KEY EVENTS TO WATCH FOR:
Tuesday, September 1, 2020
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous +1.6%)
Chain Store Sales, M/M% (previous -4.7%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous +4.1%)
Ret Sales Mo-to-Date, Y/Y% (previous -1.9%)
Latest Wk, Y/Y% (previous +0.6%)
9:45 AM ET. August US Manufacturing PMI
PMI, Mfg (previous 50.9)
10:00 AM ET. August ISM Report on Business Manufacturing PMI
Manufacturing PMI (expected 54.4; previous 54.2)
Prices Idx (previous 53.2)
Employment Idx (previous 44.3)
Inventories (previous 47.0)
New Orders Idx (previous 61.5)
Production Idx (previous 62.1)
10:00 AM ET. July Construction Spending - Construction Put in Place
New Construction (expected +1.4%; previous -0.7%)
Residential Construction
11:00 AM ET. August Global Manufacturing PMI
PMI, Mfg (previous 50.3)
4:00 PM ET. August Domestic Auto Industry Sales
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -4.5M)
Gasoline Stocks, Net Chg (Bbls) (previous -6.4M)
Distillate Stocks, Net Chg (Bbls) (previous +2.3M)
Wednesday, September 2, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 770.6)
Composite Idx, W/W% (previous -6.5%)
Purchase Idx-SA (previous 306.6)
Purchase Idx-SA, W/W% (previous +0.4%)
Refinance Idx (previous 3423.0)
Refinance Idx, W/W% (previous -10.2%)
8:15 AM ET. August ADP National Employment Report
Private Sector Jobs, Net Chg (expected +800000; previous +167000)
9:00 AM ET. SEC Open Meeting
9:45 AM ET. August ISM-NY Report on Business
Business Index (previous 53.5)
10:00 AM ET. July Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (expected +4.2%; previous +6.2%)
Orders, Ex-Defense, M/M% (previous +7.0%)
Orders, Ex-Transport, M/M% (previous +4.4%)
Durable Goods, M/M%
Durable Goods, M/M%
10:00 AM ET. July Metropolitan Area Employment & Unemployment
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 507.763M)
Crude Oil Stocks, Net Chg (Bbl) (previous -4.689M)
Gasoline Stocks (Bbl) (previous 239.179M)
Gasoline Stocks, Net Chg (Bbl) (previous -4.583M)
Distillate Stocks (Bbl) (previous 179.195M)
Distillate Stocks, Net Chg (Bbl) (previous +1.388M)
Refinery Usage (previous 82.0%)
Total Prod Supplied (Bbl/day) (previous 19.619M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +2.46M)
2:00 PM ET. U.S. Federal Reserve Beige Book
2:00 PM ET. SEC Closed Meeting
Thursday, September 3, 2020
7:30 AM ET. August Challenger Job-Cut Report
Job Cuts, M/M% (previous +54%)
8:30 AM ET. July U.S. International Trade in Goods & Services
Trade Balance (USD) (expected -52.3B; previous -50.7B)
Exports (USD) (previous 158.3B)
Exports, M/M% (previous +9.4%)
Imports (USD) (previous 208.9B)
Imports, M/M% (previous +4.7%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 980K; previous 1006K)
Jobless Claims, Net Chg (previous -98K)
Continuing Claims (previous 14535000)
Continuing Claims, Net Chg (previous -223K)
8:30 AM ET. 2nd Quarter Revised Productivity & Costs
Non-Farm Productivity (expected +7.5%; previous -0.9%)
Unit Labor Costs (expected +12.1%; previous +5.1%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1451K)
Soybeans (Metric Tons) (previous 1924.9K)
Wheat (Metric Tons) (previous 776K)
9:45 AM ET. Bloomberg Consumer Comfort Index
9:45 AM ET. August US Services PMI
PMI, Services (previous 50.0)
10:00 AM ET. August ISM Report on Business Services PMI
Non-Mfg Composite Idx (expected 57.9; previous 58.1)
Non-Mfg Business Idx (previous 67.2)
Prices Idx (previous 57.6)
Employment Idx (previous 42.1)
New Orders Idx (previous 67.7)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3420B)
Working Gas In Storage, Net Chg (Cbf) (previous +45B)
11:00 AM ET. August Global Services PMI
PMI, Services (previous 47.8)
12:00 AM ET. August Monthly U.S. Retail Chain Store Sales Index
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
4:30 PM ET. Federal Discount Window Borrowings
Friday, September 4, 2020
8:30 AM ET. August U.S. Employment Report
Non-Farm Payrolls (expected +1255K; previous +1763K)
Unemployment Rate (expected 9.9%; previous 10.2%)
Avg Hourly Earnings (USD) (previous 29.39)
Avg Hourly Earnings-Net Chg (USD) (previous +0.07)
Avg Hourly Earnings, M/M% (expected +0.1%; previous +0.24%)
Avg Hourly Earnings, Y/Y% (expected +4.6%; previous +4.78%)
Overall Workweek (previous 34.5)
Overall Workweek Net Chg (previous -0.1)
Government Payrolls (previous +301K)
Private Payroll (previous +1462K)
Participation Rate (previous 61.4%)
Non-Farm Payrolls Bench Net Chg
Monday, September 7, 2020
N/A Marianas: Labor Day
N/A U.S. Labor Day. Financial markets closed
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes"
The STOCK INDEXES:The September NASDAQ 100 was higher overnight as it extends this month's rally. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this year's rally into uncharted territory upside targets will be hard to project. Closes below the 20-day moving average crossing at 11,481.54 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 12,248.75. Second resistance is unknown. First support is the 20-day moving average crossing at 11,481.54. Second support is the 50-day moving average crossing at 10,929.67.
