KEY EVENTS TO WATCH FOR:
Tuesday, December 1, 2020
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 -0.5%)
Ret Sales Mo-to-Date, Y/Y% (previous +1.9%)
Latest Wk, Y/Y% (previous +2.8%)
9:45 AM ET. November US Manufacturing PMI
PMI, Mfg (previous 53.4)
10:00 AM ET. November ISM Report on Business Manufacturing PMI
Manufacturing PMI (expected 57.5; previous 59.3)
Prices Idx (previous 65.5)
Employment Idx (previous 53.2)
Inventories (previous 51.9)
New Orders Idx (previous 67.9)
Production Idx (previous 63.0)
10:00 AM ET. October Construction Spending - Construction Put in Place
New Construction (expected +0.9%; previous +0.3%)
Residential Construction
11:00 AM ET. November Global Manufacturing PMI
PMI, Mfg (previous 53.0)
4:00 PM ET. November Domestic Auto Industry Sales
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +3.8M)
Gasoline Stocks, Net Chg (Bbls) (previous +1.3M)
Distillate Stocks, Net Chg (Bbls) (previous -1.8)
Wednesday, December 2, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 863.6)
Composite Idx, W/W% (previous +3.9%)
Purchase Idx-SA (previous 314.6)
Purchase Idx-SA, W/W% (previous +3.5%)
Refinance Idx (previous 4077.7)
Refinance Idx, W/W% (previous +4.5%)
8:15 AM ET. November ADP National Employment Report
Private Sector Jobs, Net Chg (expected +400000; previous +365000)
9:45 AM ET. November ISM-NY Report on Business
Business Index (previous 65.1)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 488.721M)
Crude Oil Stocks, Net Chg (Bbl) (previous -0.754M)
Gasoline Stocks (Bbl) (previous 230.147M)
Gasoline Stocks, Net Chg (Bbl) (previous +2.18M)
Distillate Stocks (Bbl) (previous 142.632M)
Distillate Stocks, Net Chg (Bbl) (previous -1.441M)
Refinery Usage (previous 78.7%)
Total Prod Supplied (Bbl/day) (previous 19.156M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.408M)
2:00 PM ET. U.S. Federal Reserve Beige Book
2:00 PM ET. SEC Closed Meeting
Thursday, December 3, 2020
7:30 AM ET. November Challenger Job-Cut Report
Job Cuts, M/M% (previous -32%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 768K; previous 778K)
Jobless Claims, Net Chg (previous +30K)
Continuing Claims (previous 6071000)
Continuing Claims, Net Chg (previous -299K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1665.6K)
Soybeans (Metric Tons) (previous 768.1K)
Wheat (Metric Tons) (previous 795.8K)
9:45 AM ET. Bloomberg Consumer Comfort Index
9:45 AM ET. November US Services PMI
PMI, Services (previous 56.9)
10:00 AM ET. November ISM Report on Business Services PMI
Non-Mfg Composite Idx (expected 55.5; previous 56.6)
Non-Mfg Business Idx (previous 61.2)
Prices Idx (previous 63.9)
Employment Idx (previous 50.1)
New Orders Idx (previous 58.8)
10:00 AM ET. October Metropolitan Area Employment & Unemployment
10:00 AM ET. SEC Investor Advisory Committee Quarterly Meeting held remotely
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3940B)
Working Gas In Storage, Net Chg (Cbf) (previous -18B)
11:00 AM ET. November Global Services PMI
PMI, Services (previous 52.9)
12:00 PM ET. November Monthly U.S. Retail Chain Store Sales Index
4:30 PM ET. Money Stock Measures
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, December 4, 2020
8:30 AM ET. November U.S. Employment Report
Non-Farm Payrolls (expected +425K; previous +638K)
Unemployment Rate (expected 6.7%; previous 6.9%)
Avg Hourly Earnings (USD) (previous 29.5)
Avg Hourly Earnings-Net Chg (USD) (previous +0.04)
Avg Hourly Earnings, M/M% (expected +0.1%; previous +0.14%)
Avg Hourly Earnings, Y/Y% (expected +4.2%; previous +4.46%)
Overall Workweek (previous 34.8)
Overall Workweek Net Chg (previous +0)
Government Payrolls (previous -268K)
Private Payroll (previous +906K)
Participation Rate (previous 61.7%)
Non-Farm Payrolls Bench Net Chg
8:30 AM ET. October U.S. International Trade in Goods & Services
Trade Balance (USD) (expected -64.8B; previous -63.86B)
Exports (USD) (previous 76.35B)
Exports, M/M% (previous +2.6%)
Imports (USD) (previous 240.22B)
Imports, M/M% (previous +0.5%)
10:00 AM ET. October Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (expected +0.8%; previous +1.1%)
Orders, Ex-Defense, M/M% (previous +1.8%)
Orders, Ex-Transport, M/M% (previous +0.5%)
Durable Goods, M/M%
Durable Goods, M/M%
Monday, December 7, 2020
10:00 AM ET. November Employment Trends Index
ETI (previous 97.57)
ETI, Y/Y%
3:00 PM ET. October Consumer Credit
Consumer Credit Net Chg (USD) (previous +16.2B)
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes"
The STOCK INDEXES:The December NASDAQ 100 was higher overnight as it extends last-week's rally. Stocks were also buoyed by better-than-expected Chinese manufacturing data. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher are possible near-term. If the NASDAQ 100 extends the aforementioned rally, September's high crossing at 12,444.75 is the next upside target. Closes below the 50-day moving average crossing at 11,669.86 would signal that a short-term top has been posted. First resistance September's high crossing at 12,444.75. Second resistance is monthly resistance crossing at 12,465.25. First support is the 20-day moving average crossing at 11,967.50. Second is the 50-day moving average crossing at11,669.86.
