KEY EVENTS TO WATCH FOR:
Wednesday, August 12, 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 300.7)
Purchase Idx-SA, W/W% (previous -1.8%)
Refinance Idx (previous 3688.1)
Refinance Idx, W/W% (previous -6.8%)
8:30 AM ET. July Real Earnings
8:30 AM ET. July CPI
CPI, M/M% (expected +0.3%; previous +0.6%)
Core CPI, M/M% (expected +0.2%; previous +0.2%)
Energy Idx, M/M% (previous +5.1%)
Food Idx, M/M% (previous +0.6%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous -2.3%)
CPI, Y/Y% (expected +0.8%; previous +0.6%)
Core Annual, Y/Y% (expected +1.2%; previous +1.2%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 518.596M)
Crude Oil Stocks, Net Chg (Bbl) (previous -7.373M)
Gasoline Stocks (Bbl) (previous 247.806M)
Gasoline Stocks, Net Chg (Bbl) (previous +0.419M)
Distillate Stocks (Bbl) (previous 179.977M)
Distillate Stocks, Net Chg (Bbl) (previous +1.591M)
Refinery Usage (previous 79.6%)
Total Prod Supplied (Bbl/day) (previous 17.912M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -1.182M)
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
2:00 PM ET. SEC Closed Meeting
Thursday, August 13, 2020
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 1100K; previous 1186K)
Jobless Claims, Net Chg (previous -249K)
Continuing Claims (previous 16107000)
Continuing Claims, Net Chg (previous -844K)
8:30 AM ET. July Import & Export Price Indexes
Import Prices (expected +0.5%; previous +1.4%)
Non-Petroleum Prices (previous +0.3%)
Petroleum Prices (previous +23%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 2701.2K)
Soybeans (Metric Tons) (previous 1750.3K)
Wheat (Metric Tons) (previous 610.5K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3274B)
Working Gas In Storage, Net Chg (Cbf) (previous +33B)
4:30 PM ET. Money Stock Measures
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, August 14, 2020
8:30 AM ET. 2nd Quarter Preliminary Productivity & Costs
Non-Farm Productivity, Q/Q% (expected +4.9%; previous -2.5%)
Unit Labor Costs (expected +5.3%; previous +4.8%)
8:30 AM ET. July Advance Monthly Sales for Retail & Food Services
Overall Sales-SA, M/M% (expected +2.2%; previous +7.5%)
Sales, Ex-Auto, M/M% (expected +1.3%; previous +7.3%)
Sales, Ex-Auto & Gas, M/M% (previous +6.7%)
9:15 AM ET. July Industrial Production & Capacity Utilization
Industrial Production, M/M% (expected +2.8%; previous +5.4%)
Capacity Utilization % (expected 70.2%; previous 68.6%)
Capacity Utilization, Net Chg (Pts) (previous +3.5)
10:00 AM ET. June Manufacturing & Trade: Inventories & Sales
Total Inventories (expected -1.3%; previous -2.3%)
10:00 AM ET. August University of Michigan Survey of Consumers – preliminary
Mid-Mo Sentiment (expected 70.0; previous 73.2)
Mid-Mo Expectations (previous 66.2)
Mid-Mo Current Idx (previous 84.2)
Monday, August 17, 2020
8:30 AM ET. August Empire State Manufacturing Survey
Mfg Idx (previous 17.2)
Employment Idx (previous 0.4)
New Orders Idx (previous 13.9)
Prices Received (previous -4.5)
10:00 AM ET. August NAHB Housing Market Index
Housing Mkt Idx (previous 72)
4:00 PM ET. June Treasury International Capital Data
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow gapped up and closed lower on Tuesday as it consolidated some of the rally off June's low. Profit taking in the afternoon session erased early-session gains and 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 the Dow extends this week's rally, February's high crossing at 29,568.57 is the next upside target. Closes below the 50-day moving average crossing at 26,387.53 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the February-March-decline crossing at 28,090.26. Second resistance is February's high crossing at 29,568.57. 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 lower on Tuesday as it consolidates some of the rally off the July 24th low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Closes below the 20-day moving average crossing at 10,842.39 would confirm that a short-term top has been posted while opening the door for additional weakness and a possible test of the 5-day moving average crossing at 10,400.45. If September extends the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is last-Friday's high crossing at 11,283.25. Second resistance is unknown. First support is the 20-day moving average crossing at 10,842.39. Second support is the 50-day moving average crossing at 10,400.45.
