KEY EVENTS TO WATCH FOR:
Tuesday, September 17, 2019
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous -2.9%)
Chain Store Sales, M/M% (previous +1.1%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -0.4%)
Ret Sales Mo-to-Date, Y/Y% (previous +6.4%)
Latest Wk, Y/Y% (previous +6.4%)
9:15 AM ET. August Industrial Production & Capacity Utilization
Industrial Production, M/M% (expected +0.2%; previous -0.2%)
Capacity Utilization % (expected 77.6%; previous 77.5%)
Capacity Utilization, Net Chg (Pts) (previous -0.3)
10:00 AM ET. September NAHB Housing Market Index
Housing Mkt Idx (expected 66; previous 66)
3:00 PM ET. U.N. General Assembly convenes
4:00 PM ET. July Treasury International Capital Data
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -7.2M)
Gasoline Stocks, Net Chg (Bbls) (previous -4.5M)
Distillate Stocks, Net Chg (Bbls) (previous +0.6M)
N/A U.S. Federal Open Market Committee meeting
Wednesday, September 18, 2019
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 569.8)
Composite Idx, W/W% (previous +2.0%)
Purchase Idx-SA (previous 253.5)
Purchase Idx-SA, W/W% (previous +4.5%)
Refinance Idx (previous 2377.5)
Refinance Idx, W/W% (previous +0.4%)
8:30 AM ET. August New Residential Construction - Housing Starts and Building Permits
Total Starts (expected 1.25M; previous 1.191M)
Housing Starts, M/M% (expected +5.0%; previous -4.0%)
Building Permits (expected 1.30M; previous 1.336M)
Building Permits, M/M% (expected -2.7%; previous +8.4%)
10:00 AM ET. SEC Open Meeting
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 416.068M)
Crude Oil Stocks, Net Chg (Bbl) (previous -6.912M)
Gasoline Stocks (Bbl) (previous 228.904M)
Gasoline Stocks, Net Chg (Bbl) (previous -0.682M)
Distillate Stocks (Bbl) (previous 136.226M)
Distillate Stocks, Net Chg (Bbl) (previous +2.704M)
Refinery Usage (previous 95.1%)
Total Prod Supplied (Bbl/day) (previous 21.44M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.181M)
2:00 PM ET. U.S. interest rate decision
Federal Funds Rate
Federal Funds Rate Change (Pts)
Fed Funds Rate-Range High (previous 2.25)
Fed Funds Rate-Range Low (previous 2.00)
FOMC Vote For Action (previous 8)
FOMC Vote Against Action (previous 2)
Discount Rate (previous 2.75)
Discount Rate Change (Pts) (previous -0.25)
Discount Rate-Range High
Discount Rate-Range Low
2:00 PM ET. Federal Reserve economic projections
Median Fed Funds Rate - 2019 (previous 2.4%)
Median Fed Funds Rate - 2020 (previous 2.1%)
Median Fed Funds Rate - 2021 (previous 2.4%)
Thursday, September 19, 2019
8:30 AM ET. September Philadelphia Fed Business Outlook Survey
Business Activity (expected 10.0; previous 16.8)
Prices Paid (previous 12.8)
Employment (previous 3.6)
New Orders (previous 25.8)
Prices Received (previous 13.0)
Delivery Times (previous 9.3)
Inventories (previous 8.7)
Shipments (previous 19.0)
8:30 AM ET. 2nd Quarter International Transactions
Current Account (USD) (expected -131.2B; previous -130.40B)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 215K; previous 204K)
Jobless Claims, Net Chg (previous -15K)
Continuing Claims (previous 1670000)
Continuing Claims, Net Chg (previous -4K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 498.1K)
Soybeans (Metric Tons) (previous 1172.2K)
Wheat (Metric Tons) (previous 602.8K)
9:30 AM ET. SEC Investor Advisory Committee Quarterly Meeting
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. August Existing Home Sales
Existing Sales (expected 5.36M; previous 5.42M)
Existing Sales, M/M% (expected -1.1%; previous +2.5%)
Unsold Homes Month's Supply (previous 4.2)
Median Price (USD) (previous 80,800)
Median Home Price, Y/Y% (previous +4.3%)
10:00 AM ET. August Leading Indicators
Leading Index, M/M% (expected -0.2%; previous +0.5%)
Leading Index (previous 112.2)
Coincident Index, M/M% (previous +0.2%)
Lagging Index, M/M% (previous +0.6%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3019B)
Working Gas In Storage, Net Chg (Cbf) (previous +78B)
4:30 PM ET. Money Stock Measures
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, September 20, 2019
10:00 AM ET. August Regional & State Employment & Unemployment
Monday, September 23, 2019
8:30 AM ET. August CFNAI Chicago Fed National Activity Index
NAI (previous -0.36)
NAI, 3-mo Moving Avg (previous 0.14)
9:45 AM ET. September US Flash Manufacturing PMI
PMI, Mfg (previous 49.9)
9:45 AM ET. September US Flash Services PMI
PMI, Services (previous 50.9)
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The December NASDAQ 100 gapped down and closed lower on Monday following a weekend attack of Saudi oil production facilities that knocked out 5.7 million barrels of daily production. A short covering rally in the afternoon session tempered early losses and the high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 7752.73 are needed to confirm that a short-term top has been posted. If December extends the rally off the August 26th low, July's high crossing at 8071.75 is the next upside target. First resistance is last-Thursday's high crossing at 8002.50. Second resistance is July's high crossing at 8071.75. First support is the 20-day moving average crossing at 7752.73. Second support is the August 26th low crossing at 7390.00.
