INO Evening Market Comments
0 responses | 0 likes
Started by tallpine - Feb. 22, 2018, 4:09 p.m.

KEY EVENTS TO WATCH FOR:



Friday, February 23, 2018  



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



                       Corn (Metric Tons) (previous 2072K)



                       Soybeans (Metric Tons) (previous 837.5K)



                       Wheat (Metric Tons) (previous 421.9K)



  N/A              Trump meets Australian PM at the White House


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



The March NASDAQ 100 closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off February's low, January's high crossing at 7047.25 is the next upside target. Closes below the 10-day moving average crossing at 6645.30 would temper the near-term friendly outlook. First resistance is Wednesday's high crossing at 6885.50. Second resistance is January's high crossing at 7047.25. First support is the 10-day moving average crossing at 6645.30. Second support is the 38% retracement level of the 2017-2018-rally crossing at 6217.75. 



The March S&P 500 closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last Friday's high crossing at 2753.50 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 2681.89 would temper the near-term friendly outlook. First resistance is last Friday's high crossing at 2753.50. Second resistance is the reaction high crossing at 2839.00. First support is the 10-day moving average crossing at 2681.89. Second support is the 38% retracement level of the 2016-2018-rally crossing at 2529.20. 



The Dow posted an inside day with a higher close on Thursday. Today's rally snap a multi-day skid following bullish data regarding the labor market which may have momentarily offset jitters over inflation and rising bond yields. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last Friday's high crossing at 25,432.42 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 24,739.90 would temper the near-term friendly outlook. First resistance is last Friday's high crossing at 25,432.42. Second resistance is the reaction high crossing at 26,338.03. First support is the 10-day moving average crossing at 24,739.90. Second support is February's low crossing at 23,360.29.     



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



March T-bonds closed up 14/32's at 143-04.



March T-bonds posted an inside day with a higher close on Thursday as it consolidates some of Wednesday's decline. The mid-range close sets the stage for a steady to higher 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 March extends the decline off December's high,weekly support crossing at 140-03 is the next downside target. Closes above the 20-day moving average crossing at 145-14 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 145-09. Second resistance is the 20-day moving average crossing at 145-14. First support is Wednesday's low crossing at 142-24. Second support is weekly support crossing at 140-03.   



March T-notes closed up 50/32's at 120-115.



March T-notes posted an inside day with a higher close on Thursday. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this winter's decline, weekly support crossing at 119.170 is the next downside target. Closes above the 20-day moving average crossing at 121.033 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 121.033. Second resistance is the 50-day moving average crossing at 122.158. First support is last Thursday's low crossing at 120.010. Second support is weekly support crossing at 119.170.   



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



April crude oil closed higher on Thursday due to a decline in oil stocks. The high-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 62.48 confirms that a short-term low has been posted while opening the door for additional short-term gains. If April resumes the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 56.05 is the next downside target. First resistance is the reaction high crossing at 63.94. Second resistance is January's high crossing at 66.66. First support is February's low crossing at 57.90. Second support is the 38% retracement level of the 2016-2018-rally crossing at 56.05.



April heating oil closed higher on Thursday as it extended the rally off February's low. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. 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 196.47 are needed to confirm that a short-term low has been posted. If April resumes the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 176.89 is the next downside target. First resistance is today's high crossing at 195.86. Second resistance is the 20-day moving average crossing at 196.47. First support is the 38% retracement level of the 2016-2018-rally crossing at 176.89. Second support is the 50% retracement level of the 2016-2018-rally crossing at 166.36.   



April unleaded gas closed higher on Thursday as it extends the rebound off February's low. 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 neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 197.52 are needed to confirm that a short-term low has been posted. If April renews the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 179.34 is the next downside target. First resistance is the 20-day moving average crossing at 197.52. Second resistance is January's high crossing at 209.86. First support is the 38% retracement level of the 2016-2018-rally crossing at 179.34. Second support is the 50% retracement level of the 2016-2018-rally crossing at 169.88.   



April Henry natural gas posted an inside day with a lower close on Thursday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.737 would confirm that a short-term low has been posted. If April renews this year's decline, the 87% retracement level of the December-January-rally crossing at 2.551 is the next downside target. First resistance is the 50-day moving average crossing at 2.715. Second resistance is the 20-day moving average crossing at 2.737. First support is February's low crossing at 2.565. Second support is the 87% retracement level of the December-January-rally crossing at 2.551. 



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



The March Dollar closed lower on Thursday as it consolidated some of the rally off last Friday's low.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 neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last Friday's low, February's high crossing at 90.46 is the next upside target. If March renews the decline off November's high, weekly support crossing at 87.45 is the next downside target. First resistance is February's high crossing at 90.46. Second resistance is the 50-day moving average crossing at 90.76. First support is last Friday's low crossing at 88.15. Second support is weekly support crossing at 87.45.



