KEY EVENTS TO WATCH FOR:
Tuesday, March 26, 2019
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous -2.6%)
Chain Store Sales, M/M% (previous +1.5%)
8:30 AM ET. February New Residential Construction - Housing Starts and Building Permits
Total Starts (expected 1.22M; previous 1.230M)
Housing Starts, M/M% (expected -0.8%; previous +18.6%)
Building Permits (expected 1.31M; previous 1.345M)
Building Permits, M/M% (expected -2.6%; previous +1.4%)
8:30 AM ET. 4th Quarter State Quarterly Personal Income
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 +4.6%)
Latest Wk, Y/Y% (previous +4.9%)
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 +3.8%)
20-City Idx, M/M% (previous -0.2%)
20-City Idx, Y/Y% (previous +4.2%)
National Idx, M/M% (previous -0.1%)
National Idx, Y/Y% (previous +4.7%)
9:00 AM ET. January U.S. Monthly House Price Index
10:00 AM ET. March Consumer Confidence Index
Cons Conf Idx (expected 132.5; previous 131.4)
Expectation Idx (previous 103.4)
Present Situation Idx (previous 173.5)
10:00 AM ET. March Richmond Fed Business Activity Survey
Mfg Idx (previous 16)
Shipments Idx (previous 12)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -2.1M)
Gasoline Stocks, Net Chg (Bbls) (previous -2.8M)
Distillate Stocks, Net Chg (Bbls) (previous 1.6M)
N/A U.S. President Donald Trump hosts Israeli Prime Minister
Benjamin Netanyahu at the White House, day two
Wednesday, March 27, 2019
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 390.0)
Composite Idx, W/W% (previous +1.6%)
Purchase Idx-SA (previous 251.1)
Purchase Idx-SA, W/W% (previous +0.3%)
Refinance Idx (previous 1146.8)
Refinance Idx, W/W% (previous +3.5%)
8:30 AM ET. January U.S. International Trade in Goods & Services
Trade Balance (USD) (expected -57.4B; previous -59.8B)
Exports (USD) (previous 205.12B)
Exports, M/M% (previous -1.9%)
Imports (USD) (previous 264.89B)
Imports, M/M% (previous +2.1%)
10:00 AM ET. 4th Quarter International Transactions
Current Account (USD) (expected -131.75B; previous -124.82B)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 439.483M)
Crude Oil Stocks, Net Chg (Bbl) (previous -9.589M)
Gasoline Stocks (Bbl) (previous 241.503M)
Gasoline Stocks, Net Chg (Bbl) (previous -4.587M)
Distillate Stocks (Bbl) (previous 132.242M)
Distillate Stocks, Net Chg (Bbl) (previous -4.127M)
Refinery Usage (previous 88.9%)
Total Prod Supplied (Bbl/day) (previous 21.492M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.684M)
Thursday, March 28, 2019
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 223K; previous 221K)
Jobless Claims, Net Chg (previous 9K)
Continuing Claims (previous 1750000)
Continuing Claims, Net Chg (previous -27K)
8:30 AM ET. Week En U.S. Weekly Export Sales
Corn (Metric Tons) (previous 915.9K)
Soybeans (Metric Tons) (previous 335.1K)
Wheat (Metric Tons) (previous 437.4K)
8:30 AM ET. 4th Quarter rd estimate GDP
Annual Rate, Q/Q% (expected +2.4%; previous +2.6%)
Chain-Weighted Price Idx, Q/Q% (expected +1.8%; previous +1.8%)
Corporate Profits, Q/Q%
PCE Price Idx, Q/Q% (previous +1.5%)
Purchase Price Idx, Q/Q% (previous +1.6%)
Real Final Sales, Q/Q% (previous +2.5%)
Core PCE Price Idx, Ex (previous +1.7%)
Food/Energy, Q/Q%
Personal Consumption, Q/Q% (previous +2.8%)
8:30 AM ET. 4th Quarter Corporate Profits
9:00 AM ET. SEC Investor Advisory Committee Quarterly Meeting
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. February Pending Home Sales Index
Pending Home Sales (previous 103.2)
Pending Home Sales Idx, M/M% (expected +0.8%; previous +4.6%)
Pending Home Sales Idx , Y/Y% (previous -2.3%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1143B)
Working Gas In Storage, Net Chg (Cbf) (previous -47B)
11:00 AM ET. March Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous -4)
6-Mo Exp Prod Idx (previous 18)
Mfg Composite Idx (previous 1)
6-Mo Exp Composite Idx (previous 13)
2:00 PM ET. SEC Closed Meeting
3:00 PM ET. February Agricultural Prices
Farm Prices, M/M% (previous -4.5%)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Money Stock Measures
Friday, March 29, 2019
8:30 AM ET. February Personal Income & Outlays * Report does not include figures
on consumer spending, personal saving, and the PCE price
indexes for February. Instead, it will include consumer
spending, personal saving, the PCE price indexes, and related
data for January.