The December S&P 500 gapped down and closed lower on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, July's high crossing at 3027.50 is the next upside target. Closes below the 20-day moving average crossing at 2940.63 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 3025.30. Second resistance is July's high crossing at 3027.50. First support is the 10-day moving average crossing at 2978.76. Second support is the 20-day moving average crossing at 2940.63.
The Dow gapped down and closed lower on Monday ending an eight-session winning streak after a weekend attack against Saudi Arabia’s oil-production facilities unsettled global markets and sent crude prices rocketing higher. The attacks playing out in the Middle East came as stocks were on the brink of record highs ahead of the Federal Reserve’s interest-rate decision on Wednesday. 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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off August's low, July's high crossing at 27,398.68. Closes below the 20-day moving average crossing at 26,452.04 are needed to confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 27,306.73. Second resistance is July's high crossing at 27,398.68. First support is the 10-day moving average crossing at 26,837.90. Second support is the 20-day moving average crossing at 26,452.04.
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December T-bonds closed up 1-04/32's at 158-24.
December T-bonds closed sharply higher on Monday as it consolidated some of this month's decline but remains below broken support marked by the 50-day moving average crossing at 159-13 as it consolidated some of the decline off August's high. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, the 50% retracement level of the 2018-2019 rally crossing at 155-27 is the next downside target. Closes above the 20-day moving average crossing at 163-11 is the next upside target. First resistance is the 20-day moving average crossing at 163-11. Second resistance is August's high crossing at 166-25. First support is last-Friday's low crossing at 157-18. Second support is the 50% retracement level of the 2018-2019 rally crossing at 155-27.
December T-notes closed up 145-pts. At 129.010.
December T-notes posted an inside day with a higher close on Monday as it consolidates some of the decline off September's high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, the 50% retracement level of the March-September rally crossing at 127.171. Closes above the 20-day moving average crossing at 130.312 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 130.312. Second resistance is September's high crossing at 131.195. First support is last-Friday's low crossing at 128.190. Second support is the 50% retracement level of the March-September rally crossing at 127.171.
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October crude oil gapped up and posted its highest price in four months on Monday following a weekend attack on Saudi oil facilities that cut their daily crude production by more than half raising concerns of a potentially prolonged supply shortage.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, April's high crossing at 65.62 is the next upside target. Today's close below last-Thursday's low crossing at 54.00 would confirm that a short-term top has been posted. First resistance is today's high crossing at 63.38. Second resistance is the April's high crossing at 65.62. First support last-Thursday's low crossing at 54.00. Second support is August's low crossing at 50.50.
October heating oil gapped up and closed sharply higher on Monday as it extended the rally off August's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, May's high crossing at 214.81 is the next upside target. Closes below last-Thursday's low crossing at 185.13 would confirm that a short-term top has been posted. First resistance is today's high crossing at 209.66. Second resistance is the May's high crossing at 214.81. First support is last-Thursday's low crossing at 185.13. Second support is September's low crossing at 177.70.
October unleaded gas gapped up and closed sharply higher on Monday as it extended the rally off September's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off September, July's high crossing at 179.62 is the next upside target. Closes below last-Thursday's low crossing at 151.56 would confirm that a short-term top has been posted. First resistance is July's high crossing at 179.62. Second resistance is May's high crossing at 182.13. First support is last-Thursday's low crossing at 151.56. Second support is September's low crossing at 144.75.
October Henry natural gas gapped up and closed higher on Monday as it extended the rally off August's low. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the aforementioned rally, the 75% retracement level of the March-August decline crossing at 2.763 is the next upside target. Closes below the 20-day moving average crossing at 2.373 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2.700. Second resistance is the 75% retracement level of the March-August decline crossing near 2.763. First support is the 10-day moving average crossing at 2.532. Second support is the 20-day moving average crossing at 2.3473
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The December Dollar closed higher on Monday following the weekend attack on Saudi Arabia's oil production facility. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at 97.56 would confirm that a short-term top has been posted. If December renews the rally off June's low, weekly resistance crossing at 99.90 is the next upside target. First resistance is September's high crossing at 98.90. Second resistance is weekly resistance crossing at 99.90. First support is last-Friday's low crossing at 97.56. Second support is the 50-day moving average crossing at 97.32.
