INO Evening Market Comments
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Started by tallpine - Jan. 22, 2019, 4:09 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, January 23, 2019 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 411.8)



                       Composite Idx, W/W% (previous +13.5%)



                       Purchase Idx-SA (previous 278.5)



                       Purchase Idx-SA, W/W% (previous +9.1%)



                       Refinance Idx (previous 1172.4)



                       Refinance Idx, W/W% (previous +18.7%)



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



                       Chain Store Sales, W/W% (previous -2.3%)



                       Chain Store Sales, M/M% (previous +2.2%)



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M% (previous -1.7%)



                       Ret Sales Mo-to-Date, Y/Y% (previous +6.7%)



                       Latest Wk, Y/Y% (previous +6.7%)



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



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



                       Mfg Idx (previous -8)



                       Shipments Idx (previous -25)



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous -0.6M)



                       Gasoline Stocks, Net Chg (Bbls) (previous +6.0M)



                       Distillate Stocks, Net Chg (Bbls) (previous +3.2M)



Thursday, January 24, 2019 



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



                       Jobless Claims (expected 220K; previous 213K)



                       Jobless Claims, Net Chg (previous -3K)



                       Continuing Claims (previous 1737000)



                       Continuing Claims, Net Chg (previous +18K)



9:45 AM ET. January US Flash Services PMI



                       PMI, Services (previous 53.4)



9:45 AM ET. January US Flash Manufacturing PMI



                       PMI, Mfg (expected 53.5; previous 53.9)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. December Leading Indicators



                       Leading Index, M/M% (expected -0.1%; previous +0.2%)



                       Leading Index (previous 111.8)



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



                       Lagging Index, M/M% (previous +0.4%)



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



                       Working Gas In Storage (Cbf) (previous 2533B)



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

                       

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



                       Mfg Activity Idx (previous -18)



                       6-Mo Exp Prod Idx (previous 19)



                       Mfg Composite Idx (previous 3)



                       6-Mo Exp Composite Idx (previous 20)



11:00 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 437.055M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -2.683M)



                       Gasoline Stocks (Bbl) (previous 255.565M)



                       Gasoline Stocks, Net Chg (Bbl) (previous +7.503M)



                       Distillate Stocks (Bbl) (previous 143.009M)



                       Distillate Stocks, Net Chg (Bbl) (previous +2.967M)



                       Refinery Usage (previous 94.6%)



                       Total Prod Supplied (Bbl/day) (previous 20.864M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.1M)

                       

4:30 PM ET. Money Stock Measures



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



Friday, January 25, 2019 



8:30 AM ET. U.S. Weekly Export Sales * This data will not be released if the partial U.S. Govt

                       shutdown remains in effect

                       Corn (Metric Tons)



                       Soybeans (Metric Tons)



                       Wheat (Metric Tons)



8:30 AM ET. December Advance Report on Durable Goods * This data will not be

                       released if the partial U.S. Govt shutdown remains in effect



                       Durable Goods-SA, M/M% (expected +1.0%; previous +0.8%)



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



                       Dur Goods, Ex-Transport, M/M% (previous -0.3%)



                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.6%)

                       

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

                       

10:00 AM ET. December New Residential Sales * This data will not be released if the

                    partial U.S. Govt shutdown remains in effect



                       New Home Sales (previous 570K)



                       New Home Sales, M/M% (previous +4.8%)



                       New Home Sales Months Supply



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



The March NASDAQ 100 closed sharply lower on Tuesday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Wednesday'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 December's low, the 62% retracement level of the October-December-decline crossing at 7018.75 is the next upside target. Closes below the 20-day moving average crossing at 6452.94 are needed to confirm that a short-term top has been posted. First resistance is the reaction high crossing at 6897.00. Second resistance is the 62% retracement level of the October-December-decline crossing at 7018.75. First support is the 20-day moving average crossing at 6452.94. Second support is the reaction low crossing at 6136.50.  



The March S&P 500 closed lower on Tuesday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Wednesday'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 December's low, the 62% retracement level of the September-December-decline crossing at 2706.38 is the next upside target. Closes below the 20-day moving average crossing at 2540.87 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 2683.00. Second resistance is the 62% retracement level of the September-December-decline crossing at 2706.38. First support is the 20-day moving average crossing at 2540.87. Second support is the reaction low crossing at 2439.00.  



