INO Evening Market Comments
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Started by tallpine - Jan. 21, 2020, 4:06 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, January 21, 2020  



11:30 AM ET. Federal Reserve Board of Governors closed meeting



12:00 PM ET. World Social Report



Wednesday, January 22, 2020 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 613.6)



                       Composite Idx, W/W% (previous +30.2%)



                       Purchase Idx-SA (previous 303.9)



                       Purchase Idx-SA, W/W% (previous +3.0%)



                       Refinance Idx (previous 1713.7)



                       Refinance Idx, W/W% (previous +42.7%)



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



                       Chain Store Sales, W/W% (previous -3.0%)



                       Chain Store Sales, M/M% (previous +2.8%)



8:30 AM ET. December CFNAI Chicago Fed National Activity Index



                       NAI (previous 0.56)



                       NAI, 3-mo Moving Avg (previous -0.25)



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M% (previous -0.2%)



                       Ret Sales Mo-to-Date, Y/Y% (previous +5.0%)



                       Latest Wk, Y/Y% (previous +5.0%)



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



10:00 AM ET. December Existing Home Sales



                       Existing Sales (previous 5.35M)



                       Existing Sales, M/M% (previous -1.7%)



                       Unsold Homes Month's Supply (previous 3.7)



                       Median Price (USD) (previous 271300)



                       Median Home Price, Y/Y% (previous +5.4%)



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous +1.1M)



                       Gasoline Stocks, Net Chg (Bbls) (previous +3.2M)



                       Distillate Stocks, Net Chg (Bbls) (previous +6.8M)



Thursday, January 23, 2020 



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



                       Jobless Claims (previous 204K)



                       Jobless Claims, Net Chg (previous -10K)



                       Continuing Claims (previous 1767000)



                       Continuing Claims, Net Chg (previous -37K)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. December Leading Indicators



                       Leading Index, M/M% (previous +0.0%)



                       Leading Index (previous 111.6)



                       Coincident Index, M/M% (previous +0.4%)



                       Lagging Index, M/M% (previous +0.5%)



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



                       Working Gas In Storage (Cbf) (previous 3039B)



                       Working Gas In Storage, Net Chg (Cbf) (previous -109B)

                       

11:00 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 428.511M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -2.549M)



                       Gasoline Stocks (Bbl) (previous 258.287M)



                       Gasoline Stocks, Net Chg (Bbl) (previous +6.678M)



                       Distillate Stocks (Bbl) (previous 147.221M)



                       Distillate Stocks, Net Chg (Bbl) (previous +8.171M)



                       Refinery Usage (previous 92.2%)



                       Total Prod Supplied (Bbl/day) (previous 19.042M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.309M)

                       

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



                       Mfg Activity Idx (previous -7)



                       6-Mo Exp Prod Idx (previous 12)



                       Mfg Composite Idx (previous -8)



                       6-Mo Exp Composite Idx (previous 10)



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Money Stock Measures



Friday, January 24, 2020 



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



                       Corn (Metric Tons) (previous 991.8K)



                       Soybeans (Metric Tons) (previous 711.5K)



                       Wheat (Metric Tons) (previous 730.3K)



9:45 AM ET. January US Flash Manufacturing PMI



                       PMI, Mfg (previous 52.5)



9:45 AM ET. January US Flash Services PMI



                       PMI, Services (previous 52.2)



10:00 AM ET. December Regional & State Employment & Unemployment



11:30 AM ET. SEC Investor Advisory Committee Telephonic Meeting



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



The March NASDAQ 100 closed slightly higher on Tuesday as it extends the rally off October'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 March extends last-year's rally, upside targets will be hard to project. Closes below the 20-day moving average crossing at 8915.10 would temper the near-term friendly outlook. First resistance is today's high crossing at 9199.75. Second resistance is unknown. First support is the 20-day moving average crossing at 8915.10. Second support is the 50-day moving average crossing at 8602.00.   



The March S&P 500 closed slightly higher on Tuesday as it extends the rally off October'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 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 3261.20 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 3329.00. Second resistance is unknown. First support is the 20-day moving average crossing at 3261.20. Second support is the 50-day moving average crossing at 3184.58.  



