KEY EVENTS TO WATCH FOR:

Tuesday, October 16, 2018 

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

                       Chain Store Sales, W/W% (previous +0.6%)

                       Chain Store Sales, M/M% (previous +4.2%)

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 +5.9%)

                       Latest Wk, Y/Y% (previous +6.5%)

9:15 AM ET. September Industrial Production & Capacity Utilization

                       Industrial Production, M/M% (expected +0.3%; previous +0.4%)

                       Capacity Utilization % (expected 78.2%; previous 78.1%)

                       Capacity Utilization, Net Chg (Pts) (previous +0.2)

10:00 AM ET. August Job Openings & Labor Turnover Survey

10:00 AM ET. October NAHB Housing Market Index

                       Housing Mkt Idx (expected 67; previous 67)

4:00 PM ET. August Treasury International Capital Data

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +9.7M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +3.4M)

                       Distillate Stocks, Net Chg (Bbls) (previous -3.5M)

Wednesday, October 17, 2018 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 346.7)

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

                       Purchase Idx-SA (previous 238.0)

                       Purchase Idx-SA, W/W% (previous -1.1%)

                       Refinance Idx (previous 921.2)

                       Refinance Idx, W/W% (previous -2.6%)

8:30 AM ET. September New Residential Construction - Housing Starts and Building Permits

                       Total Starts (expected 1.21M; previous 1.282M)

                       Housing Starts, M/M% (expected -5.6%; previous +9.2%)

                       Building Permits (expected 1.28M; previous 1.229M)

                       Building Permits, M/M% (expected +4.1%; previous -5.7%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 409.951M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +5.987M)

                       Gasoline Stocks (Bbl) (previous 236.172M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +0.951M)

                       Distillate Stocks (Bbl) (previous 133.465M)

                       Distillate Stocks, Net Chg (Bbl) (previous -2.666M)

                       Refinery Usage (previous 88.8%)

                       Total Prod Supplied (Bbl/day) (previous 19.823M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.351M)

2:00 PM ET. Federal Open Market Committee meeting minutes and economic forecast

Thursday, October 18, 2018 

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

                       Corn (Metric Tons) (previous 1006.7K)

                       Soybeans (Metric Tons) (previous 444.3K)

                       Wheat (Metric Tons) (previous 339K)

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

                       Jobless Claims (expected 213K; previous 214K)

                       Jobless Claims, Net Chg (previous +7K)

                       Continuing Claims (previous 1660000)

                       Continuing Claims, Net Chg (previous +4K)

8:30 AM ET. October Philadelphia Fed Business Outlook Survey

                       Business Activity (expected 20; previous 22.9)

                       Prices Paid (previous 39.6)

                       Employment (previous 17.6)

                       New Orders (previous 21.4)

                       Prices Received (previous 19.6)

                       Delivery Times (previous 11.1)

                       Inventories (previous -3.5)

                       Shipments (previous 19.6)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. September Leading Indicators

                       Leading Index, M/M% (expected +0.5%; previous +0.4%)

                       Leading Index (previous 111.2)

                       Coincident Index, M/M% (previous +0.2%)

                       Lagging Index, M/M% (previous +0.2%)

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

                       Working Gas In Storage (Cbf) (previous 2956B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +90B)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

  N/A              Alaska Day

Friday, October 19, 2018 

10:00 AM ET. September Regional & State Employment & Unemployment

10:00 AM ET. September Existing Home Sales

                       Existing Sales (expected 5.3M; previous 5.34M)

                       Existing Sales, M/M% (expected -0.7%; previous +0.0%)

                       Unsold Homes Month's Supply (previous 4.3)

                       Median Price (USD) (previous 264800)

                       Median Home Price, Y/Y% (previous +4.6%)

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

The December NASDAQ 100 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 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 7472.41 are needed to confirm that a short-term low has been posted. If December extends the decline off October's high, the 62% retracement level of the February-October-rally crossing at 6898.35. First resistance is the 10-day moving average crossing at 7344.00. Second resistance is October's high crossing at 7728.75. First support is last-Thursday's low crossing at 6907.75. Second support is the 62% retracement level of the February-October-rally crossing at 6898.35. 

