KEY EVENTS TO WATCH FOR:
Tuesday, September 11, 2018
N/A 4th Quarter Manpower Quarterly U.S. Employment Outlook Survey
6:00 AM ET. August NFIB Index of Small Business Optimism
Small Business Idx (previous 107.9)
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous +0.8%)
Chain Store Sales, M/M% (previous +3.3%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous +0.8%)
Ret Sales Mo-to-Date, Y/Y% (previous +5.2%)
Latest Wk, Y/Y% (previous +6.5%)
10:00 AM ET. July Job Openings & Labor Turnover Survey
10:00 AM ET. July Monthly Wholesale Trade
Inventories, M/M% (expected +0.6%; previous +0.1%)
4:30 AM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -1.2M)
Gasoline Stocks, Net Chg (Bbls) (previous +1.0M)
Distillate Stocks, Net Chg (Bbls) (previous +1.8M)
Wednesday, September 12, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 343.5)
Composite Idx, W/W% (previous -0.1%)
Purchase Idx-SA (previous 231.4)
Purchase Idx-SA, W/W% (previous +0.6%)
Refinance Idx (previous 940.0)
Refinance Idx, W/W% (previous -1.4%)
8:30 AM ET. August PPI
PPI, M/M% (expected +0.2%; previous +0.0%)
Ex-Food & Energy PPI, M/M% (expected +0.2%; previous +0.1%)
Personal Consumption (previous -0.1%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 401.49M)
Crude Oil Stocks, Net Chg (Bbl) (previous -4.302M)
Gasoline Stocks (Bbl) (previous 234.619M)
Gasoline Stocks, Net Chg (Bbl) (previous +1.845M)
Distillate Stocks (Bbl) (previous 133.12M)
Distillate Stocks, Net Chg (Bbl) (previous +3.119M)
Refinery Usage (previous 96.6%)
Total Prod Supplied (Bbl/day) (previous 21.663M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.474M)
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
2:00 PM ET. U.S. Federal Reserve Beige Book
Thursday, September 13, 2018
8:30 AM ET. August Real Earnings
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1063K)
Soybeans (Metric Tons) (previous 673.2K)
Wheat (Metric Tons) (previous 379.8K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 210K; previous 203K)
Jobless Claims, Net Chg (previous -10K)
Continuing Claims (previous 1707000)
Continuing Claims, Net Chg (previous -3K)
8:30 AM ET. August CPI
CPI, M/M% (expected +0.3%; previous +0.2%)
Core CPI, M/M% (expected +0.2%; previous +0.2%)
Energy Idx, M/M% (previous -0.5%)
Food Idx, M/M% (previous +0.1%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous -0.2%)
CPI, Y/Y% (expected +2.8%; previous +2.9%)
Core Annual, Y/Y% (expected +2.4%; previous +2.4%)
9:00 AM ET. SEC Investor Advisory Committee Quarterly Meeting
9:00 AM ET. SEC Investor Advisory Committee Meeting
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2568B)
Working Gas In Storage, Net Chg (Cbf) (previous +63B)
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
Friday, September 14, 2018
8:30 AM ET. August Import & Export Price Indexes
Import Prices (expected +0.1%; previous +0.0%)
Non-Petroleum Prices (previous -0.1%)
Petroleum Prices (previous +0.9%)
8:30 AM ET. August Advance Monthly Sales for Retail & Food Services
Overall Sales-SA, M/M% (expected +0.4%; previous +0.5%)
Sales, Ex-Auto, M/M% (expected +0.5%; previous +0.6%)
Sales, Ex-Auto & Gas, M/M% (previous +0.6%)
9:15 AM ET. August Industrial Production & Capacity Utilization
Industrial Production, M/M% (expected +0.3%; previous +0.1%)\
Capacity Utilization % (expected 78.3%; previous 78.1%)
Capacity Utilization, Net Chg (Pts) (previous +0.0)
10:00 AM ET. September University of Michigan Survey of Consumers – preliminary
Mid-Mo Sentiment (expected 96.0; previous 95.3)
Mid-Mo Expectations (previous 87.3)
Mid-Mo Current Idx (previous 107.8)
10:00 AM ET. July Manufacturing & Trade: Inventories & Sales
Total Inventories (expected +0.5%; previous +0.1%)
Monday, September 17, 2018
8:30 AM ET. September Empire State Manufacturing Survey
Mfg Idx (previous 25.6)
Employment Idx (previous 13.1)
New Orders Idx (previous 17.1)
Prices Received (previous 20.0)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The September NASDAQ 100 posted an inside day with a higher close on Monday as it consolidated some of last week's decline. The mid-range close sets the stage for a steady 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 50-day moving average crossing at 7395.37 would open the door for additional weakness and a possible test of the reaction low crossing at 7316.50. Closes above the 10-day moving average crossing at 7565.32 would temper the near-term bearish outlook. First resistance is September's high crossing at 7697.00. Second resistance is unknown. First support is the 50-day moving average crossing at 7395.37. Second support is the reaction low crossing at 7316.50.
