INO Evening Market Comments
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Started by tallpine - April 15, 2020, 4:11 p.m.

KEY EVENTS TO WATCH FOR:



Thursday, April 16, 2020  



8:30 AM ET. April Philadelphia Fed Business Outlook Survey



                       Business Activity (expected -30.0; previous -12.7)



                       Prices Paid (previous 4.8)



                       Employment (previous 4.1)



                       New Orders (previous -15.5)



                       Prices Received (previous 6.8)



                       Delivery Times (previous -9.1)



                       Inventories (previous 1.7)



                       Shipments (previous 0.2)



8:30 AM ET. March New Residential Construction - Housing Starts and Building Permits



                       Total Starts (expected 1.35M; previous 1.599M)



                       Housing Starts, M/M% (expected -15.6%; previous -1.5%)



                       Building Permits (expected 1.25M; previous 1.464M)



                       Building Permits, M/M% (expected -14.6%; previous -5.5%)



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



                       Jobless Claims (expected 5.0M; previous 6.61M)



                       Jobless Claims, Net Chg (previous -261K)



                       Continuing Claims (previous 7455000)



                       Continuing Claims, Net Chg (previous +4396K)



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



                       Corn (Metric Tons) (previous 2457.7K)



                       Soybeans (Metric Tons) (previous 876.9K)



                       Wheat (Metric Tons) (previous 376.1K)



9:45 AM ET. Bloomberg Consumer Comfort Index



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



                       Working Gas In Storage (Cbf) (previous 2024B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +38B)



4:30 PM ET. Money Stock Measures



4:30 PM ET. Foreign Central Bank Holdings



4:30 AM ET. Federal Discount Window Borrowings



  N/A              Emancipation Day in Washington, DC



Friday, April 17, 2020  



10:00 AM ET. March Leading Indicators



                       Leading Index, M/M% (expected -7.2%; previous +0.1%)



                       Leading Index (previous 112.1)



                       Coincident Index, M/M% (previous +0.3%)



                       Lagging Index, M/M% (previous +0.4%)



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



Monday, April 20, 2020 



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



                       NAI (previous 0.16)



                       NAI, 3-mo Moving Avg (previous -0.21)



  N/A              Patriot's Day in Massachusetts and Maine



Tuesday, April 21, 2020



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



                       Chain Store Sales, W/W%



                       Chain Store Sales, M/M%



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M%



                       Ret Sales Mo-to-Date, Y/Y%



                       Latest Wk, Y/Y%



10:00 AM ET. March Existing Home Sales



                       Existing Sales (previous 5.77M)



                       Existing Sales, M/M% (previous +6.5%)



                       Unsold Homes Month's Supply (previous 3.1)



                       Median Price (USD) (previous 270100)



                       Median Home Price, Y/Y% (previous +8.0%)



4:30 PM ET. API Weekly Statistical Bulletin



                      Crude Stocks, Net Chg (Bbls)



                       Gasoline Stocks, Net Chg (Bbls)



                       Distillate Stocks, Net Chg (Bbls)



Wednesday, April 22, 2020 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx



                       Composite Idx, W/W%



                       Purchase Idx-SA



                       Purchase Idx-SA, W/W%



                       Refinance Idx



                       Refinance Idx, W/W%



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



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl)



                       Crude Oil Stocks, Net Chg (Bbl)



                       Gasoline Stocks (Bbl)



                       Gasoline Stocks, Net Chg (Bbl)



                       Distillate Stocks (Bbl)



                       Distillate Stocks, Net Chg (Bbl)



                       Refinery Usage



                       Total Prod Supplied (Bbl/day)



                       Total Prod Supplied, Net Chg (Bbl/day)

                       

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



The Dow gapped down and closed lower on Wednesday as investors review corporate earnings to gauge the impact of the coronavirus pandemic. While E.U. and U.S. federal officials are planning to lift restrictions to help revive their economies, earnings reports will providing a clearer picture of how the pandemic is affecting business with the global economy that appears headed for a deep recession. The mid-range close that sets the stage for a steady opening when Thursday'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 the Dow extends the rally off March's low, the 50-day moving average crossing at 24,765.29 is the next upside target. Closes below the 20-day moving average crossing at 21,743.18 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 24,040.58. Second resistance is the 50-day moving average crossing at 24,765.29. First support is the 10-day moving average crossing at 22,676.81. Second support is the 20-day moving average crossing at 21,743.18.  



