 1.75)

 



 

 

                       Discount Rate Change (Pts) (previous +0)

 



 

 

                       Discount Rate-Range High

 



 

 

                       Discount Rate-Range Low

 



 

 

Thursday, December 14, 2017  

 



 

 

8:30 AM ET. November Import & Export Price Indexes

 



 

 

                       Import Prices (expected +0.7%; previous +0.2%)

 



 

 

                       Non-Petroleum Prices (previous +0.1%)

 



 

 

                       Petroleum Prices (previous +1.7%)

 



 

 

8:30 AM ET. U.S. Weekly Export Sales

 



 

 

                       Corn (Metric Tons) (previous 876.4K)

 



 

 

                       Soybeans (Metric Tons) (previous 2086.2K)

 



 

 

                       Wheat (Metric Tons) (previous 323K)

 



 

 

8:30 AM ET. November  Advance Monthly Sales for Retail & Food Services

 



 

 

                       Overall Sales-SA, M/M% (expected +0.3%; previous +0.2%)

 



 

 

                       Sales, Ex-Auto, M/M% (expected +0.6%; previous +0.1%)

 



 

 

                       Sales, Ex-Auto & Gas, M/M% (previous +0.3%)

 



 

 

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

 



 

 

                       Jobless Claims (expected 237K; previous 236K)

 



 

 

                       Jobless Claims, Net Chg (previous -2K)

 



 

 

                       Continuing Claims (previous 1908000)

 



 

 

                       Continuing Claims, Net Chg (previous -52K)

 



 

 

9:30 AM ET. IMF regular press briefing

 



 

 

9:45 AM ET. December US Flash Manufacturing PMI

 



 

 

                       PMI, Mfg (expected 53.5; previous 53.8)

 



 

 

9:45 AM ET. December US Flash Services PMI

 



 

 

                       PMI, Services (previous 54.7)

 



 

 

9:45 AM ET. Bloomberg Consumer Comfort Index

 



 

 

10:00 AM ET. October Manufacturing & Trade: Inventories & Sales

 



 

 

                       Total Inventories (expected -0.1%; previous +0.0%)

 



 

 

10:30 AM ET. EIA Weekly Natural Gas Storage Report

 



 

 

                       Working Gas In Storage (Cbf) (previous 3695B)

 



 

 

                       Working Gas In Storage, Net Chg (Cbf) (previous +2B)

 

                        

 

4:30 PM ET. Foreign Central Bank Holdings

 



 

 

4:30 PM ET. Money Stock Measures

 



 

 

4:30 PM ET. Federal Discount Window Borrowings

 



 

 

Friday, December 15, 2017  

 



 

 

8:30 AM ET. December Empire State Manufacturing Survey

 



 

 

                       Mfg Idx (expected 16.5; previous 19.4)

 



 

 

                       Employment Idx (previous 11.5)

 



 

 

                       New Orders Idx (previous 20.7)

 



 

 

                       Prices Received (previous 9.2)

 



 

 

9:15 AM ET. November Industrial Production & Capacity Utilization

 



 

 

                       Industrial Production, M/M% (expected +0.3%; previous +0.9%)

 



 

 

                       Capacity Utilization % (expected 77.2%; previous 77.0%)

 



 

 

                       Capacity Utilization, Net Chg (Pts) (previous +0.6)

 



 

 

4:00 PM ET. October Treasury International Capital Data

 


The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"  



The STOCK INDEXES:The March NASDAQ 100 was steady to slightly lower overnight as traders remain cautious ahead of the two-day Federal Reserve meeting, which begins today. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above November's high crossing at 6446.50 would renew this year's rally into record territory. If March renews the decline off November's high, the 50-day moving average crossing at 6246.77 is the next downside target. First resistance is November's high crossing at 6446.50. Second resistance is unknown. First support is last Tuesday's low crossing at 6250.00. Second support is the 50-day moving average crossing at 6246.77.



The March S&P 500 was slightly lower overnight.Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2618.31 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 2667.20. Second resistance is unknown. First support is the 20-day moving average crossing at 2618.31. Second support is the 50-day moving average crossing at 2586.22.   



INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"



INTEREST RATES: March T-bonds were slightly lower overnight. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 152-04 are needed to confirm that a short-term top has been posted. If March resumes the rally off October's low, September's high crossing at 156-14 is the next upside target. First resistance is last Wednesday's high crossing at 154-18. Second resistance is September's high crossing at 156-14. First support is the 50-day moving average crossing at 152-04. Second support is the reaction low crossing at 150-30.  



March T-notes were steady to slightly lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off November's high, October's low crossing at 123.270 is the next downside target. Closes above the 50-day moving average crossing at 124.209 would confirm that a short-term low has been posted while opening the door for a possible test of November's high crossing at 125.065. First resistance is the 50-day moving average crossing at 124.209. Second resistance is November's high crossing at 125.065. First support is the late-November's low crossing at 123.295. Second support is October's low crossing at 123.270. 



ENERGY MARKETS http://quotes.ino.com/ex changes/?c=energy"



ENERGY MARKETS: JanuaryNymex crude oil was higher overnight as it extends the rebound off last Thursday's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the aforementioned rally, November's high crossing at 59.05. If January renews the decline off November's high, the 25% retracement level of the June-November crossing at 55.11 is the next downside target. First resistance is November's high crossing at 59.05. Second resistance is weekly resistance crossing at 60.00. First support is the 25% retracement level of the June-November crossing at 55.11. Second support is the 38% retracement level of the June-November crossing at 53.04.



January heating oil was higher overnight and has renewed the rally off June's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off October's low, the 50% retracement level of the 2014-2016-decline crossing at 198.69 is the next upside target. Closes below the 50-day moving average crossing at 187.08 would open the door for a larger-degree decline near-term. First resistance is the 50% retracement level of the 2014-2016-decline crossing at 198.69. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 216.85. First support is the 20-day moving average crossing at 192.59. Second support is last Thursday's low crossing at 185.97.      



January unleaded gas was higher overnight as it extends the rally off last Wednesday's low crossing at 166.00. 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 173.35 would confirm that a short-term low has been posted. If January resumes the decline off November's high, the 38% retracement level of the June-November-rally crossing at 160.49 is the next downside target. First resistance is the reaction high crossing at 179.40. Second resistance is November's high crossing at 181.51. First support is the 38% retracement level of the June-November-rally crossing at 160.49. Second support is October's low crossing at 152.48. 



January Henry natural gas was higher due to short covering overnight as it consolidates some of the decline off the late-November high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, the February-2016 low crossing at 2.720 is the next downside target. Closes above the 20-day moving average crossing at 3.018 would confirm that a short-term low has been posted.First resistance is the 10-day moving average crossing at 2.923. Second resistance is the 20-day moving average crossing at 3.018. First support is last Thursday's low crossing at 2.747. Second support is the February-2016 low crossing at 2.720.  



CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"



CURRENCIES:The March Dollar was  lower overnight as it consolidates some of the rally off November's low. Stochastics and the RSI is overbought but remains neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the reaction high crossing at 94.22 is the next upside target. Closes below the 10-day moving average crossing at 93.08 would signal that a short-term top has been posted. First resistance is the reaction high crossing at 94.22. Second resistance is November's high crossing at 94.76. First support is the reaction low crossing at 92.26. Second support is November's low crossing at 92.13.



The March Euro was steady to higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 118.53 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes the rally off November's low, the reaction high crossing at 121.49 is the next upside target. First resistance is November's high crossing at 120.43. Second resistance is the reaction high crossing at 121.49. First support is the 50-day moving average crossing at 118.53. Second support is the reaction low crossing at 117.99. 



The March British Pound was higher overnight.Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1.3392 are needed to confirm that a short-term top has been posted. If March renews the rally off November's low, September's high crossing at 1.3666 is the next upside target. First resistance is November's high crossing at 1.3598. Second resistance is September's high crossing at 1.3666. First support is the 20-day moving average crossing at 1.3392. Second support is the 50-day moving average crossing at 1.3301.  



The March Swiss Franc were higher due to short covering overnight as it consolidates some of the decline off December's high. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 50-day moving average crossing at 1.0226 would confirm that a short-term low has been posted. If March extends the decline off December's high, November's low crossing at 1.0062 is the next downside target. First resistance is the 38% retracement level of the July-October-rally crossing at 1.0328. Second resistance is the 50% retracement level of the July-October-rally crossing at 1.0411. First support is last Friday's low crossing at 1.0103. Second support is November's low crossing at 1.0062.    



