INO Evening Market Comments
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Started by tallpine - May 13, 2019, 4:36 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, May 14, 2019 



6:00  April NFIB Index of Small Business Optimism



                       Small Business Idx (previous 101.8)



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



                       Chain Store Sales, W/W% (previous -1.3%)



                       Chain Store Sales, M/M% (previous +2.6%)



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



                       Import Prices (previous +0.6%)



                       Non-Petroleum Prices (previous +0.2%)



                       Petroleum Prices (previous +4.7%)



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M% (previous +1.3%)



                       Ret Sales Mo-to-Date, Y/Y% (previous +5.6%)



                       Latest Wk, Y/Y% (previous +5.9%)



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous +2.8M)



                       Gasoline Stocks, Net Chg (Bbls) (previous -2.8M)



                       Distillate Stocks, Net Chg (Bbls) (previous -0.8M)



Wednesday, May 15, 2019 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 418.1)



                       Composite Idx, W/W% (previous +2.7%)



                       Purchase Idx-SA (previous 270.2)



                       Purchase Idx-SA, W/W% (previous +4.2%)



                       Refinance Idx (previous 1238.5)



                       Refinance Idx, W/W% (previous +0.8%)



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



                       Overall Sales-SA, M/M% (previous +1.6%)



                       Sales, Ex-Auto, M/M% (previous +1.2%)



                       Sales, Ex-Auto & Gas, M/M% (previous +0.9%)



8:30 AM ET. May Empire State Manufacturing Survey



                       Mfg Idx (previous 10.1)



                       Employment Idx (previous 11.9)



                       New Orders Idx (previous 7.5)



                       Prices Received (previous 14.0)



9:15 AM ET. April Industrial Production & Capacity Utilization



                       Industrial Production, M/M% (previous -0.1%)



                       Capacity Utilization % (previous 78.8%)



                       Capacity Utilization, Net Chg (Pts) (previous -0.2)



9:30 AM ET. U.S. Senate Banking Committee hearing on financial regulators



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



                       Total Inventories (previous +0.3%)



10:00 AM ET. May NAHB Housing Market Index



                       Housing Mkt Idx (previous 63)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 466.604M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -3.963M)



                       Gasoline Stocks (Bbl) (previous 226.147M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -0.596M)



                       Distillate Stocks (Bbl) (previous 125.563M)



                       Distillate Stocks, Net Chg (Bbl) (previous -0.159M)



                       Refinery Usage (previous 88.9%)



                       Total Prod Supplied (Bbl/day) (previous 20.408M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.256M)



4:00 PM ET. March Treasury International Capital Data



Thursday, May 16, 2019  



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



                       Jobless Claims (previous 228K)



                       Jobless Claims, Net Chg (previous -2K)



                       Continuing Claims (previous 1684000)



                       Continuing Claims, Net Chg (previous +13K)



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



                       Corn (Metric Tons) (previous 294.5K)



                       Soybeans (Metric Tons) (previous 146.5K)



                       Wheat (Metric Tons) (previous 502.9K)



8:30 AM ET. May Philadelphia Fed Business Outlook Survey



                       Business Activity (previous 8.5)



                       Prices Paid (previous 21.6)



                       Employment (previous 14.7)



                       New Orders (previous 15.7)



                       Prices Received (previous 20.0)



                       Delivery Times (previous -5.1)



                       Inventories (previous 2.6)



                       Shipments (previous 18.4)



8:30 AM ET. April New Residential Construction - Housing Starts and Building Permits



                       Total Starts (previous 1.139M)



                       Housing Starts, M/M% (previous -0.3%)



                       Building Permits (previous 1.269M)



                       Building Permits, M/M% (previous -1.7%)



9:45 AM ET. Bloomberg Consumer Comfort Index



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



                       Working Gas In Storage (Cbf) (previous 1547B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +85B)

                       

4:30 PM ET. Money Stock Measures



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Federal Discount Window Borrowings



Friday, May 17, 2019 



10:00 AM ET. April Regional & State Employment & Unemployment



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



                       Mid-Mo Sentiment (previous 96.9)



                       Mid-Mo Expectations (previous 85.8)



                       Mid-Mo Current Idx (previous 114.2)



10:00 AM ET. 1st Quarter Quarterly Retail E-Commerce Sales



10:00 AM ET. April Leading Indicators



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



                       Leading Index (previous 111.9)



                       Coincident Index, M/M% (previous +0.1%)



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



10:00 AM ET. 1st Quarter Advance Quarterly Services


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



The June NASDAQ 100 closed sharply lower on Monday as it extended its decline off April'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, the 38% retracement level of the December-April-rally crossing at 7103.16 is the next downside target. Closes above the 20-day moving average crossing at 7720.23 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 7720.23. Second resistance is April's high crossing at 7879.50. First support is today's low crossing at 7318.50. Second support is the 38% retracement level of the December-April-rally crossing at 7103.16.  



