KEY EVENTS TO WATCH FOR:
Wednesday, June 24, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 846.9)
Composite Idx, W/W% (previous +8.0%)
Purchase Idx-SA (previous 322.5)
Purchase Idx-SA, W/W% (previous +3.5%)
Refinance Idx (previous 3891.5)
Refinance Idx, W/W% (previous +10.3%)
9:00 AM ET. IMF World Economic Outlook Update
9:00 AM ET. April U.S. Monthly House Price Index
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 539.28M)
Crude Oil Stocks, Net Chg (Bbl) (previous +1.215M)
Gasoline Stocks (Bbl) (previous 256.995M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.666M)
Distillate Stocks (Bbl) (previous 174.471M)
Distillate Stocks, Net Chg (Bbl) (previous -1.358M)
Refinery Usage (previous 73.8%)
Total Prod Supplied (Bbl/day) (previous 17.29M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.283M)
Thursday, June 25, 2020
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 472.6K)
Soybeans (Metric Tons) (previous 1920.2K)
Wheat (Metric Tons) (previous 504.8K)
8:30 AM ET. May Advance Economic Indicators Report
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 1508K)
Jobless Claims, Net Chg (previous -58K)
Continuing Claims (previous 20544000)
Continuing Claims, Net Chg (previous -62K)
8:30 AM ET. 1st Quarter Revised Corporate Profits
8:30 AM ET. 1st Quarter 3rd estimate GDP
Annual Rate, Q/Q% (previous -5%)
Chain-Weighted Price Idx, Q/Q% (previous +1.4%)
Corporate Profits, Q/Q% (previous -15.9%)
PCE Price Idx, Q/Q% (previous +1.3%)
Purchase Price Idx, Q/Q% (previous +1.7%)
Real Final Sales, Q/Q% (previous -3.7%)
Core PCE Price Idx, Ex Food/Energy, Q/Q% (previous +1.6%)
Personal Consumption, Q/Q% (previous -6.8%)
8:30 AM ET. May Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous -17.2%)
Dur Goods, Ex-Defense, M/M% (previous -16.2%)
Dur Goods, Ex-Transport, M/M% (previous -7.4%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -5.8%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous -5.4%)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2892B)
Working Gas In Storage, Net Chg (Cbf) (previous +85B)
11:00 AM ET. June Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous -25)
6-Mo Exp Prod Idx (previous -2)
Mfg Composite Idx (previous -19)
6-Mo Exp Composite Idx (previous -2)
4:30 PM ET. Federal Reserve Board releases latest Comprehensive Capital Analysis and Review results
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Federal Reserve Board releases latest supervisory stress test results
Friday, June 26, 2020
8:30 AM ET. May Personal Income & Outlays
Personal Income, M/M% (previous +10.5%)
Consumer Spending, M/M% (previous -13.6%)
PCE Price Idx, M/M% (previous -0.5%)
PCE Price Idx, Y/Y% (previous +0.5%)
PCE Core Price Idx, M/M% (previous -0.4%)
PCE Core Price Idx, Y/Y% (previous +1%)
10:00 AM ET. June University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (previous 72.3)
End-Mo Expectations Idx (previous 65.9)
12-Month Inflation Forecast (previous 3.2%)
5-Year Inflation Forecast (previous 2.7%)
End-Mo Current Idx (previous 82.3)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher on Tuesday underpinned by improving economic data and optimism on Wall Street about the ability of the U.S. to respond to rising COVID-19 cases. A sell off in the afternoon session tempered early gains and 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the June 11th gap crossing at 26,938.05 would confirm that a short-term low has been posted. If the Dow resumes the decline off June's high, the 50-day moving average crossing at 24,764.56 is the next downside target. First resistance is the June 11th gap crossing at 26,938.05. Second resistance is June's high crossing at 27,580.21. Third resistance is the 87% retracement level of the February-March-decline crossing at 28,090.29. First support is last-Monday's low crossing at 24,843.18. Second support is the 50-day moving average crossing at 24,822.79.
The September NASDAQ 100 closed higher on Tuesday as it extends the rally off last-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 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 into uncharted territory, upside targets will be hard to project. Closes below last-Monday's low crossing at 9368.25 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 10,296.25. Second resistance is unknown. First support is last-Monday's low crossing at 9368.25. Second support is the 50-day moving average crossing at 9292.19.
