INO Evening Market Comments
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Started by tallpine - March 19, 2020, 4:29 p.m.

KEY EVENTS TO WATCH FOR:



Friday, March 20, 2020 



10:00 AM ET. February Existing Home Sales



                       Existing Sales (expected 5.50M; previous 5.46M)



                       Existing Sales, M/M% (expected +0.7%; previous -1.3%)



                       Unsold Homes Month's Supply (previous 3.1)



                       Median Price (USD) (previous 266300)



                       Median Home Price, Y/Y% (previous +6.8%)



10:00 AM ET. January Metropolitan Area Employment & Unemployment



Monday, March 23, 2020  



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



                       NAI (previous -0.25)



                       NAI, 3-mo Moving Avg (previous -0.09)



10:00 AM ET. 4th Quarter Quarterly Financial Report - Retail Trade



10:00 AM ET. 4th Quarter Quarterly Financial Report - Industry


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



The June NASDAQ 100 closed higher on Thursday as it consolidates some of decline off February's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but are poised to turn neutral to bullish with additional strength. If June extends the decline off February's high, the 75% retracement level of the 2018-2020-rally on the weekly crossing at 6796.94 is the next downside target. Closes above the 20-day moving average crossing at 8245.98 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7676.10. Second resistance is the 20-day moving average crossing at 8245.98. First support is Wednesday's low crossing at 6810.00. Second support is the 75% retracement level of the 2018-2020-rally on the weekly crossing at 6796.94.



The June S&P 500 closed lower on Thursday as it extends the decline off February's high. The mid-range close sets the stage for a steady to lower opening when Friday'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. If March extends the decline off February's high, the 50% retracement level of the 2009-2020-rally crossing at 2028.01 is the next downside target. Closes above the 20-day moving average crossing at 2846.58 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2606.48. Second resistance is the 20-day moving average crossing at 2846.58. First support is today's low crossing at 2314.30. Second support is the 50% retracement level of the 2009-2020-rally crossing at 2028.01.



The Dow posted an inside day with a higher close on Thursday as it consolidated some of this year's decline. The high-range close that sets the stage for a steady to higher opening is possible when Friday'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 38% retracement level of the 1974-2020-rally crossing at 18,467.07 is the next downside target. Closes above the March 12th gap crossing at 23,328.32 are needed to confirm that a short-term low has been posted. First resistance is the March 12th gap crossing at 23,328.32. Second resistance is the 20-day moving average crossing at 24,618.74. First support is Wednesday's low crossing at 18,917.46. Second support is the 38% retracement level of the 1974-2020-rally crossing at 18,467.07. 



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June T-bonds closed up 3-04/32's at 171-03.  



June T-bonds closed higher on Thursday as it consolidated some of the decline off March's high.The high-range close sets the stage for a steady to higher opening when Friday'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 June extends the decline off March's high, the 50-day moving average crossing at 165-01 is the next downside target. Closes above the 10-day moving average crossing at 177-11 would temper the near-term bearish outlook. First resistance is Monday's high crossing at 182-21. Second resistance is March's high crossing at 191-22. First support is the 50-day moving average crossing at 165-01. Second support is February's low crossing at 159-18. 



June T-notes closed up 175-pts. at 134.200.



June T-notes closed higher on Thursday as it consolidates some of this month's decline but remains  below the 20-day moving average crossing at 135.143 confirming that a short-term top has been posted. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this month's decline, the 50-day moving average crossing at 132.087 is the next downside target. Closes above the 10-day moving average crossing at 136.261 are needed to confirm that a short-term low has been posted. First resistance is March's high crossing at 140.240. Second resistance is unknown. First support is today's low crossing at 133.210. Second support is the 50-day moving average crossing at 132.087.        



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



April crude oil closed higher on Thursday as moves by global central banks and governments to support global economy helped to ease worries about the slowdown in energy demand.The high-range close sets the stage for a steady to higher opening when Friday'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 April extends this year's decline,If April extends this year's decline, the October-1998 low on the monthly continuation chart crossing at $17.12 is the next downside target. Closes above last-Monday's gap crossing at $41.05 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $30.70. Second resistance is the 20-day moving average crossing at $39.50. First support is Wednesday's low crossing at $20.06. Second support is the October-1998 low on the monthly continuation chart crossing at 17.12.  



April heating oil closed higher on Thursday 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 Friday'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 April extends this year's decline, the January 2016 low on the weekly continuation chart crossing at $84.87 is the next downside target. Closes above last-Monday's gap crossing at $137.83 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $114.65. Second resistance is the 20-day moving average crossing at $134.46. First support is Wednesday's low crossing at $93.43. Second support is weekly support crossing at $84.87.



April unleaded gas posted an inside day with a higher close on Thursday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening when Friday'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, monthly support crossing at 47.80 is the next downside target. Closes above the 20-day moving average crossing at 125.93 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 93.81. Second resistance is the 20-day moving average crossing at 125.93. First support is Wednesday's low crossing at 62.05. Second support is weekly supportcrossing at 47.80.



