INO Evening Market Comments
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Started by tallpine - Nov. 5, 2018, 4:37 p.m.

KEY EVENTS TO WATCH FOR:



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 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 bearish signaling that sideways to lower prices are possible near-term. If December resumes 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 7049.60 are needed to confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at 7143.25. Second resistance is the 50-day moving average crossing at 7365.49. First support is October's low crossing at 6580.50. Second support is the 87% retracement level of the February-October-rally crossing at 6559.68. 



The December S&P 500 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 higher prices are possible near-term. Closes above the 20-day moving average crossing at 2742.45 would confirm that a short-term low has been posted. If December resumes 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 20-day moving average crossing at 2742.45. Second resistance is the reaction high crossing at 2823.00. 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 higher on Monday and above the 20-day moving average crossing at 25,263.85 confirmed that a short-term top has been posted. 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 below the 10-day moving average crossing at 24,995.43 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 25,874.01. Second resistance is October's high crossing at 26,951.81. First support is October's low crossing at 24,899.77. Second support is the 87% retracement level of the April-September-rally crossing at 23,812.03.



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



December T-bonds closed up 13/32's at 137-18.



December T-bonds closed higher on Monday as it consolidated some of last-Friday's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, October's low crossing at 136-16 is the next downside target. Closes above the 10-day moving average crossing at 138-17 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 138-17. Second resistance is the reaction high crossing at 139-28. First support is October's low crossing at 136-16. Second support is weekly support crossing at 134-04.        



December T-notes closed up 35-points at 118-050.



December T-notes closed higher on Monday as it consolidated some of last-Friday's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, monthly support crossing at 114.192 is the next downside target. Closes above last-Friday's high crossing at 118.225 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 118.073. Second resistance is the reaction high crossing at 119.060. First support is the reaction low crossing at 117.250. Second support is October's low crossing at 117.135.         



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



November crude oil closed slightly lower on Monday as it extended 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. 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, June's low crossing at 62.32 is the next downside target. Closes above the 20-day moving average crossing at 68.24 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 65.42. Second resistance is the 20-day moving average crossing at 68.24.First support is today's low crossing at 62.52. Second support is June's low crossing at 62.32.  



November 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 sideways to lower prices are possible near-term. If November extends the decline off October's high September's low crossing at 219.43 is the next downside target. Closes above the 20-day moving average crossing at 232.25 are needed to confirm that a low has been posted.First resistance is the reaction high crossing at 235.62. Second resistance is October's high crossing at 245.00. First support is last-Thursday's low crossing at 228.36. Second support is September's low crossing at 219.43.



November unleaded gas closed lower on Monday as it extended 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 but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends this month's decline, the 62% retracement level of the 2017-2018-rally crossing at 162.09 is the next downside target. Closes above the 20-day moving average crossing at 185.98 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 177.07. Second resistance is the 20-day moving average crossing at 185.98. First support is today's low crossing at 168.14. Second support is the 62% retracement level of the 2017-2018-rally crossing at 162.09.



November Henry natural gas closed unchanged 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 signaling that sideways trading is possible near-term. If November extends the decline off October's high the 50-day moving average crossing at 3.034 is the next downside target. Closes above last-Wednesday's high crossing at 3.250 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 3.250. Second resistance is October's high crossing at 3.368. First support is today's low crossing at 3.100. Second support is the 50-day moving average crossing at 3.034.     



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 sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 95.75 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If December extends the rally off September's low, weekly resistance crossing at 97.83 is the next upside target. First resistance is last-Wednesday's high crossing at 96.98. Second resistance is weekly resistance crossing at 97.83. First support is the 20-day moving average crossing at 95.75. Second support is the 50-day moving average crossing at 95.02.     



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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 115.06 would temper the near-term bearish outlook. If December extends the decline off September's high, the 87% retracement level of the 2016-2018-rally crossing at 113.54 is the next downside target. First resistance is the 20-day moving average crossing at 115.06. Second resistance is the 50-day moving average crossing at 116.33. First support is last-Wednesday's low crossing at 113.43. Second support is the 87% retracement level of the 2016-2018-rally crossing at 113.54.    



The December British Pound 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, October's high crossing at 1.3297 is the next upside target. Closes below the 10-day moving average crossing at 1.2907 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.3080. Second resistance is October's high crossing at 1.3297. First support is October's low crossing at 1.2722. Second support is weekly support crossing at 1.2356. 



The December Swiss Franc closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 1.0080 would confirm that a short-term low has been posted. If December extends the decline off September's high, weekly support crossing at 0.9833 is the next downside target. First resistance is the 20-day moving average crossing at 1.0080. Second resistance is the reaction high crossing at 1.0212. First support is October's low crossing at 0.9946. Second support is weekly support crossing at 0.9833. 



The December Canadian Dollar slightly higher 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 50-day moving average crossing at 76.91 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 the reaction high crossing at 77.18. Second resistance is the reaction high crossing at 77.51. First support is October's low crossing at 75.98. Second support is September's low crossing at 75.75. 



The December Japanese Yen closed unchanged on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. The mid-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. If December extends the decline off October's high, October's low crossing at 0.0877 is the next downside target. Closes above October's high crossing at 0.0901 would open the door for additional gains are possible near-term. First resistance is October's high crossing at 0.0901. 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 lower 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 neutral to bullish signaling that sideways to higher are possible near-term. If December extends the rally off October's low, the 38% retracement level of the April-August-Decline crossing at 1251.30 is the next upside target. Closes below the 50-day moving average crossing at 1212.50 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is October's high crossing at 1246.00. 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 lower on Monday. The low-range close set 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 reaction high crossing at 14.950 would confirm an upside breakout of October's trading range while opening the door for additional gains near-term. Closes below October's low crossing at 14.240 would confirm a downside breakout of the aforementioned trading range while opening the door for a possible test of September's low crossing at 13.965.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 14.240. Second support is September's low crossing at 13.965.        