The September S&P 500 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 September resumes the decline off June's high, the 50-day moving average crossing at 2951.43 is the next downside target. If September extends last-week's rally, the June 8th high crossing at 3216.70 is the next upside target. First resistance is the June 8th high crossing at 3216.70. Second resistance is the 87% retracement level of the February-March-decline crossing at 3237.65. First support is the 50-day moving average crossing at 2951.43. Second support is the May 13th low crossing at 2804.20.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
September T-bonds closed down 15/32's at 176-26.
September T-bonds closed lower on Tuesday. 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 177-26 would confirm that a low has been posted while opening the door for additional gains near-term. If September renews the decline off May's high, the 62% retracement level of the December-March rally crossing at 168-25 is the next downside target. First resistance is the 50-day moving average crossing at 177-26. Second resistance is the May 15th high crossing at 180-28. First support is the 50% retracement level of the December-March rally crossing at 171-27. Second support is the 62% retracement level of the December-March rally crossing at 167-18.
September T-notes closed unchanged at 138.225.
September T-notes closed unchanged 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 April 21st high crossing at 139.160 would mark an upside breakout of the April-June trading range. Closes below last-Tuesday's low crossing at 138.070 would signal that a short-term top has been posted. First resistance is the April 21st high crossing at 139.160. Second resistance is March's high crossing at 139.250. First support is last-Tuesday's low crossing at 138.070. Second support is June's low crossing at 136.220.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
August crude oil closed lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday'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 August extends the rally off April's low, the 62% retracement level of the January-April-decline crossing at $46.20 is the next upside target. Closes below last-Monday's low crossing at $34.66 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the January-April-decline crossing at $41.25. Second resistance is the 62% retracement level of the January-April-decline crossing at $46.20. First support is last-Monday's low crossing at $34.66. Second support is the 50-day moving average crossing at $31.92.
August heating oil closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 August extends the rally off April's low, the 38% retracement level of the January-April-decline crossing at $128.27 is the next upside target. Closes below the 20-day moving average crossing at $114.10 would confirm that a short-term top has been posted. First resistance is today's high crossing at $125.34. Second resistance is the 38% retracement level of the January-April-decline crossing at $128.27. First support is the 20-day moving average crossing at $114.10. Second support is the 20-day moving average crossing at $114.10. Third support is the 50-day moving average crossing at $103.82.
August unleaded gas closed slightly lower on Tuesday but remains above the 50% retracement level of the January-March-decline decline crossing at 126.32. 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 August extends the rally off April's low, the 62% retracement level of the January-March-decline crossing at 141.79 is the next upside target. Closes below the reaction low crossing at 109.16 would confirm that a short-term top has been posted. First resistance is today's high crossing at 132.53. Second resistance is 62% retracement level of the January-March-decline decline crossing at 141.79. First support is the 20-day moving average crossing at 117.41. Second support is the 50-day moving average crossing at 100.82.
August Henry natural gas was lower on Tuesday as it renewed the decline off May's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the decline off May's high, long-term support crossing at 1.519 on the weekly continuation chart is the next downside target. Closes above the 20-day moving average crossing at 1.837 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.771. Second resistance is the 20-day moving average crossing at 1.837. First support is today's low crossing at 1.682. Second support is the weekly continuation chart crossing at 1.519.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The September Dollar closed 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 September resumes this year's decline, March's low crossing at 94.70 is the next downside target. If September extends the rally off June's low, the 50-day moving average crossing at 98.80 is the next upside target. First resistance is today's high crossing at 97.70. Second resistance is the 50-day moving average crossing at 98.80. First support is the 87% retracement level of March's rally crossing at 95.87. Second support is March's low crossing at 94.70.
The September Euro closed higher on Tuesday and above 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 sideways to lower prices are possible near-term. the 10-day moving average crossing at 112.95 signaling that a short-term low has been posted. If September renews the decline off June's high, the 50-day moving average crossing at 110.46 is the next downside target. First resistance is June's high crossing at 113.97. Second resistance is the 87% retracement level of March's decline crossing at 114.58. First support is Monday's low crossing at 111.89. Second support is the 50-day moving average crossing at 110.46.
The September British Pound closed higher on Tuesday as it consolidated some of the decline off June'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 oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 10-day moving average crossing at 1.2545 would confirm that a short-term low has been posted. If September extends the decline off June's high the May 22nd low crossing at 1.2161 is the next downside target. First resistance is June's high crossing at 1.2813. Second resistance is the 75% retracement level of the December-March-decline crossing at 1.3044. First support is Monday's low crossing at 1.2340. Second support is the May 22nd low crossing at 1.2161.
