INO Evening Market Comments
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Started by tallpine - Sept. 4, 2018, 4:33 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, September 5, 2018



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 344.0)



                       Composite Idx, W/W% (previous -1.7%)



                       Purchase Idx-SA (previous 230.1)



                       Purchase Idx-SA, W/W% (previous -0.9%)



                       Refinance Idx (previous 952.9)



                       Refinance Idx, W/W% (previous -3.0%)



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



                       Chain Store Sales, W/W% (previous -0.5%)



                       Chain Store Sales, M/M% (previous +3.1%)



8:30 AM ET. July U.S. International Trade in Goods & Services



                       Trade Balance (USD) (expected -49.2B; previous -46.35B)



                       Exports (USD) (previous 213.81B)



                       Exports, M/M% (previous -0.7%)



                       Imports (USD) (previous 260.16B)



                       Imports, M/M% (previous +0.6%)



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M% (previous +0.4%)



                       Ret Sales Mo-to-Date, Y/Y% (previous +4.8%)



                       Latest Wk, Y/Y% (previous +5.1%)



9:45 AM ET. Aug ISM-NY Report on Business 



                       Business Index (previous 75.0)



10:00 AM ET. 2nd Quarter Quarterly Financial Report - Retail Trade



10:00 AM ET. 2nd Quarter Quarterly Financial Report – Industry



10:00 AM ET. August Online Help Wanted Index



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous +0.04M)



                       Gasoline Stocks, Net Chg (Bbls) (previous +0.02M)



                       Distillate Stocks, Net Chg (Bbls) (previous +1.0M)



Thursday, September 6, 2018  



7:30 AM ET. August Challenger Job-Cut Report



                       Job Cuts, M/M% (previous -27.1%)



8:15 AM ET. August ADP National Employment Report



                       Private Sector Jobs, Net Chg (expected +190000; previous +219000)



8:30 AM ET. 2nd Quarter Revised Productivity & Costs



                       Non-Farm Productivity (expected +2.9%; previous +0.4%)



                       Unit Labor Costs (expected -0.9%; previous +2.9%)



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



                       Jobless Claims (expected 215K; previous 213K)



                       Jobless Claims, Net Chg (previous +3K)



                       Continuing Claims (previous 1708000)



                       Continuing Claims, Net Chg (previous -20K)



9:45 AM ET. August US Services PMI



                       PMI, Services (previous 56.0)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. July Manufacturers' Shipments, Inventories & Orders (M3)



                       Total Orders, M/M% (expected -0.6%; previous +0.7%)



                       Orders, Ex-Defense, M/M% (previous +0.9%)



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



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



                       Durable Goods, M/M% (previous +0.8%)



10:00 AM ET. August ISM Non-Manufacturing Report on Business



                       Non-Mfg Composite Idx (expected 56.0; previous 55.7)



                       Non-Mfg Business Idx (previous 56.5)



                       Prices Idx (previous 63.4)



                       Employment Idx (previous 56.1)



                       New Orders Idx (previous 57.0)



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



                       Working Gas In Storage (Cbf) (previous 2505B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +70B)

                       

11:00 AM ET. August Global Services PMI



                       PMI, Services (previous 54)



11:00 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 405.792M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -2.566M)



                       Gasoline Stocks (Bbl) (previous 232.774M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -1.554M)



                       Distillate Stocks (Bbl) (previous 130.001M)



                       Distillate Stocks, Net Chg (Bbl) (previous -0.837M)



                       Refinery Usage (previous 96.3%)



                       Total Prod Supplied (Bbl/day) (previous 22.137M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.596M)

                       

12:00 PM ET. August Monthly U.S. Retail Chain Store Sales Index



2:00 PM ET. SEC Closed Meeting



4:30 PM ET. Money Stock Measures



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Federal Discount Window Borrowings



Friday, September 7, 2018 



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



                       Corn (Metric Tons) (previous 700.5K)



                       Soybeans (Metric Tons) (previous 702.5K)



                       Wheat (Metric Tons) (previous 414.8K)



8:30 AM ET. August U.S. Employment Report



                       Non-Farm Payrolls (expected +190K; previous +157K)



                       Unemployment Rate (expected 3.8%; previous 3.9%)



                       Avg Hourly Earnings (USD) (previous 27.05)



                       Avg Hourly Earnings-Net Chg (USD) (previous +0.07)



                       Avg Hourly Earnings, M/M% (expected +0.2%; previous +0.26%)