The September S&P 500 closed higher on Monday as it consolidated some of the decline off August's high. 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 a short-term top might be in or is near. Closes below the 20-day moving average low crossing at 2871.50 are needed to confirm that a short-term top has been posted. If September resumes this summer's rally into uncharted territory, upside targets will be hard to project. First resistance is August's high crossing at 2915.80. Second resistance is unknown. First support is the 20-day moving average crossing at 2871.50. Second support is the 50-day moving average crossing at 2831.39.
The Dow closed lower on Monday as it extends the trading range of the past two-weeks.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 a short-term top might be in or is near. Closes below the 20-day moving average crossing at 25,778.87 would confirm that an important top has been posted. If the Dow extends the rally off April's low, January's high crossing at 26,616.71 is the next upside target. 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 25,778.87. Second support is the 50-day moving average crossing at 25,361.04.
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September T-bonds closed up 6/32's at 143-17.
September T-bonds closed higher on Monday as it consolidated some of the decline off August'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 but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off August's high, the reaction low crossing at 142-11 is the next downside target. Closes above the 20-day moving average crossing at 144-20 would confirm that a short-term low has been posted. First resistance is August's high crossing at 145-29. Second resistance is July's high crossing at 146-11. First support is today's low crossing at 143-06. Second support is August's low crossing at 141-27.
September T-notes closed up 5-points at 119-260.
September T-notes closed higher on Monday as it consolidated some of the decline off August'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off August's high the reaction low crossing at 119.125 is the next downside target. Closes above the 20-day moving average crossing at 120.088 would confirm that a short-term low has been posted. First resistance is August's high crossing at 120.240. Second resistance is May's high crossing at 121.030. First support is the reaction low crossing at 119.125. Second support is the reaction low crossing at 119.025.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
October crude oil closed lower on Monday as it extends the decline off Tuesday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 67.57 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If October renews the rally off August's low, May's high crossing at 71.63 is the next upside target. First resistance is last-Tuesday's high crossing at 71.40. Second resistance is May's high crossing at 71.63. First support is the 20-day moving average crossing at 67.57. Second support is August's low crossing at 63.89.
October heating oil closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 216.33 would confirm that a short-term top has been posted. If October renews the aforementioned rally, the December-2014 high crossing at 237.25 is the next upside target.First resistance is last-Tuesday's high crossing at 230.93. Second resistance is the December-2014 high crossing at 237.25. First support is the 20-day moving average crossing at 218.54. Second support is the 50-day moving average crossing at 216.33.