The September Swiss Franc 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 September resumes the rally off May's low, the 75% retracement level of the January-March-decline crossing at 1.0759 is the next upside target. Closes below the 20-day moving average crossing at 1.0506 would confirm that a short-term top has been posted. First resistance is June's high crossing at 1.0695. Second resistance is the 75% retracement level of the January-March-decline crossing at 1.0759. First support is the 20-day moving average crossing at 1.0506. Second support is the 50-day moving average crossing at 1.0411.
The September Canadian Dollar closed 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at 73.08 would confirm that a short-term top has been posted. If September renews the rally off March's low, the 87% retracement level of the January-March-decline crossing at76.04 is the next upside target.First resistance is June's high crossing at 75.10. Second resistance is the 87% retracement level of the January-March-decline crossing at 76.04. First support is last-Monday's low crossing at 73.08. Second support is the 50-day moving average crossing at 72.31.
The September Japanese Yen closed higher on Tuesday as it renewed the rally off June'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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, May's high crossing at 0.0945 is the next upside target. Closes below the 20-day moving average crossing at 0.0930 would signal that a short-term top has been posted. First resistance is today's high crossing at 0.0944. Second resistance is May's high crossing at 0.0945. First support is the 20-day moving average crossing at 0.0930. Second support is June's low crossing at 0.0912.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
August gold closed higher on Tuesday as it extends the rally off June'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 August extends the rally off the June 5th low, May's high crossing at $1787.50 is the next upside target. Closes below the 50-day moving average crossing at $1732.80 would signal that a short-term top has been posted. First resistance is today's high crossing at $1786.10. Second resistance is May's high crossing at $1787.50. First support is the 50-day moving average crossing at $1732.80. Second support is the June 5th low crossing at $1671.70.
July silver 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 18.405 are needed to confirm that a short-term low has been posted. If July renews the decline off June's high, the 50-day moving average crossing at 16.761 is the next downside target. First resistance is the reaction high crossing at 18.405. Second resistance is June's high crossing at 18.950. First support is last-Monday's low crossing at 17.015. Second support is the 50-day moving average crossing at 16.761.
July copper closed slightly 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 July renews the rally off March's low, the 87% retracement level of the January-March-decline crossing at 277.93 is the next upside target. Closes below the 20-day moving average crossing at 255.02 would signal that a short-term top has been posted. First resistance is the June 10th high crossing at 270.00. Second resistance is the 87% retracement level of the January-March-decline crossing at 277.93. First support is the 20-day moving average crossing at 255.02. Second support is the 50-day moving average crossing at 243.42.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
July Corn closed down $0.03 3/4-cents at 3.24 1/2.
July corn closed lower on Tuesday as it extends the trading range of the past three-weeks. The mid-range close sets the stage for a steady to lower opening when Wednesday's night sessions begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $3.23 would temper the neutral to friendly outlook. If July renews the rally off April's low, the April 7th high crossing at $3.40 1/2 is the next upside target. First resistance is the April 7th high crossing at 3.40 1/2. Second resistance is April's high crossing at $3.47 1/2. First support is the 50-day moving average crossing at $3.23. Second support is April's low crossing at $3.09.
July wheat closed up $0.01 1/2-cents at $4.86 1/2.
July wheat closed higher on Monday as it consolidates some of this year's decline. 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 the aforementioned decline, the September-2019 low crossing at $4.68 1/4 is the next downside target. Closes above the 20-day moving average crossing at $5.03 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $4.93 1/4. Second resistance is the 20-day moving average crossing at $5.03 1/4. First support is last-Friday's low crossing at $4.76. Second support is the September-2019 low crossing at $4.68 1/4.
July Kansas City Wheat closed up $0.04-cents at $4.35 1/4.
July Kansas City wheat closed higher 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, last-September's low crossing at $4.19 is the next downside target. Closes above the 20-day moving average crossing at $4.50 1/4 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at $4.39 1/2. Second resistance is the 20-day moving average crossing at $4.50 1/4. First support is today's low crossing at $4.26. Second support is March's low crossing at $4.27 1/4.
July Minneapolis wheat closed down $0.04-cents at $5.14 3/4.
July Minneapolis wheat closed 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. Closes below last-Tuesday's low crossing at $5.11 1/2 would confirm that a short-term top has been posted. If July renews the rally off May's low, April's high crossing at $5.48 1/4 is the next upside target. First resistance is June's high crossing at $5.29 3/4. Second resistance is April's high crossing at $5.48 1/4. First support is last-Tuesday's low crossing at $5.11 1/2. Second support the May 18th low crossing at $5.04 1/4. Third support is May's low crossing at $5.02.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans closed down $0.01-cent at $8.75 1/4.
