KEY EVENTS TO WATCH FOR:
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 September NASDAQ 100 closed lower on Tuesday as it continues to consolidate some of the rally off June'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, diverging and are turning neutral to bearish hinting that a short-term top might be in or is near. Multiple closes below the July 19th low crossing at 7815.25 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If September extends the aforementioned rally 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 July 19th low crossing at 7815.25. Second support is the reaction low crossing at 7743.00.
The September S&P 500 closed lower on Tuesday as it consolidates some of the rally off June'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, 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 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 2925.80.
The Dow closed slightly lower on Tuesday after President Donald Trump renewed his attacks on China, undermining hopes the world’s two largest economies will reach a trade deal while investors also digested mixed corporate earnings reports.Investors were also awaiting the Federal Reserve’s decision on interest rates due Wednesday with a quarter percentage point cut expected. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 27,119.76 would confirm that a short-term top has been posted. If the Dow resumes the rally off June's low into uncharted territory, upside targets will be hard to project. First resistance is July's high crossing at 27,398.68. Second resistance is unknown. First support is the 20-day moving average crossing at 27,119.76. Second support is the reaction low crossing at 26,665.57.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
September T-bonds closed down 1/32's at 154-24.
September T-bonds closed slightly 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 September renews the rally off July's low, July's high crossing at 157-02 is the next upside target. If September resumes the decline off July's high, July's low crossing at 152-28 is the next downside target. First resistance is last-Thursday's high crossing at 155-18. Second resistance is July's high crossing at 157-02. First support is July's low crossing at 152-28. Second support is the 38% retracement level of the March-July-rally crossing at 152-01.
September T-notes closed down 30-pts. at 127.115.
September T-notes closed slightly 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 September renews the rally off last-Tuesday's low, July's high crossing at 128.140 is the next upside target. Closes below the 50-day moving average crossing at 127.017 would open the door for a possible test of July's low crossing at 126.230. First resistance is July's high crossing at 128.140. Second resistance is weekly resistance crossing at 130.010. First support is July's low crossing at 126.230. Second support is the 38% retracement level of the March-July-rally crossing at 125.167.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
September crude oil closed higher on Tuesday finding support a day ahead of a Federal Reserve decision that's expected to deliver a rate cut. Today's close above the 20-day moving average crossing at 57.55 confirms that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, July's high crossing at 61.02 is the next upside target. If September renews the decline off July's high, the reaction low crossing at 51.85 is the next downside target. First resistance is July's high crossing at 61.02. Second resistance is the reaction high crossing at 64.02.First support is July's low crossing at 54.85. Second support is the reaction low crossing at 51.85.
September heating oil closed higher on Tuesday as it renewed the rally off July'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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Wednesday's high crossing at 195.51 would open the door for a possible test of July's high crossing at 202.40. If September resumes the decline off July's high, the reaction low crossing at 179.49 is the next downside target.First resistance is July's high crossing at 202.40. Second resistance is the May 16th high crossing at 214.41. First support is July's low crossing at 185.96. Second support is the reaction low crossing at 179.49.
September unleaded gas closed higher on Tuesday as it extends the rebound off the 50% retracement level of the June-July-rally crossing at 178.81. 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 184.93 would confirm that a short-term low has been posted. If September resumes the decline off July's high, the 62% retracement level of the June-July-rally crossing at 178.48 is the next downside target. First resistance is July's high crossing at 197.13. Second resistance is April's high crossing at 199.81. 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 posted an inside day with a higher close on Tuesday as it consolidated some of the decline off July's high.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 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 2.289 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.289. Second resistance is the 50-day moving average crossing near 2.350. First support is Monday's low crossing at 2.101. Second support is weekly support crossing at 2.029.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The September Dollar closed higher on Monday and posted a new contract high as it extended the rally off June's low. Profit taking tempered early-session gains and 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 September extends the rally off June's low, weekly resistance on the continuation chart 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 today's high crossing at crossing at 97.96. Second resistance is weekly resistance on the continuation chart 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 closed higher on Tuesday as it consolidates some of the decline off June's high. 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 a low might be in or is near. Closes above the 20-day moving average crossing at 112.67 would confirm that a short-term low has been posted. If September resumes the decline off June's high, the January-2017 low crossing at 110.91 is the next downside target. First resistance is the 20-day moving average crossing at 112.67. Second resistance is June's high crossing at 114.86. First support is last-Thursday's low crossing at 111.46. Second support is the January-2017 low crossing at 110.91.
