KEY EVENTS TO WATCH FOR:
Tuesday, July 30, 2019
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous -0.6%)
Chain Store Sales, M/M% (previous +1.7%)
8:30 AM ET. June Personal Income & Outlays
Personal Income, M/M% (expected +0.4%; previous +0.5%)
Consumer Spending, M/M% (expected +0.4%; previous +0.4%)
PCE Price Idx, M/M% (previous +0.2%)
PCE Price Idx, Y/Y% (previous +1.5%)
PCE Core Price Idx, M/M% (expected +0.2%; previous +0.2%)
PCE Core Price Idx, Y/Y% (expected +1.7%; previous +1.6%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous +1.1%)
Ret Sales Mo-to-Date, Y/Y% (previous +4.8%)
Latest Wk, Y/Y% (previous +4.9%)
9:00 AM ET. May S&P CoreLogic Case-Shiller Indices
10-City Idx, M/M% (previous +0.8%)
10-City Idx, Y/Y% (previous +2.3%)
20-City Idx, M/M% (previous +0.8%)
20-City Idx, Y/Y% (previous +2.5%)
National Idx, M/M% (previous +0.9%)
National Idx, Y/Y% (previous +3.5%)
10:00 AM ET. June Pending Home Sales Index
Pending Home Sales (previous 105.4)
Pending Home Sales Idx, M/M% (expected +0.4%; previous +1.1%)
Pending Home Sales Idx , Y/Y% (previous -0.7%)
10:00 AM ET. July Consumer Confidence Index
Cons Conf Idx (expected 124.0; previous 121.5)
Expectation Idx (previous 94.1)
Present Situation Idx (previous 162.6)
4:30 AM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -11.0M)
Gasoline Stocks, Net Chg (Bbls) (previous +4.4M)
Distillate Stocks, Net Chg (Bbls) (previous +1.4M)
N/A U.S. Federal Open Market Committee meeting
Wednesday, July 31, 2019
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 490.8)
Composite Idx, W/W% (previous -1.9%)
Purchase Idx-SA (previous 260.8)
Purchase Idx-SA, W/W% (previous -1.6%)
Refinance Idx (previous 1789.8)
Refinance Idx, W/W% (previous -2.1%)
8:15 AM ET. July ADP National Employment Report
Private Sector Jobs, Net Chg (expected +145000; previous +102000)
8:30 AM ET. 2nd Quarter Employment Cost Index
ECI, Q/Q% (expected +0.7%; previous +0.7%)
ECI, Y/Y% (previous +2.8%)
9:45 AM ET. July ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (expected 50.0; previous 49.7)
10:00 AM ET. July Online Help Wanted Index
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 445.041M)
Crude Oil Stocks, Net Chg (Bbl) (previous -10.835M)
Gasoline Stocks (Bbl) (previous 232.526M)
Gasoline Stocks, Net Chg (Bbl) (previous -0.226M)
Distillate Stocks (Bbl) (previous 136.816M)
Distillate Stocks, Net Chg (Bbl) (previous +0.613M)
Refinery Usage (previous 93.1%)
Total Prod Supplied (Bbl/day) (previous 21.583M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +1.277M)
2:00 PM ET. U.S. interest rate decision
Federal Funds Rate
Federal Funds Rate Change (Pts)
Fed Funds Rate-Range High (previous 2.50)
Fed Funds Rate-Range Low (previous 2.25)
FOMC Vote For Action (previous 9)
FOMC Vote Against Action (previous 1)
Discount Rate (previous 3.00)
Discount Rate Change (Pts) (previous +0)
Discount Rate-Range High
Discount Rate-Range Low
3:00 AM ET. July Agricultural Prices
Farm Prices, M/M% (previous -1.1%)
Thursday, August 1, 2019
7:30 AM ET. July Challenger Job-Cut Report
Job Cuts, M/M% (previous -28%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 507.9K)
Soybeans (Metric Tons) (previous 145.6K)
Wheat (Metric Tons) (previous 659.7K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 215K; previous 206K)
Jobless Claims, Net Chg (previous -10K)
Continuing Claims (previous 1676000)
Continuing Claims, Net Chg (previous -13K)
9:45 AM ET. Bloomberg Consumer Comfort Index
9:45 AM ET. July US Manufacturing PMI
PMI, Mfg (previous 50.6)
10:00 AM ET. July ISM Manufacturing Report on Business
Manufacturing PMI (expected 51.9; previous 51.7)
Prices Idx (previous 47.9)
Employment Idx (previous 54.5)
Inventories (previous 49.1)