The Dow closed lower on Tuesday as it consolidated some of the rally off last-October's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 28,790.23 would confirm that a short-term top has been posted. If the Dow extends the aforementioned rally into uncharted territory, upside targets will be hard to project. First resistance is last-Friday's high crossing at 29,373.62. Second resistance is unknown. First support is the 20-day moving average crossing at 28,790.23. Second support is the 50-day moving averagecrossing at 28,273.31.  



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



March T-bonds closed up 1-10/32's at 158-19.



March T-bonds 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, December's high crossing at 160-12 is the next upside target. If March renews last-Wednesday's decline, January's low crossing at 155-05 is the next downside target. First resistance is January's high crossing at 159-19. Second resistance is December's high crossing at 160-12. First support is January's low crossing at 155-05. Second support is November's low crossing at 155-00. 



March T-notes closed up 165-pts. At 129.180.



March T-notes 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off December's low, November's high crossing at 130.175 is the next upside target. Closes below the 20-day moving average crossing at 128.274 are needed to confirm that a short-term top has been posted. First resistance is January's high crossing at 130.060. Second resistance is November's high crossing at 130.175. First support is December'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 ""



February crude oil posted a key reversal down 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends this month's decline, the 62% retracement level of the October-January-rally crossing at 56.21 is the next downside target. Closes above the 20-day moving average crossing at 60.34 are needed to temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 60.34. Second resistance is the 75% retracement level of the 2018 decline crossing at 65.62. First support is the 50% retracement level of the October-January-rally crossing at 58.01. Second support is the 62% retracement level of the October-January-rally crossing at 56.21. 



February heating oil closed lower on Tuesday as it extends the decline off January's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends this month's decline, October's low crossing at 179.11 is the next downside target. Closes above the 50-day moving average crossing at 194.98 would temper the near-term bearish outlook.First resistance is the 50-day moving average crossing at 194.98. Second resistance is the 20-day moving average crossing at 197.56. First support is today's low crossing at 182.25. Second support is October's low crossing at 179.11.



February unleaded gas posted a key reversal down 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the decline off last-Wednesday's high, December's low crossing at 156.22 is the next downside target. Closes above the 20-day moving average crossing at 169.31 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 169.31. Second resistance is January's high crossing at 180.11. First support is today's low crossing at 161.23. Second support is December's low crossing at 156.22.



February Henry natural gas gapped down and posted a new low close on Tuesday as it extends the decline off November's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the decline off November's high, weekly support crossing at 1.611 is the next downside target. Closes above last-Tuesday's high crossing at 2.255 are needed to confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 2.255. Second resistance is the December 16th high crossing at 2.351. First support is today's low crossing at 1.830. Second support is weekly support crossing at 1.611.         



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



The March Dollar 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally November's high crossing at 98.05 is the next upside target. Closes below the 20-day moving average crossing at 96.92 would temper the near-term friendly outlook. First resistance is the December 23rd high crossing at 97.41. Second resistance is November's high crossing at 98.05. First support is the 20-day moving average crossing at 96.92. Second support is December's low crossing at 96.02.



The March Euro closed slightly 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 oversold and remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the December 6th low crossing at 111.12 is the next downside target. Closes above the 20-day moving average crossing at 111.83 would temper the near-term bearish outlook. First resistance is December's high crossing at 112.93. Second resistance is August's high crossing at 114.20. First support is the December 6th low crossing at 111.12. Second support is November's low crossing at 110.61.



The March British Pound closed higher on Tuesday leaving last-Friday's key reversal down unconfirmed. 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 March extends the decline off December's high, December's low crossing at 1.2940 is the next downside target. If March renews the rally off last-Tuesday's low, December's high crossing at 1.3548 is the next upside target. First resistance is December'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 November 22nd low crossing at 1.2870. Second support is November's low crossing at 1.2830.



The March Swiss Franc 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 a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1.0338 would confirm that a short-term top has been posted. If March extends the rally off November's low, the 87% retracement level of the March-September-rally crossing at 1.0461 is the next upside target.First resistance is last-Thursday's high crossing at 1.0444. Second resistance is the 87% retracement level of the March-September-rally crossing at 1.0461. First support is the 20-day moving average crossing at 1.0338. Second support is the 50-day moving average crossing at 1.0248.



