KEY EVENTS TO WATCH FOR:

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. 2^nd 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 closed sharply higher on Wednesday as investors eyed the trajectory of the coronavirus pandemic and stronger-than-expected economic data. Additional support came from strong gains in Apple and Microsoft. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends this month's rally, February's high crossing at 29,568.57 is the next upside target. Closes below the 50-day moving average crossing at 26,431.57 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 9^th low crossing at 25,523.51.  

The September NASDAQ 100 closed sharply higher on Wednesday erasing most of the losses of the past three-days. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Closes below the 20-day moving average crossing at 10,867.06 would   confirm that a short-term top has been posted while opening the door for additional weakness and a possible test of the 50-day moving average crossing at 10,429.79. 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 10,867.06. Second support is the 50-day moving average crossing at 10,429.79.  

The September S&P 500 closed sharply higher on Wednesday challenging February's high crossing at 3387.60. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are 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 3265.51 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3384.77. Second resistance is February's high crossing at 3387.60. First support is the 20-day moving average crossing at 3265.51. Second support is the 50-day moving average crossing at 3173.31.

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

September T-bonds closed down 10/32's at 178-26.

September T-bonds closed lower on Wednesday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 178-28 would open the door for additional weakness near-term. Closes above the 10-day moving average crossing at 181-14 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 181-14. Second resistance is last-Thursday's high crossing at 183-06. First support is the 50-day moving average crossing at 178-28. Second support is July's low crossing at 179-01.

September T-notes closed down 25-pts. At 139.055.

September T-notes closed lower on Tuesday as it extends the decline off last-Thursday's high. The mid-range close sets the stage for a steady to lower opening when Thursday'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 139.044 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 139.044. Second support is July's low crossing at 138.285.           

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

October crude oil poised their highest finish since early March as U.S. government data showed that domestic crude supplies fell for a third week in a row. Despite moving 2.2 million-barrels from the Strategic Petroleum Reserve into commercial inventories, a drop in crude oil imports and ongoing strength in Gulf Coast exports has led to an additional draw in domestic crude inventories. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 50-day moving average crossing at $40.32 would confirm that a short-term top has been posted. 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 $40.32. Second support is the July 30th low crossing at $41.43. 

October heating oil closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 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. Closes below the 50-day moving average crossing at $124.27 would confirm that a short-term top has been posted. 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 $124.27. Second support is the July 30th low crossing at $119.03. 

October unleaded gas closed higher on Wednesday as it extends the June-August trading range. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off April's low, June's high crossing at 121.22 is the next upside target. Closes below the 50-day moving average crossing at 113.45 would signal that a short-term top has been posted. 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 30^th low crossing at 106.14. Second support is the June 29^th low crossing at 104.41.  

October Henry natural gas closed slightly lower on Wednesday. The high-range close sets the stage for a steady to lower opening when Thursday'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 2.079 would confirm that a short-term top has been posted. If September renews the rally off July's low, the 87% retracement level of the May-June decline crossing at 2.743 is the next upside target. 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 2.242. Second support is the 20-day moving average  crossing at 2.079.  

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

The September Dollar closed lower on Wednesday ending a three-day rebound off last-Thursday's low crossing at 92.48. The low-range close sets the stage for a steady to lower opening when Thursday'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 94.01 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 94.01. Second resistance is the 50-day moving  average crossing at 95.73. 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 higher on Wednesday as it consolidates some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 117.04 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 today's low crossing at 117.19. Second support is the 20-day moving average crossing at 117.04. 

The September British Pound closed lower close on Wednesday 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 Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1.2922 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 1.2922. Second support is the 50-day moving average crossing at 1.2693. 

The September Swiss Franc posted a key reversal up as it closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.0879 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 1.0879. Second support is the 50-day moving average crossing at 1.0696.

The September Canadian Dollar closed higher on Wednesday.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off March's low, 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 74.67 would confirm that a short-term top has been posted. First resistance is today's high crossing at 75.60. 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 74.67. Second support is the 50-day moving average crossing at 74.14.  

The September Japanese Yen closed lower on Wednesday as it extends the decline off July's high and spiked below the 20-day moving average crossing at 0.0936. The low-range close sets the stage for a steady to lower opening when Thursday’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 0.0936 would open the door for additional weakness near-term. If Closes above the 10-day moving average crossing at 0.0945 would signal that a short-term low has been posted. 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 20^th low crossing at 0.0930.  

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

October gold closed higher due to short covering on Wednesday as it consolidates some of Tuesday's decline. Tuesday's close below the 20-day moving average crossing at $1942.30 confirms that a short-term top has been posted. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are 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 $1842.00 is the next downside target. First resistance is the 10-day moving average crossing at $1995.70. Second resistance is last-Thursday's high crossing at $2063.20. 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 $1842.00.

September silver closed higher on Wednesday as it consolidated some of Tuesday's huge decline. The high-range close sets the stage for a steady to higher opening when Thursday'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 24.357 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 24.357. Second support is the 38% retracement level of the March-April-decline crossing at 22.973.  