New Orders Idx (previous 50.0)
Production Idx (previous 54.1)
10:00 AM ET. June Construction Spending - Construction Put in Place
New Construction (expected +0.1%; previous -0.8%)
Residential Construction
10:00 AM ET. June Metropolitan Area Employment & Unemployment
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2569B)
Working Gas In Storage, Net Chg (Cbf) (previous +36B)
11:00 AM ET. July Global Manufacturing PMI
PMI, Mfg (previous 49.4)
4:00 PM ET. July Domestic Auto Industry Sales
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
4:30 PM ET. Federal Discount Window Borrowings
Friday, August 2, 2019
8:30 AM ET. July U.S. Employment Report
Non-Farm Payrolls (expected +166K; previous +224K)
Unemployment Rate (expected 3.6%; previous 3.7%)
Avg Hourly Earnings (USD) (previous 27.90)
Avg Hourly Earnings-Net Chg (USD) (previous +0.06)
Avg Hourly Earnings, M/M% (expected +0.2%; previous +0.22%)
Avg Hourly Earnings, Y/Y% (expected +3.1%; previous +3.1%)
Overall Workweek (previous 34.4)
Overall Workweek Net Chg (previous +0)
Government Payrolls (previous +33K)
Private Payroll (previous +191K)
Participation Rate (previous 62.9%)
Non-Farm Payrolls Bench Net Chg
8:30 AM ET. June U.S. International Trade in Goods & Services
Trade Balance (USD) (expected -54.7B; previous -55.52B)
Exports (USD) (previous 210.64B)
Exports, M/M% (previous +2.0%)
Imports (USD) (previous 266.16B)
Imports, M/M% (previous +3.3%)
9:45 AM ET. July ISM-NY Report on Business
Business Index (previous 50.0)
10:00 AM ET. June Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (expected +0.9%; previous -0.7%)
Orders, Ex-Defense, M/M% (previous -0.4%)
Orders, Ex-Transport, M/M% (previous +0.1%)
Durable Goods, M/M% (previous -1.3%)
Durable Goods, M/M%
10:00 AM ET. July University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (expected 98.4; previous 98.2)
End-Mo Expectations Idx (previous 89.3)
12-Month Inflation Forecast (previous 2.7%)
5-Year Inflation Forecast (previous 2.3%)
End-Mo Current Idx (previous 111.9)
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES:The September NASDAQ 100 was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that a short-term top or downside correction might be near. Closes below the 20-day moving average crossing at 7921.66 are needed to confirm that a short-term top has been posted. If September resumes the rally off June's low into uncharted territory, upside targets will be hard to project. First resistance is last-Wednesday's high crossing at 8051.75. Second resistance is unknown. First support is the 20-day moving average crossing at 7921.66. Second support is the July 19th low crossing at 7815.25.
The September S&P 500 was lower overnight as it consolidates some of its recent gains. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low into uncharted territory, upside targets will be hard to project. Closes below the July 19th low crossing at 2972.80 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Friday's high crossing at 3029.00. Second resistance is unknown. First support is the July 19th low crossing at 2972.80. Second support is the 50-day moving average crossing at 2925.81.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: September T-bonds were higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off July's low, July's high crossing at 157-02 is the next upside target. Closes below last-Thursday's low crossing at 153-23 would open the door for sideways to lower prices near-term. First resistance is July's high crossing at 157-02. Second resistance is weekly resistance crossing at 156-29. First support is last-Thursday's low crossing at 153-23. Second support is June's low crossing at 152-27.
