KEY EVENTS TO WATCH FOR:
Wednesday, September 9, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 770.6)
Composite Idx, W/W% (previous -2.0%)
Purchase Idx-SA (previous 309.6)
Purchase Idx-SA, W/W% (previous -0.2%)
Refinance Idx (previous 3316.2)
Refinance Idx, W/W% (previous -3.1%)
7:45 AM ET. Weekly Chain Store Sales Index
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous +5.8%)
Ret Sales Mo-to-Date, Y/Y% (previous -0.3%)
Latest Wk, Y/Y% (previous +4.6%)
10:00 AM ET. July Job Openings & Labor Turnover Survey
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -6.4M)
Gasoline Stocks, Net Chg (Bbls) (previous -5.8M)
Distillate Stocks, Net Chg (Bbls) (previous -0.4M)
Thursday, September 10, 2020
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 850K; previous 881K)
Jobless Claims, Net Chg (previous -130K)
Continuing Claims (previous 13254000)
Continuing Claims, Net Chg (previous -1238K)
8:30 AM ET. August PPI
PPI, M/M% (expected +0.2%; previous +0.6%)
Ex-Food & Energy PPI, M/M% (expected +0.3%: previous +0.5%)
Personal Consumption (previous +0.5%)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. July Monthly Wholesale Trade
Inventories, M/M% (expected -0.1%; previous -1.4%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3455B)
Working Gas In Storage, Net Chg (Cbf) (previous +35B)
11:00 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 498.401M)
Crude Oil Stocks, Net Chg (Bbl) (previous -9.362M)
Gasoline Stocks (Bbl) (previous 234.859M)
Gasoline Stocks, Net Chg (Bbl) (previous -4.32M)
Distillate Stocks (Bbl) (previous 177.52M)
Distillate Stocks, Net Chg (Bbl) (previous -1.675M)
Refinery Usage (previous 76.7%)
Total Prod Supplied (Bbl/day) (previous 16.979M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -2.64M)
4:30 PM ET. Money Stock Measures
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, September 11, 2020
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 2484.9K)
Soybeans (Metric Tons) (previous 1850.9K)
Wheat (Metric Tons) (previous 585.4K)
8:30 AM ET. August CPI
CPI, M/M% (expected +0.3%; previous +0.6%)
Core CPI, M/M% (expected +0.3%; previous +0.6%)
Energy Idx, M/M% (previous +2.5%)
Food Idx, M/M% (previous -0.4%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous -0.6%)
CPI, Y/Y% (expected +1.2%; previous +1%)
Core Annual, Y/Y% (expected +1.6%; previous +1.6%)
8:30 AM ET. August Real Earnings
10:00 AM ET. August Online Help Wanted Index
10:00 AM ET. 2nd Quarter Quarterly Services
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
2:00 PM ET. August Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt
Tuesday, September 15, 2020
7:45 AM ET. Weekly Chain Store Sales Index
8:30 AM ET. September Empire State Manufacturing Survey
Mfg Idx (previous 3.7)
Employment Idx (previous 2.4)
New Orders Idx (previous -1.7)
Prices Received (previous 4.7)
8:30 AM ET. August Import & Export Price Indexes
Import Prices (previous +0.7%)
Non-Petroleum Prices (previous +0.2%)
Petroleum Prices (previous +7.8%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y%
Latest Wk, Y/Y%
9:15 AM ET. August Industrial Production & Capacity Utilization
Industrial Production, M/M% (previous +3.0%)
Capacity Utilization % (previous 70.6%)
Capacity Utilization, Net Chg (Pts) (previous +2.1)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls)
Gasoline Stocks, Net Chg (Bbls)
Distillate Stocks, Net Chg (Bbls)
N/A U.S. Federal Open Market Committee meeting
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed sharply lower on Tuesday as tech stocks led to additional weakness after the broader market broke a five week winning streak before the Labor-day holiday weekend. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the sharp decline off last-Thursday's high, the 50-day moving average crossing at 27,156.38 is the next downside target. If the Dow renews this summer's rally, February's high crossing at 29,568.57 is the next upside target. First resistance is last-Thursday's high crossing at 29,199.35. Second resistance is February's high crossing at 29,568.57. First support is today's low crossing at 27,464.90. Second support is the 50-day moving average crossing at 27,156.38.