The September S&P 500 was higher overnight.The higher-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning.Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3391.94 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 3524.50. Second resistance is unknown. First support is the 20-day moving average crossing at 3391.94. Second support is the 50-day moving average crossing at 3260.20.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: September T-bonds were lower overnight. The low-range he stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 179-15 would confirm that a short-term low has been posted. If September extends the decline off August's high, the June 16th low crossing at 174-29 is the next downside target. First resistance is the 50-day moving average crossing at 179-15. Second resistance is August's high crossing at 183-06. First support is last-Friday's low crossing at 175-05. Second support is the June 16th low crossing at 174-29.
September T-notes were lower overnight. The low-range overnight trade sets the stage for a steady to lower opening with the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the August 21st high crossing at 139.235 would signal that a short-term low has been posted. If September extends the decline off August's high, the June 16th low crossing at 138.070 is the next downside target. First resistance is the August 21st high crossing at 139.235. Second resistance is August's high crossing at 140.130. First support is last-Friday's low crossing at 138.230. Second support is the June 16th low crossing at 138.070.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
October crude oil was slightly higher overnight as it extends this month's trading range above the 50% retracement level of the February-April-decline crossing at $46.44.The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are 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 February-April-decline crossing at $46.44 is the next upside target. Closes below the 50-day moving average crossing at $41.49 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $43.78. Second resistance is the 62% retracement level of the February-April-decline crossing at $46.44. First support is the 50-day moving average crossing at $41.49. Second support is the July 30th low crossing at $39.00.
October heating oil was steady to slightly higher overnight as it extends this summer's trading range. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October resumes the decline off August's high, the July 30th low crossing at $119.03 is the next downside target. 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 August's high crossing at $131.92. Second resistance is the 38% retracement level of the February-April-decline crossing at $133.94. First support is the July 30th low crossing at $119.03. Second support is the June 29th low crossing at $117.88.
October unleaded gas was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $116.64 would signal that a short-term top has been posted. If October resumes the rally off April's low, the 62% retracement level of the January-March-decline crossing at $130.29 is the next upside target. First resistance is last-Tuesday's high crossing at $129.41. Second resistance is the 62% retracement level of the January-March-decline crossing at $130.29. First support is the 20-day moving average crossing at $120.63. Second support is the 50-day moving average crossing at $116.64.
October Henry natural gas was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but 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 2.484 would confirm that a short-term top has been posted. If September extends the rally off July's low, the November-2017 high crossing at 2.815 is the next upside target. First resistance is last-Friday's high crossing at 2.743. Second resistance is the November-2017 high crossing at 2.815. First support is the 20-day moving average crossing at 2.484. Second support is the August 12th low crossing at 2.228.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The September Dollar was lower overnight signaling a possible downside breakout of August's trading range. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews this year's decline, long-term support on the monthly continuation chart crossing at 90.21 is the next downside target. Closes above the August 3rd high crossing at $93.98 are needed to confirm that a short-term low has been posted. First resistance is the August 3rd high crossing at $93.98. Second resistance is the 50-day moving average crossing at $94.60. First support is the overnight low crossing at $91.74. Second support is long-term support on the monthly continuation chart crossing at 90.21.