September T-notes were higher in overnight trading as it extends this month's trading range while the market awaits this week's decision by the FED to see if they will cut interest rates and by how much. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off July's low, July's high crossing at 128.140 is the next upside target. Closes below July's low crossing at 126.230 would renew the decline off July's high. First resistance is July's high crossing at 128.140. Second resistance is weekly resistance crossing at 130.010. First support is the 50-day moving average crossing at 127.018. Second support is July's low crossing at 126.230.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
September crude oil was higher overnight as it extends the trading range of the past three-weeks.The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes the decline off July's high, the reaction low crossing at 51.85 is the next downside target. Closes above the 20-day moving average crossing at 57.51 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 57.51. Second resistance is the 62% retracement level of the April-June decline crossing at 60.19. Third resistance is the May 20th high crossing at 64.02. First support is the July 18th low crossing at 54.85. Second support is the reaction low crossing at 51.72.
September heating oil was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to higher signaling that sideways to higher prices are possible near-term. Closes above last-Wednesday's high crossing at 195.51 would confirm that a short-term low has been posted. If September resumes the decline off July's high, the reaction low crossing at 179.49. First resistance is July's high crossing at 202.40. Second resistance is May's high crossing at 214.41. First support is the July 18th low crossing at 185.96. Second support is the reaction low crossing at 178.74.
September unleaded gas was higher overnight as it extends the trading range of the past two-weeks. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes the decline off July's high the 62% retracement level of the June-July rally crossing at 174.48 is the next downside target. Closes above the 20-day moving average crossing at 184.89 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 184.89. Second resistance is July's high crossing at 197.13. First support is the 50% retracement level of the June-July-rally crossing at 178.81. Second support is the 62% retracement level of the June-July rally crossing at 174.48.
September Henry natural gas was higher overnight as it consolidates some of the decline off July's high. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 September extends the aforementioned decline, weekly support crossing at 2.029 is the next downside target. Closes above the 20-day moving average crossing at 2.288 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.288. Second resistance is the 50-day moving average crossing at 2.350. First support is June's low crossing at 2.115. Second support is monthly support crossing at 2.029.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The September Dollar was higher overnight as it extends the rally off June's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, weekly resistance crossing at 98.26 is the next upside target. Closes below the 20-day moving average crossing at 96.99 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 97.96. Second resistance is weekly resistance crossing at 98.26. First support is the 10-day moving average crossing at 97.27. Second support is the 20-day moving average crossing at 96.99.
The September Euro was steady to slightly lower overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 September extends the decline off June's high, the January-2017 low crossing at 110.91 is the next downside target. Closes above the 20-day moving average crossing at 112.66 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 112.66. Second resistance is the 50-day moving average crossing at 113.13. First support is last-Thursday's low crossing at 111.45. Second support is the January-2017 low crossing at 110.91.
The September British Pound was sharply lower overnight as it extends this year's decline. The low-range late-overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, monthly support crossing at 1.2001 is the next downside target. Multiple closes above the 20-day moving average crossing at 1.2500 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2500. Second resistance is the 50-day moving average crossing at 1.2637 is the next upside target. First support is the overnight low crossing at 1.2147. Second support is monthly support crossing at 1.2001.
The September Swiss Franc was higher overnight as it consolidates some of last-week's decline. Stochastics and the RSI are poised to turn neutral to bullish signaling that a low might be in or is near. If September resumes the decline off June's high, June's low crossing at 1.0066 is the next downside target. Closes above the 10-day moving average crossing at 1.0183 would confirm that a short-term low has been posted. First resistance is last-Monday's high crossing at 1.0251. Second resistance is June's high crossing at 1.0392. First support is June's low crossing at 1.0066. Second support is the May 30th low crossing at 1.0006.
The September Canadian Dollar was lower overnight as it extends the decline off July's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high, the 50-day moving average crossing at 75.66 is the next downside target. Closes above the 20-day moving average crossing at 76.43 would confirm that a short-term low has been posted.First resistance is the 38% retracement level of the 2017-2018 decline crossing at 76.92. Second resistance is the 50% retracement level of the 2017-2018 decline crossing at 77.95. First support is last-Friday's low crossing at 75.83. Second support is the 50-day moving average crossing at 75.66.
The September Japanese Yen was higher in late-overnight trading as it consolidates some of the decline off July's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high crossing at 0.0937, the 62% retracement level of the April-June-rally crossing at 0.0916 is the next downside target. Closes above the 10-day moving average crossing at 0.0928 would confirm that a short-term low has been posted. First resistance is July's high crossing at 0.0937. Second resistance is June's high crossing at 0.0942. First support is the 50% retracement level of the April-June-rally crossing at 0.0921. Second support is the 62% retracement level of the April-June-rally crossing at 0.0916.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: August gold was steady to slightly higher overnight. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1418.40 would confirm that a short-term top has been posted. If August resumes the rally off May's low, the 50% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1484.50 is the next upside target. First resistance is July's high crossing at 1454.40. Second resistance is the 50% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1484.50. First support is the July 1st low crossing at 1384.70. Second support is the 50-day moving average crossing at 1373.20.
September silver was steady to slightly higher overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off May's low, the 62% retracement level of the 2018 decline crossing at 16.866 is the next upside target. Closes below the 20-day moving average crossing at 15.821 would confirm that a short-term top has been posted.First resistance is last-Wednesday's high crossing at 16.680. Second resistance is the 62% retracement level of the 2018 decline crossing at 16.866. First support is the 10-day moving average crossing at 16.389. Second support is the 20-day moving average crossing at 15.821.
September copper was lower in late-overnight trading. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 268.60 would confirm that a short-term top has been posted. If September resumes the rally off July's low, the 62% retracement level of the April-June-decline crossing at 285.20 is the next upside target. First resistance is the 50% retracement level of the April-June-decline crossing at 280.32. Second resistance is the 62% retracement level of the April-June-decline crossing at 285.20. First support is the 50-day moving average crossing at 268.60. Second support is July's low crossing at 261.10.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was lower overnight.The low-range trade overnight sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices possible near-term. If December extends the decline off July's high, July's low crossing at 4.20 1/2 is the next downside target. Closes above the 50-day moving average crossing at 4.39 would temper the near-term bearish outlook. First resistance is July's high crossing at 4.64 3/4. Second resistance is June's high crossing at 4.73. First support is Monday's low crossing at 4.22 1/4. Second support is May 28th gap crossing at 4.20.
December wheat was steady to fractionally higher overnight.The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 5.24 would confirm that a short-term low has been posted. If December extends the decline off June's high, the May 23rd low crossing at 4.88 1/4 is the next downside target. First resistance is July's high crossing at 5.43. Second resistance is the 62% retracement level of the August-May decline crossing at 5.60 3/4. First support is last-Tuesday's low crossing at 4.95. Second support is the May 23rd low crossing at 4.88 1/4.
December Kansas City Wheat closed up 3 3/4-cents at 4.54.
December Kansas City wheat closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday 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 December extends the decline off June's high, May's low crossing at 4.14 is the next downside target. Multiple closes above the 50-day moving average crossing at 4.79 would confirm that a short-term low has been posted. First resistance is July's high crossing at 4.91 1/2. Second resistance is June's high crossing at 5.27 1/4. First support is last-Tuesday's low crossing at 4.45 1/2. Second support is May's low crossing at 4.14.
December Minneapolis wheat was steady to fractionally higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 5.43 1/2 are needed to confirm that a short-term low has been posted. If December extends the decline off June's high, May's low crossing at 5.29 1/2 is the next downside target. First resistance is the 20-day moving average crossing at 5.43 1/2. Second resistance is the 50-day moving average crossing at 5.61. First support is last-Wednesday's low crossing at 5.34 1/2. Second support is May's low crossing at 5.29 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans were lower overnight.The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below July's low would confirm a downside breakout of the head-and-shoulders neckline thereby opening the door for a larger-degree decline into early-August. If November renews the rally off the July 18th low, July's high crossing at 9.36 1/2 is the next upside target. First resistance is July's high crossing at 9.36 1/2. Second resistance is June's high crossing at 9.48. First support is July's low crossing at 8.90 1/4. Second support is June's low crossing at 8.75 1/4.
December soybean meal was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 December extends the decline off June's high, the reaction low crossing at 301.40 is the next downside target. Closes above the 20-day moving average crossing at 314.00 would temper the near-term bearish outlook. First resistance is the reaction high crossing at 323.80. Second resistance is June's high crossing at 336.00. First support is last-Friday's low crossing at 308.90. Second support is the reaction low crossing at 301.40.
December soybean oil was steady to slightly higher in late-overnight trading as it extends the broad May-July trading range. The high-range overnight trade sets the stage for a steady to higher opening when the day session 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 June's high crossing at 29.32 would would mark a potential upside breakout of the aforementioned trading range. Closes below the 50-day moving average crossing at 28.43 would confirm that a short-term top has been posted. First resistance is June's high crossing at 29.32. Second resistance is the 50% retracement level of the February-May-decline crossing at 29.52. First support is July's low crossing at 27.87. Second support is June's low crossing at 27.60.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
August hogs closed down $2.00 at $84.43.
August hogs 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 overbought but 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 81.52 would confirm that a short-term top has been posted. If August extends the rally off June's low, the 50% retracement level of the March-June-decline crossing at 88.42 is the next upside target. First resistance is the 50% retracement level of the March-June-decline crossing at 88.42. Second resistance is the reaction crossing at 95.52. First support is the 20-day moving average crossing at 81.52. Second support the reaction low crossing at 75.50.
August cattle closed unchanged at 108.65.
August cattle closed unchanged on Monday as it consolidates below the 38% retracement level of the March-July-decline crossing at 109.23. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 106.29 would confirm that a short-term top has been posted. If August extends the rally off June's low, the 50% retracement level of the March-July-decline crossing at 111.915 is the next upside target. First resistance is the 38% retracement level of the March-July-decline crossing at 109.23. Second resistance is the 50% retracement level of the March-July-decline crossing at 111.915. First support is the 50-day moving average crossing at 106.29. Second support is June's low crossing at 101.97.
August Feeder cattle closed down $1.43 at $142.30.
August Feeder cattle closed 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 overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 139.23 would confirm that a short-term top has been posted. If August extends the rally off June's low, the 50% retracement level of the April-June-decline crossing at 146.14 is the next upside target. First resistance is July's high crossing at 143.30. Second resistance is the 50% retracement level of the April-June-decline crossing at 146.14. First support is the 50-day moving average crossing at 139.23. Second support is the reaction low crossing at 136.03.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September coffee closed higher on Monday as it consolidates some of the decline off July's high. The mid-range close sets the stage for a steady 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 September extends the decline off July's high, June's low crossing at 9.68 is the next downside target. Closes above the 20-day moving average crossing at 10.64 would confirm that a short-term low has been posted.
September cocoa closed lower on Monday as it extends the decline off July'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 sideways to lower prices are possible near-term. If September extends the decline off July's high, June's low crossing at 23.21 is the next downside target. Closes above the 20-day moving average crossing at 24.69 would confirm that a short-term low has been posted.
October sugar closed slightly higher on Monday. The low-range close set the stage for a steady to lower opening on Tuesday. 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 12.12 would confirm that a low has been posted while opening the door for additional short-term gains near-term. If October resumes the decline off June's high, last September's low crossing at 11.45 is the next downside target.
December cotton closed lower on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 65.66 would would open the door for a possible test of July's high crossing at 68.35 is the next upside target. If December renews this month's decline, monthly support crossing at 59.85 is the next downside target.
No changes to yesterday..............we need to take out the week 2 rains to go higher with confidence but corn and beans have hit MAJOR support.
Re: INO Evening Market Comments
By metmike - July 29, 2019, 7:23 p.m.
Thanks tallpine!
Crop rating stayed the same for beans but improved 1% for corn. In July, that's a bearish factor.
The Extended forecast has no sustained heat and lots of rain(though I think that rains will not pick up for more than another week and are very uncertain) which is also bearish at the moment........despite the growing dry spots, which will increase during the next week.