The September NASDAQ 100 closed sharply lower for the third trading day in a row on Tuesday as it extended the sell off from last-Wednesday's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Multiple closes below the 50-day moving average crossing at 11,065.01 would open the door for additional weakness near-term. If September resumes the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is last-Wednesday's high crossing at 12,465.25. Second resistance is unknown. First support is the 50-day moving average crossing at 11,065.01. Second support is the July 24th low crossing at 10,301.00.
The September S&P 500 closed sharply lower on Tuesday as it extended last-week's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off last-week's high, the 50-day moving average crossing at 3300.25 is the next downside target. Closes above the 10-day moving average crossing at 3476.99 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 3579.20. Second resistance is unknown. First support is today's low crossing at 3372.90. Second support is the 50-day moving average crossing at 3300.25.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
September T-bonds closed closed up 27/32's at 177-28.
September T-bonds closed sharply higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off August's high, the June 16th low crossing at 174-29 is the next downside target. Multiple closes above the 50-day moving average crossing at 179-17 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 179-17. Second resistance is August's high crossing at 183-06. First support is the August 28th low crossing at 175-05. Second support is the June 16th low crossing at 174-29.
September T-notes closed up 115-pts. At 139.180.
September T-notes posted an inside day with a higher closed on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off August's high, the June 16th low crossing at 138.070 is the next downside target. If September renews last-week's rally, August's high crossing at 140.130 is the next upside target. First resistance is last-Thursday's high crossing at 140.005. Second resistance is August's high crossing at 140.130. First support is the August 28th 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 closed lower on Friday as concerns over weak demand continued to pressure the market. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. 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 year's decline, the July 12th low crossing at $35.25 is the next downside target. Closes above the 20-day moving average crossing at $42.20 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $42.20. Second resistance is August's high crossing at $43.78. First support is today's low crossing at $36.13. Second support is the July 12th low crossing at $35.25.
October heating oil closed lower on Tuesday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. 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 week's decline, the 75% retracement level of the April-August-rally crossing at $100.45 is the next downside target. Closes above the 50-day moving average crossing at $124.95 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $124.95. Second resistance is August's high crossing at $131.92. First support is the 62% retracement level of the April-August-rally crossing at $106.01. Second support is the 75% retracement level of the April-August-rally crossing at $100.45.
October unleaded gas closed sharply lower on Tuesday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends today's decline, the July 30th low crossing at 106.14 is the next upside target. Closes above the 10-day moving average crossing at 121.31 would confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 129.41. Second resistance is 62% retracement level of the January-March-decline decline crossing at 130.29. First support is today's low crossing at 108.51. Second support is the July 30th low crossing at 106.14.
October Henry natural gas closed sharply lower on Tuesday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this month's decline, the August 12th low crossing at 2.228 is the next downside target. If September renews the rally off July's low, the November-2017 high crossing at 2.815 is the next upside target. First resistance is August's high crossing at 2.743. Second resistance is the November-2017 high crossing at 2.815. First support is the August 12th low crossing at 2.228. Second support is the 50-day moving average crossing at 2.204.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The September Dollar closed higher on Tuesday as it extends the rally off September's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the August 3rd high crossing at 93.98 are needed to confirm that a short-term low has been posted. If September renews this year's decline, long-term support on the monthly continuation chart crossing at 90.21 is the next downside target. First resistance is the August 3rd high crossing at 93.98. Second resistance is the 50-day moving average crossing at 94.17. First support is last-Tuesday's low crossing at 91.72. Second support is long-term support on the monthly continuation chart crossing at 90.21.
The September Euro closed lower on Tuesday while extending the August-September trading range. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the August 3rd low crossing at 117.07 would confirm that a short-term top has been posted. If September renews the rally off March's low, the 50% retracement level of the 2018-2020 decline crossing at 120.83 is the next upside target. First resistance is last-Tuesday's high crossing at 120.15. 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 116.66.
