INO Evening Market Comments
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Started by tallpine - May 18, 2020, 4:57 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, May 19, 2020 



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



                       Chain Store Sales, W/W% (previous +1.0%)



                       Chain Store Sales, M/M% (previous -17.5%)



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



                       Total Starts (expected 0.98M; previous 1.216M)



                       Housing Starts, M/M% (expected -19.4%; previous -22.3%)



                       Building Permits (expected 0.99M; previous 1.353M)



                       Building Permits, M/M% (expected -26.8%; previous -6.8%)



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M% (previous -1.5%)



                       Ret Sales Mo-to-Date, Y/Y% (previous -7.5%)



                       Latest Wk, Y/Y% (previous -7.5%)



10:00 AM ET. 1st Quarter Quarterly Retail E-Commerce Sales



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous +7.6M)



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



                       Distillate Stocks, Net Chg (Bbls) (previous +4.7M)



Wednesday, May 20, 2020 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 746.7)



                       Composite Idx, W/W% (previous +0.3%)



                       Purchase Idx-SA (previous 243.3)



                       Purchase Idx-SA, W/W% (previous +10.6%)



                       Refinance Idx (previous 3709.3)



                       Refinance Idx, W/W% (previous -3.3%)



10:00 AM ET. 1st Quarter Advance Quarterly Services



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 531.476M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -0.745M)



                       Gasoline Stocks (Bbl) (previous 252.894M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -3.513M)



                       Distillate Stocks (Bbl) (previous 155.001M)



                       Distillate Stocks, Net Chg (Bbl) (previous +3.511M)



                       Refinery Usage (previous 67.9%)



                       Total Prod Supplied (Bbl/day) (previous 16.814M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.46M)



2:00 PM ET. SEC Closed Meeting



2:00 PM ET. Federal Open Market Committee meeting minutes published



Thursday, May 21, 2020 



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

 

                       Jobless Claims (expected 2450K; previous 2981K)



                       Jobless Claims, Net Chg (previous -195K)



                       Continuing Claims (previous 22833000)



                       Continuing Claims, Net Chg (previous +456K)



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



                       Corn (Metric Tons) (previous 1627.7K)



                       Soybeans (Metric Tons) (previous 1095.5K)



                       Wheat (Metric Tons) (previous 353.3K)



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



                       Business Activity (expected -45.0; previous -56.6)



                       Prices Paid (previous -9.3)



                       Employment (previous -46.7)



                       New Orders (previous -70.9)



                       Prices Received (previous -10.6)



                       Delivery Times (previous 4.1)



                       Inventories (previous -10.2)



                       Shipments (previous -74.1)



9:45 AM ET. Bloomberg Consumer Comfort Index



9:45 AM ET. May US Flash Manufacturing PMI



                       PMI, Mfg (expected 38.0; previous 36.9)



9:45 AM ET. May US Flash Services PMI



                       PMI, Services (expected 28.8; previous 27.0)



10:00 AM ET. April Existing Home Sales



                       Existing Sales (expected 4.35M; previous 5.27M)



                       Existing Sales, M/M% (expected -17.5%; previous -8.5%)



                       Unsold Homes Month's Supply (previous 3.4)



                       Median Price (USD) (previous 280600)



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



10:00 AM ET. April Leading Indicators



                       Leading Index, M/M% (expected -5.1%; previous -6.7%)



                       Leading Index (previous 104.2)



                       Coincident Index, M/M% (previous -0.9%)



                       Lagging Index, M/M% (previous +1.2%)



10:00 AM ET. SEC Investor Advisory Committee Quarterly Meeting



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



                       Working Gas In Storage (Cbf) (previous 2422B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +103B)



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Money Stock Measures



Friday, May 22, 2020  



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



Monday, May 25, 2020  



  N/A              U.S.: Memorial Day. Financial markets closed



  N/A              U.S: Jefferson Davis' Birthday holiday in Mississippi


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



The Dow gapped up and closed sharply higher on Monday on optimism that the American economy might be percolating again, while the medical community works toward a potential COVID-19 vaccine. Additional support came from news that drug maker Moderna announced positive, early results from its first human trial of its experimental Covid-19 vaccine. Moderna Inc. announced positive results from a phase-on clinical trial for its experimental coronavirus vaccine, providing a jolt to markets that have been hopeful for a treatment or vaccine for the virus. The high-range close that sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends 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. Closes below the 50-day moving average crossing at 22,838.02 would mark a downside breakout of the April-May trading range. First resistance is April'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 22,838.02. Second support is April's low crossing at 20,735.02.  



The June NASDAQ 100 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 when Tuesday'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 20-day moving average crossing at 8927.45 would confirm that a short-term top has been posted. 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. First resistance is the 87% retracement level of the January-March-decline crossing at 9384.61. Second resistance is February's high crossing at 9780.50. First support is the 20-day moving average crossing at 8927.45. Second support is the May 4th low crossing at 8556.25. Third support is the April 21st low crossing at 8342.00.  



