INO Morning Market Commentary
1 response | 0 likes
Started by tallpine - Sept. 24, 2019, 7:46 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

Tuesday, September 24, 2019   

 



 

 

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

 



 

 

                       Chain Store Sales, W/W% (previous +0.6%)

 



 

 

                       Chain Store Sales, M/M% (previous +2.5%)

 



 

 

8:30 AM ET. 2nd Quarter State Quarterly Personal Income

 



 

 

8:55 AM ET. Johnson Redbook Retail Sales Index

 



 

 

                       Ret Sales Mo-to-Date, M/M% (previous -0.9%)

 



 

 

                       Ret Sales Mo-to-Date, Y/Y% (previous +5.9%)

 



 

 

                       Latest Wk, Y/Y% (previous +5.4%)

 



 

 

9:00 AM ET. July S&P CoreLogic Case-Shiller Indices

 



 

 

                       10-City Idx, M/M% (previous +0.2%)

 



 

 

                       10-City Idx, Y/Y% (previous +1.8%)

 



 

 

                       20-City Idx, M/M% (previous +0.3%)

 



 

 

                       20-City Idx, Y/Y% (previous +2.1%)

 



 

 

                       National Idx, M/M% (previous +0.6%)

 



 

 

                       National Idx, Y/Y% (previous +3.1%)

 



 

 

9:00 AM ET. July U.S. Monthly House Price Index

 



 

 

10:00 AM ET. September Consumer Confidence Index

 



 

 

                       Cons Conf Idx (previous 135.1)

 



 

 

                       Expectation Idx (previous 107)

 



 

 

                       Present Situation Idx (previous 177.2)

 



 

 

10:00 AM ET. September Richmond Fed Business Activity Survey

 



 

 

                       Mfg Idx (previous 1)

 



 

 

                       Shipments Idx (previous 5)

 



 

 

4:30 PM ET. API Weekly Statistical Bulletin

 



 

 

                       Crude Stocks, Net Chg (Bbls) (previous +0.6M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbls) (previous +1.6M)

 



 

 

                       Distillate Stocks, Net Chg (Bbls) (previous +2.0M)

 



 

 

Wednesday, September 25, 2019  

 



 

 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

 



 

 

                       Composite Idx (previous 569.5)

 



 

 

                       Composite Idx, W/W% (previous -0.1%)

 



 

 

                       Purchase Idx-SA (previous 269.7)

 



 

 

                       Purchase Idx-SA, W/W% (previous +6.4%)

 



 

 

                       Refinance Idx (previous 2274.1)

 



 

 

                       Refinance Idx, W/W% (previous -4.3%)

 



 

 

10:00 AM ET. August New Residential Sales

 



 

 

                       New Home Sales (previous 635K)

 



 

 

                       New Home Sales, M/M% (previous -12.8%)

 



 

 

                       New Home Sales Months Supply (previous 6.4)

 



 

 

10:30 AM ET. EIA Weekly Petroleum Status Report

 



 

 

                       Crude Oil Stocks (Bbl) (previous 417.126M)

 



 

 

                       Crude Oil Stocks, Net Chg (Bbl) (previous +1.058M)

 



 

 

                       Gasoline Stocks (Bbl) (previous 229.685M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbl) (previous +0.781M)

 



 

 

                       Distillate Stocks (Bbl) (previous 136.663M)

 



 

 

                       Distillate Stocks, Net Chg (Bbl) (previous +0.437M)

 



 

 

                       Refinery Usage (previous 91.2%)

 



 

 

                       Total Prod Supplied (Bbl/day) (previous 20.262M)

 



 

 

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.178M)

 



 

 

Thursday, September 26, 2019  

 



 

 

8:30 AM ET. 2nd Quarter Revised Corporate Profits

 



 

 

8:30 AM ET. 2nd Quarter 3rd estimate GDP

 



 

 

                       Annual Rate, Q/Q% (previous +2.0%)

 



 

 

                       Chain-Weighted Price Idx, Q/Q% (previous +2.4%)

 



 

 

                       Corporate Profits, Q/Q% (previous +4.8%)

 



 

 

                       PCE Price Idx, Q/Q% (previous +2.3%)

 



 