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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, the 38% retracement level of the June-August-decline crossing at 287.20 is the next upside target. Closes below last-Thursday's low crossing at 264.25 are needed to confirm that a short-term top has been posted. First resistance is the 38% retracement level of the June-August-decline crossing at 287.20. Second resistance is the July-5th gap crossing at 293.10. First support is last-Thursday's low crossing at 264.25. Second support is September's low crossing at 258.00.



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



December Corn closed up 2 3/4-cents at 3.74. 



December corn closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night sessions 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, the 50% retracement level of the May-September-decline crossing at 3.85 3/4 is the next upside target. Closes below the reaction low crossing at 3.60 1/2 would confirm that a short-term top has been posted. First resistance is October'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 the reaction low crossing at 3.60 1/4. Second support is reaction low crossing at 3.54 1/2.



December wheat closed down 2-cents at 5.06 3/4. 



December wheat 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. If December extends the rally off October's low, the 50-day moving average crossing at 5.15 1/4 is the next upside target. If December resumes the decline off September's high, January's low crossing at 4.73 3/4 is the next downside target. First resistance is the 50-day moving average crossing at 5.15 1/4. Second resistance is the reaction high crossing at 5.49 1/2. First support is October's low crossing at 4.85 1/2. Second support is January's low crossing at 4.73 3/4.   



December Kansas City Wheat closed up a 1/2-cent at 5.04 3/4. 



December Kansas City wheat closed fractionally 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 5.17 3/4 is the next upside target. If December renews the decline off October's high, October's low crossing at 4.84 1/2 is the next downside target. First resistance is the 50-day moving average crossing at 5.17 3/4. Second resistance is the reaction high crossing at 5.35 3/4. First support is October's low crossing at 4.84 1/2. Second support is the December-2017 low crossing at 4.78 1/4. 



December Minneapolis wheat closed up 1-cent at 5.81 1/2. 



December Minneapolis wheat 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 5.89 1/2 would confirm that a short-term low has been posted. If December renews the decline off October's high, September's low crossing at 5.60 1/4 is the next downside target. First resistance is the reaction high crossing at 5.89 1/2. Second resistance is October's high crossing at 6.02 1/4. First support is October's low crossing at 5.65 3/4. 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 2 1/4-cents at 8.73.



November soybeans 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. 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 50-day moving average crossing at 8.50 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 50-day moving average crossing at 8.50 1/2. Second support is September's low crossing at 8.12 1/4.  



December soybean meal closed down $0.10 at 310.90. 



December soybean meal closed slightly 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. 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 October'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 down 32 pts. at 27.88. 



December soybean oil 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 sideways to lower prices are possible near-term. If December resumes the decline off October's high, September's low crossing at 27.13 is the next downside target. Closes above the 20-day moving average crossing at 28.76 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 28.76. Second resistance is October's high crossing at 30.01. First support is last-Tuesday's low crossing at 27.75. Second support is September's low crossing at 27.13.  

 

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



December hogs closed down $1.03 at $57.10. 



December hogs closed lower on Monday 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 56.19 would confirm that a short-term top has been posted. If December extends the rally off October's low, June's high crossing at 60.75 is the next upside target. First resistance is October's high crossing at 60.20. Second resistance is June's high crossing at 60.75. First support is the 20-day moving average crossing at 56.19. Second support is October's low crossing at 51.27.   



December cattle closed down $1.75 at 115.32. 



December cattle closed sharply lower on Monday and below the 50-day moving average crossing at 116.69 thereby opening the door for additional weakness near-term. 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 sideways to lower prices are possible near-term. If December extends the decline off October's high, the 50% retracement level of the April-October-rally crossing at 113.34 is the next downside target.  Closes above last-Friday's high crossing at 117.85 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 118.80. Second resistance is October's high crossing at 119.75. First support is the 38% retracement level of the April-October-rally crossing at 114.85. Second support is the 50% retracement level of the April-October-rally crossing at 113.34.  

 

November Feeder cattle closed down $3.00 at $149.50. 



November Feeder cattle closed limit down on Monday and below the May-August uptrend line confirming a trend change. The low-range close sets the stage for a steady to lower 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. If November extends today's decline, the  62% retracement level of the May-August-rally crossing at 146.54 is the next downside target. Closes above the 20-day moving average crossing at 154.44 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 154.44. Second resistance is the reaction high crossing at 157.05. First support is today's low crossing at 149.03. Second support is the 62% retracement level of the May-August-rally crossing at 146.54.    



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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the 87% retracement level of the May-September-decline crossing at 12.68 is the next upside target. Closes below last-Wednesday's low crossing at 11.13 would confirm that a short-term top has been posted.             



December cocoa closed higher on Monday as it extends the rally off October's high. 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 bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, August's high crossing at 23.97 is the next upside target. Closes below the 20-day moving average crossing at 21.90 would confirm that a short-term top has been posted.    



March sugar closed lower on Monday. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off October's high, the reaction low crossing at 12.62 is the next downside target. Closes above the 10-day moving average crossing at 13.54 would confirm that a short-term low has been posted. 



December cotton closed slightly higher 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. If December extends the rally off October's low, the June-July downtrend line crossing near 81.33 is the next upside target. If December resumes decline off October's high, October's low crossing at 75.37 is the next downside target. 

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