INO Morning Market Commentary
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Started by tallpine - Aug. 21, 2018, 8 a.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 STOCK INDEXES:The September NASDAQ 100 was higher overnight. Second-quarter earnings season is essentially over so investors are turning their attention to upcoming news from the Federal Reserve. The minutes from the central bank’s latest meeting will be released on Wednesday, and on Friday, Fed Chairman Jerome Powell will give a speech at the Fed’s annual summer retreat in Jackson Hole. Both the minutes and the speech will be scanned for clues as to what the Fed sees as potential problem spots for the economy. The Fed's thoughts on trade policy and whether the currency crisis in Turkey could spread to other emerging markets or regions will also be reviewed for any clues into the Fed’s policy plans on interest rates. 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 7307.12 would confirm that a short-term low has been posted. If September resumes the rally off the late-July 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 7307.12. Second support is the late-July low crossing at 7166.75. Third support is June's low crossing at 6956.00.    



The September S&P 500 was higher overnight reaching its highest level since January of this year. 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 June's low, January's high crossing at 2885.30 is the next upside target. Closes below the 50-day moving average crossing at 2797.83 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 2864.30. Second resistance is January's high crossing at 2885.30. First support is the 50-day moving average crossing at 2797.83. Second support is the reaction low crossing at 2791.90.      



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



INTEREST RATES: September T-bonds were lower overnight as they consolidate some of the rally off August's low. 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, July's high crossing at 146-11 is the next upside target. Closes below the 20-day moving average crossing at 143-17 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 145-18. Second resistance is July's high crossing at 146-11. First support is the 20-day moving average crossing at 143-17. Second support is August's low crossing at 141-27.  



September T-notes were lower overnight as they consolidate some of the rally off August's low. Stochastics and the RSI are becoming 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 119.258 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 120.220. Second resistance is May's high crossing at 121.030. First support is the 10-day moving average crossing at 120.062. Second support is the 20-day moving average crossing at 119.258.



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



ENERGY MARKETS: SeptemberNymex crude oil was higher in overnight trading as it extends the rebound off last-Thursday's low. 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 67.75 are needed to confirm that a short-term 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 was steady to slightly higher overnight. 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 218.57 are needed to renew the rally off July's low. If September extends last-week's decline, the 50% retracement level of the February-May-rally crossing at 205.59 is the next downside target. First resistance is the reaction high crossing at 218.57. Second resistance is July's high crossing at 223.88. First support is the 50% retracement level of the February-May-rally crossing at 205.59. Second support is the 62% retracement level of the February-May-rally crossing at 199.85.



September unleaded gas was steady to slightly higher overnight. Stochastics and the RSI are oversold  and are turning neutral to bullish signaling that a low might be in or is near. Closes above last-Tuesday's high crossing at 206.89 are needed to confirm that a short-term low has been posted. If September extends the decline off the late-July high, the 62% retracement level of the February-May-rally crossing at 196.03 is the next downside target. First resistance is last-Tuesday's high crossing at 206.89. Second resistance is the reaction high crossing at 210.56. 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 was higher overnight and appears to be breaking out to the topside of August's trading range as it resumes the rally off July's low. Stochastics and the RSI are overbought but are turning neutral to bullish again signaling that additional short-term gains are possible. If September resumes 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 2.874 would confirm 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. First support is last-Thursday's low crossing at 2.891. Second support is the 20-day moving average crossing at 2.874.



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



CURRENCIES:The September Dollar was lower overnight as it extends the decline off last-Wednesday's high. Stochastics and the RSI are bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 95.29 would would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If September resumes this year's rally, monthly 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 95.29. Second support is the 50-day moving average low crossing at 94.75.  



The September Euro was higher overnight as it extends the rebound off last-Wednesday's low. Stochastics and the RSI are bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 115.75 are needed to confirm that a short-term low has been posted. If September renews 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 115.75. Second resistance is the 50-day moving average crossing at 116.67. First support is last-Wednesday's low crossing at 113.28. Second support is the 75% retracement level of the 2016-2018 rally crossing at 112.78. 



