INO Morning Market Commentary
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Started by tallpine - Sept. 3, 2019, 8:02 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

Tuesday, September 3, 2019  

 



 

 

9:45 AM ET. August US Manufacturing PMI

 



 

 

                       PMI, Mfg (previous 50.4)

 



 

 

10:00 AM ET. August ISM Manufacturing Report on Business

 



 

 

                       Manufacturing PMI (expected 51.0; previous 51.2)

 



 

 

                       Prices Idx (previous 45.1)

 



 

 

                       Employment Idx (previous 51.7)

 



 

 

                       Inventories (previous 49.5)

 



 

 

                       New Orders Idx (previous 50.8)

 



 

 

                       Production Idx (previous 50.8)

 



 

 

10:00 AM ET. September IBD/TIPP Economic Optimism Index

 



 

 

                       Economic Optimism Idx (previous 55.1)

 



 

 

                       6-Mo Economic Outlook (previous 50.0)

 



 

 

10:00 AM ET. July Construction Spending - Construction Put in Place

 



 

 

                       New Construction (expected +0.3%; previous -1.3%)

 



 

 

                       Residential Construction

 



 

 

11:00 AM ET. August Global Manufacturing PMI

 



 

 

                       PMI, Mfg (previous 49.3)

 



 

 

Wednesday, September 4, 2019  

 



 

 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

 



 

 

                       Composite Idx (previous 576.2)

 



 

 

                       Composite Idx, W/W% (previous -6.2%)

 



 

 

                       Purchase Idx-SA (previous 234.1)

 



 

 

                       Purchase Idx-SA, W/W% (previous -4.0%)

 



 

 

                       Refinance Idx (previous 2545.6)

 



 

 

                       Refinance Idx, W/W% (previous -7.6%)

 



 

 

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

 



 

 

                       Chain Store Sales, W/W% (previous +0.9%)

 



 

 

                       Chain Store Sales, M/M% (previous +1.7%)

 



 

 

8:30 AM ET. July U.S. International Trade in Goods & Services

 



 

 

                       Trade Balance (USD) (expected -53.7B; previous -55.15B)

 



 

 

                       Exports (USD) (previous 206.30B)

 



 

 

                       Exports, M/M% (previous -2.1%)

 



 

 

                       Imports (USD) (previous 261.45B)

 



 

 

                       Imports, M/M% (previous -1.7%)

 



 

 

8:55 AM ET. Johnson Redbook Retail Sales Index

 



 

 

                       Ret Sales Mo-to-Date, M/M% (previous -1.4%)

 



 

 

                       Ret Sales Mo-to-Date, Y/Y% (previous +5.0%)

 



 

 

                       Latest Wk, Y/Y% (previous +5.7%)

 



 

 

9:45 AM ET. August ISM-NY Report on Business

 



 

 

                       Business Index (previous 43.5)

 



 

 

10:00 AM ET. 2nd Quarter Quarterly Financial Report - Retail Trade

 



 

 

10:00 AM ET. August Online Help Wanted Index

 



 

 

10:00 AM ET. 2nd Quarter Quarterly Financial Report – Industry

 



 

 

2:00 PM ET. U.S. Federal Reserve Beige Book

 



 

 

4:00 PM ET. August Domestic Auto Industry Sales

 



 

 

4:30 PM ET. API Weekly Statistical Bulletin

 



 

 

                       Crude Stocks, Net Chg (Bbls) (previous -11.1M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbls) (previous -0.3M)

 



 

 

                       Distillate Stocks, Net Chg (Bbls) (previous -2.5M)

 



 

 



 

 

Thursday, September 5, 2019  

 



 

 

7:30 AM ET. August Challenger Job-Cut Report

 



 

 

                       Job Cuts, M/M% (previous -7.5%)

 



 

 

8:15 AM ET. August ADP National Employment Report

 



 

 

                       Private Sector Jobs, Net Chg (expected +135000; previous +156000)

 



 

 

8:30 AM ET. 2nd Quarter Revised Productivity & Costs

 



 

 

                       Non-Farm Productivity (expected +2.2%; previous +3.4%)

 



 

 

                       Unit Labor Costs (expected +2.5%; previous -1.6%)

 



 

 

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

 



 

 

                       Jobless Claims (expected 215K; previous 215K)

 



 

 

                       Jobless Claims, Net Chg (previous +4K)

 



 

 

                       Continuing Claims (previous 1698000)

 



 

 

                       Continuing Claims, Net Chg (previous +22K)

 



 

 

9:45 AM ET. Bloomberg Consumer Comfort Index

 



 

 

9:45 AM ET. August US Services PMI

 



 

 

                       PMI, Services (previous 53.0)

 



 

 

10:00 AM ET. August ISM Non-Manufacturing Report on Business

 



 

 

                       Non-Mfg Composite Idx (expected 54.0; previous 53.7)