July soybeans 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this month's rally, the 38% retracement level of the October-April-decline crossing at $8.82 is the next upside target. Closes below the 20-day moving average crossing at $8.63 1/4 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $8.80 1/2. Second resistance is the 38% retracement level of the October-April-decline crossing at $8.82. First support is the 20-day moving average crossing at $8.63 1/4. Second support is the 50-day moving average crossing at $8.50 3/4.
July soybean meal closed down $0.20 at $286.30.
July soybean meal closed lower on Tuesday while extending the trading range of the past three-weeks. 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 neutral to bearish signaling that sideways to higher prices are possible near-term. Today's close below the 20-day moving average crossing at $286.90 signals that a short-term top has been posted. Closes above June's high crossing at $292.80 are needed to confirm that a short-term low has been posted. First resistance is June's high crossing at $292.80. Second resistance is the reaction high crossing at $294.30. First support is today's low crossing at $285.30. Second support is May's low crossing at $281.50.
July soybean oil closed down 16-pts. At 28.19.
July soybean oil closed lower on Tuesday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, the 38% retracement level of the December-March-decline crossing at 29.32 is the next upside target. Closes below the 50-day moving average crossing at 27.02 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 28.68. Second resistance is the 38% retracement level of the December-March-decline crossing at 29.32. First support is the 50-day moving average crossing at 27.03. Second support is the May 14th low crossing at 25.70.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
July hogs closed up $0.13 at $46.95.
July hogs posted an inside day with a higher close on Tuesday as it consolidates some of its recent losses. 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 the decline off May's high, weekly support crossing at $44.76 is the next downside target. Closes above the 20-day moving average crossing at $52.52 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $49.97. Second resistance is the 20-day moving average crossing at $52.52. First support is Monday's low crossing at $$45.75. Second support is weekly support crossing at $44.76.
August cattle closed up $2.45 at $97.58.
August cattle closed higher on Tuesday and above the 20-day moving average crossing at $97.31 signaling that a short-term low has been posted. 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. If August extends today's rally, the May 28th high crossing at $101.30. Closes below the June 15th low crossing at $93.58 would renew the decline off May's high. First resistance is the May 8th high crossing at $101.90. Second resistance is the 62% retracement level of the January-April-decline crossing at $103.35. First support is the June 15th low crossing at $93.58. Second support is the May 5th low crossing at $91.20.
August Feeder cattle closed up $1.88-cents at $133.63.
August Feeder cattle closed higher 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 below last-Monday's low crossing at $128.68 would confirm that a short-term top has been posted. If August resumes the rally off last-Monday's low, June's high crossing at $136.73 is the next upside target. First resistance is June's high crossing at $136.73. Second resistance is May's high crossing at $138.80. First support is last-Monday's low crossing at $128.68. Second support is May's low crossing at $125.30.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee closed higher on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 9.70 would confirm that a low has been posted. If July resumes the decline off March's high, weekly support crossing at 9.22 is the next downside target.
July cocoa closed higher on Tuesday as it extends the March-June trading range. The mid-range close sets 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 near-term. If July extends the rally off last-Friday's low, June's high crossing at 25.08 is the next upside target. If July renews the decline off June's high, April's low crossing at 22.15 is the next downside target.
July sugar closed lower on Tuesday as it extends the trading range of the past three-weeks. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 11.70 are needed to confirm that a short-term top has been posted. If July renews the rally off April's low, the 62% retracement level of the January-April-decline crossing at 12.84 is the next upside target.
July cotton 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 on Wednesday. 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 62% retracement level of the January-April-decline crossing at 64.11 is the next upside target. Closes below last-Monday's low crossing at 58.69 would signal that a short-term top has been posted.
Thank you tallpine!
Lack of heat in the East/Southeast where lots of people live is killing natural gas.
Less heat for the Midwest and POTENTIAL for rain hurt the grains today.
However, KC wheat had a reversal higher today after a spike to new lows for the month. CHI too but not as impressive. Could this mark early, pre harvest lows?
Seasonally, the Chi and KC wheat have a bottom from here to the next several weeks, followed by higher prices for much of the year. This is often associated with the early harvest activity.
MN/Spring wheat does not have the same seasonal as the crop is still growing and has a couple of months before harvest.
Regardless of the less hot forecast, we some individual model solutions like the idea of the heat ridge strengthening in places that could be come bullish for ng and the grains.
With the early stages of a La Nina right now, it would not be surprising to see the forecast turn hotter and drier in July.
Weather Tuesday:
