KEY EVENTS TO WATCH FOR:
Tuesday, May 12, 2020
6:00 AM ET. April NFIB Index of Small Business Optimism
Small Business Idx (expected 85.0; previous 96.4)
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous -0.1%)
Chain Store Sales, M/M% (previous -19.4%)
8:30 AM ET. April Real Earnings
8:30 AM ET. April CPI
CPI, M/M% (expected -0.8%; previous -0.4%)
Core CPI, M/M% (expected -0.2%; previous -0.1%)
Energy Idx, M/M% (previous -5.8%)
Food Idx, M/M% (previous +0.3%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.2%)
CPI, Y/Y% (expected +0.3%; previous +1.5%)
Core Annual, Y/Y% (expected +1.7%; previous +2.1%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -12.6%)
Ret Sales Mo-to-Date, Y/Y% (previous -6.6%)
Latest Wk, Y/Y% (previous -9.3%)
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
2:00 PM ET. April Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +8.4M)
Gasoline Stocks, Net Chg (Bbls) (previous -2.2M)
Distillate Stocks, Net Chg (Bbls) (previous +6.1M)
Wednesday, May 13, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 744.2)
Composite Idx, W/W% (previous +0.1%)
Purchase Idx-SA (previous 220.0)
Purchase Idx-SA, W/W% (previous +5.8%)
Refinance Idx (previous 3835.7)
Refinance Idx, W/W% (previous -1.7%)
8:30 AM ET. April PPI
PPI, M/M% (expected -0.6%; previous -0.2%)
Ex-Food & Energy PPI, M/M% (expected -0.2%; previous +0.2%)
Personal Consumption (previous -0.2%)
10:00 AM ET. April Online Help Wanted Index
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 532.221M)
Crude Oil Stocks, Net Chg (Bbl) (previous +4.59M)
Gasoline Stocks (Bbl) (previous 256.407M)
Gasoline Stocks, Net Chg (Bbl) (previous -3.158M)
Distillate Stocks (Bbl) (previous 151.49M)
Distillate Stocks, Net Chg (Bbl) (previous +9.518M)
Refinery Usage (previous 70.5%)
Total Prod Supplied (Bbl/day) (previous 15.354M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.409M)
Thursday, May 14, 2020
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 2600K; previous 3169K)
Jobless Claims, Net Chg (previous -677K)
Continuing Claims (previous 22647000)
Continuing Claims, Net Chg (previous +4636K)
8:30 AM ET. April Import & Export Price Indexes
Import Prices (expected -3.5%; previous -2.3%)
Non-Petroleum Prices (previous -0.1%)
Petroleum Prices (previous -27.4%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 872.1K)
Soybeans (Metric Tons) (previous 830.6K)
Wheat (Metric Tons) (previous 380.1K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2319B)
Working Gas In Storage, Net Chg (Cbf) (previous +109B)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
Friday, May 15, 2020
8:30 AM ET. May Empire State Manufacturing Survey
Mfg Idx (expected -69.0; previous -78.2)
Employment Idx (previous -55.3)
New Orders Idx (previous -66.3)
Prices Received (previous -8.4)
8:30 AM ET. April Advance Monthly Sales for Retail & Food Services
Overall Sales-SA, M/M% (expected -13.5%; previous -8.7%)
Sales, Ex-Auto, M/M% (expected -9.2%; previous -4.5%)
Sales, Ex-Auto & Gas, M/M% (previous -3.1%)
9:15 AM ET. April Industrial Production & Capacity Utilization
Industrial Production, M/M% (expected -11.5%; previous -5.4%)
Capacity Utilization % (expected 62.5%; previous 72.7%)
Capacity Utilization, Net Chg (Pts) (expected -4.3)
10:00 AM ET. March Manufacturing & Trade: Inventories & Sales
Total Inventories (expected -0.3%; previous -0.4%)
10:00 AM ET. March Job Openings & Labor Turnover Survey
10:00 AM ET. May University of Michigan Survey of Consumers – preliminary
Mid-Mo Sentiment (expected 66.5; previous 71.0)
Mid-Mo Expectations (previous 70.0)
Mid-Mo Current Idx (previous 72.4)
4:00 PM ET March Treasury International Capital Data
N/A ISM Semiannual Report On Business & Economic Forecast
Monday, May 18, 2020
10:00 AM ET. May NAHB Housing Market Index
Housing Mkt Idx (previous 30)
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes"
The STOCK INDEXES:The June NASDAQ 100 was steady to slightly higher in overnight trading.The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends 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 8859.35 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 9339.00. 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 8859.35. Second support is last-Monday's low crossing at 8556.25.