April Henry natural gas posted an inside day with a higher close on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 the decline below weekly support crossing at 1.611, it would open the door for additional weakness near-term. Closes above the 50-day moving average crossing at 1.892 would open the door for a larger-degree rebound near-term. First resistance is the 20-day moving average crossing at 1.795. Second resistance is the 50-day moving average crossing at 1.892. First support is Wednesday's low crossing at 1.555. Second support is weekly support crossing at 1.530.         



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



The June Dollar closed sharply higher for the third day in a row on Thursday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Friday'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 June extends the rally off March's low, the January-2017 high on the monthly continuation chart crossing at 103.82 is the next upside target. Closes below the 50-day moving average crossing at 97.81 would confirm that a short-term top has been posted. First resistance is today's high crossing at 103.70. Second resistance is the January-2017 high on the monthly continuation chart crossing at 103.82. First support is the 10-day moving average crossing at 98.28. Second support is the 50-day moving average crossing at 97.81. 



The June Euro plunged to a new contract low on Thursday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, weekly support crossing at 106.55 is the next downside target. Closes above the 10-day moving average crossing at 111.81 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 111.30. Second resistance is the 10-day moving average crossing at 111.81. First support is today's low crossing at 107.07. Second support is weekly support crossing at 106.55. 



The June British Pound closed lower for the eighth-day in a row on Thursday as it extended the decline off December's high. The low-range close sets the stage for a steady to lower opening when Friday'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 June extends the decline off December's high, the February-1985 low crossing at 1.09325 is the next downside target. Closes above the 20-day moving average crossing at 1.2679 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.2441. Second resistance is the 20-day moving average crossing at 1.2679. First support is Wednesday's low crossing at 1.1147. Second support is the February-1985 low crossing at 1.09325.



The June Swiss Franc closed sharply lower on Thursday as it extends the decline off March's high.The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this month's decline, November's low crossing at 1.0149 is the next downside target. Closes above the 10-day moving average crossing at 1.0589 would temper the near-term bearish outlook. First resistance is Monday's high crossing at 1.0698. Second resistance is March's high crossing at 1.0943. First support is today's low crossing at 1.0180. Second support is November's low crossing at 1.0149.



The June Canadian Dollar closed slightly higher on Thursday as it consolidates some of this year's decline.The high-range close sets the stage for a steady to higher opening when Friday'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 June extends the decline off January's high, the January-2016 low on the monthly continuation chart crossing at 68.09 is the next downside target. Closes above the 10-day moving average crossing at 71.69 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 71.69. Second resistance is the 20-day moving average crossing at 73.31. First support is today's low crossing at 68.20. Second support is the January-2016 low on the monthly continuation chart crossing at 68.09. 



The June Japanese Yen closed sharply lower on Thursday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, February's low crossing at 0.0897 is the next downside target. Closes above the 10-day moving average crossing at 0.0945 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.0934. Second resistance is the 10-day moving average crossing at 0.0945. First support is today's low crossing at 0.0907. Second support is February's low crossing 0.0897.  



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



April gold closed lower on Thursday posting its lowest close since December. The low-range close sets the stage for a steady to lower opening when Friday'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 Monday's high, the 62% retracement level of the 2018-2020-rally crossing at $1468.20 is the next downside target. Closes above the 20-day moving average crossing at $1605.80 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1575.20. Second resistance is the 20-day moving average crossing at $1605.80. First support is Monday's low crossing at $1450.90. Second support is the 62% retracement level of the 2018-2020-rally crossing at $1468.20.



May silver closed higher on Thursday as it consolidates some of this year's decline. The high-range close set the stage for a steady to higher opening when Friday'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, weekly support crossing at 8.400 is the next downside target. Closes above the 20-day moving average crossing at 16.223 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 14.820. Second resistance is the 20-day moving average crossing at 16.223. First support is Wednesday's low crossing at 11.640. Second support is weekly support crossing at 8.400.  



May copper closed slightly higher on Thursday but not before posting a new contract low in early trading. The high-range close sets the stage for a steady to higher opening when Friday'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 this year's decline, the January-2016 low on the monthly continuation chart crossing at 193.55 is the next downside target. Closes above the 20-day moving average crossing at 248.95 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 240.26. Second resistance is the 20-day moving average crossing at 248.95. First support is today's low crossing at 197.25. Second support is theJanuary-2016 low on the monthly continuation chart crossing at 193.55.



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



May Corn closed up $0.10-cents at 3.45 1/4. 



May corn closed higher due to short covering on Thursday as it consolidates some of this month's decline. The mid-range close sets the stage for a steady to higher opening when Friday's night sessions 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 this year's decline, monthly support crossing at $3.29 3/4 is the next downside target. Closes above the 20-day moving average crossing at $3.69 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.61 1/4. Second resistance is the 20-day moving average crossing at $3.69. First support is Wednesday's low crossing at $3.32. Second support is monthly support crossing at $3.29 3/4.    



May wheat closed up $0.26 1/4-cents at $5.34 1/2.  



May wheat closed sharply higher on Thursday and above the 20-day moving average crossing at $5.21 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to lower prices are possible near-term. If May extends today's rally, the 50-day moving average crossing at $5.45 1/2. If May renews the decline off January's high, the 87% retracement level of the September-January-rally crossing at $4.79 3/4 is the next downside target. First resistance is the 50-day moving average crossing at $5.45 1/2. Second resistance is February's high crossing at $5.68 1/2. First support is the 75% retracement level of the September-January-rally crossing at $4.95. Second support is the 87% retracement level of the September-January-rally crossing at $4.79 3/4.      



May Kansas City Wheat closed up $0.19-cents at $4.65 1/2.

 

May Kansas City wheat closed higher on Thursday and above the 20-day moving average crossing at $4.48 3/4 confirming that a short-term low has been posted. The mid-range close sets the stage for a steady to higher opening when Friday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends today's rally, February's high crossing at $4.93 1/2 is the next upside target. Closes below the 10-day moving average crossing at $4.40 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at $4.78 1/2. Second resistance is February's high crossing at $4.93 1/2. First support is the 10-day moving average crossing at $4.40. Second support is Monday's low crossing at $4.20.    



May Minneapolis wheat closed up $0.10 1/2-cents  t $5.19 3/4. 



May Minneapolis wheat closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $5.21 1/2 are needed to confirm that a short-term low has been posted. If May renews the decline off January's high, psychological support crossing at 5.00 is the next downside target. First resistance is the 20-day moving average crossing at $5.21 1/2. Second resistance is the 50-day moving average crossing at $5.39 3/4. First support is last-Thursday's low crossing at $5.03. Second support is psychological support crossing at 5.00.      



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



May soybeans closed up $0.18 1/4-cents at $8.43 3/4.



May soybeans closed higher on Thursday as it consolidates some of this year's decline. The high-range close sets the stage for a steady to higher opening when Friday'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 this year's decline, psychological support crossing at $8.00 is the next downside target. Closes above the 20-day moving average crossing at $8.74 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.74 1/2. Second resistance is the 50-day moving average crossing at $8.99 1/2. First support is Monday's low crossing at $8.21. Second support is weekly support crossing at $8.00.    



May soybean meal closed up $9.50 at $313.50. 



May soybean meal closed sharply higher on Thursday as it extends the rally off February's low. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends today's rally, last-October's high crossing at $322.70 is the next upside target. Closes below the 50-day moving average crossing at $301.00 would confirm that a short-term top has been posted. First resistance is today's high crossing at $310.50. Second resistance is October's high crossing at $322.70. First support is Tuesday's low crossing at 295.60. Second support is February's low crossing at $290.70.      



May soybean oil closed up 51-pts. At 25.55. 



May soybean oil posted an inside day with a higher close on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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, weekly support crossing at 20.70 is the next downside target. Closes above the 20-day moving average crossing at 28.01 are needed to confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 26.51. Second resistance is the 20-day moving average crossing at 28.01. First support is Wednesday's low crossing at 24.68. Second support is weekly support crossing at 20.70.        

 

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



April hogs closed up $3.00 at $61.15. 



April hogs closed limit up on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 20-day moving average crossing at $62.46 would confirm that a short-term low has been posted. If April resumes this year's decline, weekly support crossing at $47.83 is the next downside target. First resistance is the 20-day moving average crossing at $62.46. Second resistance is the 50-day moving average crossing at $66.38. First support is Monday's low crossing at $52.13. Second support is weekly support crossing at $47.83.   



April cattle closed up $3.00 at $95.10. 



April cattle closed limit up on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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, long-term support crossing at $83.41 is the next downside target. Closes above the 20-day moving average crossing at $105.26 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $98.82. Second resistance is the 20-day moving average crossing at $105.26. First support is Monday's low crossing at $91.08. Second support is long-term support crossing at $83.41.  

 

May Feeder cattle closed up $4.50-cents at $113.25. 



May Feeder cattle closed limit up on Thursday as it consolidates some of this year's decline. The high-range close sets the stage for a steady to higher opening when Friday'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 May extends this year's decline, weekly support crossing at $102.55 is the next downside target. Closes above the 20-day moving average crossing at $127.76 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $119.14. Second resistance is the 20-day moving average crossing at $127.76. First support is Wednesday's low crossing at $107.47. Second support is weekly support crossing at $102.55.       



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



May coffee closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Friday's high crossing at 11.28 would temper the near-term bearish outlook. If May resumes the decline off February's high, February's low crossing at 9.96 is the next downside target. 



May cocoa closed lower on Thursday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening on Friday. 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 87% retracement level of the October-2018 low crossing at 21.10 is the next downside target. Closes above the 20-day moving average crossing at 25.81 are needed to confirm that a short-term low has been posted.              



May sugar closed lower on Thursday as it extends the decline off February's high. The low-range close set the stage for a steady to lower opening on Friday. 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, monthly support crossing at 9.91 is the next downside target. Closes above the 10-day moving average crossing at 11.70 would confirm that a short-term low has been posted.      



May cotton closed lower on Thursday as it extended this year's decline. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, monthly support crossing at 54.53 is the next downside target. Closes above the 20-day moving average crossing at 62.01 are needed to confirm that a low has been posted. 



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