The December S&P 500 closed lower on Tuesday as it extends the decline off October'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 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 2885.94 would confirm that a short-term low has been posted. If December extends the decline off October's high, the 62% retracement level of the April-September-rally crossing at 2720.80 is the next downside target. First resistance is the 10-day moving average crossing at 2848.80. Second resistance is September's high crossing at 2945.50. First support is the 62% retracement level of the April-September-rally crossing at 2720.80. Second support is the 75% retracement level of the April-September-rally crossing at 2672.69. 

The Dow 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 a low might be in or is near. Closes above the 20-day moving average crossing at 26,293.93 are needed to confirm that a short-term top has been posted. If the Dow extends the decline off October's high, the 62% retracement level of the April-September-rally crossing at 24,721.54 is the next downside target. First resistance is the 50-day moving average crossing at 25,985.51. Second resistance is the 20-day moving average crossing at 26,293.93. First support is last-Thursday's low crossing at 24,899.77. Second support is the 62% retracement level of the April-September-rally crossing at 24,721.54.

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

December T-bonds closed down 9/32's at 138-14.

December T-bonds closed lower on Monday. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 139-08 would confirm that a short-term low has been posted. If December resumes the decline off August's high, monthly support crossing at 134-04 is the next downside target. First resistance is the 20-day moving average crossing at 139-08. Second resistance is the reaction high crossing at 141-04. First support is last-Tuesday's low crossing at 136-16. Second support is weekly support crossing at 134-04.        

December T-notes closed down 35-points at 118-075.

December T-notes closed lower on Friday. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 118.115 would confirm that a short-term low has been posted. If December resumes the decline off August's high, monthly support crossing at 114.192 is the next downside target. First resistance is the 20-day moving average crossing at 118.115. Second resistance is the reaction high crossing at 119.000. First support is last-Monday's low crossing at 117.135. Second support is monthly support crossing at 114.192.        

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

November crude oil closed higher due to short covering on Monday as it consolidated some of the decline off October's high. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends this month's decline, the 50-day moving average crossing at 69.57 is the next downside target. Closes above last-Tuesday's high crossing at 75.28 would confirm that a short-term low has been posted. First resistance is October's high crossing at 76.90. Second resistance isthe 75% retracement level of the 2014-2016-decline crossing at 77.22.First support is the 50-day moving average crossing at 69.57. Second support is September's low crossing at 66.67.  

November heating oil closed slightly lower on Monday and below the 20-day moving average crossing at 233.76. 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 sideways to lower prices are possible near-term. If November extends the decline off October's high the 50-day moving average crossing at 224.82 is the next downside target. First resistance is October's high crossing at 245.00. Second resistance is the November-2014 high crossing at 254.68. First support is last-Friday's low crossing at 229.53. Second support is the 50-day moving average crossing at 224.82.

November unleaded gas closed lower on Monday as it remains below the 50-day moving average crossing at 197.78. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends this month's decline, August's low crossing at 184.02 is the next downside target. Closes above the 20-day moving average crossing at 204.39 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 204.39. Second resistance is October's high crossing at 215.00. First support is last-Friday's low crossing at 190.81. Second support is August's low crossing at 184.02.

November Henry natural 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.108 would confirm that a short-term top has been posted. If November renews the aforementioned rally, the July-2015 high crossing at 3.457 is the next upside target. First resistance is last-Tuesday's high crossing at 3.368. Second resistance is the July-2015 high crossing at 3.457. First support is the 20-day moving average crossing at 3.108. Second support is the 50-day moving average crossing at 2.985.     

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 bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 94.66 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If December resumes the rally off September's low, August's high crossing at 96.45 is the next upside target. First resistance is last-Tuesday's high crossing at 95.84. Second resistance is August's high crossing at 96.45. First support is the 20-day moving average crossing at 94.66. Second support is September's low crossing at 93.39.     

The December Euro closed higher on Monday. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 116.82 would temper the near-term bearish outlook. If December resumes the decline off September's high, August's low crossing at 114.09 is the next downside target. First resistance is the 20-day moving average crossing at 116.82. Second resistance is September's high crossing at 118.93. First support is last-Tuesday's low crossing at 114.93. Second support is August's low crossing at 114.09.     

The December British Pound closed lower 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 bearish signaling that sideways to lower prices are possible near-term. If December extends the rally off October's low, September's high crossing at 1.3350 is the next upside target. Closes below October's low crossing at 1.2963 would renew the decline off September's high. First resistance is September's high crossing at 1.3350. Second resistance is July's high crossing at 1.3435. First support is October's low crossing at 1.2963. Second support is September's low crossing at 1.2845. 

