INO Evening Market Comments
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Started by tallpine - Aug. 17, 2020, 4:52 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, August 18, 2020 



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



                       Chain Store Sales, W/W% (previous -1.5%)



                       Chain Store Sales, M/M% (previous -6.8%)



8:30 AM ET. July New Residential Construction - Housing Starts and Building Permits



                       Total Starts (expected 1.23M; previous 1.186M)



                       Housing Starts, M/M% (expected +3.7%; previous +17.3%)



                       Building Permits (expected 1.30M; previous 1.241M)



                       Building Permits, M/M% (expected +4.8%; previous +2.1%)



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M% (previous +2.5%)



                       Ret Sales Mo-to-Date, Y/Y% (previous -3.4%)



                       Latest Wk, Y/Y% (previous -3.4%)



10:00 AM ET. 2nd Quarter Quarterly Retail E-Commerce Sales



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous -4.4M)



                       Gasoline Stocks, Net Chg (Bbls) (previous -1.3M)



                       Distillate Stocks, Net Chg (Bbls) (previous -2.9M)



Wednesday, August 19, 2020 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 852.8)



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



                       Purchase Idx-SA (previous 306.6)



                       Purchase Idx-SA, W/W% (previous +2.0%)



                       Refinance Idx (previous 4025.0)



                       Refinance Idx, W/W% (previous +9.1%)



10:00 AM ET. 2nd Quarter Advance Quarterly Services



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 514.084M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -4.512M)



                       Gasoline Stocks (Bbl) (previous 247.084M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -0.722M)



                       Distillate Stocks (Bbl) (previous 177.655M)



                       Distillate Stocks, Net Chg (Bbl) (previous -2.322M)



                       Refinery Usage (previous 81.0%)



                       Total Prod Supplied (Bbl/day) (previous 19.369M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.457M)

                       

2:00 PM ET. Federal Open Market Committee meeting minutes published



2:00 PM ET. SEC Closed Meeting



Thursday, August 20, 2020



8:30 AM ET. August Philadelphia Fed Business Outlook Survey



                       Business Activity (expected 20.0; previous 24.1)



                       Prices Paid (previous 15.7)



                       Employment (previous 20.1)



                       New Orders (previous 23.0)



                       Prices Received (previous 11.5)



                       Delivery Times (previous -6.4)



                       Inventories (previous -11.8)



                       Shipments (previous 15.3)



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



                       Jobless Claims (expected 920K; previous 963K)



                       Jobless Claims, Net Chg (previous -228K)



                       Continuing Claims (previous 15486000)



                       Continuing Claims, Net Chg (previous -604K)



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



                       Corn (Metric Tons) (previous 930.3K)



                       Soybeans (Metric Tons) (previous 3409.5K)



                       Wheat (Metric Tons) (previous 367.9K)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. July Leading Indicators



                       Leading Index, M/M% (expected +1.1%; previous +2.0%)



                       Leading Index (previous 111.5)



                       Coincident Index, M/M% (previous +2.5%)



                       Lagging Index, M/M% (previous -2.5%)



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



                       Working Gas In Storage (Cbf) (previous 3332B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +58B)

                       

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 21, 2020 



9:45 AM ET. August US Flash Manufacturing PMI



                       PMI, Mfg (expected 51.2; previous 51.3)



9:45 AM ET. August US Flash Services PMI



                       PMI, Services (expected 50.6; previous 49.6)



10:00 AM ET. July Existing Home Sales



                       Existing Sales (expected 5.2M; previous 4.72M)



                       Existing Sales, M/M% (expected +11.7%; previous +20.7%)



                       Unsold Homes Month's Supply (previous 4.0)



                       Median Price (USD) (previous 295300)



                       Median Home Price, Y/Y% (previous +3.5%)



Monday, August 24, 2020 



8:30 AM ET. July CFNAI Chicago Fed National Activity Index



                       NAI (previous 4.11)



                       NAI, 3-mo Moving Avg (previous -3.49)


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



The Dow closed lower on Monday led by decline in Boeing stock as it consolidates below the 87% retracement level of the February-March-decline crossing at 28,090.26. 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 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 26,513.13 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 20-day moving average crossing at 26,513.13. Second support is the 50-day moving average crossing at 26,513.13.  



