INO Evening Market Comments
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Started by tallpine - April 10, 2018, 4:08 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, April 11, 2018 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 388.1)



                       Composite Idx, W/W% (previous -3.3%)



                       Purchase Idx-SA (previous 252.3)



                       Purchase Idx-SA, W/W% (previous -2.1%)



                       Refinance Idx (previous 1130.1)



                       Refinance Idx, W/W% (previous -4.9%)



8:30 AM ET. March Real Earnings



8:30 AM ET. March CPI



                       CPI, M/M% (expected +0.1%; previous +0.2%)



                       Core CPI, M/M% (expected +0.2%; previous +0.2%)



                       Energy Idx, M/M% (previous +0.1%)



                       Food Idx, M/M% (previous +0.0%)



                       Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.3%)



                       CPI, Y/Y% (expected +2.4%; previous +2.2%)



                       Core Annual, Y/Y% (expected +2.1%; previous +1.8%)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 425.332M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -4.617M)



                       Gasoline Stocks (Bbl) (previous 238.477M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -1.116M)



                       Distillate Stocks (Bbl) (previous 129.491M)



                       Distillate Stocks, Net Chg (Bbl) (previous +0.537M)



                       Refinery Usage (previous 93.0%)



                       Total Prod Supplied (Bbl/day) (previous 21.217M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.3M)

                       

2:00 PM ET. March Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt



2:00 PM ET. Federal Open Market Committee meeting minutes and economic forecast



Thursday, April 12, 2018 



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



                       Corn (Metric Tons) (previous 909.3K)



                       Soybeans (Metric Tons) (previous 1491.2K)



                       Wheat (Metric Tons) (previous 309.2K)



8:30 AM ET. March Import & Export Price Indexes



                       Import Prices (expected +0.2%; previous +0.4%)



                       Non-Petroleum Prices (previous +0.5%)



                       Petroleum Prices (previous -0.5%)



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



                       Jobless Claims (expected 230K; previous 242K)



                       Jobless Claims, Net Chg (previous +24K)



                       Continuing Claims (previous 1808000)



                       Continuing Claims, Net Chg (previous -64K)



9:45 AM ET. Bloomberg Consumer Comfort Index



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



                       Working Gas In Storage (Cbf) (previous 1354B)



                       Working Gas In Storage, Net Chg (Cbf) (previous -29B)

                       

12:00 PM ET. March Monthly U.S. Retail Chain Store Sales Index



1:30 PM ET. SEC Closed Meeting



4:30 PM ET. Money Stock Measures



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



  N/A              IMF Fiscal Monitor analytical chapter presentation



Friday, April 13, 2018  



10:00 AM ET. April University of Michigan Survey of Consumers – preliminary



                       Mid-Mo Sentiment (expected 100.0; previous 102.0)



                       Mid-Mo Expectations (previous 88.6)



                       Mid-Mo Current Idx (previous 122.8)



10:00 AM ET. February Job Openings & Labor Turnover Survey



Monday, April 16, 2018   



8:30 AM ET. March Advance Monthly Sales for Retail & Food Services



                       Overall Sales-SA, M/M% (previous -0.1%)



                       Sales, Ex-Auto, M/M% (previous +0.2%)



                       Sales, Ex-Auto & Gas, M/M% (previous +0.3%)



8:30 AM ET. G24 Committee of the Whole



8:30 AM ET. April Empire State Manufacturing Survey



                       Mfg Idx (previous 22.5)



                       Employment Idx (previous 9.4)



                       New Orders Idx (previous 16.8)



                       Prices Received (previous 22.4)



10:00 AM ET. February Manufacturing & Trade: Inventories & Sales



                       Total Inventories (previous +0.6%)



10:00 AM ET. April NAHB Housing Market Index



                       Housing Mkt Idx (previous 70)



4:00 PM ET. February Treasury International Capital Data



  N/A              Emancipation Day in Washington, DC



  N/A              Patriot's Day in Massachusetts and Maine


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



The June NASDAQ 100 closed sharply higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 6711.69 are needed to confirm that a short-term low has been posted. If June resumes the decline off March's high, February's low crossing at 6192.50 is the next downside target. First resistance is last Thursday's high crossing at 6654.50. Second resistance is the 20-day moving average crossing at 6711.69. First support is last Wednesday's low crossing at 6306.75. Second support is February's low crossing at 6192.50. 