The September British Pound closed sharply lower on Tuesday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the August 24th low crossing at 1.3056 confirms that a short-term top has been posted. If September renews the rally off June's low, the February-2019 high crossing at 1.3639 is the next upside target. First resistance is last-Tuesday's high crossing at 1.3483. Second resistance is the February-2019 high crossing at 1.3639. First support is the 50-day moving average crossing at 1.2925. Second support is the July 14th low crossing at 1.2484 is the next downside target.
The September Swiss Franc closed lower on Tuesday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near-term. Closes below the 50-day moving average crossing at 1.0862 are needed 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-Monday's high crossing at 1.1117. Second resistance is the 62% retracement level of the 2018-2020 crossing at 1.1178. First support is the 50-day moving average crossing at 1.0862. Second support is August's low crossing at 1.0829.
The September Canadian Dollar closed sharply lower on Tuesday and belowthe 20-day moving average crossing at 75.96 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the rally off March's low, January's high crossing at 77.16 is the next upside target.First resistance is last-Monday's high crossing at 76.96. Second resistance is January's high crossing at 77.15. First support is the 50-day moving average crossing at 74.92. Second support is August's low crossing at 74.35.
The September Japanese Yen closed slightly higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off August's low, July's high crossing at 0.0960 is the next upside target. If September renews the decline off August's high, the July 20th low crossing at 0.0930 is the next downside target. First resistance is the August 19th high crossing at 0.0952. Second resistance is July's high crossing at 0.0960. First support is August's low crossing at 0.0934. Second support is the July 20th low crossing at 0.0930.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
October gold closed higher on Tuesday as it extends the trading range of the past five-weeks.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $1913.30 would open the door for a possible test of August's low crossing at $1865.00. If October resumes the rally off August's low, August's high crossing at $2078.00 is the next upside 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 25% retracement level of the 2018-2020-rally crossing at $1882.10. Second support is the 38% retracement level of the 2018-2020-rally crossing at $1775.80.
September silver closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the August 25th low crossing at 26.130 would confirm 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 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 the August 25th low crossing at 26.130. Second support is the 50-day moving average crossing at 24.085.
September copper closed lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August's low, the 87% retracement level of the 2018-2020 decline crossing at 322.93 is the next upside target. Closes below the 50-day moving average crossing at 290.35 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the 2018-2020 decline crossing at 305.84. Second resistance is the 87% retracement level of the 2018-2020 decline crossing at 322.93. First support is the 20-day moving average crossing at 295.45. Second support is the 50-day moving average crossing at 290.35.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
December Corn closed up $0.03 1/2-cents at $3.61 1/2.
December corn closed higher on Tuesday as it renewed the decline off August's low.The high-range close sets the stage for a steady to higher opening when Wednesday'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 below the 20-day moving average crossing at $3.47 1/2 would confirm that a short-term top has been posted. If December renews the rally off August's low, the 50% retracement level of the 2019-2020-decline crossing at $3.72 is the next upside target. First resistance is August'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 20-day moving average crossing at $3.47 1/2. Second support is the 50-day moving average crossing at $3.41.
December wheat closed down $0.05 1/2-cents at $5.44 3/4.
December wheat closed lower on Tuesday as it extended the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.33 1/2 would signal that a short-term top has been posted. If December extends the rally off August's low, the 87% retracement level of the January-June-decline crossing at $5.84 is the next upside target. First resistance is last-Tuesday's high crossing at $5.68 1/2. Second resistance is the 87% retracement level of the March-June-decline crossing at $5.84. First support is the 20-day moving average crossing at $5.33 1/2. Second support is the 50-day moving average crossing at $5.28.
December Kansas City Wheat closed down $0.01 3/4-cents at $4.74.
December Kansas City wheat closed lower on Tuesday as it consolidates some of the rally off August's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. Closes below the 20-day moving average crossing at $4.57 would confirm that a short-term top has been posted. If December resumes the rally off August's low, the June's high crossing at $4.95 is the next upside target. First resistance is last-Tuesday's high crossing at $4.90 3/4. Second resistance is June's high crossing at $4.95. First support is the 20-day moving average crossing at $4.57. Second support is the 50-day moving average crossing at $4.53 1/2.
December Minneapolis wheat closed down $0.06 1/4-cents at $5.36 1/4.
