INO Evening Market Comments
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Started by tallpine - Aug. 20, 2018, 4:11 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, August 21, 2018  



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



                       Chain Store Sales, W/W% (previous -1.2%)



                       Chain Store Sales, M/M% (previous +3.0%)



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M% (previous +0.1%)



                       Ret Sales Mo-to-Date, Y/Y% (previous +4.5%)



                       Latest Wk, Y/Y% (previous +4.5%)



4:30 AM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous +3.7M)



                       Gasoline Stocks, Net Chg (Bbls) (previous -1.6M)



                       Distillate Stocks, Net Chg (Bbls) (previous +1.9M)



Wednesday, August 22, 2018 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 335.8)



                       Composite Idx, W/W% (previous -2.0%)



                       Purchase Idx-SA (previous 225.5)



                       Purchase Idx-SA, W/W% (previous -3.3%)



                       Refinance Idx (previous 927.5)



                       Refinance Idx, W/W% (previous +0.0%)



10:00 AM ET. July Existing Home Sales



                       Existing Sales (previous 5.38M)



                       Existing Sales, M/M% (previous -0.6%)



                       Unsold Homes Month's Supply (previous 4.3)



                       Median Price (USD) (previous 276900)



                       Median Home Price, Y/Y% (previous +5.2%)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 414.194M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous +6.805M)



                       Gasoline Stocks (Bbl) (previous 233.128M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -0.74M)



                       Distillate Stocks (Bbl) (previous 128.989M)



                       Distillate Stocks, Net Chg (Bbl) (previous +3.566M)



                       Refinery Usage (previous 98.1%)



                       Total Prod Supplied (Bbl/day) (previous 20.187M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.741M)

                       

2:00 PM ET. Federal Open Market Committee meeting minutes published



Thursday, August 23, 2018 



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



                       Corn (Metric Tons) (previous 1383.8K)



                       Soybeans (Metric Tons) (previous 705K)



                       Wheat (Metric Tons) (previous 803.1K)



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



                       Jobless Claims (previous 212K)



                       Jobless Claims, Net Chg (previous -2K)



                       Continuing Claims (previous 1721000)



                       Continuing Claims, Net Chg (previous -39K)



9:00 AM ET. June U.S. Monthly House Price Index



9:00 AM ET. 2nd Quarter U.S. Quarterly House Price Index



9:45 AM ET. August US Flash Services PMI



                       PMI, Services (previous 56.2)



9:45 AM ET. August US Flash Manufacturing PMI



                       PMI, Mfg (previous 55.5)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. July New Residential Sales



                       New Home Sales (previous 631K)



                       New Home Sales, M/M% (previous -5.3%)



                       New Home Sales Months Supply (previous 5.7)



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



                       Working Gas In Storage (Cbf) (previous 2387B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +33B)

                       

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



                       Mfg Activity Idx (previous 34)



                       6-Mo Exp Prod Idx (previous 49)



                       Mfg Composite Idx (previous 23)



                       6-Mo Exp Composite Idx (previous 22)



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Money Stock Measures



  N/A              U.S. and China impose further tariffs on each other's products



Friday, August 24, 2018 



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



                       Durable Goods-SA, M/M% (previous +1.0%)



                       Dur Goods, Ex-Defense, M/M% (previous +1.5%)



                       Dur Goods, Ex-Transport, M/M% (previous +0.4%)



                       Orders: Cap Gds, Non-Def, Ex-Air,  M/M% (previous +0.6%)



                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.0%)

                       

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



The September NASDAQ 100 closed slightly lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the late-July low crossing at 7166.75 are needed to confirm that a short-term top has been posted. If September renews the rally off April's low, July's high crossing at 7530.00 is the next upside target. First resistance is July's high crossing at 7530.00. Second resistance is unknown. First support is the 50-day moving average crossing at 7303.06. Second support is the late-July's low crossing at 7166.75. 



The September S&P 500 closed higher on Monday.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes this summer's rally, January's high crossing at 2885.00 is the next upside target. Closes below the 50-day moving average low crossing at 2796.32 would confirm that a short-term top has been posted. First resistance is August's high crossing at 2863.00. Second resistance is January's high crossing at 2885.00. First support is the 50-day moving average crossing at 2796.32. Second support is the reaction low crossing at 2766.70.  



The Dow closed higher on Monday as it extended the rally off April's low. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 the Dow extends the rally off April's low, the late-February high crossing at 25,800.35 is the next upside target. Closes below the 50-day moving average crossing at 25,029.98 would confirm that an important top has been posted while opening the door for a larger-degree decline for the balance of August. First resistance is the late-February's high crossing at 25,800.35. Second resistance is January's high crossing at 26,616.71. First support is the 50-day moving average crossing at 25,029.98. Second support is the reaction low crossing at 24,663.82.      



