INO Evening Market Comments
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Started by tallpine - Sept. 14, 2020, 4:40 p.m.

KEY EVENTS TO WATCH FOR:



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



Wednesday, September 16, 2020  



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 776.7)



                       Composite Idx, W/W% (previous +2.9%)



                       Purchase Idx-SA (previous 317.7)



                       Purchase Idx-SA, W/W% (previous +2.6%)



                       Refinance Idx (previous 3415.1)



                       Refinance Idx, W/W% (previous -3.1%)



8:30 AM ET. August Advance Monthly Sales for Retail & Food Services



                       Overall Sales-SA, M/M% (expected +0.9%; previous +1.2%)



                       Sales, Ex-Auto, M/M% (expected +0.8%; previous +1.9%)



                       Sales, Ex-Auto & Gas, M/M% (previous +1.5%)



10:00 AM ET. September NAHB Housing Market Index



                       Housing Mkt Idx (expected 78; previous 78)



10:00 AM ET. July Manufacturing & Trade: Inventories & Sales



                       Total Inventories (expected +0.1%; previous -1.1%)



10:00 AM ET. SEC Open Meeting



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 500.434M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous +2.033M)



                       Gasoline Stocks (Bbl) (previous 231.905M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -2.954M)



                       Distillate Stocks (Bbl) (previous 175.845M)



                       Distillate Stocks, Net Chg (Bbl) (previous -1.675M)



                       Refinery Usage (previous 71.8%)



                       Total Prod Supplied (Bbl/day) (previous 18.678M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.699M)

                       

2:00 PM ET. Federal Reserve economic projections



                       Median Fed Funds Rate - 2020 (previous 0.1%)



                       Median Fed Funds Rate - 2021 (previous 0.1%)



                       Median Fed Funds Rate - 2022 (previous 0.1%)



                       Median Fed Funds Rate – 2023



2:00 PM ET. U.S. interest rate decision



                       Federal Funds Rate



                       Federal Funds Rate Change (Pts)



                       Fed Funds Rate-Range High (previous 0.25)



                       Fed Funds Rate-Range Low (previous 0.00)



                       FOMC Vote For Action (previous 10)



                       FOMC Vote Against Action (previous 0)



                       Discount Rate (previous 0.25)



                       Discount Rate Change (Pts) (previous +0)



                       Discount Rate-Range High



                       Discount Rate-Range Low



4:00 PM ET. July Treasury International Capital Data



Thursday, September 17, 2020 



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



                       Jobless Claims (expected 880K; previous 884K)



                       Jobless Claims, Net Chg (previous +0K)



                       Continuing Claims (previous 13385000)



                       Continuing Claims, Net Chg (previous +93K)



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



                       Corn (Metric Tons) (previous 1823.3K)



                       Soybeans (Metric Tons) (previous 3161.8K)



                       Wheat (Metric Tons) (previous 484.4K)



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



                       Business Activity (expected 14.0; previous 17.2)



                       Prices Paid (previous 15.3)



                       Employment (previous 9.0)



                       New Orders (previous 19.0)



                       Prices Received (previous 12.4)



                       Delivery Times (previous 7.3)



                       Inventories (previous -1.9)



                       Shipments (previous 9.4)



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



                       Total Starts (expected 1.45M; previous 1.496M)



                       Housing Starts, M/M% (expected -3.1%; previous +22.6%)



                       Building Permits (expected 1.52M; previous 1.495M)



                       Building Permits, M/M% (expected +1.7%; previous +18.8%)



9:45 AM ET. Bloomberg Consumer Comfort Index



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



                       Working Gas In Storage (Cbf) (previous 3525B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +70B)

                       

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 18, 2020 



8:30 AM ET. 2nd Quarter International Transactions



                       Current Account (USD) (expected -168.5B; previous -104.2B)



10:00 AM ET. September University of Michigan Survey of Consumers – preliminary



                       Mid-Mo Sentiment (expected 74.0; previous 72.8)



                       Mid-Mo Expectations (previous 66.5)



                       Mid-Mo Current Idx (previous 82.5)



10:00 AM ET. August Leading Indicators



                       Leading Index, M/M% (expected +1.3%; previous +1.4%)



                       Leading Index (previous 104.4)