The June S&P 500 was slightly 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 later this morning.Stochastics and the RSI are becoming overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below last-Monday's low crossing at 2775.40 would confirm that a short-term top has been posted. First resistance is April'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 last-Monday's low crossing at 2775.40. 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 steady to slightly lower in late-overnight trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, April's low crossing at 177-14 is the next downside target. Multiple closes below April's low crossing at 177-14 would mark a downside breakout of the April-May trading range. 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 last-Wednesday's low crossing at 178-01. Second support is April's low crossing at 177-14.
June T-notes were steady to slightly 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the April 7th low crossing at 137.160 would mark a downside breakout of the April-May trading range 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 138.026. Second support is the April 7th low crossing at 137.160.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
June crude oil was steady to slightly higher in overnight trading as it extends the trading range of the past five-days.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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the 50-day moving average crossing at $26.64 is the next upside target. Closes below the 20-day moving average crossing at $20.45 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $26.64. Second resistance is April's high crossing at $33.15. First support is the 20-day moving average crossing at $20.45. Second support is the April 28th low crossing at $10.07. Third support is April's low crossing at $6.50.
June heating oil was steady to slightly 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off April's low, the 50-day moving average crossing at 102.03 is the next upside target. Closes below the 20-day moving average crossing at 84.55 would temper the near-term friendly outlook. First resistance is last-Wednesday's high crossing at 91.99. Second resistance is the 50-day moving average crossing at 102.03. First support is April'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 steady to slightly higher overnight. 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. If June extends the rally off April's low, the 38% retracement level of the January-March-decline crossing at 107.64 is the next upside target. Closes below the 20-day moving average crossing at 79.25 would temper the near-term friendly outlook. First resistance is Monday's high crossing at 98.20. Second resistance is the 38% retracement level of the January-March-decline crossing at 107.64. First support is the 20-day moving average crossing at 79.25. Second support is April's low crossing at 52.51.
June Henry natural gas was slightly lower overnight. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off last-Tuesday's high, the April 27th low crossing at 1.765 is the next downside target. Closes above the 20-day moving average crossing at 1.920 would signal that a short-term low 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 the April 27th 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 lower in late-overnight trading while extending the April-May trading range. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, the April 24th high crossing at 100.98 is the next upside target. 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 May'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 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 neutral signaling that sideways to lower prices are possible near-term. If June extends last-week's decline, April's low crossing at 107.39 is the next downside target. Closes above the 50-day moving average crossing at 109.74 would confirm that a short-term low has been posted while opening the door for additional gains near-term. First resistance is May's high crossing at 110.29. 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 steady to slightly higher overnight while extending the April-May trading range.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 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 in April has been posted while opening the door for a possible test of the April 7th low crossing at 1.2174. If June resumes 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 higher in late-overnight trading while extending the April-May trading range. 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 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 1.0395 would 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 lower overnight as it extends the March-May trading range. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the April 13th high crossing at 72.25 would confirm an upside breakout of the aforementioned trading range. Closes below the April 21st low crossing at 70.12 would mark a downside breakout of the aforementioned trading range. 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 higher overnight as it consolidated 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. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off last-Wednesday's high, April's low crossing at 0.0916 is the next downside target. If June renews the rally off March's low, the September 2019 high crossing at 0.0951 is the next upside target. First resistance is the 25% retracement level of the 2016-2020-decline crossing at 0.0943. Second resistance is the September 2019 high crossing at 0.0951. First support is the April 23rd low crossing at 0.0926. Second support is April's low crossing at 0.0916. Third support is March's low crossing at 0.0900.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS:June gold was higher in late-overnight trading as it continues to form a symmetrical triangle off April's high. 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 signaling that sideways trading is possible near-term. 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. If June extends the rally off May's low, the April 23rd high crossing at $1764.20 is the next upside target. First resistance is the April 23rd high crossing at $1764.20. Second resistance is the April 14th high crossing at $1788.80. First support is the April 21st low crossing at $1666.20. Second support is the 50-day moving average crossing at $1664.50.
July silver was higher overnight while extending the April-May trading range. 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 are neutral to bullish signaling that sideways to higher prices are possible 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. Closes below the April 21st low crossing at $14.715 would mark a downside breakout of the aforementioned trading range. 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 lower in late-overnight trading as it consolidated some of the rally off March's low. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at 2.2840 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 Monday's high crossing at 2.4300. Second resistance is the 50% retracement level of the January-March-decline crossing at 2.4380. First support is last-Monday's low crossing at 2.2840. Second support is the April 21st low crossing at 2.2170. Third support is March's low crossing at 1.9795.