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



September T-bonds closed up 31/32's at 145-16.



September T-bonds closed higher on Monday as it extends the rally off August's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 September extends the aforementioned rally, July's high crossing at 146-11 is the next upside target. Closes below the 20-day moving average crossing at 143-13 would temper the near-term friendly outlook. First resistance is today's high crossing at 145-16. Second resistance is July's high crossing at 146-11. First support is the 20-day moving average crossing at 143-13. Second support is August's low crossing at 141-27.        



September T-notes closed up 125-points at 120-205.



September T-notes closed higher on Monday as it extends the rally off August's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 September extends the rally off August's low, May's high crossing at 121.030 is the next upside target. Closes below the 20-day moving average crossing at 119.242 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 120.210. Second resistance is May's high crossing at 121.030. First support is the 20-day moving average crossing at 119.242. Second support is August's low crossing at 119.025.        



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



September crude oil closed higher due to short covering on Monday as it consolidates some of the decline off July's high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at 68.37 would confirm that a low has been posted. If September resumes the decline off July's high, June's low crossing at 62.99 is the next downside target. First resistance is last-Tuesday's high crossing at 68.37. Second resistance is the reaction high crossing at 70.43. First support is last-Thursday's low crossing at 64.43. Second support is June's low crossing at 62.99. 



September heating oil closed slightly higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above last-Tuesday's high crossing at 217.86 are needed to confirm that a short-term low has been posted. Closes below the reaction low crossing at 208.60 would confirm that a short-term top has been posted while opening the door for a possible test of July low crossing at 204.74. First resistance is the reaction high crossing at 218.57. Second resistance is July's high crossing at 223.88. First support is last-Wednesday's low crossing at 207.60. Second support is July's low crossing at 204.74.



September unleaded gas closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 September extends the decline off the late-July high, the 75% retracement level of the February-May-rally crossing at 189.92 is the next downside target. Closes above last-Tuesday's high crossing at 206.89 would confirm that a short-term low has been posted. First resistance is the late-July high crossing at 213.64. Second resistance is July's high crossing at 215.31. First support is the 62% retracement level of the February-May-rally crossing at 196.03. Second support is the 75% retracement level of the February-May-rally crossing at 189.92.



September Henry natural gas closed higher on Monday as it extended this month's trading range below the 87% retracement level of the June-July-decline crossing at 2.973. The high-range close sets the stage for a steady to higher opening when Tuesday'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 September extends the rally off July's low June's high crossing at 3.018 is the next upside target. Closes below the 20-day moving average crossing at 2.861 are needed to confirm that a short-term top has been posted. First resistance is the 87% retracement level of the June-July-decline crossing at 2.973. Second resistance is June's high crossing at 3.018 is the next upside target. First support is last-Thursday's low crossing at 2.891. Second support is the 20-day moving average crossing at 2.861.   



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



The September Dollar closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 95.24 would confirm that a short-term top has been posted. If September extends the rally off July's low, weekly resistance crossing at 97.70 is the next upside target. First resistance is last-Wednesday's high crossing at 96.87. Second resistance is weekly resistance crossing at 97.70. First support is the 20-day moving average crossing at 95.24. Second support is the 50-day moving average crossing at 94.70.    



The September Euro closed higher on Monday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 115.84 are needed to confirm that a short-term low has been posted. If September resumes this month's decline, the 75% retracement level of the 2016-2018 rally crossing at 112.78 is the next downside target. First resistance is the 20-day moving average crossing at 115.84. Second resistance is the 50-day moving average crossing at 116.74. First support is last-Wednesday's low crossing at 113.27. Second support is the 75% retracement level of the 2016-2018 rally crossing at 112.78.    



The September British Pound closed higher on Monday 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 Tuesday's night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 1.2958 are needed to confirm that a short-term low has been posted. If September resumes the decline off April's high, the 87% retracement level of the 2016-2018-rally crossing at 1.2600 is the next downside target. First resistance is the 20-day moving average crossing at 1.2958. Second resistance is the 50-day moving average crossing at 1.3137. First support is last-Wednesday's low crossing at 126.78. Second support is the 87% retracement level of the 2016-2018-rally crossing at 1.2600. 



The September Swiss Franc closed higher on Monday while extending the May-August trading range. The high-range close sets the stage for a steady to higher opening when Tuesday'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 September extends the decline off the late-July high, July's low crossing at 0.9984 is the next downside target. Closes above the late-July high crossing at 1.0174 would confirm that a short-term low has been posted. First resistance is July's high crossing at 1.0204. Second resistance is June's high crossing at 1.0302. First support is July's low crossing at 0.9984. Second support is the 62% retracement level of the 2016-2018-rally on the weekly continuation chart crossing at 0.8880.



