KEY EVENTS TO WATCH FOR:
Tuesday, February 4, 2020
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous +1.5%)
Chain Store Sales, M/M% (previous +0.9%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous +0.1%)
Ret Sales Mo-to-Date, Y/Y% (previous +5.3%)
Latest Wk, Y/Y% (previous +5.5%)
9:30 AM ET. SEC Small Business Capital Formation Advisory Committee meeting
9:45 AM ET. January ISM-NY Report on Business
Business Index (previous 39.1)
10:00 AM ET. February IBD/TIPP Economic Optimism Index
Economic Optimism Idx (previous 57.4)
6-Mo Economic Outlook (previous 51.1)
10:00 AM ET. December Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (expected +1.3%; previous -0.7%)
Orders, Ex-Defense, M/M% (previous +0.7%)
Orders, Ex-Transport, M/M% (previous +0.3%)
Durable Goods, M/M% (previous -2.0%)
Durable Goods, M/M% (previous -2.1%)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -4.3M)
Gasoline Stocks, Net Chg (Bbls) (previous +3.3M)
Distillate Stocks, Net Chg (Bbls) (previous -0.1M)
N/A U.S. President Donald Trump delivers State of the Union address
Wednesday, February 5, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 606.2)
Composite Idx, W/W% (previous +7.2%)
Purchase Idx-SA (previous 313.7)
Purchase Idx-SA, W/W% (previous +5.3%)
Refinance Idx (previous 2401.5)
Refinance Idx, W/W% (previous -1.8%)
8:15 AM ET. January ADP National Employment Report
Private Sector Jobs, Net Chg (expected +156000; previous +202000)
8:30 AM ET. December U.S. International Trade in Goods & Services
Trade Balance (USD) (expected -48.4B; previous -43.09B)
Exports (USD) (previous 208.63B)
Exports, M/M% (previous +0.7%)
Imports (USD) (previous 251.72B)
Imports, M/M% (previous -1.0%)
8:30 AM ET. U.S. Department of the Treasury's quarterly refundingannouncement
9:45 AM ET. January US Services PMI
PMI, Services (previous 52.8)
10:00 AM ET. January ISM Non-Manufacturing Report on Business
Non-Mfg Composite Idx (expected 55.0; previous 55.0)
Non-Mfg Business Idx (previous 57.2)
Prices Idx (previous 58.5)
Employment Idx (previous 55.2)
New Orders Idx (previous 54.9)
10:00 AM ET. December Metropolitan Area Employment & Unemployment
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 431.654M)
Crude Oil Stocks, Net Chg (Bbl) (previous +3.548M)
Gasoline Stocks (Bbl) (previous 261.235M)
Gasoline Stocks, Net Chg (Bbl) (previous +1.203M)
Distillate Stocks (Bbl) (previous 144.747M)
Distillate Stocks, Net Chg (Bbl) (previous -1.289M)
Refinery Usage (previous 87.2%)
Total Prod Supplied (Bbl/day) (previous 19.638M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -1.866M)
11:00 AM ET. January Global Services PMI
PMI, Services (previous 52.1)
2:00 PM ET. SEC Closed Meeting
Thursday, February 6, 2020
7:30 AM ET. January Challenger Job-Cut Report
Job Cuts, M/M% (previous -26%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 215K; previous 216K)
Jobless Claims, Net Chg (previous -7K)
Continuing Claims (previous 1703000)
Continuing Claims, Net Chg (previous -44K)
8:30 AM ET. 4th Quarter Preliminary Productivity & Costs
Non-Farm Productivity, Q/Q% (expected +1.6%; previous -0.3%)
Unit Labor Costs (expected +1.7%; previous +3.6%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1378.3K)
Soybeans (Metric Tons) (previous 471.7K)
Wheat (Metric Tons) (previous 647.3K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2746B)
Working Gas In Storage, Net Chg (Cbf) (previous -201B)
12:00 AM ET. January Monthly U.S. Retail Chain Store Sales Index
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Money Stock Measures
4:30 PM ET. Foreign Central Bank Holdings
Friday, February 7, 2020
8:30 AM ET. January U.S. Employment Report
Non-Farm Payrolls (expected +158K; previous +145K)
Unemployment Rate (expected 3.5%; previous 3.5%)
Avg Hourly Earnings (USD) (previous 28.32)
Avg Hourly Earnings-Net Chg (USD) (previous +0.03)
Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.11%)
Avg Hourly Earnings, Y/Y% (expected +3.0%; previous +2.9%)
Overall Workweek (previous 34.3)
Overall Workweek Net Chg (previous +0)
Government Payrolls (previous +6K)
Private Payroll (previous +139K)
Participation Rate (previous 63.2%)
Non-Farm Payrolls Bench Net Chg
10:00 AM ET. December Monthly Wholesale Trade
Inventories, M/M% (expected +0.1%; previous -0.1%)
3:00 AM ET. December Consumer Credit
Consumer Credit Net Chg (USD) (previous +12.51B)
Monday, February 10, 2020
9:30 AM ET. SEC Fixed Income Market Structure Advisory Committee Meeting
