INO Evening Market Comments
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Started by tallpine - Oct. 19, 2018, 4:48 p.m.

KEY EVENTS TO WATCH FOR:



Monday, October 22, 2018  



8:30 AM ET. September CFNAI Chicago Fed National Activity Index



                       NAI (previous 0.18)



                       NAI, 3-mo Moving Avg (previous 0.24)



Tuesday, October 23, 2018 



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



                       Chain Store Sales, W/W% (previous -3.5%)



                       Chain Store Sales, M/M% (previous +2.8%)



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 +5.8%)



                       Latest Wk, Y/Y% (previous +5.8%)



10:00 AM ET. October Richmond Fed Business Activity Survey



                       Mfg Idx (previous 29)



                       Shipments Idx (previous 33)



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous -2.1M)



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



                       Distillate Stocks, Net Chg (Bbls) (previous -0.2M)



Wednesday, October 24, 2018 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 322.1)



                       Composite Idx, W/W% (previous -7.1%)



                       Purchase Idx-SA (previous 224.0)



                       Purchase Idx-SA, W/W% (previous -5.9%)



                       Refinance Idx (previous 838.1)



                       Refinance Idx, W/W% (previous -9.0%)



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



9:45 AM ET. October US Flash Services PMI



                       PMI, Services (previous 52.9)



9:45 AM ET. October US Flash Manufacturing PMI



                       PMI, Mfg (previous 55.6)



10:00 AM ET. September New Residential Sales



                       New Home Sales (previous 629K)



                       New Home Sales, M/M% (previous +3.5%)



                       New Home Sales Months Supply (previous 6.1)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 416.441M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous +6.49M)



                       Gasoline Stocks (Bbl) (previous 234.156M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -2.016M)



                       Distillate Stocks (Bbl) (previous 132.638M)



                       Distillate Stocks, Net Chg (Bbl) (previous -0.827M)



                       Refinery Usage (previous 88.8%)



                       Total Prod Supplied (Bbl/day) (previous 19.96M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.137M)

                       

2:00 PM ET. U.S. Federal Reserve Beige Book



Thursday, October 25, 2018 



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



                       Jobless Claims (previous 210K)



                       Jobless Claims, Net Chg (previous -5K)



                       Continuing Claims (previous 1640000)



                       Continuing Claims, Net Chg (previous -13K)



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



                       Corn (Metric Tons) (previous 382.5K)



                       Soybeans (Metric Tons) (previous 295.6K)



                       Wheat (Metric Tons) (previous 476.1K)



8:30 AM ET. September Advance Economic Indicators Report



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



                       Durable Goods-SA, M/M% (previous +4.5%)



                       Dur Goods, Ex-Defense, M/M% (previous +2.6%)



                       Dur Goods, Ex-Transport, M/M% (previous +0.1%)



                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.5%)

                       

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.1%)

                       

9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. September Pending Home Sales Index



                       Pending Home Sales (previous 104.2)



                       Pending Home Sales Idx, M/M% (previous -1.8%)



                       Pending Home Sales Idx , Y/Y% (previous -2.3%)



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



                       Working Gas In Storage (Cbf) (previous 3037B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +81B)

                       

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



                       Mfg Activity Idx (previous 10)



                       6-Mo Exp Prod Idx (previous 38)



                       Mfg Composite Idx (previous 13)



                       6-Mo Exp Composite Idx (previous 27)



4:30 PM ET. Money Stock Measures



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



Friday, October 26, 2018 



8:30 AM ET. 3rd Quarter Advance estimate GDP



                       Annual Rate, Q/Q% (previous +4.2%)



                       Chain-Weighted Price Idx, Q/Q% (previous +3.0%)



                       PCE Price Idx, Q/Q% (previous +2.0%)



                       Purchase Price Idx, Q/Q% (previous +2.4%)



                       Real Final Sales 1st Est, Q/Q% (previous +5.4%)



                       Core PCE Price Idx, Q/Q% (previous +2.1%)



                       Personal Consumption, Q/Q% (previous +3.8%)



10:00 AM ET. October University of Michigan Survey of Consumers – final



                       End-Mo Sentiment Idx (previous 100.1)



                       End-Mo Expectations Idx (previous 90.5)



                       12-Month Inflation Forecast (previous 2.7%)



                       5-Year Inflation Forecast (previous 2.5%)



                       End-Mo Current Idx (previous 115.2)



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



The December NASDAQ 100 closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Friday'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 decline off October's high, the 62% retracement level of the February-October-rally crossing at 6898.35. Closes above the 20-day moving average crossing at 7404.56 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 7404.56. 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 75% retracement level of the February-October-rally crossing at 6720.95. 