                       Avg Hourly Earnings, Y/Y% (previous +2.7%)



                       Overall Workweek (previous 34.5)



                       Overall Workweek Net Chg (previous -0.1)



                       Government Payrolls (previous -13K)



                       Private Payroll (previous +170K)



                       Participation Rate (previous 62.9%)



                       Non-Farm Payrolls Bench Net Chg



10:00 AM ET. 2nd Quarter Quarterly Services



Monday, September 10, 2018 



10:00 AM ET. August Employment Trends Index



                       ETI (previous 109.89)



                       ETI, Y/Y% (previous +5.4%)



3:00 PM ET. July Consumer Credit



                       Consumer Credit Net Chg (USD) (previous +10.21B)


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



The September NASDAQ 100 closed lower due to profit taking on Tuesday.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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally into uncharted territory upside targets will be hard to project. Closes below the 20-day moving average crossing at 7487.95 are needed to confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 7697.00. Second resistance is unknown. First support is the 20-day moving average crossing at 7487.95. Second support is the 50-day moving average crossing at 7362.01. 



The September S&P 500 closed lower 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 overbought but remain bullish signaling that sideways to higher prices are possible near-term. If September extends this summer's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average low crossing at 2865.64 are needed to confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 2915.80. Second resistance is unknown. First support is the 20-day moving average crossing at 2865.64. Second support is the 50-day moving average crossing at 2818.49.  



The Dow closed slightly lower on Tuesday as it kicked off September on a weak note but came off of intra-day lows following a strong reading on manufacturing activity as investors looked ahead to the latest developments on trade policy. Investors were returning from a three-day weekend that saw most U.S. markets closed Monday in observance of Labor Day. 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 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, January's high crossing at 26,616.71 is the next upside target. Closes below the 20-day moving average crossing at 25,691.06 would confirm that an important top has been posted. First resistance is the 87% retracement level of the January-April-decline crossing at 26,183.49. Second resistance is January's high crossing at 26,616.71. First support is the 20-day moving average crossing at 25,691.06. Second support is the 50-day moving average crossing at 25,222.54.      



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



September T-bonds closed down 30/32's at 144-01.



September T-bonds closed lower on Tuesday as it renewed the decline off August'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 50-day moving average crossing at 144-12 confirms that a short-term top has been posted while opening the door for additional weakness near-term. If September renews the rally off August's low, July's high crossing at 146-11 is the next upside target. First resistance is last-Monday's high crossing at 145-29. Second resistance is July's high crossing at 146-11. First support is today's low crossing at 143-27. Second support is August's low crossing at 141-27.        



September T-notes closed down 100-points at 120-025.



September T-notes closed lower 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 120.013 are needed to confirm that a short-term top has been posted. If September renews the rally off August's low, May's high crossing at 121.030 is the next upside target. First resistance is August's high crossing at 120.240. Second resistance is May's high crossing at 121.030. First support is the 50-day moving average crossing at 120.013. Second support is the reaction low crossing at 119.125.        



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



October crude oil posted a key reversal down on Tuesday signaling a possible short-term top might have been posted with today's high. 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 are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 67.34 would confirm that a short-term top has been posted. If October extends the rally off August's low, May's high crossing at 71.63 is the next upside target. First resistance is today's high crossing at 71.40. Second resistance is May's high crossing at 71.63. First support is August's low crossing at 63.89. Second support is June's low crossing at 62.60. 



October heating oil closed lower on Tuesday as it consolidates some of the rally off August's low. 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 and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 215.85 would confirm that a short-term top has been posted. If October extends the aforementioned rally, the December-2014 high crossing at 237.25 is the next upside target. First resistance is today's high crossing at 230.93. Second resistance is the December-2014 high crossing at 237.25. First support is the 10-day moving average crossing at 221.38. Second support is the 50-day moving average crossing at 215.85.



October unleaded gas posted a key reversal down on Tuesday as it consolidates some of the rally off August'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 are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 194.29 would confirm that a short-term top has been posted. If October extends the rally off August's low, May's high crossing at 211.50 is the next upside target. First resistance is today's high crossing at 206.24. Second resistance is May's high crossing at 211.50. First support is August's low crossing at 186.62. Second support is July's low crossing at 185.93.



October Henry natural gas closed sharply lower on Tuesday renewing the decline off August'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 diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If October renews the decline off August's high, August's low crossing at 2.751 is the next downside target. Closes above the 20-day moving average crossing at 2.918 would confirm that a short-term low has been posted. First resistance is the 87% retracement level of the June-July-decline crossing at 2.982. Second resistance is June's high crossing at 3.025 is the next upside target. First support is today's low crossing at 2.812. Second support is August's low crossing at 2.751.    



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



The September Dollar 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 95.44 would confirm that a short-term top has been posted. If September resumes the decline off August's high, the late-July low crossing at 93.87 is the next downside target. First resistance is August's high crossing at 96.87. Second resistance is weekly resistance crossing at 97.70. First support is August's low crossing at 94.34. Second support is the late-July low crossing at 93.87.    



The September Euro closed lower on Tuesday as it consolidated some of the rally off August's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top is in or is near. Closes below the 20-day moving average crossing at 115.62 is needed to confirm that a short-term top has been posted. If September renews the rally off August's low, the reaction high crossing at 118.05 is the next upside target. First resistance is the reaction high crossing at 118.05. Second resistance is July's high crossing at 118.51. First support is August'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 lower 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 bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 50-day moving average crossing at 1.3054 would open the door for additional gains and possible test of the reaction high crossing at 1.3240. First resistance is the 50-day moving average crossing at 1.3054. Second resistance is the reaction high crossing at 1.3240. First support is August'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 closed lower on Tuesday as it consolidates some of the rally off July'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 and are turning neutral to bearish signaling that a short-term top is in or near. Closes below the 50-day moving average crossing at 1.0132 would confirm that a short-term top has been posted. If September extends the rally off August's low, the 50% retracement level of the February-July-decline crossing at 1.0508 is the next upside target. First resistance is last-Friday's high crossing at 1.0373. Second resistance is the 50% retracement level of the February-July-decline crossing at 1.0508. First support is August's low crossing at 1.0042. Second support is July's low crossing at 0.9984. 



The September Canadian Dollar closed sharply lower on Tuesday and below the 50-day moving average crossing at 76.38 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 bearish signaling that sideways to lower prices are possible near-term. Closes above the 10-day moving average crossing at 76.86 would temper the near-term bearish outlook. First resistance is August's high crossing at 77.63. Second resistance is June's high crossing at 77.94. First support is today's low crossing at 75.72. Second support is July's low crossing at 75.31.   



The September Japanese Yen closed lower 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 September renews the rally off July's low, the 38% retracement level of the March-July decline crossing at 0.9172 is the next upside target. If September extends the decline off August's high, July's low crossing at 0.8867 is the next downside target. First resistance is August's high crossing at 0.9127. 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 lower 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 bearish signaling that sideways to lower are possible near-term. If October resumes the decline off April's high, the December-2016 low crossing at 1162.10 is the next downside target. If October resumes the rally off August's low, the 50-day moving average crossing at 1224.90 is the next upside target. First resistance is last-Tuesday's high crossing at 1215.70. Second resistance is the 50-day moving average crossing at 1224.90. First support is August's low crossing at 1162.70. Second support is the December-2016 low crossing at 1162.10.



September silver closed sharply lower on Tuesday and has renewed the decline off June's high. The low-range close set 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 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. Closes above last-Tuesday's high crossing at 14.950 are needed to confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 14.950. Second resistance is the 50-day moving average crossing at 15.379. First support is today's low crossing at 13.960. Second support is the December-2015 low on the weekly continuation chart crossing at 13.620.        



September copper closed sharply lower 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 have turned bearish signaling that sideways to lower prices are possible near-term. 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. If September resumes the rally off August's low, the 50-day moving average crossing at 276.93 is the next upside target. First resistance is the 50-day moving average crossing at 276.93. Second resistance is the reaction high crossing at 281.80. First support is August'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 up 3-cents at 3.68. 



December corn closed higher on Tuesday as it extends the rally off August's low. 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 the 20-day moving average crossing at 3.70 1/2 are needed to confirm that a short-term low has been posted. If December renews the decline off August's high, July's low crossing at 3.50 1/4 is the next downside target. First resistance is the 20-day moving average crossing at 3.70 1/2. Second resistance is the reaction high crossing at 3.82 1/2. First support is August's low crossing at 3.55 1/4. Second support is July's low crossing at 3.50 1/4.   



December wheat closed down 13 3/4-cents at 5.31 3/4. 