The Dow closed lower on Tuesday as fresh concerns over the state of the global economy greeted investors returning from the long holiday weekend. Earnings also remained in focus, with a busy week ahead. The low-range close sets the stage for a steady to lower opening when Wednesday'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 the Dow extends the rally off December's low, the 62% retracement level of the October-December-decline crossing at 24,965.15 is the next upside target. Closes below the 20-day moving average crossing at 23,543.82 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the October-December-decline crossing at 24,965.15. Second resistance is the 75% retracement level of the October-December-decline crossing at 25,661.68. First support is the 10-day moving average crossing at 24,123.12. Second support is the 20-day moving average crossing at 23,543.76.



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



March T-bonds closed up 23/32's at 145-07.



March T-bonds closed higher on Tuesday as it consolidates some of the decline off January's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. If March extends the decline off January's high, the 38% retracement level of the November-January-rally crossing at 144-00 is the next downside target. Closes above last-Monday's high crossing at 146-11 would confirm that a short-term low has been posted. First resistance is last-Monday's high crossing at 146-11. Second resistance is January's high crossing at 148-27. First support is the 38% retracement level of the November-January-rally crossing at 144-30. Second support is the 50% retracement level of the November-January-rally crossing at 142-16.         



March T-notes closed up 110 points at 121-160.



March T-notes closed higher on Tuesday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 aforementioned decline, the 38% retracement level of the October-January-rally crossing at 120-301 is the next downside target. Closes above last-Monday's high crossing at 122.090 would confirm that a short-term low has been posted. First resistance is last-Monday's high crossing at 122.090. Second resistance is January's high crossing at 123.055. First support is the 38% retracement level of the October-December-rally crossing at 120.301. Second support is the 50% retracement level of the October-December-rally crossing at 120.071.        



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



March crude oil closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. 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, the 38% retracement level of the October-December-decline crossing at 55.55 is the next upside target. Closes below the 20-day moving average crossing at 49.36 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the October-December-decline crossing at 55.55. Second resistance is the 50% retracement level of the October-December-decline crossing at 59.53. First support is the 20-day moving average crossing at 49.36. Second support is December's low crossing at 45.13.



March heating oil closed slightly lower on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. 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, the 38% retracement level of the October-December-decline crossing at 193.75 is the next upside target. Closes below the 20-day moving average crossing at 178.90 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the October-December-decline crossing at 193.75. Second resistance is the 50% retracement level of the October-December-decline crossing at 203.52 is the next upside target. First support is the 20-day moving average crossing at 178.90. Second support is December's low crossing at 162.35. 



March unleaded gas closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 December's low, the 38% retracement level of the October-December-decline crossing at 160.10 is the next upside target. Closes below the 20-day moving average crossing at 137.47 would confirm that a short-term top has been posted. First resistance is the 25% retracement level of the October-December-decline crossing at 147.65. Second resistance is the 38% retracement level of the October-December-decline crossing at 160.10. First support is the 20-day moving average crossing at 137.47. Second support is December's low crossing at 124.24. 



March Henry natural gas closed lower on Tuesday filling last-Monday's gap crossing at 3.002 thereby signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday'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 March renews the rally off January's low, the 50-day moving average crossing at 3.523 is the next upside target. First resistance is the 50-day moving average crossing at 3.523. Second resistance is the 50% retracement level of the November-January-decline crossing at 3.690. First support is today's low crossing at 2.961. Second support is January's low crossing at 2.771.     



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



The March Dollar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 January's low, the reaction high crossing at 96.56 is the next upside target. Closes below the 10-day moving average crossing at 95.53 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 96.08. Second resistance is the reaction high crossing at 96.10. First support is the 62% retracement level of the September-December-rally crossing at 94.54. Second support is the 75% retracement level of the September-December-rally crossing at 93.97.    



The March Euro closed lower on Tuesday as it extends the decline off last-Thursday's high. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 the decline off January's high, January's low crossing at 113.78. Closes above the 10-day moving average crossing at 114.94 would confirm that a short-term low has been posted. First resistance is January's high crossing at 116.33. Second resistance is November's high crossing at 116.45. First support is January's low crossing at 113.78. Second support is December's low crossing at 113.62.      