The September S&P 500 closed lower on Tuesday after falling short of testing February's high crossing at 3387.60 early in the day. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, February's high crossing at 3387.60 is the next upside target. Closes below the 20-day moving average crossing at 3267.59 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3375.60. Second resistance is February's high crossing at 3387.60. First support is the 20-day moving average crossing at 3267.59. Second support is the 50-day moving average crossing at 3174.15.
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September T-bonds closed down 1-28/32's at 179-14.
September T-bonds 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at 181-03 confirms that a short-term top has been posted. If September extends today's decline, the 50-day moving average crossing at 178-27 is the next downside target. If September resumes the rally off June's lows, the 75% retracement level of March's decline crossing at 83-23 is the next upside target. First resistance is last-Thursday's high crossing at 183-06. Second resistance is the 75% retracement level of March's decline crossing at 183-23. First support is the 50-day moving average crossing at 178-26. Second support is July's low crossing at 179-01.
September T-notes closed down 165-pts. At 139.115.
September T-notes closed sharply lower on Monday as it extends the decline off last-Thursday's high. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 139.042 would signal that a short-term top has been posted. If September resumes the rally off June's high, March's high on the weekly continuation chart crossing at 140.240 is the next upside target. First resistance is last-Thursday's high crossing at 140.130. Second resistance is March's high on the weekly continuation chart crossing at 140.240. First support is the 50-day moving average crossing at 139.042. Second support is July's low crossing at 138.285.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
October crude oil closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $40.21 would confirm that a short-term top has been posted. If October renews the rally off April's low, the 62% retracement level of the January-April-decline crossing at $46.44 is the next upside target. First resistance is last-Wednesday's high crossing at $43.68. Second resistance is the 62% retracement level of the January-April-decline crossing at $46.44. First support is the 50-day moving average crossing at $40.21. Second support is the July 30th low crossing at $41.43.
October heating oil closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $124.02 would confirm that a short-term top has been posted. If October resumes the rally off April's low, the 38% retracement level of the January-April-decline crossing at $133.94 is the next upside target.First resistance is the 38% retracement level of the January-April-decline crossing at $133.94. Second resistance is the 50% retracement level of the January-April-decline crossing at $147.51. First support is the 50-day moving average crossing at $124.02. Second support is the July 30th low crossing at $119.03.
October unleaded gas closed lower on Tuesday as it extends the June-August 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 diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 113.15 would signal that a short-term top has been posted. If October renews the decline off July's high, the June 29th low crossing at 104.41 is the next downside target. If October extends the rally off April's low, June's high crossing at 121.22 is the next upside target. First resistance is June's high crossing at 121.22. Second resistance is 62% retracement level of the January-March-decline decline crossing at 130.29. First support is the July 30th low crossing at 106.14. Second support is the June 29th low crossing at 104.41.
October Henry natural gas closed 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 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 87% retracement level of the May-June decline crossing at 2.743 is the next upside target. Closes below the 20-day moving average crossing at 2.060 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 2.422. Second resistance is the 87% retracement level of the May/June decline crossing at 2.743. First support is the 10-day moving average crossing at 2.219. Second support is the 20-day moving average crossing at 2.060.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The September Dollar closed higher on Tuesday as it extends the rebound off last-Thursday's low crossing at 92.48. 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. Closes above the 20-day moving average crossing at 94.15 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 20-day moving average crossing at 94.15. Second resistance is the 50-day moving average crossing at 95.81. First support is last-Thursday's low crossing at 92.48. Second support is the May 14th 2018 low on the weekly continuation chart crossing at 92.12.