The June S&P 500 closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2667.18 are needed to confirm that a short-term low has been posted. If June renews the decline off March's high, the 38% retracement level of the 2016-2018-rally crossing at 2533.51 is the next downside target. First resistance is the 20-day moving average crossing at 2667.18. Second resistance is the 50-day moving average crossing at 2703.61. First support is last Monday's low crossing at 2554.00. Second support is the 38% retracement level of the 2016-2018-rally crossing at 2533.51.



The Dow closed higher on Tuesday following comments by Chinese President Xi Jinping, which suggested a less-aggressive stance with respect to trade that helped to ease concerns about an escalating conflict between the two largest economies. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off April's low, the 50-day moving average crossing at 24,766.65 is the next upside target. If the Dow resumes the decline off March's high, weekly support crossing at 23,101.28 is the next downside target. First resistance is the 50-day moving average crossing at 24,766.65. Second resistance is March's high crossing at 25,449.15. First support is April's low crossing at 23,344.52. Second support is weekly support crossing at 23,101.28.     



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



June T-bonds closed down 6/32's at 145-28.



June T-bonds closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off February's low, the 50% retracement level of the December-February-decline crossing at 147-14 is the next upside target. Closes below the 20-day moving average crossing at 145-05 are needed to confirm that a short-term top has been posted. First resistance is the 50% retracement level of the December-February-decline crossing at 147-14. Second resistance is the 62% retracement level of the December-February-decline crossing at 148-28. First support is the 20-day moving average crossing at 145-05. Second support is the reaction low crossing at 142-30.     



June T-notes closed down 40 pts at 120-250.



June T-notes closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off February's low, the 38% retracement level of the 2017-2018-decline crossing at 121.257 is the next upside target. Closes below the 20-day moving average crossing at 120.203 would confirm that a short-term top has been posted. First resistance is last Monday's high crossing at 121.110. Second resistance is the 38% retracement level of the 2017-2018-decline crossing at 121.257. First support is the 20-day moving average crossing at 120.203. Second resistance is the reaction low crossing at 119.220.     



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



May crude oil closed sharply higher on Tuesday. May closed higher for a second straight session on Wednesday, after Chinese and U.S. officials softened their rhetoric over their trade spat, and as tensions over Syria after a suspected chemical-weapons attack raised the potential for disruptions to Middle East crude output. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off February's low, the 62% retracement level of the 2014-2016-decline crossing at 70.46 is the next upside target. If May extends the aforementioned decline, March's low crossing at 59.91 is the next downside target. First resistance is March'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 last Friday's low crossing at 61.81. Second support is March's low crossing at 59.91.



May heating oil closed sharply higher on Tuesday as it renewed the rally off February's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, January's high crossing at 208.95 is the next upside target. Closes below the 50-day moving average crossing at 194.86 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 206.78. Second resistance is January's high crossing at 208.95. First support is the 50-day moving average crossing at 194.86. Second support is March's low crossing at 184.42.  



May unleaded gas closed sharply higher on Tuesday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends today's rally, March's high crossing at 205.45 is the next upside target. Closes below the 50-day moving average crossing at 196.97 would confirm that a short-term top has been posted. First resistance is March's high crossing at 205.45. Second resistance is February's high crossing at 208.89. First support is the 62% retracement level of the February-March-rally crossing at 192.70. Second support is the 75% retracement level of the February-March-rally crossing at 189.95.



May Henry natural gas closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off March's high, February's low crossing at 2.600 is the next downside target. If May resumes the rally off March's low, March's high crossing at 2.831 is the next upside target. First resistance is the reaction high crossing at 2.764. Second resistance is March's high crossing at 2.831. First support is March's low crossing at 2.610. Second support is February's low crossing at 2.600. Third support is December's low crossing at 2.504. 



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



The June Dollar closed lower on Tuesday and below the 50-day moving average crossing at 89.38 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turning neutral to bearish signaling that sideways to lower prices are possible near-term. From a broader perspective, June needs to close above 90.49 or below 78.83 are needed to confirm a breakout of the aforementioned trading range and point the direction of the next trading range. 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 March's low crossing at 88.53. Second support is February's low crossing at 87.83. 



