KEY EVENTS TO WATCH FOR:
Tuesday, March 27, 2018
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous -1.2%)
Chain Store Sales, M/M% (previous +2.7%)
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 +3.0%)
Latest Wk, Y/Y% (previous +3.2%)
9:00 AM ET. January S&P CoreLogic Case-Shiller Indices
10-City Idx, M/M% (previous +0.2%)
10-City Idx, Y/Y% (previous +6%)
20-City Idx, M/M% (previous +0.2%)
20-City Idx, Y/Y% (previous +6.3%)
National Idx, M/M% (previous +0.2%)
National Idx, Y/Y% (previous +6.3%)
10:00 AM ET. March Consumer Confidence Index
Cons Conf Idx (expected 131.5; previous 130.8)
Expectation Idx (previous 109.7)
Present Situation Idx (previous 162.4)
10:00 AM ET. March Richmond Fed Business Activity Survey
Mfg Idx (previous 28)
Retail Revenues Idx
Services Rev Idx
Shipments Idx (previous 31)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -2.7M)
Gasoline Stocks, Net Chg (Bbls) (previous -1.1M)
Distillate Stocks, Net Chg (Bbls) (previous -1.9M)
Wednesday, March 28, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 383.0)
Composite Idx, W/W% (previous -1.1%)
Purchase Idx-SA (previous 249.9)
Purchase Idx-SA, W/W% (previous +1.4%)
Refinance Idx (previous 1107.7)
Refinance Idx, W/W% (previous -4.5%)
8:30 AM ET. February Advance Economic Indicators Report
8:30 AM ET. 4th Quarter Corporate Profits
8:30 AM ET. 4th Quarter 3rd estimate GDP
Annual Rate, Q/Q% (expected +2.7%; previous +2.5%)
Chain-Weighted Price Idx, Q/Q% (expected +2.3%; previous +2.3%)
Corporate Profits, Q/Q% (previous +4.9%)
PCE Price Idx, Q/Q% (previous +2.7%)
Purchase Price Idx, Q/Q% (previous +2.5%)
Real Final Sales, Q/Q% (previous +3.3%)
Core PCE Price Idx, Ex Food/Energy, Q/Q% (previous +1.9%)
Personal Consumption, Q/Q% (previous +3.8%)
10:00 AM ET. February Pending Home Sales Index
Pending Home Sales (previous 104.6)
Pending Home Sales Idx, M/M% (previous -4.7%)
Pending Home Sales Idx , Y/Y% (previous -3.8%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 428.306M)
Crude Oil Stocks, Net Chg (Bbl) (previous -2.622M)
Gasoline Stocks (Bbl) (previous 243.065M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.693M)
Distillate Stocks (Bbl) (previous 131.044M)
Distillate Stocks, Net Chg (Bbl) (previous -2.022M)
Refinery Usage (previous 91.7%)
Total Prod Supplied (Bbl/day) (previous 20.675M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.256M)
3:00 PM ET. March Agricultural Prices
Farm Prices, M/M% (previous -6.2%)
Thursday, March 29, 2018
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1620.9K)
Soybeans (Metric Tons) (previous 113K)
Wheat (Metric Tons) (previous 382.5K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 230K; previous 229K)
Jobless Claims, Net Chg (previous +3K)
Continuing Claims (previous 1828000)
Continuing Claims, Net Chg (previous -57K)
8:30 AM ET. February Personal Income & Outlays
Personal Income, M/M% (expected +0.3%; previous +0.4%)
Consumer Spending, M/M% (expected +0.2%; previous +0.2%)
PCE Price Idx, M/M% (previous +0.4%)
PCE Price Idx, Y/Y% (previous +1.7%)
PCE Core Price Idx, M/M% (expected +0.2%; previous +0.3%)
PCE Core Price Idx, Y/Y% (previous +1.5%)
9:30 AM ET. IMF regular press briefing
9:45 AM ET. March ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (expected 61.0; previous 61.9)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. March University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (expected 102.0; previous 99.7)
End-Mo Expectations Idx (previous 90.0)
12-Month Inflation Forecast (previous 2.7%)
5-Year Inflation Forecast (previous 2.5%)
End-Mo Current Idx (previous 114.9)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1446B)
Working Gas In Storage, Net Chg (Cbf) (previous -86B)
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. Money Stock Measures
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, March 30, 2018
8:30 AM ET. 4th Quarter U.S. International Investment Position
N/A Marianas: Good Friday
N/A U.S. stock markets closed on Good Friday
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The June NASDAQ 100 closed sharply higher on Monday as it consolidated some of the decline off March's high.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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term, If June extends the decline off March's high, the reaction low crossing at 6485.25 is the next downside target. Closes above the 20-day moving average crossing at 6924.04 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 6924.04. Second resistance is March's high crossing at 7214.50. First support is the reaction low crossing at 6485.25. Second support is February's low crossing at 6192.50.
The June S&P 500 closed sharply higher due to short covering on Monday as it consolidated some of the decline off March's high. The high-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 June extends the decline off March's high, the 38% retracement level of the 2016-2018-rally crossing at 2533.51 is the next downside target. Closes above the 50-day moving average crossing at 2743.56 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 2743.56. Second resistance is March's high crossing at 2806.00. First support is last Friday's low crossing at 2588.00. Second support is the 38% retracement level of the 2016-2018-rally crossing at 2533.51.
The Dow closed sharply higher on Monday as reports that U.S. and China officials are conducting behind-the-scenes talks to avert a global trade war, which is erasing some of the uncertainty surrounding recent policy pronouncements. A handful of Federal Reserve speakers may capture attention as well, as a holiday-shortened week of trading kicks off. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends this month's decline, February's low crossing at 23,360.29 is the next downside target. Closes above the 20-day moving average crossing at 24,735.83 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 24,735.83. Second resistance is March's high crossing at 25,449.15. First support is last Friday's low crossing at 23,509.06. Second support is February's low crossing at 23,360.29.
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June T-bonds closed down 6/32's at 144-17.
June T-bonds 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 June extends the rally off February's low, the 38% retracement level of the December-February-decline crossing at 146-01 is the next upside target. Multiple closes below the 20-day moving average crossing at 143-29 would temper the near-term friendly outlook. First resistance is last Thursday's high crossing at 145-16. Second resistance is the 38% retracement level of the December-February-decline crossing at 146-01. First support is last Wednesday's low crossing at 142-30. Second support is March's low crossing at 142-21.
June T-notes closed down 60/32's at 120-135.
June T-notes 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. Closes above the 50-day moving average crossing at 120-212 would confirm that an important low has been posted while opening the door for additional gains near-term. If June renews the decline off last September's high, February's low crossing at 119.140 is the next downside target. First resistance is the 50-day moving average crossing at 120.212. Second resistance is the reaction high crossing at 122.020. First support is last Wednesday's low crossing at 119.220. Second support is February's low crossing at 119.140.
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May crude oil closed lower on Monday as it consolidated some of the rally off March's low.The low-range close sets the stage for a steady to lower opening when Tuesday'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 April extends the rally off February's low, the 62% retracement level of the 2014-2016-decline crossing at 70.46 is the next upside target. Closes below the 20-day moving average crossing at 62.42 would confirm that a short-term top has been posted. First resistance is today's high crossing at 66.55. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 70.46.First support is the 20-day moving average crossing at 62.42. Second support is March's low crossing at 59.91.
May heating oil closed lower on Monday as it consolidates some of this month's rally. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 May extends this week's rally, January's high crossing at 208.95 is the next upside target. Closes below the 20-day moving average crossing at 192.42 would confirm that a short-term top has been posted. First resistance is today's high crossing at 203.66. Second resistance is January's high crossing at 208.95. First support is the 20-day moving average crossing at 192.42. Second support is March's low crossing at 184.42.
May unleaded gas posted a key reversal down on Monday as it consolidated some of the rally off March's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, January's high crossing at 210.12 is the next upside target. Closes below the 20-day moving average crossing at 195.22 would confirm that a short-term top has been posted. First resistance is today's high crossing at 205.45. Second resistance is February's high crossing at 208.89. First support is March's low crossing at 187.19. Second support is February's low crossing at 184.84.
May Henry natural gas posted a key reversal up due to short covering on Monday as it consolidated some of the decline off March's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, December's low crossing at 2.504 is the next downside target. Closes above the 50-day moving average crossing at 2.747 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at 2.747. Second resistance is March's high crossing at 2.831. First support is February's low crossing at 2.600. Second support is December's low crossing at 2.504.
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The June Dollar closed sharply lower on Monday as it extends the decline off March'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, February's low crossing at 87.83 is the next downside target. Closes above the 20-day moving average crossing at 89.51 would temper the near-term bearish outlook. First resistance is the 38% retracement level of the November-February-decline crossing at 90.35. Second resistance is the 50% retracement level of the November-February-decline crossing at 91.13. First support is today's low crossing at 88.56. Second support is February's low crossing at 87.83.
The June Euro closed higher on Monday and is challenging March's high. 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. If June resumes the rally off the March 1st low, February's high crossing at 126.58 is the next upside target. If June renews the decline off February's high, the 50% retracement of the November-February-rally crossing at 121.97. First resistance is March's high crossing at 125.47. Second resistance is February's high crossing at 126.58. First support is the March 1st low crossing at 122.54. Second support is the 50% retracement level of the November-February-rally crossing at 121.97.
The June British Pound closed higher on Monday as it extends the rally off March's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the reaction high crossing at 1.4352 is the next upside target. Closes below the 20-day moving average crossing at 1.4003 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1.4352. Second resistance is February's high crossing at 1.4404. First support is the 20-day moving average crossing at 1.4003. Second support is March's low crossing at 1.3779.
The June Swiss Franc 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 bullish signaling that a short-term lower prices might be in or is near. Multiple closes above the 20-day moving average crossing at 1.0655 are needed to confirm that a short-term low has been posted. If June resumes the decline off February's high, the 62% retracement level of the November-February-rally crossing at 1.0458 is the next downside target. First resistance is the 20-day moving average crossing at 1.0655. Second resistance is March's high crossing at 1.0800. First support is last Tuesday's low crossing at 1.0545. Second support is the 62% retracement level of the November-February-rally crossing at 1.0458.
The June Canadian Dollar closed higher on Monday as it extends the rally off March's low. 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 a low might be in or is near. If June extends the aforementioned rally, the reaction high crossing at 78.26 is the next upside target. If June renews the decline off January's high, weekly support crossing at 76.04 is the next downside target. First resistance is the reaction high crossing at 78.26. Second resistance is the 50-day moving average crossing at 79.13. First support is March's low crossing at 76.33. Second support is weekly support crossing at 76.04.
The June Japanese Yen posted a key reversal down on Monday as it consolidated some of this year's rally. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off January's low, the 62% retracement level of 2016's trading range crossing at 0.9732 is the next upside target. Closes below last Wednesday's low crossing at 0.9433 are needed to confirm that a short-term top has been posted. First resistance is the 50% retracement level of 2016's trading range crossing at 0.9542. Second resistance is the 62% retracement level of 2016's trading range crossing at 0.9732. First support is last Wednesday's low crossing at 0.9433. Second support is the reaction low crossing at 0.9382.
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June gold closed higher on Monday as it extends the rally off last Tuesday's low. 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, February's high crossing at 1369.60 is the next upside target. Closes below the 20-day moving average crossing at 1331.00 would confirm that a short-term top has been posted. First resistance is February's high crossing at 1369.60. Second resistance is January's high crossing at 1375.50. First support is the 50% retracement level of the December-January-rally crossing at 1311.50. Second support is the 62% retracement level of the December-January-rally crossing at 1296.30.
May silver closed higher on Monday as it extends the rally off Tuesday's low. The high-range close set the stage for a steady to higher opening when Tuesday'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 16.750 are needed to confirm that a short-term low has been posted. Closes below last Tuesday's low crossing at 16.100 would confirm a downside breakout of the February-March trading range.First resistance is the 50-day moving average crossing at 16.750. Second resistance is the reaction high crossing at 17.025. First support is last Tuesday's low crossing at 16.100. Second support is December's low crossing at 15.705.
May copper closed lower on Monday as it extended the decline off February's high.The mid-range close sets the stage for a steady 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 May extends the decline off February's high, the 38% retracement level of the 2016-2018-rally crossing at 281.96 is the next downside target. Closes above the 20-day moving average crossing at 310.15 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 306.98. Second resistance is the 20-day moving average crossing at 310.15. First support is today's low crossing at 293.75. Second support is last September's low crossing at 293.25.
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May Corn closed down 2 3/4-cents at 3.74 1/2.
May corn 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 turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 3.83 1/2 are needed to confirm that a short-term low has been posted. If May renews the decline off March's high, the 75% retracement level of this year's rally crossing at 3.64 is the next downside target. First resistance is the 20-day moving average crossing at 3.83 1/2. Second resistance is March's high crossing at 3.95 1/4. First support is the 62% retracement level of this year's rally crossing at 3.69 1/2. Second support is the 75% retracement level of this year's rally crossing at 3.64.
May wheat closed down 6 1/4-cents at 4.54.
May wheat 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, the 87% retracement level of the December-March-rally crossing at 4.36 is the next downside target. Closes above last Monday's gap crossing at 4.67 would confirm that a short-term low has been posted. First resistance is last Monday's gap crossing at 4.67. Second resistance is the 20-day moving average crossing at 4.81 1/2. First support is the 75% retracement level of the December-March-rally crossing at 4.47 1/2. Second support is the 87% retracement level of the December-March-rally crossing at 4.36.
May Kansas City Wheat closed down 11-cents at 4.68 1/4.