The September Euro closed lower due to profit taking on Tuesday as it extended the decline off last-Thursday'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 have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 116.85 would signal that a double 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-Thursday's high crossing at 119.26. Second resistance is the 50% retracement level of the 2018-2020 decline crossing at 120.83. First support is last-Monday's low crossing at 117.07. Second support is the 20-day moving average crossing at 116.85.
The September British Pound closed slightly lower close on Tuesday as it extended the trading range of the past two-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 overbought, diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1.2900 would confirm that a short-term top has been posted. If September extends the rally off June's low, the December-2019 high crossing at 1.3453 is the next upside target. First resistance the 87% retracement level of the December-March decline crossing at 1.3193. Second resistance is the December-2019 high crossing at 1.3453. First support is the 20-day moving average crossing at 1.2900. Second support is the 50-day moving average crossing at 1.2684.
The September Swiss Franc closed lower on Tuesday as it extends the correction off last-Wednesday'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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.0860 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-Wednesday's high crossing at 1.1062. 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 1.0860. Second support is the 50-day moving average crossing at 1.0685.
The September Canadian Dollar closed 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 neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 74.60 would confirm that a short-term top has been posted. If September renews the rally off March's low, the 87% retracement level of the January-March-decline crossing at 76.04 is the next upside target.First resistance is last-Wednesday's high crossing at 75.58. 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 74.60. Second support is the 50-day moving average crossing at 74.10.
The September Japanese Yen closed lower on Tuesday as it extends the decline off July's high and closed below the 20-day moving average crossing at 0.0943 confirming that a short-term top has been posted. 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 September extends today's decline, the 50-day moving average crossing at 0.0936 is the next downside target. 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 July'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 50-day moving average crossing at 0.0936. Second support is the July 20th low crossing at 0.0930.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
October gold closed sharply lower due to profit taking on Tuesday as it consolidates some of this year's rally. Today's close below the 20-day moving average crossing at $1937.50 confirms that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this week's decline, the 50-day moving average crossing at $1838.50 is the next downside target. First resistance is last-Thursday's high crossing at $2063.20. Second resistance is unknown. First support is the 25% retracement level of the 2018-2020-rally crossing at $1882.10. Second support is the 50-day moving average crossing at $1838.50.
September silver closed sharply lower on Tuesday as it consolidated some of this year's rally. 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 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 24.080 would signal that a short-term top has been posted. 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. First resistance is last-Friday's high crossing at 29.915. 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 20-day moving average crossing at 24.080. Second support is the 38% retracement level of the March-April-decline crossing at 22.973.
September copper closed 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends last-Friday's decline, the 50-day moving average crossing at 276.93 is the next downside 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 Monday's low crossing at 278.20. Second support is the 50-day moving average crossing at 276.93.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
December Corn closed up $0.00 3/4-cents at $3.23 3/4.
December corn closed fractionally higher on Tuesday. Trading is likely to be subdued ahead of tomorrow's WASDE report. 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 $3.29 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $3.29 1/2. Second resistance is the 50-day moving average crossing at 3.37 1/2. First support is last-Friday'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 up $0.03 3/4-cents at $5.03 1/2.
December wheat closed higher on Monday as it consolidates some of the decline off July's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, July's low crossing at $4.96 is the next downside target. Closes above the 20-day moving average crossing at $5.28 3/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $5.18 3/4. Second resistance is the 20-day moving average crossing at $5.28 3/4. First support is Monday's low crossing at $4.98 1/2. Second support is July's low crossing at $4.96.
December Kansas City Wheat closed up $0.02 3/4-cents at $4.28 3/4.
December Kansas City wheat closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday 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 December extends the decline off July's high, weekly support crossing at $4.16 1/2 is the next downside target. Closes above the 20-day moving average crossing at $4.47 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $4.38. Second resistance is the 20-day moving average crossing at $4.47. First support is last-Friday's low crossing at $4.20 3/4. Second support is weekly support crossing at $4.16 1/2.
December Minneapolis wheat closed up $0.01 3/4-cents at $5.08 3/4.
