KEY EVENTS TO WATCH FOR:
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 December NASDAQ 100 closed sharply lower on Tuesday and below the 20-day moving average crossing at 7812.19 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends today's decline, the August 26th reaction low crossing at 7390.00 is the next downside target. If December resumes the rally off the August 26th low, July's high crossing at 8071.75 is the next upside target. First resistance is September's high crossing at 8002.50. Second resistance is July's high crossing at 8071.75. First support is the August 26th reaction high crossing at 7390.00. Second support is August's low crossing at 7244.50.
The December S&P 500 closed lower on Tuesday and below the 20-day moving average crossing at 2969.14 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends today's decline, September's low crossing at 2895.00 is the next downside target. If December resumes the rally off August's low, July's high crossing at 3027.50 is the next upside target. First resistance is September's high crossing at 3025.30. Second resistance is July's high crossing at 3027.50. First support is the 50-day moving average crossing at 2951.91. Second support is September's low crossing at 2895.00.
The Dow closed lower on Tuesdayafter President Trump criticized China in a United Nations speech, undermining investor sentiment that had been improving on hopes for successful trade talks in October. Equities extended their losses after U.S. House Speaker Nancy Pelosi, when asked about launching impeachment proceedings against the president, said she would make an announcement later Tuesday after meeting with Democratic Party leadership and House committee chairman. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 26,749.10 are needed to confirm that a short-term top has been posted. If the Dow resumes the rally off August's low, July's high crossing at 27,398.68. First resistance is September's high crossing at 27,306.73. Second resistance is July's high crossing at 27,398.68. First support is the 20-day moving average crossing at 26,749.10. Second support is the 50-day moving average crossing at 26,600.51.
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December T-bonds closed up 1-09/32's at 162-30.
December T-bonds closed higher on Tuesday above the 20-day moving average crossing at 162-14 confirming that a short-term top has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off the September 13th reaction low, August's high crossing at 166-25. If December resumes the decline off September's high, the 50% retracement level of the 2018-2019 rally crossing at 155-27 is the next downside target. First resistance is today's high crossing at 163-06. Second resistance is August's high crossing at 166-25. First support is the September 13th reaction low crossing at 160-16. Second support is the 50% retracement level of the 2018-2019 rally crossing at 155-27.
December T-notes closed up 175-pts. At 130.200.
December T-notes closed higher on Tuesday and above the 20-day moving average crossing at 130.171 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins 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 the September 13th reaction low, September's high crossing at 132.130 is the next upside target. If December resumes the decline off September's high, the 50% retracement level of the March-September rally crossing at 127.171. First resistance is today's high crossing at 130.245. Second resistance is September's high crossing at 132.130. First support is the September 13th reaction 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 closed lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the September 12th reaction low crossing at 53.93 are needed to 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 the April's high crossing at 65.23. First support the September 12th reaction low crossing at 53.93. Second support is September's low crossing at 52.71.
November heating oil closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 191.96 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 is the next upside target. First resistance is last-Tuesday's high crossing at 209.35. Second resistance is the May's high crossing at 215.12. First support is the 20-day moving average crossing at 191.96. Second support is the 50-day moving average crossing at 189.31.
November unleaded gas closed lower on Tuesday. The high-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 161.88 would confirm that a short-term top has been posted. If November extends the rally off September, 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 the 10-day moving average crossing at 161.88. Second support is the 20-day moving average crossing at 157.47.
November Henry natural gas closed lower on Tuesday and below the 20-day moving average crossing at 2.526. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off September's high, the 50-day moving average crossing at 2.378 is the next downside target. If November 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 near 2.812. First support is Monday's low crossing at 2.511. Second support is the 50-day moving average crossing at 2.378.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The December Dollar closed lower on Tuesday while extending that trading range of the past four-weeks. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 50-day moving average crossing at 97.53 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 the reaction low crossing at 97.56. Second support is the 50-day moving average crossing at 97.53.
The December Euro closed higher on Tuesday while extending the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off August's high, weekly support crossing at 109.21 is the next downside target. Closes above September's high crossing at 111.84 are needed to confirm that a short-term low has been posted. First resistance is September's high crossing at 111.84. Second resistance is the 50-day moving average crossing at 112.03. First support is September's low crossing at 110.02. Second support is monthly support crossing at 109.21.
The December British Pound closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1.2396 would temper the near-term friendly outlook. 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 1.2592. 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 1.2396. Second support is September's low crossing at 1.2008.
The December Swiss Franc closed higher on Tuesday and above the 20-day moving average crossing at 1.0195 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the decline off August's high, the 87% retracement level of the May-August-rally crossing at 1.0059 is the next downside target. First resistance the 50-day moving average crossing at 1.0261. Second resistance is September's high crossing at 1.0298. First support is last-Thursday's low crossing at 1.0090. Second support is the 87% retracement level of the May-August-rally crossing at 1.0059.
