INO Evening Market Comments
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Started by tallpine - April 24, 2018, 4:52 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, April 25, 2018 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 399.4)



                       Composite Idx, W/W% (previous +4.9%)



                       Purchase Idx-SA (previous 262.4)



                       Purchase Idx-SA, W/W% (previous +6.1%)



                       Refinance Idx (previous 1149.5)



                       Refinance Idx, W/W% (previous +3.5%)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 427.567M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -1.071M)



                       Gasoline Stocks (Bbl) (previous 235.967M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -2.968M)



                       Distillate Stocks (Bbl) (previous 125.34M)



                       Distillate Stocks, Net Chg (Bbl) (previous -3.107M)



                       Refinery Usage (previous 92.4%)



                       Total Prod Supplied (Bbl/day) (previous 21.434M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.622M)



Thursday, April 26, 2018 



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



                       Jobless Claims (expected 228K; previous 232K)



                       Jobless Claims, Net Chg (previous -1K)



                       Continuing Claims (previous 1863000)



                       Continuing Claims, Net Chg (previous -15K)



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



                       Corn (Metric Tons) (previous 2605.1K)



                       Soybeans (Metric Tons) (previous 1347K)



                       Wheat (Metric Tons) (previous 219.5K)



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



                       Durable Goods-SA, M/M% (expected +1.8%; previous +3.1%)



                       Dur Goods, Ex-Defense, M/M% (previous +2.5%)



                       Dur Goods, Ex-Transport, M/M% (previous +1.2%)



                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.8%)

                       

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.4%)

                       

8:30 AM ET. March Advance Economic Indicators Report



9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. 1st Quarter U.S. Housing Vacancies



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



                       Working Gas In Storage (Cbf) (previous 1299B)



                       Working Gas In Storage, Net Chg (Cbf) (previous -36B)

                       

11:00 AM ET. April Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing



                       Mfg Activity Idx (previous 20)



                       6-Mo Exp Prod Idx (previous 42)



                       Mfg Composite Idx (expected 15; previous 17)



                       6-Mo Exp Composite Idx (previous 33)



2:00 PM ET. SEC Closed Meeting



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Money Stock Measures



Friday, April 27, 2018  



8:30 AM ET. 1st Quarter Employment Cost Index



                       ECI, Q/Q% (expected +0.7%; previous +0.6%)



                       ECI, Y/Y% (previous +2.6%)



8:30 AM ET. 1st Quarter Advance estimate GDP



                       Annual Rate, Q/Q% (expected +1.8%; previous +2.9%)



                       Chain-Weighted Price Idx, Q/Q% (expected +2.2%; previous +2.3%)



                       PCE Price Idx, Q/Q% (previous +2.7%)



                       Purchase Price Idx, Q/Q% (previous +2.5%)



                       Real Final Sales 1st Est, Q/Q% (previous +3.4%)



                       Core PCE Price Idx, Q/Q% (previous +1.9%)



                       Personal Consumption, Q/Q% (previous +4.0%)



10:00 AM ET. April University of Michigan Survey of Consumers – final



                       End-Mo Sentiment Idx (expected 97.8; previous 101.4)



                       End-Mo Expectations Idx (previous 88.8)



                       12-Month Inflation Forecast (previous 2.8%)



                       5-Year Inflation Forecast (previous 2.5%)



                       End-Mo Current Idx (previous 121.2)



3:00 PM ET. April Agricultural Prices



                       Farm Prices, M/M% (previous +5.7%)



  N/A              Trump welcomes Merkel to the White House



Monday, April 30, 2018 



8:30 AM ET. March Personal Income & Outlays



                       Personal Income, M/M% (previous +0.4%)



                       Consumer Spending, M/M% (previous +0.2%)



                       PCE Price Idx, M/M% (previous +0.2%)



                       PCE Price Idx, Y/Y% (previous +1.8%)



                       PCE Core Price Idx, M/M% (previous +0.2%)



                       PCE Core Price Idx, Y/Y% (previous +1.6%)



9:45 AM ET. April ISM-Chicago Business Survey - Chicago PMI



                       PMI-Adj (previous 57.4)



10:00 AM ET. March Pending Home Sales Index



                       Pending Home Sales (previous 107.5)



                       Pending Home Sales Idx, M/M% (previous +3.1%)



                       Pending Home Sales Idx , Y/Y% (previous -4.1%)



10:30 AM ET. April Texas Manufacturing Outlook Survey



                       Business Activity (previous 21.4)



                       Mfg Production Idx (previous 12.7)



4:00 PM ET. Foreign portfolio holdings of U.S. securities final results



  N/A              Trump welcomes Nigerian counterpart to the White House



  N/A              U.S: Arbor Day in Wyoming



  N/A              U.S: Confederate Memorial Day in Mississippi


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



The June NASDAQ 100 closed sharply lower on Tuesday and below the 20-day moving average crossing at 6607.90 confirming that a short-term top has been posted. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, April's low crossing at 6306.75 is the next downside target. Closes above the 50-day moving average crossing at 6757.39 would confirm that a short-term low has been posted. First resistance is April's high crossing at 6867.00. Second resistance is the reaction high crossing at 6951.00. First support is today's low crossing at 6467.25. Second support is April's low crossing at 6306.75.  