The June S&P 500 closed sharply lower on Monday as it extended the decline off May'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 turning neutral to bearish again signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the 38% retracement level of the December-April-rally rally crossing at 2723.23 is the next downside target. Closes above the 20-day moving average crossing at 2910.99 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2910.99. Second support is May's high crossing at 2957.30. Second resistance is last-September's high crossing at 2957.90. First support is the 25% retracement level of the December-April-rally crossing at 2804.09. Second support is the 38% retracement level of the December-April-rally crossing at 2723.23.  



The Dow closing sharply lower on Monday as China moved to raise tariffs on U.S. goods and take other retaliatory measures after Washington last week increased duties on Chinese imports and both sides appeared to harden their positions. A short covering rally in the afternoon session tempered early losses of more than 720 points as 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 the Dow extends the decline off May's high, the 38% retracement level of the December-May-rally crossing at 24,795.46 is the next downside target. Closes above the 20-day moving average crossing at 26,327.95 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 26,327.95. Second resistance is April's high crossing at 26,695.96. First support is today's low crossing at 25,222.51. Second support is the 38% retracement level of the December-May-rally crossing at 24,795.46.



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



June T-bonds closed up 28/32's at 149-17



June T-bonds closed higher on Monday as they extend the rally off April'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 June extends the rally off April's low, March's high high crossing at 150-21 is the next upside target. Closes below the reaction low crossing at 146-21 would confirm that a short-term top has been posted. First resistance is today's high crossing at 149-23. Second resistance is March's high crossing at 150-21. First support is the reaction low crossing at 146-21. Second support is April's low crossing at 145-31.         



June T-notes closed up 150-pts. At 124.145.



June T-notes closed higher on Monday as it extends the rally off April'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 June extends the rally off April's low, March's high crossing at 124.310 is the next upside target. Closes below May's low crossing at 122.300 would confirm that a short-term top has been posted. First resistance is today's high crossing at 124.180. Second resistance is March's high crossing at 124.310. First support is May's low crossing at 122.300. Second support is April's low crossing at 122.205.       



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



June crude oil posted a key reversal down on Monday and below the 50-day moving average crossing at 61.50.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at 61.50 would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at 63.30 are needed to temper the near-term bearish outlook. First resistance is April's high crossing at 66.60. Second resistance is the 75% retracement level of the October-December-decline crossing at 67.73. First support is the reaction low crossing at 60.04. Second support is the reaction low crossing at 58.41.  



June heating oil posted a key reversal down on Monday. The low-range close sets the stage for a steady to lower 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 203.27 would confirm that a short-term top has been posted. If June renews the rally off December's low, the 75% retracement level of the October-December-decline crossing at 222.16 is the next upside target. First resistance is April's high crossing at 212.68. Second resistance is the 75% retracement level of the October-December-decline crossing at 222.16. First support is the 50-day moving average crossing at 203.27. Second support is the reaction low crossing at 194.17. 



June unleaded gas posted a key reversal down on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Closes below the 50-day moving average crossing at 193.43 would open the door for a possible test of the March 28th reaction low crossing at 180.31. Closes above the 20-day moving average crossing at 202.02 are needed to confirm that a short-term low has been posted. First resistance is April's high crossing at 209.69. Second resistance is the 75% retracement level of the October-December-decline crossing at 211.35. First support is the 50-day moving average crossing at 193.43. Second support is the March 28th reaction low crossing at 180.31.



June Henry natural gas closed slightly higher on Monday.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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the 50-day moving average crossing at 2.717 is the next upside target. June resumes the decline off March's high, weekly support crossing at 2.432 is the next downside target.First resistance is today's high crossing at 2.653. Second resistance is the 50-day moving average crossing at 2.717. First support is April's low crossing at 2.477. Second support is weekly support crossing at 2.432.       



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



The June Dollar 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the May 1st low crossing at 96.87 would confirm that a short-term top has been posted. If June resumes the rally off March's low, weekly resistance crossing at 99.90 is the next upside target. First resistance is April's high crossing at 98.09. Second resistance is weekly resistance crossing at 99.90. First support is the May 1st low crossing at 96.87. Second support is the 50-day moving averagecrossing at 96.76.



The June Euro closed slightly 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 113.19 are needed to temper the bearish outlook. If June resumes the decline off March's high, the January 2017 low crossing at 110.16 is the next downside target. First resistance is the 50-day moving average crossing at 113.19. Second resistance is March's high crossing at 115.33. First support is April's low crossing at 111.56. 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off May's high, April's low crossing at 1.2899 is the next downside target. Close above the 50-day moving average crossing at 1.3135 would confirm that a short-term low has been posted. First resistance is May's high crossing at 1.3208. Second resistance is April's high crossing at 1.3245. First support is April's low crossing at 1.2899. Second support is February's low crossing at 1.2854.   



