INO Evening Market Comments
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Started by tallpine - May 5, 2020, 4:55 p.m.

KEY EVENTS TO WATCH FOR:



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/ex?changes/?c=indexes



The Dow closed higher on Tuesday as investors took heart from the easing of businesses restrictions in the U.S. and Europe and progress toward an early vaccine to prevent the further spread of the COVID-19 pandemic. Investors also were encouraged by rising crude oil prices rise and looking to corporate earnings for an outlook on the pandemic, with Disney’s results in focus after the close. The low-range close that sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow renews the rally off March's low, the 62% retracement level of the February-March-decline crossing at 25,199.76 is the next upside target. Multiple closes below the 20-day moving average crossing at 23,733.80 are needed to confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 24,764.77. Second resistance is the 62% retracement level of the February-March-decline crossing at 25,199.76. First support is the 50-day moving average crossing at 23,733.80. Second support is April's low crossing at 20,735.02.  



The June NASDAQ 100 closed higher on Tuesday as it extends the rally off Monday's low. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off March's low, the 87% retracement level of the February-March-decline crossing at 9384.61 is the next upside target. Closes below the 20-day moving average crossing at 8644.20 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at 9144.75. Second resistance is the 87% retracement level of the January-March-decline crossing at 9384.61. First support is the 20-day moving average crossing at 8644.20. Second support is the April 7th low crossing at 7948.00.  



The June S&P 500 closed higher on Tuesday as it consolidates some of the decline off Monday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off March's low, the 75% retracement level of the February-March-decline crossing at 3085.85 is the next upside target. Closes below the 20-day moving average crossing at 2812.46 are needed to confirm that a short-term top has been posted. 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 3085.85. First support is the 20-day moving average crossing at 2812.46. Second support is the 50-day moving average crossing at 2727.97.



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



June T-bonds closed down 18/32's at 180-05.  



June T-bonds closed lower on Tuesday while extending the April-May trading range.The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 177-28 would confirm that a short-term top has been posted. If June renews the rally off March's low, March's high crossing at 191-22. First resistance is the April 22nd high crossing at 183-02. Second resistance is the March 12th high crossing at 184-07. First support is the 50-day moving average crossing at 177-28. Second support is the April 14th low crossing at 177-14. 



June T-notes closed down 50-points at 138.260.



June T-notes closed lower on Tuesday while extending the April-May trading range. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 137.183 are needed to confirm that a short-term top has been posted. 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 137.183. Second support is the April 7th low crossing at 137.160.        



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



June crude oil closed higher on Tuesday as U.S. benchmark prices posting a sixth-day of gains, as investors wagered on a slowdown in production against a gradual increase in demand for crude oil as business lockdowns intended to curtail the spread of the COVID-19 pandemic are rolled back. As more economies begin to reopen, crude oil finds itself in the opposite situation of where it has been, as the forces which drive the price collapse start to reverse into a situation of potentially recovering demand and falling production. Today's close above the 20-day moving average crossing at $21.63 confirms that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. 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 50-day moving average crossing at $28.97 is the next upside target. First resistance is the 50-day moving average crossing at $28.97. Second resistance is April's high crossing at $33.15. First support is the April 28th low crossing at $10.07. Second support is April's low crossing at $6.50.



June heating oil closed higher on Tuesday and above the 20-day moving average crossing at $88.83 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. If June extends the rally off April's low, the 50-day moving average crossing at $108.47 is the next upside target. If June renews 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 today's high crossing at $90.35. Second resistance is the 50-day moving average crossing at $108.47. First support is last-Tuesday's low crossing at $67.24. Second support isthe October 2001 low on the monthly continuation chart crossing at $49.30.



June unleaded gas closed higher on Tuesday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the 38% retracement level of the January-March-decline crossing at 107.64. Closes below the 20-day moving average crossing at 75.17 would temper the near-term friendly outlook. First resistance is today's high crossing at 90.87. Second resistance is the 38% retracement level of the January-March-decline decline crossing at 107.64. First support is the 20-day moving average crossing at 75.17. Second support is March's low crossing at 51.89.  



June Henry natural gas closed higher on Tuesday as it renewed the rally off April's low. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the 62% retracement level of the 2019-2020 decline crossing at 2.273 is the next upside target. Closes below the 50-day moving average crossing at 1.881 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the 2019-2020 decline crossing at 2.154. Second resistance is the 62% retracement level of the 2019-2020 decline crossing at 2.273. First support is the April 14th low crossing at 1.705. Second support is April's low crossing at 1.649.          



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



The June Dollar closed higher on Tuesday.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 99.86 would temper the near-term bearish outlook. If June renews the decline off the April 24th 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 98.77. Second support is the March  27thlow crossing at 98.34. Third support is the 62% retracement level of March's rally crossing at 98.14. 



The June Euro closed lower on Tuesday as it consolidates some of the rally off April's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes 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 109.96 are needed to confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at 110.29. Second resistance is the March 27th high crossing at 111.88. First support is April's low crossing at 107.39. Second support is March's low crossing at 106.71. 



The June British Pound closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off the April-14th high crossing at 1.2653, the April 7th low crossing at 1.2174 is the next downside target. If June resumes last-Thursday's rally, the 62% retracement level of the December-March-decline crossing at 1.2758 is the next upside target.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 April 21st low crossing at 1.2252. Second support is the April 7th low crossing at 1.2174.



The June Swiss Franc closed lower on Tuesday and below the 10-day moving average crossing at 1.0314 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes last-week's rally, the March 30th high crossing at 1.0566 is the next upside target. First resistance April's 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 support is March's low crossing at 1.0138.



