INO Evening Market Comments
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Started by tallpine - March 2, 2020, 5:02 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, March 3, 2020  



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



                       Chain Store Sales, W/W% (previous +0.1%)



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



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 +5.3%)



                       Latest Wk, Y/Y% (previous +5.4%)



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



                       Business Index (previous 45.8)



10:00 AM ET. March IBD/TIPP Economic Optimism Index



                       Economic Optimism Idx (previous 59.8)



                       6-Mo Economic Outlook (previous 57.0)



4:00 PM ET. February Domestic Auto Industry Sales



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous +1.3M)



                       Gasoline Stocks, Net Chg (Bbls) (previous +0.1M)



                       Distillate Stocks, Net Chg (Bbls) (previous -0.7M)



Wednesday, March 4, 2020  



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 655.0)



                       Composite Idx, W/W% (previous +1.1%)



                       Purchase Idx-SA (previous 267.4)



                       Purchase Idx-SA, W/W%



                       Refinance Idx



                       Refinance Idx, W/W% (previous +5.0%)



8:15 AM ET. February ADP National Employment Report



                       Private Sector Jobs, Net Chg (expected +150000; previous +291000)



9:45 AM ET. February US Services PMI



                       PMI, Services (previous 53.4)



10:00 AM ET. SEC Open Meeting



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



                       Non-Mfg Composite Idx (expected 55.3; previous 55.5)



                       Non-Mfg Business Idx (previous 60.9)



                       Prices Idx (previous 55.5)



                       Employment Idx (previous 53.1)



                       New Orders Idx (previous 56.2)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 443.335M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous +0.452M)



                       Gasoline Stocks (Bbl) (previous 256.387M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -2.691M)



                       Distillate Stocks (Bbl) (previous 138.472M)



                       Distillate Stocks, Net Chg (Bbl) (previous -2.115M)



                       Refinery Usage (previous 87.9%)



                       Total Prod Supplied (Bbl/day) (previous 19.884M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.294M)

                       

11:00 AM ET. February Global Services PMI



                       PMI, Services (previous 52.7)



2:00 PM ET. U.S. Federal Reserve Beige Book



2:00 PM ET. SEC Closed Meeting


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



The March NASDAQ 100 closed sharply higher on Monday due to short covering as it consolidated some of the decline off February'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 and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 9281.15 are needed to confirm that a short-term low has been posted. If March extends the aforementioned decline, the 75% retracement level of the October-February-rally crossing at 8059.89 is the next downside target. First resistance is the 50-day moving average crossing at 9084.84. Second resistance is the 20-day moving average crossing at 9281.15. First support is the 75% retracement level of the October-February-rally crossing at 8059.89. Second support is the 87% retracement level of the October-February-rally crossing at 7786.95.



The March S&P 500 closed sharply higher on Monday as it consolidated some of the decline off February'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 and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 3267.60 would confirm that a short-term low has been posted. If March extends the decline off February's high, the 62% retracement level of the 2018-2020-rally crossing at 2751.74 is the next downside target. First resistance is the 10-day moving average crossing at 3195.20. Second resistance is the 20-day moving average crossing at 3267.60. First support is last-Friday's low crossing at 2856.00. Second support is the 62% retracement level of the 2018-2020-rally crossing at 2751.74. 



The Dow closed sharply higher on Monday filling last-Friday's gap crossing at 25,752.82 as it consolidated some of the decline off February's high.Federal Reserve chair Jerome Powell on Friday indicated that the Fed was ready to ease monetary policy should financial or economic conditions require it.The high-range close that sets the stage for a steady to higher opening is possible 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 the Dow extends the decline off February's high, the 75% retracement level of the 2018-2020-rally crossing at 23,674.73. Today's rally filled last-Friday's gap crossing at 25,752.82 signaling that the gap was likely an exhaustion gap. First resistance is last-Thursday's gap crossing at 26,890.97. Second resistance is the 10-day moving average crossing at 27,667.17. First support is the 62% retracement level of the 2018-2020-rally crossing at 24,713.65. Second support is the 75% retracement level of the 2018-2020-rally crossing at 23,674.73. 



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



March T-bonds closed down 15/32's at 170-29.



