INO Evening Market Comments
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Started by tallpine - Jan. 30, 2019, 4:29 p.m.

KEY EVENTS TO WATCH FOR:



Thursday, January 31, 2019 



7:30 AM ET. January Challenger Job-Cut Report



                       Job Cuts, M/M% (previous -17.3%)



8:30 AM ET. 4th Quarter Employment Cost Index



                       ECI, Q/Q% (expected +0.8%; previous +0.8%)



                       ECI, Y/Y% (previous +2.8%)



8:30 AM ET. U.S. Weekly Export Sales * The release date for this data may

                      be changed following the end of the partial U.S. Govt shutdown on 25 January



                       Corn (Metric Tons)



                       Soybeans (Metric Tons)



                       Wheat (Metric Tons)



8:30 AM ET. December  Personal Income & Outlays * The release date for this data

                    may be changed following the end of the partial U.S. Govt shutdown on 25 January



                       Personal Income, M/M% (expected +0.5%; previous +0.2%)



                       Consumer Spending, M/M% (expected +0.3%; previous +0.4%)



                       PCE Price Idx, M/M% (previous +0.1%)



                       PCE Price Idx, Y/Y% (previous +1.8%)



                       PCE Core Price Idx, M/M% (expected +0.2%; previous +0.1%)



                       PCE Core Price Idx, Y/Y% (expected +1.9%; previous +1.9%)



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



                       Jobless Claims (expected 215K; previous 199K)



                       Jobless Claims, Net Chg (previous -13K)



                       Continuing Claims (previous 1713000)



                       Continuing Claims, Net Chg (previous -24K)



9:45 AM ET. January ISM-Chicago Business Survey - Chicago PMI



                       PMI-Adj (expected 61.4; previous 65.4)



9:45 AM ET. Bloomberg Consumer Comfort Index



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



                       Working Gas In Storage (Cbf) (previous 2370B)



                       Working Gas In Storage, Net Chg (Cbf) (previous -163B)

                       

3:00 PM ET. January Agricultural Prices * The release date for this data may be

                      changed following the end of the partial U.S. Govt shutdown on 25 January

                      Farm Prices, M/M%



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Money Stock Measures



4:30 PM ET. Foreign Central Bank Holdings



Friday, February 1, 2019 



8:30 AM ET. January U.S. Employment Report



                       Non-Farm Payrolls (expected +170K; previous +312K)



                       Unemployment Rate (expected 3.9%; previous 3.9%)



                       Avg Hourly Earnings (USD) (previous 27.48)



                       Avg Hourly Earnings-Net Chg (USD)  (previous +0.11)



                       Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.4%)



                       Avg Hourly Earnings, Y/Y% (previous +3.2%)



                       Overall Workweek (previous 34.5)



                       Overall Workweek Net Chg (previous +0.1)



                       Government Payrolls (previous +11K)



                       Private Payroll (previous +301K)



                       Participation Rate (previous 63.1%)



                       Non-Farm Payrolls Bench Net Chg



9:45 AM ET. January US Manufacturing PMI



                       PMI, Mfg (expected 54.8; previous 53.8)



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



                       End-Mo Sentiment Idx (expected 91.0; previous 98.3)



                       End-Mo Expectations Idx (previous 87.0)



                       12-Month Inflation Forecast (previous 2.7%)



                       5-Year Inflation Forecast (previous 2.5%)



                       End-Mo Current Idx (previous 116.1)



10:00 AM ET. December Construction Spending - Construction Put in Place * The

                        release date for this data may be changed following the end

                        of the partial U.S. Govt shutdown on 25 January



                       New Construction (expected +0.5%)



                       Residential Construction



10:00 AM ET. January ISM Manufacturing Report on Business



                       Manufacturing PMI (expected 54.0; previous 54.1)



                       Prices Idx (previous 54.9)



                       Employment Idx (previous 56.2)



                       Inventories (previous 51.2)



                       New Orders Idx (previous 51.1)



                      Production Idx (previous 54.3)



