KEY EVENTS TO WATCH FOR:
Wednesday, July 22, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 815.5)
Composite Idx, W/W% (previous +5.1%)
Purchase Idx-SA (previous 305.4)
Purchase Idx-SA, W/W% (previous -6.1%)
Refinance Idx (previous 3774.3)
Refinance Idx, W/W% (previous +11.9%)
9:00 AM ET. May U.S. Monthly House Price Index
10:00 AM ET. SEC Open Meeting
10:00 AM ET. June Existing Home Sales
Existing Sales (expected 4.55M; previous 3.91M)
Existing Sales, M/M% (expected +16.4%; previous -9.7%)
Unsold Homes Month's Supply (previous 4.8)
Median Price (USD) (previous 284600)
Median Home Price, Y/Y% (previous +2.3%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 531.688M)
Crude Oil Stocks, Net Chg (Bbl) (previous -7.493M)
Gasoline Stocks (Bbl) (previous 248.535M)
Gasoline Stocks, Net Chg (Bbl) (previous -3.147M)
Distillate Stocks (Bbl) (previous 176.809M)
Distillate Stocks, Net Chg (Bbl) (previous -0.453M)
Refinery Usage (previous 78.1%)
Total Prod Supplied (Bbl/day) (previous 18.48M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.36M)
2:00 PM ET. SEC Closed Meeting
Thursday, July 23, 2020
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 1300K; previous 1300K)
Jobless Claims, Net Chg (previous -10K)
Continuing Claims (previous 17338000)
Continuing Claims, Net Chg (previous -422K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1636.5K)
Soybeans (Metric Tons) (previous 1080.6K)
Wheat (Metric Tons) (previous 764.4K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. June Leading Indicators
Leading Index, M/M% (expected +2.1%; previous +2.8%)
Leading Index (previous 99.8)
Coincident Index, M/M% (previous +1.1%)
Lagging Index, M/M% (previous -1.9%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3178B)
Working Gas In Storage, Net Chg (Cbf) (previous +45B)
11:00 AM ET. July Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 2)
6-Mo Exp Prod Idx (previous 14)
Mfg Composite Idx (previous 1)
6-Mo Exp Composite Idx (previous 9)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
Friday, July 24, 2020
9:45 AM ET. July US Flash Manufacturing PMI
PMI, Mfg (expected 52.0; previous 49.6)
9:45 AM ET. July US Flash Services PMI
PMI, Services (expected 51.0; previous 46.7)
10:00 AM ET. June New Residential Sales
New Home Sales (expected 702K; previous 76K)
New Home Sales, M/M% (expected +3.8%; previous +16.6%)
New Home Sales Months Supply (previous 5.6)
N/A Utah Pioneer Day
Monday, July 27, 2020
8:30 AM ET. June Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous +15.8%)
Dur Goods, Ex-Defense, M/M% (previous +15.5%)
Dur Goods, Ex-Transport, M/M% (previous +4.0%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +2.3%)
Shipments: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.8%)
10:30 AM ET. July Texas Manufacturing Outlook Survey
Business Activity (previous -6.1)
Mfg Production Idx (previous 13.6)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow gapped up and closed higher on Tuesday led by gains energy and financial stocks. Additional support came from a slue of corporate earnings reports that including quarterly results from Coca-Cola and Lockheed Martin. Market sentiment also was upbeat in response to the promise of additional U.S. monetary stimulus following the European Union announcement of an historic fiscal package, intended to blunt the economic impact of the effects of the COVID-19 pandemic. 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. Closes above the June 8th high crossing at 27,580.21 are needed to renew the rally off March's low. Closes below the 50-day moving average crossing at 25,676.06 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 27,071.33. Second resistance is June's high crossing at 27,580.21. First support is the 50-day moving average crossing at 25,676.06. Second support is the June 15th low crossing at 24,843.18.
The September NASDAQ 100 closed lower due to profit taking on Tuesday as it catches it breath following Monday's meteoric rally to a new high close for the year. 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 bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off March's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 10,458.19 would signal that a short-term top has been posted. First resistance is today's high crossing at 11,058.50. Second resistance is unknown. First support is the 20-day moving average crossing at 10,458.19. Second support is the 50-day moving average crossing at 9929.33.
The September S&P 500 closed slightly higher on Tuesday as it extends 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 low, February's high crossing at 3387.60 is the next upside target. Closes below the 20-day moving average crossing at 3143.93 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3270.00. Second resistance is February's high crossing at 3387.60. First support is the 20-day moving average crossing at 3143.93. Second support is the 50-day moving average crossing at 3070.58.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
September T-bonds closed up 12/32's at 180-12.
September T-bonds closed higher on Tuesday. The mid-range close sets the stage for a steady 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 extends the rally off June's lows, the 75% retracement level of March's decline crossing at 183-23 is the next upside target. Closes below the 50-day moving average crossing at 177-27 are needed to confirm that a short-term top has been posted. First resistance is the July 10th high crossing at 181-14. Second resistance is the 75% retracement level of March's decline crossing at 183-23. First support is the 50-day moving average crossing at 177-27. Second support is the June 16th low crossing at 174-29.
September T-notes closed up 45-pts. At 139.170.
September T-notes closed higher on Tuesday while extending the March-July trading range. 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. If September extends the rally off June's high, March's high crossing at 139.250 is the next upside target. Closes below the 50-day moving average crossing at 138.264 would signal that a short-term top has been posted. First resistance is the July 10th high crossing at 139.225. Second resistance is March's high crossing at 139.250. First support is the 50-day moving average crossing at 138.264. Second support is the June 16th low crossing at 138.070.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
August crude oil surged above the 50% retracement level of the January-April-December crossing at $41.25 and closed higher on Tuesday as it renewed the rally off April's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher trading is 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 the 50-day moving average crossing at $37.11 would confirm that a short-term top has been posted. First resistance is today's high crossing at $41.96. Second resistance is the 62% retracement level of the January-April-decline crossing at $46.20. First support is the 50-day moving average crossing at $37.11. Second support is the June 15th low crossing at $34.66.
August heating oil closed higher on Tuesday and tested the 38% retracement level of the January-April-decline crossing at $128.27. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off April's low, the 50% retracement level of the January-April-decline crossing at $143.51 is the next upside target. Closes below the 20-day moving average crossing at $121.58 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the January-April-decline crossing at $128.27. Second resistance is the 50% retracement level of the January-April-decline crossing at $143.51. First support is the 20-day moving average crossing at $121.58. Second support is the 50-day moving average crossing at $114.07.
August unleaded gas 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 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 50-day moving average crossing at 116.10 would confirm that a short-term top has been posted. First resistance is June'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 50-day moving average crossing at 116.10. Second support is the June 29th low crossing at 111.28.
August Henry natural gas closed higher on Tuesday as it consolidated some of the decline off July'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 bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off July's high, June's low crossing at 1.517. Closes above the 50-day moving average crossing at 1.830 would confirm that a short-term low has been posted. Closes above the July 7th high crossing at 1.924 are needed to renew the rally off June's low.First resistance is the 50-day moving average crossing at 1.830. Second resistance is the July 7th high crossing at 1.924. First support is Monday's low crossing at 1.605. Second support is June's low crossing at 1.517.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The September Dollar closed sharply lower on Tuesday as it extended the decline off June'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 September extends this year's decline, March's low crossing at 94.70 is the next downside target. Closes above the 20-day moving average crossing at 96.68 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 96.16. Second resistance is the 20-day moving average crossing at 96.68. First support is today's low crossing at 94.98. Second support is March's low crossing at 94.70.
The September Euro closed higher on Tuesday as it renewed 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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off March's low, March's high crossing at 115.68 is the next upside target. Closes below the 20-day moving average crossing at 113.37 would signal that a short-term top has been posted. First resistance is today's high crossing at 115.54. Second resistance is March's high crossing at 115.68. First support is the 10-day moving average crossing at 114.00. Second support is the 20-day moving average crossing at 113.37.
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 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, June's high crossing at 1.2819 is the next upside target. Closes below the 50-day moving average crossing at 1.2468 would confirm that a short-term top has been posted. First resistance is June's high crossing at 1.2819. Second resistance is the 75% retracement level of the December-March decline crossing at 1.2952. First support is the 50-day moving average crossing at 1.2468. Second support is June's low crossing at 1.2256.
The September Swiss Franc 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 are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends 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 last-Thursday's low crossing at 1.0579 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.0745. Second resistance is the 75% retracement level of the January-March-decline crossing at 1.0759. First support is last-Thursday's low crossing at 1.0579. Second support is the 50-day moving average crossing at 1.0513.
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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the June 23rd high crossing at 74.17 signals that a short-term low has been posted while opening the door for a possible test of June's high crossing at 75.10. Closes below the 50-day moving average crossing at 73.22 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the January-March-decline crossing at 74.98. Second resistance is June's high crossing at 75.10. First support is the 50-day moving average crossing at 73.22. Second support is the June 26th low crossing at 72.92.
The September Japanese Yen 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 the rally off June's low, June's high crossing at 0.0944 is the next upside target. Closes below the 50-day moving average crossing at 0.0932 would signal that a short-term top has been posted. First resistance is June's high crossing at 0.0944. Second resistance is May's high crossing at 0.0945. First support is July's low crossing at 0.0925. Second support is June's low crossing at 0.0912.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
August gold posted its highest close since September 2011 on Tuesday as it extends this year's rally. 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. If August extends the rally off the June 5th low, monthly resistance crossing at $1865.20 is the next upside target. Closes below the 20-day moving average crossing at $1799.60 would confirm that a short-term top has been posted. First resistance is today's high crossing at $1844.90. Second resistance is monthly resistance crossing at $1865.20. First support is the 20-day moving average crossing at $1799.60. Second support is the 50-day moving average crossing at $1761.10.
September silver closed sharply 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 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, weekly resistance marked by the weekly resistance crossing at 22.180 is the next upside target. Closes below the 20-day moving average crossing at 18.990 would signal that a short-term top has been posted. First resistance is today's high crossing at 21.715. Second resistance is weekly resistance crossing at 22.180. First support is the 10-day moving average crossing at 19.727. Second support is the 20-day moving average crossing at 18.990.
September copper 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 extends the rally off March's low, the April-2019 high crossing at 301.65 is the next upside target. Closes below the 20-day moving average crossing at 280.82 would signal that a short-term top has been posted. First resistance is last-Monday's high crossing at 299.30. Second resistance is the April-2019 high crossing at 301.65. First support is the 10-day moving average crossing at 289.93. Second support is the 20-day moving average crossing at 280.82.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
December Corn closed down $0.04 3/4-cents at $3.31.
December corn closed lower on Tuesday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, June's low crossing at $3.13 1/2 is the next downside target. Closes above the 20-day moving average crossing at $3.41 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $3.41 1/4. July's high crossing at 3.63. First support is today's low crossing at $3.30. Second support is June's low crossing at $3.13 1/2.
December wheat closed up $0.04 1/2-cents at $5.33 1/4.
December wheat closed higher on Tuesday as it consolidates some of the decline off last-Thursday'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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.16 1/4 are needed to confirm that a short-term top has been posted. If December renews the rally off June's low, the 87% retracement level of the March-June-decline crossing at $5.65 is the next upside target. First resistance is the 75% retracement level of the March-June-decline crossing at $5.53. Second resistance is the 87% retracement level of the March-June-decline crossing at $5.65. First support is the 50-day moving average crossing at $5.17 1/2. Second support is the 20-day moving average crossing at $5.16 1/4.
December Kansas City Wheat closed up $0.07-cents at $4.53 1/2.
December Kansas City wheat closed higher on Tuesday as it consolidated some of decline off last-Thursday's high but remains below the 20-day moving average crossing at $4.55 1/2. The high-range close sets the stage for a steady to higher opening when Wednesday night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends Monday's decline, June's low crossing at $4.37 1/4 is the next downside target. Closes above the July 9th high crossing at $4.74 3/4 would open the door for a larger-degree rally near-term.First resistance is the July 9th high crossing at $4.74 3/4. Second resistance is June's high crossing at $4.95. First support is Monday's low crossing at $4.43 1/2. Second support is June's low crossing at $4.37 1/4.
December Minneapolis wheat closed up $0.04-cents at $5.25.
December Minneapolis wheat closed higher on Tuesday as it consolidated some of the decline off July's high. 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 bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, weekly support crossing at $5.15 1/2 is the next downside target. Closes above the 50-day moving average crossing at $5.37 would signal that a short-term low has been posted. First resistance July's high crossing at $5.43 1/2. Second resistance is the June 18th high crossing at $5.49. First support is Monday's low crossing at $5.19 1/2. Second support is weekly support crossing at $5.15 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans closed down $0.06 1/2-cents at $8.93 1/2.
November soybeans closed lower on Tuesday as it consolidated some of the rally off last-Monday'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 poised to turn neutral to bearish signaling that sideways to lower prices are possible near-term. If November renews the decline off July's high, the 50-day moving average crossing at $8.71 3/4 is the next downside target. If November extends the rally off last-Monday's low crossing at $8.71 1/2, July's high crossing at $9.12 1/2 is the next upside target. First resistance is July's high crossing at $9.12 1/2. Second resistance is the 62% retracement level of the December-April-decline crossing at $9.25 1/4. First support is the 50-day moving average crossing at $8.72 1/2. Second support is the June 29th low crossing at $8.56 3/4.
December soybean meal closed down $3.30 at $293.60.
December soybean meal closed lower on Tuesday as it consolidates some of the rally off last-Wednesday'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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews last-week's decline, June's low crossing at $287.50 is the next downside target. Closes above the 20-day moving average crossing at $296.80 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $296.80. Second resistance is the 38% retracement level of the 2019-2020-decline crossing at $306.50. First support is last-Wednesday's low at $290.70. Second support is June's low crossing at $287.50.
December soybean oil closed up 13-pts. At 30.66.
December soybean oil 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 overbought but remain neutral to 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 December-March-decline crossing at 31.16 is the next upside target. Closes below the 20-day moving average crossing at 29.16 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 31.06. Second resistance is the 50% retracement level of the December-March-decline crossing at 31.16. First support is the 20-day moving average crossing at 29.16. Second support is the 50-day moving average crossing at 28.65.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
August hogs closed up $1.20 at $51.60.
August hogs 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 bearish signaling that sideways to lower prices are possible near-term. If August renews the decline off May's high, weekly support crossing at $44.76 is the next downside target. Closes above the 50-day moving average crossing at $53.54 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $53.54. Second resistance is June's high crossing at $58.03. First support is June's low crossing at $47.52. Second support is weekly support crossing at $44.76.
August cattle closed down $0.43 at $101.85.
August cattle closed lower on Tuesday as it consolidated some of this month's rally. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $98.41 would signal that a short-term top has been posted. If August extends the rally off April's low, the 75% retracement level of the January-April-decline crossing at $108.26 is the next upside target. First resistance is the 62% retracement level of the January-April-decline crossing at $103.35. Second resistance is the 75% retracement level of the January-April-decline crossing at $108.26. First support is the 50-day moving average crossing at $98.41. Second support is the June 15th low crossing at $93.58.
August Feeder cattle closed down $0.48-cents at $141.13.
August Feeder cattle closed lower on Tuesday as it consolidates some of the rally off April's low. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 75% retracement level of the January-April-decline crossing at $144.98 is the next upside target. Closes below the 50-day moving average crossing at $134.20 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at $143.83. Second resistance is the 75% retracement level of the January-April-decline crossing at $144.98. First support is the 10-day moving average crossing at $138.70. Second support is the 20-day moving average crossing at $136.31.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September coffee closed higher on Tuesday. The high-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. Closes above July's high crossing at 10.46 would open the door for a larger-degree rally near-term. If September renews the decline off July's high, June's low crossing at 94.55.
September cocoa closed 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 bullish signaling that sideways to higher prices are possible near-term. If September extends Monday's rally, the 50-day moving average crossing at 22.93 is the next upside target. If September renews this month's decline, weekly support crossing at 20.89 is the next downside target.
October sugar closed slightly lower on Tuesday. The low-range close set 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 October renews this month's decline, the reaction low crossing at 10.70 is the next downside target. Closes above the 20-day moving average crossing at 11.84 would signal that a short-term low has been posted.
December cotton closed slightly higher on Tuesday as it consolidates some of the decline off July's high. The mid-range close sets the stage for a steady opening on Wednesday. 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 62.05 would signal that a short-term top has been posted. If December renews the rally off April's low, the 75% retracement level of the January-April-decline crossing at 67.31 is the next upside target.
Thank you tallpine!
Rains may be drying up in week 2. Weather could start turning bullish, especially for beans if their key month, August for pod filling is dry.
Temps still very wam then but not as hot in the east which we need to maximize residential cooling demand....where a ton of people live.