The December S&P 500 was higher overnight on vaccine optimism.The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning.Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are still possible near-term. If December extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3544.84 would confirm that a short-term top has been posted. First resistance is November's high crossing at 3658.40. Second resistance is unknown. First support is the 20-day moving average crossing at 3544.84. Second support is the 50-day moving average crossing at 3445.66.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: December T-bonds were steady to lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 173-29 would open the door for a possible test of November's high crossing at 175-27. Closes below the 20-day moving average crossing at 172-26 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 173-29. Second resistance is November's high crossing at 175-27. First support is the 20-day moving average crossing at 172-26. Second support is November's low crossing at 169-16.
December T-notes were lower overnight. The low-range overnight trade sets the stage for a steady to lower opening with the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off November's low, the 50-day moving average crossing at 138.226 is the next upside target. Closes below the 20-day moving average crossing at 138.091 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 138.226. Second resistance is November's high crossing at 139.085. First support is the 20-day moving average crossing at 138.091. Second support is November's low crossing at 137.080.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
January crude oil was higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $47.20 is the next upside target. Closes below the 20-day moving average crossing at $41.95 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $46.26. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $47.20. First support is the 10-day moving average crossing at $43.72. Second support is the 20-day moving average crossing at $41.95.
January heating oil was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off November's low, the 38% retracement level of the 2018-2020-decline crossing at $150.97 is the next upside target. Closes below the 20-day moving average crossing at $126.98 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $140.15. Second resistance is the 38% retracement level of the 2018-2020-decline crossing at $150.97. First support is the 10-day moving average crossing at $132.94. Second support is the 20-day moving average crossing at $126.98.
January unleaded gas was higher overnight following a two-day correction off last-Friday's high. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $117.03 would confirm that a short-term top has been posted. If January extends the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $134.28 is the next upside target. First resistance is last-Friday's high crossing at $128.15. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $134.28. First support is the 10-day moving average crossing at $121.07. Second support is the 20-day moving average crossing at $117.03.
January Henry natural gas was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 2.963 are needed to confirm that a short-term low has been posted. If January resumes the decline off October's high, the 87% retracement level of the March-October-rally crossing at 2.562 is the next downside target.First resistance resistance is the 20-day moving average crossing at 2.963. Second resistance is the November 16th gap crossing at 3.074. First support is November's low crossing at 2.656. Second support is the 87% retracement level of the March-October-rally crossing at 2.562.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The December Dollar was lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day 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 November's high, monthly support crossing at $90.21 is the next downside target. Closes above the 50-day moving averagecrossing at $93.14 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving averagecrossing at $92.44. Second resistance is the 50-day moving average crossing at $93.14. First support is Monday's low crossing at $91.49. Second support is monthly support crossing at $90.21.
The December Euro was higher overnight as it extends the rally off November's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off November's low, September's high crossing at $120.38 is the next upside target. Closes below the 50-day moving average crossing at $117.98 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $120.08. Second resistance is September's high crossing at $120.38. First support is the 20-day moving average crossing at $118.56. Second support is the 50-day moving average crossing at $117.98.