The June NASDAQ 100 posted an inside day with a lower close on Wednesday as it consolidates some of Tuesday's rally but remain abovethe 50-day moving average crossing at 8403.75. The mid-range close sets the stage for a steady opening when Thursday'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 level of the February-March-decline crossing at 9003.03 is the next upside target. Closes below the 20-day moving average crossing at 7757.91 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the February-March-decline crossing at 9003.03. Second resistance is the 87% retracement level of the January-March-decline crossing at 9384.61. First support is the 10-day moving average crossing at 8074.02. Second support is the 20-day moving average crossing at 7757.91.  



The June S&P 500 posted an inside day with a lower close on Wednesday 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 Thursday'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 March extends the rally off March's low, the 50-day moving average crossing at 2870.48 is the next upside target. Closes below the 20-day moving average crossing at 2555.14 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 2870.48. Second resistance is the 62% retracement level of the February-March-decline crossing at 2924.34. First support is the 10-day moving average crossing at 2662.76. Second support is the 20-day moving average crossing at 2555.14.



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



June T-bonds closed up 2-31/32's at 180-21.  



June T-bonds closed higher on Wednesday.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. If June renews the rally off March's low, March's high crossing at 191-22.First resistance is the April 3rd high crossing at 182-31. If June extends the decline off the April 3rd high crossing at 182-31 the 50-day moving average crossing at 172-15 is the next downside target. First resistance is the April-3rd high crossing at 182-31. Second resistance is March's high crossing at 191-22. First support is the 50-day moving average crossing at 172-15. Second support is March's low crossing at 167-05. 



June T-notes closed up 310-pts. at 139.060.



June T-notes closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews 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 137.284 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 139.145. Second resistance is March's high crossing at 140.240. First support is the 20-day moving average crossing at 137.284. Second support is the 50-day moving average crossing at 135.105.        



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



May crude oil closed lower on Wednesday spiked below trading range support as it extends a five-week old trading range. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews 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 reaction high crossing at $29.13 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at $29.13. Second resistance is the 25% retracement level of the January-April-decline crossing at $30.55. First support is April's low crossing at $19.20. Second support is the October-1998 low on the monthly continuation chart crossing at $17.12.   



May heating oil closed lower on Wednesday and below trading range support crossing at $93.03 as it renewed this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 extends this year's decline, the January 2016 low on the weekly continuation chart crossing at $84.87 is the next downside target. Closes above the reaction high crossing at $113.84 would signal that a short-term low has been posted. First resistance is the reaction high crossing at $113.84. Second resistance is the 50-day moving average crossing at $130.45. First support is today's low crossing at $89.76. Second support is weekly support crossing at $84.87.



May unleaded gas closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 the rally off March's low, the 25% retracement level of the January-March-decline decline crossing at 84.25 is the next upside target. If May resumes the decline off February's high, monthly support crossing at 32.40 is the next downside target. First resistance is the 25% retracement level of the January-March-decline decline crossing at 84.25. Second resistance is the 38% retracement level of the January-March-decline decline crossing at 104.62. First support is March's low crossing at 46.05. Second support is monthly support crossing at 32.40.



May Henry natural gas closed lower on Wednesday as it extended the decline off last-Wednesday's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 off last-Wednesday's high, April's low crossing at 1.521 is the next downside target. If May renews the rally off April's low, March's high crossing at 2.044 is the next upside target. First resistance is last-Wednesday's high crossing at 1.918. Second resistance is March's high crossing at 2.044. First support is April's low crossing at 1.521. Second support is weekly support crossing at 1.500.         



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



The June Dollar closed higher due to short covering on Wednesday as it consolidates some of the decline off last-week's high. The mid-range close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. If June extends this week's decline, the March 27th low crossing at 98.34 is the next downside target. Closes above the 20-day moving average crossing at 100.46 would confirm that a short-term low has been posted. First resistance is last-week's high crossing at 101.03. Second resistance is March's high crossing at 103.96. First support is the March 27th low crossing at 98.34. Second support is the 62% retracement level of March's rally crossing at 98.14. 



The June Euro closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off the March 27th high, March's low crossing at 106.71 is the next downside target. Closes above the 50-day moving average crossing at 110.22 would confirm that a short-term low has been posted. First resistance is the March 27th high crossing at 111.88. Second resistance is the March 16th high crossing at 112.78. First support is last-Monday's low crossing at 108.75. Second support is March's low crossing at 106.71. 