The September Euro was higher in overnight trading and is renewing the rally off March's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off May'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 confirm that a short-term top has been posted. First resistance is the overnight high crossing at $120.01. Second resistance is the 50% retracement level of the 2018-2020 decline crossing at $120.83. First support is the August 3rd crossing at $117.07. Second support is the 50-day moving average crossing at $116.22.
The September British Pound was sharply higher overnight as it extends the rally off March's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the February-2019 high crossing at 1.3639 is the next upside target. Closes below the August 24th low crossing at 1.3056 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1.3483. Second resistance is the February-2019 high crossing at 1.3639. First support is the August 24th low crossing at 1.3056. Second support is the 50-day moving average crossing at 1.2863.
The September Swiss Franc was steady to slightly lower in overnight trading. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off April's low, the 62% retracement level of the 2018-2020 decline crossing at 1.1178 is the next upside target. Closes below the August 20th low crossing at 1.0921 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1.1116. Second resistance is the 62% retracement level of the 2018-2020 decline crossing at 1.1178. First support is the August 20th low crossing at 1.0921. Second support is the August 12th low crossing at 1.0881. Third support is the August 3rd low crossing at 1.0829.
The September Canadian Dollar was higher overnight as it extends the rally off April's low. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off March's low, January's high crossing at 77.16 is the next upside target.Closes below the 20-day moving average crossing at 75.73 would confirm that a short-term top has been posted.First resistance is the overnight high crossing at 76.96. Second resistance is January's high crossing at 77.16. First support is the 20-day moving average crossing at 75.73. Second support is the 50-day moving average crossing at 74.69.
The September Japanese Yen was steady to slightly higher overnight while extending August's trading range. The mid-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August's low, July's high crossing at 0.0960 is the next upside target. Closes below August's low crossing at 0.0934 would renew the decline off July's high. 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 August's low crossing at 0.0934. Second support is the July 20th low crossing at 0.0930. Third support is July's low crossing at 0.0925.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: October gold was higher overnight as it extends the trading range of the past three weeks. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October resumes the rally off August's low, the August 18th high crossing at $2016.60 is the next upside target. If October renews the decline off August's high, August's low crossing at $1865.00 is the next downside target. First resistance is the August 18th high crossing at $2016.60. Second resistance is August's high crossing at $2078.00. First support is the 50-day moving average crossing at $1902.00. Second support is August's low crossing at $1865.00.
September silver was higher overnight as it extends the rally off August's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. 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-Tuesday's low crossing at $26.130 would signal that a short-term top might be in or is near. First resistance is August's high crossing at $29.915. Second resistance is the the 50% retracement level of the 2011-2020 decline on the weekly continuation chart crossing at 30.727. First support is August's low crossing at $23.580. Second support is the 38% retracement level of March-August-rally crossing at $22.973.
September copper was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher trading is possible near-term. If September extends the rally off August's low, the 87% retracement level of the 2018-2020 decline crossing at 3.2293 is the next upside target. Closes below the 50-day moving average crossing at 2.8769 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the 2018-2020 decline crossing at 3.0598. Second resistance is the 87% retracement level of the 2018-2020 decline crossing at 3.2293. First support is the 20-day moving average crossing at 2.9292. Second support is the 50-day moving average crossing at 2.8769.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was lower overnight as it consolidates some of the rally off August's low. The mid-range trade sets the stage for a lower opening when the day 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 50% retracement level of the 2019-2020 decline crossing at $3.72 is the next upside target. Closes below the 20-day moving average crossing at $3.40 1/4 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $3.64 1/4. Second resistance is the 50% retracement level of the 2019-2020 decline crossing at $3.72. First support is the 10-day moving average crossing at $3.50 1/4. Second support is the 20-day moving average crossing at $3.40 1/4.
December wheat was steady to slightly higher overnight as it extends the rally off August's low. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, the 87% retracement level of the March-June-decline crossing at $5.65 is the next upside target. Closes below the 50-day moving average crossing at $5.23 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $5.60 1/4. Second resistance is the 87% retracement level of the March-June-decline crossing at $5.65. First support is the 10-day moving average crossing at $5.39. Second support is the 50-day moving average crossing at $5.23.
December Kansas City wheat was higher overnight as it extends the rally off August's low. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, June's high crossing at $4.95 is the next upside target. Closes below the 20-day moving average crossing at $4.47 1/2 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $4.85 1/4. Second resistance is June's high crossing at $4.95. First support is the 10-day moving average crossing at $4.61 1/2. Second support is the 20-day moving average crossing at $4.47 1/2.