 

                       Purchase Price Idx, Q/Q% (previous +2.2%)

 



 

 

                       Real Final Sales, Q/Q% (previous +3.0%)

 



 

 

                       Core PCE Price Idx, Ex (previous +1.7%)

 



 

 

                       Food/Energy, Q/Q%  

 



 

 

                       Personal Consumption, Q/Q% (previous +4.7%)

 



 

 

8:30 AM ET. August Advance Economic Indicators Report

 



 

 

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

 



 

 

                       Jobless Claims (previous 208K)

 



 

 

                       Jobless Claims, Net Chg (previous +2K)

 



 

 

                       Continuing Claims (previous 1661000)

 



 

 

                       Continuing Claims, Net Chg (previous -13K)

 



 

 

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

 



 

 

                       Corn (Metric Tons) (previous 1529.5K)

 



 

 

                       Soybeans (Metric Tons) (previous 1728.1K)

 



 

 

                       Wheat (Metric Tons) (previous 286.6K)

 



 

 

9:45 AM ET. Bloomberg Consumer Comfort Index

 



 

 

10:00 AM ET. August Pending Home Sales Index

 



 

 

                       Pending Home Sales (previous 105.6)

 



 

 

                       Pending Home Sales Idx, M/M% (previous -2.5%)

 



 

 

                       Pending Home Sales Idx , Y/Y% (previous -0.3%)

 



 

 

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

 



 

 

                       Working Gas In Storage (Cbf) (previous 3103B)

 



 

 

                       Working Gas In Storage, Net Chg (Cbf) (previous +84B)

 

                       

 

11:00 AM ET. Sept. Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

 



 

 

                       Mfg Activity Idx (previous -2)

 



 

 

                       6-Mo Exp Prod Idx (previous 23)

 



 

 

                       Mfg Composite Idx (previous -6)

 



 

 

                       6-Mo Exp Composite Idx (previous 11)

 



 

 

4:30 PM ET. Federal Discount Window Borrowings

 



 

 

4:30 PM ET. Foreign Central Bank Holdings

 



 

 

4:30 PM ET. Money Stock Measures

 



 

 

Friday, September 27, 2019  

 



 

 

8:30 AM ET. August Personal Income & Outlays

 



 

 

                       Personal Income, M/M% (previous +0.1%)

 



 

 

                       Consumer Spending, M/M% (previous +0.6%)

 



 

 

                       PCE Price Idx, M/M% (previous +0.2%)

 



 

 

                       PCE Price Idx, Y/Y% (previous +1.4%)

 



 

 

                       PCE Core Price Idx, M/M% (previous +0.2%)

 



 

 

                       PCE Core Price Idx, Y/Y% (previous +1.6%)

 



 

 

8:30 AM ET. August Advance Report on Durable Goods

 



 

 

                       Durable Goods-SA, M/M% (previous +2.1%)

 



 

 

                       Dur Goods, Ex-Defense, M/M% (previous +1.4%)

 



 

 

                       Dur Goods, Ex-Transport, M/M% (previous -0.4%)

 



 

 

                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.4%)

 

                        

 

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.7%)

 

                        

 

10:00 AM ET. September University of Michigan Survey of Consumers – final

 



 

 

                       End-Mo Sentiment Idx (previous 89.8)

 



 

 

                       End-Mo Expectations Idx (previous 79.9)

 



 

 

                       12-Month Inflation Forecast (previous 2.7%)

 



 

 

                       5-Year Inflation Forecast (previous 2.6%)

 



 

 

                       End-Mo Current Idx (previous 105.3)

 



 

 

3:00 PM ET. September Agricultural Prices

 



 

 

                       Farm Prices, M/M% (previous -2.9%)                      
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"  



The STOCK INDEXES:The December NASDAQ 100 was steady to slightly higher in overnight trading as it extends the trading range of the past four-weeks. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 7788.74 are needed to confirm that a short-term top has been posted. If December resumes the rally off August's low, July's high crossing at 8175.75 is the next upside target. First resistance is September 12th high crossing at 8002.50. Second resistance is July's high crossing at 8175.75. First support is the 50-day moving average crossing at 7788.74. Second support is the August 26th low crossing at 7353.25.