11:00 AM ET. January Global Manufacturing PMI



                       PMI, Mfg (previous 51.5)



4:00 AM ET. January Domestic Auto Industry Sales



                       Auto Sales Annualized (expected 17.2M; previous 17.55M)




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



The March NASDAQ 100 closed higher on Wednesday.The high-range close sets the stage for a steady to higher opening when Thursday'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 March extends the rally off December's low, the 62% retracement level of the October-December-decline crossing at 7023.35 is the next upside target. Closes below the 20-day moving average crossing at 6607.45 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 7023.35. First support is the 20-day moving average crossing at 6607.45. Second support is the reaction low crossing at 6136.50.  



The March S&P 500 closed higher on Wednesday while extending the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish with today's rally 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 2600.00 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 2600.00. Second support is the reaction low crossing at 2439.00.  



The Dow gapped up and closed sharply higher on Wednesday by bullish Boeing earnings. Additionally,  technology stocks were boosted from better-than-expected quarterly results from Apple and Advanced Micro Devices. Additional support followed news that the Fed held steady interest rates and will be patient with further interest rate hikes unless they are warranted.Stocks struggled for direction today as investors mulled through a fresh batch of earnings reports and awaited clarity from the Federal Reserve on its monetary policy plans. Latest developments on the ongoing U.S.-China trade war were also on the radar.Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off December's low, the 75% retracement level of the October-December-decline crossing at 25,663.83 is the next upside target. Closes below the 20-day moving average crossing at 24,114.71 would confirm 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 20-day moving average crossing at 24,114.71. Second support is the reaction low crossing at 22,638.41.



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March T-bonds closed up 4/32's at 145-25.



March T-bonds posted an inside day with a lower close on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 146-11 are needed to confirm that a short-term low has been posted. If March resumes the decline off January's high, the 38% retracement level of the November-January-rally crossing at 144-00 is the next downside target. First resistance is the reaction 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 75 points at 122-010.



March T-notes closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 122.090 are needed to confirm that a short-term low has been posted. If March renews the decline off January's high, the 38% retracement level of the October-January-rally crossing at 120-301 is the next downside target. First resistance is the reaction 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-day moving average crossing at 120.273.        



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



March crude oil closed higher on Wednesday and is trying to breakout to the upside of the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are turning 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 reaction low crossing at 50.66 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 reaction low crossing at 50.66. Second support is December's low crossing at 45.13.



March heating oil closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI are turning neutral to bearish signaling that short-term top might be in or is near. Closes below the 20-day moving average crossing at 184.85 would confirm that a short-term top has been posted. If March renews the rally off December's low, the 38% retracement level of the October-December-decline crossing at 193.75 is the next upside target. 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 184.85. Second support is December's low crossing at 162.35. 



March unleaded gas closed higher on Wednesday as it consolidates some of its recent losses. The high-range close sets the stage for a steady to higher opening when Thursday'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 Monday's decline, December's low crossing at 124.24 is the next downside target. If March renews the rally off December's low, the 38% retracement level of the October-December-decline crossing at 160.10 is the next upside target. 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 Monday's low crossing at 134.13. Second support is December's low crossing at 124.24. 



March Henry natural gas closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 2.771 is the next downside target. Closes above last-Friday's high crossing at 3.090 would confirm that a short-term low has been posted. First resistance is January's high crossing at 3.406. Second resistance is the 50-day moving average crossing at 3.452. First support is Tuesday's low crossing at 2.802. Second support is January's low crossing at 2.771.     



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



The March Dollar closed sharply lower on Wednesday as it extended the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening when Thursday'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, January's low crossing at 94.63 is the next downside target. Closes above the 10-day moving average crossing at 95.72 would temper the near-term bearish outlook. First resistance is the reaction high crossing at 96.56. Second resistance is December's high crossing at 97.20. 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  higher on Wednesday as it extended the rally off last-Thursday's low crossing at 113.38. The high-range close sets the stage for a steady to higher opening when Thursday'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-Thursday's low, January's high crossing at 116.33 is the next upside target. If March renews the decline off January's high, the 87% retracement level of the 2016-2018 rally crossing at 111.94 is the next downside target.First resistance is January's high crossing at 116.33. Second resistance is October's high crossing at 117.70. First support is last-Thursday's low crossing at 113.38. Second support is the 87% retracement level of the 2016-2018 rally crossing at 111.94.      



