INO Evening Market Comments
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Started by tallpine - Sept. 30, 2019, 3:39 p.m.

KEY EVENTS TO WATCH FOR:

 

Tuesday, October 1, 2019 



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



                       Chain Store Sales, W/W% (previous -1.8%)



                       Chain Store Sales, M/M% (previous +1.4%)



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M% (previous -1.1%)



                       Ret Sales Mo-to-Date, Y/Y% (previous +5.7%)



                       Latest Wk, Y/Y% (previous +5.2%)



9:45 AM ET. September US Manufacturing PMI



                       PMI, Mfg (previous 50.3)



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



                       Manufacturing PMI (expected 50.2; previous 49.1)



                       Prices Idx (previous 46.0)



                       Employment Idx (previous 47.4)



                       Inventories (previous 49.9)



                       New Orders Idx (previous 47.2)



                       Production Idx (previous 49.5)



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



                       New Construction (expected +0.4%; previous +0.1%)



                       Residential Construction



11:00 AM ET. September Global Manufacturing PMI



                       PMI, Mfg (previous 49.5)



4:00 PM ET. September Domestic Auto Industry Sales



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous +1.4M)



                       Gasoline Stocks, Net Chg (Bbls) (previous +1.9M)



                       Distillate Stocks, Net Chg (Bbls) (previous -2.2M)



  N/A              U.S. fiscal year begins



Wednesday, October 2, 2019



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 512.2)



                       Composite Idx, W/W% (previous -10.1%)



                       Purchase Idx-SA (previous 261.4)



                       Purchase Idx-SA, W/W% (previous -3.1%)



                       Refinance Idx (previous 1982.0)



                       Refinance Idx, W/W% (previous -15.2%)



8:15 AM ET. September ADP National Employment Report



                       Private Sector Jobs, Net Chg (expected +138000; previous +195000)



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



                       Business Index (previous 50.3)



10:00 AM ET. August Metropolitan Area Employment & Unemployment



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 419.538M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous +2.412M)



                       Gasoline Stocks (Bbl) (previous 230.204M)



                       Gasoline Stocks, Net Chg (Bbl) (previous +0.519M)



                       Distillate Stocks (Bbl) (previous 133.685M)



                       Distillate Stocks, Net Chg (Bbl) (previous -2.978M)



                       Refinery Usage (previous 89.8%)



                       Total Prod Supplied (Bbl/day) (previous 21.181M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.919M)



Thursday, October 3, 2019 



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



                       Job Cuts, M/M% (previous +37.7%)



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



                       Jobless Claims (expected 215K; previous 213K)



                       Jobless Claims, Net Chg (previous +3K)



                       Continuing Claims (previous 1650000)



                       Continuing Claims, Net Chg (previous -15K)



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



                       Corn (Metric Tons) (previous 494.0K)



                       Soybeans (Metric Tons) (previous 1038.0K)



                       Wheat (Metric Tons) (previous 283.2K)



9:45 AM ET. September US Services PMI



                       PMI, Services (previous 50.7)



9:45 AM ET. Bloomberg Consumer Comfort Index



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



                       Non-Mfg Composite Idx (expected 55.2; previous 56.4)



                       Non-Mfg Business Idx (previous 61.5)



                       Prices Idx (previous 58.2)



                       Employment Idx (previous 53.1)



                       New Orders Idx (previous 60.3)



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



                       Total Orders, M/M% (expected +0.1%; previous +1.4%)



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



                       Orders, Ex-Transport, M/M% (previous +0.3%)



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



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



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



                       Working Gas In Storage (Cbf) (previous 3205B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +102B)

                       

11:00 AM ET. September Global Services PMI



                       PMI, Services (previous 51.8)



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Money Stock Measures



4:30 PM ET. Federal Discount Window Borrowings



Friday, October 4, 2019 



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



                       Trade Balance (USD) (expected -54.6B; previous -53.99B)



                       Exports (USD) (previous 207.4B)



                       Exports, M/M% (previous +0.6%)



                       Imports (USD) (previous 261.39B)



                       Imports, M/M% (previous -0.1%)



8:30 AM ET. September U.S. Employment Report



                       Non-Farm Payrolls (expected +140K; previous +130K)



                       Unemployment Rate (expected 3.7%; previous 3.7%)



