INO Evening Market Comments
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Started by tallpine - Aug. 4, 2020, 4:13 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, August 5, 2020 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 841.9)



                       Composite Idx, W/W% (previous -0.8%)



                       Purchase Idx-SA (previous 306.1)



                       Purchase Idx-SA, W/W% (previous -1.5%)



                       Refinance Idx (previous 3995.9)



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



8:15 AM ET. July ADP National Employment Report



                       Private Sector Jobs, Net Chg (expected +1000000; previous +2369000)



8:30 AM ET. June U.S. International Trade in Goods & Services



                       Trade Balance (USD) (expected -50.3B; previous -54.60B)



                       Exports (USD) (previous 144.5B)



                       Exports, M/M% (previous -4.4%)



                       Imports (USD) (previous 199.1B)



                       Imports, M/M% (previous -0.9%)



8:30 AM ET. U.S. Department of the Treasury's quarterly refundingannouncement



9:45 AM ET. July US Services PMI



                       PMI, Services (expected 49.6; previous 47.9)



10:00 AM ET. July ISM Report on Business Services PMI



                       Non-Mfg Composite Idx (expected 55.0; previous 57.1)



                       Non-Mfg Business Idx (previous 66.0)



                       Prices Idx (previous 62.4)



                       Employment Idx (previous 43.1)



                       New Orders Idx (previous 61.6)



10:00 AM ET. SEC Open Meeting



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 525.969M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -10.611M)



                       Gasoline Stocks (Bbl) (previous 247.387M)



                       Gasoline Stocks, Net Chg (Bbl) (previous +0.654M)



                       Distillate Stocks (Bbl) (previous 178.386M)



                       Distillate Stocks, Net Chg (Bbl) (previous +0.503M)



                       Refinery Usage (previous 79.5%)



                       Total Prod Supplied (Bbl/day) (previous 19.094M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.44M)

                       

11:00 AM ET. July Global Services PMI



                       PMI, Services (previous 48.0)



2:00 PM ET. SEC Closed Meeting



Thursday, August 6, 2020 



7:30 AM ET. July Challenger Job-Cut Report



                       Job Cuts, M/M% (previous -57%)



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



                       Jobless Claims (expected 1423K; previous 1434K)



                       Jobless Claims, Net Chg (previous +12K)



                       Continuing Claims (previous 17018000)



                       Continuing Claims, Net Chg (previous +867K)



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



                       Corn (Metric Tons) (previous 609.4K)



                       Soybeans (Metric Tons) (previous 3602K)



                       Wheat (Metric Tons) (previous 676.6K)



9:45 AM ET. Bloomberg Consumer Comfort Index



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



                       Working Gas In Storage (Cbf) (previous 3241B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +26B)



12:00 PM ET. July Monthly U.S. Retail Chain Store Sales Index



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Money Stock Measures



Friday, August 7, 2020  



8:30 AM ET. July U.S. Employment Report



                       Non-Farm Payrolls (expected +1482K; previous +4800K)



                       Unemployment Rate (expected 10.6%; previous 11.1%)



                       Avg Hourly Earnings (USD) (previous 29.37)



                       Avg Hourly Earnings-Net Chg (USD) (previous -0.35)



                       Avg Hourly Earnings, M/M% (expected -0.7%; previous -1.18%)



                       Avg Hourly Earnings, Y/Y% (expected +4.0%; previous +5.04%)



                       Overall Workweek (previous 34.5)



                       Overall Workweek Net Chg (previous -0.2)



                       Government Payrolls (previous +33K)



                       Private Payroll (previous +4767K)



                       Participation Rate (previous 61.5%)



                       Non-Farm Payrolls Bench Net Chg



10:00 AM ET. June Monthly Wholesale Trade



                       Inventories, M/M% (expected -2.0%; previous -1.2%)



3:00 PM ET. June Consumer Credit



                       Consumer Credit Net Chg (USD) (expected +10.0B; previous -18.2B)



Monday, August 10, 2020 



10:00 AM ET. July Employment Trends Index



                       ETI (previous 49.05)



                       ETI, Y/Y%



10:00 AM ET. June Job Openings & Labor Turnover Survey



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



The Dow closed higher on Tuesday as it extends the rally off the July 30th low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends today's rally, the July 15th high  crossing at 27,071.33 is the next upside target. Closes below the July 30th low crossing at 25,992.28 would confirm that a short-term top has been posted. 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 July 30h low crossing at 25,992.28. Second support is the July 9th low crossing at 25,523.51.  



