INO Morning Market Commentary
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Started by tallpine - July 28, 2020, 8:07 a.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/exchanges/?c=indexes"



The STOCK INDEXES:The September NASDAQ 100 was lower overnight as it consolidates some of Monday's rally. The low-range trade sets the stage for a steady to lower opening when the day 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 10-day moving average crossing at 10,683.42 would temper the near-term bearish outlook. If September extends last-week's decline, the 50-day moving average crossing at 10,083.04 is the next downside target. First resistance is the 10-day moving average crossing at 10,683.42. Second resistance is the July 13th high crossing at 11,058.50. First support is last-Friday's low crossing at 10,301.00. Second support is the 50-day moving average crossing at 10,083.04.



The September S&P 500 was slightly lower overnight.The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning.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 3177.32 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 3177.32. Second support is the 50-day moving average crossing at 3100.84. 



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



INTEREST RATES: September T-bonds were higher in overnight trading as it consolidates some of Monday's losses. The high-range overnight trade sets the stage for steady to higher opening is possible when the day 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 179-24 would confirm that a short-term top has been posted. If September resumes the rally off  June's low, the 75% retracement level of March's decline crossing at 183-23 is the next upside target. From a broad perspective, closes above the April-21st high crossing at 181-15 or below June's low crossing at 170-30 are needed to confirm a breakout of the April-July trading range. First resistance is the April 21st high crossing at 181-15. 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 179-24. Second support is the 50-day moving average crossing at 178-01.



September T-notes were slightly higher in late-overnight trading. The high-range overnight trade sets the stage for a steady to higher opening with the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above  March's high crossing at 139.250 or below June's low crossing at 136.220 are needed to confirm a breakout of the March-July trading range. If September extends the rally off June's low, March's high on the weekly continuation chart crossing at 140.240 is the next upside target. Closes below the 20-day moving average crossing at 139.106 would signal that a short-term top has been posted. First resistance is March'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 139.106. Second support is the 50-day moving average crossing at 138.284.  



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



September crude oil was steady to slightly lower overnight as it consolidates around the 50% retracement level of the February-April-decline crossing at $41.72.The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways 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 February-April-decline crossing at $46.38 is the next upside target. First resistance is the 50% retracement level of the February-April-decline crossing at $41.72. Second resistance is the 62% retracement level of the February-April-decline crossing at $46.38. First support is the July 10th low crossing at $38.77. Second support is the 50-day moving average crossing at $38.66.  



September heating oil was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $119.16 are needed to confirm 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 last-Tuesday's high crossing at $129.95. Second resistance is the 38% retracement level of the February-April-decline crossing at $131.31. First support is the 20-day moving average crossing  at $124.80. Second support is the 50-day moving average crossing at $119.16.   



September unleaded gas was slightly lower overnight while extending the June-July trading range. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 50-day moving average crossing at $118.30 would confirm that a short-term top has been posted. If September renews last-week's rally, June's high crossing at $130.90 is the next upside target. First resistance is June's high crossing at $130.90. Second resistance is the 62%retracement level of the January-March-decline crossing at $142.00. First support is the 50-day moving average crossing at $118.30. Second support is the June 29th low crossing at $110.99.  



September Henry natural gas was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 1.855 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 is the next downside target. First resistance is the 50-day moving average crossing at 1.855. Second resistance is July's 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.    



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



CURRENCIES:The September Dollar was slightly higher due to short covering overnight as it consolidates some of the decline off March's high. The mid-range overnight trade sets the stage for a steady to higher opening when the day 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 $95.91 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $95.03. Second resistance is the 20-day moving average crossing at $95.91. First support is Monday's low crossing at $93.42. Second support is weekly support on the weekly continuation chart marked by the September 2018 low crossing at 93.39.  



The September Euro was lower overnight and working on a possible inside day as it consolidates some of the rally off April's low. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, the March 20th high crossing at $119.62 is the next upside target. Closes below the 20-day moving average crossing at $114.39 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 March 20th high crossing at $119.62. First support is the 10-day moving average crossing at $115.65. Second support is the 20-day moving average crossing at $114.39. 



The September British Pound was steady to slightly lower overnight as it consolidates some of the rally off June's low. The mid-range overnight trade sets the stage for a steady to lower opening when the day session beings 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 1.2627 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 1.2908. 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 1.2716. Second support is the 20-day moving average crossing at 1.2627.  



The September Swiss Franc was higher in overnight trading as it extends the rally off March's low. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 April's low, March's high crossing at 1.0945 is the next upside target. Closes below the 20-day moving average crossing at 1.0693 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 1.0924. Second resistance is March's high crossing at 1.0945. First support is the 10-day moving average crossing at 1.0754. Second support is the 20-day moving average crossing at 1.0693. 



