INO Evening Market Comments
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Started by tallpine - March 22, 2018, 4:25 p.m.

KEY EVENTS TO WATCH FOR:



Friday, March 23, 2018  



8:30 AM ET. February Advance Report on Durable Goods



                       Durable Goods-SA, M/M% (expected +1.5%; previous -3.7%)



                       Dur Goods, Ex-Defense, M/M% (previous -2.7%)



                       Dur Goods, Ex-Transport, M/M% (previous -0.3%)



                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.2%)

                       

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.1%)

                       

10:00 AM ET. February Regional & State Employment & Unemployment



10:00 AM ET. February New Residential Sales



                       New Home Sales (expected 620K; previous 593K)



                       New Home Sales, M/M% (expected +4.6%; previous -7.8%)



                       New Home Sales Months Supply (previous 6.1)




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



The June NASDAQ 100 closed sharply lower on Thursday as it extended the decline off March's high.The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term, Today's close below the 50-day moving average crossing at 6854.77 has opened the door for a possible test of March's low crossing at 6676.00 is the next downside target. Closes above the 10-day moving average crossing at 6994.73 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 6994.73. Second resistance is March's high crossing at 7214.50. First support is March's low crossing at 6676.00. Second support is the reaction low crossing at 6485.25. 



The June S&P 500 closed sharply lower on Thursday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, February's low crossing at 2596.10 is the next downside target. Closes above the 50-day moving average crossing at 2749.38 would confirm that a short-term low has been posted. First resistance is March's high crossing at 2806.00. Second resistance is February's high crossing at 2879.10. First support is today's low crossing at 2646.00. Second support is February's low crossing at 2596.10.



The Dow gapped down and closed sharply lower on Thursday as the Trump administration’s plans to announce new trade restraints against China renewed fears about a potential trade war that could dent economic growth. Investors also digested the latest policy statement by the Federal Reserve and remarks by Chairman Jerome Powell, which offered an unclear signal about the central bank’s policy path, and as Facebook’s troubles weighed on the technology sector. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at 25,249.07 would confirm that a short-term  low has been posted. If the Dow extends today's decline, February's low crossing at 23,360.29 is the next downside target. First resistance is Wednesday's high crossing at 24,977.65. Second resistance is March's high crossing at 25,449.15. First support is today's low crossing at 23,938.74. Second support is February's low crossing at 23,360.29.     



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



June T-bonds closed up 1-11/32's at 144-27.



June T-bonds closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 June renews the rally off February's low, the 38% retracement level of the December-February-decline crossing at 146-01 is the next upside target. Multiple closes below the 20-day moving average crossing at 143-23 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 144-31. Second resistance is the 38% retracement level of the December-February-decline crossing at 146-01. First support is March's low crossing at 142-21. Second support is February's low crossing at 141-14.   



June T-notes closed up 190/32's at 120-175.



June T-notes closed higher on Thursday testing resistance marked by the 50-day moving average crossing at 120.238. The high-range close sets the stage for a steady to higher opening when Friday'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 50-day moving average crossing at 120-238 would confirm that an important low has been posted while opening the door for additional gains near-term. If June renews the decline off last September's high, February's low crossing at 119.140 is the next downside target. First resistance is the 50-day moving average crossing at 120.238. Second resistance is the reaction high crossing at 122.020. First support is the reaction low crossing at 119.265. Second support is February's low crossing at 119.140.    



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



May crude oil closed lower due to profit taking on Thursday as it consolidates some of the rally off March's low.The low-range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off February's low, January's high crossing at 66.66 is the next upside target. Closes below the 20-day moving average crossing at 62.23 would confirm that a short-term top has been posted. First resistance is today's high crossing at 65.74. Second resistance is January's high crossing at 66.66. First support is the 20-day moving average crossing at 62.23. Second support is March's low crossing at 59.91.