The December S&P 500 closed lower on Friday.The low-range close sets the stage for a steady to lower opening when Friday'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 decline off October's high, the 62% retracement level of the April-September-rally crossing at 2720.80 is the next downside target. Closes above the 20-day moving average crossing at 2859.74 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2799.99. 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 posted an inside day with a higher close on Friday. The mid-range close sets the stage for a steady to higher opening when Monday'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 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. Closes above the 20-day moving average crossing at 26,108.23 are needed to confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 26,108.23. Second resistance is October's high crossing at 26,951.81. 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 8/32's at 137-28.



December T-bonds closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off August's high, monthly support crossing at 134-04 is the next downside target. Closes above the 20-day moving average crossing at 138-24 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 138-24. Second resistance is the reaction high crossing at 141-04. First support is October's low crossing at 136-16. Second support is weekly support crossing at 134-04.        



December T-notes closed down 45-points at 118-000.



December T-notes closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 20-day moving average crossing at 118.073 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 118.073. Second resistance is the reaction high crossing at 119.000. First support is October'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 Friday 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 Monday'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, September's low crossing at 66.67 is the next downside target. Closes above the 50-day moving average crossing at 72.68 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 Thursday's low crossing at 68.47. Second support is September's low crossing at 66.67.  



November heating oil closed slightly higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night trading 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 the decline off October's high the 50-day moving average crossing at 226.24 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 Thursday's low crossing at 228.36. Second support is the 50-day moving average crossing at 226.25.



November unleaded gas closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday'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 202.98 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 196.96. Second resistance is the 20-day moving average crossing at 202.98. First support is Thursday's low crossing at 188.03. Second support is August's low crossing at 184.02.



November Henry natural gas closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.176 would confirm that a short-term top has been posted. If November renews the rally off September's low, 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 3.176. Second support is the 50-day moving average crossing at 3.010.     



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



The December Dollar closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 resumes the rally off September's low, August's high crossing at 96.45 is the next upside target. Closes below Tuesday's low crossing at 94.47 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the reaction high crossing at 95.84. Second resistance is August's high crossing at 96.45. First support is Tuesday's low crossing at 94.47. Second support is September's low crossing at 93.39.     



The December Euro closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Friday'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 50-day moving average crossing at 116.62 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 50-day moving average crossing at 116.62. Second resistance is September's high crossing at 118.93. First support is Thursday's low crossing at 114.83. Second support is August's low crossing at 114.09.     



The December British Pound closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday'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 October's low crossing at 1.2963 would renew the decline off September's high. If December renews the rally off October's low, September's high crossing at 1.3350 is the next upside target. 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 lower on Friday. The low-range close sets the stage for a steady to lower opening when Friday'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, weekly support crossing at 1.0042 is the next downside target. Closes above the 20-day moving average crossing at 1.0207 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0207. Second resistance is the 50-day moving average crossing at 1.0283. First support is today's low crossing at 1.0072. Second support is weekly support crossing at 1.0042. 



The December Canadian Dollar lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that a low might be in or is near. If December extends the decline off October's high, September's low crossing at 75.75 is the next downside target. Closes above Tuesday's high crossing at 77.51 would confirm that a short-term low has been posted. 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 today's low crossing at 76.22. Second support is September's low crossing at 75.75. 



The December Japanese Yen closed lower on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. The low-range close sets the stage for a steady to lower opening when Monday’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 20-day moving average crossing at 0.0890 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 0.0899. 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 slightly lower on Friday. The mid-range close sets the stage for a steady to higher opening when Monday'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 Monday'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 Friday. The mid-range close set the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish 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. Closes below October's low crossing at 14.255 would renew the decline off September's high. First resistance is the reaction high crossing at 14.950. Second resistance is the reaction high crossing at 15.070. First support is October's low crossing at 14.255. Second support is September's low crossing at 13.965.        



December copper closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 272.71 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-5th gap crossing at 293.10. First support is the 50-day moving average crossing at 272.71. Second support is August's low crossing at 257.45.