The December Canadian Dollar closed higher on Tuesday.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 would temper the near-term bearish outlook. First resistance is September's high crossing at 76.23. Second resistance is the July 31st reaction high crossing at 76.37. 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 closed higher on Tuesday as it consolidates some of the decline off July's high. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 0.0939 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 0.0918 is the next downside target. First resistance is the 20-day moving average crossing at 0.0939. Second resistance is September's high crossing at 0.0952. First support is last-Thursday's low crossing 0.0927. Second support is August's low crossing at 0.0924.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
December gold closed higher on Tuesday marking an upside breakout of the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December 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. Closes below the 50-day moving average crossing at 1496.60 would open the door for additional weakness near-term. 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 the 50-day moving average crossing at 1496.60. Second support is August's low crossing at 1406.40.
December silver closed slightly lower on Tuesday. The high-range close set the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends Monday's rally, September's high crossing at 19.750 is the next upside target. If December renews the decline off September's high, the 50-day moving average crossing at 17.434 is the next downside target. First resistance is today's high crossing at 18.810. Second resistance is September's high crossing at 19.750. First support is the September 13th reaction low crossing at 17.470. Second support is the 50-day moving average crossing at 17.434.
December copper closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 248.20 is the next downside target. If December resumes the rally off September's low, the reaction high crossing at 273.20 is the next upside target. First resistance is last-Monday's high crossing at 270.65. Second resistance is the reaction high crossing at 273.20. 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 closed up 2 1/2-cents at 3.75 3/4.
December corn closed higher on Tuesday as it extends the rally off September's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night sessions 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 August 29th reaction high crossing at 3.77 would mark a close above the previous reaction high thereby signaling that the short-term trend has turned neutral to bullish and at the same time opening the door for a possible test of the 50-day moving average crossing at 3.89 1/2. 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 3.89 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 closed down 2 1/4-cents at 4.80 3/4.
December wheat closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.76 1/2 would temper the near-term friendly outlook. Closes above last-Wednesday's high crossing at 4.92 1/2 would open the door for a possible test of the reaction high crossing at 5.06 1/4 in the near-future. First resistance is last-Wednesday's high crossing at 4.92 1/2. Second resistance is the reaction high crossing at 5.06 1/4. First support is the 20-day moving average crossing at 4.76 1/2. Second support is September's low crossing at 4.50 1/2.
December Kansas City Wheat closed down 1 1/2-cents at 4.05.
December Kansas City wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off June's high, weekly support crossing at 3.74 1/4 is the next downside target. If December extends the rally off September's low, the 50-day moving average crossing at 4.19 is the next upside target. First resistance is Monday's high crossing at 4.14. Second resistance is the 50-day moving average crossing at 4.19. 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 7 1/4-cents at 5.44 1/2.
December Minneapolis wheat closed higher on Tuesday as it extends the rally off September's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 5.08 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the June-September decline crossing at 5.52. Second resistance is the 75% retracement level of the June-September decline crossing at 5.66 1/4. First support is the 10-day moving average crossing at 5.17. Second support is the 20-day moving average crossing at 5.08.
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November soybeans closed up 3/4-cents at 8.93 1/4.
November soybeans closed fractionally higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If November resumes the rally off September's low, the reaction high crossing at 9.24 is the next upside target. Closes below the 20-day moving average crossing at 8.77 3/4 are needed to 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 the reaction high crossing at 9.24. First support is the 20-day moving average crossing at 8.77 3/4. Second support is the 75% retracement level of the May-June-rally crossing at 8.48 1/2.
December soybean meal closed up $0.50 at 299.10.
December soybean meal closed slightly higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 301.50 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 301.50. 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 closed up 5-pts. at 29.31.
December soybean oil closed higher due to short covering on Tuesday as it bounced off support marked by the 20-day moving average crossing at 29.10. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that 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 renews the rally off September'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 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.
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October hogs closed up $1.05 at $62.00.
October hogs closed higher on Tuesday as it extends the August-September trading range. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 67.35 is the next upside target. First resistance is the 50-day moving average crossing at 67.35. 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 $0.28 at 102.13.
October cattle closed higher on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 102.66 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 98.76 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 102.66. Second resistance is the August 9th reaction high crossing at 107.85. First support is the 20-day moving average crossing at 108.48. Second support is September's low crossing at 93.40.
October Feeder cattle closed up $0.40 at $141.65.
October Feeder cattle closed higher on Tuesday as it extends the rally off September's low. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are overbought but remain neutral to 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 134.53 would signal that a short-term top has been posted. First resistance is today's high crossing at 142.00. Second resistance is July's high crossing at 144.43. First support is the 10-day moving average crossing at 137.40. Second support is the 20-day moving average crossing at 134.53.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
December coffee closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to 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 closed lower on Tuesday 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 Wednesday. 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 23.25 would confirm that a short-term top has been posted.
October sugar closed higher on Tuesday and above the 50-day moving average crossing at 11.47 thereby opening the door for additional gains near-term. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off September's low, the reaction high crossing at 11.96 is the next upside target. Closes below the 10-day moving average crossing at 11.03 would temper the near-term friendly outlook.
December cotton closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 59.85 would temper the near-term friendly outlook. 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.