INO Evening Market Comments
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Started by tallpine - March 30, 2020, 4:44 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, March 31, 2020  



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



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



                       Chain Store Sales, M/M% (previous +2.9%)



8:30 AM ET. 4th Quarter U.S. International Investment Position



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M% (previous +1.7%)



                       Ret Sales Mo-to-Date, Y/Y% (previous +7.9%)



                       Latest Wk, Y/Y% (previous +9.1%)



9:00 AM ET. January S&P CoreLogic Case-Shiller Indices



                       10-City Idx, M/M% (previous +0.1%)



                       10-City Idx, Y/Y% (previous +2.4%)



                       20-City Idx, M/M% (previous +0.0%)



                       20-City Idx, Y/Y% (previous +2.9%)



                       National Idx, M/M% (previous +0.1%)



                       National Idx, Y/Y% (previous +3.8%)



9:45 AM ET. March ISM-Chicago Business Survey - Chicago PMI



                       PMI-Adj (expected 40.5; previous 49.0)



10:00 AM ET. March Consumer Confidence Index



                       Cons Conf Idx (expected 110.0; previous 130.7)



                       Expectation Idx (previous 107.8)



                       Present Situation Idx (previous 165.1)



3:00 AM ET. February Agricultural Prices



                       Farm Prices, M/M% (previous +0.8%)



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous -1.2M)



                       Gasoline Stocks, Net Chg (Bbls) (previous -2.6M)



                       Distillate Stocks, Net Chg (Bbls) (previous -1.9M)



Wednesday, April 1, 2020  



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 758.4)



                       Composite Idx, W/W% (previous -29.4%)



                       Purchase Idx-SA (previous 237.4)



                       Purchase Idx-SA, W/W%



                       Refinance Idx (previous 3809.3)



                       Refinance Idx, W/W% (previous -33.8%)



8:15 AM ET. March ADP National Employment Report



                       Private Sector Jobs, Net Chg (expected -263000; previous +183000)



9:45 AM ET. March US Manufacturing PMI



                       PMI, Mfg (previous 50.7)



10:00 AM ET. March ISM Manufacturing Report on Business



                       Manufacturing PMI (expected 44.0; previous 50.1)



                       Prices Idx (previous 45.9)



                       Employment Idx (previous 46.9)



                       Inventories (previous 46.5)



                       New Orders Idx (previous 49.8)



                       Production Idx (previous 50.3)



10:00 AM ET. February Construction Spending - Construction Put in Place



                       New Construction (expected +0.7%; previous +1.8%)



                       Residential Construction



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 455.36M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous +1.623M)



                       Gasoline Stocks (Bbl) (previous 239.282M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -1.537M)



                       Distillate Stocks (Bbl) (previous 124.442M)



                       Distillate Stocks, Net Chg (Bbl) (previous -0.678M)



                       Refinery Usage (previous 87.3%)



                       Total Prod Supplied (Bbl/day) (previous 19.4M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous -2.077M)

                       

11:00 AM ET. March Global Manufacturing PMI



                       PMI, Mfg (previous 47.2)



2:00 PM ET. SEC Closed Meeting



16:00 PM ET. March Domestic Auto Industry Sales



Thursday, April 2, 2020 



7:30 AM ET. March Challenger Job-Cut Report



                       Job Cuts, M/M% (previous -16.4%)



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



                       Corn (Metric Tons) (previous 1897.2K)



                       Soybeans (Metric Tons) (previous 904.8K)



                       Wheat (Metric Tons) (previous 1106.5K)



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



                       Jobless Claims (expected 2650K; previous 3283K)



                       Jobless Claims, Net Chg (previous +3001K)



                       Continuing Claims (previous 1803000)



                       Continuing Claims, Net Chg (previous +101K)



8:30 AM ET. February U.S. International Trade in Goods & Services



                       Trade Balance (USD) (expected -39.3B; previous -45.34B)



                       Exports (USD) (previous 208.57B)



                       Exports, M/M% (previous -0.4%)



                       Imports (USD) (previous 253.91B)



                       Imports, M/M% (previous -1.6%)



9:45 AM ET. Bloomberg Consumer Comfort Index



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



                       Business Index (previous 51.9)



10:00 AM ET. February Manufacturers' Shipments, Inventories & Orders (M3)



                       Total Orders, M/M% (expected +0.3%; previous -0.5%)



                       Orders, Ex-Defense, M/M% (previous +1.3%)



                       Orders, Ex-Transport, M/M% (previous -0.1%)



                       Durable Goods, M/M% (previous -0.2%)



                       Durable Goods, M/M%



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



                       Working Gas In Storage (Cbf) (previous 2005B)



                       Working Gas In Storage, Net Chg (Cbf) (previous -29B)

                       

4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Money Stock Measures



4:30 PM ET. Federal Discount Window Borrowings



Friday, April 3, 2020  



8:30 AM ET. March U.S. Employment Report



                       Non-Farm Payrolls (expected -56K; previous +273K)



                       Unemployment Rate (expected 3.7%; previous 3.5%)



                       Avg Hourly Earnings (USD) (previous 28.52)



                       Avg Hourly Earnings-Net Chg (USD) (previous +0.09)



                       Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.32%)



                       Avg Hourly Earnings, Y/Y% (expected +3.0%; previous +3.0%)



                       Overall Workweek (previous 34.4)



                       Overall Workweek Net Chg (previous +0.1)



                       Government Payrolls (previous +45K)



                       Private Payroll (previous +228K)



                       Participation Rate (previous 63.4%)



                       Non-Farm Payrolls Bench Net Chg



9:45 AM ET. March US Services PMI



                       PMI, Services (previous 49.4)



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



                       Non-Mfg Composite Idx (expected 45.7; previous 57.3)



                       Non-Mfg Business Idx (previous 57.8)



                       Prices Idx (previous 50.8)



                       Employment Idx (previous 55.6)



                       New Orders Idx (previous 63.1)



11:00 AM ET. March Global Services PMI



                       PMI, Services (previous 47.1)



Monday, April 6, 2020  



8:30 AM ET. Annual Advance GDP by Industry



10:00 AM ET. March Employment Trends Index



                       ETI (previous 108.96)



                       ETI, Y/Y%



  N/A              World Strategic Forum commences


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



The Dow closed higher on Monday as it focuses on efforts to slow coronavirus spread. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 22,463.03 are needed to confirm that a short-term low has been posted. If the Dow renews the decline off February's high, the November-2016 low crossing at 17,883.56 is the next downside target. First resistance is the 20-day moving average crossing at 22,463.03. Second resistance is the March 12th gap crossing at 23,328.32. First support is the 10-day moving average crossing at 20,726.36. Second support is last-Monday's low crossing at 18,213.65. Third support is the November-2016 low crossing at 17,883.56. 



The June NASDAQ 100 closed higher on Monday and is poised to extend the rally off March'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. Closes above last-Thursday's high crossing at 7893.50 are needed to confirm that a short-term low has been posted. If June resumes 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 last-Thursday's high crossing at 7893.50. Second resistance is the 50% retracement level of the February-March-decline crossing at 8208.09. First support is last-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 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. Closes above the 20-day moving average crossing at 2611.30 would confirm that a short-term low has been posted. If March resumes the decline off February's high, the 50% retracement level of the 2009-2020-rally crossing at 2028.01 is the next downside target. First resistance is the 20-day moving average crossing at 2611.30. Second resistance is the 50% retracement level of the February-March-decline crossing at 2780.02. First support is last-Monday's low crossing at 2174.90. Second support is the 50% retracement level of the 2009-2020-rally crossing at 2028.01.



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



June T-bonds closed down 17/32's at 179-19.  



June T-bonds 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March'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 168-04 is the next downside target. First resistance is last-Monday's high crossing at 181-08. Second resistance is March's high crossing at 191-22. First support is the 10-day moving average crossing at 176-14. Second support is the 50-day moving average crossing at 168-04. 



June T-notes closed down 60-pts. at 138.170.



June T-notes 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, March's high crossing at 140.240 is the next upside target. Closes below the 20-day moving average crossing at 137-011 would signal that a short-term top has been posted while opening the door for a possible test of the 50-day moving average crossing at 133.167. First resistance is today's high crossing at 139.125. Second resistance is March's high crossing at 140.240. First support is the 20-day moving average crossing at 137.011. Second support is the 50-day moving average crossing at 133.167.        



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



May crude oil closed lower on Monday but settled above $20. Concerns over a decline in energy demand pushed prices to their lowest finish since 2002. Global demand for oil remains under pressure as billions of people globally are staying home to prevent the spread of COVID-19.The low-range close sets the stage for a steady to lower 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 $30.63 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $23.69. Second resistance is the 20-day moving average crossing at $30.63. First support is today's low crossing at $19.27. Second support is the October-1998 low on the monthly continuation chart crossing at $17.12.   



May heating oil closed lower on Monday. The low-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes this year's decline, the January 2016 low on the weekly continuation chart crossing at $84.87 is the next downside target. Closes above the 20-day moving average crossing at $117.26 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $117.26. Second resistance is the March 9th gap crossing at $137.81. First support is March's low crossing at $94.30. Second support is weekly support crossing at $84.87.



May unleaded gas closed slightly lower on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 90.82 are needed to confirm that a short-term low has been posted. If May extends the decline off February's high, monthly support crossing at 32.40 is the next downside target. First resistance is the 10-day moving average crossing at 62.25. Second resistance is the 20-day moving average crossing at 90.82. First support is last-Monday'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 renews 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 1.782 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 1.782. Second resistance is the 50-day moving average crossing at 1.872. First support is last-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 higher on Monday as it consolidates 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 are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 98.39 would open the door for a larger-degree decline into early-April. Closes above the 10-day moving average crossing at 101.11 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 101.11. Second resistance is March's high crossing at 103.96. First support is the 50-day moving average crossing at 98.39. Second support is the 75% retracement level of March's rally crossing at 96.89. 



The June Euro closed lower on Monday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the March 16th high crossing at 112.78 is the next upside target. Closes below the 10-day moving average crossing at 109.34 would confirms that a short-term top has been posted. First resistance is the March 16th high crossing at 112.78 is the next upside target. Second resistance is March's high crossing at 115.45. First support is the 10-day moving average crossing at 109.34. Second support is March's low crossing at 106.71. 



The June British Pound closed lower on Tuesday but remains above the 20-day moving average crossing at 1.2354. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 50-day moving average crossing at 1.2760 is the next  upside target. Closes below the 10-day moving average crossing at 1.1927. First resistance is the 50% retracement level of the December-March-decline crossing at 1.2505. Second resistance is the 50-day moving average crossing at 1.2760. First support is the 10-day moving average crossing at 1.1927. Second support is March's low crossing at 1.1438. 



The June Swiss Franc closed lower on Monday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the March 16th high crossing at 1.0698 is the next upside target. Closes below the 10-day moving average crossing at 1.0340 would confirm that a short-term top has been posted. First resistance is the March 16th high crossing at 1.0698. Second resistance is March's high crossing at 1.0943. First support is March'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 as it consolidates some of the rally off March's low.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 71.64 would open the door for a larger-degree rally into early-April. If June renews the decline off January's high, the January-2016 low on the monthly continuation chart crossing at 68.09 is the next downside target. First resistance is the 20-day moving average crossing at 71.64. Second resistance is the 50% retracement level of the January-March-decline crossing at 72.71. First support is March'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 Monday after spiking above resistance marked by the 20-day moving average crossing at 0.0934. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.0934 are needed to confirm that a short-term low has been posted. If June resumes the decline off March's high, February's low crossing at 0.0897 is the next downside target. First resistance is the 20-day moving average crossing at 0.0934. Second resistance is March's high crossing at 0.0992. First support is last-Wednesday's low crossing at 0.0900. Second support is February's low crossing 0.0897.  



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



April gold closed lower on Monday as it extended the decline off last-Wednesday'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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at $1574.10 are needed to confirm that a short-term top has been posted. If April renews the rally off March's low, March's high crossing at $1704.30. First resistance is last-Wednesday's high crossing at $1699.30. Second resistance is March's high crossing at $1704.30. First support is the 20-day moving average crossing at $1597.60. Second support is the 10-day moving average crossing at $1574.10.



May silver closed lower on Monday as it consolidates some of the rally off March's low. The low-range close set the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 14.921 are needed to 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 14.921. Second resistance is the 50-day moving average crossing at 16.691. First support is the 10-day moving average crossing at 13.517. Second support is March's low crossing at 11.640.  



May copper closed unchanged on Monday as it consolidates below the 10-day moving average crossing at 218.00. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 234.57 are needed to 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 last-Tuesday's high crossing at 223.95. Second resistance is the 20-day moving average crossing at 234.57. First support is March's low crossing at 197.25. Second support is theJanuary-2016 low on the monthly continuation chart crossing at 193.55.



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



July Corn closed down $0.03 3/4-cents at 3.48. 



July corn closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night sessions begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July resumes this year's decline, monthly support crossing at $3.29 3/4 is the next downside target. Closes above the 20-day moving average crossing at $3.63 are needed to confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at 3.60 3/4. Second resistance is the 20-day moving average crossing at $3.63. First support is March's low crossing at $3.38 1/4. Second support is monthly support crossing at $3.29 3/4.    



July wheat closed up a $0.00 1/2-cent at $5.57 3/4.  



July wheat closed fractionally higher on Monday. 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 overbought but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If July extends the rally off March's low, January's high crossing at $5.89 is the next upside target. Closes below the 20-day moving average crossing at $5.28 1/2 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $5.71 1/2. Second resistance is January's high crossing at $5.89. First support is the 50-day moving average crossing at $5.43 3/4. Second support is the 20-day moving average crossing at $5.28 1/2.      



July Kansas City Wheat closed up $0.01 1/4-cents at $4.92 3/4.

 

July Kansas City wheat closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the rally off March's low, January's high crossing at $5.19 is the next upside target. Closes below the 20-day moving average crossing at $4.64 1/4 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $5.09 1/4. Second resistance is January's high crossing at $5.19. First support is the 50-day moving average crossing at $4.77. Second support is the 20-day moving average crossing at $4.64 1/4.   



July Minneapolis wheat closed down $0.01-cent at $5.44 1/2. 



July Minneapolis wheat posted an inside day with a lower close on Tuesday 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 and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 5.32 would temper the near-term friendly outlook. If July extends the rally off March's low, February's high crossing at $5.58 3/4 is the next upside target. First resistance is February's high crossing at $5.58 3/4. Second resistance is January's high crossing at $5.82 1/2. First support is the 20-day moving average crossing at $5.32. Second support is March's low crossing at $5.13 1/2.       



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



July soybeans closed up $0.01 1/4-cents at $8.86 1/2.



July soybeans closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, March's high crossing at $9.20 1/2 is the next upside target. Closes below the 10-day moving average crossing at $8.69 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at $8.99 1/4. Second resistance is March's high crossing at $9.20 1/2. First support is the 10-day moving average crossing at $8.69. Second support is March's low crossing at $8.29.      



July soybean meal closed up $1.50 at $321.20. 



July soybean meal closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at $310.20 would confirm that a short-term top has been posted. If July resumes this month's rally, last-May's high crossing at $336.80 is the next upside target. First resistance is last-Tuesday's high crossing at $326.40. Second resistance is last-May's high crossing at $336.80. First support is the 10-day moving average crossing at $314.10. Second support is the 20-day moving average crossing at $310.20.      



July soybean oil closed down 5-pts. At 27.17. 



July soybean oil 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 27.27 are needed to confirm that a short-term low has been posted. If May renews 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 27.27. Second resistance is the March 9th gap crossing at 28.89. First support is March's low crossing at 25.02. Second support is weekly support crossing at 20.70.        

 

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



April hogs closed down $4.50 at $53.95. 



April hogs gapped down and closed limit down on Monday as it extended the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned decline, March's low crossing at $52.13 is the next downside target. Closes above the 50-day moving average crossing at $64.63 would confirm that a short-term low has been posted. First resistance is February'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 low crossing at $53.95. Second support is March's low crossing at $52.13.  



April cattle closed down $1.75 at $99.20. 



April cattle closed lower on Monday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 10-day moving average crossing at $100.41 confirms that a short-term top has been posted. If April renews the rally off March's low, March's high crossing at $112.65 is the next upside target. First resistance is March's high crossing at $112.65. Second resistance is the 50-day moving average crossing at $112.21. First support is today's low crossing at $98.37. Second support is March's low crossing at $91.08. 

 

May Feeder cattle closed down $0.03-cents at $120.90. 



May Feeder cattle closed slightly lower on Monday as it consolidated some of the rally off March's low. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at $120.03 would temper the near-term friendly outlook. If May resumes this month's rally, the 50-day moving average crossing at $133.82 is the next upside target. First resistance is the 50-day moving average crossing at $133.82. Second resistance is March's high crossing at $138.20. First support the 10-day moving average crossing at $120.03. Second support is March's low crossing at $107.47.       



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



May coffee posted an inside day with a higher close on Monday as it consolidates some of last-week's decline. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 11.45 would confirm that a short-term top has been posted. If May renews the aforementioned rally, the 75% retracement level of the December-February-decline crossing at 13.33 is the next upside target. 



May cocoa closed unchanged on Monday as it extended the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower 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 24.03 are needed to confirm that a short-term low has been posted.              



May sugar closed lower on Monday as it extended the decline off last-Wednesday's high. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning 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 20-day moving average crossing at 11.77 are needed to temper the near-term bearish outlook.        



May cotton closed lower on Monday as it extends 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 57.58 are needed to confirm that a low has been posted.   



Comments
By metmike - March 30, 2020, 6:55 p.m.
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Thanks tallpine!


USDA wild guess 11 am tomorrow.


Weather is looking warmer than it did a few days ago in the south and east.

There will be an increasing chance of very heavy rains as week 2 progresses. Highest chance south of the Cornbelt but still possible IN the Cornbelt.


COVID-19 #'s have slowed down and we hope they don't pick up again this week but will let the data tell us, not the bs MSM(CNN), that has been stating fake news, that the US numbers are doubling every 2 to 3 days. They had slowed down to small increases the past 3 days. 

https://www.marketforum.com/forum/topic/48892/