INO Evening Market Comments
2 responses | 0 likes
Started by tallpine - May 21, 2020, 4:46 p.m.

KEY EVENTS TO WATCH FOR:



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 closed lower on Thursday led by losses in Walt Disney, Coca-Cola stocks. The low-range close that sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off March's low, the 62% retracement level of the February-March-decline crossing at 25,199.76 is the next upside target. Closes below the 20-day moving average crossing at 24,029.46 would signal that a short-term top has been posted. 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 20-day moving average crossing at 24,029.46. Second support is the 50-day moving average crossing at 22,853.46.  



The June NASDAQ 100 closed lower on Thursday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, February's high crossing at 9780.50 is the next upside target. Closes below the 20-day moving average crossing at 9051.24 would confirm that a short-term top has been posted. First resistance is today's high crossing at 9510.75. Second resistance is February's high crossing at 9780.50. First support is the 20-day moving average crossing at 9051.24. Second support is last-Thursday's low crossing at 8847.00. Second support is the May 4th low crossing at 8556.25.   



The June S&P 500 closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off March's low, the 75% retracement level of the February-March-decline crossing at 3085.85 is the next upside target. Closes below May's low crossing at 2775.40 are needed to confirm a downside breakout of the aforementioned trading range. First resistance is today's high crossing at 2971.50. Second resistance is the 75% retracement level of the February-March-decline crossing at 3085.85. First support is last-Thursday's low crossing at 2780.70. Second support is May's low crossing at 2775.40.



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



June T-bonds closed up 4/32's at 179-23.

  

June T-bonds closed higher on Thursday while extending the April-May trading range.The mid-range close sets the stage for a steady to higher opening when Friday'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 April 22nd high crossing at 183-02 are needed to confirm an upside breakout of the aforementioned trading range. Closes below the April 14th low crossing at 177-14 would confirm a downside 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 Tuesday's low crossing at 177-26. Second support is the April 14th low crossing at 177-14. 



June T-notes closed down 10-points at 139.015.



June T-notes closed slightly lower on Thursday while extending the April-May trading range. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 50-day moving average crossing at 138.123 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 138.123. Second support is the April 7th low crossing at 137.160.        



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



July crude oil closed higher on Thursday as it extended the rally off April's low. The mid-range close sets the stage for a steady to lower opening when Friday'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 July extends the rally off April's low, the 50% retracement level of the January-April-decline crossing at $40.12 is the next upside target. Closes below the 20-day moving average crossing at $25.73 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the January-April-decline crossing at $34.74. Second resistance is the 50% retracement level of the January-April-decline crossing at $40.12. First support is the 10-day moving average crossing at $29.25. Second support is the 20-day moving average crossing at $25.73. 



July heating oil closed slightly lower on Thursday as it consolidates above the 50-day moving average crossing at $99.74. The low-range close sets the stage for a steady to lower opening when Friday's night trading session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices is possible near-term. If July extends the rally off April's low, April's high crossing at $118.84 is the next upside target. Closes below the 20-day moving average crossing at $90.80 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at $106.38. Second resistance is April's high crossing at $118.84. First support is the 10-day moving average crossing at $96.29. Second support is the 20-day moving average crossing at $90.81. 



July unleaded gas closed lower on Thursday as it consolidates some of the rally off April's low. The mid-range close sets the stage for a steady opening when Friday'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 April's low, the 50% retracement level of the January-March-decline crossing at 125.43. Closes below the 20-day moving average crossing at 90.31 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 109.27. Second resistance is the 50% retracement level of the January-March-decline decline crossing at 125.43. First support is the 10-day moving average crossing at 98.76. Second support is the 20-day moving average crossing at 90.31.  



July Henry natural gas closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold and turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off May's high, weekly support on the weekly continuation chart crossing at 1.595 is the next downside target. Closes above the 20-day moving average crossing at 2.050 are needed to confirm that a short-term low has been posted.First resistance is the 20-day moving average crossing at 2.050. Second resistance is May's high crossing at 2.364. First support is last-Friday's low crossing at 1.822. Second support is March's low crossing at 1.802.          



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



The June Dollar closed higher on Thursday as it extended the April-May trading range.The mid-range close sets the stage for a steady to higher opening when Friday'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 this week's decline, May's low crossing at 98.77 is the next downside target. Closes above the 50-day moving average crossing at 100.03 would confirm that a short-term low has been posted. 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 lower on Thursday as it consolidates some of this week's rally. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, May's high crossing at 110.29 is the next upside target. 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 May's low crossing at 107.74. Second support is April's low crossing at 107.39. Third support is March's low crossing at 106.71. 



The June British Pound closed slightly higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 1.2345 are needed to confirm that a short-term low has been posted. 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.First resistance isthe 20-day moving average crossing at 1.2345. Second resistance is the April 30th high crossing at 1.2647. First support is Monday'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 lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends Wednesday's rally, May's high crossing at 1.0441 is the next upside target. Closes below the April 24th low crossing at 1.0216 would confirm a downside breakout of the April-May trading range. 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 lower on Thursday as it extended the April-May trading range.The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June 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 slightly lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday’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 Tuesday's low crossing at 0.0925. 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 its lowest finish in more than a week on Thursday as investors weighed some signs of improvement in the latest economic data.The low-range close sets the stage for a steady to lower opening when Friday'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 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. If April extends the rally off May's low, April's high crossing at $1788.80 is the next upside target. First resistance is Monday'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 $1675.60. Second support is the April 21st low crossing at $1666.20.