10:00 AM ET. January Employment Trends Index
ETI (previous 109.68)
ETI, Y/Y%
N/A U.S. President Donald Trump releases Fiscal Year 2021 Budget
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The March NASDAQ 100 closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off January's high, the 50-day moving average crossing at 8749.84. If March renews rally off last-October's low, upside targets will be hard to project. First resistance is January's high crossing at 9287.25. Second resistance is unknown. First support is last-Monday's low crossing at 8925.50. Second support is the 50-day moving average crossing at 8749.84.
The March S&P 500 posted an inside day with a higher close on Monday as it consolidates some of the decline off January's high. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, January's low crossing at 3183.70 is the next downside target. Closes above the 10-day moving average crossing at 3282.08 would temper the near-term bearish outlook. First resistance is January's high crossing at 3334.30. Second resistance is unknown. First support is the 50-day moving average crossing at 3215.88. Second support is January's low crossing at 3183.70.
The Dow posted an inside day with a higher close on Monday but remains below the 50-day moving average crossing at 28,445.91. The low-range close sets the stage for a steady to lower opening when Tuesday'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 38% retracement level of the August-January-rally crossing at 27,829.44 is the next downside target. Closes above the 20-day moving average crossing at 28,870.99 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 last-Friday's low crossing at 28,169.53. Second support is the 38% retracement level of the August-January-rally crossing at 27,829.44.
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March T-bonds closed down 5/32's at 163-22.
March T-bonds closed lower on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are 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 159-13 would confirm a short-term top has been posted. First resistance is today's high crossing at 164-05. Second resistance is October's high crossing at 164-09. First support is the 10-day moving average crossing at 161-10. Second support is the 20-day moving average crossing at 159-13.
March T-notes closed down 40-pts. At 131.170.
March T-notes closed lower on Monday as it consolidates some of the rally off December's low. The mid-range close sets the stage for a steady 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 December's low, October's high crossing at 132.025 is the next upside target. Closes below the 20-day moving average crossing at 129.270 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 131.290. Second resistance is October's high crossing at 132.025. First support is the 10-day moving average crossing at 130.189. Second support is the 20-day moving average crossing at 129.270.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
March crude oil closed lower on Friday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Monday'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 the aforementioned decline, the December-2018 low crossing at 45.76 is the next downside target. Closes above the 10-day moving average crossing at 53.88 are needed to temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 53.88. Second resistance is the 20-day moving average crossing at 56.70. First support is today's low crossing at 49.91. Second support is the December-2018 low crossing at 45.76.
March heating oil closed lower on Monday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night trading session begins. Stochastics and the RSI are 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 20-day moving average crossing at 188.41 would temper the near-term bearish outlook.First resistance is the 20-day moving average crossing at 188.41. Second resistance is the 50-day moving average crossing at 192.85. First support is today's low crossing at 157.26 Second support is the June 2017-low crossing at 156.49.
March unleaded gas 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 turning 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 153.87 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 153.87. Second resistance is the 20-day moving average crossing at 161.02. First support is last-Monday's low crossing at 147.15. Second support is August's low crossing at 142.08.