The September Canadian Dollar closed slightly higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. If September resumes the rally off June's low, June's high crossing at 77.94 is the next upside target. If September extends this month's decline, July's low crossing at 75.31 is the next downside target. First resistance is August's high crossing at 77.19. Second resistance is June's high crossing at 77.94. First support is July's low crossing at 75.31. Second support is June's low crossing at 74.80.  



The September Japanese Yen closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’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-Monday's high crossing at 0.9103 would open the door for additional gains and a possible test of the 38% retracement level of the March-July decline crossing at 0.9172. Closes below the 20-day moving average crossing at 0.9026 would confirm that a short-term top has been posted while opening the door for a possible test of July's low crossing at 0.8867. First resistance is last-Monday's high crossing at 0.9103. Second resistance is the 38% retracement level of the March-July decline crossing at 0.9172. First support is August's low crossing at 0.8943. Second support is July's low crossing at 0.8867.



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



October gold closed higher due to short covering on Monday as it consolidates some of this summer's decline. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI have turned bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 1210.70 are needed to confirm that a short-term low has been posted. If October resumes the decline off April's high, the December-2016 low crossing at 1162.10 is the next downside target. First resistance is the 20-day moving average crossing at 1210.70. Second resistance is the reaction high crossing at 1239.80. First support is last-Thursday's low crossing at 1162.70. Second support is the December-2016 low crossing at 1162.10.



September silver closed higher on Monday as it consolidated some of the the decline off June's high. The high-range close set the stage for a steady to higher opening when Tuesday's night 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 20-day moving average crossing at 15.237 are needed to confirm that a short-term low has been posted. If September resumes the decline off June's high, the December-2015 low on the weekly continuation chart crossing at 13.620 is the next downside target. First resistance is the 10-day moving average crossing at 15.023. Second resistance is the 20-day moving average crossing at 15.237. First support is last-Thursday's low crossing at 14.315. Second support is the December-2015 low on the weekly continuation chart crossing at 13.620.        



September copper closed higher due to short covering on Monday as it consolidated some of this summer's decline. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 273.94 are needed to confirm that a short-term low has been posted. If September resumes the decline off June's high, the 62% retracement level of the 2016-2018 rally crossing at 250.74 is the next downside target. First resistance is the 10-day moving average crossing at 269.54. Second resistance is the 20-day moving average crossing at 273.94. First support is last-Wednesday's low crossing at 255.20. Second support is the 62% retracement level of the 2016-2018 rally crossing at 250.74. 



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



December Corn closed down 2 1/4-cents at 3.76 1/2. 



December corn closed lower on Monday as rain moved across portions of the corn belt today. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. The trade will continue to monitor this week's Pro-Farmer crop tour for daily results and yield estimates from the field for near-term direction.  Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above last-Friday's high crossing at 3.82 1/2 would temper the near-term bearish outlook. If December resumes the rally off July's low, the 50% retracement level of the May-July-decline crossing at 3.89 3/4 is the next upside target. If December renews the decline off August's high, the reaction low crossing at 3.66 is the next downside target. First resistance is the 50% retracement level of the May-July-decline crossing at 3.89 3/4. Second resistance is the 62% retracement level of the May-July-decline crossing at 3.99. First support is the reaction low crossing at 3.66. Second support is July's low crossing at 3.50 1/4.  



December wheat closed down 17 1/4-cents at 5.62 1/2. 



December wheat closed sharply lower on Monday as it erased almost all of last-Friday's gains. The low-range close sets the stage for a steady to lower opening when Tuesday'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 December extends last Friday's rally, August's high crossing at 6.13 is the next upside target. If December resumes the decline off August's high, the 50-day moving average crossing at 5.39 1/4 is the next downside target. First resistance is August's high crossing at 6.13. Second resistance is the July-2017 high crossing at 6.22. First support is last-Wednesday's low crossing at 5.49. Second support is the 50-day moving average crossing at 5.39 1/4.  



December Kansas City Wheat closed down 17 1/4-cents at 5.74 3/4. 



December Kansas City wheat closed sharply lower on Monday as it erased all of last-Friday's gains. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off last week's low, August's high crossing at 6.26 is the next upside target. If December resumes the decline off August's high, the 50-day moving average crossing at 5.48 1/4 is the next downside target. First resistance is August's high crossing at 6.26. Second resistance is the July-2017 high crossing at 6.42. First support is the 50-day moving average crossing at 5.48 1/4. Second support is the reaction low crossing at 5.28 1/4. 