                       Coincident Index, M/M% (previous +1.2%)



                       Lagging Index, M/M% (previous -1.0%)



10:00 AM ET. August Regional & State Employment & Unemployment



Monday, September 21, 2020  



8:30 AM ET. August-September CFNAI Chicago Fed National Activity Index



                       NAI (previous 1.18)



                       NAI, 3-mo Moving Avg (previous 3.59)



  N/A              U.S. Treasury Market Annual Conference


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



The Dow closed sharply higher on Monday due to renewed hope for a coronavirus vaccine and a number of potential corporate deals announced over the weekend, including reports that Oracle may be forging a partnership with TikTok, the popular China-owned social media platform. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the decline off September's high, the 50-day moving average crossing at 27,319.19 is the next downside target. Closes above the 10-day moving average crossing at 28,120.83 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 September's high crossing at 29,199.35. Second resistance is February's high crossing at 29,568.57. First support is the 50-day moving average crossing at 27,319.37. Second support is broken resistance crossing at 27,071.33.  



The December NASDAQ 100 closed sharply higher on Monday as it extends last-week's trading range. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins  trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, the July 24th low crossing at 10,297.00 is the next downside target. Closes above the 20-day moving average crossing at 11,609.70 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 11,609.70. Second resistance is September's high crossing at 12,465.25. First support is last-Friday's low crossing at 10,924.00. Second support is the July 24th low crossing at 10,297.00.  

 

The December S&P 500 closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September's high, the 50-day moving average crossing at 3305.59 is the next downside target. Closes above the 10-day moving average crossing at 3429.48 would confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 3429.48. Second resistance is September's high crossing at 3568.80. First support is Friday's low crossing at 3323.30. Second support is the 50-day moving average crossing at 3305.69.



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



December T-bonds closed closed down 02/32's at 176-16.

  

December T-bonds closed slightly higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 177-27 are needed to confirm that a short-term low has been posted. If December renews the decline off August's high, the June 5th low crossing at 171-16 is the next downside target. First resistance is the 50-day moving average crossing at 177-27. Second resistance is August's high crossing at 181-17. First support is the August 28th low crossing at 173-16. Second support is the June 5th low crossing at 171-16.



December T-notes closed down 20-pts. At 139.170.



December T-notes closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turned neutral to  bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off August's low, August's high crossing at 140.110 is the next upside target. If December resumes the decline off August's high, the June 5th low crossing at 137.025 is the next downside target. First resistance is September's high crossing at 139.290. Second resistance is August's high crossing at 140.110. First support is the August 28th low crossing at 138.185. Second support is the June 5th low crossing at 137.025.           



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



October crude oil closed slightly lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 50-day moving average crossing at $41.32 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $41.32. Second resistance is August's high crossing at $43.78. First support is last-Tuesday's low crossing at $36.13. Second support isthe June 12th low crossing at $35.25. 



October heating oil closed slightly lower on Monday as it extends last-week's trading range. The high-range close sets the stage for a steady to slightly higher opening when Tuesday'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 $119.81 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $113.91. Second resistance is the 20-day moving average crossing at $119.81. 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 slightly higher on Monday as it extends last-week's trading range. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 119.41 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 119.41. Second resistance is September's high crossing at 129.41. Third resistance is 62% retracement level of the January-March-decline decline crossing at 130.29. First support is last-Friday's low crossing at 107.55. Second support is the July 30th low crossing at 106.14.  



October Henry natural gas closed higher on Monday as it consolidated some of the decline off August's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain 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 the reaction high crossing at 2.605 would signal that a short-term low has been posted. First resistance is the reaction high crossing at 2.605. Second resistance is August's high crossing at 2.743. First support is the August 12th low crossing at 2.228. Second support is the July 31st low crossing at 1.941.  



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



The December Dollar closed lower on Monday while extending the July-September trading range. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that a short-term top might be in or is near. If December 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 93.92 are needed to confirm that a short-term low has been posted. First resistance is the August 3rd high crossing at 93.92. Second resistance is the 25% retracement level of the March-September-decline crossing at 94.72. First support is September's low crossing at 91.75. Second support is long-term support on the monthly continuation chart crossing at 90.21. 