The December S&P 500 was steady to higher overnight while extending the trading range of the past three-weeks. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 2971.38 would confirm that a short-term top has been posted. If September extends the rally off August's low, July's high crossing at 3029.00 is the next upside target. First resistance is the September 13th high crossing at 3025.30. Second resistance is July's high crossing at 3029.00. First support is last-Wednesday's low crossing at 2981.00. Second support is the 20-day moving average crossing at 2971.38.



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



INTEREST RATES: December T-bonds were higher overnight as they extend the rally off the September 13th low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 162-12 are needed to confirm that a short-term low has been posted. If December resumes the decline off August's high, the 50% retracement level of the April-August-rally crossing at 155-27 is the next downside target. First resistance is the 20-day moving average crossing at 162-12. Second resistance is August's high crossing at 166-25. First support is the September 13th low crossing at 157-17. Second support is the 50% retracement level of the April-August-rally crossing at 155-27.



December T-notes were higher overnight as it extends the rally off September 13th low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 130.162 are needed to confirm that a short-term low has been posted. If December renews the decline off September's high, the 50% retracement level of the March-September-rally crossing at 127.171 is the next downside target. First resistance is the 20-day moving average crossing at 130.162. Second resistance isSeptember's high crossing at 132.130. First support is  September 13th low crossing at 128.160. Second support is the 50% retracement level of the March-September-rally crossing at 127.171. 



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



November crude oil was lower overnight as it extends the trading range of the past four-days. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 56.00 would confirm that a short-term top has been posted. If November resumes the rally off August's low, April's high crossing at 65.23 is the next upside target. First resistance is last-Monday's high crossing at 63.89. Second resistance is April's high crossing at 65.23. First support is the September 12th low crossing at 59.93. Second support is September's low crossing at 52.71.  



November heating oil was lower overnight following Monday's key reversal down. The low-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 189.33 would confirm that a short-term top has been posted. If November resumes the rally off August's low, May's high crossing at 215.12 the next upside target. First resistance is last-Tuesday's high crossing at 209.35. Second resistance is May's high crossing at 215.12. First support is the September 12th low crossing at 185.15. Second support is September's low crossing at 178.06.



November unleaded gas was lower overnight as it extends the trading range of the past four-days. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the September 12th low crossing at 149.84 would confirm that a short-term top has been posted.If November resumes the rally off September's low, May's high crossing at 177.80 is the next upside target. First resistance is last-Monday's high crossing at 175.26. Second resistance is May's high crossing at 177.80. First support is September 12th low crossing at 149.84. Second support is September's low crossing at 143.10.



November Henry natural gas was higher overnight as it consolidates some of the decline off the September 17th high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 2.529 would confirm that a short-term top has been posted. If October resumes the rally off August's low, the 75% retracement level of the March-August decline crossing at 2.812 is the next upside target. First resistance is last-Tuesday's high crossing at 2.745. Second resistance is the 75% retracement level of the March-August decline crossing at 2.812. First support is the 20-day moving average crossing at 2.529. Second support is the 50-day moving average crossing at 2.379.



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



CURRENCIES:The December Dollar was steady to slightly higher overnight as it extends the trading range of the past three-weeks. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off August's low, weekly resistance crossing at 99.90 is the next upside target. Closes below the reaction low crossing at 97.56 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the September 3rd high crossing at 98.90. Second resistance is weekly resistance crossing at 99.90. First support is the 50-day moving average crossing at 97.54. Second support is the August 26th low crossing at 96.96.  



The December Euro was steady to slightly lower overnight while extending the trading range of the past three-weeks. 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 bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off June's high, monthly support crossing at 109.21 is the next downside target. If December renews the rally off last-Thursday's low, the 50-day moving average crossing at 112.02 is the next upside target. First resistance is the 50-day moving average crossing at 112.02. Second resistance is August's high crossing at 113.55. First support is the September 12th low crossing at 110.02. Second support is monthly support crossing at 109.21.    