March T-bonds closed lower on Monday as it consolidates some of the rally off January's low. Investors continue into safe-haven U.S. Treasuries, sending prices higher and yields falling. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, weekly resistance crossing at 177-03 is the next upside target. Closes below the 20-day moving average crossing at 164-15 are needed to confirm a short-term top has been posted. First resistance is today's high crossing at 173-11. Second resistance is weekly resistance crossing at 177-03. First support is the 10-day moving average crossing at 166-25. Second support is the 20-day moving average crossing at 164-15. 



March T-notes closed down 30-pts. at 134.240.



March T-notes closed slightly lower on Monday as it consolidated some of the rally off December'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally into uncharted territory, upside  targets will be hard to project. Closes below the 20-day moving average crossing at 131.262 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 135.270. Second resistance is unknown. First support is the 10-day moving average crossing at 132.239. Second support is the 20-day moving average crossing at 131.262.        



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



April crude oil posted a key reversal on Monday as it consolidated some ofthe decline off January's high.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $50.56 would temper the near-term bearish outlook. If April extends this year's decline, long-term support on the weekly continuation chart crossing at $42.05 is the next downside target. First resistance is the 20-day moving average crossing at $50.44. Second resistance is February's high crossing at $54.66. First support is today's low crossing at $43.32. Second support is long-term support on the weekly continuation chart crossing at $42.05.  



April heating oil closed higher on Monday as it consolidated some of the decline off the February 20th high. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $161.69 would confirm that a short-term low has been posted. If April extends this year's decline, weekly support crossing at $135.40 is the next downside target. First resistance is the 20-day moving average crossing at $161.69. Second resistance is the February 20th high crossing at $171.40. First support is last-Thursday's low crossing at $143.83. Second support is weekly support crossing at $135.40.



April unleaded gas posted a key reversal up due to short covering on Monday as it consolidated 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 April extends the decline off February's high, weekly support crossing at 124.50 is the next downside target. Closes above the 20-day moving average crossing at 166.29 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 166.29. Second resistance is February's high crossing at 180.33. First support is today's low crossing at 144.11. Second support is weekly support crossing at 124.50.



April Henry natural gas closed higher on Monday as it consolidates some of the decline off November'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 are poised to turn neutral to bullish with additional gains near-term. Closes above the 20-day moving average crossing at 1.857 would temper the near-term bearish outlook. If April extends the decline off February's high, weekly support crossing at 1.611 is the next downside target. First resistance is the 20-day moving average crossing at 1.857. Second resistance is February's high crossing at 2.024. First support is last-Friday's low crossing at 1.642. Second support is weekly support crossing at 1.611.         



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



The March Dollar closed sharply lower for the third day in a row on Monday as it extended decline off February'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 week's decline, the 75% retracement level of the December-February-rally crossing at 96.95 is the next downside target. Closes above the 10-day moving average crossing at 98.88 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 98.75. Second resistance is February's high crossing at 99.82. First support is today's low crossing at 97.13. Second support is the 75% retracement level of the December-February-rally crossing at 96.95.



The March Euro closed sharply higher for the third day in a row on Monday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, the January 16th high crossing at 112.12 is the next upside target. Closes below the 10-day moving average crossing at 109.15 would temper the friendly outlook. First resistance is the January 16th high crossing at 112.12. Second resistance is the December 31st high crossing at 112.93. First support the 20-day moving average crossing at 109.39. Second support is February's low crossing at 107.93. 



The March British Pound closed lower on Monday as it extended the decline off December's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the 62% retracement level of the September-December-2019 rally crossing at 1.2625 is the next downside target. Closes above the 50-day moving average crossing at 1.3038 would confirm that a short-term low has been posted. First resistance is the February 13th high crossing at 1.3080. Second resistance is the December 31st high crossing at 1.3225. First support is last-Friday's low crossing at 1.2732. Second support isthe 62% retracement level of the September-December-2019 rally crossing at 1.2625.



The March Swiss Franc closed higher on Monday as it extended the rally off last-Thursday's low.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 bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, last-August's high crossing at 1.0521 is the next upside target. Closes below the 10-day moving average crossing at 1.0267 would confirm that a short-term top has been posted.First resistance is today's high crossing at 1.0488. Second resistance is last-August's high crossing at 1.0521. First support is the 20-day moving average crossing at 1.0272. Second support is the 10-day moving average crossing at 1.0267.



