INO Evening Market Comments
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Started by tallpine - March 23, 2020, 4:04 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, March 24, 2020   



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



                       Chain Store Sales, W/W% (previous -0.5%)



                       Chain Store Sales, M/M% (previous +3.0%)



8:30 AM ET. 4th Quarter State Quarterly Personal Income



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M% (previous +1.1%)



                       Ret Sales Mo-to-Date, Y/Y% (previous +7.2%)



                       Latest Wk, Y/Y% (previous +8.5%)



9:45 AM ET. March US Flash Manufacturing PMI



                       PMI, Mfg (expected 40.0; previous 50.8)



9:45 AM ET. March US Flash Services PMI



                       PMI, Services (previous 42.0; previous 49.4)



10:00 AM ET. February New Residential Sales



                       New Home Sales (expected 758K; previous 764K)



                       New Home Sales, M/M% (expected -0.8%; previous +7.9%)



                       New Home Sales Months Supply (previous 5.1)



10:00 AM ET. March Richmond Fed Business Activity Survey



                       Mfg Idx (expected -10; previous -2)



                       Shipments Idx (previous 1)



13:30 PM ET. SEC Closed Meeting



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous -0.4M)



                       Gasoline Stocks, Net Chg (Bbls) (previous -7.8M)



                       Distillate Stocks, Net Chg (Bbls)  (previous -3.6M)



Wednesday, March 25, 2020 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 1172.1)



                       Composite Idx, W/W% (previous -8.4%)



                       Purchase Idx-SA (previous 278.1)



                       Purchase Idx-SA, W/W% (previous -0.9%)



                       Refinance Idx (previous 5751.0)



                       Refinance Idx, W/W% (previous -10.4%)



8:30 AM ET. February Advance Report on Durable Goods



                       Durable Goods-SA, M/M% (expected -0.9%; previous -0.2%)



                       Dur Goods, Ex-Defense, M/M% (previous +3.6%)



                       Dur Goods, Ex-Transport, M/M% (previous +0.9%)



                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.1%)

                       

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.1%)

                       

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



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 453.737M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous +1.954M)



                       Gasoline Stocks (Bbl) (previous 240.819M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -6.18M)



                       Distillate Stocks (Bbl) (previous 125.12M)



                       Distillate Stocks, Net Chg (Bbl) (previous -2.94M)



                       Refinery Usage (previous 86.4%)



                       Total Prod Supplied (Bbl/day) (previous 21.477M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.383M)

                       

  N/A              G7 Foreign Ministers Meeting via video teleconference concludes



Thursday, March 26, 2020 



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



                       Corn (Metric Tons) (previous 960.6K)



                       Soybeans (Metric Tons) (previous 701.2K)



                       Wheat (Metric Tons) (previous 482.1K)



8:30 AM ET. February Advance Economic Indicators Report



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



                       Jobless Claims (expected 875K; previous 281K)



                       Jobless Claims, Net Chg (previous +70K)



                       Continuing Claims (previous 1701000)



                       Continuing Claims, Net Chg (previous +2K)



8:30 AM ET. 4th Quarter 3rd estimate GDP



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



                       Chain-Weighted Price Idx, Q/Q% (expected +1.3%; previous +1.3%)



                       Corporate Profits, Q/Q%



                       PCE Price Idx, Q/Q% (previous +1.3%)



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



                       Real Final Sales, Q/Q% (previous +3.1%)



                       Core PCE Price Idx, Ex Food/Energy, Q/Q% (previous +1.2%)

                       

                       Personal Consumption, Q/Q% (previous +1.7%)



8:30 AM ET. 4th Quarter Corporate Profits



9:45 AM ET. Bloomberg Consumer Comfort Index



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



                       Working Gas In Storage (Cbf) (previous 2034B)



                       Working Gas In Storage, Net Chg (Cbf) (previous -9B)

                       (Cbf)

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



                    Manufacturing



                       Mfg Activity Idx (previous 8)



                       6-Mo Exp Prod Idx (previous 21)



                       Mfg Composite Idx (previous 5)



                       6-Mo Exp Composite Idx (previous 16)



4:30 PM ET. Money Stock Measures



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



  N/A              Ex-Im Bank Annual Conference



Friday, March 27, 2020 



8:30 AM ET. February Personal Income & Outlays



                       Personal Income, M/M% (expected +0.4%; previous +0.6%)



