INO Evening Market Comments
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Started by tallpine - Sept. 9, 2020, 4:34 p.m.

KEY EVENTS TO WATCH FOR:



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 higher on Wednesday led by a surge of aggressive buying of tech stocks. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is 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. Closes above the 10-day moving average crossing at 28,371.56 would temper the near-term bearish outlook. 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 Tuesday's low crossing at  27,464.90. Second support is the 50-day moving average crossing at 27,207.07.  



The September NASDAQ 100 closed sharply higher on Wednesday ending a sharp three-day decline off last-Wednesday's high. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. However, the high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Multiple closes below the 50-day moving average crossing at 11,093.18 would open the door for additional weakness near-term. Closes above the 10-day moving average crossing at 11,855.73 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 11,855.73. Second resistance  is last-Wednesday's high crossing at 12,465.25.First support is the 50-day moving average crossing at 11,092.81. Second support is the July 24th low crossing at 10,301.00.  

 

The September S&P 500 closed sharply higher on Wednesday as it consolidated some of the decline off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off last-Wednesday's high, the 50-day moving average crossing at 3305.66 is the next downside target. Closes above the 10-day moving average crossing at 3464.52 would confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 3464.52. Second resistance is last-Wednesday's high crossing at 3579.20. First support is Tuesday's low crossing at 3335.50. Second support is the 50-day moving average crossing at 3305.66.



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



September T-bonds closed closed down 16/32's at 177-14.

  

September T-bonds closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. 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 179-16 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 179-16. 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 down 25-pts. At 139.155.



September T-notes closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to  bearish signaling that sideways to lower prices are possible near-term. 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 the rally off August's low, 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 posted an inside day with a higher close on Wednesday as it consolidated some of the decline off August's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 June 12th low crossing at $35.25 is the next downside target. Closes above the 20-day moving average crossing at $42.00 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $42.00. Second resistance is August's high crossing at $43.78. First support is Tuesday's low crossing at $36.13. Second support is the June 12th low crossing at $35.25. 



October heating oil posted an inside day with a higher close on Wednesday as it consolidated some of the decline off August's high. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI are 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 75% retracement level of the April-August-rally crossing at $100.45 is the next downside target. Closes above the 20-day moving average crossing at $122.55 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $118.67. Second resistance is the 20-day moving average crossing at $122.55. 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 posted an inside day with a higher close on Wednesday 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 Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August's high, the July 30th low crossing at 106.14 is the next downside target. Closes above the 20-day moving average crossing at 120.69 would confirm that a short-term low has been posted. First resistance is  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 Tuesday's low crossing at 108.51. Second support is the July 30th low crossing at 106.14.  



October Henry natural gas closed higher on Wednesday 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 Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this month's decline, the August 12th low crossing at 2.228 is the next downside target. Closes above last-Friday's high crossing at 2.605 would signal that a short-term low has been posted. 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 2.215.  



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



The September Dollar closed lower on Wednesday ending a six-day rally off September's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are becoming overbought but remain 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 94.09. First support is September'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 higher on Wednesday while extending the August-September trading range. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are 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 116.77. 

 

The September British Pound closed slightly higher on Wednesday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.2939 would open the door for a larger-degree decline near-term. Closes above the 10-day moving average crossing at 1.3242 would signal that a short-term low has been posted. First resistance is September'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 1.2939. Second support is the July 14th low crossing at 1.2484 is the next downside target. 

 

The September Swiss Franc posted an inside day with a higher close on Wednesday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.0870 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 1.0870. Second support is August's low crossing at 1.0829.



The September Canadian Dollar closed higher on Wednesday as it consolidates some of the decline off August's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off August's high, the 50-day moving average crossing at 74.97 is the next downside target. 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 74.97. Second support is August's low crossing at 74.35. 

 

The September Japanese Yen closed slightly lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is 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 Wednesday 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 Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If October resumes the rally off August's low, August's high crossing at $2078.00 is the next upside target. Closes below the 50-day moving average crossing at $1916.40 would open the door for a possible test of August's low crossing at $1865.00. 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 Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off 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 the August 25th low crossing at 26.130 would confirm 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 the August 25th low crossing at 26.130. Second support is the 50-day moving average crossing at 24.266.   



September copper closed higher on Wednesday.The high-range close sets the stage for a steady to  higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning   neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends 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 291.04 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 296.43. Second support is the 50-day moving average crossing at 291.04.