The December British Pound was steady to slightly higher overnight as it extends the trading range of the past five-days. The low-range overnight trade sets the stage for a steady to slightly higher opening when the day session beings trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.3234 are needed to confirm that a short-term top has been posted. If December extends the rally off September's low, September's high crossing at 1.3488 is the next upside target. First resistance is the overnight high crossing at 1.3410. Second resistance is September's high crossing at 1.3488. First support is the 20-day moving average crossing at 1.3233. Second support is the 50-day moving average crossing at 1.3056.
The December Swiss Franc was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off the November 11th low, November's high crossing at 1.1144 is the next upside target. Closes below last-Monday's low crossing at 1.0937 would signal that a short-term top has been posted. First resistance is November's high crossing at 1.1144. Second resistance is the September-2018 high crossing at 1.1319. First support is November's low crossing at 1.0874. Second support is the 38% retracement level of the March-August-rally crossing at 1.0789.
The December Canadian Dollar was higher overnight. The mid-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off October's low, the October-2018 high crossing at $79.05 is the next upside target. Closes below the 20-day moving average crossing at $76.56 are needed to confirm that a short-term top has been posted. First resistance is November's high crossing at $77.36. Second resistance is the October-2018 high crossing at $79.05. First support is the 20-day moving average crossing at $76.56. Second support is the 50-day moving average crossing at $75.93.
The December Japanese Yen was steady to slightly lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off November's low, November's high crossing at 0.0970 is the next upside target. Closes below the 50-day moving average crossing at 0.0954 would signal that a short-term top has been posted. First resistance is November's high crossing at 0.0970. Second resistance is the 87% retracement level of the February-March rally crossing at 0.0979. First support is the 50-day moving average crossing at 0.0954. Second support is October's low crossing at 0.0943.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: February gold was higher overnight as it consolidates some of the decline off November's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the decline off November's high, the 50% retracement level of the 2018-2020-rally crossing at $1711.10 is the next downside target. Closes above the 20-day moving average crossing at $1869.50 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1835.10. Second resistance is the 20-day moving average crossing at $1869.50. First support is Monday's low crossing at $1767.20. Second support is the 50% retracement level of the 2018-2020-rally crossing at $1711.10.
March silver was higher due to short covering overnight as it consolidates some of the decline off November's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $24.261 would signal that a short-term low has been posted. If March extends the aforementioned decline, the 50% retracement level of the March-August-rally crossing at $21.148 is the next downside target. First resistance is the 50-day moving average crossing at $24.261. Second resistance is November's high crossing at $26.270. First support is September's low crossing at $21.930. Second support is the 50% retracement level of the March-August-rally crossing at $21.148.
March copper was higher overnight as it extends this year's rally. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the 62% retracement level of the 2011-2016-decline on the monthly chart crossing at 3.6126 is the next upside target. Closes below the 20-day moving average crossing at 3.2376 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 3.5050. Second resistance is the 62% retracement level of the 2011-2016-decline on the monthly chart crossing at 3.6126. First support is the 10-day moving average crossing at 3.3267. Second support is the 20-day moving average crossing at 3.2376.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was higher overnight as it consolidates some of Monday's key reversal down. The high-range close sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $4.23 1/4 would confirm that a short-term top has been posted. If March extends the rally off April's low, weekly resistance marked by the June-2016 high crossing at $4.43 1/2 is the next upside target. First resistance is Monday's high crossing at $4.39 1/2. Second resistance is the June-2016 high crossing at $4.43 1/2 is the next upside target. First support is the 20-day moving average crossing at $4.23 1/4. Second support is the 50-day moving average crossing at $4.07 3/4.
March wheat higher overnight as it consolidates some of Monday's decline. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off October's high, the 50% retracement level of the June-October-rally crossing at $5.71 is the next downside target. Closes above last-Wednesday's high crossing at $6.22 3/4 are needed to renew the rally off November's low while opening the door for a possible test of November's high crossing at $6.28 3/4. First resistance is November's high crossing at $6.28 3/4. Second resistance is October's high crossing at $6.37 3/4. First support is the 38% retracement level of the June-November-rally crossing at $5.86 3/4. Second support is the 50% retracement level of the June-October-rally crossing at $5.71.
