INO Evening Market Comments
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Started by tallpine - Jan. 28, 2020, 4:22 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, January 29, 2020 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 606.2)



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



                       Purchase Idx-SA (previous 297.8)



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



                       Refinance Idx (previous 2401.5)



                       Refinance Idx, W/W% (previous -1.8%)



8:30 AM ET. December Advance Economic Indicators Report



10:00 AM ET. December Pending Home Sales Index



                       Pending Home Sales (previous 108.5)



                       Pending Home Sales Idx, M/M% (expected +1.0%; previous +1.2%)



                       Pending Home Sales Idx , Y/Y% (previous +7.4%)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 428.106M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -0.405M)



                       Gasoline Stocks (Bbl) (previous 260.032M)



                       Gasoline Stocks, Net Chg (Bbl) (previous +1.745M)



                       Distillate Stocks (Bbl) (previous 146.036M)



                       Distillate Stocks, Net Chg (Bbl) (previous -1.185M)



                       Refinery Usage (previous 90.5%)



                       Total Prod Supplied (Bbl/day) (previous 21.504M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +2.462M)

                       

2:00 PM ET.  U.S. interest rate decision



                       Federal Funds Rate



                       Federal Funds Rate Change (Pts)



                       Fed Funds Rate-Range High (previous 1.75)



                       Fed Funds Rate-Range Low (previous 1.50)



                       FOMC Vote For Action (previous 10)



                       FOMC Vote Against Action (previous 0)



                       Discount Rate (previous 2.25)



                       Discount Rate Change (Pts) (previous +0)



                       Discount Rate-Range High



                       Discount Rate-Range Low



2:00 PM ET. SEC Closed Meeting



Thursday, January 30, 2020 \



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



                       Corn (Metric Tons) (previous 1008.9K)



                       Soybeans (Metric Tons) (previous 910.7K)



                       Wheat (Metric Tons) (previous 742K)



8:30 AM ET. 4th Quarter Advance estimate GDP



                       Annual Rate, Q/Q% (expected +2.1%; previous +2.1%)



                       Chain-Weighted Price Idx, Q/Q% (expected +1.8%; previous +1.8%)



                       PCE Price Idx, Q/Q% (previous +1.5%)



                       Purchase Price Idx, Q/Q% (previous +1.4%)



                       Real Final Sales 1st Est, Q/Q% (previous +2.1%)



                       Core PCE Price Idx, Q/Q% (previous +2.1%)



                       Personal Consumption, Q/Q% (previous +3.2%)



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



                       Jobless Claims (expected 218K; previous 211K)



                       Jobless Claims, Net Chg (previous +6K)



                       Continuing Claims (previous 1731000)



                       Continuing Claims, Net Chg (previous -37K)



9:30 AM ET. Federal Reserve Board of Governors open meeting



9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. 4th Quarter U.S. Housing Vacancies



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



                       Working Gas In Storage (Cbf) (previous 2947B)



                       Working Gas In Storage, Net Chg (Cbf) (previous -92B)

                       

4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Money Stock Measures



4:30 PM ET. Federal Discount Window Borrowings



Friday, January 31, 2020 



8:30 AM ET. December Personal Income & Outlays



                       Personal Income, M/M% (expected +0.3%; previous +0.5%)



                       Consumer Spending, M/M% (expected +0.3%; previous +0.4%)



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



                       PCE Price Idx, Y/Y% (previous +1.5%)



                       PCE Core Price Idx, M/M% (expected +0.2%; previous +0.1%)



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



8:30 AM ET. 4th Quarter Employment Cost Index



                       ECI, Q/Q% (expected +0.7%; previous +0.7%)



                       ECI, Y/Y% (previous +2.8%)



9:45 AM ET. January ISM-Chicago Business Survey - Chicago PMI



                       PMI-Adj (expected 48.5; previous 48.9)



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



                       End-Mo Sentiment Idx (expected 99.1; previous 99.3)



                       End-Mo Expectations Idx (previous 88.9)



                       12-Month Inflation Forecast (previous 2.3%)



                       5-Year Inflation Forecast (previous 2.2%)



                       End-Mo Current Idx (previous 115.5)



3:00 PM ET. January Agricultural Prices



                       Farm Prices, M/M%



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



The March NASDAQ 100 closed higher on Tuesday and filled Monday's gap crossing at 9109.50 as it consolidated some of Monday's decline. 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. Despite today's short covering bounce, the door remain open for additional weakness near-term and a possible test of the 50-day moving average crossing at 8686.86. If March renews rally off last-October's low, upside targets will be hard to project. First resistance is last-Friday's high crossing at 9287.25. Second resistance is unknown. First support is Monday's low crossing at 8925.50. Second support is the 50-day moving average crossing at 8686.85.   



