INO Evening Market Comments
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Started by tallpine - March 24, 2020, 4:14 p.m.

KEY EVENTS TO WATCH FOR:



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 sharply higher on Tuesday as it consolidates some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 7923.41 are needed to confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at 7629.00. Second resistance is the 20-day moving average crossing at 7923.41. First support is Monday's low crossing at 6628.75. Second support is the January-2019 low on the weekly continuation chart crossing at 6616.75.



The June S&P 500 closed higher on Tuesday 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 Wednesday'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 2700.00 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2430.43. Second resistance is the 20-day moving average crossing at 2700.00. First support is Monday's low crossing at 2174.90. Second support is the 50% retracement level of the 2009-2020-rally crossing at 2028.01.



The Dow gapped up and closed sharply higher on Tuesday as it rebounded off its lowest levels since 2016 due to growing optimism that Congress will pass a fiscal stimulus package aimed at combating the economic impact of the coronavirus epidemic. The high-range close that 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 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 20-day moving average crossing at 23,326.14 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 326.14. second resistance is the March 9th gap crossing at 25,226.62. First support is Monday's low crossing at 18,213.65. 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 down 1-19/32's at 178-03.  



June T-bonds posted an inside day with a lower close on Tuesday.The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 166-12 is the next downside target. First resistance is Monday'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 166-12. Second support is February's low crossing at 159-18. 



June T-notes closed down 305-pts. at 137.085.



June T-notes closed lower on Tuesday as it consolidates some of the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last-Thursday's low, 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 132.256 is the next downside target. First resistance is Monday'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 132.256.        



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



May crude oil closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 $35.55 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $27.41. Second resistance is the 20-day moving average crossing at $35.55. 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 Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 $108.54. Second resistance is the 20-day moving average crossing at $125.98. First support is last-Wednesday's low crossing at $94.30. Second support is weekly support crossing at $84.87.



May unleaded gas closed slightly lower on Tuesday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 110.04 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 77.51. Second resistance is the 20-day moving average crossing at 110.05. First support is Monday's low crossing at 46.05. Second support is monthly support crossing at 32.40.



May Henry natural gas closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 1.803 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.803. Second resistance is the 50-day moving average crossing at 1.909. First support is Monday'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 lower on Tuesday as it consolidates some of the rally off March's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 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 98.18 would confirm that a short-term top has been posted. First resistance is Monday'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 100.41. Second support is the 50-day moving average crossing at 98.18. 



The June Euro closed higher on Tuesday as it consolidates some of the decline off March's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 111.06 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 111.06. Second resistance is last-Monday's high crossing at 112.78. First support is Monday's low crossing at 106.71. Second support is weekly support crossing at 106.55. 



The June British Pound closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off December's high, the February-1985 low crossing at 1.0932 is the next downside target. Closes above the 20-day moving average crossing at 1.2476 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.2022. Second resistance is the 20-day moving average crossing at 1.2476. 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 low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but 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 20-day moving average crossing at 1.0490 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at 1.0417. Second resistance is the 20-day moving average crossing at 1.0490. First support is Monday'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 slightly higher on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 70.44 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 70.44. Second resistance is the 20-day moving average crossing at 72.39. 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 slightly lower on Tuesday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are 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 sharply higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends this week's rally, March's high crossing at $1704.30. Closes below the 10-day moving average crossing at $1546.80 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at $1698.00. Second resistance is March's high crossing at $1704.30. First support is the 10-day moving average crossing at $1546.80. Second support is last-Monday's low crossing at $1450.90.



May silver closed higher on Tuesday as it consolidates some of this year's decline. The high-range close set the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 15.467 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 20-day moving average crossing at 15.467. Second resistance is the 50-day moving average crossing at 16.969. First support is last-Wednesday's low crossing at 11.640. Second support is weekly support crossing at 8.400.  



May copper 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 when Wednesday'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 242.24 would confirm that a short-term low has been posted. If May resumes 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 228.60. Second resistance is the 20-day moving average crossing at 242.24. 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 up $0.04 1/4-cents at 3.47 3/4. 



May corn closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night sessions 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 $3.64 are needed to confirm that a short-term low has been posted. If May resumes 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 3.51 3/4. Second resistance is the 20-day moving average crossing at $3.64. 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 down $0.02-cents at $5.60 1/2.  