May heating oil closed lower due to profit taking on Thursday as it extends this week's rally but remains above the 50-day moving average crossing at 195.87. The low-range close sets the stage for a steady to lower opening when Friday's night trading session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week's rally, January's high crossing at 208.95 is the next upside target. Closes below the 20-day moving average crossing at 202.85 would confirm that a short-term top has been posted. First resistance is today's high crossing at 208.95. Second resistance is January's high crossing at 208.95. First support is March's low crossing at 184.42. Second support is February's low crossing at 180.93. 



May unleaded gas closed lower on Thursday as it consolidates some of this week's rally but remains above the 50-day moving average crossing at 198.36. The mid-range close sets the stage for a steady to lower opening when Friday'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 May extends this week's rally, January's high crossing at 210.12 is the next upside target. Closes below the 20-day moving average crossing at 195.04 would confirm that a short-term top has been posted. First resistance is today's high crossing at 203.22. Second resistance is February's high crossing at 208.89. First support is March's low crossing at 187.19. Second support is February's low crossing at 184.84. 



May Henry natural gas closed lower on Friday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Friday'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 May extends the aforementioned decline, February's low crossing at 2.600 is the next downside target. Closes above the 50-day moving average crossing at 2.750 would temper the near-term bearish outlook. First resistance is March's high crossing at 2.831. Second resistance is the reaction high crossing at 2.833. First support is the reaction low crossing at 2.648. Second support is February's low crossing at 2.600. 



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



The June Dollar closed higher on Thursday while extend this year's trading range.The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If June renews the rally off February's low, the 50% retracement level of the November-February-decline crossing at 91.13 is the next upside target. If June extends Wednesday's decline, March's low crossing at 88.91 is the next downside target. First resistance is the 38% retracement level of the November-February-decline crossing at 90.35. Second resistance is the 50% retracement level of the November-February-decline crossing at 91.13. First support is March's low crossing at 88.91. Second support is February's low crossing at 87.83. 



The June Euro closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off February's high, the 50% retracement of the November-February-rally crossing at 121.97. If June resumes the rally off the March 1st low, February's high crossing at 126.58 is the next upside target. First resistance is March's high crossing at 125.47. Second resistance is February's high crossing at 126.58. First support is the March 1st low crossing at 122.54. Second support is the 50% retracement level of the November-February-rally crossing at 121.97.   



The June British Pound posted a downside reversal due to profit taking on Thursday as it consolidated some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Friday'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 June extends the rally off March's low, the reaction high crossing at 1.4352 is the next upside target. Closes below the 20-day moving average crossing at 1.3983 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1.4352. Second resistance  is February's high crossing at 1.4404. First support is March's low crossing at 1.3779. Second support is the 62% retracement level of the November-January-rally crossing at 1.3628.     



The June Swiss Franc closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a short-term lower prices might be in or is near. Closes above the 20-day moving average crossing at 1.0667 are needed to confirm that a short-term low has been posted. If June extends the decline off February's high, the 62% retracement level of the November-February-rally crossing at 1.0458 is the next downside target. First resistance is the 20-day moving average crossing at 1.0667. Second resistance is March's high crossing at 1.0800. First support is Tuesday's low crossing at 1.0545. Second support is the 62% retracement level of the November-February-rally crossing at 1.0458. 



The June Canadian Dollar closed lower on Thursday as it consolidated some of Wednesday's rally. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 77.67 are needed to confirm that a short-term low has been posted. If June renews the decline off January's high, weekly support crossing at 76.04 is the next downside target. First resistance is the 20-day moving average crossing at 77.67. Second resistance is the reaction high crossing at 78.26. First support is Monday's low crossing at 76.33. Second support is weekly support crossing at 76.04.  



The June Japanese Yen closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday’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 June renews the rally off January's low, the 62% retracement level of 2016's trading range crossing at 0.9732 is the next upside target. Closes below last Tuesday's low crossing at 0.9382 are needed to confirm that a short-term top has been posted. First resistance is the 50% retracement level of 2016's trading range crossing at 0.9542. Second resistance is the 62% retracement level of 2016's trading range crossing at 0.9732. First support is last Tuesday's low crossing at 0.9382. Second support is the reaction low crossing at 0.9343.   