The June Euro closed higher on Tuesday as it extends the rally off last Friday's low, The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 124.29 are needed to confirm that a short-term low has been posted. If June resumes the decline off March's high, the 50% retracement of the November-February-rally crossing at 121.97 is the next downside target. First resistance is March's high crossing at 125.54. 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 Tuesday as it extends the rally off last Thursday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off March's low, the reaction high crossing at 1.4352 is the next upside target. Closes below the 50-day moving average crossing at 1.4054 would temper the near-term friendly outlook. First resistance is March's high crossing at 1.4294. Second resistance is February's high crossing at 1.4404. First support is the reaction low crossing at 1.3945. Second support is March's low crossing at 1.3779. 



The June Swiss Franc closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.0566 are needed to confirm that a short-term low has been posted. If June renews the decline off February's high, the 75% retracement level of the November-February-rally crossing at 1.0344 is the next downside target. First resistance is the 20-day moving average crossing at 1.0566. Second resistance is the 50-day moving average crossing at 1.0691. First support is last Friday's low crossing at 1.0422. Second support is the 75% retracement level of the November-February-rally crossing at 1.0344. 



The June Canadian Dollar closed sharply higher on Tuesday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the reaction high crossing at 80.45 is the next upside target. Closes below the 20-day moving average crossing at 77.70 would confirm that a short-term top has been posted. First resistance is today's high crossing at 79.54. Second resistance is the reaction high crossing at 80.45. First support is last Monday's low crossing at 77.35. Second support is March's low crossing at 76.33.  



The June Japanese Yen closed lower on Tuesday. 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 June extends the aforementioned decline, the 38% retracement level of the October-March-rally crossing at 0.9327 is the next downside target. Closes above the 20-day moving average crossing at 0.9461 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.9461. Second resistance is March's high crossing at 0.9615. First support is the 38% retracement level of the October-March-rally crossing at 0.9327. Second support is the 50% retracement level of the October-March-rally crossing at 0.9238.   



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



June gold closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off March's low, March's high crossing at 1362.60 is the next upside target. If June renews the decline off March's high, the 50% retracement level of the December-January-rally crossing at 1311.50 is the next downside target. First resistance is March's high crossing at 1362.60. Second resistance is February's high crossing at 1369.60. 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 Tuesday as it extends the rally off last Thursday's low. The high-range close set the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 16.581 are needed to confirm that a short-term low has been posted. Closes below March's low crossing at 16.100 would confirm a downside breakout of the February-March trading range. First resistance is the reaction high crossing at 16.810. Second resistance is the reaction high crossing at 16.895. First support is March's low crossing at 16.100. Second support is December's low crossing at 15.705.     



May copper closed sharply higher on Tuesday and above the 50-day moving average crossing at 313.02 thereby opening the door for a possible test of March's high crossing at 319.20. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 10-day moving average crossing at 304.61 would temper the near-term friendly outlook. First resistance is March's high crossing at 319.20. Second resistance is February's high crossing at 329.05. First support is the reaction low crossing at 297.00. Second support is March's low crossing at 293.75.  



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



May Corn closed down 1-cents at 3.89 3/4. 



May corn closed lower on Tuesday after USDA raised carryout by 55 million bushels to 2.182 billion, due to weaker feed and industrial usage that was close to pre-report trade estimates. The USDA cut its forecast of production in both Brazil and Argentina by a total of 217 million bushels, helping tighten world carryout slightly. Corn acreage fell in both countries with Argentine yields slashed by drought.  The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off March's low, March's high crossing at 3.95 1/4 is the next upside target. Closes below the 50-day moving average crossing at 3.79 1/4 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 3.92 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 up 1 1/4-cents at 4.92. 



May wheat closed higher on Tuesday as it extends the rally off March's low. The USDA pegged U.S. wheat carryout at 1.064 billion bushels, up 30 million due to lower feed and residual usage. World ending stocks went up 86 million bushels, more than the trade expected. Wheat prices were under modest pressure before the report, but firmed after initial selling dried up. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the reaction high crossing at 4.98 is the next upside target. Closes below the 10-day moving average crossing at 4.62 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 4.98. Second resistance is March's high crossing at 5.18 1/2. First support is Monday's gap crossing at 4.72 3/4. Second support is March's low crossing at 4.41 1/2. Third support is the 87% retracement level of the December-March-rally crossing at 4.36.      



May Kansas City Wheat closed down 1-cent at 5.21 3/4. 



May Kansas City wheat posted an inside day with a lower close on Tuesday as it consolidates some of the rally off March's low. The high-range close sets the stage for a steady to higher opening on Wednesday. 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, the reaction high crossing at 5.33 1/4 is the next upside target. Closes below the 10-day moving average crossing at 4.88 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 5.33 1/4. Second resistance is March's high crossing at 5.48 1/2. First support is Monday's gap crossing at 5.06 3/4. Second support is March's low crossing at 4.56. 