The March Canadian Dollar was higher overnight as it consolidates some of the decline off last week's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below October's low crossing at 77.55 are needed to renew the decline off September's high.Closes above the 50-day moving average crossing at 78.84 would open the door for a possible test of October's high crossing at 80.42. First resistance is the 50-day moving average crossing at 78.84. Second resistance is October's highcrossing at 80.42. First support is the late-November's low crossing at 77.58. Second support is October's low crossing at 77.55.



The March Japanese Yen was slightly higher overnight as it consolidates some of the decline off November's high. 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 November's high, the reaction low crossing at 0.8842 is the next downside target. Closes above the 20-day moving average crossing at 0.8946 are needed to confirm that a short-term low has been posted. First resistance is the 50% retracement level of the September-November-decline crossing at 0.9072. Second resistance is the 62% retracement level of the September-November-decline crossing at 0.9141. First support is the reaction low crossing at 0.8842. Second support is November's low crossing at 0.8782. 



PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"



PRECIOUS METALS: February gold were steady to slightly lower overnight as it extends the decline off November's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends this the decline off November's high, the 87% retracement level of the July-September-rally crossing at 1233.90 is the next downside target. Closes above the 50-day moving average crossing at 1282.40 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1264.70. Second resistance is the 50-day moving average crossing at 1282.40. First support is Monday's low crossing at 1242.40. Second support is the 87% retracement level of the July-September-rally crossing at 1233.90.  



March silver was slightly higher due to short covering overnight as it consolidates some of the decline off November's high. 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, the 87% retracement level of the July-September-rally crossing at 15.626 is the next downside target. Closes above the 20-day moving average crossing at 16.611 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 16.104. Second resistance is the 20-day moving average crossing at 16.611. First support is last Thursday's low crossing at 15.660. Second support is the 87% retracement level of the July-September-rally crossing at 15.626.     



March copper was slightly higher overnight as it extends the rebound off last Tuesday's low. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 310.90 would confirm that a short-term low has been posted. If March resumes the decline off October's high, September's low crossing at 291.35 is the next downside target. First resistance is the reaction high crossing at 312.55. Second resistance is November's high crossing at 320.15. First support is last Tuesday's low crossing at 294.30. Second support is October's low crossing at 291.35. 



GRAINS http://quotes.ino.com/ex changes/?c=grains



March Corn was up 3/4-cents at 3.49 3/4. 



March corn was steady to fractionally higher overnight as it consolidates some of the decline off last week's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. If March extends the decline off week's high, weekly support crossing at 3.32 is the next downside target. Closes above the 50-day moving average crossing at 3.58 1/4 are needed to confirm that a seasonal low has been posted. First resistance is the 50-day moving average crossing at 3.58 1/4. Second resistance is November's high crossing at 3.65 1/4. First support is Monday's low crossing at 3.48 1/4. Second support is weekly support crossing at 3.32.  



March wheat was up 1 1/4-cents at $4.14 3/4. 



March wheat was higher overnight as it consolidates some of the decline off last Monday's high. 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 September's high, psychological support crossing at 4.00 is the next downside target. Closes above the 50-day moving average crossing at 4.43 are needed to confirm that a low has been posted. First resistance is the 50-day moving average crossing at 4.43. Second resistance is the reaction high crossing at 4.60 3/4. First support is Monday's low crossing at 4.10 3/4. Second support is psychological support crossing at 4.00.



March Kansas City Wheat closed down 5 1/4-cents at 4.12 3/4. 



March Kansas City wheat closed lower on Monday and posted a new contract low as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 September's high, psychological support crossing at 4.00 is the next downside target. Closes above the 50-day moving average crossing at 4.41 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4.41 1/4. Second resistance is reaction high crossing at 4.56 1/2. First support is today's low crossing at 4.10 1/2. Second support is psychological support crossing at 4.00.  



March Minneapolis wheat was up a 1/4-cent overnight at 6.09 1/4. 