The June British Pound closed lower on Wednesday as it consolidates some of the rally off March's low. The mid-range close sets the stage for a steady opening when Thursday'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 62% retracement level of the December-March-decline decline crossing at 1.2758 is the next upside target. Closes below the 20-day moving average crossing at 1.2194 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the December-March-decline crossing at 1.2758. Second resistance is the 75% retracement level of the December-March-decline crossing at 1.3042. First support is the 20-day moving average crossing at 1.2194. Second support is March's low crossing at 1.1438. 



The June Swiss Franc closed lower on Wednesday as it consolidated some of the rally off April's low.The mid-range close sets the stage for a steady to higher opening when Thursday'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 April's low, the March 30th high crossing at 1.0566 is the next upside target. If June renews the decline off the March 30th high, March's low crossing at 1.0138 is the next downside target.First resistance is the March 30th high crossing at 1.0566. Second resistance is the March 16th high crossing at 1.0698. First support is last-Monday's low crossing at 1.0234. Second support is March's low crossing at 1.0138.



The June Canadian Dollar closed sharply lower on Wednesday.The low-range close sets the stage for a steady to lower opening when Thursday's 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. Closes below the 20-day moving average crossing at 70.68 would confirm that a short-term top has been posted. If June extends the rally off March's low, the 50% retracement level of the January-March-decline crossing at 72.71 is the next upside target. First resistance is Monday's high crossing at 72.20. Second resistance isthe 50% retracement level of the January-March-decline crossing at 72.71. First support is the March 31st low crossing at 69.73. Second support is March's low crossing at 68.20. 



The June Japanese Yen closed lower on Wednesday as it consolidates some of the rally off last-Monday's low. The mid-range close sets the stage for a steady to lower opening when Thursday’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, long-term resistance crossing at 0.0942 is the next upside target. Closes below last-Monday's low crossing at 0.0916 would confirm that a short-term top has been posted. First resistance is long-term resistance crossing at 0.0942. Second resistance is March's high crossing at 0.0992. First support is March'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 ""



June gold closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday'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 April extends the rally off March's low, the October-2012 high on the monthly continuation chart crossing at $1798.10 is the next upside target. Closes below last-Wednesday's low crossing at $1670.70 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at $1788.80. Second resistance is the October-2012 high on the monthly continuation chart crossing at $1798.10. First support is last-Wednesday's low crossing at $1670.70. Second support is the 20-day moving average crossing at $1642.10.



May silver closed lower on Wednesday. The low-range close set the stage for a steady to lower opening when Thursday's night session begins trading. 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 20-day moving average crossing at 14.300 would confirm that a short-term top has been posted. If May extends the rally off March's low, the 75% retracement level of the February-March-decline crossing at 17.165 is the next upside target. First resistance is the 50-day moving average crossing at 16.081. Second resistance is the 75% retracement level of the February-March-decline decline crossing at 17.165 is the next upside target. First support is the 10-day moving average crossing at 15.230. Second support is the 20-day moving average crossing at 14.454.  



May copper closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 the rally off March's low, the 50-day moving average crossing at 241.64 is the next upside target. Closes below the 20-day moving average crossing at 221.19 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 235.25. Second resistance is the 50-day moving average crossing at 241.64. First support is the 20-day moving average crossing at 221.19. Second support is March's low crossing at 197.25. 



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



July Corn closed down $0.05 1/2-cents at 3.26 3/4. 



July corn closed lower on Wednesday as it renewed this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday's night sessions begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this year's decline, monthly support crossing at $3.12 is the next downside target. Closes above the 20-day moving average crossing at $3.42 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.35 1/4. Second resistance is the 20-day moving average crossing at $3.42 1/2. First support is today's low crossing at $3.25. Second support is monthly support crossing at $3.12.    



July wheat closed down $0.09 1/2-cents at $5.40 1/4.  



July wheat closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday'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 $5.40 would confirm that a short-term top has been posted. If July resumes the rally off March's low, January's high crossing at $5.89 is the next upside target. First resistance is March's high crossing at $5.71 1/2. Second resistance is January's high crossing at $5.89. First support is today's low crossing at $5.31 1/2. Second support is March's low crossing at $4.94 1/4.      



July Kansas City Wheat closed down $0.04-cents at $4.87.

 

July Kansas City wheat closed lower on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday 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 50-day moving average crossing at $4.74 1/2 are needed to confirm that a short-term top has been posted. If July resumes the rally off March's low, January's high crossing at $5.19 is the next upside target. First resistance is March'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 $4.74 1/2. Second support is the 50% retracement level of March's rally crossing at $4.68 1/4.    