The March British Pound closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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, the reaction high crossing at 1.3150 is the next upside target. Closes below last-Tuesday's low crossing at 1.2707 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1.3150. Second resistance is November's high crossing at 1.3257. First support is last-Tuesday's low crossing at 1.2707. Second support is January's low crossing at 1.2512.  



The March Swiss Franc closed lower on Tuesday as it extends the decline off last-Thursday's high.The low-range close sets the stage for a steady to lower opening when Wednesday'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 month's decline, November's low crossing at 1.0018 is the next downside target. Closes above the 20-day moving average crossing at 1.0196 would confirm that a short-term low has been posted. First resistance is the 50% retracement level of the September-November-decline crossing at 1.0330. Second resistance is the 62% retracement level of the September-November-decline crossing at 1.0405. First support is today's low crossing at 1.0064. Second support is November's low crossing at 1.0018.



The March Canadian Dollar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 74.73 would confirm that a short-term top has been posted. If March renews this month's rally, December's high crossing at 76.15 is the next upside target. First resistance is January's high crossing at 75.99. Second resistance is December's high crossing at 76.15. First support is the 20-day moving average crossing at 74.73. Second support is December's low crossing at 73.30.  



The March Japanese Yen closed higher on Tuesday as it consolidates some of the decline off January's high but remains below the 20-day moving average crossing at 0.0920. The high-range close sets the stage for a steady to higher opening when Wednesday’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 the decline off January's high, the 50-day moving average crossing at 0.0903 is the next downside target.  Closes above the 10-day moving average crossing at 0.0924 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 0.0933. Second resistance is January's high crossing at 0.0946. First support is last-Friday's low crossing at 0.0914. Second support is the 50-day moving average crossing at 0.0903.  



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



April gold closed higher on Tuesday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Wednesday'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 1284.60 would confirm that a short-term top has been posted. If April resumes the rally off November's low, the 62% retracement level of the April-August-Decline crossing at 1320.10 is the next upside target. First resistance is the 62% retracement level of the April-August-Decline crossing at 1320.10. Second resistance is the 75% retracement level of the April-August-Decline crossing at 1349.50. First support is the reaction low crossing at 1284.60. Second support is the 50-day moving average crossing at 1261.10.



March silver closed lower on Tuesday as it extends the decline off January's high. The high-range close set the stage for a steady to higher opening when Wednesday'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 the decline off January's high, the 50-day moving average crossing at 14.894 is the next downside target. If March renews the rally off November's low, the 50% retracement level of the 2017-2018-decline crossing at 16.279 is the next upside target. First resistance is January's high crossing at 15.955. Second resistance is the 50% retracement level of the 2017-2018-decline crossing at 16.279. First support is today's low crossing at 15.195. Second support is the 50-day moving average crossing at 14.894.         



March copper closed lower on Tuesday as it consolidates some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. If March renews the decline off December's high, the 62% retracement level of the 2016-2018-rally crossing at 251.75 is the next downside target. Closes above the 50-day moving average crossing at 271.26 would confirm that a short-term low has been posted while opening the door for additional gains near-term. First resistance is the 50-day moving average crossing at 271.26. Second resistance is the reaction high crossing at 280.35. First support is January's low crossing at 254.30. Second support is the 62% retracement level of the 2016-2018-rally crossing at 251.75.



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



March Corn closed down 2 1/2-cents at 3.79 1/4. 



March corn closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at 3.83 would confirm that a short-term low has been posted. First resistance is January's high crossing at 3.84 1/2. Second resistance is December's high crossing at 3.87 3/4. First support is last-Tuesday's low crossing at 3.71. Second support is November's low crossing at 3.67 1/4.  



March wheat closed up 4-cents at 5.21 3/4. 



March wheat closed higher on Tuesday as it extends the September-January trading range. The high-range close sets the stage for a steady to higher opening when Wednesday'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 5.24 1/2 are needed to renew the rally off January's low. If March resumes the decline off December's high, psychological support crossing at 5.00 is the next downside target. First resistance is the reaction high crossing at 5.24 1/2. Second resistance is December's high crossing at 5.38 1/2. First support is January's low crossing at 5.01 1/4. Second support is psychological support crossing at 5.00.    



March Kansas City Wheat closed up 3 3/4-cents at 5.09 3/4. 