The December Euro closed higher on Monday while extending the August-September trading range. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off March's low, the 50% retracement level of the 2018-2020 decline crossing at 121.47 is the next upside target. Closes below the August 3rd low crossing at 117.29 would confirm that a short-term top has been posted. First resistance is September's high crossing at 120.38. Second resistance is the 50% retracement level of the 2018-2020 decline crossing at 121.47. First support is the 50-day moving average crossing at 117.34. Second support is the August 3rd low crossing at 117.29.  

 

The December British Pound closed higher on Monday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, the 38% retracement level of the March-September rally crossing at 1.2733. Closes above the 20-day moving average crossing at 1.3144 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3144. Second resistance is September's high crossing at 1.3488. First support isthe 38% retracement level of the March-September rally crossing at 1.2733. Second support is the July 14th low crossing at 1.2497 is the next downside target. 

 

The December Swiss Franc closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off May's low, the 62% retracement level of the 2018-2020 crossing at 1.1241 is the next upside target. Closes below the 50-day moving average  crossing at 1.0921 are needed confirm that a short-term top has been posted. First resistance is September's high crossing at 1.1138. Second resistance is the 62% retracement level of the 2018-2020 crossing at 1.1241. First support is the 50-day moving average crossing at 1.0921. Second support is August's low crossing at 1.0859.



The December Canadian Dollar closed steady on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, the 50-day moving average crossing at 75.12 is the next downside target. If December renews the rally off March's low, January's high crossing at 77.28 is the next upside target. First resistance is September's high crossing at 76.97. Second resistance is January's high crossing at 77.28. First support is the 50-day moving average crossing at 75.12. Second support is August's low crossing at 74.38. 

 

The December Japanese Yen closed higher on Monday while extending the August-September trading range. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off August's low, July's high crossing at 0.0961 is the next upside target. If December renews the decline off August's high, the July 20th low crossing at 0.0932 is the next downside target. First resistance is the August 19th high crossing at 0.0953. Second resistance is July's high crossing at 0.0961. First support is August's low crossing at 0.0936. Second support is the July 20th low crossing at 0.0932.



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



October gold closed higher on Monday as it extends the trading range of the past six-weeks.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 $1925.30 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.



December silver closed higher on Monday as it extends the August-September trading range. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December 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 25.985 would confirm that a short-term top has been posted. First resistance is August's high crossing at 30.190. Second resistance isthe 50% retracement level of the 2011-2020 decline on the weekly continuation chart crossing at 30.727. First support is last-Tuesday's low crossing at 25.985. Second support is the 50-day moving average crossing at 24.965.   



December copper closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off August's low, the 87% retracement level of the 2018-2020 decline crossing at 323.02 is the next upside target. Closes below the 50-day moving average crossing at 294.40 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the 2018-2020 decline crossing at 306.05. Second resistance is the 87% retracement level of the 2018-2020 decline crossing at 323.02. First support is the 50-day moving average crossing at 294.40. Second support is August's low crossing at 279.60.



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



December Corn closed up a $0.00 1/2-cent at $3.69. 



December corn closed fractionally higher on Monday. Private exporters announced two additional  corn sales to USDA today. The first sale was for 13.8 million bushels for delivery to China, and the second was for 4.2 million bushels for delivery to Japan. Both sales are for delivery during the 2020/21 marketing year, which began September 1. Cumulative totals for the 2020/21 marketing year are moderately ahead of last year’s pace, with 45.3 million bushels so far. The mid-range close sets the stage for a steady to slightly higher opening when Tuesday's night sessions begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, the 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 $3.54 1/2 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the 2019-2020-decline crossing at $3.72. Second resistance is the 62% retracement level of the 2019-2020-decline crossing at $3.84 1/4. First support is the 20-day moving average crossing at $3.54 1/2. Second support is the 50-day moving average crossing at $3.42 1/4.    



December wheat closed up $0.05-cents at $5.47.  



December wheat closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.41 3/4 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 September'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 $5.41 3/4. Second support is the 50-day moving average crossing at $5.31 3/4.       



December Kansas City Wheat closed up $0.04-cents at $4.75 1/4.

 

December Kansas City wheat closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. Closes below the 20-day moving average crossing at $4.65 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 September'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 $4.65 1/4. Second support is the 50-day moving average crossing at $4.55 1/4.      