October unleaded gas 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 bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 195.07 would confirm that a short-term top has been posted. If October renews the rally off August's low, May's high crossing at 211.50 is the next upside target. First resistance is last-Tuesday'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 posted a key reversal up on Monday signaling a possible end of the decline off August'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 but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August's high, July's low crossing at 2.688 is the next downside target. Closes above the 20-day moving average crossing at 2.889 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.836. Second resistance is the 20-day moving average crossing at 2.889. First support is August's low crossing at 2.751. Second support is July's low crossing at 2.688.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The December 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 are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 94.91 would confirm that a short-term top has been posted. If December resumes the decline off August's high, the late-July low crossing at 93.48 is the next downside target. First resistance is August's high crossing at 96.45. Second resistance is weekly resistance crossing at 97.70. First support is August's low crossing at 93.55. Second support is July's low crossing at 93.04.
The December Euro 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 bearish signaling that a short-term top is in or is near. Closes below the 20-day moving average crossing at 116.53 is needed to confirm that a short-term top has been posted. If December renews the rally off August's low, the reaction high crossing at 118.80 is the next upside target. First resistance is the reaction high crossing at 118.80. Second resistance is July's high crossing at 119.36. First support is August's low crossing at 114.09. Second support is the 75% retracement level of the 2016-2018 rally crossing at 113.54.
The December British Pound 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 bearish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at 1.3085 would open the door for additional gains and possible test of the reaction high crossing at 1.3281. If December resumes the decline off April's high, the 87% retracement level of the 2016-2018-rally crossing at 1.2632 is the next downside target. First resistance is the 50-day moving average crossing at 1.3085. Second resistance is the reaction high crossing at 1.3281. First support is August's low crossing at 1.2735. Second support is the 87% retracement level of the 2016-2018-rally crossing at 1.2632.
The December Swiss Franc closed lower on Monday due to profit taking. 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 overbought, diverging and 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 1.0293 would confirm that a short-term top has been posted. If December extends the rally off August's low, the 38% retracement level of the February-July-decline crossing at 1.0480 is the next upside target. First resistance is the 38% retracement level of the February-July-decline crossing at 1.0480. Second resistance is the 50% retracement level of the February-July-decline crossing at 1.0605. First support is the 20-day moving average crossing at 1.0293. Second support is the 50-day moving average crossing at 1.0229.
The December 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, July's low crossing at 75.47 is the next downside target. Closes above the 10-day moving average crossing at 76.68 would temper the near-term bearish outlook. First resistance is August's high crossing at 77.74. Second resistance is June's high crossing at 78.05. First support is last Thursday's low crossing at 75.75. Second support is July's low crossing at 75.47.
The December Japanese Yen 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off July's low, the 38% retracement level of the March-July decline crossing at 0.0924 is the next upside target. If December resumes the decline off August's high, July's low crossing at 0.0894 is the next downside target. First resistance is August's high crossing at 0.0918. Second resistance is the 38% retracement level of the March-July decline crossing at 0.0924. First support is August's low crossing at 0.0901. Second support is July's low crossing at 0.0894.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
October gold closed slightly lower on Monday. Gold will be influenced this week by an approaching interest-rate hike, China-U.S. tariff tensions and U.S. inflation data The mid-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 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 1219.60 is the next upside target. First resistance is the reaction high crossing at 1215.70. Second resistance is the 50-day moving average crossing at 1219.60. First support is August's low crossing at 1162.70. Second support is the December-2016 low crossing at 1162.10.
December silver closed slightly higher on Monday as it extends the trading range of the past week. The mid-range close set the stage for a steady 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 December 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 the 20-day moving average crossing at 14.652 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 14.652. Second resistance is the 50-day moving average crossing at 15.314. First support is last-Tuesday's low crossing at 14.035. Second support is the December-2015 low on the weekly continuation chart crossing at 13.620.
December copper 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off June's high, the 62% retracement level of the 2016-2018 rally crossing at 251.03 is the next downside target. If December resumes the rally off August's low, the 50-day moving average crossing at 276.00 is the next upside target. First resistance is the 50-day moving average crossing at 276.00. Second resistance is the reaction high crossing at 283.80. First support is August's low crossing at 257.45. Second support is the 62% retracement level of the 2016-2018 rally crossing at 251.03.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
December Corn closed up a 1/4-cent at 3.67 1/4.