March Kansas City wheat closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, December's high crossing at 5.24 1/2 is the next upside target. If March resumes the decline off December's high, November's low crossing at 4.82 1/4 is the next downside target.First resistance is December's high crossing at 5.24 1/2. Second resistance is November's high crossing at 5.33 3/4. First support is December's low crossing at 4.87 1/4. Second support is November's low crossing at 4.82 1/4.  



March Minneapolis wheat closed up 2 1/4-cents at 5.74 1/4. 



March Minneapolis wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 December's low, December's high crossing at 5.89 1/2 is the next upside target. Closes below last-Tuesday's low crossing at 5.61 would confirm that a short-term top has been posted. First resistance is December's high crossing at 5.89 1/2. Second resistance is November's high crossing at 5.93. First support is December's low crossing at 5.44 1/2. Second support is weekly support crossing at 5.23 3/4.   



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



March soybeans closed down 7-cents at 9.09 3/4.



March soybeans closed lower on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday'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 renews the rally off December's low, December's high crossing at 9.41 is the next upside target. Close below last-Wednesday's low crossing at 8.91 1/4 would temper the bullish outlook. First resistance is January's high crossing at 9.27 3/4. Second resistance is December's high crossing at 9.41. First support is December's low crossing at 8.80 1/4. Second support is the reaction low crossing at 8.71 1/4.  



March soybean meal closed down $1.80 at 313.30. 



March soybean meal closed lower on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday'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 10-day moving average crossing at 314.80 would temper the bearish outlook. If March renews this month's decline, December's low crossing at 307.10 is the next downside target. First resistance is January's high crossing at 324.60. Second resistance is October's high crossing at 327.40. First support is December's low crossing at 307.10. Second support is November's low crossing at 305.30.  



March soybean oil closed up 5 pts. at 29.06. 



March soybean oil closed higher on Tuesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 December's low, December's high crossing at 29.50 is the next upside target. Closes below the reaction low crossing at 28.08 would confirm that a short-term top has been posted. First resistance is today's high crossing at 29.23. Second resistance is December's high crossing at 29.50. First support is December's low crossing at 27.58. Second support is November's low crossing at 27.42.   

 

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



February hogs closed up $0.25 at $61.48. 



February hogs closed higher on Tuesday as it consolidated some of the decline off November's high. The mid-range close sets the stage for a steady opening when Wednesday'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 63.65 are needed to confirm that a short-term low has been posted. If February extends the decline off November's high, October's low crossing at 58.78 is the next downside target. First resistance is the 50-day moving average crossing at 63.65. Second resistance is the reaction high crossing at 66.80. First support is last-Thursday's low crossing at 59.12. Second support is October's low crossing at 58.78.    



February cattle closed down $1.40 at 125.13. 



February cattle gapped down and closed lower on Tuesday as it consolidated some of the rally off 2018's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 124.55 would confirm that a short-term top has been posted. If February resumes the rally off November's low, weekly resistance crossing at 134.55 is the next upside target. First resistance is last-Wednesday's high crossing at 127.95. Second resistance is weekly resistance crossing at 134.55. First support is the 20-day moving average crossing at 124.55. Second support is the 50-day moving average crossing at 122.29.   

 

March Feeder cattle closed down $1.32 at $141.50. 



March Feeder cattle closed lower on Tuesday as it extends the decline off December's high. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 month's decline, December's low crossing at 140.35 is the next downside target. Closes above the 20-day moving average crossing at 144.78 would temper the near-term bearish outlook. First resistance is the reaction high crossing at 146.47. Second resistance is December's high crossing at 147.58. First support is today's low crossing at 141.20. Second support is December's low crossing at 140.35.  



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



March coffee closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 10.65 would confirm that a short-term low has been posted. If March resumes the decline off January's high, September's low crossing at 9.85 is the next downside target.              



March cocoa closed lower on Tuesday and below the 50-day moving average crossing at 22.60 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, December's low crossing at 20.95 is the next downside target. Closes above last-Thursday's high crossing at 23.68 would confirm that a short-term low has been posted.     



March sugar closed lower on Tuesday. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 12.55 would confirm that a short-term top has been posted. If March extends this month's rally, the reaction high crossing at 13.54 is the next upside target. 



March cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off December's high, the 75% retracement level of the 2016-2018-rally crossing at 74.04 is the next downside target. If March extends this week's rally, the 50-day moving average crossing at 76.31 is the next upside target.  

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By metmike - Jan. 22, 2019, 7:01 p.m.
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Thanks tallpine!