The March Canadian Dollar 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. Closes below the reaction low crossing at 76.31 are needed to confirm that a short-term top has been posted. If March renews the rally off November's low, the October 2018 high crossing at 78.84 is the next upside target. First resistance is December's high crossing at 77.23. Second resistance is the October 2018 high crossing at 78.84. First support is the reaction low crossing at 76.31. Second support is the 50-day moving average crossing at 76.02. 



The March Japanese Yen closed higher on Monday. 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 March extends this month's decline, weekly support crossing at 0.0906 is the next downside target. Closes above the 50-day moving average crossing at 0.0922 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 0.0918. Second resistance is the 50-day moving average crossing at 0.0922. First support is last-Friday's low crossing 0.0909. Second support is weekly support crossing at 0.0906.  



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



February gold closed lower on Tuesday. The mid-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 February extends the decline off this month's high,  the 20-day moving average crossing at $1538.50 is the next downside target. If February renews the rally off November's low, monthly resistance crossing at $1616.50 is the next upside target. First resistance is January's high crossing at $1613.30. Second resistance is monthly resistance crossing at $1616.50. First support is the 20-day morning crossing at $1538.50. Second support is the 50-day moving average at $1499.40.



March silver closed lower on Tuesday. The low-range close set 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 a short-term top might be in or is near. Today's close below the 20-day moving average crossing at 17.942 would confirm that a short-term top has been posted. If March extends the rally off December's low, the September 24th high crossing at 18.930 is the next upside target. First resistance is January's high crossing at 18.895. Second resistance is the September 24th high crossing at 18.930. First support is the 50-day moving average crossing at 17.398. Second support is the reaction low crossing at 16.935.



March copper closed sharply lower on Tuesday and below the 20-day moving average crossing at 282.06 confirms 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, the 50-day moving average crossing at 275.15 is the next downside target. If March renews the rally off September's low, the 75% retracement level of the April-September-decline crossing at 289.45 is the next upside target. First resistance is last-Thursday's high crossing at 288.60. Second resistance is the 75% retracement level of the April-September-decline crossing at 289.45. First support is the 50-day moving average crossing at 275.15. Second support is January's low crossing at 275.95. 



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



March Corn closed down $0.01 1/2-cents at 3.87 3/4. 



March corn closed lower on Tuesday as it consolidated some of last-Friday's rally. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at $3.92 are needed to renew the rally off December's low while opening the door for a possible test of November's high crossing at $4.00. If March extends last-Thursday's decline, December's low crossing at $3.71 is the next downside target. First resistance is the reaction high crossing at $3.92. Second resistance is November's high crossing at $4.00. First support is last-Thursday's low crossing at $3.75 1/4. Second support is December's low crossing at $3.71.    



March wheat closed up $0.12-cents at $5.82 1/2.  



March 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, the 75% retracement level of the 2018-2019-decline crossing at $5.92 1/4 is the next upside target. Closes below the 20-day moving average crossing at $5.58 1/4 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 5.82 3/4. Second resistance is the 75% retracement level of the 2018-2019-decline crossing at $5.92 1/4. First support is the 20-day moving average crossing at $5.58 1/4. Second support is the 50-day moving average crossing at $5.38 1/2.      



March Kansas City Wheat closed up $0.05 3/4-cents at $5.00.

 

March Kansas City wheat closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, the 75% retracement level of the June-September-decline crossing at $5.08 is the next upside target. Closes below the 20-day moving average crossing at $4.82 are needed to confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $5.04 1/4. Second resistance is the 75% retracement level of the June-September-decline crossing at $5.08. First support is the 20-day moving average crossing at $4.82. Second support is the 50-day moving average crossing at $4.56.   



March Minneapolis wheat closed up $0.02 1/4-cents at $5.62 1/4. 



March Minneapolis wheat 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off November's low, October's high crossing at $5.71 1/4 is the next upside target. Closes below the 20-day moving average crossing at $5.51 3/4 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the October-December-decline crossing at $5.62 3/4. Second resistance is October's high crossing at $5.71 1/4. First support is the 20-day moving average crossing at $5.51 3/4. Second support is the 50-day moving average crossing at 5.33 1/2.      



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



March soybeans closed down $0.14 1/4-cents at $9.15 1/2.