 



 

 

                       Non-Mfg Business Idx (previous 53.1)

 



 

 

                       Prices Idx (previous 56.5)

 



 

 

                       Employment Idx (previous 56.2)

 



 

 

                       New Orders Idx (previous 54.1)

 



 

 

10:00 AM ET. July Manufacturers' Shipments, Inventories & Orders (M3)

 



 

 

                       Total Orders, M/M% (expected +0.8%; previous +0.6%)

 



 

 

                       Orders, Ex-Defense, M/M% (previous +1.1%)

 



 

 

                       Orders, Ex-Transport, M/M% (previous +0.1%)

 



 

 

                       Durable Goods, M/M% (previous +2.0%)

 



 

 

                       Durable Goods, M/M% (previous +1.9%)

 



 

 

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

 



 

 

                       Working Gas In Storage (Cbf) (previous 2857B)

 



 

 

                       Working Gas In Storage, Net Chg (Cbf) (previous +60B)

 

                        

 

11:00 AM ET. EIA Weekly Petroleum Status Report

 



 

 

                       Crude Oil Stocks (Bbl) (previous 427.751M)

 



 

 

                       Crude Oil Stocks, Net Chg (Bbl) (previous -10.027M)

 



 

 

                       Gasoline Stocks (Bbl) (previous 231.982M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbl) (previous -2.09M)

 



 

 

                       Distillate Stocks (Bbl) (previous 136.06M)

 



 

 

                       Distillate Stocks, Net Chg (Bbl) (previous -2.063M)

 



 

 

                       Refinery Usage (previous 95.2%)

 



 

 

                       Total Prod Supplied (Bbl/day) (previous 22.209M)

 



 

 

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.222M)

 

                        

 

11:00 AM ET. August Global Services PMI

 



 

 

                       PMI, Services (previous 52.5)

 



 

 

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

 



 

 

4:30 PM ET. Federal Discount Window Borrowings

 



 

 

4:30 PM ET. Foreign Central Bank Holdings

 



 

 

4:30 PM ET. Money Stock Measures

 

               

 

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



The STOCK INDEXES:The September NASDAQ 100 was lower in late-overnight trading. The mid-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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 7757.33 would open the door for additional gains near-term. Closes below last-Monday's low crossing at 7353.25 would open the door for a possible test of the 75% retracement level of the June-July-rally crossing at 7237.04. First resistance is the 50-day moving average crossing at 7757.33. Second resistance is July's high crossing at 8151.75. First support is last-Monday's low crossing at 7353.25. Second support is the 75% retracement level of the June-July-rally crossing at 7237.04.



The September S&P 500 was lower overnight as it extends August's broad trading range. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 2945.27 are needed to renew the rally off August's low. Closes below the 75% retracement level of the June-July-rally crossing at 2809.83 would open the door for a possible test of August's low crossing at 2776.30. First resistance is the 50-day moving average crossing at 2945.27. Second resistance is July's high crossing at 3029.00. First support is the 75% retracement level of the June-July-rally crossing at 2809.83. Second support is the 87% retracement level of the June-July-rally crossing at 2774.78.



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



INTEREST RATES: September T-bonds were slightly higher overnight. Stochastics and the RSI are diverging and 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 164-12 would confirm that a short-term top has been posted. If September extends the rally off July's low, weekly resistance crossing at 170-26 is the next upside target. First resistance is last-Wednesday's high crossing at 167-18. Second resistance is weekly resistance crossing at 170-26. First support is the 20-day moving average crossing at 164-12. Second support is the 50-day moving average crossing at 158-30.



September T-notes were steady to slightly higher overnight. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the reaction low crossing at 129.280 would confirm that a short-term top has been posted. If September extends this year's rally, weekly resistance crossing at 132.016 is the next upside target. First resistance is last-Monday'shigh crossing at 131.195. Second resistance is weekly resistance crossing at 132.016. First support is the reaction low crossing at 129.280. Second support is the 50-day moving average crossing at 128.266. 



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



October crude oil 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at 52.96 would open the door for a possible test of August's low crossing at 50.50. Closes above the 50-day moving average crossing at 56.46 would signal that a short-term low has been posted while opening the door for additional gains near-term. First resistance is the late-July high crossing at 58.86. Second resistance is July's high crossing at 60.93. First support is last-Monday's low crossing at 52.96. Second support is August's low crossing at 50.50.



October heating oil 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at 179.73 would open the door for a possible test of August's low crossing at 175.15. Closes above the 50-day moving average crossing at 189.30 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 189.30. Second resistance is the late-July high crossing at 198.13. First support is August's low crossing at 175.15. Second support is the 75% retracement level of the 2018-2019-rally crossing at 164.31. 