The June Swiss Franc closed higher on Monday as it extends the rally off April'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. Today's close above the reaction high crossing at 0.9920 confirms that a low has been posted. If June extends today's rally, the 50-day moving average crossing at 1.0001 is the next upside target. If June resumes the decline off March's high, weekly support crossing at 0.9713 is the next downside target.First resistance is today's high crossing at 0.9983. Second resistance is the 50-day moving average crossing at 1.0001. First support is April's low crossing at 0.9814. Second support is weekly support crossing at 0.9713.



The June Canadian 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. Closes above the 50-day moving average crossing at 74.82 are needed to confirm that a short-term low has been posted. If June resumes the decline off February's high, December's low crossing at 74.48 is the next downside target. First resistance is the 50-day moving average crossing at 74.82. Second resistance is the reaction high crossing at 76.46. First support is April's low crossing at 74.04. Second support is December's low crossing at 73.47.  



The June Japanese Yen closed higher on Monday as it extended the rally off April'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 April's low, the 50% retracement level of the November-January-rally crossing at 0.0921 is the next upside target. Closes below the 20-day moving average crossing at 0.0902 would confirm that a short-term top has been posted. First resistance is today's high crossing at 0.0920. Second resistance is the 50% retracement level of the November-January-rally crossing at 0.0921. First support is the 10-day moving average crossing at 0.0907. Second support is the 20-day moving average crossing at 0.0902.  



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



June gold closed sharply higher on Monday and above the 50-day moving average crossing at 1295.50 confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, April's high crossing at 1314.70 is the next upside target. If June resumes the decline off February's high, the 62% retracement level of the August-February-rally crossing at 1252.70 is the next downside target. First resistance is April's high crossing at 1314.70. Second resistance is March's high crossing at 1330.80. First support is the 50% retracement level of the August-February-rally crossing at 1272.30. Second support is the 62% retracement level of the August-February-rally crossing at 1252.70.



July silver closed slightly lower 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 bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off February's high, the 87% retracement level of the November-February-rally crossing at 14.460 is the next downside target. Multiple closes above the 20-day moving average crossing at 14.916 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 14.916. Second resistance is the 50-day moving average crossing at 15.156. First support is the 87% retracement level of the November-February-rally crossing at 14.460. Second support is last-November's low crossing at 14.175.          



July copper closed sharply lower on Monday as it extends the decline off April'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 July extends the decline off April's high, the 75% retracement level of the December-April-rally crossing at 267.05 is the next downside target. Closes above the 20-day moving average crossing at 285.54 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 279.56. Second resistance is the 20-day moving average crossing at 285.54. First support is today's low crossing at 270.90. Second support is the 75% retracement level of the January-April rally crossing at 267.05.



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



July Corn closed up 4 3/4-cents at 3.56 1/2. 



July corn posted a key reversal up on Monday after early weakness saw the market spiking below psychological support crossing at 3.50. However, expectations that this afternoon's planting progress report will show another week of slower than expected corn planting across the Midwest appears to have triggered some light short covering by funds. The high-range close sets the stage for a steady to higher opening when Tuesday's night sessions begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off December's high, weekly support crossing at 3.40 1/4 is the next downside target. Closes above the 50-day moving average crossing at 3.71 1/4 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3.71 1/4. Second resistance is March's high crossing at 3.90. First support is today's low crossing at 3.43. Second support is weekly support crossing at 3.40 1/4.   



July wheat closed up 11 1/2-cents at 4.36 1/4. 



July wheat posted a key reversal up on Monday as the latest USDA weekly export inspection report saw wheat post a marketing year high of 31 million bushels. 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 diverging and poised to turn neutral to bullish with additional strength on Tuesday that would signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4.40 1/4 are needed to confirm that a short-term low has been posted. If July extends the decline off January's high, weekly support crossing at 4.04 1/2 is the next downside target. First resistance is the 20-day moving average crossing at 4.40 1/4. Second resistance is the 50-day moving average crossing at 4.54 3/4. First support is today's low crossing at 4.18 1/2. Second support is weekly support crossing at 4.04 1/2.     



July Kansas City Wheat closed up 10-cents at 3.97.

 

July 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 oversold, diverging and are poised to turn neutral to bullish with additional strength on Tuesday that would signal that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4.08 1/4 are needed to confirm that a short-term low has been posted. If July extends the decline off December's high, weekly support crossing at 3.74 is the next downside target. First resistance is the 20-day moving average crossing at 4.08 1/4. Second resistance is the 50-day moving average crossing at 4.30 1/4. First support is today's low crossing at 3.82. Second support is weekly support crossing at 3.74.  