The June S&P 500 closed sharply lower on Tuesday as it extended the decline off April's high. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at 2647.84 confirms that a short-term top has been posted while opening the door for additional weakness near-term. If June extends today's decline, the reaction low crossing at 2584.00 is the next downside target. If June renews the rally off April's low, the reaction high crossing at 2741.00 is the next upside target. First resistance is the reaction high crossing at 2741.00. Second resistance is March's high crossing at 2806.00. First support is the reaction low crossing at 2584.00. Second support is April's low crossing at 2554.00. 



The Dow closed sharply lower on Tuesday and below the 20-day moving average crossing at 24,262.06 confirming that a short-term top has been posted. The Dow accelerated today's decline in afternoon trade due to a selloff in industrials, materials and technology shares. The selling pressure came after the 10-year Treasury yield touched the psychologically important 3% level for the first time in four years, a move that comes as first-quarter earnings season was failing to excite investors, despite some strong results. While the earnings season remained in full swing, the tone was generally negative, with several bellwether stocks slumping despite posting numbers that were ahead of analyst forecasts. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends today's decline, April's low crossing at 23,344.52 is the next downside target. Closes above the 50-day moving average crossing at 24,608.71 would confirm that a short-term low has been posted. First resistance is April's high crossing at 23,832.54. Second resistance is the reaction high crossing at 24,977.65. First support is the reaction low crossing at 23,738.20. Second support is April's low crossing at 23,344.52.      



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



June T-bonds closed down 21/32's at 142-10.



June T-bonds closed lower on Tuesday as it extends the decline off April's high. 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 June extends the aforementioned decline, February's low crossing at 141-14 is the next downside target. Closes above the 20-day moving average crossing at 145-06 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 144-16. Second resistance is the 20-day moving average crossing at 145-06. First support is Monday's low crossing at 142-09. Second support is February's low crossing at 141-14.     



June T-notes closed down 35 pts at 119-070.



June T-notes closed lower on Tuesday as it extended the decline off April's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, weekly support crossing at 117.180 is the next downside target. Closes above the 20-day moving average crossing at 120.157 would confirm that a short-term low has been posted. First resistance the 10-day moving average crossing at 120.027. Second resistance is April's high crossing at 121.110. First support is today's low crossing at 119.065. Second support is weekly support crossing at 117.180.     



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



June crude oil closed lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday'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 June extends the rally off February's low, the 50% retracement level of the 2014-2016-decline crossing at 72.85 is the next upside target. Closes below the 20-day moving average crossing at 65.71 would confirm that a short-term top has been posted. First resistance is last Friday's high crossing at 69.55. Second resistance is the 50% retracement level of the 2014-2016-decline crossing at 72.85.First support is the 20-day moving average crossing at 65.71. Second support is the 50-day moving average crossing at 63.33. 



June heating oil closed lower on Tuesday as it consolidates some of this year's rally. The low-range close sets the stage for a steady to lower opening when Wednesday'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 June extends the rally off February's low, weekly resistance crossing at 216.58 is the next upside target. Closes below the 20-day moving average crossing at 204.55 are needed to confirm that a short-term top has been posted.First resistance is today's high crossing at 214.84. Second resistance is weekly resistance crossing at 216.58. First support is the 20-day moving average crossing at 204.55. Second support is the 50-day moving average crossing at 196.94.  



June unleaded gas posted an inside day with a lower close on Tuesday as it consolidated some of the rally off April'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 June extends the rally off February's low, monthly resistance crossing at 217.77 is the next upside target. Closes below the 20-day moving average crossing at 203.68 would confirm that a short-term top has been posted. First resistance is today's high crossing at 213.80. Second resistance is monthly resistance crossing at 217.77. First support is the 10-day moving average crossing at 207.69. Second support is the 20-day moving average crossing at 203.68.



June Henry natural gas closed higher on Tuesday as it extends this month's trading range. 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 last Wednesday's high crossing at 2.818 would confirm an upside breakout of this month's trading range while opening the door for a possible test of March's high crossing at 3.020. If June renews the decline off March's high, February's low crossing at 2.638 is the next downside target. First resistance is last Wednesday's high crossing at 2.818. Second resistance is March's high crossing at 2.873. First support is April's low crossing at 2.660. Second support is February's low crossing at 2.638.  