March soybeans closed sharply lower on Tuesday as it extended this month's decline.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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the December 12th low crossing at $9.02 1/2 is the next downside target. Closes above the 20-day moving average crossing at $9.41 would confirm that a short-term low has been posted. First resistance is the 87% retracement level of the October-December-decline crossing at $9.58 1/2. Second resistance is October's high crossing at 9.70. First support is today's low crossing at $9.15 1/4. Second support is the December 12th low crossing at $9.02 1/2.    



March soybean meal closed down $1.70 at $298.90. 



March soybean meal 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 March extends last-week's decline, the December 12th low crossing at $297.40 is the next downside target. Closes above the December 18th high crossing at $307.90 are needed to renew the rally off December's low. First resistance is the December 18th high crossing at $307.90. Second resistance is November's high crossing at $312.70. First support is the December 12th low crossing at $297.40. Second support is December's low crossing at $296.20.    



March soybean oil closed down 64-pts. at 32.71. 



March soybean oil closed lower on Tuesday and below the 50-day moving average crossing at 32.71. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the reaction low crossing at 31.62 is the next downside target. Closes above the 20-day moving average crossing at 34.28 would confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 34.28. Second resistance is January's high crossing at 35.67. First support is today's low crossing at 32.71. Second support is the reaction low crossing at 31.62.        

 

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



February hogs closed down $0.33 at $67.35. 



February hogs 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $69.41 would temper the near-term bearish outlook. If February extends this month's decline, December's low crossing at $65.40 is the next downside target. First resistance is the 50% retracement level of the October-December-decline crossing at $72.43. Second resistance is the 62% retracement level of the October-December-decline crossing at 74.10. First support is last-Monday's low crossing at $65.57. Second support is December's low crossing at $65.40.   



February cattle closed up $0.03 at $126.38. 



February cattle closed slightly higher on Tuesday as it extends the November-January trading range. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below is January's low crossing at $124.55 would confirm that a short-term top has been posted. If February extended the rally off September's low, weekly resistance crossing at $130.45 is the next upside target. First resistance is December's high crossing at $127.90. Second resistance is weekly resistance crossing at $130.45. First support is January's low crossing at $124.55. Second support is the reaction low crossing at $123.30.   

 

March Feeder cattle closed down $0.33-cents at $144.68. 



March Feeder cattle closed lower on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below January's low crossing at $141.33 would confirm that a short-term top has been posted. If March renews this month's rally, the 75% retracement level of 2018's decline crossing at $149.81 is the next upside target. First resistance is January's high crossing at $147.75. Second resistance is the 75% retracement level of the 2018 April-September decline crossing at $149.81. First support is January's low crossing at $141.33. Second support is November's low crossing at $138.62.       



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



March coffee closed lower on Tuesday as it extends the decline off December's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the 75% retracement level of the October-December-rally crossing at 10.74 is the next downside target. Closes above the 20-day moving average crossing at 12.21 would confirm that a low has been posted.



March cocoa closed higher on Tuesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this winter's rally, last-May's high crossing at 28.36 is the next upside target. Closes below the 20-day moving average crossing at 25.57 would confirm that a short-term top has been posted.        



March sugar closed higher on Tuesday. The high-range close set the stage for a steady to higher opening on Wednesday. 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, last-February's high crossing at 14.64 is the next upside target. Closes below the 20-day moving average crossing at 13.79 are needed to confirm that a top has been posted. 



March cotton closed sharply lower on Tuesday and below the 20-day moving average crossing at 69.78 confirming that a short-term top has been posted. The low-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. If March extends today's decline, the 50-day moving average crossing at 67.40 is the next downside target. If March renews the rally off August's low, the 62% retracement level of the 2018-2019-decline crossing at 74.04 is the next upside target.

Comments
By metmike - Jan. 21, 2020, 6:55 p.m.
Like Reply

Thanks much Tallpine.


Soybeans big reversal up on Friday was negated today. Big rains in Argentina overnight  +adding a bunch of rain to the S.Brazil week 2 forecast turned the weather from bullish to bearish.

Natural gas has been getting crushed from mild temp forecasts in the middle of Winter, when demand for residential heating should be near its peak.  However, there are signs of the pattern changing towards the end of 2 weeks...........in early February. 

OJ just above contracts lows after the dead cat bounce early  last week from the tiny threat of a cold. 

Not sure if the rains in Australia going north of the most of the Eastern wheat areas and completely missing the west are a market factor but wheat surged again to new highs for this big move up(at least 4 months long).