The June S&P 500 closed higher on Monday as it extends the April-May trading range. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are  possible near-term. Closes below the April 22nd low crossing at 2720.20 are needed to confirm a downside breakout of the aforementioned trading range. 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. First resistance is April'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 April 22nd low crossing at 2720.20. Second support is the 50-day moving average crossing at 2699.73.



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



June T-bonds closed down 2-14/32's at 178-16.  



June T-bonds closed sharply lower on Monday while extending the April-May trading range.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the April 14th low crossing at 177-14 would confirm a downside breakout of the aforementioned trading range. Closes above the April 22nd high crossing at 183-02 are needed to confirm an upside breakout of the aforementioned trading range. 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 May 6th low crossing at 178-01. Second support is the April 14th low crossing at 177-14. 



June T-notes closed down 200-points at 138.225.



June T-notes closed sharply lower on Monday while extending the April-May trading range. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 138.099 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 138.099. 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 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. 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 50% retracement level of the January-April-decline crossing at $34.95 is the next upside target. Closes below the 20-day moving average crossing at $21.26 would confirm that a short-term top has been posted. First resistance is today's high crossing at $33.32. Second resistance is the 50% retracement level of the January-April-decline crossing at $34.95. First support is the 10-day moving average crossing at $26.23. Second support is the 20-day moving average crossing at $21.26. 



June heating oil closed higher on Monday and above the 50-day moving average crossing at $98.11. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to higher prices is possible near-term. If June extends the rally off April's low, April's high crossing at $116.02 is the next upside target. Closes below the 20-day moving average crossing at $83.33 would confirm that a short-term top has been posted. First resistance is today's high crossing at $102.86. Second resistance is April's high crossing at $116.02. First support is the 20-day moving average crossing at $83.33. Second support is April's low crossing at $67.24. 



June unleaded gas closed 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 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 82.86 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the January-March-decline decline crossing at 107.64. Second resistance is the 50% retracement level of the January-March-decline decline crossing at 124.93. First support is the 20-day moving average crossing at 82.88. Second support is April's low crossing at 52.51.  



June Henry natural gas closed higher on Monday as it consolidates some of the decline off May's high. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 1.872 would confirm that a short-term low has been posted. If June extends the decline off May's high, weekly support on the weekly continuation chart crossing at 1.519 is the next downside target. First resistance is the 20-day moving average crossing at 1.872. Second resistance is May's high crossing at 2.162. First support is last-Wednesday's low crossing at 1.595. Second support is weekly support on the weekly continuation chart crossing at 1.519.          



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



The June Dollar closed sharply lower on Monday as it extended the April-May trading range.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 99.82 signals that a short-term top has been posted. If June extends today's decline, May's low crossing at 98.77 is the next downside target. If June extends the rally off May's low, the April 24th high crossing at 100.98 is the   next upside 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 98.77. 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 sharply higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning  neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 109.41 are needed to confirm that a short-term low has been posted. If June resumes the decline off the March 27th high, April's low crossing at 107.39 is the next downside target. First resistance is May'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 higher on Monday as it consolidated some of the decline off the April 30th high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, the 50% retracement level of the March-April-rally crossing at 1.2045 is the next downside target. Closes above the 20-day moving average crossing at 1.2357 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2357. Second resistance is the April 30th high crossing at 1.2647. First support is today's low crossing at 1.2079. Second support is the 50% retracement level of the March-April-rally crossing at 1.2045.



The June Swiss Franc closed slightly lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, April's low crossing at 1.0216 is the next downside target. Closes above the 50-day moving average crossing at 1.0370 would confirm that a short-term low has been posted. First resistance is May's high crossing at 1.0441. Second resistance is April's high crossing at 1.0443. 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 higher on Monday as it extended the April-May trading range.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. If June renews the decline off the April 30th high, the April 21st low crossing at 70.12 is the next downside target. First resistance is the April 30th high crossing at 72.21. 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 lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off May'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 long-term resistance crossing at 0.0942. 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 ""



June gold posted a key reversal down on Monday signaling that a double top with April's high might have been posted with today's high.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off May's low, April's high crossing at $1788.80 is the next upside target. Closes below May's low crossing at $1676.00 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at $1775.80. Second resistance is April's high crossing at $1788.80. First support is the 50-day moving average crossing at $1670.60. Second support is the April 21st low crossing at $1666.20.



July silver closed higher on Monday extends the rally off March's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, the 87% retracement level of the February-March-decline crossing at 18.134 is the next upside target. Closes below the 20-day moving average crossing at 15.603 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the February-March-decline crossing at 18.134. Second resistance is February's high crossing at 19.075. First support is the 10-day moving average crossing at 15.917. Second support is the 20-day moving average crossing at 15.603.  



July copper closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, the 62% retracement level of the January-March-decline crossing at 254.68 is the next upside target. Closes below the 50-day moving average crossing at 230.95 are needed to confirm that a short-term top has been posted. First resistance is the 50% retracement level of the January-March-decline crossing at 243.80. Second resistance is the 62% retracement level of the January-March-decline crossing at 254.68. First support is the 50-day moving average crossing at 230.95. Second support is the May 4th low crossing at 228.40. 



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



July Corn closed up $0.01 3/4-cents at 3.21. 