                       Consumer Spending, M/M% (expected +0.2%; previous +0.2%)



                       PCE Price Idx, M/M% (previous +0.1%)



                       PCE Price Idx, Y/Y% (previous +1.7%)



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



                       PCE Core Price Idx, Y/Y% (expected +1.7%; previous +1.6%)



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



                       End-Mo Sentiment Idx (expected 89.0; previous 101.0)



                       End-Mo Expectations Idx (previous 92.1)



                       12-Month Inflation Forecast  (previous 2.4%)



                       5-Year Inflation Forecast (previous 2.3%)



                       End-Mo Current Idx (previous 114.8)



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



  N/A              Shadow Open Market Committee Spring Meeting



Monday, March 30, 2020 



10:00 AM ET. February Pending Home Sales Index



                       Pending Home Sales (previous 108.8)



                       Pending Home Sales Idx, M/M% (previous +5.2%)



                       Pending Home Sales Idx , Y/Y% (previous +5.7%)



10:30 AM ET. March Texas Manufacturing Outlook Survey



                       Business Activity (previous 1.2)



                       Mfg Production Idx (previous 16.4)


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



The June NASDAQ 100 closed slightly higher on Monday as it consolidates some of the decline off February'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 June extends the decline off February's high the January-2019 low on the weekly continuation chart crossing at 6616.75 is the next downside target. Closes above the 20-day moving average crossing at 7998.40 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7399.23. Second resistance is the 20-day moving average crossing at 7998.40. First support is today's low crossing at 6628.75. Second support is the decline off February's high the January-2019 low on the weekly continuation chart crossing at 6616.75.



The June S&P 500 closed 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 Monday'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 2746.38 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2493.69. Second resistance is the 20-day moving average crossing at 2746.38. First support is today's low crossing at 2174.90. Second support is the 50% retracement level of the 2009-2020-rally crossing at 2028.01.



The Dow closed sharply lower on Monday as Fed efforts are overshadowed by rising U.S. coronavirus cases and stalled aid legislation. The mid-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 November-2016 low crossing at 17,883.56 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 24,133.88. First support is today's low crossing at 18,917.46. Second support is the November-2016 low crossing at 17,883.56. 



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



June T-bonds closed up 3-19/32's at 179-18.  



June T-bonds closed higher on Monday 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 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. If June extends the rally off last-Wednesday's low, March's high crossing at 191-22. If June resumes the decline off March's high, the 50-day moving average crossing at 165-31 is the next downside target. First resistance is today's high crossing at 181-08. Second resistance is March's high crossing at 191-22. First support is the 50-day moving average crossing at 165-31. Second support is February's low crossing at 159-18. 



June T-notes closed up 1165-pts. at 138.080.



June T-notes closed higher on Monday as it extends the rally off last-Thursday'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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends today's rally, March's high crossing at 140.240 is the next upside target. If June resumes this month's decline, the 50-day moving average crossing at 132.202 is the next downside target. First resistance is today's high crossing at 138.180. Second resistance is March's high crossing at 140.240. First support is last-Thursday's low crossing at 133.210. Second support is the 50-day moving average crossing at 132.202.        



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



May crude oil closed slightly lower on Monday. 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May 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 the 20-day moving average crossing at $36.86 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $28.52. Second resistance is the 20-day moving average crossing at $36.86. First support is last-Wednesday's low crossing at $20.52. Second support is the October-1998 low on the monthly continuation chart crossing at $17.12.   



May heating oil closed slightly higher on Monday. 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 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 weekly continuation chart crossing at $84.87 is the next downside target.First resistance is the 10-day moving average crossing at $110.14. Second resistance is the 20-day moving average crossing at $128.29. First support is last-Wednesday's low crossing at $94.30. Second support is weekly support crossing at $84.87.



May unleaded gas closed lower on Monday as it extends this year's decline. The mid-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 May extends the decline off February's high, monthly support crossing at 32.40 is the next downside target. Closes above the 20-day moving average crossing at 114.50 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 81.28. Second resistance is the 20-day moving average crossing at 114.50. First support is today's low crossing at 46.05. Second support is monthly support crossing at 32.40.



May Henry natural gas 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 May extends the decline below weekly support crossing at 1.611, it would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at 1.811 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.811. Second resistance is the 50-day moving average crossing at 1.919. First support is today's low crossing at 1.587. Second support is weekly support crossing at 1.530.         



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



The June Dollar closed slightly lower on Monday as it consolidates some of the rally off March'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 June extends the aforementioned rally, the 75% retracement of the 2001-2008 decline on the monthly continuation chart crossing at 108.73 is the next upside target. Closes below the 50-day moving average crossing at 98.07 would confirm that a short-term top has been posted. First resistance is today's high crossing at 103.96. Second resistance is the 75% retracement of the 2001-2008 decline on the monthly continuation chart crossing at 108.73 is the next upside target. First support is the 10-day moving average crossing at 99.83. Second support is the 50-day moving average crossing at 98.07. 



The June Euro closed higher on Monday as it consolidates some of the decline off March'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 June extends the decline off March's high, weekly support crossing at 106.55 is the next downside target. Closes above the 20-day moving average crossing at 111.14 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 111.14. Second resistance is last-Monday's high crossing at 112.78. First support is today's low crossing at 106.71. Second support is weekly support crossing at 106.55. 



The June British Pound 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 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 1.2539 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.2134. Second resistance is the 20-day moving average crossing at 1.2539. First support is last-Friday's low crossing at 1.1438. Second support is the February-1985 low crossing at 1.09325.



The June Swiss Franc closed slightly higher on Monday as it consolidates some of the decline off March'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 remains neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this month's decline the November-2019 low on the monthly continuation chart crossing at 0.9987 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 1.0138. Second support is the November-2019 low on the monthly continuation chart crossing at 0.9987.



The June Canadian Dollar 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 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 70.81 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 70.81. Second resistance is the 20-day moving average crossing at 72.70. First support is last-Thursday'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 lower on Monday as it extends the decline off March'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 June extends the decline off March's high, February's low crossing at 0.0897 is the next downside target. Closes above the 20-day moving average crossing at 0.0934 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.0924. Second resistance is the 20-day moving average crossing at 0.0934. First support is today's low crossing at 0.0901. Second support is February's low crossing 0.0897.  



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



April gold 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 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 $1593.30 are needed to confirm that a short-term low has been posted. If April renews the decline off Monday's high, the 62% retracement level of the 2018-2020-rally crossing at $1468.20 is the next downside target. First resistance is the 50-day moving average crossing at $1585.80. Second resistance is the 20-day moving average crossing at $1593.30. First support is last-Monday's low crossing at $1450.90. Second support isthe 62% retracement level of the 2018-2020-rally crossing at $1468.20.



May silver closed higher on Monday as it consolidates some of this year's decline. The high-range close set 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 15.648 would confirm that a short-term low has been posted. If May resumes the decline off February's high, weekly support crossing at 8.400 is the next downside target. First resistance is the 10-day moving average crossing at 13.957. Second resistance is the 20-day moving average crossing at 15.648. First support is last-Wednesday's low crossing at 11.640. Second support is weekly support crossing at 8.400.  



May copper closed lower on Monday as it posted a new low close for the year. The mid-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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 244.09 would confirm that a short-term low has been posted. 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. First resistance is the 10-day moving average crossing at 232.00. Second resistance is the 20-day moving average crossing at 244.09. First support is last-Thursday's low crossing at 197.25. Second support is the January-2016 low on the monthly continuation chart crossing at 193.55.



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



May Corn closed down $0.01 1/2-cents at 3.42 1/4. 



May corn closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night sessions 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 $3.65 1/4 are needed to confirm that a short-term low has been posted. If May extends this year's decline, monthly support crossing at $3.29 3/4 is the next downside target. First resistance is the 10-day moving average crossing at 3.54 3/4. Second resistance is the 20-day moving average crossing at $3.65 1/4. First support is last-Wednesday's low crossing at $3.32. Second support is monthly support crossing at $3.29 3/4.    



May wheat closed up $0.22 1/2-cents at $5.61 3/4.  



May wheat closed sharply higher on Monday as it extends the rally off last-Monday'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 lower prices are possible near-term. Today's close above the 50-day moving average crossing at $5.44 3/4 opens the door for a possible test of February's high crossing at $5.68 1/2. Closes below the 10-day moving average crossing at $5.18 1/4 would confirm that a short-term top has been posted. First resistance is February's high crossing at $5.68 1/2. Second resistance is January's high crossing at $5.90 3/4. 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 $0.20 1/2-cents at $4.89 1/2.

 

May Kansas City wheat closed sharply higher on Friday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Tuesday 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 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 $4.47 would confirm that a short-term top has been posted. First resistance is today's high crossing at $4.91 3/4. Second resistance is February's high crossing at $4.93 1/2. First support is the 20-day moving average crossing at $4.50. Second support is Monday's low crossing at $4.20.    



May Minneapolis wheat closed up $0.09 1/4-cents at $5.30 1/4. 



May Minneapolis wheat 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 bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low crossing at $5.03, the 50-day moving average crossing at $5.38 1/4 is the next upside target. If May renews the decline off January's high, psychological support crossing at 5.00 is the next downside target. First resistance is the 50-day moving average crossing at $5.38 1/4. Second resistance is February's high crossing at $5.50 3/4. First support is March'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 $0.20 1/2-cents at $8.83.



May soybeans closed higher on Monday as it extends the rally off last-Monday's low. Today's close above the 20-day moving average crossing at $8.73 confirms that a short-term low has been posted. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-Monday's low, the 50-day moving average crossing at $8.96 1/4 is the next upside target. If May extends renews year's decline, psychological support crossing at $8.00 is the next downside target. First resistance is the 50-day moving average crossing at $8.96 1/4. Second resistance is March's high crossing at $9.12 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 $7.70 at $332.90. 



May soybean meal closed higher for the fifth 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this month's rally, last-June's high crossing at $336.60 is the next upside target. Closes below the 50-day moving average crossing at $301.90 would confirm that a short-term top has been posted. First resistance is today's high crossing at $335.20. Second resistance is last-June's high crossing at $336.60. First support is last-Tuesday's low crossing at $295.60. Second support is February's low crossing at $290.70.      



May soybean oil closed up 42-pts. At 26.06. 



May soybean oil 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 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 27.56 are needed to confirm that a short-term top has been posted. If May extends the decline off January's high, weekly support crossing at 20.70 is the next downside target. First resistance is the 10-day moving average crossing at 26.05. Second resistance is the 20-day moving average crossing at 27.56. First support is last-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 $64.58. 



April hogs closed limit up on Monday as it extends the rally off last-Monday'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 neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at $62.18 confirms that a short-term low has been posted. If April extends the aforementioned rally, the 50-day moving average crossing at 65.91 is the next upside target. If April resumes this year's decline, weekly support crossing at $47.83 is the next downside target. First resistance is the 50-day moving average crossing at $65.91. Second resistance is February's high crossing at $68.25. First support is last-Monday's low crossing at $52.13. Second support is weekly support crossing at $47.83.   



April cattle closed up $3.00 at $101.65. 



April cattle closed limit up on Monday as it extended the rally off last-Monday's low. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 $103.60 are needed to confirm that a short-term low has been posted. If April resumes the decline off December's high, long-term support crossing at $83.41 is the next downside target. First resistance is the 20-day moving average crossing at $103.60. Second resistance is March's high crossing at $112.65. First support is last-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 $122.75. 



May Feeder cattle gapped up and closed limit up 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $125.75 are needed to confirm that a short-term low has been posted. If May renews this year's decline, weekly support crossing at $102.55 is the next downside target. First resistance is the 20-day moving average crossing at $125.75. Second resistance is the 50-day moving average crossing at $136.32. First support is last-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 Monday as it extends the rally off last-Tuesday's low. The mid-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 aforementioned rally, the 62% retracement level of the December-February-decline crossing at 12.73 is the next upside target. Closes below the 50-day moving average crossing at 10.97 would confirm that a short-term top has been posted. 



May cocoa closed higher due to short covering on Monday as it consolidates some of the decline off February'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 February's high, the October-2018 low crossing at 21.10 is the next downside target. Closes above the 20-day moving average crossing at 25.22 are needed to confirm that a short-term low has been posted.              



May sugar closed higher on Monday as it consolidates some of the decline off February's high. The high-range close set 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 February's high, monthly support crossing at 9.91 is the next downside target. Closes above the 10-day moving average crossing at 11.34 would temper the near-term bearish outlook.       



May cotton gapped down and closed lower on Monday as it extended 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 May extends the decline off January's high, monthly support crossing at 48.60 is the next downside target. Closes above the 20-day moving average crossing at 60.48 are needed to confirm that a low has been posted. 



Comments
By metmike - March 24, 2020, 2:01 a.m.
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Thanks tallpine!


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