July Minneapolis wheat closed down $0.06 1/2-cents at $5.27. 



July Minneapolis wheat closed lower on Wednesday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, March's low crossing at $5.13 1/2 is the next downside target. If July closes above the 50-day moving average crossing at $5.38 1/2 would temper the near-term bearish outlook. First resistance is March's high crossing at $5.51 1/2. Second resistance is February's high crossing at $5.58 3/4. First support is today's low crossing at $5.24. 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 down $0.04 3/4-cents at $8.50 3/4.



July soybeans closed lower on Wednesday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 July extends this week's decline, March's low crossing at $8.29 is the next downside target. Closes above the 50-day moving average crossing at $8.85 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $8.85 3/4. Second resistance is March's high crossing at $9.20 1/2. First support is today's low crossing at $8.48 3/4. Second support is March's low crossing at $8.29.      



July soybean meal closed up $3.00 at $296.10. 



July soybean meal closed higher on Wednesday as it consolidates some of the decline off March's high. The mid-range close sets the stage for a steady to higher opening when Thursday'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 July extends the aforementioned decline, monthly support crossing at $283.10 is the next downside target. Closes above the 50-day moving average crossing at $305.50 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $300.10. Second is the 50-day moving average crossing at $305.50. First support is Tuesday's low crossing at $291.50. Second support is monthly support crossing at $283.10.      



July soybean oil closed down 27-pts. At 26.89. 



July soybean oil closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday'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 20-day moving average crossing at 26.89 would temper the near-term friendly outlook. If July renews the rally off March's low, the 50-day moving average crossing at 28.63 is the next upside target. First resistance is the 50-day moving average crossing at 28.63. Second resistance is the 38% retracement level of the January-March-decline crossing at 29.31. First support is the reaction low crossing at 26.19. Second support is March's low crossing at 25.02.        

 

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



June hogs closed up $0.68 at $44.62. 



June hogs closed higher on Wednesday as it consolidates some the decline off March's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, weekly support crossing at $40.70 is the next downside target. Closes above the 20-day moving average crossing at $58.38 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $49.44. Second resistance is the 20-day moving average crossing at $58.38. First support is Tuesday's low crossing at $41.50. Second support is weekly support crossing at $40.70.   



June cattle closed up $1.03 at $84.83. 



June cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. 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 $87.60 are needed to confirm that a short-term low has been posted. If June resumes this year's decline, monthly support crossing at $69.29 is the next downside target. First resistance is the 20-day moving average crossing at $87.60. Second resistance is the 50-day moving average crossing at $97.71. First support is April's low crossing at $76.60. Second support is monthly support crossing at $69.29.  

 

May Feeder cattle closed up $0.73-cents at $115.58. 



May Feeder cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this year's decline, monthly support crossing at $95.50 is the next downside target. Closes above last-Wednesday's high crossing at $120.55 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at $120.55. Second resistance is the 50-day moving average crossing at $127.65. First support is last Monday's low crossing at $103.62. Second support is monthly support crossing at $95.50.       



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



May coffee closed higher on Thursday as it extends a two-week old trading range. The mid-range close sets the stage for a steady to higher opening on Thursday. 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 11.23 would renew the decline off March's high. If May renews the rally off March's low, March's high crossing at 13.07 is the next upside target. 



May cocoa closed lower on Wednesday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off February's high, the October-2018 low crossing at 21.10 is the next downside target. Closes above the 10-day moving average crossing at 22.97 would temper the near-term bearish outlook.            



May sugar closed higher on Wednesday. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, monthly support crossing at 9.91 is the next downside target. Closes above the 20-day moving average crossing at 10.61 are needed to temper the near-term bearish outlook.        



July cotton closed slightly lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 52.26 would temper the near-term friendly outlook. If May extends the rally off March's low, the 50-day moving average crossing at 60.85 is the next upside target.    



Comments
By metmike - April 15, 2020, 7:04 p.m.
Like Reply

Thanks tallpine.

You'll be planting corn pretty soon but sadly, not be getting rewarded at these prices..........lowest in 14 years I think and lowest since we really picked up in the ethanol business.

                Ethanol April 15, 2020            

                           Started by metmike - April 15, 2020, 12:57 p.m.            

https://www.marketforum.com/forum/topic/50609/


Crude had its most bearish EIA number in history +19 mb...........and managed to stay above $20 and above the previous lows.......barely.

https://www.marketforum.com/forum/topic/50582/