KEY EVENTS TO WATCH FOR:
Tuesday, December 17, 2019
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous +3.2%)
Chain Store Sales, M/M% (previous +3.1%)
8:30 AM ET. November New Residential Construction - Housing Starts and Building Permits
Total Starts (previous 1.314M)
Housing Starts, M/M% (previous +3.8%)
Building Permits (previous 1.461M)
Building Permits, M/M% (previous +5.0%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -3.6%)
Ret Sales Mo-to-Date, Y/Y% (previous +5.0%)
Latest Wk, Y/Y% (previous +5.0%)
9:15 AM ET. November Industrial Production & Capacity Utilization
Industrial Production, M/M% (previous -0.8%)
Capacity Utilization % (previous 76.7%)
Capacity Utilization, Net Chg (Pts) (previous -0.8)
10:00 AM ET. December IBD/TIPP Economic Optimism Index
Economic Optimism Idx (previous 52.9)
6-Mo Economic Outlook (previous 47.0)
10:00 AM ET. October Job Openings & Labor Turnover Survey
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +1.4M)
Gasoline Stocks, Net Chg (Bbls) (previous +4.9M)
Distillate Stocks, Net Chg (Bbls) (previous +3.2M)
Wednesday, December 18, 2019
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 532.1)
Composite Idx, W/W% (previous +3.8%)
Purchase Idx-SA (previous 268.3)
Purchase Idx-SA, W/W% (previous -0.4%)
Refinance Idx (previous 2094.1)
Refinance Idx, W/W% (previous +8.7%)
8:30 AM ET. 3rd Quarter State Quarterly Personal Income
10:00 AM ET. SEC Open Meeting
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 447.918M)
Crude Oil Stocks, Net Chg (Bbl) (previous +0.822M)
Gasoline Stocks (Bbl) (previous 234.768M)
Gasoline Stocks, Net Chg (Bbl) (previous +5.405M)
Distillate Stocks (Bbl) (previous 123.587M)
Distillate Stocks, Net Chg (Bbl) (previous +4.118M)
Refinery Usage (previous 90.6%)
Total Prod Supplied (Bbl/day) (previous 18.359M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -2.73M)
Thursday, December 19, 2019
8:30 AM ET. December Philadelphia Fed Business Outlook Survey
Business Activity (previous 10.4)
Prices Paid (previous 7.8)
Employment (previous 1.5)
New Orders (previous 8.4)
Prices Received (previous 12.2)
Delivery Times (previous 8.5)
Inventories (previous -4.6)
Shipments (previous 9.8)
8:30 AM ET. 3rd Quarter International Transactions
Current Account (USD) (previous -128.19B)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 252K)
Jobless Claims, Net Chg (previous +49K)
Continuing Claims (previous 1667000)
Continuing Claims, Net Chg (previous -31K
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 875.9K)
Soybeans (Metric Tons) (previous 1175.1K)
Wheat (Metric Tons) (previous 502.7K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. November Leading Indicators
Leading Index, M/M% (previous -0.1%)
Leading Index (previous 111.7)
Coincident Index, M/M% (previous +0%)
Lagging Index, M/M% (previous +0.1%)
10:00 AM ET. November Existing Home Sales
Existing Sales (previous 5.46M)
Existing Sales, M/M% (previous +1.9%)
Unsold Homes Month's Supply (previous 3.9)
Median Price (USD) (previous 270900)
Median Home Price, Y/Y% (previous +6.2%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3518B)
Working Gas In Storage, Net Chg (Cbf) (previous -73B)
4:30 PM ET. Money Stock Measures
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, December 20, 2019
8:30 AM ET. 3rd Quarter Revised Corporate Profits
8:30 AM ET. 3rd Quarter 3rd estimate GDP
Annual Rate, Q/Q% (previous +2.1%)
Chain-Weighted Price Idx, Q/Q% (previous +1.8%)
Corporate Profits, Q/Q% (previous -0.6%)
PCE Price Idx, Q/Q% (previous +1.5%)
Purchase Price Idx, Q/Q% (previous +1.4%)
Real Final Sales, Q/Q% (previous +2.0%)
Core PCE Price Idx, Ex Food/Energy, Q/Q% (previous +2.1%)
Personal Consumption, Q/Q% (previous +2.9%)
10:00 AM ET. November Personal Income & Outlays
Personal Income, M/M% (previous +0%)
Consumer Spending, M/M% (previous +0.3%)
PCE Price Idx, M/M% (previous +0.2%)
PCE Price Idx, Y/Y% (previous +1.3%)
PCE Core Price Idx, M/M% (previous +0.1%)
PCE Core Price Idx, Y/Y% (previous +1.6%)
10:00 AM ET. November Regional & State Employment & Unemployment
10:00 AM ET. December University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (previous 96.8)
End-Mo Expectations Idx (previous 87.3)
12-Month Inflation Forecast (previous 2.5%)
5-Year Inflation Forecast (previous 2.5%)
End-Mo Current Idx (previous 111.6)
11:00 AM ET. December Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous -5)
6-Mo Exp Prod Idx (previous 25)
Mfg Composite Idx (previous -3)
6-Mo Exp Composite Idx (previous 15)
N/A Deadline for new funding deal to avert U.S. Govt shutdown
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The March NASDAQ 100 closed higher on Monday as it extends this year's rally to a new contract high.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year's rally, upside targets will be hard to project. Closes below the 20-day moving average crossing at 8392.96 would temper the near-term friendly outlook. First resistance is today's high crossing at 8617.50. Second resistance is unknown. First support is the 20-day moving average crossing at 8392.96. Second support is the 50-day moving average crossing at 8190.41.
The March S&P 500 closed higher on Monday as it extends this year's rally to a new contract high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3135.69 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3201.50. Second resistance is unknown. First support is the 20-day moving average crossing at 3135.69. Second support is the 50-day moving average crossing at 3070.09.
The Dow closed higher on Monday as it extends this year's rally to a new contract 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 10-day moving average crossing at 27,907.80 would confirm that a short-term top has been posted. First resistance is today's high crossing at 28,337.49. Second resistance is unknown. First support is the 10-day moving average crossing at 27,907.80. Second support is the 50-day moving averagecrossing at 27,446.45.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
March T-bonds closed down 1-03/32's at 157-04.
March T-bonds posted an inside day with a lower close 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 March extends the decline off December's high, November's low crossing at 155-00. Closes above the 50-day moving average crossing at 158-24 would confirm that a short-term low has been posted. First resistance is December's high crossing at 160-12. Second resistance is November's high crossing at 160-26. First support is last-Friday's low crossing at 155-23. Second support is November's low crossing at 155-00.
March T-notes closed down 160 pts. at 128.170.
March T-notes posted an inside day with a lower close 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 March extends this week's decline, July's low crossing at 127.090 is the next downside target. Closes above the 50-day moving average crossing at 129.174 are needed to confirm that a short-term low has been posted. First resistance is December's high crossing at 130.045. Second resistance is November's high crossing at 130.175. First support is last-Friday's low crossing at 127.290. Second support is July's low crossing at 127.090.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
January crude oil closed higher on Monday.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off October's low, September's high crossing at 61.44 is the next upside target. Closes below the 20-day moving average crossing at 57.97 are needed to confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 60.48. Second resistance is September's high crossing at 61.44. First support is the 20-day moving average crossing at 57.97. Second support is the 50-day moving average crossing at 56.36.
January heating oil closed higher on Monday as it extended last Friday's upside breakout of the October-December trading range. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off November's low, September's high crossing at 207.82 is the next upside target. Closes below the 50-day moving average crossing at 192.09 would confirm that a short-term top has been posted. First resistance is today's high crossing at 201.15. Second resistance is the September 19th high crossing at 200.20. First support is December's low crossing at 186.93. Second support is November's low crossing at 184.41.
January unleaded gas 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. If January renews the rally off December's low, November's high crossing at 170.36 is the next upside target. Closes below the 50-day moving average crossing at 160.66 would confirm that a short-term top has been posted. First resistance is November's high crossing at 170.36. Second resistance is May's high crossing at 173.52. First support is December's low crossing at 155.50. Second support is the reaction low crossing at 152.09.
January Henry natural gas 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 higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.437 are needed to confirm that a short-term low has been posted. If January resumes the decline off November's high, weekly support crossing at 2.029 is the next downside target. First resistance is the 20-day moving average crossing at 2.437. Second resistance is the 50-day moving average crossing at 2.589. First support is last-Monday's low crossing at 2.158. Second support is weekly support crossing at 2.029.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar posted an inside day with a lower close on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, the 50% retracement level of the March-September-rally crossing at 96.22 is the next downside target. Closes above the 20-day moving average crossing at 97.30 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 96.96. Second resistance is the 20-day moving average crossing at 97.30. First support is last-Friday's low crossing at 96.29. Second support is the 50% retracement level of the March-September-rally crossing at 96.22.
The March Euro 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 turning neutral to bearish signaling a short-term top might be in or is near. Closes below the 20-day moving average crossing at 111.51 would confirm that a short-term top has been posted. If March extends the rally off November's low, October's high crossing at 112.91 is the next upside target. First resistance is last-Friday's high crossing at 112.63. Second resistance is October's high crossing at 112.91. First support is the reaction low crossing at 111.13. Second support is November's low crossing at 110.61.
The March British Pound posted an inside day with a slightly higher close on Monday. A late-day sell off tempered early gains and 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 1.3086 would confirm that a short-term top has been posted. If March extends the rally off September's low, the 62% retracement level of the April-September decline crossing at 1.3748 is the next upside target. First resistance is last-Friday's high crossing at 1.3548. Second resistance is the 62% retracement level of the April-September decline crossing at 1.3748. First support is the 20-day moving average crossing at 1.3086. Second support is the 50-day moving average crossing at 1.2937.
The March Swiss Franc posted an inside day with a slightly 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, September's high crossing at 1.0380 is the next upside target. Closes below the 20-day moving average crossing at 1.0179 would confirm that a short-term top has been posted.First resistance is October's high crossing at 1.0268. Second resistance is September's high crossing at 1.0380. First support is the December 6th low crossing at 1.0158. Second support is November's low crossing at 1.0060.
The March Canadian Dollar closed higher on Monday. Profit taking tempered early-session gains and the mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, October's high crossing at 76.70 is the next upside target. Closes below the 20-day moving average crossing at 75.55 would confirm that a short-term top has been posted. First resistance is today's high crossing at 76.29. Second resistance is October's high crossing at 76.70. First support is the 20-day moving average crossing at 75.55. Second support is November's low crossing at 75.08.
The March Japanese Yen closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off August's high, April's low crossing at 0.0907 is the next downside target. Closes above the 50-day moving average crossing at 0.0928 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.0928. Second resistance is November's high crossing at 0.0934. First support is today's low crossing 0.0917. Second support is April's low crossing at 0.0907.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
February gold closed slightly lower on Monday as it extends a six-week-old trading range. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1487.70 would confirm that a short-term low has been posted. If February resumes the decline off September's high, the 50% retracement level of the May-September-rally at 1431.40 is the next downside target. First resistance is the 50-day moving average crossing at 1487.70. Second resistance is November's high crossing at 1525.20. First support is the 38% retracement level of the May-September-rally at 1464.60. Second support is the 50% retracement level of the May-September-rally at 1431.40.
January silver closed higher on Monday. The high-range close set 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. Closes above the 50-day moving average crossing at 17.317 are needed to temper the bearish outlook. If January resumes the decline off the September 24th high, the 75% retracement level of the May-September-rally crossing at 15.842 is the next downside target. First resistance is the 50-day moving average crossing at 17.317. Second resistance is November's high crossing at 18.210. First support is the 62% retracement level of the May-September-rally crossing at 16.530. Second support is the 75% retracement level of the May-September-rally crossing at 15.842.
January copper posted an inside day with a higher close on Monday negating last-Friday's downside reversal.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 January extends the rally off September's low, the 75% retracement level of the April-September-decline crossing at 287.40 is the next upside target. Closes below the 20-day moving average crossing at 269.23 are needed to confirm that a short-term top has been posted. First resistance is the 62% retracement level of the April-September-decline crossing at 280.74. Second resistance is the 75% retracement level of the April-September-decline crossing at 287.40. First support is the 10-day moving average crossing at 273.25. Second support is the 20-day moving average crossing at 269.23.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed up 6 3/4-cents at 3.87 3/4.
March corn closed higher on Monday due to spillover strength from wheat, which triggered some fund short covering. The high-range close sets the stage for a steady to higher opening when Tuesday's night sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at $3.88 3/4 are needed confirm that a short-term low has been posted. If March renews the decline off October's low, September's low crossing at $3.65 3/4 is the next downside target. First resistance is the 50-day moving average crossing at $3.88 3/4. Second resistance is November's high crossing at $4.00. First support is last-Wednesday's low crossing at $3.71. Second support is September's low crossing at $3.65 3/4.
March wheat closed up 16 3/4-cents at $5.48 1/4.
March wheat closed higher on Monday on cold temps across the plains along with dry soil conditions, which could lead to some crop injury. 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 March extends the rally off September's low, the 87% retracement level of the June-September-decline crossing at $5.58 1/2 is the next upside target. Closes below last-Thursday's low crossing at $5.16 1/4 are needed to confirm that a short-term top has been posted. First resistance is the 75% retracement level of the June-September-decline crossing at 5.44 1/4. Second resistance is the 87% retracement level of the June-September-decline crossing at $5.58 1/4. First support is last-Thursday's low crossing at $5.16 1/4. Second support is November's low crossing at $5.01 3/4.
March Kansas City Wheat closed up $0.19 1/4-cents at $4.62.
March Kansas City wheat closed higher on Monday marking an upside breakout of the August-December trading range. The high-range close sets the stage for a steady to higher opening when Tuesday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, the 50% retracement level of the June-September-decline crossing at $4.70 3/4 is the next upside target. Closes below December's low crossing at $4.23 1/2 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the June-September-declinecrossing at $4.70 3/4. Second resistance is the 62% retracement level of the June-September-decline crossing at $4.88 1/4. First support is December's low crossing at $4.23 1/2. Second support is October's low crossing at $4.13 1/2.
March Minneapolis wheat closed up 11 1/4-cents at $5.37.
March Minneapolis wheat closed higher on Monday and above the 50-day moving average crossing at $5.34 1/4 as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, November's high crossing at $5.48 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.15 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $5.42 1/4. Second resistance is November's high crossing at 5.48 3/4. First support is the 20-day moving average crossing at $5.15 3/4. Second support is November's low crossing at 5.06.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans closed up $0.13 1/4-cents at $9.20 3/4.
January soybeans closed higher on Monday and above the 50-day moving average crossing at $9.19 as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off this month's low, the 75% retracement level of the October-December-decline crossing at $9.36 1/2 is the next upside target. Closes below the 20-day moving average crossing at $8.93 1/2 would confirm that a short-term top has been posted. First resistance is today's high crossing at $9.22 3/4. Second resistance is the 75% retracement level of the October-December-decline crossing at $9.36 1/2. First support is last-Thursday's low crossing at $8.88 1/4. Second support is December's low crossing at $8.67 1/2.
January soybean meal closed up $2.50 at $300.90.
January 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $304.00 are needed to confirm that a short-term low has been posted. If January renews the decline off October's high, weekly support crossing at $288.30 is the next downside target. First resistance is the reaction high crossing at $303.90. Second resistance is the 50-day moving average crossing at $304.00. First support is December's low crossing at $292.60. Second support is weekly support crossing at $288.30.
January soybean oil closed up 57-pts. at 33.17.
January soybean oil closed higher on Monday as it extends the rally off July's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends this month's rally, May's high crossing at 34.34 is the next upside target. First resistance is today's high crossing at 33.20. Second resistance is May's high crossing at 34.34. First support is 10-day moving average crossing at 31.51. Second support is the 50-day moving average crossing at 31.02.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed up $1.00 at $70.50.
February hogs closed higher on Friday. The high-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. If February extends today's rally, the 50-day moving average crossing at $72.07 is the next upside target. Closes below the 20-day moving average crossing at $68.08 would temper the friendly outlook. First resistance is the 50-day moving average crossing at $72.07. Second resistance is November's high crossing at $76.62. First support is December's low crossing at $65.40. Second support August's low crossing at $63.67.
February cattle closed down $0.30 at $127.25.
February cattle closed lower on Monday. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extended the rally off September's low, weekly resistance crossing at $130.45 is the next upside target. Closes below the reaction low crossing at $123.30 would confirm that a short-term top has been posted. First resistance is today's high crossing at $127.90. Second resistance is weekly resistance crossing at $130.45. First support is the reaction low crossing at $123.30. Second support is the 50-day moving average crossing at $123.06.
January Feeder cattle closed down $0.43-cents at $145.25.
January Feeder cattle posted an inside day with a lower close on Monday as it consolidated some of last-Friday's rally. 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 January extends last-Friday's rally, the 75% retracement level of the April-August-decline crossing at $151.31 is the next upside target. Closes below the 10-day moving average crossing at $142.47 would temper the friendly outlook. First resistance is the 62% retracement level of the April-August-decline crossing at $146.85. Second resistance is the 75% retracement level of the April-August-decline crossing at $151.31. First support is November's low crossing at $138.27. Second support is October's low crossing at $136.10.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed sharply higher on Monday leaving last-Friday's huge key reversal down unconfirmed. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, weekly resistance crossing at 14.38 is the next upside target. Closes below the 20-day moving average crossing at 12.25 would confirm that a short-term top has been posted.
March cocoa closed lower 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 March extends the decline off November's high, November's low crossing at 24.30 is the next downside target. Multiple closes above the 20-day moving average crossing at 25.95 would confirm that a short-term low has been posted.
March sugar closed sharply lower on Monday as it consolidated some of the rally off October's low. The low-range close set 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. Closes below 20-day moving average crossing at 13.02 would confirm that a top has been posted. If March extends the rally off October's low, the June high crossing at 13.78 is the next upside target.
March cotton 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 signal sideways to higher prices are possible near-term. If March extends the rally off August's low, July's high crossing at 69.07 is the next upside target. Closes below the 50-day moving average crossing at 65.31 are needed to confirm that a short-term top has been posted.
Thanks Tallpine!
NG is building on positive seasonals and last weeks powerful selling exhaustion price formation, even without frigid weather in the forecast.
Huge, confirmed trade agreement with China has grains soaring higher.