KEY EVENTS TO WATCH FOR:
Tuesday, May 5, 2020
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous +1.4%)
Chain Store Sales, M/M% (previous -20.4%)
8:30 AM ET. March U.S. International Trade in Goods & Services
Trade Balance (USD) (expected -41.0B; previous -39.93B)
Exports (USD) (previous 207.54B)
Exports, M/M% (previous -0.4%)
Imports (USD) (previous 247.48B)
Imports, M/M% (previous -2.5%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -11.8%)
Ret Sales Mo-to-Date, Y/Y% (previous -5.7%)
Latest Wk, Y/Y% (previous -8.1%)
9:45 AM ET. April US Services PMI
PMI, Services (previous 39.8)
10:00 AM ET. April ISM Non-Manufacturing Report on Business
Non-Mfg Composite Idx (expected 35.7; previous 52.5)
Non-Mfg Business Idx (previous 48.0)
Prices Idx (previous 50.0)
Employment Idx (previous 47.0)
New Orders Idx (previous 52.9)
10:00 AM ET. May IBD/TIPP Economic Optimism Index
Economic Optimism Idx (previous 47.8)
6-Mo Economic Outlook (previous 38.0)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +10.0M)
Gasoline Stocks, Net Chg (Bbls) (previous -1.1M)
Distillate Stocks, Net Chg (Bbls) (previous +5.5M)
Wednesday, May 6, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 743.4)
Composite Idx, W/W% (previous -3.3%)
Purchase Idx-SA (previous 208.0)
Purchase Idx-SA, W/W% (previous +11.6%)
Refinance Idx (previous 3901.4)
Refinance Idx, W/W% (previous -7.3%)
8:15 AM ET. April ADP National Employment Report
Private Sector Jobs, Net Chg (expected -22250K; previous -27000)
8:30 AM ET. U.S. Department of the Treasury's quarterly refundingannouncement
10:00 AM ET. SEC Closed Meeting
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 527.631M)
Crude Oil Stocks, Net Chg (Bbl) (previous +8.991M)
Gasoline Stocks (Bbl) (previous 259.565M)
Gasoline Stocks, Net Chg (Bbl) (previous -3.669M)
Distillate Stocks (Bbl) (previous 141.972M)
Distillate Stocks, Net Chg (Bbl) (previous +5.092M)
Refinery Usage (previous 69.6%)
Total Prod Supplied (Bbl/day) (previous 15.763M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +1.66M)
11:00 AM ET. April Global Services PMI
PMI, Services (previous 37.0)
1:00 PM ET. SEC Open Meeting
Thursday, May 7, 2020
7:30 AM ET. April Challenger Job-Cut Report
Job Cuts, M/M% (previous +292%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1695.7K)
Soybeans (Metric Tons) (previous 1183.3K)
Wheat (Metric Tons) (previous 622.5K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 2650K; previous 3839K)
Jobless Claims, Net Chg (previous -603K)
Continuing Claims (previous 17992000)
Continuing Claims, Net Chg (previous +2174K)
8:30 AM ET. 1st Quarter Preliminary Productivity & Costs
Non-Farm Productivity, Q/Q% (expected -5.5%; previous +1.4%)
Unit Labor Costs (expected +2.1%; previous +1.4%)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2210B)
Working Gas In Storage, Net Chg (Cbf) (previous +70B)
12:00 PM ET. April Monthly U.S. Retail Chain Store Sales Index
1:00 PM ET. March Consumer Credit
Consumer Credit Net Chg (USD) (expected +15.0B; previous +22.3B)
4:30 PM ET. Money Stock Measures
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, May 8, 2020
8:30 AM ET. April U.S. Employment Report
Non-Farm Payrolls (expected -22000K; previous -701K)
Unemployment Rate (expected 16.1%; previous 4.4%)
Avg Hourly Earnings (USD) (previous 28.62)
Avg Hourly Earnings-Net Chg (USD) (previous +0.11)
Avg Hourly Earnings, M/M% (expected +0.2%; previous +0.39%)
Avg Hourly Earnings, Y/Y% (expected +3.3%; previous +3.1%)
Overall Workweek (previous 34.2)
Overall Workweek Net Chg (previous -0.2)
Government Payrolls (previous +12K)
Private Payroll (previous -713K)
Participation Rate (previous 62.7%)
Non-Farm Payrolls Bench Net Chg
10:00 AM ET. March Monthly Wholesale Trade
Inventories, M/M% (expected -1.0%; previous -0.7%)
Monday, May 11, 2020
10:00 AM ET. April Employment Trends Index
ETI (previous 60.39)
ETI, Y/Y%
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes"
The STOCK INDEXES:The June NASDAQ 100 was higher in overnight trading as futures added to gains Monday night, after a last-hour turnaround from energy and technology shares allowed the major benchmarks to finish in positive territory after spending much of the day’s session in the red.
