KEY EVENTS TO WATCH FOR:
Wednesday, July 1, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 773.1)
Composite Idx, W/W% (previous -8.7%)
Purchase Idx-SA (previous 312.7)
Purchase Idx-SA, W/W% (previous -3.0%)
Refinance Idx (previous 3434.6)
Refinance Idx, W/W% (previous -11.7%)
7:30 AM ET. June Challenger Job-Cut Report
Job Cuts, M/M% (previous +577.8%)
8:15 AM ET. June ADP National Employment Report
Private Sector Jobs, Net Chg (previous -2760K)
9:45 AM ET. June US Manufacturing PMI
PMI, Mfg (previous 39.8)
10:00 AM ET. May Metropolitan Area Employment & Unemployment
10:00 AM ET. May Construction Spending - Construction Put in Place
New Construction (previous -2.9%)
Residential Construction
10:00 AM ET. June ISM Manufacturing Report on Business
Manufacturing PMI (previous 43.1)
Prices Idx (previous 40.8)
Employment Idx (previous 32.1)
Inventories (previous 50.4)
New Orders Idx (previous 31.8)
Production Idx (previous 33.2)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 540.722M)
Crude Oil Stocks, Net Chg (Bbl) (previous +1.442M)
Gasoline Stocks (Bbl) (previous 255.322M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.673M)
Distillate Stocks (Bbl) (previous 174.72M)
Distillate Stocks, Net Chg (Bbl) (previous +0.249M)
Refinery Usage (previous 74.6%)
Total Prod Supplied (Bbl/day) (previous 18.348M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +1.058M)
11:00 AM ET. June Global Manufacturing PMI
PMI, Mfg (previous 42.4)
2:00 PM ET. Federal Open Market Committee meeting minutes and economic forecast
4:00 PM ET. June Domestic Auto Industry Sales
N/A United States-Mexico-Canada Agreement enters into force
Thursday, July 2, 2020
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 538.7K)
Soybeans (Metric Tons) (previous 1162.6K)
Wheat (Metric Tons) (previous 518.7K)
8:30 AM ET. June U.S. Employment Report
Non-Farm Payrolls (previous +2509K)
Unemployment Rate (previous 13.3%)
Avg Hourly Earnings (USD) (previous 29.75)
Avg Hourly Earnings-Net Chg (USD) (previous -0.29)
Avg Hourly Earnings, M/M% (previous -0.97%)
Avg Hourly Earnings, Y/Y% (previous +6.75%)
Overall Workweek (previous 34.7)
Overall Workweek Net Chg (previous +0.5)
Government Payrolls (previous -585K)
Private Payroll (previous +3094K)
Participation Rate (previous 60.8%)
Non-Farm Payrolls Bench Net Chg
8:30 AM ET. May U.S. International Trade in Goods & Services
Trade Balance (USD) (previous -49.41B)
Exports (USD) (previous 151.28B)
Exports, M/M% (previous -20.5%)
Imports (USD) (previous 200.69B)
Imports, M/M% (previous -13.7%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 1480K)
Jobless Claims, Net Chg (previous -60K)
Continuing Claims (previous 19522000)
Continuing Claims, Net Chg (previous -767K)
9:45 AM ET. Bloomberg Consumer Comfort Index
9:45 AM ET. June ISM-NY Report on Business
Business Index (previous 19.5)
10:00 AM ET. May Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (previous -13.0%)
Orders, Ex-Defense, M/M% (previous -12.3%)
Orders, Ex-Transport, M/M% (previous -8.5%)
Durable Goods, M/M%
Durable Goods, M/M%
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3012B)
Working Gas In Storage, Net Chg (Cbf) (previous +120B)
4:30 PM ET. Money Stock Measures
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, July 3, 2020
N/A U.S. Independence Day observed. Financial markets closed
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher on Tuesday as it extended Monday's rally on the final day of the second quarter. 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. Closes above the June 11th gap crossing at 26,938.05 would confirm that a short-term low has been posted. Closes below the 50-day moving average crossing at 24,992.00 would confirm that a short-term top has been posted. 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 the 50-day moving average crossing at 24,992.00. Second support is the June 15th low crossing at 24,843.18.
The September NASDAQ 100 closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off March's low into uncharted territory, upside targets will be hard to project. Closes below Monday's low crossing at 9728.75 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 10,296.25. Second resistance is unknown. First support is Monday's low crossing at 9728.75. Second support is the 50-day moving average crossing at 9419.59.
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 renews July's rally, the June 8th high crossing at 3216.70 is the next upside target. If September extends last-week's decline, the 50-day moving average crossing at 2969.70 is the next downside 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 2969.70. 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 18/32's at 178-15.
September T-bonds closed lower on Tuesday as it consolidates some of the rally off June's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, the May 15th high crossing at 180-28 is the next upside target. Closes below the June 16th crossing at 174-29 would signal that a short-term top has been posted. First resistance is today's high crossing at 179-17. 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 down 55-pts. At 139.050.
September T-notes closed lower on Tuesday as it consolidates some of the rally off June's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's high, the April 21st high crossing at 139.160 is the next upside target. Closes below the June 16th 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 the June 16th 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 as it extends June's trading range.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways trading is possible near-term. If August renews 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 the June 15th low crossing at $34.66 is needed to 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 the June 15th low crossing at $34.66. Second support is the 50-day moving average crossing at $32.65.
August heating oil closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI are turning 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 Monday's low crossing at $112.96 would confirm that a short-term top has been posted. First resistance is last-Tuesday'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 June 12th low crossing at $107.80. Second support is the 50-day moving average crossing at $104.92.
August unleaded gas closed slightly higher on Tuesday as it consolidates some of last-week's decline. The high-range close sets the stage for a steady to lower opening when Monday'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 August renews 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 last-Tuesday'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 reaction low crossing at 109.16. Second support is the 50-day moving average crossing at 104.17.
August Henry natural gas closed higher on Tuesday as it consolidates some of the decline off May's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.768 are needed to confirm that a short-term low has been posted. If August extends the decline off May's high, psychological support crossing at 1.500 is the next downside target. First resistance is the 20-day moving average crossing at 1.768. Second resistance is the 50-day moving average crossing at 1.971. First support is Thursday's low crossing at 1.517. Second support is the psychological support crossing at 1.500.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The September Dollar closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 50-day moving average crossing at 98.55 is the next upside target. If September resumes this year's decline, March's low crossing at 94.70 is the next downside target. First resistance is today's high crossing at 97.81. Second resistance is the 50-day moving average crossing at 98.55. 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 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 bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off June's high, the 50-day moving average crossing at 110.77 is the next downside target. Closes above the June 23rd high crossing at 113.71 would confirm that a short-term low has been posted. First resistance is the June 23rd high crossing at 113.71. Second resistance is June's high crossing at 113.97. First support is last-Monday's low crossing at 111.89. Second support is the 50-day moving average crossing at 110.77.
The September British Pound closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 1.2532 would confirm that a short-term low has been posted. If September resumes the decline off June's high the May 22nd low crossing at 1.2161 is the next downside target. First resistance is the 20-day moving average crossing at 1.2532. Second resistance is June's high crossing at 1.2819. First support is Monday's low crossing at 1.2256. Second support is the May 22nd low crossing at 1.2161.
The September Swiss Franc closed higher on Tuesday as it extends this month's trading range. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the June 12th low crossing at 1.0497 would confirm a downside breakout of June's trading range. 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. 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 June 12th low crossing at 1.0497. Second support is the 50-day moving average crossing at 1.0427.
The September Canadian Dollar closed higher on Tuesday.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI 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 73.82 would signal that a short-term low has been posted. If September extends the decline off June's high, the 50-day moving average crossing at 72.52 is the next downside 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-Friday's low crossing at 72.92. Second support is the 50-day moving average crossing at 72.52.