The September NASDAQ 100 closed higher on Monday as it posted a new all-time high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. If September extends the rally off March's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 10,939.89 would confirm that a short-term top has been posted. First resistance is Today's high crossing at 11,293.75. Second resistance is unknown. First support is the 20-day moving average crossing at 10,939.89. Second support is the 50-day moving average crossing at 10,519.23.  

 

The September S&P 500 closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, February's high crossing at 3387.60 is the next upside target. Closes below the 20-day moving average crossing at 3290.15 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 3387.12. Second resistance is February's high crossing at 3387.60. First support is the 20-day moving average crossing at 3290.15. Second support is the 50-day moving average crossing at 3190.22.



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



September T-bonds closed closed up 12/32's at 178-07.

  

September T-bonds closed higher on Monday as it consolidates some of this month's decline. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading.  Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off August's high, July's low crossing at 179-01 is the next downside target. Closes above the 20-day moving average crossing at 180-23 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at  180-23. Second resistance is August's high crossing at 183-06. First support is July's low crossing at 179-01. Second support is the June 16th low crossing at 174-29.



September T-notes closed up 50-pts. At 139.090.



September T-notes closed higher on Friday as it consolidates some of the decline off August's high. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off August's high, July's low  crossing at 138.245 is the next downside target. Closes above the 10-day moving average crossing at 139.217 would signal that a short-term low has been posted. First resistance is August's high crossing at 140.130. Second resistance is March's high on the weekly continuation chart crossing at 140.240. First support is Thursday's low crossing at 138.285. Second support is July's low crossing at 138.245.           



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



October crude oil closed higher on Monday.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are 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 $40.58 would confirm that a short-term top has been posted. First resistance is the reaction 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 $40.58. Second support is the July 30th low crossing at $41.43. 



October heating oil closed slightly higher on Monday as it extends the June-August trading range. The  high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are neutral 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 $124.78 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 $124.78. Second support is the July 30th low crossing at $119.03. 



October unleaded gas closed higher on Monday marking an upside breakout of the June-August trading range. The high-range close sets the stage for a steady to slightly higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 114.11 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 122.65. 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 Monday as it consolidated some of the rally off June's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, May's high crossing at 2.588 is the next upside target. Closes below the 20-day moving average crossing at 2.165 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2.525. Second resistance is May's high crossing at 2.588. First support is the 10-day moving average crossing at 2.349. Second support is the 20-day moving average  crossing at 2.165.  



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



The September Dollar closed lower on Monday as it extends this month's trading range. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 20-day moving average crossing at 93.57 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 93.57. Second resistance is the 50-day moving  average crossing at 95.51. First support is August'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 Monday as it extended the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening when Tuesday'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 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. Closes below the August 3rd low  crossing at 117.07 would signal that a double top has been posted. First resistance is the August 6th high crossing at 119.26. Second resistance is the 50% retracement level of the 2018-2020 decline crossing at 120.83. First support is the August 3rd low crossing at 117.07. Second support is the 50-day moving average crossing at 114.96. 

 

The September British Pound closed slightly higher on Monday as it extended the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.2996 would confirm that a short-term top has been posted. If September renews 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 1.2996. Second support is the 50-day moving average crossing at 1.2713. 

 

The September Swiss Franc closed higher on Tuesday as it extends the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If 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. Closes below the August 3rd low crossing at 1.0829 would confirm that a short-term top has been posted. First resistance is the August 5th high crossing at 1.1062. Second resistance is the 62% retracement level of the 2018-2020 crossing at 1.1178. First support is the August 3rd low crossing at 1.0829. Second support is the 50-day moving average crossing at 1.0731.



The September Canadian Dollar closed higher on Monday as it extended this month's rally.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends 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 74.95 would confirm that a short-term top has been posted. First resistance is today's high crossing at 75.81. 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 74.95. Second support is the 50-day moving average crossing at 74.22.  



The September Japanese Yen closed higher on Monday as it consolidated some of the decline off July's high. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 0.0944 would signal that a short-term low has been posted. If September extends the decline off August's high, the July 20th low crossing at 0.0930 is the next downside target. First resistance is 20-day moving average crossing at 0.0944. Second resistance is July's high crossing at 0.0960. First support is the July 20th low crossing at 0.0930. Second support is July's low crossing at 0.0925.