The December British Pound was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI 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 1.2394 would confirm that a short-term top has been posted. If December extends the rally off September's low, the 50% retracement level of the February-September-decline crossing at 1.2776 is the next upside target. First resistance is the 38% retracement level of the February-September-decline crossing at 1.2595. Second resistance is the 50% retracement level of the February-September-decline crossing at 1.2776. First support is the 20-day moving average crossing at 1.2394. Second support is September's low crossing at 1.2008.



The December Swiss Franc was steady to slightly higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.0193 are needed to confirm that a short-term low has been posted. If December resumes the decline off August's high, the 87% retracement level of the May-June rally crossing at 1.0059 is the next downside target. First resistance is the 20-day moving average crossing at 1.0193. Second resistance is the September 4th reaction high crossing at 1.0298. First support is the 75% retracement level of the May-June rally crossing at 1.0114. Second support is the 87% retracement level of the May-June rally crossing at 1.0059.



The December Canadian Dollar was steady to slightly higher overnight. 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, September's low crossing at 74.84 is the next downside target. Closes above the 50-day moving average crossing at 75.74 are needed to temper the near-term bearish outlook.First resistance is September's high crossing at 76.23. Second resistance is the July 31st high crossing at 76.40. First support is last-Wednesday's low crossing at 75.22. Second support is September's low crossing at 74.84.



The December Japanese Yen 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.0938 are needed to confirm that a short-term low has been posted. If December resumes the decline off August's high, August's low crossing at 0.0924 is the next downside target. First resistance is the 20-day moving average crossing at 0.0938. Second resistance is the 50-day moving average crossing at 0.0941. First support is last-Thursday's low crossing at 0.0927. Second support is August's low crossing at 0.0924.



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



PRECIOUS METALS: December gold was lower overnight as it extends the trading range of the past three-weeks. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off last-Wednesday's low, September's high crossing at 1566.20 is the next upside target. Closes below the 50-day moving average crossing at 1496.40 would open the door for additional weakness near-term. First resistance is September's high crossing at 1566.20. 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 50-day moving average crossing at 1496.40. Second support is August's low crossing at 1412.10.



December silver was lower overnight as it consolidates some of the rally off September's low. 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. If December extends the rally off the September 13th low, September's high crossing at 19.750 is the next upside target. If December resumes the decline off September's high, the 50-day moving average crossing at 17.432 is the next downside target.First resistance is September's high crossing at 19.750. Second resistance is the 75% retracement level of the 2016-2018 decline crossing at 19.803. First support is the 50-day moving average crossing at 17.432. Second support is the August 13th reaction low crossing at 16.650. 



December copper was lower overnight as it extends September's trading range. 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 a short-term top might be in or is near. If December extends the decline off September's high, September's low crossing at 248.20 is the next downside target. If December resumes the rally off September's low, July's high crossing at 280.50 is the next upside target. First resistance is September's high crossing at 270.65. Second resistance is July's high crossing at 280.50. First support is Monday's low crossing at 257.25. Second support is September's low crossing at 248.20.     



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



December corn was lower in quiet trading overnight as it extends the trading range of the past two-weeks. 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 overbought but remain neutral to bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 3.77 are needed to signaling that the short-term trend is turning neutral to bullish. If December resumes the decline off July's high, psychological support crossing at 3.50 is the next downside target. First resistance is the reaction high crossing at 3.77. Second resistance is the 50-day moving average crossing at 3.89 1/2. First support is September's low crossing at 3.52 1/4. Second support is psychological support crossing at 3.50.    



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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.76 1/4 would temper the near-term friendly outlook. Multiple closes above the 50-day moving average crossing at 4.85 1/4 would open the door for a larger-degree rally off September's low. First resistance is the 50-day moving average crossing at 4.85 1/4. Second resistance is August's high crossing at 5.06 1/4. First support is the 20-day moving average crossing at 4.76 1/4. Second support is September's low crossing at 4.50 1/2.   



December Kansas City Wheat closed down 1-cents at 4.06 1/2.

 

December Kansas City wheat closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the rally off September's low, the 50-day moving average crossing at 4.20 1/2 is the next upside target. 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 today's high crossing at 4.14. Second resistance is the 50-day moving average crossing at 4.20 1/2. First support is September's low crossing at 3.81. Second support is weekly support crossing at 3.74 1/4. 