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



December Corn closed down 4 1/2-cents at 3.66 1/4. 



December corn closed lower on Friday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Monday's night sessions begins trading. Stochastics and the RSI neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.67 would confirm that a short-term top has been posted. If December resumes 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. First resistance is Monday'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 3/4-cents at 5.13 3/4. 



December wheat closed fractionally higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off September's high, September's low crossing at 4.95 1/4 is the next downside target. If December resumes the rally off September's low, the 50-day moving average crossing at 5.26 3/4 is the next upside target. First resistance is the 50-day moving average crossing at 5.26 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 1 1/2-cents at 5.16 1/4. 



December Kansas City wheat closed higher on Friday. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off September's high, September's low crossing at 4.98 3/4 is the next downside target. 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. First resistance is the 50-day moving average crossing at 5.32 3/4. Second resistance is the reaction high crossing at 5.35 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 3 3/4-cents at 5.88 3/4. 



December Minneapolis wheat closed higher on Friday.The high-range close sets the stage for a steady to higher opening when Monday'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 reaction low crossing at 5.72 would confirm that a short-term top has been posted. If December renews the rally off September's low, the 62% retracement level of the May-July-decline crossing at 6.15 is the next upside target. 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 down 7 1/4-cents at 8.56 1/4.



November soybeans closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 8.62 would confirm that a short-term top has been posted. 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. 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 8.62. Second support is September's low crossing at 8.12 1/4.  



December soybean meal closed down $3.20 at 313.10. 



December soybean meal closed lower on Friday and below the 20-day moving average crossing at 315.40 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the rally off September's low, the 38% retracement level of the May-September-decline crossing at 336.20 is the next downside target. First resistance is Monday'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 reaction low crossing at 310.20. Second support is September's low crossing at 301.60. 



December soybean oil closed up 11 pts. at 29.13. 



December soybean oil closed higher on Friday. The mid-range close sets the stage for a steady opening when Monday'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 28.71 would confirm that a short-term top has been posted. 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. 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 28.71. Second support is September's low crossing at 27.13.  

 

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



December hogs closed down $0.70 at $51.60. 



December hogs closed lower on Friday as it extends the decline off October's high. The low-range close sets the stage for a steady to lower opening when Monday'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 aforementioned decline, the reaction low crossing at 50.08 is the next downside target. Closes above the 20-day moving average crossing at 56.30 would confirm that a short-term low has been posted. First resistance is Tuesday's high crossing at 58.33. Second resistance is October's high crossing at 59.95. First support is the reaction low crossing at 50.08. Second support is the reaction low crossing at 48.20.    



December cattle closed down $0.40 at 116.77. 



December cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, the 50-day moving average crossing at 115.79 is the next downside target. Multiple closes above the 20-day moving average crossing at 117.79 are needed to confirm that a short-term low has been posted. 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 115.79. Second support is the reaction low crossing at 113.80.   

 

November Feeder cattle closed down $0.33 at $154.10. 



November Feeder cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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. If November extends this month's decline, the reaction low crossing at 150.90. Closes above the 20-day moving average crossing at 156.72 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 155.48. Second resistance is the 20-day moving average crossing at 156.72. First support is Thursday's low crossing at 152.87. Second support is the reaction low crossing at 150.90.    



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



December coffee closed slightly higher on Friday as it extends the rally off September's low. The low-range close sets the stage for a steady to lower opening on Monday. 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 87% retracement level of the May-September-decline crossing at 12.68 is the next upside target. Closes below the 20-day moving average crossing at 10.98 would confirm that a short-term top has been posted.             



December cocoa closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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 August's high, the December-2017 low crossing at 18.71 is the next downside target. Closes above the May-July downtrend line crossing near 21.97 are needed to confirm a low and trend change has taken place.    



March sugar closed higher on Friday as it extends the rally off September'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 March extends the aforementioned rally, the 50% retracement level of the 2016-2018-decline crossing at 14.82 is the next upside target. Closes below the 20-day moving average crossing at 12.46 would confirm that a short-term top has been posted. 



December cotton closed lower on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. 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. If December extends the rally off October's low, the 50-day moving average crossing at 80.12 is the next upside target. 

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By metmike - Oct. 19, 2018, 5:50 p.m.
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Thanks tallpine!