The September British Pound closed lower for the fourth-day in a row on Tuesday as it extends this year's decline. 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 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. Closes above the 20-day moving average crossing at 1.2500 would 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. First support is today's low crossing at 1.2147. Second support is monthly support crossing at 1.2001.
The September Swiss Franc closed higher on Tuesday as it consolidates some of the decline off June'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 bearish signaling that sideways to lower prices are possible near-term. If September extends 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 1.0182 would confirm that a 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 reaction low crossing at 1.0006.
The September Canadian Dollar closed higher due to short covering on Tuesday as it consolidates some of the decline off July's high. 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 oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 76.44 would confirm that a short-term low has been posted. If September extends the decline off July's high, the reaction low crossing at 75.72 is the next downside target. First resistance is July's high crossing at 76.81. Second resistance is weekly resistance crossing at 77.95. First support is the reaction low crossing at 75.72. Second support is the 50-day moving average crossing at 75.67.
The September Japanese Yen closed higher on Tuesday as it rebounds off the 50% retracement level of the April-June-rally crossing 921. 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 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 May 30th low crossing at 0.0917 is the next downside target. Closes above the 50-day moving average crossing at 0.0928 would temper the near-term bearish outlook. 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 921. Second support is the reaction low crossing at 0.0917.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
October gold closed higher on Tuesday as it extends this summer's trading range. 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 October 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. Multiple closes below the 20-day moving average crossing at 1424.80 would temper the near-term friendly outlook. Closes below July's low crossing at 1390.90 would confirm that a short-term top has been posted. First resistance is July's high crossing at 1460.30. 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 reaction low crossing at 1407.80. Second support is July's low crossing at 1390.90.
September silver closed higher on Tuesday and is poised to extend the rally off May'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 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 2018's decline crossing at 16.858 is the next upside target. Closes below the 20-day moving average crossing at 15.287 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 16.685. Second resistance is the 62% retracement level of 2018's decline crossing at 16.858. First support is the 10-day moving average crossing at 16.400. Second support is the 20-day moving average crossing at 15.827.
September copper closed sharply lower on Tuesday and the low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Today's close below the 50-day moving average crossing at 268.56 confirms that a short-term top has been posted and opens the door for additional weakness near-term. Stochastics and the RSI are turning neutral to bearish with today's loss signaling that sideways to lower prices are possible near-term. If September extends today's decline, July's low crossing at 261.20 is the next downside target. If September renews 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 July's high crossing at 280.30. Second resistance is the 62% retracement level of the April-June-decline crossing at 285.20. First support is today's low crossing at 267.50. Second support is July's low crossing at 261.20.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
December Corn closed down 6 1/2-cents at 4.20 1/2.
December corn closed lower on Tuesday as it filled the May 28th gap crossing at 4.20. Monday's crop conditions report showed a 1% improvement in the good to excellent category, which now stands at 58%. Additional pressure came from a benign weather forecast for much of the corn belt. The low-range close sets the stage for a steady to lower opening when Wednesday's night sessions 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 July's high, the 62% retracement level of the May-June-rally crossing at 4.05 1/2 is the next downside target. Closes above the 50-day moving average crossing at 4.38 3/4 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at 4.38 3/4. Second resistance is July's high crossing at 4.64 3/4. Third resistance is June's high crossing at 4.73. First support is the May 28th gap crossing at 4.20. Second support is the 62% retracement level of the May-June-rally crossing at 4.05 1/2.
December wheat closed down 6 1/2-cents at 5.02.
December wheat 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 December resumes the decline off June's high, the reaction low crossing at 4.88 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.14 1/2 would confirm that a short-term low has been posted. First resistance is July's high crossing at 5.43. Second resistance is the 62% retracement level of the 2018-2019-decline crossing at 5.60 3/4. First support is last-Tuesday's low crossing at 4.95. Second support is the reaction low crossing at 4.88 1/4.
December Kansas City Wheat closed down 3-cents at 4.51.
December Kansas City wheat closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday 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 are needed to 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 closed down 2 3/4-cents at 5.40 1/2.
December Minneapolis wheat 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 5.43 1/4 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 1/4. 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 closed down 9 1/2-cents at 8.94 3/4.
November soybeans closed lower on Tuesday over jitters about U.S.-China trade negotiations. Monday's crop progress report from USDA pegged the soybean crop in good-to-excellent condition steady at 54%. The latest modeling puts yield estimates between 49.5 to 50.4 bushels per acre. 57% of the soybean crop is now blooming, up from 40% a week ago. That’s still well behind 2018’s pace of 85% and the five-year average of 79%. 21% of the soybean crop is setting pods, versus 7% a week ago. This pace is also well behind 2018’s pace (58%) and the five-year average (45%). The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 8.93 would confirm today's downside breakout of this summer's head-and-shoulder's top while opening the door for additional weakness near-term. Closes above Monday's high crossing at 9.09 would confirm that a short-term low has been posted. 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 the reaction low crossing at 8.75 1/4.
December soybean meal closed down $4.20 at 307.30.
December soybean meal closed lower on Tuesday as it extends the decline off June's high. 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 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 May 21st reaction low crossing at 301.40 is the next downside target. Closes above the 20-day moving average crossing at 313.90 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 323.80. Second resistance is the June 2018 high crossing at 346.10. First support is the May 21st reaction low crossing at 301.40. Second support is the 87% retracement level of the May-June-rally crossing at 297.10.
December soybean oil closed down 17-pts at 28.80.
December soybean oil 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 overbought and are turning neutral to bearish signaling that a double top with June's high could have been posted with Monday's high. Closes below the 50-day moving average crossing at 28.43 would temper the near-term friendly outlook. If December extends the rally off July's low, the 50% retracement level of the February-May-decline crossing at 28.91 is the next upside target. First resistance is June's high crossing at 29.32. Second resistance is the 50% retracement level of the February-May-decline crossing at 29.50. First support is July's low crossing at crossing at 27.87. Second support is June's low crossing at 27.60.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
October hogs closed down $2.45 at $74.00.
October hogs closed sharply lower on Tuesday and below the 20-day moving average crossing at 75.31 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 are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off July's high, the reaction low crossing at 71.18 is the next downside target. Closes above the 10-day moving average crossing at 78.41 would confirm that a short-term low has been posted. First resistance is the 50% retracement level of the April-June-decline crossing at 81.28. Second resistance is the 62% retracement level of the April-June-decline crossing at 84.59. First support is today's low crossing at 73.03. Second support the reaction low crossing at 71.18.
October cattle closed down $0.38 at 109.08.
October cattle closed lower on Tuesday as it consolidates below the 38% retracement level of the March-July-decline crossing at 110.20. The high-range close sets the stage for a steady to higher opening on Wednesday.Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 107.24 would confirm that a short-term top has been posted. If October renews the rally off June's low, the 50% retracement level of the March-July-decline crossing at 112.39 is the next upside target. First resistance is the 38% retracement level of the March-July-decline crossing at 110.20. Second resistance is the 50% retracement level of the March-July-decline crossing at 112.39. First support is the 50-day moving average crossing at 107.24. Second support is June's low crossing at 103.27.
October Feeder cattle closed up $1.30 at $143.88.
October Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are overbought but remain neutral to bearish signaling that sideways to higher prices are possible near-term. If October extends the rally off June's low, the 50% retracement level of the April-June-decline crossing at 147.45 is the next upside target. Closes below the 50-day moving average crossing at 139.84 would confirm that a short-term top has been posted. First resistance is today's high crossing at 144.43. Second resistance is the 50% retracement level of the April-June-decline crossing at 147.45. First support is the 20-day moving average crossing at 141.72. Second support is the 50-day moving average crossing at 139.84.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September coffee closed lower on Tuesday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 10.58 would confirm that a short-term low has been posted.
September cocoa closed lower on Tuesday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 24.62 would confirm that a short-term low has been posted.
October sugar closed slightly higher on Tuesday. The mid-range close set the stage for a steady to higher 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 12.35 would open the door for additional short-term gains near-term. Closes below the 10-day moving average crossing at 11.88 would temper the near-term friendly outlook.
December cotton 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 a low might be in or is near. Closes above the 50-day moving average crossing at 65.60 are needed to open the door for a possible test of July's high crossing at 68.35. If December renews this month's decline, monthly support crossing at 59.85 is the next downside target.
Thanks tallpine!
Next rain for the dry spots is over a week away. These dry areas will see crop ratings drop a bit next week.
Week 2 continues to look wet, which takes away alot of the week 1 bullishness from dry weather. Take out week 2 rains and add some heat, along with C and S at major support here and we can rally..............but we need the week 2 rains to diminish.