March Kansas City wheat was higher overnight as it consolidates some of Monday's decline. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $5.47 3/4 would confirm that a short-term top has been posted. Closes above last-Wednesday's high crossing at $5.75 are needed to confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at $5.75. Second resistance is November's high crossing at $5.86 1/2. First support is the 50-day moving average crossing at $5.47 3/4. Second support is the October 28th low crossing at $5.39.
March Minneapolis wheat was higher overnight as it consolidates some of Monday's decline. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off October's high, the 62% retracement level of the August-October-rally crossing at $5.49 1/2 is the next downside target. Closes above last-Wednesday's high crossing at crossing at $5.73 would signal that a short-term low has been posted. First resistance is November's high crossing at $5.86 is the next upside target. Second resistance is October's high crossing at $5.86 3/4. First support is the 62% retracement level of the August-October-rally crossing at $5.49 1/2. Second support is September's low crossing at $5.36 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans was higher overnight as it consolidates some of Monday's decline. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at $11.51 would confirm that a short-term top has been posted. If January renews the rally off August's low, monthly resistance marked by the June-2016 high crossing at $12.08 1/2 is the next upside target. First resistance is last-Monday's high crossing at $12.00. Second resistance is monthly resistance marked by the June-2016 high crossing at $12.08 1/2. First support is the 20-day moving average crossing at $11.51. Second support is the 50-day moving average crossing at $11.87.
March soybean meal was higher overnight as it extends November's trading range. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $385.10 would confirm that a short-term top has been posted. If March extends the rally off August's low, monthly resistance crossing at $404.90 is the next upside target. First resistance is last-Wednesday's high crossing at $398.80. Second resistance is monthly resistance crossing at $404.90. First support is the 20-day moving average crossing at $385.10. Second support is the 50-day moving average crossing at $364.10.
March soybean oil was higher overnight as it extends the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when the day 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 36.69 would signal that a short-term top has been posted. If March resumes the rally off October's low, monthly resistance crossing at 41.25 is the next upside target. First resistance is November's high crossing at 38.60. Second resistance is monthly resistance crossing at 41.25. First support is the 20-day moving average crossing at 36.69. Second support is the 50-day moving average crossing at 34.56.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed up $1.38 at $68.63.
February hogs closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the November 6th high crossing at $68.83 would signal that a short-term low has been posted. If February extends the decline off October's high, September's low crossing at $61.55 is the next downside target. First resistance is the November 6th high crossing at $68.83. Second resistance is October's high crossing at $72.80. First support is November's low crossing at $62.75. Second support is September's crossing at $61.55.
February cattle closed down $0.45 at $112.80
February cattle close lower on Monday. 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 February extends the decline off last-Tuesday's high, the November 20th low crossing at $109.00 is the next downside target. If February extends the rally off November's low, November's high crossing at $115.45 is the next upside target. First resistance is November's high crossing at $115.45. Second resistance is September's high crossing at $116.63. First support is the November 20th low crossing at $109.00. Second support is October's low crossing at $105.53.
January Feeder cattle closed up $1.23-cents at $141.05.
January Feeder cattle 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. If January renews this month's rally, the September 29th high crossing at $142.45 is the next upside target. Closes below the 50-day moving average crossing at $135.58 would signal that a short-term top has been posted. First resistance is November's high crossing at $141.50. Second resistance is September's high crossing at $142.45. First support is the November 20th low crossing at $133.00. Second support is October's low crossing at $124.25.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee posted an inside day with a lower close on Monday. The high-range close sets the stage for a steady to slightly lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off November's low, the 75% retracement level of the September-November decline crossing at 12.80 is the next upside target. Closes below the 20-day moving average crossing at 11.46 would confirm that a short-term top has been posted.
March cocoa closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's rally, monthly resistance crossing at 29.98 is the next upside target. Closes below the 20-day moving average crossing at 25.03 would confirm that a short-term top has been posted.
March sugar closed lower on Monday as it extends this month's decline. The low-range close set 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 50-day moving average crossing at 14.39 would open the door for a larger-degree decline into early-December. If March renews the rally off September's low, weekly resistance crossing at 16.45 is the next upside target.
March cotton closed lower on Monday. 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 71.65 would confirm that a short-term top has been posted. If March resumes the rally off April's low, the July-2018 high crossing at 79.56 is the next upside target.