The March Canadian Dollar closed sharply 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 night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 75.24 would confirm that a short-term low has been posted. If March extends the decline off December's high, last-May's low crossing at 74.16 is the next downside target. First resistance is the 20-day moving average crossing at 75.24. Second resistance is February's high crossing at 75.75. First support is last-Friday's low crossing at 74.27. Second support is last-May's low crossing at 74.16. 



The March Japanese Yen closed lower on Monday as it consolidates some of the rally off February'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 February's low, the 62% retracement level of the August-February-decline crossing at 0.0938 is the next upside target. Closes below the 10-day moving average crossing at 0.0908 would confirm that a short-term top has been posted. First resistance is January's high crossing at 0.0932. Second resistance is the 62% retracement level of the August-February-decline crossing at 0.0938. First support is the 10-day moving average crossing at 0.0908. Second support is February's low crossing 0.0892.  



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



April gold closed higher on Monday as it consolidated some of last-Friday's decline. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $1569.30 would open the door for additional weakness near-term. If April resumes the rally off January's low, monthly resistance crossing at $1704.10 is the next upside target. First resistance is last-Monday's high crossing at $1691.70. Second resistance is weekly resistance crossing at $1704.10. First support is the 50-day moving average crossing at $1569.30. Second support is February's low at $1551.10.



May silver closed slightly higher on Monday as it consolidated some of last-week's decline. The mid-range close set 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 May extends the decline off February's high, the 75% retracement level of the 2019 rally crossing at 15.981 is the next downside target. Closes above the 10-day moving average crossing at 17.953 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 17.953. Second resistance is February's high crossing at 18.920. First support is last-Friday's low crossing at 16.400. Second support is the 75% retracement level of the 2019 rally crossing at 15.981.  



May copper posted a key reversal up on Monday as it extends February's trading range. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above February's high crossing at 263.95 thereby confirming an upside breakout of February's trading range. If May extends last-week's decline, February's low crossing at 248.75 is the next downside target. First resistance is February's high crossing at 263.95. Second resistance is the 50-day moving average crossing at 269.91. First support is today's low crossing at 250.10. Second support is February's low crossing at 248.75.



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



May Corn closed up a $0.07 1/4-cents at 3.75 1/2. 



May corn closed sharply higher due to short covering on Monday as it consolidated 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 sessions begins trading. Stochastics and the RSI are oversold, diverging and are turning neutral to bearish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 3.81 1/2 are needed to confirm that a short-term low has been posted. If May extends this year's decline, weekly support crossing at $3.61 1/4 is the next downside target. First resistance is the 10-day moving average crossing at 3.77 1/4. Second resistance is the 20-day moving average crossing at $3.81 1/2. First support is last-Friday's low crossing at $3.65 3/4. Second support is weekly support crossing at $3.61 1/4.    



May wheat closed down $0.02 3/4-cents at $5.26 1/4.  



May wheat closed lower on Monday as it extended 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 May extends the decline off January's high, the 62% retracement level of the September-January-rally crossing at $5.12 is the next downside target. Closes above the 50-day moving average crossing at $5.55 1/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.44 3/4. Second resistance is the 20-day moving average crossing at $5.48 1/4. First support is the 50% retracement level of the September-January-rally crossing at $5.27. Second support is the 62% retracement level of the September-January-rally crossing at $5.12.      



May Kansas City Wheat closed up $0.04 1/2-cents at $4.57 3/4.

 

May Kansas City wheat closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $4.71 3/4 are needed to confirm that a short-term low has been posted. If May extends this month's decline, the 75% retracement level of the September-January-rally crossing at $4.34 1/2. First resistance is the 10-day moving average crossing at $4.68. Second resistance is the 20-day moving average crossing at $4.71 3/4. First support is last-Friday's low crossing at $4.39. Second support is the 75% retracement level of the September-January-rally crossing at $4.34 1/2.  



May Minneapolis wheat closed up $0.00 3/4-cents at $5.28 1/4. 



May Minneapolis wheat closed fractionally higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $5.37 3/4 are needed to confirm that a short-term low has been posted. If May extends the decline off January's high, last-September's low crossing at 5.11 1/2 is the next downside target. First resistance is the 10-day moving average crossing at $5.34. Second resistance is the 20-day moving average crossing at $5.37 3/4. First support is last-Friday's low crossing at $5.15 1/2. Second support is September's low crossing at 5.11 1/2.      



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



May soybeans closed up $0.08 1/4-cents at $9.01.