July silver closed lower on Thursday consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Friday'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, February's high crossing at 19.075 is the next upside target. Closes below the 20-day moving average crossing at 15.967 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 16.685. Second support is the 20-day moving average crossing at 15.967.  



July copper closed lower on Thursday as it consolidated some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Friday'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 62% retracement level of the January-March-decline crossing at 254.68 is the next upside target. Closes below the 20-day moving average crossing at 236.75 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 246.80. Second resistance is the 62% retracement level of the January-March-decline crossing at 254.68. First support is the 20-day moving average crossing at 236.75.  Second support is the 50-day moving average crossing at 230.53. 



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



July Corn closed down $0.01 1/2-cents at 3.18. 



July corn closed lower on Thursday as it extends the April-May trading range. The mid-range close sets  the stage for a steady opening when Friday's night sessions begins trading. Stochastics and the RSI are  neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews this year's decline, psychological support crossing at $3.00 is the next downside target. If July extends the rally off April's low the April 23rd high crossing at $3.31 is the next upside target. First resistance is the April 23rd high crossing at 3.31. Second resistance is the 50-day moving average crossing at $3.32. First support is April's low crossing at $3.09. Second support is psychological support crossing at $3.00.    



July wheat closed up $0.02-cents at $5.15 3/4.  



July wheat closed higher on Thursday as it extends the rally off Monday's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at $5.15 would signal that a short-term low has been posted. If July extends the decline off March's high, last-September's low crossing at $4.81 1/2 is the next downside target. First resistance is the 20-day moving average crossing at $5.15. Second resistance is the 50-day high crossing at $5.30 1/2. First support is Monday'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 up $0.01 1/4-cents at $4.54 1/2.

 

July Kansas City wheat closed higher on Friday as it consolidates some of the decline off April's high. The mid-range close sets the stage for a steady to higher opening when Friday night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $4.70 are needed to confirm that a short-term low has been posted. If July resumes the decline off April's high, March's low crossing at $4.27 1/4 is the next downside target. First resistance is the 10-day moving average crossing at $4.57 3/4. Second resistance is the 20-day moving average crossing at $4.70. First support is Wednesday's low crossing at $4.38 3/4. Second support is March's low crossing at $4.27 1/4.   



July Minneapolis wheat closed down $0.02 1/2-cents at $5.18. 



July Minneapolis wheat closed lower on Thursday. The low-range close sets the stage for a steady to  lower opening when Friday'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 50-day moving average crossing at $5.23 1/4 would open the door for a possible test of April's high crossing at $5.48 1/4. 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 $5.23 1/4. 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 down $0.11 1/2-cents at $8.35 1/4.



July soybeans closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned 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 $8.52 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $8.52 3/4. 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 $2.90 at $282.60. 



July soybean meal closed lower on Thursday as it renewed this year's decline. The low-range close sets the stage for a steady to lower opening when Friday'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, monthly support crossing at $278.80 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 resistance is the 50-day moving average crossing at $298.00. First support is today's low crossing at $282.00. Second support is monthly support crossing at $278.80.      



July soybean oil closed down 26-pts. At 27.10. 



July soybean oil closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 April's low, the 25% retracement level of the December-March-decline crossing at 27.84 is the next upside target. 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 December-March-decline crossing at 27.84. Second resistance is April's high crossing at 28.14. First support is April's low crossing at 25.09. Second support is March's low crossing at 25.02.        

 

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



June hogs closed up $2.48 at $59.35. 



June hogs closed higher on Thursday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading.  Stochastics and the RSI remain 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 today's low crossing at $56.95. Second support is the April 29th low crossing at $54.78.     



June cattle closed up $0.40 at $98.80. 



June cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 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 $91.55 would confirm that a short-term top has been posted. First resistance is Monday'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 $96.42. Second support is the 20-day moving average crossing at $91.55.    



August Feeder cattle closed down $0.13-cents at $128.87. 



August Feeder cattle closed lower on Thursday as it extended the decline off May's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. If August extends the aforementioned decline, the 50-day moving average crossing at 127.29 is the next downside target. Closes above the 10-day moving average crossing at $132.29 is the next upside target. First resistance is the 62% retracement level of the January-April-decline crossing at $138.77. Second resistance is the 75% retracement level of the January-April-decline crossing at $144.91. First support is the 50-day moving average crossing at $127.29. Second support is May's low crossing at $125.30.        



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



July coffee closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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, March's low crossing at 10.31 is the next downside target. Closes above the 50-day moving average crossing at 11.31 would confirm that a low has been posted. 



July cocoa closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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 23.36 would confirm that a short-term top has been posted. If July renews 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 lower on Thursday as it consolidates some of the rally off April's low. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 10.37 would signal that a short-term top has been posted. If July extends the rally off April's low, the 38% retracement level of the February-April-decline  crossing at 11.45 is the next upside target.           



July cotton closed lower on Thursday as it consolidates some of the rally off April's low. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 54.98 would confirm that a short-term top has been posted. If July extends the rally off April's low, the 50% retracement level of the January-April-decline crossing at 61.06.      

Comments
By metmike - May 21, 2020, 11:17 p.m.
Like Reply

Thanks very much tallpine!


NG weather has cooled off for week 2 and is turning more bearish.

Benign weather for the grains. Rains increasing in the dry areas of the S.Plains might be bearish for HRW but am not sure how much they would help at this point. 

By metmike - May 21, 2020, 11:19 p.m.
Like Reply

2 week rains from the 18z GFS ensemble:

Weather Model