The September NASDAQ 100 closed higher on Tuesday as it extends the rally off the July 24th low crossing at 10,301.00. The high-range close sets the stage for a steady to slightly higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If  September extends the rally off March's low into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 10,237.73 would confirm that a short-term top has been posted. First resistance is today's high crossing at 11,092.00. Second resistance is unknown. First support is the July 24th low crossing at 10,301.00. Second support is the 50-day moving average crossing at 10,237.73.    



The September S&P 500 closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 3221.30 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3288.90. Second resistance is February's high crossing at 3387.60. First support is the 20-day moving average crossing at 3221.30. Second support is the 50-day moving average crossing at 3141.62.



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



September T-bonds closed up 1-06/32's at 182-24.

  

September T-bonds closed higher on Tuesday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought, 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 180-22 would confirm that a short-term top has been posted. First resistance is today's high crossing at 182-30. 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 180-22. Second support is the 50-day moving average crossing at 178-15.



September T-notes closed up 120-pts. At 140.100.



September T-notes closed higher on Tuesday as it extends last-week's upside breakout of the March-July trading range. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's high, 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 139.008 would signal that a short-term top has been posted. First resistance is today's high crossing at 140.110. 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 139.184. Second support is the 50-day moving average crossing at 139.008.           



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



September crude oil closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher trading is possible near-term. If September renews the rally off April's low, the 62% retracement level of the January-April-decline crossing at $46.38 is the next upside target. Closes below the 50-day moving average crossing at $39.35 would confirm that a short-term top has been posted. First resistance is July'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 $39.35. Second support is the July 10th low crossing at $38.77. 



September heating oil closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI are turning  neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off April's low, the 38% retracement level of the January-April-decline crossing at $131.31 is the next upside target. Closes below the 50-day moving average crossing at $120.60 would confirm that intermediate trend has turned lower. 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 50-day moving average crossing at $120.60. Second support is the June 12th low crossing at $110.27. 



September unleaded gas closed slightly higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off April's low, June's high crossing at 130.90 is the next upside target. If September renews last week's decline, the June 29th low crossing at 110.99 is the next downside target. 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 last-Thursday's low crossing at 113.42. Second support is the June 29th low crossing at 110.99.  



September Henry natural gas closed higher on Tuesday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, the 75% retracement level of the May-June decline crossing at 2.271 is the next upside target. Closes below last-Friday's low crossing at 1.781 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2.198. Second resistance is the 75% retracement level of the May/June decline crossing at 2.271. First support is last-Friday's low crossing at 1.781. Second support is July's low crossing at 1.646. Third  support is June's low crossing at 1.583. 



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



The September Dollar closed lower following a two-day bounce off last-Friday's low on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 94.97 would signal that a short-term low has been posted. If September resumes this year's decline, the May 14th 2018-low on the weekly continuation  chart crossing at 92.12 is the next downside target. First resistance is the 10-day moving average crossing at 93.77. Second resistance is the 20-day moving average crossing at 94.97. First support is last-Friday's low crossing at 92.51. Second support is the May 14th 2018 low on the weekly continuation chart crossing at 92.12. 



The September Euro closed higher on Tuesday following a two-day decline off last-Friday's high. The high-range close sets the stage for a steady to slightly higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 115.69 would signal that a short-term top has been posted. If September renews the rally off March's low, the 50% retracement level of the 2018-2020 decline crossing at 120.83 is the next upside target. First resistance is last-Friday's high crossing at 119.20. 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 117.37. Second support is the 20-day moving average crossing at 115.69. 