The December Swiss Franc 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 December extends the decline off September's high, July's low crossing at 1.0082 is the next downside target. Closes above the 20-day moving average crossing at 1.0280 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0280. Second resistance is the 50-day moving average crossing at 1.0288. First support is last-Tuesday's low crossing at 1.0106. Second support is July's low crossing at 1.0082. 

The December Canadian Dollar 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 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 77.34 would confirm that a short-term low has been posted. If December extends the decline off October's high, September's low crossing at 75.75 is the next downside target. First resistance is October's high crossing at 78.36. Second resistance is the 50% retracement level of the 2017-2018 decline crossing at 78.72. First support is the reaction low crossing at 76.56. Second support is September's low crossing at 75.75. 

The December Japanese Yen closed higher on Monday. Stochastics and the RSI are overbought but remain 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 0.0900 would open the door for additional gains are possible near-term. Closes below the 10-day moving average crossing at 0.0889 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 0.0900. Second resistance is September's high crossing at 0.0912. First support is October's low crossing at 0.0877. Second support is the 87% retracement level of the 2015-2016 rally crossing at 0.0876.

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

December gold closed higher on Monday as it the rally off October'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 becoming overbought but remain neutral to bullish signaling that sideways to higher are possible near-term. If December extends the aforementioned rally, the 38% retracement level of the April-August-Decline crossing at 1251.30 is the next upside target. Closes below the reaction low crossing at 1184.30 would confirm that a short-term top has been posted while opening the door for a possible test of August's low crossing at 1167.10. First resistance is today's high crossing at 1236.90. Second resistance is the 38% retracement level of the April-August-Decline crossing at 1251.30.First support is the reaction low crossing at 1184.30. Second support is August's low crossing at 1167.10.

December silver closed higher on Monday. The mid-range close set 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 reaction high crossing at 14.950 would confirm that a short-term top has been posted while opening the door for additional gains near-term. First resistance is the reaction high crossing at 14.950. Second resistance is the reaction high crossing at 15.070. First support is September's low crossing at 13.965. Second support is the December-2015 low on the weekly continuation chart crossing at 13.620.        

December copper 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 August's low, the reaction high crossing at 288.85 is the next upside target. Closes below the 50-day moving average crossing at 272.74 are needed to confirm that a short-term top has been posted. First resistance is the reaction high crossing at 288.85. Second resistance is the July-5^th gap crossing at 293.10. First support is the 50-day moving average crossing at 272.74. Second support is August's low crossing at 257.45.

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

December Corn closed up 4-cents at 3.77 3/4. 

December corn closed higher on Monday as it extends the rally off September's low.The high-range close sets the stage for a steady to higher opening when Tuesday's night sessions begins trading. Stochastics and the RSI neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the 50% retracement level of the May-September-decline crossing at 3.85 3/4 is the next upside target. Closes below the 20-day moving average crossing at 3.62 1/2 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3.78 1/2. Second resistance is the 50% retracement level of the May-September-decline crossing at 3.85 3/4. First support is last-Thursday's low crossing at 3.60 1/4. Second support is reaction low crossing at 3.54 1/2.

December wheat closed up 7 1/4-cents at 5.24 1/2. 

December wheat 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off September's low, the 50-day moving average crossing at 5.32 3/4 is the next upside target. If December resumes the decline off September's high, September's low crossing at 4.95 1/4 is the next downside target. First resistance is the 50-day moving average crossing at 5.32 3/4. Second resistance is the reaction high crossing at 5.49 1/2. First support is the reaction low crossing at 5.05 1/4. Second support is September's low crossing at 4.95 1/4.   

December Kansas City Wheat closed up 7 1/2-cents at 5.31 3/4. 

December Kansas City wheat closed higher on Monday. 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 December resumes the rally off September's low, the 50-day moving average crossing at 5.39 3/4 is the next upside target. If December renews the decline off September's high, September's low crossing at 4.98 3/4 is the next downside target. First resistance is the reaction high crossing at 5.35 3/4. Second resistance is the 50-day moving average crossing at 5.39 3/4. First support is October's low crossing at 5.06 1/2. Second support is September's low crossing at 4.98 3/4. 

December Minneapolis wheat closed up 4 1/2-cents at 6.00 1/2. 