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



June gold posted an inside day with a lower close on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 reaction high crossing at 1348.10 would confirm an upside breakout of this month's trading range. If June renews the decline off February's high, the 62% retracement level of the December-January-rally crossing at 1296.30 is the next downside target. First resistance is the reaction high crossing at 1348.10. Second resistance is February's high crossing at 1369.60. First support is the 50% retracement level of the December-January-rally crossing at 1311.50. Second support is the 62% retracement level of the December-January-rally crossing at 1296.30.



May silver posted an inside day with a lower close on Thursday as it consolidates some of Wednesday's rally. The low-range close set the stage for a steady to lower opening when Friday'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 50-day moving average crossing at 16.768 are needed to confirm that a short-term low has been posted. Closes below Tuesday's low crossing at 16.100 would confirm a downside breakout of the February-March trading range. First resistance is the 50-day moving average crossing at 16.768. Second resistance is the reaction high crossing at 17.025. First support is Tuesday's low crossing at 16.100. Second support is December's low crossing at 15.705.     



May copper closed lower on Thursday as it extended the decline off February's high.The low-range close sets the stage for a steady to lower opening when Friday'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 May extends the decline off February's high, December's low crossing at 295.85 is the next downside target. Closes above the 50-day moving average crossing at 317.47 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 310.10. Second resistance is the 20-day moving average crossing at 312.65.First support is today's low crossing at 300.30. Second support is December's low crossing at 295.85.



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



May Corn closed up 1-cent at 3.76. 



May corn closed higher on Thursday as it consolidates some of the decline off March's high. The mid-range close sets the stage for a steady to higher opening when Friday'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 May extends this week's decline the 62% retracement level of this year's rally crossing at 3.69 1/2 is the next downside target. Closes above the 20-day moving average crossing at 3.83 1/2 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.83 1/2. Second resistance is March's high crossing at 3.95 1/4. First support is the 50% retracement level of this year's rally crossing at 3.74 1/2. Second support is the 62% retracement level of this year's rally crossing at 3.69 1/2. 



May wheat closed up 3-cents at 4.56 1/2. 



May wheat closed higher on Thursday as it consolidated some of Monday's decline. The high-range close sets the stage for a steady to higher opening when Friday'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 May extends the decline off March's high, the 87% retracement level of the December-March-rally crossing at 4.36 is the next downside target. Closes above the 20-day moving average crossing at 4.82 1/2 would confirm that a short-term low has been posted. First resistance is Monday's gap crossing at 4.67. Second resistance is the 20-day moving average crossing at 4.82 1/2. First support is the 75% retracement level of the December-March-rally crossing at 4.47 1/2. Second support is the 87% retracement level of the December-March-rally crossing at 4.36.     



May Kansas City Wheat closed up 5 1/2-cents at 4.71. 



May Kansas City wheat closed higher due to short covering on Thursday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month's decline, the 75% retracement level of the December-March-rally crossing at 4.54 3/4 is the next downside target. Closes above Monday's gap crossing at 4.99 1/4 would confirm that a short-term low has been posted. First resistance is Monday's gap crossing at 4.99 1/4. Second resistance is the 20-day moving average crossing at 5.10 3/4. First support is Wednesday's low crossing at 4.58 1/4. Second support is the 75% retracement level of the December-March-rally crossing at 4.54 3/4.    



May Minneapolis wheat closed up 3 3/4-cents at 5.93. 



May Minneapolis wheat closed higher due to short covering on Thursday as it consolidated some of this year's decline. The high-range close sets the stage for a steady to higher opening when Friday'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 May extends the decline off January's high, the December-2016 low crossing at 5.59 1/4 is the next downside target. Closes above the 50-day moving average crossing at 6.17 3/4 would temper the near-term bearish outlook. First resistance is the reaction high crossing at 6.29 3/4. Second resistance is March's high crossing at 6.36. First support is Wednesday's low crossing at 5.82 3/4. Second support is the December-2016 low crossing at 5.59 1/4. 



SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "



May soybeans closed down 3/4-cents at 10.29. 



May soybeans closed fractionally lower on Thursday.The mid-range close sets the stage for a steady opening when Friday'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 May extends this month's decline, the 50% retracement level of the January-March-rally crossing at 10.19 is the next downside target. Closes above the 20-day moving average crossing at 10.48 1/2 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 10.48 1/2. Second resistance is March's high crossing at 10.82 1/2. First support is the the 50% retracement level of the January-March-rally crossing at 10.19. Second support is the 62% retracement level of the January-March-rally crossing at 10.04. 



May soybean meal closed up $4.00 at 368.50. 



May soybean meal closed higher on Thursday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 378.10 would confirm that a short-term low has been posted. If May renews the decline off March's high, the 62% retracement level of the January-March-rally crossing at 348.30 is the next downside target. First resistance is the 20-day moving average crossing at 378.10. Second resistance is March's high crossing at 404.00. First support is the 50% retracement level of the January-March-rally crossing at 359.00. Second support is the 62% retracement level of the January-March-rally crossing at 348.30.  



May soybean oil closed down 48 pts. At 31.89. 



May soybean oil posted an inside day with a lower close on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 50-day moving average crossing at 32.43 are needed to confirm that a short-term low has been posted. If May resumes the decline off January's high, the July-2016 low crossing at 31.37 is the next downside target. First resistance is the 50-day moving average crossing at 32.43. Second resistance is the late-February high crossing at 32.96. First support is March's low crossing at 31.43. Second support is the July-2016 low crossing at 31.37.



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



June hogs closed down $1.75 at $75.48. 



June hogs closed sharply lower on Thursday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Friday'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 June extends the decline off January's high, the August-2017 low crossing at 74.65 is the next downside target. Closes above the 20-day moving average crossing at 79.04 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 77.51. Second resistance is the 20-day moving average crossing at 79.04. First support is today's low crossing at 74.90. Second support is the August-2017 low crossing at 74.65.



June cattle closed up $1.03 at 108.40. 



June cattle posted an inside day with a higher close on Thursday as it consolidates some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If June extends the decline off February's high, the 62% retracement level of 2017's rally crossing at 105.97 is the next downside target. Closes above the 20-day moving average crossing at 113.30 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 111.30. Second resistance is the 20-day moving average crossing at 113.30. First support is Wednesday's low crossing at 117.15. Second support is the 62% retracement level of 2017's rally crossing at 105.97.

 

May Feeder cattle closed up $1.58 at $138.53. 



May Feeder cattle closed higher due to short covering on Thursday as it consolidates some of this year's decline. The high-range close sets the stage for a steady to higher opening when Friday'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 May extends the aforementioned decline, last August's low crossing at 134.10 is the next downside target. Closes above the 20-day moving average crossing at 144.43 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 141.08. Second resistance is the 20-day moving average crossing at 144.43. First support is today's low crossing at 136.40. Second support is last August's low crossing at 134.10.   



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



May coffee closed slightly higher on Thursday. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 12.26 are needed to confirm that a low has been posted. If May extends the decline off January's high, weekly support crossing at 11.55 is the next downside target.      



May cocoa closed slightly lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off December's low, the 62% retracement level of the 2016-2017-decline crossing at 25.89 is the next upside target. Closes below the 20-day moving average crossing at 24.19 would confirm that a short-term top has been posted. 



May sugar posted an inside day with a higher close on Thursday. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 13.02 are needed to confirm that a low has been posted. If May extends this year's decline, weekly support crossing at 12.00 is the next downside target. 



May cotton closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 81.05 are needed to confirm that a short-term top has been posted. If May renews the rally off February's low, weekly resistance crossing at 87.18 is the next upside target. 

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