March Henry natural gas closed lower on Monday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 1.996 are needed to confirm that a short-term low has been posted. First resistance is the January 21st gap crossing at 1.977. Second resistance is the 20-day moving average crossing at 1.996. First support is last-Friday's low crossing at 1.812. Second support is weekly support crossing at 1.611.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at 97.17 are needed to confirm that a short-term top has been posted. If March resumes the rally off December's low, November's high crossing at 98.05 is the next upside target. First resistance is last-Wednesday's high crossing at 98.01. Second resistance is November's high crossing at 98.05. First support is the 50-day moving average crossing at 97.17. Second support is December's low crossing at 96.81.
The March Euro posted an inside day with a lower close on Monday as it consolidates some of last-Friday's rally. The mid-range close sets the stage for a steady 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 50-day moving average crossing at 111.52 would confirm that a short-term low has been posted. If March extends the decline off December's high, October's low crossing at 110.15 is the next downside target. First resistance is the 50-day moving average crossing at 111.52. First support is last-Wednesday's low crossing at 110.24. Second support is October's low crossing at 110.15.
The March British Pound closed sharply lower on Monday as it extends the December-February trading range. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning 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. If March extends last-Friday's rally, the December 31st low crossing at 1.3312 is the next upside target. First resistance is the December 31st high crossing at 1.3312. Second resistance is December's high 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 closed lower on Monday as it consolidates some of the rally off last-Wednesday's low. 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 bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 50-day moving average crossing at 1.0279 would confirm that a short-term top has been posted. 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 50-day moving average crossing at 1.0275. Second support is the December 24th low crossing at 1.0233.
The March Canadian Dollar closed sharply lower on Monday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 76.29 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 75.88. Second resistance is the 20-day moving average crossing at 76.29. First support is today's low crossing at 75.45. Second support is the reaction low crossing at 75.40.
The March Japanese Yen closed lower on Monday as it consolidates some of the rally off January's low but remains and above the 50-day moving average crossing at 0.0921. 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 bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, January's high crossing at 0.0932 is the next upside target. Closes below the 20-day moving average crossing at 0.0917 would temper the near-term friendly outlook. First resistance is today's high crossing at 0.0925. 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 posted a key reversal down 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 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. Closes below the January 14th low crossing at $1542.80 are needed to renew the decline off January's high. If this support level is broken, the 50-day moving average crossing at $1523.20 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 $1523.20.
March silver posted a key reversal down on Monday. The low-range close set the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Monday's high crossing at 18.375 are needed to confirm that a low has been posted. If March renews the decline off January's high, the January 18th low crossing at 16.935 is the next downside 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 last-Wednesday's low crossing at 17.280. Second support is the January 18th low crossing at 16.935.
March copper closed lower on Monday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 75% retracement level of the 2016-2018-rally crossing at 234.31 is the next downside target. Closes above the 10-day moving average crossing at 262.92 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 262.92. Second resistance is the 20-day moving average crossing at 272.86. First support is today's low crossing at 248.75. Second support is the 75% retracement level of the 2016-2018-rally crossing at 234.31.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed down $0.02 3/4-cents at 3.78 1/2.
March corn closed lower on Monday as it extends the December-February trading range. The low-range close sets the stage for a steady to lower opening when Tuesday'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 January'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 January's high crossing at $3.94. Second resistance is November's high crossing at $4.00. First support is January's low crossing at $3.75 1/4. Second support is December's low crossing at $3.71.
March wheat closed unchanged at $5.53 3/4.
March wheat closed unchanged on Monday as it consolidates some of the decline off January's high. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are becoming 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, the December 24th low crossing at $5.38 1/2 is the next downside target. If March resumes 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 50-day moving average crossing at $5.48. Second support is the December 24th low crossing at $5.38 1/2.
March Kansas City Wheat closed up $0.01 1/4-cents at $4.66 3/4.
March Kansas City wheat closed higher on Monday 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 Tuesday night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $4.64 1/2 would open the door for additional weakness into early-February. Closes above the 20-day moving average crossing at $4.84 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $4.84 3/4. Second resistance is January's high crossing at $5.04 3/4. First support is the 50-day moving average crossing at $4.64 3/4. Second support is the December 20th low crossing at 4.57.