Corporate results from entertainment giant Disney, chemical and materials company DuPont and videogame makers Electronic Arts and Activision are expected to have benefited from the impact of coronavirus on their respective businesses. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 8637.55 would confirm that a short-term top has been posted. If June resumes the rally off March's low, the 87% retracement level of the February-March-decline crossing at 9384.61 is the next upside target. First resistance is last-Thursday's high crossing at 9144.75. Second resistance is the 87% retracement level of the February-March-decline crossing at 9384.61. First support is the 20-day moving average crossing at 8637.55. Second support is the reaction low crossing at 8342.00.
The June S&P 500 was higher in overnight trading as it consolidates some of the decline off last-Wednesday's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning.Stochastics and the RSI remain neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 2811.98 are needed to confirm that a short-term top has been posted. If June renews the rally off March's low, the 75% retracement level of the February-March-decline crossing at 3081.80 is the next upside target. First resistance is last-Wednesday's high crossing at 2957.70. Second resistance is the 75% retracement level of the February-March-decline crossing at 3081.80. First support is the 20-day moving average crossing at 2811.98. Second support is the reaction low crossing at 2720.20.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds were lower in late-overnight trading as it extends April's trading range. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the reaction low crossing at 177-14 would confirm that a double top in April has been posted. If June renews the rally off March's low, the March 12th high crossing at 184-07 is the next upside target. First resistance is the March 12th high crossing at 184-07. Second resistance is March's high crossing at 191-22. First support is the 50-day moving average crossing at 177-28. Second support is the reaction low crossing at 177-14.
June T-notes were lower overnight as it extends the April-May trading range. The low-range overnight trade sets the stage for a steady to lower opening with the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the April 7th low crossing at 138.160 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If June renews the rally off March's low, March's high crossing at 140.240 is the next upside target. First resistance is the April 21st high crossing at 139.220. Second resistance is March's high crossing at 140.240. First support is the 50-day moving average crossing at 137.182. Second support is the April 7th low crossing at 138.160.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
June crude oil was higher in overnight trading as it posted its highest price in nearly 3-weeks as traders bet on demand pickup as lockdowns ease.The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $21.52 would confirm that a short-term low has been posted. If June renews this year's decline, downside targets are unknown. First resistance is the 20-day moving average crossing at $21.52. Second resistance is the 50-day moving average crossing at $28.92. First support is the 20-day moving average crossing at $17.22. Second support is the April 28th low crossing at $10.07. Second support is April's low crossing at $6.50.
June heating oil was higher overnight. The high-range overnight 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 88.63 are needed to confirm that a short-term low has been posted. If June resumes this year's decline, the October-2001 low on the monthly continuation chart crossing at 49.30 is the next downside target. First resistance is the 20-day moving average crossing at 88.63. Second resistance is the 50-day moving average crossing at 108.39. First support is last-Tuesday's low crossing at 67.24. Second support is the October-2001 low on the monthly continuation chart crossing at 49.30.
June unleaded gas was higher overnight as it appears to be breaking out to the topside of the March-April trading range. The high-range late-overnight trade sets the stage for a steady to higher 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 above the reaction high crossing at 82.15 would signal that a short-term low has been posted. Closes below March's low crossing at 51.89 would confirm a downside breakout of the aforementioned trading range. First resistance is the reaction high crossing at 82.15. Second resistance is the 25% retracement level of the January-March-decline crossing at 88.30. First support is March's low crossing at 51.89. Second support is monthly support crossing at 32.40.
June Henry natural gas was higher overnight as it renewed the rally off April's low and testing the 50% retracement level of the 2019-2020-low crossing at 2.154. The high-range overnight trade sets the stage for a steady to higher 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. If June renews the rally off April's low, the 62% retracement level of the 2019-2020-low crossing at 2.273 is the next upside target. Closes below the 50-day moving average crossing at 1.881 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the 2019-2020-low crossing at 2.154. Second resistance is the 62% retracement level of the 2019-2020-low crossing at 2.273. First support is last-Monday's low crossing at 1.765. Second support is the April 16th low crossing at 1.705. Third support is April's low crossing at 1.649.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was higher in late-overnight trading. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 99.85 would confirm that a short-term low has been posted. If June renews the decline off March's high, the 62% retracement level of March's rally crossing at 98.14 is the next downside target. First resistance is the April 6th high crossing at 101.03. Second resistance is March's high crossing at 103.96. First support is last-Friday's low crossing at 98.78. Second support is the 62% retracement level of March's rally crossing at 98.13.