The March British Pound closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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, October's high crossing at 1.3356 is the next upside target. Closes below the 20-day moving average crossing at 1.2937 would confirm that a short-term top has been posted. First resistance is November's high crossing at 1.3257. Second resistance is October's high crossing at 1.3356. First support is the 10-day moving average crossing at 1.3074. Second support is the 20-day moving average crossing at 1.2937.   



The March Swiss Franc closed slightly higher on Thursday.The high-range close sets the stage for a steady to higher opening when Thursday'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 1.0170 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0170. Second resistance is the 50% retracement level of the September-November-decline crossing at 1.0330. First support is today's low crossing at 1.0048. Second support is November's low crossing at 1.0018.



The March Canadian Dollar closed sharply higher on Wednesday and renewed the rally off December's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews this month's rally, the 62% retracement level of the October-December-decline crossing at 76.49 is the next upside target. Closes below last-Thursday's low crossing at 74.85 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the October-December-decline crossing at 76.49. Second resistance is the 75% retracement level of the October-December-decline crossing at 77.18. First support is last-Thursday's low crossing at 74.85. Second support is December's low crossing at 73.30.  



The March Japanese Yen closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 0.0922 would confirm that a short-term low has been posted. If March extends the decline off January's high, the 50-day moving average crossing at 0.0907 is the next downside target. First resistance is the reaction high crossing at 0.0933. Second resistance is January's high crossing at 0.0946. First support is last-Wednesday's low crossing at 0.0913. Second support is the 50-day moving average crossing at 0.0907.  



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



April gold closed higher on Wednesday as it extends the rally off September's low. Prices continued to move higher after the Federal Reserve left interest-rates unchanged and said it would be patient on its next rate move. The high-range close sets the stage for a steady to higher opening when Thursday'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 April extends the rally off November's low, the 75% retracement level of the April-August-Decline crossing at 1349.50 is the next upside target. Closes below last-Thursday's low crossing at 1281.50 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1328.60. Second resistance is the 75% retracement level of the April-August-Decline crossing at 1349.50. First support is last-Thursday's low crossing at 1281.50. Second support is the 50-day moving average crossing at 1271.00.



March silver closed higher on Wednesday as it extends the rally off November's low. The high-range close set the stage for a steady to higher opening when Thursday'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 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. Closes below last-Tuesday's low crossing at 15.195 would confirm that a short-term top has been posted. First resistance is today's high crossing at 16.120. Second resistance is the 50% retracement level of the 2017-2018-decline crossing at 16.279. First support is last-Tuesday's low crossing at 15.195. Second support is the 50-day moving average crossing at 15.066.        



March copper closed higher on Wednesday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Thursday'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, December's high crossing at 285.80 is the next upside target. Closes below the reaction low crossing at 261.65 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 280.35. Second resistance is January's high crossing at 285.80. 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 up 4-cents at 3.81 1/4. 



March corn closed higher on Wednesday as it continues to extend the August-January trading range. Thursday's export sales report could provide additional support following today's gains. The high-range close sets the stage for a steady to higher opening when Thursday's night sessions begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above January's high crossing at 3.84 1/2 are needed to confirm that a short-term low has been posted. Closes below January's low crossing at 3.71 would open the door for additional weakness and a possible test of November's low crossing at 3.67 1/4. 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 January's low crossing at 3.71. Second support is November's low crossing at 3.67 1/4.  



March wheat closed up 4 1/2-cents at 5.17 3/4. 



March wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Thursday'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 5.08 would confirm that a short-term top has been posted. If March extends the rally off January's low, December's high crossing at 5.38 1/2 is the next upside target. First resistance is December's high crossing at 5.38 1/2. Second resistance is October's high crossing at 5.46 1/2. First support is the reaction low crossing at 5.08. Second support is January's low crossing at 5.01 1/4.     



March Kansas City Wheat closed up 2-cents at 5.02 1/4.

 

March Kansas City wheat closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening on Thursday. 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 4.92 1/4 are needed to confirm that a short-term top has been posted. If March extends the rally off December's low, December's high crossing at 5.24 1/2 is the next upside 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 3 1/4-cents at 5.71 1/2. 



March Minneapolis wheat closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish hinting that a short-term top might be in or is near. Closes below the reaction low crossing at 5.61 are needed to confirm that a short-term top has been posted. If March extends the rally off December's low, December's high crossing at 5.89 1/2 is the next upside target. 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 the reaction low crossing at 5.61. Second support is December's low crossing at 5.44 1/2.    



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



March soybeans closed up 1-cent at 9.20.



March soybeans closed higher on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 renews the rally off December's low, December's high crossing at 9.41 is the next upside target. Close below January'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 January's low crossing at 8.91 1/4. Second support is December's low crossing at 8.80 1/4.  



March soybean meal closed down $0.60 at 311.20. 



March soybean meal closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 renews this month's decline, December's low crossing at 307.10 is the next downside target. Closes above the reaction high crossing at 316.50 would temper the bearish outlook. 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 21 pts. at 30.32. 



March soybean oil closed higher on Wednesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Thursday'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, October's high crossing at 30.50 is the next upside target. Closes below the 20-day moving average crossing at 28.93 would confirm that a short-term top has been posted. First resistance is today's high crossing at 30.44. Second resistance is October's high crossing at 30.50. First support is the 10-day moving average crossing at 29.46. Second support is the 20-day moving average crossing at 28.93.    

 

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



April hogs closed down $0.33 at $62.23. 



April hogs closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 April extends the decline off November's high, the 87% retracement level of the July-November-rally crossing at 59.81 is the next downside target. Closes above the 20-day moving average crossing at 65.52 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 65.52. Second resistance is the reaction high crossing at 67.40. First support is the 75% retracement level of the July-November-rally crossing at 61.69. Second support is the 87% retracement level of the July-November-rally crossing at 59.81.   



April cattle closed up $0.25 at 128.05. 



April cattle closed higher on Wednesday as it extend the rally off November's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off November's low, weekly resistance crossing at 134.55 is the next upside target. Closes below the 50-day moving average crossing at 124.83 would confirm that a short-term top has been posted. First resistance is today's high crossing at 128.15. Second resistance is weekly resistance crossing at 134.55. First support is last-Wednesday's low crossing at 125.48. Second support is the 50-day moving average crossing at 124.83.   

 

March Feeder cattle closed up $0.05 at $144.30. 



March Feeder cattle closed higher on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday's 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 144.40 would temper the near-term bearish outlook. If March resumes this month's decline, December's low crossing at 140.35 is the next downside target. First resistance is the reaction high crossing at 146.47. Second resistance is December's high crossing at 147.58. First support is last-Tuesday'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 Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 10.04 would temper the near-term friendly outlook. Closes above the 50-day moving average crossing at 10.51 would confirm that a short-term low has been posted. 



March cocoa closed lower on Wednesday as it extends the decline off December's high. The low-range close sets the stage for a steady to lower opening on Thursday. 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, December's low crossing at 20.95 is the next downside target. Closes above the reaction high crossing at 23.68 would confirm that a short-term low has been posted.     



March sugar closed lower on Wednesday. The low-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends last-Friday's decline, January's low crossing at 11.69 is the next downside target. If March renews this month's rally, the reaction high crossing at 13.54 is the next upside target. 



March cotton closed higher on Wednesday while extending that trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off January's low, the 50-day moving average crossing at 75.72 is the next upside target. 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. 

Comments
By metmike - Jan. 30, 2019, 5:05 p.m.
Like Reply

Thanks tallpine!