                       Avg Hourly Earnings (USD) (previous 28.11)



                       Avg Hourly Earnings-Net Chg (USD) (previous +0.11)



                       Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.39%)



                       Avg Hourly Earnings, Y/Y% (expected +3.3%; previous +3.2%)



                       Overall Workweek (previous 34.4)



                       Overall Workweek Net Chg (previous +0.1)



                       Government Payrolls (previous +34K)



                       Private Payroll (previous +96K)



                       Participation Rate (previous 63.2%)



                       Non-Farm Payrolls Bench Net Chg



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



The December NASDAQ 100 posted an inside day with a higher close 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, 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 low crossing at 7390.00. Second support is August's low crossing at 7244.50.  



The December S&P 500 posted an inside day with a higher close 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 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 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 2950.80. Second support is September's low crossing at 2895.00.  



The Dow closed higher on Mondayas it extends last-week's trading range. 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 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. Closes below the 50-day moving average crossing at 26,574.73 are needed to confirm that a short-term top has been posted. 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 50-day moving average crossing at 26,574.73. Second support is September's low crossing at 26,978.22.



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



December T-bonds closed up 4/32's at 162-11.



December T-bonds closed slightly 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 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 last-Wednesday's high crossing at 163-10. 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 10-pts. At 130.095.



December T-notes closed 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 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 last-Tuesday'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 sharply lower on Monday as it extends the decline off September's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the rally off September''s high, the September 12th reaction low crossing at 53.93 is the next downside target. Closes above the 10-day moving average crossing at 57.32 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 57.32. Second resistance is September's high crossing at 63.89. 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 sharply lower on Monday as it extends the decline off September's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night trading session begins. 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 189.46 are needed to 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 September's high crossing at 209.35. Second resistance is the May's high crossing at 215.12. First support is the 50-day moving average crossing at 189.46. Second support is the September 12th reaction low crossing at 185.15.  



November unleaded gas closed lower on Monday as it extends the decline off September'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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 153.37 are needed to confirm that a short-term top has been posted. If November resumes the rally off September, May's high crossing at 177.80 is the next upside target. First resistance is September's high crossing at 175.26. Second resistance is May's high crossing at 177.80. First support is the 50-day moving average crossing at 153.37. Second support is the September 12th reaction low crossing at 148.03. 



November Henry natural gas closed lower on Monday and below the 50-day moving average crossing at 2.381 as it extends the decline off September'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. Closes above the 20-day moving average crossing at 2.552 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.552. Second resistance is September's high crossing at 2.745. First support is today's low crossing at 2.331. Second support is the August 23rd low crossing at 2.218.         



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



The December Dollar closed higher on Monday as it renewed this year's rally. 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 renews the rally off June's low, weekly resistance crossing at 99.90 is the next upside target. Closes below the 50-day moving average crossing at 97.74 would confirm that a short-term top has been posted. First resistance is today's high crossing at 99.12. Second resistance is weekly resistance crossing at 99.90. First support is the 20-day moving average crossing at 98.17. Second support is the 50-day moving average crossing at 97.74.



The December Euro closed lower on Monday as it extends the decline off June'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 decline off August's high, weekly support crossing at 109.21 is the next downside target. Closes above the 20-day moving average crossing at 110.83 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 110.80. Second resistance is the 50-day moving average crossing at 111.73. First support is today's low crossing at 109.44. Second support is monthly support crossing at 109.21.



The December British Pound closed slightly higher on Monday as it consolidates some of the decline off September's high. Multiple closes below the 50-day moving average crossing at 1.2325 are needed to confirm that a short-term top has been posted. 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, September's low crossing at 1.2008 is the next downside target. Closes above the 10-day moving average crossing at 1.2453 would confirm that a short-term low has been posted. 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 last-Friday's low crossing at 1.2306. Second support is September's low crossing at 1.2008.    



The December Swiss Franc closed sharply lower on Monday as it renewed the decline off August'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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, the 87% retracement level of the May-August-rally crossing at 1.0059 is the next downside target. Closes above last-Tuesday's high crossing at 1.0230 are needed to confirm that a low has been posted. First resistance the 50-day moving average crossing at 1.0249. Second resistance is September's high crossing at 1.0298. First support is today's low crossing at 1.0076. Second support is the 87% retracement level of the May-August-rally crossing at 1.0059.