March Minneapolis wheat closed down $0.00 3/4-cents at $5.33.
March Minneapolis wheat closed fractionally lower on Monday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, the December 6th low crossing at 5.11 1/2 is the next downside target. Closes above the 20-day moving average crossing at $5.49 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.49. Second resistance is January's high crossing at $5.67 3/4. First support is the December 20th low crossing at $5.32 1/2. Second support is the November 6th low crossing at 5.11 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans closed up $0.03 1/4-cents at $8.75 3/4.
March soybeans closed higher on Monday 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 Monday'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, last-May's low crossing at $8.41 1/2 is the next downside target. Closes above the 10-day moving average crossing at $8.95 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $8.95. Second resistance is the 20-day moving average crossing at 9.17. First support is today's low crossing at $8.68 3/4. Second support is last-May's low crossing at $8.41 1/2.
March soybean meal closed down $1.40 at $289.60.
March soybean meal closed lower on Monday as it extends the decline off October's high. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, monthly support crossing at $288.30 is the next downside target. Closes above the 50-day moving average crossing at $300.90 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $300.90. Second resistance is January's high crossing at $307.50. First support is today's low crossing at $287.10. Second support is monthly support crossing at $288.30.
March soybean oil closed up 28-pts. at 30.22.
March soybean oil closed higher on Monday 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 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 aforementioned decline, the 75% retracement level of the May-January low crossing at 29.54 is the next downside target. Closes above the 50-day moving average crossing at 32.72 are needed to confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 31.54. Second resistance is the 20-day moving average crossing at 32.80. First support is today's low crossing at 29.81. Second support is the 75% retracement level of the May-January low crossing at 29.54.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed down $0.83 at $56.30.
February hogs closed lower on Monday as it extended the decline off January's high. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the aforementioned decline, weekly support crossing at $52.25 is the next downside target. Closes above last-Friday's gap crossing at $61.30 would temper the near-term bearish outlook. First resistance is last-Friday's gap crossing at $61.30. Second resistance is Thursday's gap crossing at 64.13. First support is today's low crossing at $54.68. Second support is weekly support crossing at $52.25.
February cattle closed up $0.30 at $121.68.
February cattle closed higher on Monday as it consolidates some of the decline off December's high. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 aforementioned decline, 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 $124.99 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $124.99. Second resistance is January's high crossing at $127.55. First support is today's low crossing at $120.72. Second support is the 38% retracement level of the September-December-2019 rally crossing at $119.22.
March Feeder cattle closed up $0.58-cents at $136.65.
March Feeder cattle closed higher due to short covering on Monday as it consolidates some of this year's decline. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at $142.02 would temper the near-term bearish outlook. If March extends this year's decline, the 75% retracement level of the September-January-rally crossing at $131.45 is the next downside target. First resistance is the 10-day moving average crossing at $138.19. Second resistance is the 20-day moving average crossing at $142.02. First support is today's low crossing at $133.65. Second support is the 75% retracement level of the September-January-rally crossing at $131.45.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed lower on Monday as it extends the decline off December's high. The low-range close sets the stage for a steady to lower opening on Tuesday. 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, October's low crossing at 9.58 is the next downside target. Closes above the 20-day moving average crossing at 11.15 would confirm that a low 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 26.86 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 closed higher on Monday as it extends the rally off September's low. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, last-January's high crossing at 16.25 is the next upside target. Closes below the 20-day moving average crossing at 14.30 are needed to confirm that a top has been posted.
March cotton closed lower on Monday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, the December 18th low crossing at 66.25 is the next downside target. Closes above the 20-day moving average crossing at 69.98 would confirm that a short-term low has been posted.
Thank you tallpine!
Still very mild and bearish for ng. Watching for signs of turning colder........not there late this evening.
S. Brazil is going to dry out a bit the next weeks........especially Rio Grande Du Sul which will struggle to get an inch of rain the next 2 weeks.
They produce 16% of the Brazil soybeans in RGD.