July Minneapolis wheat closed up 1-cent at 5.18. 



July Minneapolis wheat closed modestly 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. Closes above the 20-day moving average crossing at 5.18 1/2 are needed to confirm that a low has been posted. If July resumes the decline off March's high, psychological support crossing at 5.00 is the next downside target. First resistance is the 20-day moving average crossing at 5.18 1/2. Second resistance is the 50-day moving average crossing at 5.39 1/2. First support is April's low crossing at 5.06. Second support is psychological support crossing at 5.00.   



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



July soybeans closed down 5 3/4-cents at 8.03 1/2.



July soybeans closed lower on Monday as it extended this year's decline. A short covering rally in corn and wheat spilled over in the soybean market thereby tempering early-session losses. 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 July extends the decline off February's high, monthly support crossing at 7.75 is the next downside target. Closes above last-Monday's gap crossing at 8.40 1/2 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 8.30. Second resistance is the 20-day moving average crossing at 8.56 3/4. First support is today's low crossing at 7.91. Second support is monthly support crossing at 7.75.



July soybean meal closed up $0.30 at 287.60. 



July soybean meal closed slightly higher on Monday due to light fund short covering. 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 July extends the decline off March's high, weekly support crossing at 275.50 is the next downside target. Closes above the 20-day moving average crossing at 300.40 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 294.10. Second resistance is the 20-day moving average crossing at 300.40. First support is today's low crossing at 283.10. Second support is weekly support crossing at 275.50.   



July soybean oil closed down 19-pts. at 26.60. 



July soybean oil closed lower on Monday as it extends this year'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off February's high, weekly support crossing at 25.94 is the next downside target. Closes above the 20-day moving average crossing at 27.85 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 27.14. Second resistance is the 20-day moving average crossing at 27.85. First support is today's low crossing at 26.21. Second support is weekly support crossing at 25.94.    

 

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



June hogs closed down $3.00 at $86.67. 



June hogs closed limit down on Monday over heightened trade concerns between the U.S. and China. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish with today's decline signaling that sideways to lower prices are possible near-term. Today's close below the April-29th low crossing at 87.03 has signaled a resumption of the decline off April's high. Closes above the 20-day moving average crossing at 91.63 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 91.63. Second resistance is April's high crossing at 99.83. First support is last-Tuesday's low crossing at 85.37. Second support is the 62% retracement level of the February-April-rally crossing at 82.73. 



June cattle closed down $2.70 at 109.75. 



June cattle closed sharply lower on Monday as it renewed its decline off April's high. 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 87% retracement level of the 2018-2019-rally crossing at 107.37 is the next downside target. Closes above 20-day moving average crossing at 116.01 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 112.50. Second resistance is the 20-day moving average crossing at 116.01. First support is the 75% retracement level of the 2018-2019-rally crossing at 109.79. Second support is  the 87% retracement level of the 2018-2019-rally crossing at 107.37.

 

August Feeder cattle closed down $3.73 at $143.10. 



August Feeder cattle closed sharply lower on Monday. 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 August renews the decline off March's high, weekly support crossing at 132.22 is the next downside target. Closes above the 10-day moving average crossing at 146.09 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at crossing at 146.09. Second resistance is the 20-day moving average crossing at 151.73. First support is last-Monday's low crossing at 142.25. Second support is weekly support crossing at 132.22.  



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



July coffee closed lower 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 that a low might be in or is near-term. Closes above the 50-day moving average crossing at 9.53 are needed to confirm that a low has been posted. If July resumes this winter's decline, weekly support crossing at 8.32 is the next downside target.  



July cocoa closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If July resumes the decline off April's high, the reaction low crossing at 22.15 is the next downside target. If July renews the rally off April's low, April's high crossing at 24.34 is the next upside target.          



July sugar closed higher on Monday. The high-range close set 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 July extends this spring's decline, last-September's low crossing at 11.10 is the next downside target. Closes above the 20-day moving average crossing at 12.34 would confirm that a short-term low has been posted. 



July cotton closed limit down on Monday and posted a new contract high as it extends the decline off 2018's high. 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 July extends the aforementioned decline, monthly support crossing at 65.00 is the next downside target. Closes above the 10-day moving average crossing at 72.78 are needed to confirm that a short-term low has been posted.  

Comments
By metmike - May 13, 2019, 4:49 p.m.
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Thanks tallpine!

Huge reversals in corn/wheat and beans way off the lows. Wet weather returning sooner then previous guidance. 

Corn only 30% planted, tied with 2013 for the slowest.