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



December Corn closed down $0.01 1/2-cents at $3.60 1/4. 



December corn posted an inside day with a lower close on Wednesday.The mid-range close sets the stage for a steady to higher opening when Thursday's night sessions begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at $3.49  1/4 would confirm that a short-term top has been posted. 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 $3.49 1/4. Second support is the 50-day moving average crossing at $3.41 1/2.    



December wheat closed down a $0.00 1/2-cent at $5.43 3/4.  



December wheat closed lower on Wednesday as it extended the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.35 1/2 would signal that a short-term top has been posted. If December renews 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 $5.35 1/2. Second support is the 50-day moving average crossing at $5.29.       



December Kansas City Wheat closed up $0.01 1/2-cents at $4.71.

 

December Kansas City wheat closed higher on Wednesday as it following a four-day decline off September's high. The mid-range close sets the stage for a steady to higher opening when Thursday's night  session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. Closes below the 20-day moving average crossing at $4.59 1/4 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 $4.59 1/4. Second support is the 50-day moving average crossing at $4.54.      



December Minneapolis wheat closed down $0.00 3/4-cents at $5.35 1/2. 



December Minneapolis wheat closed fractionally lower on Wednesday as it extended the decline off September's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.30 1/2 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 $5.30 1/2. 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 1/4-cents at $9.79 1/4.



November soybeans closed higher on Wednesday as it extends the rally off April's low.The high-range close  sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends this summer's rally, the December 2018 high crossing at $9.85 is the next upside target. Closes below the 20-day moving average crossing at $9.31 1/2 would confirm that a short-term top has been posted. First resistance is the December 2018-high crossing at $9.85. Second resistance is the December-2017 high crossing at $10.06. First support is the 10-day moving average crossing at $9.57 1/2. Second support is the 20-day moving average crossing at $9.31 1/2.



December soybean meal closed up $3.80 to $318.40. 



December soybean meal closed higher on Wednesday as it extends the rally off August's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 $305.00 would confirm that a short-term top has been posted. First resistance is today's high crossing at $319.90. 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 $311.00. Second support is the 20-day moving average crossing  at $305.10.       



December soybean oil closed down 18-pts. at 33.22. 



December soybean oil posted an inside day with a lower close on Wednesday as it extends the trading range of the past two-week's. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is 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 32.39 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 32.39. Second support is the 50-day moving average crossing at 30.95.      

 

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



October hogs closed up $1.35 at $61.25. 



October hogs closed higher on Wednesday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 $55.26 would signal that a short-term top has been posted. First resistance is today's high crossing at $61.73. 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 $57.03. Second support is the 20-day moving average crossing at $55.26.     



October cattle closed down $0.65 at $105.70. 



October cattle closed lower on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $107.51 would signal that a short-term low has been posted. If October renews the decline off August's high, the July 15th low crossing at $102.65 is the next downside target. First resistance is the 50-day moving average crossing at $106.29. Second resistance is the 20-day moving average crossing at $107.51. 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 down $1.03-cents at $138.83. 


October Feeder cattle closed lower on Wednesday. The mid-range close sets the stage for a steady opening when Thursday'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 $143.09 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $143.09. Second resistance is August's high crossing at $150.20. First support is today's low crossing at $137.25. Second support is July's low crossing at $132.38.        



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



December coffee closed sharply lower on Wednesday as it consolidates some of the rally off June's low. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 12.38 would confirm that a short-term top. 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. 



December cocoa closed lower on Wednesday as it extends the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening on Thursday. 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 25.26 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 slightly lower on Wednesday. The mid-range close set the stage for a steady to lower opening on Thursday. 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 12.66 would confirm that a short-term low has been posted.               



December cotton closed higher on Wednesday after testing support marked by the 50-day moving average crossing at 63.42. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 63.42 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.              

Comments
By 7475 - Sept. 9, 2020, 9:25 p.m.
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tallpine,

 You are as reliable as the sun rising in the East yet never do you receive a comment.

I often read your posts in part-sections which have interests related to my trading activities.

Thanks much! 

Its almost like a thankless service provided by this website and simply expected much like many of us always expected Mom to be there for us as we grew up.

Were you someone else previous to the reorganization a couple years ago when many changed their handle?

Seems I remember something similar.

Just curious 

John

By metmike - Sept. 9, 2020, 11:52 p.m.
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John,

What a pleasant surprise to get this comment by you.


Thanks again tallpine!


More on the weather and markets on Thursday.