December Minneapolis wheat closed down 13 1/4-cents at 6.12. 



December Minneapolis wheat closed lower on Monday ending a two-day bounce off last Thursday's low.The low-range close sets the stage for a steady to lower opening when Tuesday'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 last-Friday's high crossing at 6.31 3/4 would confirm that a short-term low has been posted. If December resumes the decline off August's high, the 50-day moving average crossing at 5.89 1/4 is the next downside target. First resistance is August's high crossing at 6.56. Second resistance is May's high crossing at 6.60 1/2. First support is the 50-day moving average low crossing at 5.89 1/4. Second support is the reaction low crossing at 5.71 3/4.  



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



November soybeans closed up 1/2-cents at 8.93 1/4. 



November soybeans closed fractionally higher on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 38% retracement level of the May-July-decline crossing at 9.15 would confirm that a short-term low has been posted. If November renews the decline off July's high, July's low crossing at 8.26 1/4 is the next downside target. First resistance is the 38% retracement level of the May-July-decline crossing at 9.15. Second resistance is the 50% retracement level of the May-July-decline crossing at 9.42 3/4. First support is last-Monday's low crossing at 8.51 1/4. Second support is July's low crossing at 8.26 1/4.



December soybean meal closed down $1.80 at 330.60. 



December soybean meal closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 339.40 would confirm that a low has been posted. If December resumes the decline off July's high, weekly support crossing at 319.40 is the next downside target. First resistance is last-Wednesday's crossing at 339.40. Second resistance is July's high crossing at 343.20. First support is last-Monday's low crossing at 321.10. Second support is weekly support crossing at 319.40. 



December soybean oil closed up 32-points. At 28.88. 



December soybean oil closed higher on Monday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Closes above the 50-day moving average crossing at 29.17 would confirm that a short-term low has been posted. If December resumes the decline off the late-July high, July's low crossing at 27.95 is the next downside target. First resistance is the 50-day moving average crossing at 29.17. Second resistance is the reaction high crossing at 30.15. First support is last-Wednesday's low crossing at 28.05. Second support is July's low crossing at 27.95. 

 

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



October hogs closed down $2.12 at $56.47. 



October hogs closed sharply lower on Monday as the market consolidated some of this month's rally. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, the reaction high crossing at 61.65 is the next upside target. Closes below the 20-day moving average crossing at 52.02 would confirm that a short-term top has been posted. First resistance is today's high crossing at 59.50. Second resistance is the reaction high crossing at 61.65. First support is last-Thursday's gap crossing at 52.75. Second support is August's low crossing at 47.82.   



October cattle closed down $0.43 at 110.45. 



October cattle posted an inside day with a lower close on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, July's high 112.25 is the next upside target. If October renews the decline off August's high, the reaction low crossing at 105.48 is the next downside target. First resistance is July's high crossing at 112.25. Second resistance is the 75% retracement level of the February-May-decline crossing at 113.33. First support is August's low crossing at 107.65. Second support is July's low crossing at 105.48.   

 

October Feeder cattle closed down $0.58 at $151.28. 



October Feeder cattle closed lower on Monday. 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 bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, the reaction high crossing at 153.45 is the next upside target. If October renews the decline off July's high, the 50% retracement level of the April-July-rally crossing at 146.35 is the next downside target. First resistance is the reaction high crossing at 153.45. Second resistance is July's high crossing at 155.38. First support is the 50% retracement level of the April-July-rally crossing at 146.35. Second support is the reaction low crossing at 145.42.    



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



September coffee closed sharply lower on Monday as it extends this year's decline. 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 September extends the decline off June's high, monthly support crossing at 9.39 is the next downside target. Closes above the 20-day moving average crossing at 10.69 would confirm that a short-term low has been posted.       



September cocoa closed sharply higher on Monday and above the 20-day moving average crossing at 21.40 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends today's rally, the 50-day moving average crossing at 23.22 is the next upside target. If September resumes this summer's decline, the 87% retracement level of the December-April-rally crossing at 19.86 is the next downside target. 



October sugar closed lower on Monday as it extends this summer's decline. The low-range close set 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 October extends the decline off June's high, weekly support crossing at 9.83 is the next downside target. Closes above the 20-day moving average crossing at 10.65 are needed to confirm that a short-term low has been posted.  



October cotton closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If October extends decline off July's high, the 50% retracement level of the 2016-2018 rally crossing at 78.35 is the next downside target. Closes above the 50-day moving average crossing at 87.22 would confirm that a short-term low has been posted. 

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