December Minneapolis wheat was steady to fractionally lower overnight. The high-range overnight trade sets the stage for a steady to fractionally lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, June's high crossing at $5.54 1/4 is the next upside target. Closes below the 20-day moving average crossing at $5.22 1/4 would confirm that a short-term top has been posted. First resistance is the June 18th high crossing at $5.49. Second resistance is June's high crossing at $5.54 1/4. First support is the 10-day moving average crossing at $5.32 1/4. Second support is the 20-day moving average crossing at $5.22 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans was lower overnight as it consolidates some of August's rally. The mid-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends this summer's rally, the December 2019 high crossing at $9.82 3/4 is the next upside target. Closes below the 10-day moving average crossing at $9.27 would confirm that a short-term top has been posted.First resistance is Monday's high crossing at $9.66 3/4. Second resistance is the December 2019 high crossing at $9.82 3/4. First support is the 10-day moving average crossing at $9.27. Second support is the 20-day moving average crossing at $9.07 1/2.
December soybean meal was lower overnight as it consolidates some of the rally off August's low. The mid-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If December extends this month's rally, the 62% retracement level of the 2019-2020-decline crossing at $317.60 is the next upside target. Closes below the 20-day moving average crossing at $298.70 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at $314.90. Second resistance is the 62% retracement level of 2019-2020-decline crossing at $317.60. First support is the 20-day moving average crossing at $298.70. Second support is August's low crossing at $286.20.
December soybean oil was higher overnight. The mid-range trade sets the stage for a steady to higher opening when the day 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 31.79 would signal that a short-term top has been posted. If December extends the rally off April's low, the 87% retracement level of the December-March-decline crossing at 35.07 is the next upside target. First resistance is the 75% retracement level of the December-March-decline crossing at 33.88. Second resistance is the 87% retracement level of the December-March-decline crossing at 35.07. First support is the 10-day moving average crossing at 32.42. Second support is the 20-day moving average crossing at 31.79.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
October hogs closed up $0.03 at $53.68.
October hogs closed slightly higher on Monday. The mid-range close sets the stage for a steady to slightly higher 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. Closes below the 20-day moving average crossing at $52.90 would signal that a short-term top has been posted. If October extends the rally off the July 31st low, the 25% retracement level of the 2019-2020-decline crossing at $57.01 is the next upside target. First resistance is last-Wednesday's high crossing at $56.70. Second resistance is the 25% retracement level of the 2019-2020-decline crossing at $57.01. First support is the 20-day moving average crossing at $52.90. Second support is the 50-day moving average crossing at $50.93.
October cattle closed up $0.23 at $105.13.
October cattle closed higher on Monday but remains below the 50-day moving average crossing at $105.64 thereby opening the door for additional weakness near-term. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this month's decline, the July 28th low crossing at $103.65 is the next downside target. Closes above the 20-day moving average crossing at $108.25 would signal that a short-term low has been posted. First resistance is the 75% retracement level of the January-April-decline crossing at $110.91. Second resistance is the 87% retracement level of the January-April-decline crossing at $115.09. First support is the July 28th low crossing at $103.65. Second support is the July 15th low crossing at $102.65.
October Feeder cattle closed up $0.13-cents at $140.30.
October Feeder cattle closed slightly higher on Monday as it consolidated some of the decline off August's high. The mid-range close sets the stage for a steady to higher opening when Tuesday's 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 October extends this month's decline, July's low crossing at $132.38 is the next downside target. Closes above the 20-day moving average crossing at $145.39 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $145.39. Second resistance is August's high crossing at $150.20. First support is today's low crossing at $138.72. Second support is July's low crossing at $132.38.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September coffee closed higher on Monday as it renewed the rally off June's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August's low, the December-June-decline crossing at 13.40 is the next upside target. Closes below the 20-day moving average crossing at 11.90 would confirm that a short-term top.
December cocoa closed higher on Monday as it extends the rally off July's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off July's low, the 87% retracement level of the February-July-decline crossing at 27.14 is the next upside target. Closes below the 20-day moving average crossing at 24.84 would confirm that a short-term top has been posted.
October sugar closed slightly higher on Monday. The mid-range close set the stage for a steady to slightly higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August' high, the 50-day moving average crossing at 12.28 is the next downside target. If October resumes the rally off April's low, the 75% retracement level of the February-April-decline crossing at 13.63 is the next upside target.
December cotton closed slightly higher on Monday. The mid-range close sets the stage for a steady to slightly higher opening on Tuesday. 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 62.81 would confirm that a short-term top has been posted. If December extends the rally off April's low, the 75% retracement level of the January-April-decline crossing at 67.31 is the next upside target.