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



October gold closed sharply higher on Monday as it extended the rebound off last-Wednesday's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. Closes above the 10-day moving average crossing at $1990.80 would confirm that a short-term low. If October renews the decline off August's high, the 50-day moving average crossing at $1856.60 is the next downside target. First resistance is the 10-day moving average crossing at $1990.80. Second resistance is last-Thursday's high crossing at $2078.00. 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 $1856.60.



September silver closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to 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 last-Wednesday's low crossing at 23.580 would signal that a short-term top has been posted. First resistance is August's high crossing at 29.915. Second resistance isthe 50% retracement level of the 2011-2020 decline on the weekly continuation chart crossing at 30.727. First support is last-Wednesday's low crossing at 23.580. Second support is the 38% retracement level of the March-April-decline crossing at 22.973.   



September copper closed higher on Monday.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways trading is possible near-term. If September extends the rally off last-Thursday's low, July's high crossing at 299.30. If September resumes the decline off July's high, the 25% retracement level of the March-July-decline crossing at 274.19 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 the 50-day moving average crossing at 279.73. Second support is the 25% retracement level of the March-July-decline crossing at 274.19.



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



December Corn closed up $0.06 1/2-cents at $3.44 1/2. 



December corn gapped up and closed higher on Monday filling the July 13th gap crossing at $3.43 3/4. Traders continue to assess the fallout from last week’s damaging  Midwestern storms that negatively affected million acres of corn. Additional support came the latest weather forecasts that call for mostly drier, hotter conditions. Additional fund short-covering also helped to support today rally.  Corn export inspections were 40.8 million bushels last week down 9.9 million bushels from the prior week’s total of 50.7 million bushels. The high-range close sets the stage for a steady to higher opening when Tuesday's night sessions 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 August's low, the 38% retracement level of the 2019-2020-decline crossing at $3.59 3/4. Closes below the 10-day moving average crossing at $3.28 1/4 would confirm that a short-term top has been posted. First resistance is the 25% retracement level of the 2019-2020-decline crossing at $3.46. Second resistance is the 38% retracement level of the 2019-2020-decline crossing at $3.59 3/4. First support is the 20-day moving average crossing at $3.29 1/2. Second support is the 10-day moving average  crossing at $3.28 1/4.   



December wheat closed up $0.16 3/4-cents at $5.26 1/4.  



December wheat closed sharply higher on Monday and above the 20-day moving average crossing at $5.22 1/2 signaling that a short-term low has been posted. Today's rally was supported by technical buying that was triggered by optimism over the prospect of increased Chinese demand. Spillover strength from corn and soybeans provided additional support. The high-range close sets the stage for a steady to higher opening when Tuesday'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 December extends today's rally, the July 31st high crossing at $5.42 is the next upside target. If December renews this month's decline, June's low crossing at $4.79 1/2 is the next downside target. First resistance is the July 31st high crossing at $5.42. Second resistance is the July 24th high crossing at $5.48 3/4. First support is last-Wednesday's low crossing at $4.97. Second support is June's low crossing at $4.79 1/2.      



December Kansas City Wheat closed up $0.12 1/4-cents at $4.48.

 

December Kansas City wheat closed higher on Monday as it extended the rally off August's low. The high-range close sets the stage for a steady to higher opening when Tuesday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving  average crossing at $4.42 1/2 signals that a short-term low has been posted. Closes above the 50-day moving average crossing at $4.52 1/2 would open the door for a possible test of July's high crossing at $4.74 3/4. If December renews the decline off July's high, weekly support crossing at $4.16 1/2 is the next downside target. First resistance is the 50-day moving average crossing at $4.52 1/2. Second resistance is July's high crossing at $4.74 3/4. First support is the 10-day moving average crossing at $4.32 3/4. Second support is August's low crossing at $4.20 3/4.      



December Minneapolis wheat closed up $0.07 3/4-cents at $5.20. 