The December Euro 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 111.41 are needed to confirm that a short-term low has been posted. If December resumes the decline off August's high, weekly support crossing at 109.21 is the next downside target. First resistance is the 20-day moving average crossing at 114.41. Second resistance is the 50-day moving average crossing at 112.36. First support is last-Thursday's low crossing at 110.02. Second support ismonthly support crossing at 109.21.
The December British Pound posted an inside day with a lower close on Monday as it consolidated some of the rally off September's low. 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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the 38% retracement level of the February-September decline crossing at 1.2592 is the next upside target. Closes below the 20-day moving average crossing at 1.2314 would temper the near-term friendly outlook. First resistance is last Friday's high crossing at 1.2549. Second resistance is the 38% retracement level of the February-September decline crossing at 1.2592. First support is the 20-day moving average crossing at 1.2314. Second support is September's low crossing at 1.2008.
The December Swiss Franc 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, the 75% retracement level of the May-August-rally crossing at 1.0114 is the next downside target. Closes above the 20-day moving average crossing at 1.0241 would confirm that a short-term low has been posted. First resistance the 20-day moving average crossing at 1.0241. Second resistance is the August 26th high crossing at 1.0391. First support is last-Thursday's low crossing at 1.0134. Second support is the 75% retracement level of the May-June-rally crossing at 1.0114.
The December Canadian Dollar posted an inside day with a higher close on Monday.The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off last-week's high, September's low crossing at 74.84 is the next downside target. If December renews the rally off September's low, the July 31st reaction high crossing at 76.37 is the next upside target. First resistance is the July 31st reaction high crossing at 76.37. Second resistance is July's high crossing at 76.92. First support is last-Friday's low crossing at 75.33. Second support is September's low crossing at 74.84.
The December Japanese Yen closed slightly higher on Monday as it consolidates some of the decline off July's high. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, August's low crossing at 0.0918 is the next downside target. Closes above the 20-day moving average crossing at 0.0943 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.0938. Second resistance is the 20-day moving average crossing at 0.0943. First support is last-Friday's low crossing 0.0929. Second support is August's low crossing at 0.0924.
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October gold closed higher on Monday as it consolidates above the May-August uptrend line. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off last-Wednesday's high, the 50-day moving average crossing at 1478.80 is the next downside target. If October renews 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 September's high crossing at 1559.80. Second resistance is the 62% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1588.20. First support is last-Friday's low crossing at 1486.70. Second support is the 50-day moving average crossing at 1478.80.
December silver posted an inside day with a higher close on Monday as it consolidated some of last-Friday's decline but remains below the 20-day moving average crossing at 18.083. The high-range close set the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, the 50-day moving average crossing at 17.090 is the next downside target. Closes above the 10-day moving average crossing at 18.409 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 18.409. Second resistance is September's high crossing at 19.750. First support is last-Friday's low crossing at 17.470. Second support is the 50-day moving average crossing at 17.090.
December copper 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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, the reaction high crossing at 273.20 is the next upside target. Closes below the 20-day moving average crossing at 259.56 would temper the near-term friendly outlook. First resistance is today's high crossing at 270.65. Second resistance is the reaction high crossing at 273.20. First support is the 20-day moving average crossing at 259.56. Second support is September's low crossing at 248.20.
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December Corn closed up 6-cents at 3.74 3/4.
December corn closed higher on Monday as it extended extended the rally off last-Monday's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night sessions 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 3.77 would mark the first time since the June high that December corn has closed above the previous reaction high thereby signaling that the short-term trend has turned neutral to bullish while opening the door for a possible test of the 50-day moving average crossing at 3.98 1/4. If December resumes the decline off July's high, psychological support crossing at 3.50 is the next downside target. First resistance is the August 29th reaction high crossing at 3.77. Second resistance is the 50-day moving average crossing at 3.98 1/4. First support is last-Monday's low crossing at 3.52 1/4. Second support is psychological support crossing at 3.50.
December wheat closed up 5-cents at 4.88 1/2.
December wheat closed higher on Monday as it extended the rally off September's low.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 4.90 would open the door for a possible test of the reaction high crossing at 5.06 1/4 is the next upside target. Closes below the 20-day moving average crossing at 4.72 1/2 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 4.90. Second resistance is the reaction high crossing at 5.06 1/4. First support is the 20-day moving average crossing at 4.72 1/2. Second support is September's low crossing at 4.50 1/2.