December Minneapolis wheat closed down $0.01 3/4-cents at $5.30 1/2. 



December Minneapolis wheat closed lower on Tuesday and below the 20-day moving average crossing at $5.33 3/4. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, the 50-day moving average crossing at $5.27 1/4 is the next downside target. 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 September's high crossing at $5.49 1/2. Second resistance is June's high crossing at $5.54 1/4. First support is the 50-day moving average crossing at $5.27 1/4. Second support is the reaction low crossing at $5.19 1/4.          



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



November soybeans closed up $0.02 1/2-cents at $9.98 1/2.



November soybeans closed higher on Monday as it extends the rally off April's low.Private exporters announced two more large soybean sales to USDA this morning. The first sale was for 4.7 million bushels for delivery to China, with another 11.7 million bushels headed for unknown destinations. Both sales are for delivery during the 2020/21 marketing year, which began September 1. Soybean export inspections drifted slightly lower from a week ago, moving to 47.2 million bushels. China led all other destinations by far, with 30.4 million bushels. Early cumulative totals for the 2020/21 marketing year are well ahead of last year’s pace as they are just under 68 million bushels. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends this summer's rally, monthly resistance on the weekly continuation chart crossing at $10.40 is the next upside target. Closes below the 20-day moving average crossing at $9.46 1/4 would confirm that a short-term top has been posted. First resistance is the February-2017 high crossing at $10.06. Second resistance is monthly resistance on the weekly continuation chart crossing at $10.40. First support is the 10-day moving average crossing at $9.73. Second support is the 20-day moving average crossing at $9.46 1/4.



December soybean meal closed down $3.20 to $321.40. 



December soybean meal closed lower on Monday 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 Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, the 87% retracement level of the 2019-2020-decline crossing at $330.40 is the next upside target. Closes below the 20-day moving average crossing at $308.90 would confirm that a short-term top has been posted. First resistance is today's high crossing at $328.00. Second resistance is the 87% retracement level of the 2019-2020-decline crossing at $330.40. First support is the 10-day moving average crossing at $316.10. Second support is the 20-day moving average crossing  at $308.90.       



December soybean oil closed up 62-pts. at 34.33. 



December soybean oil closed higher on Monday as it renewed the rally off April's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 32.76 would confirm that a short-term top has been posted. First resistance is today's high crossing at 34.57. 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 32.76. Second support is the 50-day moving average crossing at 31.25.      

 

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October hogs closed down $2.13 at $64.45. 



October hogs gapped up and closed sharply lower on Monday as it consolidated some of the rally off June's low but failed to fill last-Friday's gap crossing at $64.38. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off the July 31st low, the 62% retracement level of the 2019-2020-decline crossing at $72.53 is the next upside target. Closes below the 20-day moving average crossing at $57.16 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $66.90. Second resistance is the 62% retracement level of the 2019-2020-decline crossing at $72.53. First support is the 10-day moving average crossing at $60.05. Second support is the 20-day moving average crossing at $57.16.     



October cattle closed up $1.13 at $106.65. 



October cattle closed higher on Monday. The mid-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. Closes above the 20-day moving average crossing at $106.88 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 20-day moving average crossing at $106.88. Second resistance is the reaction high crossing at $108.95. 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 $2.15-cents at $142.73. 


October Feeder cattle gapped up and closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $142.83 would confirm that a short-term low has been posted. If October renews the decline off August's high, July's low crossing at $132.38 is the next downside target. First resistance is the 50-day moving average crossing at $142.83. Second resistance is August's high crossing at $150.20. First support is last-Wednesday's low crossing at $137.25. Second support is July's low crossing at $132.38.        



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December coffee closed sharply lower on Monday and below the 20-day moving average crossing at 12.56 would confirm that a short-term top. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. 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 slightly lower on Monday as it consolidates above the 20-day moving average crossing at 25.39. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 25.39 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 lower on Monday. The mid-range close set 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 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 12.49 would confirm that a short-term low has been posted.               



December cotton closed sharply higher on Monday as it renewed the rally off April's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If 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. Closes below the 50-day moving average crossing at 63.61 would confirm that a short-term top has been posted.              

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