 

The September British Pound closed slightly lower on Tuesday as it consolidates some of the rally off June's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins  trading. Stochastics and the RSI are 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 87% retracement level of the December-March decline crossing at 1.3193 is the next upside target. Closes below the 20-day moving average crossing at 1.2776 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.3174. Second resistance is the 87% retracement level of the December-March decline crossing at 1.3193. First support is the 10-day moving average crossing at 1.2942. Second support is the 20-day moving average crossing at 1.2776. 

 

The September Swiss Franc closed higher on Tuesday ending the decline off last-Friday's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.0781 are needed to confirm that a short-term top has been posted. If September resumes the rally off May's low, the 62% retracement level of the 2018-2020 crossing at 1.1178 is the next upside target. First resistance is last-Friday's high crossing at 1.1010. Second resistance is the 62% retracement level of the 2018-2020 crossing at 1.1178. First support is the 20-day moving average crossing at 1.0781. Second support is the 50-day moving average crossing at 1.0629.



The September Canadian Dollar closed higher on Tuesday.The high-range close sets the stage  for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off March's low, June's high crossing at 75.10 is the next upside target. Closes below the 20-day moving average crossing at 74.24 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 the 87% retracement level of the January-March-decline crossing at 76.04. First support is the 20-day moving average crossing at 74.24. Second support is the 50-day moving average crossing at 73.88.  



The September Japanese Yen closed higher on Tuesday as it consolidated some of the decline off last-Friday's high. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.0950 would confirm that a short-term top has been posted. If September renews the rally off June's low, the 75% retracement level of March's decline crossing at 0.0968 is the next upside target. First resistance is last-Friday's high crossing at 0.0960. Second resistance is the 75% retracement level of March's decline crossing at 0.0968. First support is the 20-day moving average crossing at 0.0940. Second support is the 50-day moving average crossing at 0.0934.  



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



August gold closed higher on Tuesday as it extended the rally off March's low to a new all-time high.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 $1876.30 would confirm that a short-term top has been posted. First resistance is today's high crossing at $3006.10. Second resistance is unknown. First support is the 10-day moving average crossing at $1939.80. Second support is the 20-day moving average crossing at $1876.30.



September silver closed sharply higher on Tuesday posting a new high close. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off June's low, 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 21.940 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at 26.275. Second resistance is 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 24.138. Second support is the 20-day moving average crossing at 21.940.   



September copper closed lower on Tuesday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 284.50 would mark a downside breakout of the aforementioned trading range. 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 reaction low crossing at 284.50. Second support is the 50-day moving average crossing at 272.60. 



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



December Corn closed down $0.08-cents at $3.20 1/2. 



December corn closed sharply lower on Tuesday as it renewed the decline off July's high. Monday's bearish crop condition report along with private corn yield estimates that suggest the corn crop will posted a new record high yield. The low-range close sets the stage for a steady to lower opening when Wednesday's night sessions begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, the April low on the weekly continuation chart crossing at $3.00 1/4 is the next downside target. Closes above the 20-day moving average crossing at $3.35 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $3.29 3/4. Second resistance is the 20-day moving average crossing at 3.35. First support is today's low crossing at $3.20. Second support is April's low on the weekly continuation chart crossing at $3.00 1/4.    



December wheat closed down $0.13 1/4-cents at $5.16.  



December wheat closed sharply lower on Tuesday and below the 50-day moving average crossing at $5.20 1/2 confirming a downside breakout of July's trading range. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends today's decline, July's low crossing at $4.96 is the next downside 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 today's low crossing at $5.16. Second support is July's low crossing at $4.96.       



December Kansas City Wheat closed down $0.08 1/2-cents at $4.33.

 

December Kansas City wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off July's high, weekly support crossing at $4.16 1/2 is the next downside target. Closes above the 50-day moving average crossing at $4.60 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $4.55 1/2. Second resistance is the 50-day moving average crossing at $4.60 1/2. First support is today's low crossing at $4.32 1/2. Second support is weekly support crossing at $4.16 1/2.     



December Minneapolis wheat closed down $0.04 1/4-cents at $5.16. 



December Minneapolis wheat closed lower on Tuesday and posted a new contract low as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off July's high, psychological support crossing at $5.00 is the next downside target. Closes above the 50-day moving average crossing at $5.34 1/2 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $5.34 1/2. Second resistance is July's high crossing at $5.43 1/2. First support is today's low crossing at $5.15 3/4. Second support is psychological support crossing at $5.00.         



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



November soybeans closed down $0.14 3/4-cents at $8.81 1/2.



November soybeans closed sharply lower on Tuesday and renewed the decline off July's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends today's decline, July's low crossing at $8.71 1/2 is the next downside target. If November renews 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. 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 $8.81. Second support is the June 29th low crossing at $8.56 3/4.



December soybean meal closed down $4.70 at $291.00. 



December soybean meal closed sharply lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends today's decline, June's low crossing at $287.50 is the next downside target. Closes above the 10-day moving average crossing at $296.80 would signal that a short-term low has been posted. First resistance is last-Monday'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 today's low at $289.40. Second support is June's low crossing at $287.50.      



December soybean oil closed down 26-pts. At 31.06. 



December soybean oil closed lower on Tuesday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off April's low, the 62% retracement level of the December-March-decline crossing at 32.40 is the next upside target. Closes below the 20-day moving average crossing at 30.01 would confirm that a short-term top has been posted. First resistance is today's high crossing at 31.78. Second resistance is the 62% retracement level of the December-March-decline crossing at 32.40. First support is the 20-day moving average crossing at 30.01. Second support is the 50-day moving average crossing at 29.25.      

 

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



August hogs closed down $0.20 at $49.68. 



August hogs closed lower on Tuesday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off July's high, June's low crossing at $47.52 is the next downside target. Closes above the 50-day moving average crossing at $52.68 would confirm that a short-term low has been posted. First resistance is July's high crossing at $55.28. Second resistance is June's high crossing at $58.03. First support is today's low crossing at $49.55. Second support is June's low crossing at $47.52.     



August cattle closed down $0.60 at $102.43. 



August cattle closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. 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 50-day moving average crossing at $99.11 are needed to confirm that a short-term top has been posted. If August renews 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 $101.49. Second support is the 50-day moving average crossing at $99.11.     



August Feeder cattle closed down $0.28-cents at $144.60. 


August Feeder cattle closed lower on Tuesday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off April's low, the 87% retracement level of the January-April-decline crossing at $150.58 is the next upside target. Closes below the 20-day moving average crossing at $140.66 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at $145.48. Second resistance is the 87% retracement level of the January-April-decline crossing at $150.58. First support is the 20-day moving average crossing at $140.66. Second support is the 50-day moving average crossing at $136.45.       



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



September coffee closed higher on Tuesday as it extended the rally off June's low. The high-range close sets the stage for a steady to higher opening on Wednesday. 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, the 87% retracement level of the March-June-decline crossing at 12.47 is the next upside target. Closes below the 20-day moving average crossing at 10.58 would confirm that a short-term top. 



September cocoa closed lower on Tuesday as it consolidated some of the rally off July's low. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 July's low, the 50% retracement level of the February-July-decline crossing at 24.92 is the next upside target. Closes below the 20-day moving average crossing at 22.47 would temper the near-term bearish outlook.                



October sugar closed slightly higher on Tuesday as it extends the rally off April's low. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off April's low, the 62% retracement level of the February-April-decline crossing at 12.90 is the next upside target. Closes below the 50-day moving average crossing at 11.88 would confirm that a short-term top has been posted.              



December cotton closed slightly higher on Tuesday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, July's high crossing at 64.90 is the next upside target. Closes below the 50-day moving average crossing at 60.98 would signal that a short-term top has been posted.           

Comments
By metmike - Aug. 4, 2020, 10:53 p.m.
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Thanks much Tallpine!




Thanks Tallpine!

Much warmer temps helped natural gas to another big day on Tuesday, adding to the massive gains on Monday.


The warmth comes with rain chances continuing, so its bearish grains..............though its not ideal kernel filling for corn, which would prefer cool nights.


Weather Tuesday

https://www.marketforum.com/forum/topic/57216/


Natural Gas

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


Exports

https://www.marketforum.com/forum/topic/57167/


Crop ratings

https://www.marketforum.com/forum/topic/57188/