May Minneapolis wheat closed unchanged at 6.26 1/2. 



May Minneapolis wheat closed unchanged on Tuesday as it consolidates some of the rally off last Wednesday's low. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, March's high crossing at 6.36 is the next upside target. Closes below the 10-day moving average crossing at 5.94 1/2 would confirm that a short-term top has been posted. First resistance is today's high crossing at 6.34. Second resistance is March's high crossing at 6.36. First support is Monday's gap crossing at 6.08 1/4. Second support is April's low crossing at 5.71.  



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



May soybeans closed up 2 3/4-cents at 10.49 3/4. 



May soybeans closed higher on Tuesday as they rallied before today's report, after USDA announced new purchases, including 10.25 million bushels of old crop to Argentina and 9.3 million bushels of new crop to China and unknown destinations. The market made new highs after the April supply and demand report was released, but quickly ran into profit taking thereby tempering early-session gains. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last Monday's high crossing at 10.60 1/2 would open the door for a possible test of March's high crossing at 10.82 1/2. Closes below last Friday's low crossing at 10.03 would confirm that a short-term top has been posted. First resistance is today's high crossing at 10.64. Second resistance is March's high crossing at 10.82 1/2. First support is the 75% retracement level of the January-March-rally crossing at 9.87 1/4. Second support is the 87% retracement level of the January-March-rally crossing at 9.72. 



May soybean meal closed down $5.80 at 383.80. 



May soybean meal closed lower on Tuesday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, March's high crossing at 404.00 is the next upside target. Closes below the 50-day moving average crossing at 370.20 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 389.70. 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 30 pts. At 31.82. 



May soybean oil closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 32.16 would temper the near-term bearish outlook. If May renews the decline off January's high, the January-2016 low crossing at 30.67 is the next downside target. First resistance is the reaction high crossing at 32.96. Second resistance is the 38% retracement level of the September 2017/ March 2018 decline crossing at 33.33. First support is Monday's low crossing at 31.29. Second support is the January-2016 low crossing at 30.67.



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



June hogs closed down $0.83 at $75.05. 



June hogs closed lower on Tuesday as it consolidates some of the rally off April's low. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last Wednesdays' low, the 50-day moving average crossing at 78.71 is the next upside target. If June resumes the decline off January's high, weekly support crossing at 69.77 is the next downside target. First resistance is the reaction high crossing at 76.92. Second resistance is the 50-day moving average crossing at 78.71. First support is April's low crossing at 70.25. Second support is weekly support crossing at 69.77.



June cattle closed down $0.40 at 102.10. 



June cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 106.26 are needed to confirm that a short-term low has been posted. If June resumes the decline off February's high, the March 2017 low crossing at 96.40 is the next downside target. First resistance is the 20-day moving average crossing at 106.26. Second resistance is the 50-day moving average crossing at 112.18. First support is the 87% retracement level of 2017's rally crossing at 99.63. Second support is the March 2017 low crossing at 96.40.

 

May Feeder cattle closed down $0.26 at $135.28. 



May Feeder cattle closed lower on Tuesday as it consolidated some of the rally off last Wednesday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 137.34 are needed to confirm that a short-term low has been posted. If May resumes this year's decline, weekly support crossing at 126.09 is the next downside target. First resistance is the 20-day moving average crossing at 137.34. Second resistance is the 50-day moving average crossing at 144.23. First support is last Wednesday's low crossing at 130.80. Second support is weekly support crossing at 126.09.   



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



May coffee closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 12.08 are needed to confirm that a low has been posted. If May renews the decline off January's high, weekly support crossing at 11.55 is the next downside target.      



May cocoa closed lower on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off April's high, the 50-day moving average crossing at 23.21 is the next downside target. If May renews the rally off December's low, the 75% retracement level of the 2016-2017-decline crossing at 27.55 is the next upside target.



May sugar closed lower on Tuesday as it renewed this year's decline. The mid-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are diverging but turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 12.55 are needed to confirm that a low has been posted. If May extends this year's decline, monthly support crossing at 11.88 is the next downside target. 



May cotton closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last Wednesday's low, March's high crossing at 86.60 is the next upside target. Closes below the 50-day moving average crossing at 80.92 would temper the near-term friendly outlook.  

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