The June Canadian Dollar closed slightly higher on Tuesday.The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the April 21st low crossing at 70.12 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 72.73 is the next upside target. First resistance is the 50-day moving average crossing at 71.74. Second resistance is the 50% retracement level of the January-March-decline crossing at 72.73. First support is the April 21st low crossing at 70.12. Second support is the March 31st low crossing at 69.73. Third support is March's low crossing at 68.20. 



The June Japanese Yen closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off March's low, long-term resistance crossing at 0.0942 is the next upside target. Closes below the April 23rd low crossing at 0.0926 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 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 ""



June gold closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If April 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 opening the door for additional weakness near-term. First resistance is April'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 the April 21st low crossing at $1666.20. Second support is the 50-day moving average crossing at $1656.60.



July silver posted an inside day with a higher close on Tuesday as it extends the April-May trading range. The high-range close set the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. If July resumes the rally off March's low, the 75% retracement level of the February-March-decline crossing at 17.237 is the next upside target. Closes below the April 21st low crossing at 14.715 would confirm a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. 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 decline crossing at 17.237 is the next upside target. First support is the April 21st low crossing at 14.715. Second support is the April 1st low crossing at 13.935.  



July copper closed slightly higher on Tuesday as it consolidates some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the April 21st low crossing at 221.70 are needed to confirm that a short-term top has been posted. If July renews the rally off March's low, the 50% retracement level of the January-March-decline crossing at 243.80 is the next upside target. First resistance is last-Thursday's high crossing at 239.50. Second resistance is the 50% retracement level of the January-March-decline crossing at 243.80. First support is the April 21st low crossing at 221.70. Second support is March's low crossing at 197.95. 



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



July Corn closed up $0.01 3/4-cents at 3.17 1/4. 



July corn closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night sessions begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $3.24 1/4 are needed to confirm that a short-term low has been posted. If July renews this year's decline, 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 38% retracement level of the January-March-decline crossing at $3.45 3/4. First support is April's low crossing at $3.09. Second support is psychological support crossing at $3.00.    



July wheat closed down $0.01 1/4-cents at $5.19 1/2.  



July wheat closed lower on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at $5.36 1/4 would signal that a short-term low has been posted. If July extends the decline off March's low, the 87% retracement level of March's rally crossing at $5.04 1/4. First resistance is April's high crossing at $5.64 1/2. Second resistance is March's high crossing at $5.71 1/2. First support is Monday's low crossing at $5.05 3/4. Second support is the 87% retracement level of March's rally crossing at $5.04 1/4.      



July Kansas City Wheat closed down $0.03-cents at $4.84.

 

July Kansas City wheat closed lower on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is 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 3/4 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 3/4. Second support is April's low crossing at $4.67 3/4.    



July Minneapolis wheat closed up $0.02-cents at $5.10 1/4. 



July Minneapolis wheat closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 $5.21 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.21. Second resistance is the 50-day moving average crossing at 5.28 3/4. 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 closed up $0.02-cents at $8.38 1/2.



July soybeans closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July resumes this year's decline, psychological support crossing at $8.00 is the next downside target. Closes above the 50-day moving average crossing at $8.66 1/4 are needed to confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at $8.56. Second resistance is the 50-day moving average crossing at $8.66 1/4. First support is April's low crossing at $8.18 1/2. Second support is psychological support crossing at $8.00.      



July soybean meal closed up $0.70 at $289.10. 



July soybean meal closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July resumes the decline off March's high, monthly support crossing at $283.10 is the next downside target. 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 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 closed up 11-pts. At 26.26. 



July soybean oil closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 26.53 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 20-day moving average crossing at 26.53. Second resistance is the 50-day moving average crossing at 27.17. First support is last-Monday'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 down $1.23 at $62.28. 



June hogs posted an inside day with a lower close on Tuesday as it consolidates some of the rally off April's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 $51.85 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 $56.95. Second support is the 20-day moving average crossing at $51.85.     



June cattle closed down $1.60 at $86.48. 



June cattle closed lower on Tuesday as it consolidates some of the rally off April's low. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $84.90 would confirm that a short-term top has been posted. If June extends the rally off April's low the 50-day moving average crossing at $90.55 is the next upside target. First resistance is Monday's high crossing at $89.73. Second resistance is the 50-day moving average crossing at $90.55. First support is April's low crossing at $76.60. Second support is monthly support crossing at $69.29.  



August Feeder cattle closed down $0.73-cents at $128.25. 



August Feeder cattle closed lower on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 $129.11 would signal that a short-term low has been posted. Closes below the 20-day moving average crossing at $127.07 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $129.11. 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 Tuesday as it consolidates some of the decline off March's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 11.47 would signal that a low has been posted. If July resumes the decline off March's high, March's low crossing at 10.31 is the next downside target. 



July cocoa closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening  on Wednesday. Stochastics and the RSI 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 23.39 would temper the near-term friendly outlook. Closes above the 50-day moving average crossing at 23.99 would open the door for a larger-degree rally into early-May.      



July sugar closed higher on Tuesday. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible. If July extends last-week's rally, the 50-day moving average crossing at 11.23 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 Tuesday and below the 20-day moving average crossing at 54.54 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are 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.       



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By metmike - May 6, 2020, 12:04 a.m.
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Thanks tallpine!


Coldest morning, Saturday will feature alot of U-20's in the Eastern Cornbelt, some spots M-20's.

This will do a little damage to the SRW crop.

Pattern turns wetter late in week 2.