INO Morning Market Commentary
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Started by tallpine - March 25, 2020, 8:03 a.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/exchanges/?c=indexes"



The STOCK INDEXES:The June NASDAQ 100 was slightly lower in late-overnight trading despite news that congress and the White House administration reached an agreement over a $2 trillion stimulus package to shore up the economy against the coronavirus. The mid-range trade sets the stage for a steady to higher opening when the day 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 7866.09 are needed to confirm that a low has been posted. 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. First resistance is the 20-day moving average crossing at 7866.09. Second resistance is the 50% retracement level of the February-March-decline crossing at 8208.09. First support is the January-2019 low on the weekly continuation chart crossing at 6616.75. Second support is the 87% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 6321.77.  



The June S&P 500 was lower in late-overnight trading despite news that the congress and the White House have agreed to a $2 trillion stimulus package to shore up the economy. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning.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 50% retracement level of the February-March-decline crossing at 2780.02 are needed to confirm that a short-term low has been posted. If June extends the decline off February's high, monthly support crossing at 2028.01 is the next downside target. First resistance is the 20-day moving average crossing at 2671.52. Second resistance is the 50% retracement level of the February-March-decline crossing at 2780.02. First support is Monday's low crossing at 2174.90. Second support is monthly support crossing at 2028.01. 



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



INTEREST RATES: June T-bonds were higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Monday's high crossing at 182-21 would confirm that a short-term low has been posted. If June renews the decline off March's high, the 50-day moving average crossing at 166-26 is the next downside target. First resistance is last-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 166-26. Second support is February's low crossing at 159-18.  



June T-notes were steady to slightly lower overnight as they consolidate some of the rally off last-Thursday's low. 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 renews the decline off March's high, the 50-day moving average crossing at 132.311 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 the 50-day moving average crossing at 132.311. Second support is February's low crossing at 130.025.   



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



May crude oil was lower in overnight trading. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 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 34.32 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 26.48. Second resistance is the 20-day moving average crossing at 34.32. First support is last-Wednesday's low crossing at 20.06. Second support is the October-1998 low on the monthly continuation chart crossing at 17.12.



May heating oil was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 123.86 are needed to confirm that a short-term low has been posted. 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 last-Friday's high crossing at 111.84. Second residential is the 20-day moving average crossing at 123.86. First support is last-Wednesday's low crossing at 93.43. Second support is weekly support crossing at 84.87.   



May unleaded gas was steady to slightly higher overnight as it consolidates some of Monday's decline. The mid-range overnight trade sets the stage for a steady to higher opening when the day 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 103.70 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 68.61. Second resistance is the 20-day moving average crossing at 103.70. First support is Monday's low crossing at 46.05. Second support is monthly support crossing at 32.40. 



May Henry natural gas was steady to slightly lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 1.797 would confirm that a short-term low has been posted. If May extends the decline off November's high, weekly support crossing at 1.530 is the next downside target. First resistance is the 20-day moving average crossing at 1.797. Second resistance is 50-day moving average crossing at 1.900. First support is Monday's low crossing at 1.587. Second support is weekly support crossing at 1.530.  



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



CURRENCIES:The June Dollar was lower overnight as it consolidates some of the rally off March's low. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 98.28 would confirm that a short-term top has been posted. 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. 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. First support is the 10-day moving average crossing at 100.91. Second support is the 20-day moving average crossing at 98.82. 



The June Euro was higher overnight as it consolidates some of the decline off March's high. The high-range overnight trade sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 111.03 are needed to confirm that a short-term low has been posted. If June resumes the decline off March's high, weekly support crossing at 106.54 is the next downside target. First resistance is the 10-day moving average crossing at 109.55. Second resistance is the 20-day moving average crossing at 111.03. First support is Monday's low crossing at 106.71. Second support is weekly support crossing at 106.54.     



The June British Pound was higher overnight as it extends the rally off last-Friday's low.The mid-range overnight trade sets the stage for a steady to higher opening when the day session beings 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 10-day moving average crossing at 1.1930 would temper the near-term bearish outlook. If June extends this month's decline, downside targets are unknown. First resistance is the 10-day moving average crossing at 1.1930. Second resistance is the 20-day moving average crossing at 1.2425. First support is last-Friday's low crossing at 1.1438. Second support is unknown.



The June Swiss Franc was steady to slightly higher overnight as it consolidates some of the decline off March's high. The mid-range overnight trade sets the stage for a steady to higher opening when the day 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 this month's decline, monthly support crossing at 0.9987 is the next downside target. Closes above the 20-day moving average crossing at 1.0487 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.0414. Second resistance is the 20-day moving average crossing at 1.0487. First support is Monday's low crossing at 1.0138. Second support is monthly support crossing at 0.9987.