July corn closed higher on Monday as it extends the April-May trading range. The high-range close sets  the stage for a steady to higher opening when Tuesday's night sessions 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 April 23rd high crossing at $3.31 is the next upside target. If July renews this year's decline, psychological support crossing at $3.00 is the next downside target. First resistance is the April 23rd high crossing at 3.31. Second resistance is the 50-day moving average crossing at $3.35 1/2. First support is April's low crossing at $3.09. Second support is psychological support crossing at $3.00.    



July wheat closed down $0.02 3/4-cents at $4.97 1/2.  



July wheat closed lower on Monday as it extended the decline off March's high. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 decline off March's high, last-September's low crossing at $4.81 1/2 is the next downside target. Closes above the 20-day moving average crossing at $5.20 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.11. Second resistance is the 20-day high crossing at $5.20 1/4. First support is today's low crossing  at $4.93 3/4. Second support is last-September's low crossing at $4.81 1/2.      



July Kansas City Wheat closed down $0.06-cents at $4.46 1/4.

 

July Kansas City wheat closed lower on Monday as it extended the decline off April's high. The low-range close sets the stage for a steady to lower opening when Tuesday 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 decline off April's high, March's low crossing at $4.27 1/4 is the next downside target. Closes above the 20-day moving average crossing at $4.77 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $4.66 3/4. Second resistance is the 20-day moving average crossing at $4.77 1/4. First support is today's low crossing at $4.44 1/2. Second support is March's low crossing at $4.27 1/4.   



July Minneapolis wheat closed down a $0.01 1/2-cents at $5.04 3/4.



July Minneapolis wheat closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to 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 50-day moving average crossing at $5.24 would open the door for a possible test of April's high crossing at $5.48 1/4. First resistance is the 50-day moving average crossing at $5.24. Second resistance is April's high crossing at 5.48 1/4. First support is May'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 $0.06-cents at $8.44 1/2.



July soybeans closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $8.55 are needed to confirm that a short-term low has been posted. If July resumes this year's decline, psychological support crossing at $8.00 is the next downside target. First resistance is the 50-day moving average crossing at $8.55. Second resistance is the April 13th high crossing at $8.77 1/2. 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 down $2.70 at $284.80. 



July soybean meal closed lower on Monday as it renewed the decline off March's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off March's high, monthly support crossing at $283.10 is the next downside target. Closes above the reaction high crossing at $294.30 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at $294.30. Second is the 50-day moving average crossing at $299.30. First support is today's low crossing at $284.50. Second support is monthly support crossing at $283.10.      



July soybean oil closed up 74-pts. At 27.32. 



July soybean oil closed higher on Monday and above the 50-day moving average crossing at 26.59 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the decline off April's high, March's low crossing at 25.02 is the next downside target. First resistance is today's high crossing at 27.40. Second resistance is the 25% retracement level of the December-March-decline crossing at 27.84. 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 $0.23 at $57.65. 



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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at $56.17 would confirm that a short-term top has been posted. If June renews 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 last-Thursday's low  crossing at $56.17. Second support is the April 29th low crossing at $54.78.     



June cattle closed up $1.73 at $98.73. 



June cattle closed higher on Monday as it extended the rally off April's low. The mid-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 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. Closes below the 20-day moving average crossing at $89.30 would confirm that a short-term top has been posted. First resistance is today's high crossing at $100.00. Second resistance is the 62% retracement level of the January-April-decline crossing at $103.37. First support is the 10-day moving average crossing at $93.81. Second support is the 20-day moving average crossing at $89.30.    



August Feeder cattle closed up $1.48-cents at $132.55. 



August Feeder cattle closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's 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 50-day moving average crossing at $127.56 would confirm that a short-term top has been posted. If August renews 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 the 20-day moving average crossing at $130.29. Second support is the 50-day moving average crossing at $127.56.        



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



July coffee closed slightly higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. If July resumes 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 11.36 would confirm that a low has been posted. 



July cocoa closed steady on Monday. The mid-range close sets the stage for a steady opening on Tuesday. 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 23.81 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 February-March decline crossing at 25.68 is the next upside target.       



July sugar closed higher on Monday. The high-range close set 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. Today's close above the 50-day moving average crossing at 10.60 opens the door for additional gains near-term. 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. 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 July extends the rally off April's low, the 50% retracement level of the January-April-decline crossing at 61.06. Closes below the May 6th low crossing at 53.20 would confirm that a short-term top has been posted.        



Comments
By metmike - May 18, 2020, 6:29 p.m.
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Thanks tallpine!


Much warmer weather is helping ng a great deal, along with big production cuts and the economy coming alive again.

Technically, looks like a double bottom from early April and last weeks lows.

Grains will be interesting as we heat up.  Planting is ahead far enough that heavy rain events will not be that bullish(like last year). If we starts drying out more, hot/dry can start being bullish like it has always been historically. 


The NWS was pretty wet in their 6-10, 8-14 day outlook but the European model is pretty dry in many places the next 2 weeks.  Add in the heat, and quite a few spots in the central cornbelt  to the Upper Midwest may be wanting some rain in early June.........if this verifies.

Latest forecast below:

Weather Model