Personal Income, M/M% (previous +0.2%)
Consumer Spending, M/M% (previous +0.3%)
PCE Price Idx, M/M%
PCE Price Idx, Y/Y%
PCE Core Price Idx, M/M% ((previous +0.2%)
PCE Core Price Idx, Y/Y% +1.9%
Personal Inc, M/M% (Jan'19)
9:45 AM ET. March ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (expected 60.7; previous 64.7)
10:00 AM ET. March University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (expected 97.8; previous 93.8)
End-Mo Expectations Idx (previous 84.4)
12-Month Inflation Forecast (previous 2.6%)
5-Year Inflation Forecast (previous 2.3%)
End-Mo Current Idx (previous 108.5)
10:00 AM ET. February New Residential Sales
New Home Sales (expected 620K; previous 607K)
New Home Sales, M/M% (expected +2.1%; previous -6.9%)
New Home Sales Months Supply (previous 6.6)
10:00 AM ET. 4th Quarter U.S. International Investment Position
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The June NASDAQ 100 closes lower on Monday confirming last-Friday's key reversal down.The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 7248.32 would confirm that a short-term top has been posted. If June renews the rally off December's low, last-September high crossing at 7767.00 is the next upside target. First resistance is the 87% retracement level of the October-December-decline crossing at 7524.41. Second resistance is last-September's high crossing at 7767.00. First support is the 20-day moving average crossing at 7248.32. Second support is the 50-day moving average crossing at 7036.13.
The June S&P 500 closed lower on Monday and below below the 20-day moving average crossing at 2804.57 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the rally off December's low, the 87% retracement level of the September-December-decline crossing at 2879.73 is the next upside target. First resistance is last-Friday's high crossing at 2861.00. Second resistance is the 87% retracement level of the September-December-decline crossing at 2879.73. First support is the 50-day moving low crossing at 2742.57. Second support is March's low crossing at 2728.00.
The Dow closed modestly higher on Monday despite economic data that showed weakness on the global economic front triggered heavy losses at the end of last week while investors continued to fret over the inversion of the yield curve. At the same time the Dow showed little reaction to the end of Special Counsel Robert Mueller’s probe into Russian meddling in the 2016 presidential election. The mid-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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 25,326.45 would confirm that a short-term top has been posted. If the Dow resumes the rally off March's low, February's high crossing at 26,241.42 is the next upside target. First resistance is the 87% retracement level of the October-December-decline crossing at 26,282.97. Second resistance is the October 2018 high crossing at 26,951.81. First support is the 50-day moving average crossing at 25,326.45. Second support is March's low crossing at 25,208.00.
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June T-bonds closed up 13/32's at 148-30.
June T-bonds closed higher on Monday as it extends the rally off March's low. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are 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, weekly resistance crossing at 152-01 is the next upside target. Closes below the 50-day moving average crossing at 145-16 would confirm that a short-term top has been posted. First resistance is today's high crossing at 149-23. Second resistance is weekly resistance crossing at 152-01. First support is the 10-day moving average crossing at 146-26. Second support is the 20-day moving average crossing at 145-29.
June T-notes closed up 80-pts. at 124.090.
June T-notes closed sharply higher on Monday as it extends the rally off last October'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 aforementioned rally. weekly resistance crossing at 125.265 is the next upside target. Closes below the 50-day moving average crossing at 122.123 would confirm that a short-term top has been posted. First resistance is today's high crossing at 124.215. Second resistance is weekly resistance crossing at 125.265. First support is the 10-day moving average crossing at 123.069. Second support is the 20-day moving average crossing at 122.232.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
May crude oil closed lower on Monday as it consolidates some of the rally off December's low.The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI 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 57.90 are needed to confirm that a short-term top has been posted. If May extends the rally off December's low, the 62% retracement level of the October-December-decline crossing at 63.39 is the next upside target. First resistance is last-Thursday's high crossing at 60.39. Second resistance is the 62% retracement level of the October-December-decline crossing at 63.39. First support is the 20-day moving average crossing at 57.90. Second support is the 50-day moving average crossing at 55.90.
May heating oil closed higher on Monday while extending the February-March trading range. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 194.20 would confirm that a short-term top has been posted. If May resumes the rally off December's low, the 62% retracement level of the October-December-decline crossing at 211.17 is the next upside target. First resistance is the 50% retracement level of the October-December-decline crossing at 201.58. Second resistance is the 62% retracement level of the October-December-decline crossing at 211.17. First support is the 50-day moving average crossing at 194.20. Second support is the reaction low crossing at 181.97.
May unleaded gas closed slightly higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off December's low, the 62% retracement level of the October-December-decline crossing at 200.45 is the next upside target. Closes below the 20-day moving average crossing at 182.12 are needed to confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 191.10. Second resistance is the 62% retracement level of the October-December-decline crossing at 200.45. First support is the 20-day moving average crossing at 182.12. Second support is the 50-day moving average crossing at 172.43.
May Henry natural gas closed higher on Monday as it consolidated some of last-week's decline. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends last week's decline, the reaction low crossing at 2.620 is the next downside target. Closes above the 20-day moving average crossing at 2.740 would confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 2.897. Second resistance is January's high crossing at 2.923. First support is today's low crossing at 2.720. Second support is the reaction low crossing at 2.620.
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The June Dollar closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rebound off last-Wednesday's low, March's high crossing at 97.16 is the next upside target. If June resumes the decline off March's high, the late-January low crossing at 94.38 is the next downside target.First resistance is March's high crossing at 97.16. Second resistance is weekly resistance crossing at 97.83. First support is the late-January low crossing at 94.38. Second support is the January's low crossing at 94.15.
The June Euro closed higher on Monday.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off last-Wednesday's high, the 87% retracement level of the 2016-2018 rally crossing at 112.62 is the next downside target. If June resumes the rally off March's low, the last-January high crossing at 116.46 is the next upside target. First resistance is last-Wednesday's high crossing at 115.33. Second resistance is the late-January high crossing at 116.46. First support is the 87% retracement level of the 2016-2018 rally crossing at 112.62. Second support is the January 2017 low crossing at 110.16.
The June British Pound closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.3148 are needed to confirm that a short-term top has been posted. If June resumes the rally off January's low, the 50% retracement level of the April-December-2018 decline crossing at 1.3603 is the next upside target. First resistance is March's high crossing at 1.3441. Second resistance is the 50% retracement level of the April-December-2018 decline crossing at 1.3603. First support is the 50-day moving average crossing at 1.3148. Second support is February's low crossing at 1.2854.
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 sideways to higher prices are possible near-term. If June extends the rally off March's low, the September-January downtrend line crossing near 1.0248 is the next upside target. Closes below the 20-day moving average crossing at 1.0079 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 1.0190. Second resistance is the September-January downtrend line crossing near 1.0248. First support is March's low crossing at 0.9970. Second support is weekly support crossing at 0.9902.