December Minneapolis wheat closed higher on Monday as it extends the rally off September'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 sideways to higher prices are possible near-term. If December extend the aforementioned rally, the 62% retracement level of the May-July-decline crossing at 6.15 is the next upside target. Closes below the reaction low crossing at 5.72 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the May-July-decline crossing at 6.01. Second resistance is the the 62% retracement level of the May-July-decline crossing at 6.15. First support is the reaction low crossing at 5.72. Second support is September's low crossing at 5.60 1/4.   

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

November soybeans closed up 24-cents at 8.91 1/2.

November soybeans closed sharply higher on Monday as it renewed the rally off September's low.A record-breaking September soybean crush and a bullish round of export data underpinned today's rally to start the week. Additional support came from concerns about harvest delays across large portions of the Midwest. 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 sideways to higher prices are possible near-term. If November extends the rally off September's low, the 38% retracement level of the May-September-decline crossing at 907 is the next upside target. Closes below the 20-day moving average crossing at 8.54 1/2 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the May-September-decline crossing at 907. Second resistance is the 50% retracement level of the May-September-decline crossing at 9.36 1/4. First support is the 20-day moving average crossing at 8.54 1/2. Second support is September's low crossing at 8.12 1/4.  

December soybean meal closed up $10.00 at 326.90. 

December soybean meal closed sharply higher on Monday following the release of September's bullish soybean meal crush 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the 38% retracement level of the May-September-decline crossing at 336.20 is the next downside target. Closes below the 20-day moving average crossing at 313.60 would confirm that a short-term top has been posted. First resistance is today's high crossing at 327.30. Second resistance is the 38% retracement level of the May-September-decline crossing at 336.20. First support is the 20-day moving average crossing at 313.60. Second support is September's low crossing at 301.60. 

December soybean oil closed up 39 pts. at 29.78. 

December soybean oil 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off September's low, the 38% retracement level of the 2017-2018 decline crossing at 30.53 is the next upside target. Closes below the 50-day moving average crossing at 28.67 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 30.01. Second resistance is the the 38% retracement level of the 2017-2018 decline crossing at 30.53. First support is the 50-day moving average crossing at 28.67. Second support is September's low crossing at 27.13.  

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

December hogs closed up $1.75 at $56.75. 

December hogs 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off August low, June's high crossing at 60.75 is the next upside target. Closes below the 50-day moving average crossing at 54.26 would open the door for additional weakness near-term. First resistance is October's high crossing at 59.95. Second resistance is June's high crossing at 60.75. First support is the 50-day moving average crossing at 54.26. Second support is the reaction low crossing at 50.07.    

December cattle closed up $1.80 at 117.98. 

December cattle closed higher on Monday as it consolidates some of the decline off October's high. The high-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 117.95 are needed to confirm that a short-term low has been posted. If December extends the decline off October's high, the 50-day moving average crossing at 115.54 is the next downside target. First resistance is October's high crossing at 119.75. Second resistance is weekly resistance crossing at 122.88. First support is the 50-day moving average crossing at 115.54. Second support is the reaction low crossing at 113.80.   

November Feeder cattle closed up $0.60 at $155.23. 

November Feeder cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are oversold but remains neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 153.79 would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at 157.44 would confirm that a short-term low has been posted. First resistance is October's high crossing at 159.58. Second resistance is September's high crossing at 159.90. First support is the 50-day moving average crossing at 153.79. Second support is the reaction low crossing at 150.90.    

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

December coffee closed higher on Monday as it extends the rally off September's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bearish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, the 75% retracement level of the May-September-decline crossing at 122.42 is the next upside target. Closes below the 20-day moving average crossing at 10.52 would confirm that a short-term top has been posted.             

December cocoa closed lower on Monday. The mid-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. Closes above the May-July downtrend line crossing near 22.23 are needed to confirm a low and trend change has taken place. If September resumes the decline off August's high, the December-2017 low crossing at 18.71 is the next downside target.   

March sugar closed higher on Monday as it extends the rally off September's low. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, the 38% retracement level of the 2016-2018-decline crossing at 13.86 is the next upside target. Closes below the 20-day moving average crossing at 11.71 would confirm that a short-term top has been posted. 

December 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the 50-day moving average crossing at 80.89 is the next upside target. If December resumes decline off July's high, the 62% retracement level of the 2016-2018 rally crossing at 74.00 is the next downside target.