The March Euro closed higher on Thursday as it consolidated some of this week's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, February's low crossing at 122.33 is the next downside target. If March renews the rally off February's low, weekly resistance crossing at 126.74 is the next upside target. First resistance is last Friday's high crossing at 125.80. Second resistance is weekly resistance crossing at 126.74. First support is February's low crossing at 122.33. Second support is the 50-day moving average crossing at 121.95.     



The March British Pound closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 50-day moving average crossing at 1.3782 is the next downside target. If March renews the rally off February's low, February's high crossing at 1.4300 is the next upside target. First resistance is last Friday's high crossing at 1.4160. Second resistance is February's high crossing at 1.4300. First support is February's low crossing at 1.3780. Second support is January's low crossing at 1.3486.     



The March Swiss Franc closed lower on Thursday as it extends this week's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below February's low crossing at 1.0589 are needed to confirm that a short-term top has been posted. If March renews the rally off last October's low, the 38% retracement level of the 2015-2016-decline crossing at 1.0994 is the next upside target. First resistance is February's high crossing at 1.0908. Second resistance is the 38% retracement level of the 2015-2016-decline crossing at 1.0994. First support is February's low crossing at 1.0589. Second support is the 50-day moving average crossing at 1.0474. 



The March Canadian Dollar closed lower on Thursday as it extends the decline off January's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 87% retracement level of the December-January-rally crossing at 78.06 is the next downside target. Closes above the 20-day moving average crossing at 80.07 are needed to confirm that a short-term low has been posted. First resistance is last Friday's high crossing at 80.35. Second resistance is January's high crossing at 81.68. First support is the 75% retracement level of the December-January-rally crossing at 78.56. Second support is the 87% retracement level of the December-January-rally crossing at 78.06.  



The March Japanese Yen closed higher due to short covering on Thursday as it consolidated some of this week's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.9247 are needed to confirm that a short-term top has been posted. If March renews the rally off January's low, the 62% retracement level of 2016's trading range crossing at 0.9680 is the next upside target. First resistance is the 50% retracement level of 2016's trading range crossing at 0.9491. Second resistance is the 62% retracement level of 2016's trading range crossing at 0.9680. First support is the 10-day moving average crossing at 0.9318. Second support is the 20-day moving average crossing at 0.9247.   



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



April gold closed higher due to weakness in the US Dollar on Thursday as it consolidated some of this week's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1318.90 would confirm that a short-term top has been posted. If April renews the rally off February's low, January's high crossing at 1370.50 is the next upside target. First resistance is last Friday's high crossing at 1364.40. Second resistance is January's high crossing at 1370.50. First support is the 50-day moving average crossing at 1318.90. Second support is the 50% retracement level of the December-January-rally crossing at 1306.70.



March silver closed higher on Thursday. The high-range close set the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the decline off January's high, December's low crossing at 15.635 is the next downside target. Closes above last Thursday's high crossing at 16.950 are needed to confirm that a short-term low has been posted. First resistance is last Thursday's high crossing at 16.950. Second resistance is January's high crossing at 17.705. First support is February's low crossing at 16.130. Second support is December's low crossing at 15.635.     



March copper posted a key reversal up as it closed higher on Thursday.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 signaling that sideways to higher prices are possible near-term. If March resumes the rally off February's low, the reaction high crossing at 329.10 is the next upside target. Closes below the 10-day moving average crossing at 317.14 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 329.10. Second resistance is December's high crossing at 332.20. First support is the 10-day moving average crossing at 317.14. Second support is the 75% retracement level of December's rally crossing at 303.58.



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



March Corn closed up 1-cent at 3.66 3/4. 



March corn closed higher on Thursday as it consolidates above the 25% retracement level of the July-January-decline crossing at 3.65 1/2. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.63 would confirm that a short-term top has been posted. If March extends the rally off January's low, last September's high crossing at 3.74 1/2 is the next upside target. First resistance is last September's high crossing at 3.74 1/2. Second resistance is the 38% retracement level of the July-January-decline crossing at 3.76 1/4. First support is the 20-day moving average crossing at 3.63. Second support is the reaction low crossing at 3.56 1/4.  



March wheat closed up 3 1/2-cents at 4.50 3/4. 



March wheat closed higher on Thursday. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 50-day moving average crossing at 4.35 1/2 is the next downside target. If March renews the rally off January's low, last September's high crossing at 4.82 is the next upside target. First resistance is February's high crossing at 4.67 1/4. Second resistance is September's high crossing at 4.82. First support is the reaction low crossing at 4.38 3/4. Second support is the 50-day moving average crossing at 4.35 1/2.      



March Kansas City Wheat closed up 5-cents at 4.70 3/4. 