May wheat closed lower on Tuesday as it consolidates some of the rally off last-Monday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If May extends the rally off March's low, February's high crossing at $5.68 1/2 is the next upside target. Closes below the 10-day moving average crossing at $5.22 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 50-day moving average crossing at $5.44 3/4. Second support is the 10-day moving average crossing at $5.22 1/4.      



May Kansas City Wheat closed up $0.01 1/4-cents at $4.90 3/4.

 

May Kansas City wheat closed 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 Wednesday 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 rally off March's low, February's high crossing at $4.93 1/2 is the next upside target. Closes below the 10-day moving average crossing at $4.51 3/4 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at $4.91 3/4. Second resistance is February's high crossing at $4.93 1/2. First support is the 50-day moving average crossing at $4.71. Second support is the 10-day moving average crossing at $4.51 3/4.   



May Minneapolis wheat closed up $0.04 3/4-cents at $5.35. 



May Minneapolis wheat closed higher on Tuesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the 50-day moving average crossing at $5.37 3/4 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 $5.37 3/4. Second resistance is February's high crossing at $5.50 3/4. First support is the 10-day moving average crossing at $5.16 1/4. Second support is March's low crossing at $5.03.       



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



May soybeans closed up $0.02-cents at $8.86.



May soybeans closed higher on Tuesday 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. If May extends the rally off last-Monday's low, the 50-day moving average crossing at $8.94 3/4 is the next upside target. Closes below the 10-day moving average crossing at $8.53 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $8.94 3/4. Second resistance is March's high crossing at $9.12 1/2. First support is last-Monday's low crossing at $8.21. Second support is weekly support crossing at $8.00.    



May soybean meal closed down $2.70 at $330.90. 



May soybean meal closed lower on Tuesday as it consolidates some of the rally off February's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 $302.40 would confirm that a short-term top has been posted. First resistance is today's high crossing at $336.30. Second resistance is last-June's high crossing at $336.60. First support is the 10-day moving average crossing at $310.30. Second support is the 50-day moving average crossing at $302.40.      



May soybean oil closed up 36-pts. At 26.50. 



May soybean oil closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 27.40 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 20-day moving average crossing at 27.40. Second resistance is the March 9th gap crossing at 28.53. 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 $1.85 at $66.43. 



April hogs gapped up and closed above the 50-day moving average crossing at $65.75 on Tuesday as it extends the rally off last-Monday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the aforementioned rally, March's high crossing at $68.25 is the next upside target. Closes below the 10-day moving average crossing at $60.54 would confirm that a short-term top has been posted. First resistance is March's high crossing at $68.25. Second resistance is the 50% retracement level of the 2019-2020-decline crossing at $71.54. First support is today's gap crossing at $64.58. Second support is the 10-day moving average crossing at $60.54.   



April cattle closed up $4.50 at $106.15. 



April cattle closed limit up on Tuesday as it extended the rally off last-Monday's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off March's low, March's high crossing at $112.65 is the next upside target. Closes below the 10-day moving average crossing at $98.06 would confirm that a short-term top has been posted. First resistance is the March 11th high crossing at $106.85. Second resistance is March's high crossing at $112.65. First support is March's low crossing at $91.08. Second support is long-term support crossing at $83.41.  

 

May Feeder cattle closed up $6.75-cents at $129.50. 



May Feeder cattle gapped up and closed limit up on Tuesday as it extended the rally off March's low. The limit up close sets the stage for a steady to higher opening when Wednesday's 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 $125.44 confirmed that a short-term low has been posted. If May extends the rally off March's low, the 50-day moving average crossing at $135.89 is the next downside target. First resistance is the 50-day moving average crossing at $135.89. Second resistance is March's high crossing at $138.20. First support the 10-day moving average crossing at $117.44. Second support is last-Wednesday's low crossing at $107.47.       



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



May coffee closed higher on Tuesday as it extends the rally off last-Tuesday's low. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 10.98 would confirm that a short-term top has been posted. 



May cocoa closed slightly higher due to short covering on Tuesday as it consolidates some of the decline off February's high. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 24.94 are needed to confirm that a short-term low has been posted.              



May sugar gapped up and closed higher on Tuesday 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 Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the March 12th gap crossing at 12.23 would temper the near-term bearish outlook. If May extends the decline off February's high, monthly support crossing at 9.91 is the next downside target.        



May cotton closed higher on Tuesday filling Monday's gap crossing at 53.20 as it consolidated some of this week's decline. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 59.81 are needed to confirm that a low has been posted. 

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