The December Canadian Dollar 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes last-Friday's high crossing at 75.77 are needed to temper the near-term bearish outlook. If December resumes the decline off September's high, September's low crossing at 74.84 is the next downside target. 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 September's low crossing at 75.22. Second support is September's low crossing at 74.84. 



The December Japanese Yen closed slightly 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off August's high, August's low crossing at 0.0918 is the next downside target. Closes above the 50-day moving average crossing at 0.0941 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.0941. Second resistance is September's high crossing at 0.0952. First support is September'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 sharply lower on Monday and below the 50-day moving average crossing at 1501.50 thereby opening the door for additional weakness near-term. 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 bearish signaling that sideways to lower prices are possible near-term. If December extends today's decline, the 38% retracement level of the May-September-rally at 1459.80 is the next downside target. First resistance last-Tuesday's high crossing at 1543.30. Second resistance is September's high crossing at 1559.80.First support is the 38% retracement level of the May-September-rally at 1459.80. Second support is the 50% retracement level of the May-September-rally at 1426.60.



December silver closed lower on Monday as it extended the decline off last-Tuesday's high. The low-range close set the stage for a steady to lower 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. Today's close below the 50-day moving average crossing at 17.552 has opened the door for additional weakness near-term. Closes above the 20-day moving average crossing at 18.190 would temper the near-term bearish outlook. First resistance is last-Tuesday's high crossing at 18.810. Second resistance is September's high crossing at 19.750. First support is today's low crossing at 16.980. Second support is the August 13th reaction low crossing at 16.560.           



December copper closed lower on Monday as it extends September's 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 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 September's high crossing at 270.65. Second resistance is the reaction high crossing at 273.20. First support is last-Friday's low crossing at 257.05. Second support is September's low crossing at 248.20.   



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



December Corn closed up 16 1/2-cent at 3.88. 



December corn closed sharply higher on Monday and above the 50-day moving average crossing at 3.84 3/4 confirming that the short-term trend has turned neutral to friendly. The USDA estimated Sept. 1 corn carryout at 2.114 billion bushels, 331 million below its last estimate Sept. 12. Today's report indicated extremely strong feed usage over the summer, despite abundant supplies of cheap feed wheat and sorghum. In addition to adjusting statistical errors from previous reports, the reduction in this year's projected carryout could also mean the 2018 crop was smaller than previously reported by USDA. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening when Tuesday's night sessions begins trading. If December extends the rally off September's low, the 38% retracement level of the June-September-decline crossing at 3.98 1/2 is the next upside target. Closes below the 20-day moving average crossing at 3.68 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3.88 1/4. Second resistance is the 38% retracement level of the June-September-decline crossing at 3.98 1/2. First support is the 20-day moving average crossing at 3.68. Second support is September's low crossing at 3.52 1/4.   



December wheat closed up 8 1/4-cents at 4.95 1/2. 



December wheat closed higher on Monday due to spillover strength from corn. TheUSDA's report had mixed news for wheat. September 1st wheat stocks were estimated at 2.385 billion bushels, down just 5 million from last year and near the top end of trade guesses.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. Today's close above the reaction high crossing at 4.92 1/2 has renewed the rally off September's low while opening the door for a possible test of the reaction high crossing at 5.06 1/4 in the near-future. Closes below the 20-day moving average crossing at 4.79 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 5.01. Second resistance is the reaction high crossing at 5.06 1/4. First support is the 20-day moving average crossing at 4.79 1/4. Second support is September's low crossing at 4.50 1/2.      



December Kansas City Wheat closed up 7 1/2-cents at 4.15.

 

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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 4.15 would confirm that a short-term low has been posted while opening the door for additional gains near-term. Closes below the 20-day moving average crossing at 4.02 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4.20. Second resistance is the 38% retracement level of the June-September-decline crossing at 4.36 1/2. First support is the 20-day moving average crossing at 4.02. Second support is September's low crossing at 3.81. 



December Minneapolis wheat closed down 2 1/2-cents at 5.44 1/2. 