December Minneapolis wheat was lower overnight as it consolidates some of the rally off September's low. 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 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 62% retracement level of the June-September decline crossing at 5.52 is the next upside target. Closes below the 20-day moving average crossing at 5.07 3/4 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the June-September decline crossing at 5.39 1/4. Second resistance is the 62% retracement level of the June-September decline crossing at 5.52. First support is the 10-day moving average crossing at 5.16. Second support is the 20-day moving average crossing at 5.07 3/4. 



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



November soybeans were steady to fractionally higher in overnight trading.The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If November resumes the rally off September's low, July's high crossing at 9.36 1/2 is the next upside target. Closes below the 20-day moving average crossing at 8.77 3/4 would confirm that a short-term top has been posted. First resistance is last-Monday's high crossing at 9.04 3/4. Second resistance is July's high crossing at 9.36 1/2. First support is the 50-day moving average crossing at 8.81 1/2. Second support is the 20-day moving average crossing at 8.77 3/4.  



December soybean meal was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the September 13th reaction high crossing at 304.70 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 September 13th reaction high crossing at 304.70. Second resistance is the reaction high crossing at 306.30. First support is September's low crossing at 292.00. Second support is May's low crossing at 291.60.   



December soybean oil was lower overnight as it extends the decline off last-Tuesday's high. 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 a short-term top might be in or is near. Closes below the 20-day moving average crossing at 29.10 would confirm that a short-term top has been posted. If December resumes the rally off last-Monday's low, the 75% retracement level of the February-May-decline crossing at 30.79 is the next upside target. First resistance is last-Tuesday's high crossing at 30.41. Second resistance level is the 75% retracement level of the February-May decline crossing at 30.79. First support is the 20-day moving average crossing at 29.10. Second support is the 50-day moving average crossing at 28.94. 



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



October hogs closed up $0.60 at $60.95. 



October hogs closed higher on Monday as it extends the August-September trading range. 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 October renews the decline off July's high, last-July's low crossing at 58.20 is the next downside target. If October resumes the rally off August's low, the 50-day moving average crossing at 67.59 is the next upside target. First resistance is the 50-day moving average crossing at 67.59. 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 up $2.50 at 101.85. 



October cattle gapped up and closed higher on Monday. The mid-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 October extends the rally off September's low, the 50-day moving average crossing at 102.81 is the next upside target. Closes below the 20-day moving average crossing at 98.70 would temper the near-term friendly outlook. First resistance is today's high crossing at 102.10. Second resistance is the 50-day moving average crossing at 102.81. First support is September's low crossing at 93.40. Second support is weekly support crossing at 83.42. 

 

October Feeder cattle closed up $2.05 at $141.25. 



October Feeder cattle gapped up closed higher on Monday as it extends the rally off September's low. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 September's low, July's high crossing at 144.43 is the next upside target. Closes below the 20-day moving average crossing at 134.16 would signal that a short-term top has been posted. First resistance is today's high crossing at 141.50. Second resistance is July's high crossing at 144.43. First support is the 20-day moving average crossing at 134.16. Second support is September's low crossing at 127.95.      



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



December coffee closed higher on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, September's low crossing at 94.20 is the next downside target. If December resumes the rally off August's low, the 50% retracement level of the July-August-decline crossing at 10.64 is the next upside target.      



December cocoa posted an inside day with a lower close on Monday as it consolidates some of the rally off August's low. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If December extends the rally off August's low, the 75% retracement level of the July-August decline crossing at 24.96 is the next upside target. Closes below the 20-day moving average crossing at 23.14 would confirm that a short-term top has been posted. 



October sugar closed higher on Monday. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off September's low, the 50-day moving average crossing at 11.48 is the next upside target. If October resumes 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 mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off August's low, 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 59.72 would temper the near-term friendly outlook. 

Comments
By metmike - Sept. 24, 2019, 10:49 a.m.
Like Reply

Thank you tallpine!


Record heat in the south/southeast later this week!

How much of the chilly air in the N.Rockies will push southeast?

In between, some heavy to potentially excessive rains the next 10 days. Could get bullish grains if any rain events are extreme.

Coffee getting an early rain for the rainy season this week but thats dialed in. Maybe turning dry again next week..........potentially bullish.