The June Euro was lower in late-overnight trading as it consolidates some of the rally off April's low. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 108.73 would temper the near-term friendly outlook. Closes above the 50-day moving average crossing at 109.95 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 109.95. Second resistance is the March 27th high crossing at 111.88. Third resistance is the March 16th high crossing at 112.78. First support is April's low crossing at 107.39. Second support is March's low crossing at 106.71.
The June British Pound was higher overnight.The high-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 1.2252 would confirm that a double top has been posted while opening the door for a possible test of the April 7th low crossing at 1.2174. If June extends the rally off March's low the 62% retracement level of the December-March-decline crossing at 1.2758 is the next upside target. First resistance is the April 14th high crossing at 1.2653. Second resistance is the 62% retracement level of the December-March-decline crossing at 1.2758. First support is the reaction low crossing at 1.2252. Second support is the April 7th low crossing at 1.2174.
The June Swiss Franc was lower in late-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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off April's high, March's low crossing at 1.0138 is the next downside target. Closes above the 50-day moving average crossing at 1.0405 are needed to confirm that a short-term low has been posted. First resistance is the April 14th high crossing at 1.0443. Second resistance is the March 30th high crossing at 1.0566. First support is April's low crossing at 1.0216. Second is March's low crossing at 1.0138.
The June Canadian Dollar was higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off last-Thursday's high, the April 21st low crossing at 70.12 is the next downside target. If June renews the rally off March's low, the 50% retracement level of the January-March-decline crossing at 72.73 is the next upside target.First resistance is 50% retracement level of the January-March-decline crossing at 72.73. Second resistance is the 62% retracement level of the January-March-decline crossing at 73.80. First support is the April 21st low crossing at 70.12. Second support is the March 31st low crossing at 69.74. Third support is March's low crossing at 68.20.
The June Japanese Yen was steady to slightly higher overnight. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 25% retracement level of the 2016-2020 decline crossing at 0.0943 is the next upside target. Closes below the 50-day moving average crossing at 0.0931 would temper the near-term friendly outlook. First resistance is last-Wednesday's high crossing at 0.0941. Second resistance is the 25% retracement level of the 2016-2020-decline crossing at 0.0943. First support is April's low crossing at 0.0916. Second support is March's low crossing at 0.0900.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS:June gold was lower in late-overnight trading pulled down by optimism about the easing of business lockdowns in the U.S. and Europe in particular, as the daily death tolls from the COVID-19 pandemic begin to fall amid hope for the speedy development of a vaccine. The mid-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. If June renews 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 the April 21st low crossing at $1666.20 would confirm that a short-term top has been posted while renewing the decline off April's high. First resistance is the April 14th high crossing at $1788.80. Second resistance is the October-2012 high on the monthly continuation chart crossing at $1798.10. First support is the April 21st low crossing at $1666.20. Second support is the 50-day moving average crossing at $1655.80.
July silver was steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the April 21st low crossing at $14.715 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If July renews the rally off March's low, the 75% retracement level of the February-March-decline crossing at $17.237 is the next upside target. First resistance is the 62% retracement level of the February-March-decline crossing at $16.252. Second resistance is the 75% retracement level of the February-March-decline crossing at $17.237. First support is the April 21st low crossing at $14.715. Second support is April's low crossing at $13.935.
July copper was steady to slightly higher in late-overnight trading. The low-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the April 21st low crossing at 2.2170 would confirm that a short-term top has been posted. If July extends the rally off March's low, the 50% retracement level of the January-March-decline crossing at 2.4380 is the next upside target. First resistance is last-Wednesday's high crossing at 2.3950. Second resistance is the 50% retracement level of the January-March-decline crossing at 2.4380. First support is the April 21st low crossing at 2.2170. Second support is March's low crossing at 1.9795.
GRAINS http://quotes.ino.com/ex changes/?c=grains
July corn was mostly steady overnight. The mid-range trade sets the stage for a steady opening when the day sessions 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 $3.24 1/4 are needed to confirm that a short-term low has been posted. If July resumes the decline off December's high, psychological support crossing at $3.00 is the next downside target. First resistance is the 20-day moving average crossing at $3.24 1/4. Second resistance is the 50-day moving average crossing at $3.46 1/4. First support is April's low crossing at $3.09. Second support is psychological support crossing at $3.00.
July wheat was lower overnight. The low-range 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 July extends the decline off March's high, the 87% retracement level of March's rally crossing at $5.04 1/4 is the next downside target. Closes above the 20-day moving average crossing at $5.36 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.26. Second resistance is the 20-day moving average crossing at $5.36. First support is the 87% retracement level of March's rally crossing at $5.04 1/4. Second support is March's low crossing at $4.9df4 1/4.