December Minneapolis wheat closed lower on Tuesday as it consolidates some of the rally off August's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought 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 $5.29 would confirm that a short-term top has been posted. If December renews the rally off August's low, June's high crossing at $5.54 1/4 is the next upside target. First resistance is last-Wednesday's high crossing at $5.49 1/2. Second resistance is June's high crossing at $5.54 1/4. First support is the 20-day moving average crossing at $5.29. Second support is the 50-day moving average crossing at $5.27.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans closed up $0.06-cents at $9.74.
November soybeans closed higher on Tuesday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends this summer's rally, January's high crossing at $9.82 3/4 is the next upside target. Closes below the 20-day moving average crossing at $9.26 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $9.77. Second resistance is January's high crossing at $9.82 3/4. First support is the 10-day moving average crossing at $9.51 1/2. Second support is the 20-day moving average crossing at $9.26 1/4.
December soybean meal closed down $2.70 to $314.50.
December soybean meal closed lower on Tuesday as it consolidated some of the rally off August's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, the 75% retracement level of the 2019-2020-decline crossing at $324.30 is the next upside target. Closes below the 20-day moving average crossing at $303.70 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the 2019-2020-decline crossing at $317.60. Second resistance is the 75% retracement level of the 2019-2020-decline crossing at $324.30. First support is the 10-day moving average crossing at $309.10. Second support is the 20-day moving average crossing at $303.70.
December soybean oil closed up 59-pts. at 33.48.
December soybean oil closed higher on Tuesday as it extends the trading range of the past two-week's. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at 32.25 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the December-March-decline crossing at 33.80. Second resistance is the 87% retracement level of the December-March-decline crossing at 35.07. First support is the 20-day moving average crossing at 32.25. Second support is the 50-day moving average crossing at 30.86.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
October hogs closed up $0.08 at $59.90.
October hogs closed higher on Tuesday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off the July 31st low, the 38% retracement level of the 2019-2020-decline crossing at $62.58 is the next upside target. Closes below the 20-day moving average crossing at $54.79 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $60.95. Second resistance is the 38% retracement level of the 2019-2020-decline crossing at $62.58. First support is the 10-day moving average crossing at $56.50. Second support is the 20-day moving average crossing at $54.79.
October cattle closed up $1.10 at $105.55.
October cattle closed higher on Tuesday as it consolidated some of the decline off August's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August's high, the July 15th low crossing at $102.65 is the next downside target. Closes above the 20-day moving average crossing at $107.68 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 15th low crossing at $102.65. Second support is the June 29th low crossing at $98.50.
October Feeder cattle closed up $1.45-cents at $139.95.
October Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August's high, July's low crossing at $132.38 is the next downside target. Closes above the 20-day moving average crossing at $143.53 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $143.53. Second resistance is August's high crossing at $150.20. First support is last-Friday's low crossing at $137.55. Second support is July's low crossing at $132.38.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
December coffee closed lower on Tuesday as it consolidates some of the rally off June's low. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, the 75% retracement level of the December-June-decline crossing at 13.58 is the next upside target. Closes below the 20-day moving average crossing at 12.31 would confirm that a short-term top.
December cocoa gapped down and closed lower on Tuesday as it extends the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 25.20 would confirm that a short-term top has been posted. If December renews the rally off July's low, the 87% retracement level of the February-July-decline crossing at 27.14 is the next upside target.
October sugar closed higher on Tuesday as it consolidated some of the decline off August's high. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August' high, the July 24th low crossing at 11.48 is the next downside target. Closes above the 20-day moving average crossing at 12.70 would confirm that a short-term low has been posted.
December cotton closed lower on Tuesday as it extends the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 63.33 would confirm that a short-term top has been posted. If December renews the rally off April's low, the 75% retracement level of the January-April-decline crossing at 67.31 is the next upside target.
Thanks tallpine!
Crop ratings dropped 1% for beans and corn, not quite as much as expected. Cold temps tonight, just below freezing in parts of ND will do a bit of damage to the beans. No major losses to the US crop though.
Crop conditions
https://www.marketforum.com/forum/topic/58899/
Freeze watch
https://www.marketforum.com/forum/topic/58606/
Extended temps around average and NOT bullish for NG that has put in a top after getting pummeled on Tuesday.