May Kansas City wheat closed lower on Monday. The low-range close sets 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 May extends this month's decline, the 75% retracement level of the December-March-rally crossing at 4.54 3/4 is the next downside target. Closes above last Monday's gap crossing at 4.99 1/4 would confirm that a short-term low has been posted. First resistance is last Monday's gap crossing at 4.99 1/4. Second resistance is the 20-day moving average crossing at 5.09 1/4. First support is last Wednesday's low crossing at 4.58 1/4. Second support is the 75% retracement level of the December-March-rally crossing at 4.54 3/4.
May Minneapolis wheat closed down 5 1/2-cents at 5.97 1/4.
May Minneapolis wheat 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. Closes above the 50-day moving average crossing at 6.16 1/4 are needed to confirm that a short-term low has been posted. If May renews the decline off January's high, the December-2016 low crossing at 5.59 1/4 is the next downside target. First resistance is the 50-day moving average crossing at 6.16 1/4. Second resistance is the reaction high crossing at 6.29 3/4. First support is last Wednesday's low crossing at 5.82 3/4. Second support is the December-2016 low crossing at 5.59 1/4.
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May soybeans closed down 1 3/4-cents at 10.26 1/2.
May 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 turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 10.46 1/2 would confirm that a short-term low has been posted. If May renews this month's decline, the 62% retracement level of the January-March-rally crossing at 10.04 is the next downside target. First resistance is the 20-day moving average crossing at 10.46 1/2. Second resistance is March's high crossing at 10.82 1/2. First support is the the 50% retracement level of the January-March-rally crossing at 10.19. Second support is the 62% retracement level of the January-March-rally crossing at 10.04.
May soybean meal closed down $3.40 at 374.50.
May soybean meal 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. Closes above the 20-day moving average crossing at 377.80 would confirm that a short-term low has been posted. If May renews the decline off March's high, the 62% retracement level of the January-March-rally crossing at 348.30 is the next downside target. First resistance is the 20-day moving average crossing at 377.80. Second resistance is March's high crossing at 404.00. First support is the 50% retracement level of the January-March-rally crossing at 359.00. Second support is the 62% retracement level of the January-March-rally crossing at 348.30.
May soybean oil closed up 5 pts. At 31.47.
May soybean oil closed higher on Monday as it consolidated some of last Friday's decline. 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 May extends the decline off January's high, the January-2016 low crossing at 30.67 is the next downside target. Closes above the 50-day moving average crossing at 32.35 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 32.35. Second resistance is the late-February high crossing at 32.96. First support is last Friday's low crossing at 31.37. Second support is the January-2016 low crossing at 30.67.
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June hogs closed down $0.05 at $74.10.
June hogs closed lower on Monday as it extends this year's decline. 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, weekly support crossing at 71.99 is the next downside target. Closes above the 20-day moving average crossing at 78.18 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 76.86. Second resistance is the 20-day moving average crossing at 78.18. First support is last Friday's low crossing at 73.22. Second support is weekly support crossing at 71.99.
June cattle closed down $0.90 at 105.30.
June cattle closed lower on Monday as it extended the decline off February'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 bullish signaling that sideways to lower prices are possible near-term. If June extends the decline off February's high, the 75% retracement level of 2017's rally crossing at 102.65 is the next downside target. Closes above the 20-day moving average crossing at 112.22 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 109.68. Second resistance is the 20-day moving average crossing at 112.22. First support is the overnight low crossing at 104.70. Second support is the 75% retracement level of 2017's rally crossing at 102.65.
May Feeder cattle closed down $1.75 at $135.55.
May Feeder cattle closed lower on Monday as it extends this year's decline. 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, last August's low crossing at 134.10 is the next downside target. Closes above the 20-day moving average crossing at 143.15 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 139.49. Second resistance is the 20-day moving average crossing at 143.15. First support is today's low crossing at 135.40. Second support is last August's low crossing at 134.10.
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May coffee closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, weekly support crossing at 11.55 is the next downside target. Closes above the 50-day moving average crossing at 12.23 are needed to confirm that a low has been posted.
May cocoa closed higher on Monday as it extends the rally off December's low. 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 May resumes the rally off December's low, the 75% retracement level of the 2016-2017-decline crossing at 27.55 is the next upside target. Closes below the 20-day moving average crossing at 24.61 would confirm that a short-term top has been posted.
May 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this year's decline, weekly support crossing at 12.00 is the next downside target. Closes above the 20-day moving average crossing at 12.92 are needed to confirm that a low has been posted.
May cotton closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 81.07 are needed to confirm that a short-term top has been posted. If May renews the rally off February's low, weekly resistance crossing at 87.18 is the next upside target.