March Minneapolis wheat was steady to fractionally higher overnight as it consolidates some of the decline off November's high. The high-range trade sets the stage for a steady to higher opening when the day 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 this year's decline, 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 6.31 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 6.31 3/4. Second resistance is November's high crossing at 6.66. First support is Monday's low crossing at 6.06 3/4. 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 "



January soybeans were down 1 3/4-cents at 9.80 3/4. 



January soybeans was lower overnight as it extends the decline off last week's high.The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 10-day moving average crossing at 9.93 would confirm that a short-term low has been posted. If January resumes the rally off November's low, the 75% retracement level of the July-August-decline crossing at 10.23 is the next upside target. First resistance October's high crossing at 10.13. Second resistance is the 75% retracement level of the July-August-decline crossing at 10.23. First support is the overnight low crossing at 9.78 3/4. Second support is November's low crossing at 9.67. 



January soybean meal was down $1.80 at 325.90. 



January soybean meal was lower overnight as it extends the decline off last Wednesday's high. The low-range close sets the stage for a steady to lower opening when the day 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 the 20-day moving average crossing at 327.00 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If January resumes the rally off November's low, July's high crossing at 349.70 is the next upside target. First resistance is last Wednesday's high crossing at 348.20. Second resistance is July's high crossing at 349.70. First support is the 20-day moving average crossing at 327.00. Second support is the 50-day moving average crossing at 322.00. 



January soybean oil was down 1 pts. at 33.45. 



January soybean oil was steady to slightly lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 33.91 are needed to confirm that a low has been posted. If January renews the decline off November's high, October's low crossing at 32.47 is the next downside target. First resistance is the 20-day moving average crossing at 33.91. Second resistance is November's high crossing at 35.61. First support is last Thursday's low crossing at 32.80. Second support is October's low crossing at 32.47. 



LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 



February hogs closed down $1.83 at $67.03. 



February hogs closed lower on Monday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the aforementioned decline, November's low crossing at 66.25 is the next downside target. If February renews the rally off November's low, November's high crossing at 73.30 is the next upside target. First resistance is the reaction high crossing at 72.25. Second resistance is November's high crossing at 73.30. First support is the reaction low crossing at 66.88. Second support is November's low crossing at 66.25. 



February cattle closed down $0.58 at 117.73. 



February cattle closed lower on Monday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 February extends the decline off November's high, the 75% retracement level of the August-November-rally crossing at 115.06 is the next downside target. Closes above the 20-day moving average crossing at 123.26 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 123.26. Second resistance is November's high crossing at 131.95. First support is today's low crossing at 117.58. Second support is the 75% retracement level of the August-November-rally crossing at 115.06.

 

January Feeder cattle closed up $0.23 at $145.45. 



January Feeder cattle closed higher on Monday. The mid-range close sets the stage for a steady opening when Tuesday'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 January extends the decline off November's high, the 38% retracement level of the February-October-rally crossing at 144.16 is the next downside target. Closes above the 20-day moving average crossing at 151.39 would confirm that a short-term low has been posted. First resistance is the late-November high crossing at 156.05. Second resistance is November's high crossing at 162.08. First support is today's low crossing at 144.45. Second support is the 38% retracement level of the February-October-rally crossing at 144.16.   



FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 



March coffee closed lower on Monday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening on Tuesday. 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, weekly support crossing at 11.89 is the next downside target. Closes above the 50-day moving average crossing at 12.87 would confirm that a short-term low has been posted. 



March cocoa closed higher on Monday as it consolidates some of the decline off November's high. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 November's high, August's low crossing at 18.51 is the next downside target. Closes above the 20-day moving average crossing at 20.52 would confirm that a short-term low has been posted. 



March sugar closed lower on Friday as it extends the decline off November's high. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the reaction low crossing at 13.84 is the next downside target. Closes above the 20-day moving average crossing at 14.99 would temper the bearish outlook.  



March cotton posted an inside day with a lower close on Friday as it consolidated some of the rally off October's low. The low-range close sets the stage for a steady to lower opening on Monday. 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 October's low, April's high crossing at 74.74 is the next upside target. Closes below the 20-day moving average crossing at 71.35 would confirm a short-term top has been posted. 

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