May soybeans closed higher on Monday as it extends February's trading range. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above February's high crossing at $9.10 1/4 are needed to confirm that a short-term low has been posted. If May extends this year's decline, last-May's low crossing at $8.54 is the next downside target. First resistance is February's high crossing at $9.10 1/4. Second resistance is the 50-day moving average crossing at $9.23 3/4. First support is last-Thursday's low crossing at $8.78 1/4. Second support is last-May's low crossing at $8.54.    



May soybean meal closed up $3.30 at $308.90. 



May soybean meal closed higher on Monday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, January's high crossing at $311.10 is the next upside target. Closes below the 20-day moving average crossing at $297.30 would confirm that a short-term top has been posted. First resistance is today's high crossing at $310.00. Second resistance is January's high crossing at $311.10. First support is February's low crossing at $290.70. Second support is monthly support crossing at $283.10.     



May soybean oil closed up 27-pts. at 28.95. 



May soybean oil closed higher 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, the 87% retracement level of the May 2019 low crossing at 27.85 is the next downside target. Closes above the 20-day moving average crossing at 30.53 are needed to confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 29.87. Second resistance is the 20-day moving average crossing at 30.53. First support is last-Friday's low crossing at 28.35. Second support is the May 2019 low crossing at 27.85.        

 

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



April hogs closed up $0.53 at $62.80. 



April hogs 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 April extends last-week's decline, February's low crossing at $61.00 is the next downside target. Closes above the 10-day moving average crossing at $64.91 would temper the near-term bearish outlook. First resistance is February's high crossing at $68.25. Second resistance is the 50-day moving average crossing at $70.47. First support is last-Friday's low crossing at $61.52. Second support is February's low crossing at $61.00.   



April cattle closed up $2.58 at $110.15. 



April cattle closed higher on Monday as it consolidates some of this year's decline. 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 April extends the decline off December's high, weekly support crossing at $103.75 is the next downside target. Closes above last-Monday's gap crossing at $116.95 are needed to confirm that a short-term low has been posted. First resistance is last-Monday's gap crossing at $116.95. Second resistance is the 20-day moving average crossing at $117.01. First support is last-Friday's low crossing at $107.47. Second support is weekly support crossing at $103.75.  

 

May Feeder cattle closed up $2.45-cents at $135.98. 



May Feeder cattle closed higher on Monday as it consolidated some of the decline off last-Friday's low. The mid-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $139.65 are needed to confirm that a short-term low has been posted. If May extends this year's decline, the 87% retracement level of the September-January-rally crossing at $131.31 is the next downside target. First resistance is the 20-day moving average crossing at $139.65. Second resistance is the 50-day moving average crossing at $144.09. First support is last-Friday's low crossing at $131.55. Second support is the 87% retracement level of the September-January-rally crossing at $131.31.       



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



May coffee closed higher on Monday and above the 50-day moving average crossing at 11.49. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, the 50% retracement level of the December-February-decline crossing at 12.20 is the next upside target. Closes below the 20-day moving average crossing at 10.63 would confirm that a short-term top has been posted.  



May cocoa closed lower on Monday as it extended the decline off February's high. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the January 14th gap crossing at 26.14 is the next downside target. Closes above the 20-day moving average crossing at 28.17 would confirm that a short-term low has been posted.             



May sugar posted a key reversal down on Monday as it extended the decline below the 50-day moving average crossing at 14.24. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, January's low crossing at 13.20 is the next downside target. Closes above the 20-day moving average crossing at 14.66 would confirm that a short-term low has been posted.      



May cotton closed higher due to short covering on Monday as it consolidated some of the decline off January'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 May extends the decline off January's high, last-August's low crossing at 58.84 is the next downside target. Closes above the 20-day moving average crossing at 67.37 are needed to confirm that a low has been posted.



Comments
By metmike - March 2, 2020, 9:51 p.m.
Like Reply

Thank you Tallpine!!


Warm weather is having no affect on NG prices right now. Coronavirus, tight supplies and seasonals were positive today.

Hot/dry in Argentina will hurt the late beans........that will be just starting to fill.  Rains return, starting at day 10 will lessen damage. 

OJ's reversal up from new contract lows on Friday and a higher close on Friday, was confirmed with an even higher close today.

The bad news about the Coronavirus will get worse, maybe for another month? That means the markets are vulnerable for more downside if irrational fears blind panicking traders.

Friday was at the very least, a short term exhaustion/peak of the fear in the markets.