GRAINS http://quotes.ino.com/ex changes/?c=grains
July corn was steady to fractionally lower overnight. Themid-range trade sets the stage for a steady to lower 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 $3.19 3/4 would temper the near-term bearish outlook. 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 $3.19 3/4. Second resistance is the 25% retracement level of the December-April-decline crossing at $3.33. First support is April's low crossing at $3.09. Second support is psychological support crossing at $3.00.
July wheat was lower overnight as it extends Monday's key reversal down. 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 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 $5.27 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.27 3/4. Second resistance is the April 20th high crossing at $5.61 1/2. 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 $4.94 1/4.
July Kansas City Wheat closed down $0.05-cents at $4.75.
July Kansas City wheat closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday 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 30th low crossing at $4.69 3/4 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. Closes above the 20-day moving average crossing at $4.85 3/4 are needed to temper the near-term bearish outlook. First resistance is April's high crossing at $5.14. Second resistance is January's high crossing at $5.19. First support is the April 30th low crossing at $4.69 3/4. Second support is April's low crossing at $4.67 3/4.
July Minneapolis wheat was lower in overnight trading as it filled Monday's gap crossing at $5.16. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off last-Monday's low, the 50-day moving average crossing at $5.26 1/4 is the next upside target. If July renews this year's decline, psychological support crossing at $5.00 is the next downside target. First resistance is the 50-day moving average crossing at $5.26 1/4. Second resistance is April's high crossing at $5.48 1/4. First support is last-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 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 sideways to higher prices are possible near-term. If July extends the rally off April's low, the 50-day moving average crossing at $8.60 3/4 is the next upside target. If July renews the decline off the March 25th high, psychological support crossing at $8.00 is the next downside target. First resistance is the 50-day moving average crossing at $8.60 3/4. 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 slightly higher overnight as it extends the trading range of the past four-weeks. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above May's high crossing at $295.80 would confirm an upside breakout of the aforementioned trading range. If July resumes this year's decline, monthly support crossing at $283.10 is the next downside target. First resistance is May's high crossing at $295.80. Second resistance is the 50-day moving average crossing at 301.10. First support is April's low crossing at $285.60. Second support is monthly support crossing at $283.10.
July soybean oil was slightly lower overnight while extending the March-May trading range. The high-range trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 26.84 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 down $1.43 at $60.28.
June hogs 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 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 $54.54 would confirm that a short-term top has been posted. If June extends the rally, the 50% retracement level of the 2019-2020-decline crossing at $68.55 is the next upside target. 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 Monday's low crossing at $59.80. Second support is the 20-day moving average crossing at $54.54.
June cattle closed down $1.98 at $92.68.
June cattle closed lower on Monday 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 Tuesday. 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 $86.58 would confirm that a short-term top has been posted. If June extends the rally off April's low the 62% retracement level of the January-April-decline crossing at $103.37 is the next upside target. First resistance is the 50% retracement level of the January-April-decline crossing at $98.26. Second resistance is the 62% retracement level of the January-April-decline crossing at $103.37. First support is the 20-day moving average crossing at $86.58. Second support is the April 14th low crossing at $80.27. Third support is April's low crossing at $76.60.
August Feeder cattle closed down $4.28-cents at $132.68.
August Feeder cattle closed sharply lower on Monday as it filled last Thursday's gap crossing at $132.75. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 last-Tuesday's low crossing at $125.30 would confirm that a short-term top has been posted. If August extends the rally off April's low, the 75% retracement level of the January-April-decline crossing at $144.91 is the next upside target. First resistance is the March 25th high crossing at $139.00. Second resistance is the 75% retracement level of the January-April-decline crossing at $144.91. First support is last-Tuesday's low crossing at $125.30. Second support is the April 14th low crossing at $121.35. Third support is April's low crossing at $110.03.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee posted an inside day with a lower close on Monday. 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. Closes above the 50-day moving average crossing at 11.46 would confirm 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 sharply higher on Monday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally, the 50% retracement level of the February-March decline crossing at 25.68 is the next upside target. Closes below the 20-day moving average crossing at 23.53 would temper the near-term friendly outlook.
July sugar closed lower on Monday. The low-range close set 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. If July renews the decline off February's high, monthly support crossing at 8.36 is the next downside target. If July resumes the rally off April's low, the 50-day moving average crossing at 10.91 is the next upside target.
July cotton closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above April's high crossing at 57.98 would open the door for additional gains near-term. If July renews the decline off last-Thursday's high, the April 21st low crossing at 52.01 is the next downside target.
Thanks very much tallpine: