INO Evening Market Comments
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Started by tallpine - July 24, 2020, 3:53 p.m.

KEY EVENTS TO WATCH FOR:



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 closed lower for the second day in a row on Friday due to rising tensions between the United States and China. Additional pressure came from a lack of progress on another fiscal stimulus bill out of Washington.The low-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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 26,235.15 would confirm that a short-term top has been posted. Closes above the June 8th high crossing at 27,580.21 are needed to renew the rally off March's low. 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 20-day moving average crossing at 26,236.02. Second support is the 50-day moving  average crossing at 25,852.39.  



The September NASDAQ 100 closed lower on Friday as it extends this week's decline. A short covering rally this afternoon tempered early session losses. Today's close below the 20-day moving average crossing at 10,536.88 would signal that a short-term top has been posted. The mid-range close sets the stage for a steady to lower opening when Monday'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 September extends this week's decline, the 50-day moving average crossing at 10,020.85 is the next downside target. If September resumes the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is Tuesday's high crossing at 11,058.00. Second resistance is unknown. First support is the 20-day moving average crossing at 10,536.88. Second support is the 50-day moving average crossing at 10,020.85.    



The September S&P 500 closed lower due to profit taking on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 3159.40 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 3284.00. Second resistance is February's high crossing at 3387.60. First support is the 20-day moving average crossing at 3159.40. Second support is the 50-day moving average crossing at 3084.97.



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



September T-bonds closed down 3/32's at 181-05.

  

September T-bonds closed slightly lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are diverging but remain 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 20-day moving average crossing  at 179-20 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 181-30. Second resistance is the 75% retracement level of March's decline crossing at 183-23. First support is the 20-day moving average crossing at 179-20. Second support is the 50-day moving average crossing at 178-00.



September T-notes closed down 10-pts. At 139.190.



September T-notes closed slightly lower on Friday while extending the March-July trading range. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought, diverging but remain 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 on the weekly continuation chart crossing at 140.240 is the next upside target. Closes below the 50-day moving average crossing at 138.280 would signal that a short-term top has been posted. First resistance is today's high crossing at 139.250. Second resistance is March's high on the weekly continuation chart crossing at 140.240. First support is the 20-day moving average crossing at 139.101. Second support is the 50-day moving average crossing at 138.280.          



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



September crude oil closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are diverging and are neutral to bearish signaling that sideways to lower trading is possible near-term. Closes below the July 10th low crossing at $38.77 would confirm that a short-term top has been posted. If September extends the rally off April's low, the 62% retracement level of the January-April-decline crossing at $46.38 is the next upside target. First resistance is Tuesday's high crossing at $42.51. Second resistance is the 62% retracement level of the January-April-decline crossing at $46.38. First support is the 50-day moving average crossing at $38.20. Second support is the June 15th low crossing at $35.07. 



September heating oil closed slightly lower on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $124.00 would signal that a short-term top has been posted. If September extends the rally off April's low, the 38% retracement level of the January-April-decline crossing at $131.31 is the next upside target. First resistance is the 38% retracement level of the January-April-decline crossing at $131.31. Second resistance is the 50% retracement level of the January-April-decline crossing at $145.38. First support is the 20-day moving average crossing at $124.00. Second support is the 50-day moving average crossing at $118.17. 



September unleaded gas closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Thursday'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 April's low, June's high crossing at 130.90 is the next upside target. Closes below the 50-day moving average crossing at 117.21 would confirm that a short-term top has been posted. First resistance is June's high crossing at 130.90. Second resistance is 62% retracement level of the January-March-decline decline crossing at 142.00. First support is the 50-day moving average crossing at 117.21. Second support is the June 29th low crossing at 110.99.  



September Henry natural gas closed higher on Friday as it extends the rally off Monday's low. 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 50-day moving average crossing at 1.864 are needed to confirm that a short-term low has been posted. If September renews the decline off July's high, June's low crossing at 1.583. First resistance is the 50-day moving average crossing at 1.864. Second resistance is  the July 7th high crossing at 1.989. First support is Monday's low crossing at 1.646. Second support is June's low crossing at 1.583. 



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



The September Dollar closed lower on Friday and below key support marked by the March 9th low crossing at 94.71 as it extended the decline off June's high. The low-range close sets the stage for a steady to lower opening when Monday'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, the September 2018 low on the weekly continuation chart crossing at 93.39 is the next downside target. Closes above the 20-day moving average crossing at 96.29 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 95.59. Second resistance is the 20-day moving average crossing at 96.29. First support is today's low crossing at 94.30. Second support is the September 2018 low on the weekly continuation chart crossing at 93.39. 



The September Euro closed higher on Friday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Monday'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, the 38% retracement level of the 2018-2020 decline crossing at 117.58 is the next upside target. Closes below the 20-day moving average crossing at 113.88 would signal that a short-term top has been posted. First resistance is today's high crossing at 116.62. Second resistance is the 38% retracement level of the 2018-2020 decline crossing at 117.58. First support is the 10-day moving average crossing at 114.89. Second support is the 20-day moving average crossing at 113.88. 

 

The September British Pound closed higher on Friday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Monday'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 1.2496 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 20-day moving average crossing at 1.2571. Second support is the 50-day moving average crossing at 1.2496.  



The September Swiss Franc closed higher on Friday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Monday'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 May's low, March's high crossing at 1.0946 is the next upside target. Closes below the 20-day moving average crossing at 1.0657 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.0867. Second resistance isMarch's high crossing at 1.0946. First support is the 10-day moving average crossing at 1.0702. Second support is the 20-day moving average crossing at 1.0657.



The September Canadian Dollar closed lower on Friday as it consolidated some of the rally off June's low.The low-range close sets the stage for a steady to lower opening when Monday'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 this week's rally, June's high crossing at 75.10 is the next upside target. Closes below the 50-day moving average crossing at 73.43 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 73.43. Second support is the June 26th low crossing at 72.92.  



The September Japanese Yen closed sharply higher on Friday and posted its highest trade since March 17th. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above May's high crossing at 0.0945 would mark an upside breakout of the March-July trading range. Closes below the 50-day moving average crossing at 0.0932 would signal that a short-term top has been posted. First resistance is May's high crossing at 0.0945. Second resistance is today's high crossing at 0.0947. 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 closed higher for the sixth-day in a row on Friday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Monday'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, the all-time high price crossing at $1923.70 is the next upside target. Closes below the 20-day moving average crossing at $1816.00 would confirm that a short-term top has been posted. First resistance is today's high crossing at $1904.60. Second resistance is monthly resistance crossing at $1923.70. First support is the 10-day moving average crossing at $1835.80. Second support is the 20-day moving average crossing at $1816.00.



September silver posted an inside day with a higher close on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 38% retracement level of the 2011-2020 decline on the weekly continuation chart crossing at 26.220 is the next upside target. Closes below the 20-day moving average crossing at 19.755 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 23.670. Second resistance is the 38% retracement level of the 2011-2020 decline on the weekly continuation chart crossing at 26.220. First support is the 10-day moving average crossing at 20.937. Second support is the 20-day moving average crossing at 19.755.   



September copper closed lower on Friday as it extends the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 284.57 would signal that a short-term top has been posted. If September renews the rally off March's low, the April-2019 high crossing at 301.65 is the next upside target. 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 20-day moving average crossing at 284.57. Second support is the 50-day moving average crossing at 265.67. 



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



December Corn closed up a $0.00 1/4-cent at $3.35 3/4. 



December corn closed fractionally higher on Friday as it consolidated some of the decline off July's high. The mid-range close sets the stage for a steady 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 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 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $3.41 3/4. Second resistance is July's high crossing at 3.63. First support is Tuesday's low crossing at $3.30. Second support is June's low crossing at $3.13 1/2.    



December wheat closed up $0.11 1/4-cents at $5.46.  



December wheat closed higher on Friday. The high-range close sets the stage for a steady to higher 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 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. Closes below the 20-day moving average crossing at $5.23 are needed to confirm that a short-term top has been posted. 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 20-day moving average crossing at $5.23. Second support is July's low crossing at $4.96.       



December Kansas City Wheat closed up $0.08 1/2-cents at $4.60 3/4.

 

December Kansas City wheat closed higher on Friday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Monday 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 July 9th high crossing at $4.74 3/4 would open the door for a larger-degree rally near-term. If December resumes Monday's decline, June's low crossing at $4.37 1/4 is the next downside target. 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 3/4-cents at $5.28 1/4.



December Minneapolis wheat closed higher on Friday extends the rally off Monday's low. The mid-range close sets the stage for a steady to higher 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. Closes above the 50-day moving average crossing at $5.36 1/4 would signal that a short-term low has been posted. If December renews the aforementioned decline, weekly support crossing at $5.15 1/2 is the next downside target. 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 $0.01-cent at $8.99.



November soybeans closed lower on Friday. The mid-range close sets the stage for a steady 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 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. If November renews the decline off July's high, the 50-day moving average crossing at $8.75 1/4 is the next downside 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 $8.75 1/4. Second support is the June 29th low crossing at $8.56 3/4.



December soybean meal closed up $0.80 at $298.70. 



December soybean meal closed higher on Friday as it extends the rally off the July 15th low. The high-range close sets the stage for a steady to higher 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 December extends the rally off July 15th low, the 38% retracement level of the 2019-2020-decline crossing at $306.50 is the next upside target. If December renews the decline off July's high, June's low crossing at $287.50 is the next downside target. First resistance is the July 13th gap crossing at $299.50. Second resistance is the 38% retracement level of the 2019-2020-decline crossing at $306.50. First support is the July 15th low at $290.70. Second support is June's low crossing at $287.50.     



December soybean oil closed down 5-pts. At 30.31. 



December soybean oil closed lower on Friday as it extends this week's decline. The low-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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 29.43 would confirm that a short-term top has been posted. If December renews the rally off April's low, the 50% retracement level of the December-March-decline crossing at 31.16 is the next upside target. 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 10-day moving average crossing at 29.98. Second support is the 20-day moving average crossing at 29.43.      

 

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



August hogs closed down $0.62 at $53.85. 



August hogs closed lower due to profit taking on Friday but remains above the 50-day moving average crossing at $53.20 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Monday'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. If August extends this week's rally, June's high crossing at $58.03 is the next upside target. Closes below the 20-day moving average crossing at $50.55 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $54.95. Second resistance is June's high crossing at $58.03. First support is the 20-day moving average crossing at $50.55. Second support is June's low crossing at $47.52.     



August cattle closed up $0.70 at $101.55. 



August cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $98.54 are needed to confirm 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 20-day moving average crossing at $100.12. Second support is the 50-day moving average  crossing at $98.54.     



August Feeder cattle closed up $0.33-cents at $142.35. 


August Feeder cattle closed higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 20-day moving average crossing at $137.64 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 $140.90. Second support is the 20-day moving average crossing at $137.64.        



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



September coffee closed higher on Friday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, May's high crossing at 11.42 is the next upside target. Closes below the 20-day moving average crossing at 10.08 would confirm that a short-term top. 



September cocoa closed higher on Friday. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, the 50-day moving average crossing at 22.80 is the next upside target. If September renews the decline off June's high, weekly support crossing at 20.89 is the next downside target.               



October sugar closed lower on Friday. The low-range close set the stage for a steady to lower opening on Monday. 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. Multiple closes above the 20-day moving average crossing at 11.82 would signal that a short-term low has been posted.                



December cotton closed sharply lower on Friday and below the 50-day moving average crossing at 60.39 confirming that the rally off April's low has come to an end. The low-range close sets the stage for a steady to lower  opening on Monday. 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, the June-15th low crossing at 57.75 is the next downside target. Closes above the 20-day moving average crossing at 62.36 are needed to confirm that a short-term low has been posted.           

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By metmike - July 25, 2020, 11:13 p.m.
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