December corn closed fractionally 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 the 20-day moving average crossing at 3.67 3/4 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 3.67 3/4. 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 up 17 1/4-cents at 5.28 1/2.
December wheat closed higher on Monday due to short covering ahead of Wednesday's USDA supply-demand report.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 are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 5.41 1/4 are needed to confirm that a low has been posted. If December extends the decline off August's high, July's low crossing at 4.90 is the next downside target. First resistance is the 20-day moving average crossing at 5.41 1/4. Second resistance is the reaction high crossing at 5.45. First support is the reaction low crossing at 5.07. Second support is July's low crossing at 4.90.
December Kansas City Wheat closed up 16-cents at 5.30 3/4.
December Kansas City wheat closed higher on Monday as it consolidated some of the decline off August's high. The high-range close sets the stage for a steady to higher 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 December extends the decline off August's high, the reaction low crossing at 4.97 is the next downside target. Closes above the 20-day moving average crossing at 5.49 1/2 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 5.49 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 up 10-cents at 5.80.
December Minneapolis wheat closed higher on Monday as it consolidated some of the decline off August'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 but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, July's low crossing at 5.42 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.94 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.94 1/2. Second resistance is the reaction high crossing at 6.02. First support is today's low crossing at 5.67. Second support is July's low crossing at 5.42 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans closed up 2 1/2-cents at 8.46 1/2.
November soybeans closed higher on Monday. 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 turning neutral to bullish signaling that a low are in or near. Closes above the 50-day moving average crossing at 8.69 1/4 are needed to confirm that a short-term low has been posted. If November extends 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 August'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 $1.90 at 318.90.
December soybean meal 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 neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 325.50 are needed to confirm that a low has been posted. If December resumes the decline off July's high, the June-2017 low crossing at 301.20 is the next downside target. First resistance is the 20-day moving average crossing at 319.40. Second resistance is the 50-day moving average crossing at 325.50. First support is August's low crossing at 302.60. Second support is the June-2017 low crossing at 301.20.
December soybean oil closed up 4pts. at 28.31.
December soybean oil closed slightly higher on Monday while extending the July-August trading range. Stochastics and the RSI are neutral to bearish signaling that sideways to lower 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 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 July's 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 $0.30 at $55.95.
October hogs closed higher on Monday as it extends the rally off the late-August low. 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 the late-August low, August's high crossing at 59.50 is the next upside target. Closes below the 10-day moving average crossing at 52.75 would temper the near-term friendly outlook. First resistance is today's high crossing at 57.25. Second resistance is August's high crossing at 59.50. First support is the late-August low crossing at 48.92. Second support is August's low crossing at 47.82.
October cattle closed up $0.20 at 110.15.
October cattle closed higher on Tuesday. 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, August's high crossing at 112.15 is the next upside target. If October resumes the decline off August's high, July's low crossing at 105.48 is the next downside target. First resistance is August's high crossing at 112.15. Second resistance is July's high crossing at 112.25. First support is August's low crossing at 106.20. Second support is July's low crossing at 105.48.
October Feeder cattle closed down $0.28 at $152.68.
October Feeder cattle closed lower on Monday. The mid-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 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 crossing at 155.38 is the next upside target. Closes below last-Tuesday's low crossing at 148.10 would confirm that a short-term top has been posted. 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
December coffee closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 June's high, monthly support crossing at 9.39 is the next downside target. Closes above the 20-day moving average crossing at 10.35 would confirm that a short-term low has been posted.
December cocoa closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening on Tuesday. 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 22.65 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 Monday as it extends the rally off August's low. The high-range close set the stage for a steady to higher opening on Monday. 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% retracement level of the June-August-decline crossing at 11.55 is the next upside target. Closes below the 20-day moving average crossing at 10.45 would temper the near-term bullish outlook.
December cotton closed sharply higher on Monday while extending the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 85.05 are needed to confirm that a short-term low has been posted. If December renews decline off July's high, the 50% retracement level of the 2016-2018 rally crossing at 77.99 is the next downside target.
Thanks tallpine!