December Minneapolis wheat closed lower on Monday as it consolidates some of the rally off September's low. The USDA failed to confirm concerns of smaller spring wheat production, despite heavy moisture that’s delayed harvest on the northern Plains and raised concerns about quality. USDA put total spring wheat production at 600 million bushels, up 3 million from its last estimate and near the top end of trade guesses.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 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 5.17 are needed to confirm that a short-term top has been posted. If December extends the rally off September's low, the 75% retracement level of the June-September decline crossing at 5.66 1/4 is the next upside target. First resistance is last-Thursday's high crossing at 5.59. Second resistance is the 75% retracement level of the June-Sept. decline crossing at 5.66 1/4. First support is the 10-day moving average crossing at 5.34. Second support is the 20-day moving average crossing at 5.17.    



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



November soybeans closed up 21 1/4-cents at 9.04 1/4.



November soybeans closed higher on Monday following today's USDA grain stocks report. The USDA cut carryout by 43 million bushels to 913 million bushels.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 November resumes the rally off September's low, the reaction high crossing at 9.24 is the next upside target. Closes below the 50-day moving average crossing at 8.80 1/4 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 9.06 3/4. Second resistance is the reaction high crossing at 9.24. First support is the 50-day moving average crossing at 8.80 3/4. Second support is September's low crossing at 8.51.    



December soybean meal closed up $5.50 at 300.60. 



December soybean meal closed 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 turning neutral to bullish signaling that sideways to lower prices are possible near-term. Closes above September's 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 September's 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 closed up 25-pts. at 29.09. 



December soybean oil closed higher on Monday as it consolidates some of the decline off September's high. 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 September's high, September's low crossing at 28.20 is the next downside target. Closes above the 10-day moving average crossing at 29.41 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 29.41. Second resistance is September's high crossing at 30.41. First support is last-Friday's low crossing at 28.75. Second support is September's low crossing at 28.20.       

 

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



October hogs closed up $0.17 at $65.45. 



October hogs closed higher on Monday as it extends the August-September trading range. 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 bullish signaling that sideways to higher prices are possible near-term. If October extends last week's rally, the 50-day moving average crossing at 66.36 is the next upside target. If October renews the decline off July's high, last-July's low crossing at 58.20 is the next downside target. First resistance is the 50-day moving average crossing at 66.36. 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 $0.45 at 104.58. 



October cattle posted an inside day with a lower close on Monday as it consolidates some of the rally off September'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 that sideways to higher prices are possible near-term. If October extends the rally off September's low, the August 9th reaction high crossing at 107.85 is the next upside target. Closes below the 20-day moving average crossing at 99.66 would temper the near-term friendly outlook. First resistance is last-Friday's high crossing at 105.25. Second resistance is the August 9th reaction high crossing at 107.85. First support is the 10-day moving average crossing at 101.84. Second support is the 20-day moving average crossing at 99.66.  

 

October Feeder cattle closed down $1.93 at $142.40. 



October Feeder cattle closed lower on Monday as it consolidates some of the rally off September's low. The low-range close sets the stage for a steady to lower 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, the May 17th reaction high crossing at 148.23 is the next upside target. Closes below the 20-day moving average crossing at 136.80 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 144.73. Second resistance is the May 17th reaction high crossing at 148.23. First support is the 10-day moving average crossing at 140.90. Second support is the 20-day moving average crossing at 136.80.      



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



December coffee closed slightly higher on Monday. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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. If December renews the decline off September's high, September's low crossing at 94.20 is the next downside target.       



December cocoa closed lower 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 Monday. 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 87% retracement level of the July-August decline crossing at 25.49 is the next upside target. Closes below the 20-day moving average crossing at 23.75 would confirm that a short-term top has been posted. 



October sugar closed higher on Monday as it extends the rally off September's low. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 11.16 would temper the near-term friendly outlook. If October extends the rally off September's low, the reaction high crossing at 12.30 is the next upside target. 



December cotton closed lower on Monday while extending the August-September trading range. The high-range close sets 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 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 last-Friday's low crossing at 59.58 would temper the near-term friendly outlook. 

Comments
By metmike - Sept. 30, 2019, 4:14 p.m.
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Thanks tallpine!


USDA goes from one extreme to another....bullish surprise today! Some excessive rain events possible the next fews days in a narrow corridor before the pattern de amplifies.

Watching coffee weather now to see if an upper level ridge builds in mid October, which would shut down the start of the rainy season for Minas Gerais.