INO Evening Market Comments
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Started by tallpine - July 27, 2020, 4:46 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, July 28, 2020 



7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index



                       Chain Store Sales, W/W% (previous +0.4%)



                       Chain Store Sales, M/M% (previous -8.9%)



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M% (previous +1.9%)



                       Ret Sales Mo-to-Date, Y/Y% (previous -6.5%)



                       Latest Wk, Y/Y% (previous -7.5%)



9:00 AM ET. S&P CoreLogic Case-Shiller Indices



                       10-City Idx, M/M% (previous +0.7%)



                       10-City Idx, Y/Y% (previous +3.4%)



                       20-City Idx, M/M% (previous +0.9%)



                       20-City Idx, Y/Y% (previous +4%)



                       National Idx, M/M% (previous +1.1%)



                       National Idx, Y/Y% (previous +4.7%)



10:00 AM ET. July Richmond Fed Business Activity Survey



                       Mfg Idx (previous 0)



                       Shipments Idx (previous -1)



10:00 AM ET. July Consumer Confidence Index



                       Cons Conf Idx (expected 96.0; previous 98.1)



                       Expectation Idx (previous 106)



                       Present Situation Idx (previous 86.2)



10:00 AM ET. 2nd Quarter U.S. Housing Vacancies



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous +7.5M)



                       Gasoline Stocks, Net Chg (Bbls) (previous -2.0M)



                       Distillate Stocks, Net Chg (Bbls) (previous -1.4M)



  N/A              U.S. Federal Open Market Committee meeting



Wednesday, July 29, 2020 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 815.5)



                       Composite Idx, W/W% (previous +4.1%)



                       Purchase Idx-SA (previous 310.9)



                       Purchase Idx-SA, W/W% (previous +1.8%)



                       Refinance Idx (previous 3973.3)



                       Refinance Idx, W/W% (previous +5.3%)



8:30 AM ET. June Advance Economic Indicators Report



10:00 AM ET. June Pending Home Sales Index



                       Pending Home Sales (previous 99.6)



                       Pending Home Sales Idx, M/M% (expected +14.6%; previous +44.3%)



                       Pending Home Sales Idx , Y/Y% (previous -5.1%)



10:00 AM ET. June Metropolitan Area Employment & Unemployment



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 536.58M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous +4.892M)



                       Gasoline Stocks (Bbl) (previous 246.733M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -1.802M)



                       Distillate Stocks (Bbl) (previous 177.883M)



                       Distillate Stocks, Net Chg (Bbl) (previous +1.074M)



                       Refinery Usage (previous 77.9%)



                       Total Prod Supplied (Bbl/day) (previous 17.654M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.826M)

                       

2:00 PM ET. U.S. interest rate decision



                       Federal Funds Rate



                       Federal Funds Rate Change (Pts)



                       Fed Funds Rate-Range High (previous 0.25)



                       Fed Funds Rate-Range Low (previous 0.00)



                       FOMC Vote For Action (previous 10)



                       FOMC Vote Against Action (previous 0)



                       Discount Rate (previous 0.25)



                       Discount Rate Change (Pts) (previous +0)



                       Discount Rate-Range High



                       Discount Rate-Range Low



2:00 PM ET. SEC Closed Meeting



Thursday, July 30, 2020 



8:30 AM ET. Advance estimate GDP



                       Annual Rate, Q/Q% (expected -34.8%; previous -5.0%)



                       Chain-Weighted Price Idx, Q/Q% (expected +0.2%; previous +1.4%)



                       PCE Price Idx, Q/Q% (previous +1.3%)



                       Purchase Price Idx, Q/Q% (previous +1.7%)



                       Real Final Sales 1st Est, Q/Q% (previous -3.5%)



                       Core PCE Price Idx, Q/Q% (previous +1.7%)



                       Personal Consumption, Q/Q% (previous -6.8%)



8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims



                       Jobless Claims (expected 1435K; previous 1416K)



                       Jobless Claims, Net Chg (previous +109K)



                       Continuing Claims (previous 16197000)



                       Continuing Claims, Net Chg (previous -1107K)



8:30 AM ET. U.S. Weekly Export Sales



                       Corn (Metric Tons) (previous 2547.8K)



                       Soybeans (Metric Tons) (previous 2665.7K)



                       Wheat (Metric Tons) (previous 616.7K)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:30 AM ET. EIA Weekly Natural Gas Storage Report



                       Working Gas In Storage (Cbf) (previous 3215B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +37B)

                       

4:30 PM ET. Money Stock Measures



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Federal Discount Window Borrowings



Friday, July 31, 2020 



8:30 AM ET. June Personal Income & Outlays



                       Personal Income, M/M% (expected -0.9%; previous -4.2%)



                       Consumer Spending, M/M% (expected +5.0%; previous +8.2%)



                       PCE Price Idx, M/M% (previous +0.1%)



                       PCE Price Idx, Y/Y% (previous +0.5%)



                       PCE Core Price Idx, M/M% (expected +0.2%; previous +0.1%)



                       PCE Core Price Idx, Y/Y% (expected +1.0%; previous +1%)



8:30 AM ET. 2nd Quarter Employment Cost Index



                       ECI, Q/Q% (expected +0.6%; previous +0.8%)



                       ECI, Y/Y% (expected +2.8%)



9:45 AM ET. July ISM-Chicago Business Survey - Chicago PMI



                       PMI-Adj (expected 44.0; previous 36.6)



10:00 AM ET. July University of Michigan Survey of Consumers – final



                       End-Mo Sentiment Idx (expected 72.4; previous 78.1)



                       End-Mo Expectations Idx (previous 72.3)



                       12-Month Inflation Forecast (previous 3.0%)



                       5-Year Inflation Forecast (previous 2.5%)



                       End-Mo Current Idx (previous 87.1)



3:00 PM ET. June Agricultural Prices



                       Farm Prices, M/M% (previous -9.0%)


The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes



The Dow closed higher on Monday.The mid-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. Closes below the 20-day moving average crossing at 26,309.50 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 the July 15th 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 26,309.50. Second support is the 50-day moving  average crossing at 25,909.66.  



The September NASDAQ 100 closed sharply higher on Monday as it consolidates some of last-week's decline. 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. If September extends last-week's decline, the 50-day moving average crossing at 10,052.08 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 last-Tuesday's high crossing at 11,058.00. Second resistance is unknown. First support is last-Friday's low crossing at 10,301.00. Second support is the 50-day moving average crossing at 10,052.08.    



The September S&P 500 closed higher on Monday. 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. Closes below the 20-day moving average crossing at 3176.57 would confirm that a short-term top has been posted. If September extends the rally off June's low, February's high crossing at 3387.60 is the next upside target. First resistance is last-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 3176.57. Second support is the 50-day moving average crossing at 3100.54.



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



September T-bonds closed down 17/32's at 180-18.

  

September T-bonds closed lower on Monday. 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 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 179-22 are needed to confirm that a short-term top has been posted. 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. First resistance is last-Friday'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 179-22. Second support is the 50-day moving average crossing at 178-00.



September T-notes closed down 45-pts. At 139.140.



September T-notes closed slightly lower on Monday while extending the March-July trading range. 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, diverging and are turning neutral to bearish signaling that sideways to lower 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 138.282 would signal that a short-term top has been posted. First resistance is last-Friday'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 139.105. Second support is the 50-day moving average crossing at 138.282.           



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



September crude oil closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 last-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 $38.45. Second support is the June 15th low crossing at $35.07. 



September heating oil closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. 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 $124.49 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 $124.49. Second support is the 50-day moving average crossing at $118.69. 



September unleaded gas closed slightly lower on Monday. 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 turning neutral signaling that sideways trading is 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 117.79 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 117.79. Second support is the June 29th low crossing at 110.99.  



September Henry natural gas closed lower on Monday as it consolidates some of the rally off last- Monday's low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1.859 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 1.859. Second resistance is  the July 7th high crossing at 1.989. First support is last-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 sharply lower on Monday as it extended this year's decline to a new contract low. 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 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 96.09 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 95.30. Second resistance is the 20-day moving average crossing at 96.09. First support is today's low crossing at 93.42. Second support is the September 2018 low on the weekly continuation chart crossing at 93.39. 



The September Euro closed sharply higher on Monday and spiked above the 38% retracement level of the 2018-2020 decline crossing at 117.58 as it extends the rally off March's low. 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 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 50% retracement level of the 2018-2020 decline crossing at 120.83 is the next upside target. Closes below the 20-day moving average crossing at 114.15 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the 2018-2020 decline crossing at 117.58. Second resistance is the 50% retracement level of the 2018-2020 decline crossing at 120.83. First support is the 10-day moving average crossing at 115.31. Second support is the 20-day moving average crossing at 114.14. 

 

The September British Pound closed higher on Monday as it extended the rally off June's low. 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 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 75% retracement level of the December-March decline crossing at 1.2952 is the next upside target. Closes below the 20-day moving average crossing at 1.2598 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.2906. Second resistance is the 75% retracement level of the December-March decline crossing at 1.2952. First support is the 10-day moving average crossing at 1.2684. Second support is the 20-day moving average crossing at 1.2598.  



The September Swiss Franc closed slightly lower on Monday as it consolidated some of the rally off  March's low. The mid-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 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 1.0674 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.0924. Second resistance isMarch's high crossing at 1.0946. First support is the 10-day moving average crossing at 1.0728. Second support is the 20-day moving average crossing at 1.0674.



The September Canadian Dollar closed higher on Monday as it extended the rally off June's low.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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this month's rally, June's high crossing at 75.10 is the next upside target. Closes below the 50-day moving average crossing at 73.50 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 73.50. Second support is the June 26th low crossing at 72.92.  



The September Japanese Yen closed sharply higher for the second day in a row on Monday and posted its highest trade since March 16th. 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. Today's close above May's high crossing at 0.0945 marks an upside breakout of the March-July trading range. If September extends the trading range breakout, the 62% retracement level of March's decline crossing at 0.0957 is the next upside target. Closes below the 50-day moving average crossing at 0.0932 would confirm that a short-term top has been posted. First resistance is today's high crossing at 0.0952. Second resistance is the 62% retracement level of March's decline crossing at 0.0957. First support is the 10-day moving average crossing at 0.0937. Second support is the 20-day moving average crossing at 0.0934.  



PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""



August gold closed sharply higher for the seventh-day in a row on Monday and posted a new all-time high as it extends this year's rally. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off the March's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at $1823.30 would confirm that a short-term top has been posted. First resistance is today's high crossing at $1941.90. Second resistance is unknown. First support is the 10-day moving average crossing at $1848.30. Second support is the 20-day moving average crossing at $1823.30.



September silver closed sharply higher on Monday as it extended 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 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 20.071 would signal that a short-term top has been posted. First resistance is today's high crossing at 24.820. 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 21.434. Second support is the 20-day moving average crossing at 20.071.   



September copper closed slightly higher on Monday as it extends the trading range of the past three-weeks. The mid-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. Closes below the 20-day moving average crossing at 285.74 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 July'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 285.74. Second support is the 50-day moving average crossing at 266.74. 



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



December Corn closed down a $0.00 1/4-cent at $3.34 1/2. 



December corn closed fractionally lower on Monday. The mid-range close sets the stage for a steady opening when Tuesday'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 $3.42 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $3.42 1/4. Second resistance is July's high crossing at 3.63. First support is last-Tuesday's low crossing at $3.30. Second support is June's low crossing at $3.13 1/2.    



December wheat closed down $0.11 1/2-cents at $5.33 3/4.  



December wheat closed lower on Monday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.25 1/2 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 20-day moving average crossing at $5.25 1/2. Second support is July's low crossing at $4.96.       



December Kansas City Wheat closed down $0.10 3/4-cents at $4.49 3/4.

 

December Kansas City wheat closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday 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 resumes last-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 last-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 down $0.06 1/4-cents at $5.22. 



December Minneapolis wheat closed lower on Monday. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off July's high, weekly support crossing at $5.15 1/2 is the next downside target. Closes above the 50-day moving average crossing at $5.36 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 last-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 up a $0.00 1/4-cent at $8.99 1/2.



November soybeans closed fractionally higher on Monday. The mid-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 bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off the July 13th 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 $8.76 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 $8.76 1/4. Second support is the June 29th low crossing at $8.56 3/4.



December soybean meal closed up $2.80 at $301.40. 



December soybean meal closed higher on Monday as it extends the rally off the July 15th low. 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 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 today's high crossing at $303.50. 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 22-pts. At 30.15. 



December soybean oil closed lower on Monday as it extends last-week's decline. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 29.52 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 last-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 30.13. Second support is the 20-day moving average crossing at 29.52.      

 

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



August hogs closed up $0.53 at $54.53. 



August hogs closed higher on Monday as it extends the rally off June's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the aforementioned rally, June's high crossing at $58.03 is the next upside target. Closes below the 20-day moving average crossing at $50.86 would signal that a short-term top has been posted. First resistance is last-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 $50.86. Second support is June's low crossing at $47.52.     



August cattle closed down $0.68 at $100.65. 



August cattle closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 $98.61 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 $100.35. Second support is the 50-day moving average  crossing at $98.61.     



August Feeder cattle closed down $2.65-cents at $139.40. 


August Feeder cattle closed sharply lower on Monday signaling that a double top might have been posted with today's high. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are overbought, 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 $137.98 would 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 $144.98 is the next upside target. First resistance is today's high crossing at $143.85. Second resistance is the 75% retracement level of the January-April-decline crossing at $144.98. First support is the 20-day moving average crossing at $137.98. Second support is the 50-day moving average crossing at $134.85.        



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



September coffee closed higher on Monday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 month's rally, May's high crossing at 11.42 is the next upside target. Closes below the 50-day moving average crossing at 10.09 would confirm that a short-term top. 



September cocoa closed higher on Monday and above the 50-day moving average crossing at 22.78 thereby opening the door for additional short-term gains. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 June 26th high crossing at 23.97 is the next upside target. Closes below the 20-day moving average crossing at 21.82 would temper the near-term bearish outlook.                



October sugar closed sharply higher on Monday as it extends the June-July trading range. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above June's high crossing at 12.40 or below July's low crossing at 11.27 would confirm a breakout of the aforementioned trading range and point the direction of the next trending move.              



December cotton posted an inside day with a sharply higher close on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends last-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 62.46 are needed to confirm that a short-term low has been posted.           

Comments
By metmike - July 28, 2020, 12:49 a.m.
Like Reply

Thanks tallpine!


Crops ratings went up a whopping +3% for both corn and beans!

https://www.marketforum.com/forum/topic/56876/


The US Dollar has broken out to the downside.............should continue to increase exports!


US Dollar

https://www.marketforum.com/forum/topic/56847/


Exports

https://www.marketforum.com/forum/topic/56850/


Natural gas

https://www.marketforum.com/forum/topic/56674/