October unleaded gas was sharply 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.  If October resumes the decline off July's high, the January-2019 low crossing at 130.42 is the next downside target. Closes above the 50-day moving average crossing at 162.08 are needed to confirm that a low has been posted.First resistance is the reaction high crossing at 158.34. Second resistance is the 50-day moving average crossing at 162.08. First support is August's low crossing at 146.09. Second support is the January-2019 low crossing at 130.42.



October Henry natural gas was higher overnight as it extends the rally off August's low. 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. If October extends the rally off August's low, the March-May downtrend line crossing near 2.390 is the next upside target. Closes below the 20-day moving average crossing at 2.192 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 2.344. Second resistance is the March-May downtrend line crossing near 2.390. First support is August's low crossing at 2.045. Second support is monthly support crossing at 1.909.



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



CURRENCIES:The September Dollar was higher overnight as it extends this year's rally. 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 August's low, weekly resistance crossing at 99.90 is the next upside target. Closes below the 20-day moving average crossing at 98.03 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 99.33. Second resistance is weekly resistance crossing at 99.90. First support is the 20-day moving average crossing at 98.03. Second support is the 50-day moving average crossing at 97.39.  



The September Euro was lower overnight as it extends this year's decline. 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 September resumes the decline off June's high, monthly support crossing at 109.21 is the next downside target. Closes above the 20-day moving average crossing at 111.35 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 111.35. Second resistance is the 50-day moving average crossing at 112.25. First support is the overnight low crossing at 109.36. Second support is monthly support crossing at 109.21.    



The September British Pound was lower overnight as it spiked to a new low for the year. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI neutral to bearish signaling that sideways to lower prices are possible near-term. If September renewed this year's decline, monthly support crossing at 1.1877. Closes above the 10-day moving average crossing at 1.2203 would signal that a low has likely been posted. First resistance is last-Tuesday's high crossing at 1.2320. Second resistance is the 50-day moving average crossing at 1.2366. First support is the overnight low crossing at 1.1965. Second support is monthly support crossing at 1.1877.  



The September Swiss Franc was lower overnight as it extends the decline off August'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 August's high, the 75% retracement level of the May-June rally crossing at 1.0024 is the next downside target. Closes above the 20-day moving average crossing at 1.0238 would confirm that a short-term low has been posted. First resistance is August's high crossing at 1.0384. Second resistance is June's high crossing at 1.0392. First support is the overnight low crossing at 1.0083. Second support is the 75% retracement level of the May-June rally crossing at 1.0024. 



The September Canadian Dollar was lower overnight as it broke out to the downside of the trading range of the past three-weeks. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high, the 75% retracement level of the May-June-rally crossing at 74.68 is the next downside target. Closes above last-Tuesday's high crossing at 75.65 are needed to confirm that a short-term low has been posted.First resistance is last-Tuesday's high crossing at 75.65. Second resistance is the 50-day moving average crossing at 75.91. First support is the 62% retracement level of the May-June-rally crossing at 75.07. Second support is the 75% retracement level of the May-June-rally crossing at 74.68.



The September Japanese Yen was higher overnight. 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 0.0936 would confirm that a short-term top has been posted. If September renews the rally off August's low, the 62% retracement level of the 2018-2019-decline crossing at 0.0960 is the next upside target. First resistance is last-Monday's high crossing at 0.0959. Second resistance is the 62% retracement level of the 2018-2019-decline crossing at 0.0960. First support is the reaction low crossing at 0.0937. Second support is the 50-day moving average crossing at 0.0936.



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



PRECIOUS METALS: October gold was higher overnight. 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 1517.00 would confirm that a short-term top has been posted. If October extends the rally off May's low, the 62% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1588.20 is the next upside target. First resistance is last-Monday's high crossing at 1558.60. Second resistance is the 62% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1588.20. First support is the 20-day moving average crossing at 1517.00. Second support is the 50-day moving average crossing at 1462.60.



December silver was 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 December extends the rally off May's low, the 62% retracement level of the 2016-2018 decline crossing at 18.853 is the next upside target. Closes below the 20-day moving average crossing at 17.517 would confirm that a short-term top has been posted.First resistance is last-Thursday's high crossing at 18.760. Second resistance is the 62% retracement level of the 2016-2018 decline crossing at 18.853. First support is the 10-day moving average crossing at 17.915. Second support is the 20-day moving average crossing at 17.517. 



December copper was sharply lower overnight as it renewed this year's decline. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off July's high, monthly support crossing at 234.12 is the next downside target. Closes above the 20-day moving average crossing at 257.86 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 257.86. Second resistance is the 50-day moving average crossing at 264.68. First support is the overnight low crossing at 249.60. Second support is monthly support crossing at 234.12.     



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 and are turning neutral to bullish signaling that sideways to higher prices possible near-term. Closes above the 20-day moving average crossing at 3.81 would confirm that a short-term low has been posted. If December extends the decline off July's high, May's low crossing at 3.63 3/4 is the next downside target. First resistance is the August 13th gap crossing at 3.92 3/4. Second resistance is psychological resistance crossing at 4.00. First support is last-Wednesday's low crossing at 3.64 1/4. Second support is May's low crossing at 3.63 3/4.     



December wheat 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 87% retracement level of the May-June-rally crossing at 4.58 1/2 is the next downside target. Closes above the 20-day moving average crossing at 4.77 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.77. Second resistance is the 50-day moving average crossing at 5.01 1/4. First support is the 87% retracement level of the May-June-rally crossing at 4.58 1/2. Second support is May's low crossing at 4.42 1/4.  



December Kansas City Wheat closed down 2 3/4-cents at 4.01 1/2.

 

December Kansas City wheat closed lower on Thursday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Friday 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, weekly support crossing at 3.82 is the next downside target. Multiple closes above the 20-day moving average crossing at 4.13 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.13 3/4. Second resistance is the 50-day moving average crossing at 4.46. First support is August's low crossing at 3.97 1/2. Second support is weekly support crossing at 3.82.  



December Minneapolis wheat was mostly steady overnight due to light short covering as it consolidates some of this year's decline. 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, weekly support crossing at 4.90 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.15 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.08 1/4. Second resistance is the 20-day moving average crossing at 5.15 3/4. First support is the overnight low crossing at 4.96. Second support is weekly support crossing at 4.90 1/4.



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



November soybeans were lower in overnight trading as it consolidates some of the rally off last-Wednesday's low.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 bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 8.82 are needed to confirm that a short-term low has been posted. If November resumes the decline off June's high, the 75% retracement level of the May-June-rally crossing at 8.48 1/2 is the next downside target. First resistance is the reaction high crossing at 8.82. Second resistance is the reaction high crossing at 8.96 3/4. First support is last-Wednesday's low crossing at 8.52 1/2. Second support is the 75% retracement level of the May-June-rally crossing at 8.48 1/2.



December soybean meal was steady to slightly higher overnight while extends August's trading range. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off June's high, May's low crossing at 291.60 is the next downside target. Closes above the reaction high crossing at 306.30 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 306.30. Second resistance is the 50-day moving average crossing at 307.90. First support is last-Wednesday's low crossing at 294.40. Second support is May's low crossing at 291.60.   



December soybean oil 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 sideways to lower prices are possible near-term. If December extends the decline off August's high, August's low crossing at 27.88 is the next downside target. Closes above the 20-day moving average crossing at 28.96 would temper the near-term bearish outlook. First resistance is the reaction high crossing at 29.32. Second resistance level is August's high crossing at 30.25. First support is last-Wednesday's low crossing at 28.22. Second support is August's low crossing at 27.88. 



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



October hogs closed up $1.40 at $64.90. 



October hogs closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 64.70 are needed to confirm that a short-term low has been posted. If October extends the decline off July's high, the July-2018 low crossing at 58.20 is the next downside target. First resistance is the 20-day moving average crossing at 64.70. Second resistance is the 50-day moving average crossing at 70.23. First support is last-Friday's low crossing at 59.30. Second support the July-2018 low crossing at 58.20.  



October cattle closed up $0.60 at 99.80. 



October cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 101.91 would confirm that a short-term low has been posted. If October renews the decline off July's high, weekly support crossing at 97.08 is the next downside target. First resistance is the August 13th gap crossing at 103.75. Second resistance is the 50-day moving average crossing at 105.46. First support is August's low crossing at 97.78. Second support is weekly support crossing at 97.08. 

 

October Feeder cattle closed up $0.35 at $131.98. 



October Feeder cattle closed higher on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If October renews the decline off July's high, weekly support crossing at 126.09 is the next downside target. Closes above the 50-day moving average crossing at 137.88 would confirm that a low has been posted. First resistance is the 50-day moving average crossing at 137.88. Second resistance is July's high crossing at 144.43. First support is August's low crossing at 127.32. Second support is weekly support crossing at 126.09.    



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



December coffee closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off July's high, weekly support crossing at 8.76 is the next downside target. Closes above the 20-day moving average crossing at 9.79 would confirm that a short-term low has been posted.   



December cocoa closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning bearish signaling sideways to lower prices are possible near-term. If December resumes the decline off July's high, last-October's low crossing at 20.83 is the next downside target. Closes above the 20-day moving average crossing at 22.39 are needed to confirm that a short-term low has been posted and would open the door for additional gains near-term.  



October sugar closed lower on Thursday. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off June's high, weekly support crossing at 10.80 is the next downside target. Closes above the 20-day moving average crossing at 11.55 would confirm that a low has been posted. 



December cotton closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 58.99 are needed to confirm that a low has been posted. If December renews this year's decline, monthly support crossing at 54.38 is the next downside target. 

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