December wheat closed lower on Tuesday.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 bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 5.54 1/4 are needed to confirm that a low has been posted. If December resumes the decline off August's high, the reaction low crossing at 5.07. First resistance is the 20-day moving average crossing at 5.54 1/4. Second resistance is the reaction high crossing at 5.82 3/4. First support is last-Tuesday's low crossing at 5.18 1/2. Second support is the reaction low crossing at 5.07.  



December Kansas City Wheat closed down 16 1/4-cents at 5.37. 



December Kansas City wheat closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 5.65 1/2 are needed to confirm that a low has been posted. If December resumes the decline off August's high, the reaction low crossing at 5.11 1/4 is the next downside target. First resistance is the 20-day moving average crossing at 5.65 1/2. Second resistance is the reaction high crossing at 5.96. First support is the reaction low crossing at 5.11 1/4. Second support is the reaction low crossing at 4.97.



December Minneapolis wheat closed down 14-cents at 5.84 3/4. 



December Minneapolis wheat closed lower on Tuesday.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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 6.07 3/4 are needed to confirm that a short-term low has been posted. If December renews the decline off August's high, the reaction low crossing at 5.71 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 6.07 3/4. Second resistance is the reaction high crossing at 6.31 3/4. First support is last-Tuesday's low crossing at 5.75 3/4. 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 3/4-cents at 8.44 1/4. 



November soybeans closed fractionally higher on Tuesday as it consolidated some of the decline off July's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off July's high, July's low crossing at 8.26 1/4 is the next downside target. Closes above the 50-day moving average crossing at 8.73 would confirm that a short-term low has been posted. 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-Friday's low crossing at 8.28 3/4. Second support is July's low crossing at 8.26 1/4.



December soybean meal closed up $3.90 at 311.10. 



December soybean meal closed higher due to short covering on Tuesday as it consolidated some of the decline off May's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off July's high, the June-2017 low crossing at 301.20 is the next downside target. Closes above the 50-day moving average crossing at 326.90 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 312.70. Second resistance is the 50-day moving average crossing at 326.90. First support is last-Thursday's low crossing at 302.60. Second support is the June-2017 low crossing at 301.20. 



December soybean oil closed down 2-points. At 28.75. 



December soybean oil closed slightly lower on Tuesday while extending the July-August trading range. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. Closes above the reaction high crossing at 29.39 are needed to confirm that a short-term low has been posted while opening the door for additional gains near-term. 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 reaction high crossing at 29.39. Second resistance is the reaction high crossing at 30.15. First support is August'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 up $0.65 at $51.08. 



October hogs closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the aforementioned decline, August's low crossing at 47.82 is the next downside target. Closes above the 50-day moving average crossing at 53.75 would confirm that a short-term low has been posted. First resistance is August's high crossing at 59.50. Second resistance is the reaction high crossing at 61.65. First support is last-Thursday's low crossing at 48.92. Second support is August's low crossing at 47.82.   



October cattle closed up $1.10 at 109.88. 



October cattle closed higher on Tuesday and above the 20-day moving average crossing at 109.28 confirming that a short-term low has been posted. 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. If October resumes the decline off August's high, July's low crossing at 105.48 is the next downside target. First resistance is the reaction high crossing at 111.48. Second resistance is July's high crossing at 112.25. First support is last-Monday's low crossing at 106.20. Second support is July's low crossing at 105.48.   

 

October Feeder cattle closed up $2.70 at $151.83. 



October Feeder cattle closed sharply higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 152.35 are needed to confirm that a short-term low has been posted. If October renews the decline off July's high, the 62% retracement level of the April-July-rally crossing at 144.20 is the next downside target. First resistance is the reaction high crossing at 152.35. Second resistance is the reaction high crossing at 153.45. 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 



December coffee closed lower on Tuesday but near session highs due to a late-session short covering rally. 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 December 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 10.52 would confirm that a short-term low has been posted.        



December cocoa closed lower 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 near. Closes below the 20-day moving average crossing at 22.34 would temper the near-term friendly outlook. If September renews the rally off August's low, July's high crossing at 26.07 is the next upside target.  



October sugar closed higher on Tuesday. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, the 50-day moving average crossing at 10.93 is the next upside target. If October renews the decline off June's high, weekly support crossing at 9.83 is the next downside target.   



October cotton 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 85.85 are needed to confirm that a short-term low has been posted. If October renews decline off July's high, the 50% retracement level of the 2016-2018 rally crossing at 78.35 is the next downside target.

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By metmike - Sept. 4, 2018, 4:36 p.m.
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Thanks tallpine!