The September Japanese Yen 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. Today's close below the 20-day moving average crossing at 0.0931 confirms that a short-term top has been posted. If September resumes the rally off June's low, May's high crossing at 0.0945 is the next upside target. First resistance is last-Tuesday's high crossing at 0.0944. Second resistance is May's high crossing at 0.0945. First support is today's low crossing at 0.0927. 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 posting its highest close since 2012. 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, monthly resistance crossing at $1809.50 is the next upside target. Closes below the 50-day moving average crossing at $1738.10 would confirm that a short-term top has been posted. First resistance is today's high crossing at $1804.00. Second resistance is monthly resistance crossing at $1809.50. First support is the 50-day moving average crossing at $1738.10. Second support is the June 5th low crossing at $1671.70.
September silver closed higher on Tuesday as it extends the May-June trading range. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, June's high crossing at 19.035 is the next upside target. If September renews the decline off June's high, the 50-day moving average crossing at 17.079 is the next downside target. First resistance is today's high crossing at 18.655. Second resistance is June's high crossing at 19.035. First support is June's low crossing at 17.175. Second support is the 50-day moving average crossing at 17.079.
September copper closed higher on Tuesday as it extends the rally off March'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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off March's low, the 87% retracement level of the January-March-decline crossing at 278.18 is the next upside target. Closes below the 20-day moving average crossing at 262.29 would signal that a short-term top has been posted. First resistance is today's high crossing at 273.70. Second resistance is the 87% retracement level of the January-March-decline crossing at 278.18. First support is the 20-day moving average crossing at 262.29. Second support is the 50-day moving average crossing at 248.06.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
December Corn closed up $0.15 1/4-cent at $3.50.
December corn closed sharply higher on Tuesday follow today's bullish planted acreage report. Today's quarterly acreage from USDA came in much lower than expected at 92.006 million acres compared with the average trade guess of 95.207 million acres. Harvested acres are now anticipated to reach 84.023 million acres, which is still above 2019’s 81.322 million acres. Quarterly corn stocks report came in at 5.22 billion bushels compared with an average trade guess of 4.951 billion bushels. The high-range close sets the stage for a steady to lower opening when Monday's night sessions begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, April's low crossing at $3.09 is the next downside target. First resistance is today's high crossing at 3.54 1/4. Second resistance is the 38% retracement level of the January-June decline crossing at $3.60 3/4. First support is last-Friday's low crossing at $3.13 1/2. Second support is April's low crossing at $3.09.
December wheat closed up $0.06 1/4-cents at $4.99 3/4.
December wheat closed higher on Tuesday as it consolidates some of the decline off January's high. All wheat plantings are about 500,000 acres below trade expectations. Today's USDA acreage estimate came in at 44.250 million acres. That number is also below the USDA’s March estimates of 44.655 million acres and a final 2019 acreage of 45.158 million acres. Old crop wheat stocks came in at 1.04 billion bushels, which is 3% lower compared to a year ago. Pre-report estimates came in at 980 million bushels. Usage for March and May was 372 million bushels, which is 28% lower compared to the same period in 2019. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $5.08 3/4 are needed to confirm that a short-term low has been posted. If December extends the aforementioned decline, weekly support crossing at $4.60 1/4 is the next downside target. First resistance is the 20-day moving average crossing at $5.08 3/4. Second resistance is the 50-day moving average crossing at $5.20 3/4. First support is last-Friday's low crossing at $4.79 1/2. Second support is weekly support crossing at $4.60 1/4.
December Kansas City Wheat closed up $0.03 1/4-cents at $4.52 1/2.
December Kansas City wheat closed higher on Tuesday as it extended Monday's short covering rally. The low-range close sets the stage for a steady to lower opening when Wednesday night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this year's decline, weekly support crossing at $4.12 is the next downside target. Closes above the 20-day moving average crossing at $4.63 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at $4.63. Second resistance is the 50-day moving average crossing at $4.77 3/4. First support is last-Friday's low crossing at $4.37 1/4. Second support is weekly support crossing at $4.12.
December Minneapolis wheat closed up $0.09 1/4-cents at $5.33 1/2.
December Minneapolis wheat closed higher on Tuesday as it consolidates some of this month'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 and are poised to turn neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $5.40 are needed to confirm that a short-term low has been posted. If December extends June's decline, weekly support crossing at $5.15 1/2 is the next downside target. First resistance is the June 18th high crossing at $5.49. Second resistance is June's high crossing at $5.54 1/4. First support is Monday's low crossing at $5.22 1/4. Second support is weekly support crossing at $5.15 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans closed up $0.20 1/2-cents at $8.82.
November soybeans closed higher on Tuesday as it spiked above June's trading range resistance. Today's USDA’s soybean acreage estimates came in below pre-report estimates, at 83.825 million acres through the end of May, although that is still above USDA’s March estimates of 83.510 million acres. The agency expects another 12.101 million acres may have been planted after June 1. trend line yields are pegged at 49.8 bushels per acre and if they are realized this fall, that acreage would result in a 4.1-billion-bushel soybean harvest. Soybean stocks fell 22% year-over-year to 1.39 billion bushels. That was very close to pre-report estimates of 1.392 billion bushels. 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 November renews this month's rally, the 50% retracement level of the December-April-decline crossing at $9.06 1/2 is the next upside target. Multiple closes below the 50-day moving average crossing at $8.59 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $8.87. Second resistance is the 50% retracement level of the December-April-decline crossing at $9.06 1/2. First support is the 50-day moving average crossing at $8.59 1/4. Second support is June's low crossing at $8.45 3/4.
December soybean meal closed up $7.60 at $296.20.
December soybean meal closed sharply higher on Tuesday and above the 20-day moving average crossing at $295.20 confirming that a low has been posted. 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 and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends today's rally, June's high crossing at $301.90 is the next upside target. If December extends this month's decline, monthly support crossing at $278.80 is the next downside target. First resistance is June's high crossing at $292.80. Second resistance is the reaction high crossing at $305.00. First support is Monday's low crossing at $287.50. Second support is monthly support crossing at $278.80.
December soybean oil closed up 25-pts. At 28.71.
December soybean oil closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 28.77 would signal that a short-term low has been posted. If December extends the decline off June's high the reaction low crossing at 26.54 is the next downside target. First resistance is June's high crossing at 29.50. Second resistance is March's high crossing at 31.15. First support is the 50-day moving average crossing at 27.95. Second support is the reaction low crossing at 26.54.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
July hogs closed down $0.20 at $45.18.
July hogs 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 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 $48.85 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $46.99. Second resistance is the 20-day moving average crossing at $48.85. First support is last Friday's low crossing at $44.98. Second support is weekly support crossing at $44.76.
August cattle closed up $0.05 at $96.53.
August cattle closed higher on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews Tuesday'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 down $0.25-cents at $133.25.
August Feeder cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, June's high crossing at $136.73 is the next upside target. Closes below June's low crossing at $128.68 would confirm that a short-term top has been posted. First resistance is June's high crossing at $136.73. Second resistance is May's high crossing at $138.80. First support is June'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
September coffee closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 10.38 would open the door for a larger-degree rally into early-July. If July resumes the decline off March's high, weekly support crossing at 9.22 is the next downside target.
September cocoa closed sharply lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month's decline, the October 2018 low crossing at 21.40 is the next downside target. Closes above the 50-day moving average crossing at 23.44 would confirm that a low has been posted.
October sugar closed higher on Tuesday. The mid-range close set 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 October renews the rally off April's low, the 62% retracement level of the January-April-decline crossing at 12.90 is the next upside target. Closes below 50-day moving average crossing at 11.19 would open the door for additional weakness near-term.
December cotton closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off April's low, the 50% retracement level of the January-April-decline crossing at 61.55 is the next upside target. Closes below the 50-day moving average crossing at 58.52 would signal that a short-term top has been posted.
Thanks tallpine!
Besides the bullish shocker for corn, the weather is bullish too.
Same thing with natural gas but if the heat starts letting up, the rally may sputter.
Weather Tuesday.....includes heat fill and La Nina Summer weather discussion:
https://www.marketforum.com/forum/topic/54833/
USDA report June 30, 2020
10 responses |
Started by metmike - June 29, 2020, 4:43 p.m.
https://www.marketforum.com/forum/topic/54805/
Corn market
https://www.marketforum.com/forum/topic/54792/