The March S&P 500 closed higher due to short covering on Tuesday and closed back above the 20-day moving average crossing at 3276.02. The high-range close sets the stage for a steady to higher 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 Monday's decline, the 50-day moving average crossing at 3204.40 is the next downside target. If March renews this year's rally into uncharted territory, upside targets will be hard to project. First resistance is last-Wednesday's high crossing at 3334.30. Second resistance is unknown. First support is the 50-day moving average crossing at 3204.40. Second support is January's low crossing at 3183.70.  



The Dow closed higher on Tuesday as it consolidates some of Monday's decline but remains below the 20-day moving average crossing at 28,885.23. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the decline off January's high, the 50-day moving average crossing at 28,396.68 is the next downside target. Closes above the 10-day moving average crossing at 29,047.77 would signal that a short-term low has been posted. First resistance is January's high crossing at 29,373.62. Second resistance is unknown. First support is the 50-day moving average crossing at 28,396.68. Second support is December's lowcrossing at 27,325.13.  



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



March T-bonds closed down 27/32's at 161-06.



March T-bonds posted a downside reversal on Tuesday as it consolidates some of the rally off January'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. If March extends the rally off January's low, October's high crossing at 164-09 is the next upside target. Closes below the 20-day moving average crossing at 158-05 would confirm a short-term top has been posted. First resistance is today's high crossing at 162-25. Second resistance is October's high crossing at 164-09. First support is the 20-day moving average crossing at 158-05. Second support is January's low crossing at 155-05. 



March T-notes closed down 110-pts. At 130.175.



March T-notes posted a key reversal down on Tuesday as it consolidates some of Monday's rally. 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. If March extends the rally off December's low, October's high crossing at 132.025 is the next upside target. Closes below the 20-day moving average crossing at 129.103 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 131.060. Second resistance is October's high crossing at 132.025. First support is the 10-day moving average crossing at 129.239. Second support is the 20-day moving average crossing at 129.103.       



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



March crude oil closed higher due to short covering on Tuesday as it consolidates some of this month's decline. The mid-range close sets the stage for a steady to higher 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 March extends this month's decline, October's low crossing at 50.18 is the next downside target. Closes above the 10-day moving average crossing at 56.42 are needed to temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 56.42. Second resistance is the 20-day moving average crossing at 58.59. First support is the 87% retracement level of the October-January-rally crossing at 52.17. Second support is October's low crossing at 50.18. 



March heating oil closed higher due to short covering on Tuesday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher 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 March extends this month's decline, the June 2017-low crossing at 156.49 is the next downside target. Closes above the 10-day moving average crossing at 180.86 would temper the near-term bearish outlook.First resistance is the 10-day moving average crossing at 180.86. Second resistance is the 20-day moving average crossing at 190.21. First support is Monday's low crossing at 165.98 Second support is the June 2017-low crossing at 156.49.



March unleaded gas closed higher due to short covering on Tuesday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, August's low crossing at 142.08 is the next downside target. Closes above the 10-day moving average crossing at 159.96 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 159.96. Second resistance is the 20-day moving average crossing at 165.36. First support is Monday's low crossing at 147.15. Second support is August's low crossing at 142.08.



March Henry natural gas closed higher on Tuesday as it extends the trading range of the past five-days. 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 November's high, weekly support crossing at 1.611 is the next downside target. Closes above the 20-day moving average crossing at 2.053 are needed to confirm that a short-term low has been posted. First resistance is last-Tuesday's gap crossing at 1.977. Second resistance is the 20-day moving average crossing at 2.053. First support is last-Tuesday's low crossing at 1.826. Second support is weekly support crossing at 1.611.         



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



The March Dollar closed higher on Tuesday as it extends the rally off December's low. 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 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 97.09 would temper the near-term friendly outlook. First resistance is today's high crossing at 97.98. Second resistance is November's high crossing at 98.05. First support is the 20-day moving average crossing at 97.09. Second support is December's low crossing at 96.02.



The March Euro closed slightly lower on Tuesday as it extends the decline off January's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are 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, October's low crossing at 110.15 is the next downside target. Closes above the 20-day moving average crossing at 111.60 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 111.16. Second resistance is the 20-day moving average crossing at 111.60. First support is today's low crossing at 110.30. Second support is October's low crossing at 110.15.



The March British Pound closed lower on Tuesday as it extends the decline off last-Friday'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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off December's high, December's low crossing at 1.2940 is the next downside target. Closes above last-Friday's high crossing at 1.3198 would open the door for a possible test of December's high crossing at 1.3548. First resistance is the December 31st high crossing at 1.3312. Second resistance is December's decline crossing at 1.3548. First support is the December 23rd low crossing at 1.2940. Second support is the November 22nd low crossing at 1.2870.



The March Swiss Franc posted a key reversal down 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 session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 50-day moving average crossing at 1.0266 is the next downside target. If March renews 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 January's high crossing at 1.0444. Second resistance isthe 87% retracement level of the March-September-rally crossing at 1.0461. First support is the January 10th low  crossing at 1.0290. Second support is the 50-day moving averagecrossing at 1.0266.



The March Canadian Dollar closed higher due to short covering on Tuesday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 75.40 is the next downside target. Closes above the 20-day moving average crossing at 76.55 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 76.71. Second resistance is December's high crossing at 77.23. First support is today's low crossing at 75.72. Second support is the reaction low crossing at 75.40. 



The March Japanese Yen 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 0.0921 would temper the near-term bearish outlook. If March renews this month's decline, weekly support crossing at 0.0906 is the next downside target. First resistance is the 50-day moving average crossing at 0.0921. Second resistance is January's high crossing at 0.0932. First support is January's low crossing 0.0909. Second support is weekly support crossing at 0.0906.



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



April gold closed lower on Tuesday as investor worries over the spread of China’s coronavirus eased and prices consolidated, a day after prices rose to a more than six-year high.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off January's low, January's high crossing at $1619.60 is the next upside target. If April renews the decline off January's high, the 50-day moving average crossing at $1515.30 is the next downside target. First resistance is January's high crossing at $1619.60. Second resistance is monthly resistance crossing at $1687.00. First support is the January 14th low crossing at $1542.80. Second support is the 50-day moving average at $1515.30.



March silver closed sharply lower and below the 50-day moving average crossing at 17.482 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the January 18th low crossing at 16.935 is the next downside target. Closes above Monday's high crossing at 18.375 are needed to confirm that a low has been posted. First resistance is January's high crossing at 18.895. Second resistance is the September 24th high crossing at 18.930. First support is today's low crossing at 17.420. Second support is the January 18th low crossing at 16.935.



March copper closed lower on Tuesday as it extends 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 87% retracement level of the September-January-rally crossing at 254.28 is the next downside target. Closes above the 50-day moving average crossing at 275.08 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 275.08. Second resistance is the 20-day moving average crossing at 278.32. First support is the 75% retracement level of the September-January-rally crossing at 259.02. Second support is the 87% retracement level of the September-January-rally crossing at 254.28.  



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



March Corn closed up $0.06-cents at 3.86 1/2. 



March corn closed higher on Tuesday as concerns of the possible spread of thecoronavirus in China and now the United States and Europe have temporally abated. The high-range close sets the stage for a steady to higher opening when Wednesday's night sessions begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at $3.75 1/4 would open the door for a possible test of December's low crossing at $3.71. Closes above last-Thursday's high crossing at $3.94 are needed to confirm an upside trading range breakout while opening the door for a possible test of November's high crossing at $4.00. First resistance is last-Thursday's high crossing at $3.94. Second resistance is November's high crossing at $4.00. First support is the reaction low crossing at $3.75 1/4. Second support is December's low crossing at $3.71.    



March wheat closed down a $0.03 1/4-cents at $5.69.  



March wheat 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 20-day moving average crossing at $5.65 1/4 are needed to confirm that a short-term top has been posted. If March extends the rally off September's low, the 87% retracement level of the 2018-2019-decline crossing at $6.13 3/4 is the next upside target. First resistance is the 75% retracement level of the 2018-2019-decline crossing at $5.92 1/4. Second resistance is the 87% retracement level of the 2018-2019-decline crossing at $6.13 3/4. First support is the 20-day moving average crossing at $5.65 1/4. Second support is the 50-day moving average crossing at $5.44 1/4.     



March Kansas City Wheat closed down $0.04 1/2-cent at $4.82.

 

March Kansas City wheat closed lower on Tuesday as it extends last-week's decline. The low-range close sets the stage for a steady to lower opening when Wednesday 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 last-Wednesday's high, the 50-day moving average crossing at $4.61 1/4 is the next downside target. If March resumes the rally off September's low, the 75% retracement level of the June-September-decline crossing at $5.08 is the next upside target.First resistance is last-Wednesday's high crossing at $5.04 3/4. Second resistance is the 75% retracement level of the June-September-decline crossing at $5.08. First support is the January 6th low crossing at $4.69 1/2. Second support is the 50-day moving average crossing at $4.61 1/4.   



March Minneapolis wheat closed down a $0.05-cents at $5.42 1/4. 



March Minneapolis wheat 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 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 aforementioned decline, the 50-day moving average crossing at 5.35 1/4 is the next downside target. Closes above the 20-day moving average crossing at $5.53 1/4 would confirm that a short-term low 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 Monday's low crossing at $5.40. Second support is the 50-day moving average crossing at 5.35 1/4.      



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



March soybeans closed down $0.01 3/4-cents at $8.95 1/2.



March soybeans closed lower on Tuesday as it extended this month's decline. A short covering rally ahead of the close tempered some of today's losses andthe 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, December's low crossing at $8.82 1/2 is the next downside target. Closes above the 20-day moving average crossing at $9.31 1/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $9.15 3/4. Second resistance is the 20-day moving average crossing at 9.31 1/4. First support is Monday's low crossing at $8.88 1/4. Second support is December's low crossing at $8.82 1/2.    



March soybean meal closed down $0.30 at $297.50. 



March soybean meal 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 hinting that a low might be in or is near. Closes above the 50-day moving average crossing at $302.30 are needed to confirm that a short-term low has been posted. If March extends this month's decline, monthly support crossing at $288.30 is the next downside target. First resistance is the 50-day moving average crossing at $302.30. Second resistance is January's high crossing at $307.50. First support is Monday's low crossing at $295.20. Second support is monthly support crossing at $288.30.     



March soybean oil closed down 3-pts. at 31.49. 



March soybean oil closed lower on Tuesday as it extends this month's decline. 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, December's low crossing at 30.40 is the next downside target. Closes above the 10-day moving average crossing at 32.71 are needed to confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 32.71. Second resistance is the 20-day moving average crossing at 33.71. First support is today's low crossing at 30.56. Second support is December's low crossing at 30.40.        

 

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



February hogs closed up $0.28 at $66.23. 



February hogs closed higher on Tuesday as it filled Monday's gap. 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 February extends this month's decline, last-August's low crossing at $63.67 is the next downside target. Closes above the 50-day moving average crossing at $68.68 would confirm that a short-term low has been posted. 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 Monday's low crossing at $65.23. Second support is last-August's low crossing at $63.67.   



February cattle closed down $0.10 at $122.15. 



February cattle closed lower on Tuesday as it extends Monday's downside breakout of the November-January trading range. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends Monday's trading range breakout, the 38% retracement level of the September-December-2019 rally crossing at $119.22 is the next downside target. Closes above the 20-day moving average crossing at $125.80 would confirm that a short-term low has been posted. First resistance is December's high crossing at $127.90. Second resistance is weekly resistance crossing at $130.45. First support is today's low crossing at $122.10. Second support is the 38% retracement level of the September-December-2019 rally crossing at $119.22.   

 

March Feeder cattle closed up $0.23-cents at $135.40. 



March Feeder cattle closed slightly higher due to short covering on Tuesday as it consolidates some of this month's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 62% retracement level of the September-January-rally crossing at $134.33 is the next downside target. Closes above the 20-day moving average crossing at $143.61 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at $143.61. Second resistance is January's high crossing at $147.75. First support is today's low crossing at $134.97. Second support is the 62% retracement level of the September-January-rally crossing at $134.33.      



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 87% retracement level of the October-December-rally crossing at 10.17 is the next downside target. Closes above the 20-day moving average crossing at 11.70 would confirm that a low has been posted.



March cocoa closed lower on Tuesday as it extends the decline off Wednesday's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 26.37 would confirm that a short-term top has been posted. If March resumes this winter's rally, weekly resistance crossing at 29.43 is the next upside target.         



March sugar posted a key reversal up on Tuesday as it rebounded off the 20-day moving average. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are poised to turn neutral to bullish with additional gains. Closes below the 20-day moving average crossing at 14.04 are needed to confirm that a top has been posted. If March renews the rally off October's low, last-January's high crossing at 16.25 is the next upside target.



March cotton closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are poised to turn neutral to bullish with additional strength on Wednesday. If March extends this week's decline, the 50-day moving average crossing at 67.78 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. 

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