The June Canadian Dollar closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off February's high, December's low crossing at 74.47 is the next downside target. Closes above the 50-day moving average crossing at 75.54 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 75.54. Second resistance is the reaction high crossing at 76.46. First support is March's low crossing at 74.43. Second support is December's low crossing at 73.47.
The June Japanese Yen closed slightly lower on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 0.0915 are needed to confirm that a short-term low has been posted. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. If June resumes the decline off January's high, November's low crossing at 0.0893 is the next downside target. First resistance is today's high crossing at 0.0918. Second resistance is the reaction high crossing at 0.0922. First support is the 87% retracement level of the November-January-rally crossing at 0.0900. Second support is November's low crossing at 0.0893.
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April gold 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 sideways to higher prices are possible near-term. If April extends the rally off March's low, February's high crossing at 1349.80 is a potential upside target. Closes below the reaction low crossing at 1292.50 would temper the near-term friendly outlook. First resistance is today's high crossing at 1324.50. Second resistance is February's high crossing at 1349.80.First support is March's low crossing at 1288.80. Second support is the 50% retracement level of the August-February-rally crossing at 1273.20.
May silver closed higher on Monday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 15.643 are needed to confirm that a low has been posted. If May renews the decline off February's high, the 62% retracement level of the November-February-rally crossing at 14.935 is the next downside target. First resistance is the 50-day moving average crossing at 15.643. Second resistance is the reaction high crossing at 16.060. First support is the 62% retracement level of the November-February-rally crossing at 14.935. Second support is the 75% retracement level of the November-February-rally crossing at 14.644.
May copper closed higher on Monday as it consolidated some of last-Friday's decline.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 283.08 would open the door for a larger-degree decline into early-April. Closes above the 20-day moving average crossing at 291.57 would temper the near-term bearish outlook. First resistance the 50% retracement level of the April-December-2018 decline crossing at 296.76. Second resistance is the 62% retracement level of the April-December-2018 decline crossing at 306.69. First support is the 50-day moving average crossing at 283.08. Second support is the reaction low crossing at 275.95.
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May Corn closed up 1-cent at 3.79 1/4.
May corn closed higher on Monday as it extends the rebound off March's low. Today's high-range close sets the stage for a steady to higher opening when Tuesday's night sessions begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 3.79 1/2 would open the door for additional short covering gains ahead of the March 31st planting intentions report and quarterly grain stocks report. Closes below the 20-day moving average crossing at 3.71 1/4 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 3.79 1/2. Second resistance is the February 25th reaction high crossing at 3.87 3/4. First support is the reaction low crossing at 3.67 3/4. Second support is March's low crossing at 3.61.
May wheat closed up 2 3/4-cents at 4.68 3/4.
May wheat 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 May extends the rally off March's low, the 50-day moving average crossing at 4.92 is the next upside target. Closes below the 20-day moving average crossing at 4.55 1/2 would temper the near-term friendly outlook. First resistance is last-Friday's high crossing at 4.73 3/4. Second resistance is the 50-day moving average crossing at 4.92. First support is the 20-day moving average crossing at 4.55 1/2. Second support is March's low crossing at 4.27.
May Kansas City Wheat closed up 4 1/4-cents at 4.49 1/4.
May Kansas City wheat closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the 50-day moving average crossing at 4.77 is the next upside target. If May renews the decline off December's high, weekly support crossing at 4.17 3/4 is the next downside target. First resistance is the reaction high crossing at 4.52 3/4. Second resistance is the 50-day moving average crossing at 4.77. First support is March's low crossing at 4.18 1/4. Second support is weekly support crossing at 4.17 3/4.
May Minneapolis wheat closed up 1-cent at 5.73 1/4.
May Minneapolis wheat 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 May extends the rally off March's low, February's high crossing at 5.81 1/4 is the next upside target. Closes below the 20-day moving average crossing at 5.58 1/4 would temper the near-term friendly outlook. First resistance is February's high crossing at 5.81 1/4. Second resistance is December's high crossing at 5.93 3/4. First support is March's low crossing at 5.44. Second support is weekly support crossing at 5.23 3/4.
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May soybeans closed up 2 3/4-cents at 9.06 1/2.