December Minneapolis wheat closed higher on Monday and above the 20-day moving average crossing at $5.18 1/4 signaling that a short-term low has been posted. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 December extends the rally off December's low, the 50-day moving average crossing at $5.28 1/2 is the next upside target. Closes below the 10-day moving average crossing at $5.11 3/4 would temper the friendly outlook. First resistance is the 50-day moving average crossing at $5.28 1/2. Second resistance is July's high crossing at $5.43 1/2. First support is last-Wednesday'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 $0.16 1/4-cents at $9.15.



November soybeans posted double digit gains due to technical buying triggered by concerns over damage incurred from last week’s storm across portions of the Midwest. Additional support came from a bullish weather forecast that is calling for drier and hotter weather that could extend into the end of August. Today's close above July's high crossing at $9.12 1/2 marked an upside breakout of the July-August trading range. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends today's rally, the 62% retracement level of the crossing at $9.24 3/4 is the next upside target. First resistance is today's high crossing at $9.17 1/2 cents. Second resistance is the 62% retracement level of the crossing at $9.24 3/4. First support is the 20-day moving average crossing at $8.89 1/4. Second support is the 50-day moving average crossing at $8.85 1/4.



December soybean meal closed up $7.00 at $305.50. 



December soybean meal closed sharply higher on Monday as it extends the rally off August's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends today's rally, July's high crossing at $308.90 is the next upside target. Closes below the 10-day moving average crossing at $292.80 would confirm that a short-term top has been posted. First resistance is today's high crossing at $305.80. Second resistance is July's high crossing at $308.90. First support is the 50-day moving average crossing at $296.00. Second support is the 20-day moving average at $294.90.      



December soybean oil closed up 34-pts. at 31.43. 



December soybean oil closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are 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 last-Wednesday's low crossing at 30.29 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 31.82. Second resistance is the 62% retracement level of the December-March-decline crossing at 32.40. First support is last-Wednesday's low crossing at 30.29. Second support is the 50-day moving average crossing at 29.71.     

 

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



October hogs closed up $0.53 at $53.55. 



October hogs closed higher on Monday as it extended the rally off last-Wednesday's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends this week's rally, June's high crossing at $54.98 is the next upside target. Closes below the 20-day moving average crossing at $50.68 would signal that a short-term top has been posted. First resistance is last-Monday's high crossing at $54.15. Second resistance is June's high crossing at $54.98. First support is the 20-day moving average crossing at $50.68. Second support is the July 31st low crossing at $47.87.     



October cattle closed down $0.38 at $109.85. 



October cattle posted a key reversal down with today's lower close. The low-range close sets the stage for a steady to lower opening on Tuesday.Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off April's low, January's high crossing at $119.63 is the next upside target. Closes below the 20-day moving average crossing at $107.31 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the January-April-decline crossing at $115.09. Second resistance is January's high crossing at $119.63. First support is the 20-day moving average crossing at $107.31. Second support is the 50-day moving average crossing at $103.90.     



October Feeder cattle closed down $2.23-cents at $145.20. 


October Feeder cattle closed sharply lower on Monday and below the 20-day moving average crossing at $145.53 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are turning  neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends today's decline, the 50-day moving average crossing at $140.24 is the next downside target. If October renews the rally off April's low, the 87% retracement level of the January-April-decline crossing at $151.44 is the next upside target. First resistance is last-Wednesday's high crossing at $150.20. Second resistance is the 87% retracement level of the January-April-decline crossing at $151.44. First support is today's low crossing at $145.00. Second support is the 50-day moving average crossing at $140.24.        



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



September coffee closed slightly higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last-Tuesday's low, August's high crossing at 12.73 is the next upside target. Closes below last-Tuesday's low crossing at 10.97 would confirm that a short-term top.   



September cocoa closed lower on Monday confirming last-Friday's key reversal down. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 23.89 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 slightly lower on Monday as it consolidated some of the rally off April's low. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 20-day moving average crossing at 12.43 would confirm that a short-term top has been posted.              



December cotton closed higher on Monday as it extends last-week's trading range. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the 50-day moving average crossing at 61.77 would confirm that a short-term top has been posted. If December renewed the rally off April's low, the 75% retracement level of the January-April-decline crossing at 67.31 is the next upside target.            

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