The September Canadian Dollar was lower overnight after testing the 75% retracement level of the January-March-decline crossing at 74.99. The low-range trade sets the stage for a steady to lower opening when the day 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 87% retracement level of the January-March-decline crossing at 76.04 is the next upside target. Closes below the 20-day moving average crossing at 73.97 would confirm that a short-term top has been posted.First resistance is the 75% retracement level of the January-March-decline crossing at 74.99. Second resistance is the 87% retracement level of the January-March-decline crossing at 76.04. First support is the 20-day moving average crossing at 73.97. Second support is the 50-day moving average crossing at 73.58.



The September Japanese Yen was higher overnight as it extends the rally off June's low. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 July's low, the 62% retracement level of March's decline crossing at 0.0957 is the next upside target. Closes below the 20-day moving average crossing at 0.0935 would signal that a short-term top has been posted. First resistance is the overnight 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 0.0939. Second support is the 20-day moving average crossing at 0.0935. 



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



PRECIOUS METALS:August gold posted a new all-time record high overnight before profit taking erased some of early-session gains pushing the yellow metal into negative territory. Goldman Sachs has revised it previous forecast of $2,000 and is now if forecasting that gold will hit $2,300 an ounce within the next 12 months. The mid-range overnight trade sets the  stage for a steady to lower opening when the day 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 this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at $1830.70 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at $1974.70. Second resistance is unknown. First support is the 10-day moving  average crossing at $1860.40. Second support is the 20-day moving average crossing at $1830.70.  



September silver was sharply lower overnight and working on a possible key reversal down as it consolidates some of the rally off March's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. 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 low, the 50% retracement level of the 2011-2020 decline on the weekly continuation chart crossing at 30.727 is the next upside target. Closes below the 20-day moving average crossing at $20.374 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $26.275. Second resistance is the the 50% retracement level of the 2011-2020 decline on the weekly continuation chart crossing at 30.727. First support is the 10-day moving average crossing at $21.881. Second support is the 20-day moving average crossing at $20.374. 



September copper was lower overnight as it extends the trading range of the past three-weeks. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 2.8670 would confirm that a short-term top has been posted. If September extends the rally off March's low, the 75% retracement level of the 2018-2020 decline crossing at 3.0598 is the next upside target. First resistance is the July 13th high crossing at 2.9930. Second resistance is the 75% retracement level of the 2018-2020 decline crossing at 3.0598. First support is the 20-day moving average crossing at 2.8670. Second support is the 50-day moving average crossing at 2.6783. 



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



December corn was lower overnight following Monday's bearish crop condition report that showed a 3% improvement over the previous week. The low-range trade sets the stage for a steady to lower opening when the day 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 decline off July's high, June's low crossing at $3.22 is the next downside target. Closes above the 20-day moving average crossing at $3.42 1/4 are needed to confirm 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 $3.22.     



December wheat was lower overnight. The mid-range trade sets the stage for a steady to lower opening  when the day 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 $5.27 1/2 would confirm that a short-term top has been posted. If December renews the rally off June's low, 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 $5.27 1/2. Second support is the 50-day moving average crossing at $5.19 1/4. 



December Kansas City wheat was higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the 50-day moving average crossing at $4.62 3/4 would signal that a short-term low has been posted. If December renews the decline off July's high, 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 last-Monday's low crossing at $4.45. Second support is June's low crossing at $4.37 1/4.         



December Minneapolis wheat was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If December renews this month's decline, weekly support crossing at $5.15 1/2 is the next downside target. If Closes above the 50-day moving average crossing at $5.36 would signal that a short-term low has been posted. First resistance is the July 10th 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 was lower overnight. The low-range trade sets the stage for a steady to lower opening when the day 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 $8.93 3/4 would signal that a short-term top has been posted. If November extends the rally off July's low, the 50% retracement level of the October-April decline crossing at $9.07 1/4 is the next upside target. First resistance is the 50% retracement level of the October-April decline crossing at $9.07 1/4. Second resistance is the 62% retracement level of the October-April decline crossing at $9.25 1/4. First support is the 20-day moving average crossing at $8.93 3/4. Second support is the 50-day moving average crossing at $8.77 1/4.      



December soybean meal was lower overnight as it consolidates some of the rally off July's low. The low-range trade sets the stage for a steady to lower opening when the day 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's low, the 38% retracement level of the 2019-2020 decline crossing at $306.50 is the next upside target. Closes below the 50-day moving average crossing at $295.90 would temper the near-term friendly outlook. First resistance is the 38% retracement level of the 2019-2020 decline crossing at $306.50. Second resistance is July's high crossing at $308.90. First support is July's low crossing at $290.70. Second support is June's low crossing at $287.50.  

    

December soybean oil was lower overnight as it extends the decline off July's high. The low-range trade sets the stage for a steady to lower opening when the day 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 29.59 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 July's high crossing at 31.06. Second resistance is the 50% retracement level of the January-March-decline crossing at 31.16. First support is the 20-day moving average crossing at 29.59. Second support is the 50-day moving average crossing at 28.97. 



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. 

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