July Kansas City Wheat closed up $0.04-cents at $4.87.
July Kansas City wheat closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday 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 $4.88 1/4 are needed to temper the near-term bearish outlook. Closes below the 50-day moving average crossing at $4.75 1/4 would confirm that a short-term top has been posted. If July resumes the rally off March's low, January's high crossing at $5.19 is the next upside target.First resistance is April's high crossing at $5.14. Second resistance is January's high crossing at $5.19. First support is the 50-day moving average crossing at $4.75 1/4. Second support is April's low crossing at $4.67 3/4.
July Minneapolis wheat 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 July extends this year's decline psychological support crossing at $5.00 is the next downside target. Closes above the 20-day moving average crossing at $5.20 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.11 3/4. Second resistance is the 20-day moving average crossing at $5.20 3/4. Third resistance is the 50-day moving average crossing at $5.28 1/2. First support is Monday's low crossing at $5.02. Second support is psychological support crossing at $5.00.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans were lower overnight. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off the March 25th high, psychological support crossing at $8.00 is the next downside target. If July extends the rally off April's low, the 50-day moving average crossing at $8.66 1/4 is the next upside target. First resistance is the 50-day moving average crossing at $8.66 1/4. Second resistance is the March 25th high crossing at $8.98. First support is April's low crossing at $8.18 1/2. Second support is psychological support crossing at $8.00.
July soybean meal was lower overnight. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this year's decline, monthly support crossing at $283.10 is the next downside target. Multiple closes above last-Friday's high crossing at $295.80 are needed to confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at $295.80. Second resistance is the 50-day moving average crossing at 302.80. First support is last-Wednesday's low crossing at $285.60. Second support is monthly support crossing at $283.10.
July soybean oil was higher overnight. The high-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 a low might be in or is near. Closes above the 50-day moving average crossing at 27.17 would temper the near-term bearish outlook. If July renews the decline off April's high, March's low crossing at 25.02 is the next downside target. First resistance is the 25% retracement level of the January-March-decline crossing at 27.84. Second resistance is the 38% retracement level of the January-March-decline crossing at 29.32. First support is April's low crossing at 25.09. Second support is March's low crossing at 25.02.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
June hogs closed up $2.80 at $65.50.
June hogs gapped up and closed sharply higher on Monday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the 50% retracement level of the 2019-2020-decline crossing at $68.55 is the next upside target. Closes below the 20-day moving average crossing at $51.12 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the 2019-2020 decline crossing at $68.55. Second resistance is the 62% retracement level of the 2019-2020 decline crossing at $74.93. First support is the 10-day moving average crossing at $55.33. Second support is the 20-day moving average crossing at $51.12.
June cattle closed up $0.83 at $88.08.
June cattle closed higher on Monday as it extends the rally off April's low. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends today's rally the 50-day moving average crossing at $90.97 is the next upside target. Closes below the 20-day moving average crossing at $84.59 would confirm that a short-term top has been posted. First resistance is today's high crossing at $89.73. Second resistance is the 50-day moving average crossing at $90.97. First support is April's low crossing at $76.60. Second support is monthly support crossing at $69.29.
August Feeder cattle closed up $1.33-cents at $128.98.
August Feeder cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 50-day moving average crossing at $129.45 would signal that a short-term low has been posted. Closes below the 20-day moving average crossing at $125.49 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $129.45. Second resistance is the March 25th high crossing at $139.00. First support is April's low crossing at $110.03. Second support is monthly support crossing at $95.50.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee closed higher on Monday as it consolidates some of the decline off March's high. The mid-range close sets the stage for a steady to higher opening on Tuesday. 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 decline off March's high, March's low crossing at 10.31 is the next downside target. Closes above the 50-day moving average crossing at 11.47 would signal that a low has been posted.
July cocoa closed lower on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 24.09 would open the door for a larger-degree rally into early-May. Closes below the 20-day moving average crossing at 23.39 would temper the near-term friendly outlook.
July sugar posted an inside day with a lower close on Monday as it consolidates some of last-week's rally. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible. If July extends last- week's rally, the 50-day moving average crossing at 11.31 is the next upside target. If July renews the decline off February's high, monthly support crossing at 8.36 is the next downside target.
July cotton closed lower on Monday and below the 20-day moving average crossing at 54.52 confirming that a short-term top has been posted. The low-range close sets 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 July extends the decline off last-Thursday's high, the April 21st low crossing at 52.01 is the next downside target. Closes above last-Thursday's high crossing at 57.98 would open the door for additional gains near-term.
Thanks tallpine!
Freeze threat for the SRW crop, especially Saturday morning.
Cold in the Midwest/Northeast bullish for natural gas but rig count at record lows and plunging is a much bigger factor.