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



The June Dollar closed lower on Tuesday as it consolidated some of the rally off April's low but remains above the upper boundary of this year's trading range crossing at 90.49.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. Multiple closes above 90.49 are needed to confirm Monday's upside breakout of the aforementioned trading range. 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 April's low crossing at 88.94. Second support is the late-March low crossing at 88.53.  



The June Euro closed higher on Tuesday as it consolidated some of the decline off April'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, the 50% retracement of the November-February-rally crossing at 121.97 is the next downside target. Closes above the 50-day moving average crossing at 124.08 would confirm that a short-term low has been posted. First resistance is April's high crossing at 124.68. Second resistance is March's high crossing at 125.54. First support is today's low crossing at 122.30. Second support is the 50% retracement level of the November-February-rally crossing at 121.97.    



The June British Pound closed higher on Tuesday as it consolidates some of the decline off April'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 June extends the aforementioned decline, the reaction low crossing at 1.3945 is the next downside target. Closes above the 10-day moving average crossing at 1.4185 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.4185. Second resistance is April's high crossing at 1.4413. First support is the reaction low crossing at 1.3945. Second support is March's low crossing at 1.3779. 



The June Swiss Franc closed slightly lower on Tuesday as it extends the decline off February's high and tested the 87% retracement level of the November-February-rally crossing at 1.0241. 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 June extends the decline off February's high, last November's low crossing at 1.0130 is the next downside target. Closes above the 20-day moving average crossing at 1.0447 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0382. Second resistance is the 20-day moving average crossing at 1.0447. First support is the 87% retracement level of the November-February-rally crossing at 1.0241. Second support is last November's low crossing at 1.0130.



The June Canadian Dollar closed higher on Tuesday as it consolidated some of the decline off April'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the reaction low crossing at 77.35 is the next downside target. Closes above the 10-day moving average crossing at 79.06 would confirm that a short-term low has been posted. First resistance is April's high crossing at 79.92. Second resistance is the reaction high crossing at 80.45. First support is the reaction low crossing at 77.35. Second support is March's low crossing at 76.33.  



The June Japanese Yen closed slightly lower on Tuesday as it extended the decline off March'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 June extends the aforementioned decline, the 62% retracement level of the October-March-rally crossing at 0.9148 is the next downside target. Closes above the 20-day moving average crossing at 0.9380 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.9380. Second resistance is the reaction high crossing at 0.9511. First support is today's low crossing at 0.9189. Second support is the 62% retracement level of the October-March-rally crossing at 0.9148.   



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



June gold closed higher on Tuesday as it consolidated some of its recent losses. 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 sideways to lower prices are possible near-term. If June extends the decline off April's high, the 50% retracement level of the December-January-rally crossing at 1311.50 is the next downside target. First resistance is last Wednesday's high crossing at 1369.40. Second resistance is April's high crossing at 1369.40. 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 closed higher on Tuesday. The high-range close set the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple loses below the 20-day moving average crossing at 16.614 would confirm that a short-term top has been posted. If May renews the rally off April's low, the reaction high crossing at 17.460 is the next upside target. First resistance is the reaction high crossing at 17.460. Second resistance is January's high crossing at 17.785. First support is the 20-day moving average crossing at 16.614. Second support is April's low crossing at 16.150.       



May copper 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 neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 307.69 would confirm that a short-term top has been posted. If May renews the rally off March's low, February's high crossing at 329.05 is the next upside target. First resistance is last Thursday's high crossing at 319.55. Second resistance is February's high crossing at 329.05.First support is the 20-day moving average crossing at 307.69. Second support is April's low crossing at 297.00.   



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



July Corn closed up 2 1/2-cents at 3.90. 



July corn closed higher on Tuesday as it consolidates some of the decline off April'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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, April's low crossing at 380 1/2 is the next downside target. Closes above the 20-day moving average crossing at 3.92 1/4 would signal that a short-term low has been posted. First resistance is April's high crossing at 4.01. Second resistance is March's high crossing at 4.02 3/4. First support is Monday's low crossing at 3.85 1/4. Second support is  April's low crossing at 3.80 1/2.  



July wheat closed up 10-cents at 4.84. 



July wheat posted a key reversal up with today's higher close as it consolidated some of the decline off April's high. Today's rally was triggered by talk of possible frost damage in Kansas. 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 sideways to lower prices are possible near-term. If July extends the decline off April's high, March's low crossing at 4.59 is the next downside target. Closes above last Thursday's high crossing at 4.94 would confirm that a short-term low has been posted. First resistance is last Thursday's high crossing at 4.94. Second resistance is April's high crossing at 5.10 1/2. First support is today's low crossing at 4.67 3/4. Second support is March's low crossing at 4.59.       



July Kansas City Wheat closed up 9 1/4-cents at 5.12. 