The June Canadian Dollar was higher overnight. 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 January-2016 low on the monthly continuation chart crossing at 68.09 is the next downside target. Closes above last-Friday's high crossing at 70.71 would temper the near-term bearish outlook.First resistance is last-Friday's high crossing at 70.71. Second resistance is the 20-day moving average crossing at 72.13. 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 was steady to slightly higher overnight as it consolidates some of this month's decline. The mid-range overnight trade sets the stage for a steady to higher opening when the day 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 this month's decline, February's low crossing at 0.0897 is the next downside target. Closes above the 20-day moving average crossing at 0.0933 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.0933. Second resistance is March's high crossing at 0.0992. First support is last-Friday's low crossing at 0.0901. Second support is February's low crossing at 0.0897.



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



PRECIOUS METALS: April gold was lower overnight as it consolidates some of the rally off last-Friday's low. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the aforementioned rally, March's high crossing at $1704.30 is the next upside target. Closes below the 10-day moving average crossing at $1548.20 would confirm that a short-term top has been posted. First resistance is March's high crossing at $1704.30. Second resistance is monthly resistance crossing at $1809.50. First support is the 10-day moving average crossing at $1548.20. Second support is last-Monday's low crossing at $1450.90.



May silver was steady to slightly higher in late-overnight trading as it extends the rally off last-Wednesday's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving averagecrossing at $15.300 are needed to confirm that a short-term low has been posted. If May extends this year's decline, the October 2008 low on the monthly continuation chart crossing at $8.400 is the next downside target. First resistance is the overnight highcrossing at $14.895. Second resistance is the 20-day moving average crossing at $15.300. First support is last-Wednesday's low crossing at $11.640. Second support is the October 2008 low on the monthly continuation chart crossing at $8.400. 



May copper was lower overnight as it extends the trading range of the past four-days. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 $240.27 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 $225.54. Second resistance is the 20-day moving average crossing at $240.27. 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 was higher overnight. The mid-range trade sets the stage for a steady to higher opening when the day 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 $3.62 3/4 would confirm that a low has been posted. If May renews the decline off January's high, monthly support crossing at $3.29 3/4 is the next downside target. First resistance is last-Friday's high crossing at $3.56 3/4. Second resistance is the 20-day moving average crossing at $3.62 3/4. First support is last-Wednesday's low crossing at $3.32. Second support is monthly support crossing at $3.29 3/4.   



May wheat was higher overnight as it extends the rally off last-Monday's low. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, January's high crossing at $5.90 3/4 is the next upside target. Closes below the 20-day moving average crossing at 5.24 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 20-day moving average crossing at $5.24.

   

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

 

May Kansas City wheat 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 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 was higher overnight as it extends the rally off March's low. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at $5.37 1/4 would open the door for a possible test of February's high crossing at $5.50 3/4. Closes below the 10-day moving average crossing at $5.18 3/4 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $5.37 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 were slightly higher overnight as they extend the rally off March's low.The mid-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $8.93 1/2 would open the door for a possible test of March's high crossing at $9.12 1/2. Closes below the 10-day moving average crossing at $8.54 1/2 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $8.93 1/2. Second resistance is March's high crossing at $9.12 1/2. First support is the 10-day moving average crossing at $8.54 1/2. Second support is last-Monday's low crossing at $8.21.    



May soybean meal was lower due to profit taking overnight as it consolidates some of the rally off February's low. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at $309.00 would confirm that a short-term top has been posted. If May extends the rally off February's low, last-June's high crossing at 336.60 is the next upside target. First resistance is Tuesday'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 $313.10. Second support is the 20-day moving average crossing at $309.00.     



May soybean oil was higher overnight. The mid-range trade sets the stage for a steady to higher opening when the day 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 27.26 are needed to confirm that a short-term low has been posted. If May extends the decline off January's high, monthly support crossing at 21.54 is the next downside target. First resistance is the 20-day moving average crossing at 27.26. Second resistance is the 50-day moving average crossing at 29.85. First support is last-Wednesday's low crossing at 24.68. Second support is monthly support crossing at 21.54.    



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. 

Comments
By metmike - March 25, 2020, 4:46 p.m.
Like Reply

Thanks much tallpine!


Much cooler weather in week 2 as advertised here the last few days has shown up in the NWS forecasts........but mainly dry.