The September British Pound was higher overnight as it consolidates some of the decline off April's high. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.2956 are needed to confirm that a short-term low has been posted. If September renews the decline off July'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 1.2942. Second resistance is the 50-day moving average crossing at 1.3125. First support is last-Wednesday's low crossing at 1.2678. Second support is the 87% retracement level of the 2016-2018-rally crossing at 1.2600.  



The September Swiss Franc was higher overnight as it extends the May-August trading range. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the late-July high crossing at 1.0174 would confirm that a short-term low has been posted. If September extends the decline off the June's high, July's low crossing at 0.9984 is the next downside target. 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 was higher overnight. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last-Wednesday's low, August's high crossing at 77.19 is the next upside target. If September resumes 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 was steady to slightly lower overnight. Stochastics and the RSI are becoming 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, the 38% retracement level of the March-July decline crossing at 0.9172 is the next upside target. Closes below the reaction low crossing at 0.8943 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 0.9126. Second resistance is the 38% retracement level of the March-July decline crossing at 0.9172. First support is the reaction 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"



PRECIOUS METALS: October gold was higher in overnight trading due to weakness in the U.S. Dollar. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1209.00 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 1209.00. Second resistance is the 50-day moving average crossing at 1240.90. First support is last-Thursday's low crossing at 1162.70. Second support is the December-2016 low crossing at 1162.10.



September silver was slightly higher overnight. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 15.201 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 14.960. Second resistance is the 20-day moving average crossing at 15.201. 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 was higher overnight as it extends the rebound off last-Wednesday'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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 273.38 are needed to confirm that a short-term low has been posted. If September resumes the decline off the late-July high, the 62% retracement level of the 2016-2018 rally crossing at 250.74 is the next downside target. First resistance is the 20-day moving average crossing at 273.38. Second resistance is the 50-day moving average crossing at 285.47. 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 was lower overnight. The crop conditions report released after the close on Monday showed that the USDA lower the good-to-excellent rating from 70% the prior week down to 68%, which was lower than analysts expectations of 69%. That marks several consecutive weeks the agency has lowered its corn quality assessment. Another 20% of the crop is rated fair unchanged from the previous week. The remaining 12% rated poor or very poor was up two points from the previous week. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off August's high, August's low crossing at 3.66 is the next downside target. Closes above last-Friday's high crossing at 3.82 1/2 are needed to confirm that a short-term low has been posted. 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 August's low crossing at 3.66. Second support is July's low crossing at 3.50 1/4.  



December wheat was lower overnight as it extends Monday's sell off. The low-range close sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off August's high, the 50-day moving average crossing at 5.39 1/4 is the next downside target. If December resumes the rally off July's low, the July-2017 high crossing at 6.22 is the next upside 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 the 50-day moving average crossing at 5.39 1/4. Second support is the reaction low crossing at 5.23 3/4.        



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 was lower overnight as it extends Monday's sell off. The low-range overnight trade 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 sideways to lower prices are possible near-term. If December renews the decline off August's high, the 50-day moving average crossing at 5.89 1/4 is the next downside target. Closes above last-Friday's high crossing at 6.31 3/4 would temper the near-term bearish outlook. 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 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 were steady to fractionally lower overnight despite the USDA lowered the soybean crop rating in good-to-excellent conditions category from 66% to 65%. Pre-report expectations expected the USDA to leave the soybean crop conditions unchanged this week. The USDA indicated that 24% of the crop is in fair condition, which is unchanged from a week ago. The remaining 11% in poor or very poor condition was up one point from a week ago.Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. 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 resumes the decline off the late-July 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 was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If December extends the rally off last-Monday's low, July's high crossing at 343.20 is the next upside target. If December resumes the decline off the late-July high, the 62% retracement level of the 2016-2018 rally crossing at 319.40 is the next downside target. First resistance is last-Wednesday's high 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 the 62% retracement level of the 2016-2018 rally crossing at 319.40.  



December soybean oil was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the late-July's high crossing at 29.39 are needed to confirm that a short-term low has been posted. If December resumes this month's decline, July's low crossing at 29.78 is the next downside target. First resistance is the 50-day moving average crossing at 29.13. Second resistance is the late-July high crossing at 29.39. First support is last-Wednesday's low crossing at 28.05. Second support is July's low crossing at 29.78. 



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. 

Comments
By metmike - Aug. 21, 2018, 10:08 a.m.
Like Reply

Thanks tallpine!