December Kansas City Wheat closed up 9 1/4-cents at 4.09.
December Kansas City wheat closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 4.09 1/2 would open the door for a possible test of the 50-day moving average crossing at 4.26 3/4. If December renews the decline off June's high, weekly support crossing at 3.74 1/4 is the next downside target. First resistance is the reaction high crossing at 4.09 1/2. Second resistance is the 50-day moving average crossing at 4.26 3/4. First support is September's low crossing at 3.81. Second support is weekly support crossing at 3.74 1/4.
December Minneapolis wheat closed up 3 1/2-cents at 5.09.
December Minneapolis wheat closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, The 50-day moving average crossing at 5.23 1/4 is the next upside target. If December resumes the decline off June's high, monthly support crossing at 4.80 1/4 is the next downside target. First resistance is today's high crossing at 5.12 1/4. Second resistance is the 50-day moving average crossing at 5.23 1/4. First support is September's low crossing at 4.86 1/2. Second support is monthly support crossing at 4.80 1/4.
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November soybeans closed up a 1/2-cent at 8.99 1/4.
November soybeans closed fractionally higher on Monday as it extends the rally off last-Monday's low. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off last-Monday's low, the reaction high crossing at 9.24 is the next upside target. Closes below the 20-day moving average crossing at 8.70 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 9.04 3/4. Second resistance is the reaction high crossing at 9.24. First support is the 75% retracement level of the May-June-rally crossing at 8.48 1/2. Second support is the 87% retracement level of the May-June-rally crossing at 8.32 1/2.
December soybean meal closed down $2.70 at 298.80.
December soybean meal 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 304.00 are needed to confirm that a short-term low has been posted. If December renews the decline off June's high, May's low crossing at 291.60 is the next downside target. First resistance is the 50-day moving average crossing at 304.00. Second resistance is the reaction high crossing at 306.30. First support is last-Monday's low crossing at 292.00. Second support is May's low crossing at 291.60.
December soybean oil closed up 81-pt. at 30.24.
December soybean oil gapped up and closed sharply higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends today's rally, the 75% retracement level of the February-May decline crossing at 30.79 is the next upside target. Closes below the 50-day moving average crossing at 28.81 would confirm that a short-term top has been posted. First resistance is today's high crossing at 30.36. Second resistance is the 75% retracement level of the February-May-decline crossing at 30.79. First support is September's low crossing at 28.20. Second support is August's low crossing at 27.88.
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October hogs closed down $2.85 at $63.62.
October hogs closed sharply lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, the 50-day moving average crossing at 68.58 is the next upside target. If October renews the decline off July's high, August's low crossing at 59.30 is the next downside target. First resistance is the 50-day moving average crossing at 68.58. Second resistance is August's high crossing at 70.83. First support is August's low crossing at 59.30. Second support the July-2018 low crossing at 58.20.
October cattle closed down $0.08 at 98.00.
October cattle closed lower on Monday as it consolidated some of the rally off Monday's low. The low-range close sets 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. Multiple closes above the 20-day moving average crossing at 98.62 are needed to confirm that a short-term low has been posted. If October renews the decline off July's high, weekly support crossing at 83.42 is the next downside target. First resistance is the 20-day moving average crossing at 98.62. Second resistance is the August 26th high crossing at 101.68. First support is last-Monday's low crossing at 93.40. Second support is weekly support crossing at 83.42.
October Feeder cattle closed down $0.37 at $134.20.
October 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 137.07 are needed to confirm that a low has been posted. If October renews the decline off July's high, weekly support crossing at 126.09 is the next downside target. First resistance is the 50-day moving average crossing at 137.07. Second resistance is July's high crossing at 144.43. First support is last Monday's low crossing at 127.95. Second support is August's low crossing at 127.32.
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December coffee closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the 50% retracement level of the July-August-decline crossing at 10.64 is the next upside target. Closes below the 20-day moving average crossing at 9.80 would confirm that a short-term top has been posted.
December cocoa closed higher on Monday as it extends the rally off August's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at 23.45 opens the door for a test of the 62% retracement level of the July-August decline crossing at 24.37. Closes below the 20-day moving average crossing at 22.56 would confirm that a short-term top has been posted.
October sugar gapped up and closed higher on Monday. The low-range close set the stage for a steady to lower opening on Tuesday. 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 11.16 would confirm that a low has been posted. If October extends the decline off June's high, weekly support crossing at 10.12 is the next downside target.
December cotton closed slightly higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the 38% retracement level of the April-August-decline crossing at 64.62 is the next upside target. Closes below the 20-day moving average crossing at 59.31 would temper the near-term friendly outlook.