July Kansas City wheat closed higher on Tuesday on talk of possible frost damage across portions of Kansas. 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 July renews the decline off April's high, March's low crossing at 4.75 1/2 is the next downside target. Closes above the 50-day moving average crossing at 5.05 would confirm that a short-term low has been posted. First resistance is April's high crossing at 5.47 3/4. Second resistance is March's high crossing at 5.65. First support is last Tuesday's low crossing at 4.94 3/4. Second support is March's low crossing at 4.75 1/2. 



July Minneapolis wheat closed up 3 3/4-cents at 5.98 3/4. 



July Minneapolis wheat closed higher on Tuesday as it consolidated some of the decline off April'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, April's low crossing at 5.81 is the next downside target. Closes above the 10-day moving average crossing at 6.17 3/4 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 6.27 1/4. Second resistance is April's high crossing at 6.43 1/2. First support is today's low crossing at 5.91 1/4. Second support is April's low crossing at 5.81.  



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



July soybeans closed up a 1/2-cents at 10.32 3/4. 



July soybeans closed fractionally higher on Tuesday as it consolidated some of the decline off April's high. The mid-range close sets the stage for a steady to higher opening with Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the reaction low crossing at 10.14 is the next downside target. Closes above the 10-day moving average crossing at 10.51 would confirm that a short-term low has been posted. First resistance is April's high crossing at 10.78. Second resistance is March's high crossing at 10.90 1/4. First support is the reaction low crossing at 10.14. Second support is April's low crossing at 9.94 1/2.



July soybean meal closed down $0.20 at 376.00. 



July soybean meal closed slightly lower on Tuesday as it extended the decline off April's high. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, April's low crossing at 367.00 is the next downside target. Closes above the 20-day moving average crossing at 382.70 would confirm that a short-term low has been posted. First resistance is April's high crossing at 397.00. Second resistance is March's high crossing at 400.60. First support is today's low crossing at 373.80. Second support is April's low crossing at 367.00. 



July soybean oil closed up 6 pts. At 31.29. 



July soybean oil closed slightly higher 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off January's high, the January-2016 low crossing at 30.67 is the next downside target. Closes above the 50-day moving average crossing at 32.08 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 32.08. Second resistance is April's high crossing at 33.00. First support is Monday's low crossing at 31.15. Second support is the January-2016 low crossing at 30.67.



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



June hogs closed down $1.55 at $74.82. 



June hogs closed lower on Tuesday and below the 20-day moving average crossing at 75.66 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the rally off April's low, the reaction high, crossing at 79.60 is the next upside target. First resistance is the reaction high crossing at 79.60. Second resistance is March's high crossing at 81.33. First support is today's low crossing at 74.75. Second support is April's low crossing at 70.25. 



June cattle closed up $0.18 at 105.05. 



June cattle closed higher 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 June extends the rally off April's low, the reaction high crossing at 106.93 is the next upside target. If June resumes the decline off February's high, the March 2017 low crossing at 96.40 is the next downside target. First resistance is the reaction high crossing at 106.93. Second resistance is the 50-day moving average crossing at 109.72. First support is the 87% retracement level of 2017's rally crossing at 99.63. Second support is the March 2017 low crossing at 96.40.

 

May Feeder cattle closed down $0.45 at $140.15. 



May 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. Closes below the 20-day moving average crossing at 137.38 would confirm that a short-term top has been posted. If May extends the rally off April's low, the 50-day moving average crossing at 142.36 is the next upside target. First resistance is the 50-day moving average crossing at 142.53. Second resistance is last Monday's high crossing at 142.65. First support is the reaction low crossing at 134.33. Second support is April's low crossing at 128.88.   



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



May coffee closed higher on Tuesday as it extended the rally off April's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 11.92 are needed to confirm that a low has been posted. If May resumes the decline off January's high, weekly support crossing at 11.25 is the next downside target.     



May cocoa 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 a short-term top might be in or is near. Closes below the 20-day moving average crossing at 26.13 are needed to confirm that a short-term top has been posted. If May extends the rally off December's low, the 87% retracement level of the 2016-2017-decline crossing at 29.07 is the next upside target.  



May sugar closed lower on Tuesday as it extended this year's decline. The mid-range close set the stage for a steady to lower 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 May extends this year's decline, monthly support crossing at 10.13 is the next downside target. Closes above the 20-day moving average crossing at 12.04 are needed to confirm that a low has been posted. 



July cotton closed sharply lower on Tuesday and Closes below the 50-day moving average crossing at 82.13 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish with today's decline confirming that a double top with March's high might have been posted with Monday's high. If July extends today's decline, April's low crossing at 78.55 is the next downside target. If July resumes the rally off April's low, March's high crossing at 85.83 is the next upside target.  

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