March Kansas City wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 4.66 3/4 are needed to confirm that a short-term top has been posted. If March renews the rally off December's high, the 38% retracement level of 2017's trading range crossing at 4.88 1/2. First resistance is Tuesday's high crossing at 4.85 1/2. Second resistance is the 38% retracement level of 2017's trading range crossing at 4.88 1/2. First support is the 20-day moving average crossing at 4.66 3/4. Second support is the reaction low crossing at 4.54 1/2.    



March Minneapolis wheat closed up 1 3/4-cents at 6.03. 



March Minneapolis wheat closed higher on Thursday. 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 neutral signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 87% retracement level of the April-July-rally crossing at 5.89 1/2 is the next downside target. Closes above the 50-day moving average crossing at 6.13 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 6.21 1/2. Second resistance is January's high crossing at 6.34 1/2. First support is Wednesday's low crossing at 5.98 1/2. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/2. 



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



March soybeans closed down 2 3/4-cents at 10.31 1/2. 



March soybeans posted an inside day with a lower close on Thursday.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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, last July's high crossing at 10.50 1/2 is the next upside target. Closes below the 20-day moving average crossing at 10.00 1/4 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 10.39. Second resistance is last July's high crossing at 10.50 1/2. First support is the 10-day moving average crossing at 10.13 1/2. Second support is the 20-day moving average crossing at 10.00 1/4. 



March soybean meal closed down $1.50 at 376.50. 



March soybean meal posted an inside day with a lower close on Thursday as it consolidates some of this year's rally. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, weekly resistance crossing at 397.30 is the next upside target. Closes below the 10-day moving average crossing at 365.60 would confirm a short-term top has been posted. First resistance is Tuesday's high crossing at 385.50. Second resistance is weekly resistance crossing at 397.30. First support is the 10-day moving average crossing at 365.60. Second support is the 20-day moving average crossing at 350.40.  



March soybean oil closed down 3 pts. At 32.04. 



March soybean oil closed lower on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 32.33 are needed to confirm that a short-term low has been posted. If March extends the decline off January's high, the July-2016 low crossing at 31.19 is the next downside target. First resistance is the 20-day moving average crossing at 32.33. Second resistance is the 50-day moving average crossing at 32.82. First support is last Tuesday's low crossing at 31.40. Second support is the July-2016 low crossing at 31.19.



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



April hogs closed up $1.38 at $71.28. 



April hogs closed higher on Thursday and above the 20-day moving average crossing at 71.19 are needed to confirm that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends today's rally, the 50-day moving average crossing at 73.17 is the next upside target. If April renews the decline off January's high, the 87% retracement level of the August-January-rally crossing at 66.60 is the next downside target. First resistance is today's high crossing at 71.19. Second resistance is the 50-day moving average crossing at 73.17. First support is the 75% retracement level of the August-January-rally crossing at 68.07. Second support is the 87% retracement level of the August-January-rally crossing at 66.60.



April cattle closed down $0.85 at 125.38. 



April cattle closed lower on Thursday as it consolidates some of the rally off January's low. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below reaction low crossing at 122.80 are needed to confirm that a short-term top has been posted. If April resumes the rally off January's low, November's high crossing at 130.10 is the next upside target. First resistance is Tuesday's high crossing at 127.95. Second resistance is November's high crossing at 130.10. First support is the reaction low crossing at 122.80. Second support is January's low crossing at 118.05.

 

March Feeder cattle closed down $0.65 at $146.00. 



March Feeder cattle closed lower on Thursday as it extended Wednesday's decline. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, February's low crossing at 144.20 is the next downside target. If March renews the rally off February's low, February's high crossing at 151.95 is the next upside target. First resistance is February's high crossing at 151.95. Second resistance is the reaction high crossing at 154.05. First support is February's low crossing at 144.20. Second support is the reaction low crossing at 142.42.   



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



March coffee closed sharply higher on Thursday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening on Friday. 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 50-day moving average crossing at 12.25 are needed to confirms that a short-term low has been posted. If March extends the decline off January's high, weekly support crossing at 11.55 is the next downside target.   



March cocoa closed higher on Thursday and is challenging the 87% retracement level of the November-December-decline crossing at 21.71 as it extends the rally off December's low. The low-range close sets the stage for a steady to lower opening on Friday. 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 rally off December's low, November's high crossing at 22.26 is the next upside target. Closes below the 20-day moving average crossing at 20.43 would confirm that a short-term top has been posted. 



March sugar closed higher on Friday. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off January's low, the 50-day moving average crossing at 13.97 is the next upside target. If March extends this month's decline, the reaction low crossing at 13.17 is the next downside target. 



March cotton closed sharply higher on Thursday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, the reaction high crossing at 83.95 is the next upside target. Closes below the 10-day moving average crossing at 76.98 would confirm that a short-term top has been posted. 

Comments
No replies yet. Be the first!