September copper closed higher on Wednesday.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning  neutral to bullish signaling that sideways to higher prices are possible near-term. If September 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 277.69. 

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

December Corn closed up $0.03 3/4-cents at $3.27 1/4. 

December corn closed higher on Wednesday despite today's WASDE report that projected U.S. will likely produce the largest corn ever. The USDA projected record-breaking corn yields that are expected to come in at 181.8 bpa this year. This year's projected record high yield exceeded the previous high of 176.6 bpa set in 2017. USDA’s corn estimate came in 3.3 bpa higher than previous trend line estimate despite a dry growing season across many areas of the Corn Belt. The high-range close sets the stage for a steady to higher opening when Thursday's night sessions 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 $3.29 1/4 would signal that a short-term low has been posted. If December renewed the decline off July's high, the April low on the weekly continuation chart crossing at $3.00 1/4 is the next downside target. First resistance is the 20-day moving average crossing at $3.29 1/4. Second resistance is the 50-day moving average crossing at 3.37 1/4. 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 down $0.04 1/4-cents at $4.99 1/2.  

December wheat closed lower on Wednesday as it extends the decline off July's high.World wheat stocks soared to new highs with today’s newest estimates. Increased estimates for 2020/21 Russian wheat production offset an anticipated decline in Argentine wheat acreage. Additional pressure came from slow import demand due to the pandemic, which caused 2019/20 world wheat ending stocks to rise to 11.055 billion bushels and 2020/21 ending stock volumes to rise to 11.567 billion bushels. These estimates are the two largest ending wheat stock estimates on record. The low-range close sets the stage for a steady to lower opening when Thursday'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 month's decline, June's low crossing at $4.79 1/2 is the next downside target. Closes above the 20-day moving average crossing at $5.26 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.15. Second resistance is the 20-day moving average crossing at $5.26. First support is July's low crossing at $4.96. Second support is June's low crossing at $4.79 1/2.      

December Kansas City Wheat closed up a $0.00 1/2-cents at $4.28 3/4.

December Kansas City wheat closed fractionally higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday 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 $4.45 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $4.35 1/4. Second resistance is the 20-day moving average crossing at $4.45. 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 down $0.01 3/4-cents at $5.07. 

December Minneapolis wheat closed lower on Wednesday and is poised to extend this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 $5.20 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.15. Second resistance is the 20-day moving average crossing at $5.20. First support is today'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 $0.10-cents at $8.83 1/2.

November soybeans closed higher on Wednesday as it consolidated some of this month's decline. Today's USDA report raised soybean yields for 2020 by 3.5 bpa over trend line forecasts to 53.3 bpa. This estimate if realized would exceed the 2016 yield record of 51.9 bpa. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $8.88 would signal that a short-term low has been posted. If November extends this month's decline, the June 29th low crossing at $8.56 3/4 is the next downside target. 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 29^th low crossing at $8.56 3/4.

December soybean meal closed up $0.50 at $290.00. 

December soybean meal closed slightly higher on Wednesday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or near-term. Closes above the 50-day moving average crossing at $295.80 would signal that a short-term low has been posted. If December extends this month's decline, weekly support crossing at $283.00 is the next downside target. First resistance is the 50-day moving average crossing at $295.80. Second resistance is the July 27^th 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 up 102-pts. at 31.53. 

December soybean oil posted a key reversal up with today's higher close. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If 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. Closes below the 20-day moving average crossing at 30.61 would confirm that a short-term top has been posted. 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 30.61. Second support is the 50-day moving average crossing at 29.56.      

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

August hogs closed down $0.33 at $52.75. 

August hogs closed lower on Wednesday as it consolidates some of Monday's rally. The low-range close sets the stage for a steady to lower opening when Thursday'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 $1.83 at $106.48. 

August cattle closed sharply higher on Wednesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off April's low, the 75% retracement level of the January-April-decline crossing at $108.26 is the next upside target. Closes below the 20-day moving average crossing at $102.63 would confirm that a short-term top has been posted. First resistance is today's high crossing at $106.65. 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 $102.63. Second support is the 50-day moving average crossing at $99.61.     

August Feeder cattle closed up $1.70-cents at $146.20. 

August Feeder cattle closed higher on Wednesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 $143.09 would confirm that a short-term top has been posted. First resistance is today's high crossing at $146.40. 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 $143.09. Second support is the 50-day moving average crossing at $137.60.        

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

September coffee closed higher on Wednesday as it consolidated some of the decline off last-Wednesday's high. The mid-range close sets the stage for a steady to higher opening on Thursday. 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 11.08 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 higher on Wednesday. The mid-range close sets the stage for a steady to higher opening on Thursday. 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 23.49 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 Wednesday 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 Thursday. 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 12.08 would confirm that a short-term top has been posted.              

December cotton closed lower on Wednesday. The low-range close sets the stage for a steady to lower  opening on Thursday. 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 61.59 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.