May soybeans closed higher on Monday as it extends the trading range of the past week. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the 50-day moving average crossing at 9.17 3/4 is the next upside target. If May renews the decline off February's high, the November 26th low crossing at 8.84 3/4 is the next downside target. First resistance is the 50-day moving average crossing at 9.17 3/4. Second resistance is the reaction high crossing at 9.24 3/4. First support is March's low crossing at 8.87 3/4. Second support is the November 26th low crossing at 8.84 3/4.
May soybean meal closed up $0.10 at 315.10.
May soybean meal closed slightly higher on Monday as it extends the rally off March's low. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, February's high crossing at 321.30 is the next upside target. Closes below the 20-day moving average crossing at 308.40 would confirm that a short-term top has been posted. First resistance is today's high crossing at 316.50. Second resistance is February's high crossing at 321.30. First support is the 20-day moving average crossing at 308.40. Second support is March's low crossing at 300.30.
May soybean oil closed up 13-pt. at 28.79.
May soybean oil closed higher on Monday as it bounced off the 75% retracement level of the November-February-rally crossing at 28.60. 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 decline off February's high, the 87% retracement level of the November-February-rally crossing at 28.17 is the next downside target. Closes above the 20-day moving average crossing at 29.67 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 29.34. Second resistance is the 20-day moving average crossing at 29.67. First support is the 75% retracement level of the November-February-rally crossing at 28.60. Second support is the 87% retracement level of the November-February-rally crossing at 28.17.
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April hogs closed up $0.33 at $78.65.
April hogs closed higher on Monday as it extends the rally off February'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 April extends the rally off February's low, weekly resistance crossing at 98.17 is the next upside target. Closes below the 10-day moving average crossing at 71.27 would temper the near-term bullish outlook. First resistance is last Friday's high crossing at 80.30. Second resistance is weekly resistance crossing at 98.17. First support is the 10-day moving average crossing at 71.27. Second support is the 20-day moving average crossing at 64.48.
April cattle closed down $2.15 at 127.57.
April cattle closed lower on Monday following last Friday's bearish cattle-on-feed report. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below March's low crossing at 126.53 are needed to confirm that a double top has been posted. Closes above March's high crossing at 130.45 are needed to renew the rally off November's low. First resistance is March's high crossing at 130.45. Second resistance is weekly resistance crossing at 134.55. First support is the 25% retracement level of the 2018-2019-rally crossing at 125.41. Second support the 38% retracement level of the 2018-2019-rally crossing at 122.76.
April Feeder cattle closed down $2.60 at $146.20.
April Feeder cattle closed sharply lower on Monday following last-Friday's bearish placements number. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 145.69 would confirm that a short-term top has been posted. First resistance is December's high crossing at 147.83. Second resistance is November's high crossing at 150.20. First support is March's low crossing at 143.50. Second support is January's low crossing at 142.62.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee closed higher due to short covering on Monday as it consolidated some of the decline off last-October's high. The high-range close sets the stage for a steady to higher 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 winter's decline, weekly support crossing at 9.12 is the next downside target. Closes above the 20-day moving average crossing at 9.71 are needed to confirm that a low has been posted.
May cocoa closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling a low might be in or is near. Closes above the 50-day moving average crossing at 22.54 are needed to confirm that a low has been posted. If May extends the decline off February's high, October's low crossing at 20.23 is the next downside target.
May sugar closed lower on Monday. The mid-range close set the stage for a steady opening on Tuesday. Stochastics and the RSI have turned neutral to bearish hinting that a short-term top might be in or is near. May renews the decline off February's high, January's low crossing at 11.82 is the next downside target. If May extends the rally off March's low, February's high crossing at 13.42 is the next upside target.
May cotton closed higher on Monday as it extends the rally off February'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 extends the rally off February's low, the 38% retracement level of the 2018-2019-decline crossing at 79.88 is the next upside target. Closes below the 20-day moving average crossing at 74.55 would confirm that a short-term top has been posted.
Thanks tallpine!