December Minneapolis wheat closed higher on Tuesday as it consolidates some of this year's decline. 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 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, psychological support crossing at $5.00 is the next downside target. Closes above the 20-day moving average crossing at $5.21 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.16 3/4. Second resistance is the 20-day moving average crossing at $5.21 1/2. First support is Monday's low crossing at $5.06 1/2. Second support is psychological support crossing at $5.00.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans closed up a $0.00 1/2-cent at $8.73 3/4.
November soybeans closed fractionally higher on Tuesday as it consolidated some of this month's decline. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends this month's decline, the June 29th low crossing at $8.56 3/4 is the next downside target. Closes above the 20-day moving average crossing at $8.88 would temper the near-term bearish outlook. First resistance is last-Monday's high crossing at $8.99 3/4 cents. Second resistance is the July 24th high crossing at $9.03 3/4. Third resistance is July's high crossing at $9.12 1/2. First support is Monday's low crossing at $8.65 1/4. Second support is the June 29th low crossing at $8.56 3/4.
December soybean meal closed down $0.10 at $289.70.
December soybean meal closed slightly lower on Tuesday as it consolidates some of this month'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, weekly support crossing at $283.00 is the next downside target. Closes above the 50-day moving average crossing at $295.80 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $295.80. Second resistance is the July 27th high crossing at $303.50. First support is Monday's low at $286.20. Second support is weekly support crossing at $283.00.
December soybean oil closed down 21-pts. at 30.54.
December soybean oil closed 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 30.50 would confirm that a short-term top has been posted. If December renews the rally off April's low, the 62% retracement level of the December-March-decline crossing at 32.40 is the next upside target. First resistance is last-Tuesday'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 30.50. Second support is the 50-day moving average crossing at 29.51.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
August hogs closed down $0.40 at $53.03.
August hogs closed lower on Tuesday as it consolidates some of Monday's rally. 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 bullish signaling that sideways to higher prices are possible near-term. If August extends Monday's rally, July's high crossing at $55.28 is the next upside target. If August resumes the decline off July's high, June's low crossing at $47.52 is the next downside target. First resistance is July's high crossing at $55.28. Second resistance is June's high crossing at $58.03. First support is last-Wednesday's low crossing at $49.20. Second support is June's low crossing at $47.52.
August cattle closed up $1.15 at $104.75.
August cattle closed higher on Tuesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off April's low, the 75% retracement level of the January-April-decline crossing at $108.26 is the next upside target. Closes below the 20-day moving average crossing at $102.40 would confirm that a short-term top has been posted. First resistance is today's high crossing at $104.90. 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 $102.40. Second support is the 50-day moving average crossing at $99.42.
August Feeder cattle closed up $1.18-cents at $144.75.
August Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews the rally off April's low, the 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 $142.77 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at $145.98. 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 $142.77. Second support is the 50-day moving average crossing at $137.36.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September coffee closed lower on Tuesday as it extended the decline off last-Wednesday's high. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 11.01 would confirm that a short-term top. If September renews the rally off June's low, March's high crossing at 12.91 is the next upside target.
September cocoa closed lower on Tuesday following yesterday's key reversal down. The mid-range close sets the stage for a steady to lower opening on Wednesday. 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 23.33 would temper the near-term bearish outlook. If September renews the rally off July's low, the 62% retracement level of the February-July-decline crossing at 25.87 is the next upside target.
October sugar closed higher on Tuesday as it extended the trading range of the past two-weeks. 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 75% retracement level of the February-April-decline crossing at 13.63 is the next upside target. Closes below the 50-day moving average crossing at 12.05 would confirm that a short-term top has been posted.
December cotton closed higher on Tuesday as it consolidated some of the decline off last-Thursday's high but leaves a potential double top with July's high on the daily chart. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 61.54 would confirm that a short-term top has been posted. If December extends the aforementioned rally, the 75% retracement level of the January-April-decline crossing at 67.31 is the next upside target.
Thanks tallpine!
Not as hot for natural gas.
Turning very dry during the last half of August. This may not be too late to be bullish, especially for beans.