INO Morning Market Commentary
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Started by tallpine - Dec. 22, 2020, 7:54 a.m.

KEY EVENTS TO WATCH FOR:



Tuesday, December 22, 2020  



7:45 AM ET. Weekly Chain Store Sales Index



8:30 AM ET. 3rd Quarter Revised Corporate Profits



8:30 AM ET. 3rd Quarter 3rd estimate GDP



                       Annual Rate, Q/Q% (expected +33.1%; previous +33.1%)



                       Chain-Weighted Price Idx, Q/Q% (previous +3.6%)



                       Corporate Profits, Q/Q% (previous +36.6%)



                       PCE Price Idx, Q/Q% (previous +3.7%)



                       Purchase Price Idx, Q/Q% (previous +3.3%)



                       Real Final Sales, Q/Q% (previous +25.6%)



                       Core PCE Price Idx, Ex Food/Energy, Q/Q% (previous +3.5%)

                       

                       Personal Consumption, Q/Q% (previous +40.6%)



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M% (previous -2.2%)



                       Ret Sales Mo-to-Date, Y/Y% (previous +2.3%)



                       Latest Wk, Y/Y% (previous +2.5%)



10:00 AM ET. December Consumer Confidence Index



                       Cons Conf Idx (expected 97.8; previous 96.1)



                       Expectation Idx (previous 89.5)



                       Present Situation Idx (previous 105.9)



10:00 AM ET. November Existing Home Sales



                       Existing Sales (expected 6.75M; previous 6.85M)



                       Existing Sales, M/M% (expected -1.5%; previous +4.3%)



                       Unsold Homes Month's Supply (previous 2.5)



                       Median Price (USD) (previous 313000)



                       Median Home Price, Y/Y% (previous +15.5%)



10:00 AM ET. December Richmond Fed Business Activity Survey



                       Mfg Idx (previous 15)



                       Shipments Idx (previous 20)



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous +2.0M)



                       Gasoline Stocks, Net Chg (Bbls) (previous +0.8M)



                       Distillate Stocks, Net Chg (Bbls) (previous +4.8M)





Wednesday, December 23, 2020 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 857.3)



                       Composite Idx, W/W% (previous +1.1%)



                       Purchase Idx-SA (previous 331.6)



                       Purchase Idx-SA, W/W% (previous +1.8%)



                       Refinance Idx (previous 4014.5)



                       Refinance Idx, W/W% (previous +1.4%)



8:30 AM ET. November Personal Income & Outlays



                       Personal Income, M/M% (expected -0.3%; previous -0.7%)



                       Consumer Spending, M/M% (expected -0.3%; previous +0.5%)



                       PCE Price Idx, M/M% (previous +0%)



                       PCE Price Idx, Y/Y% (previous +1.2%)



                       PCE Core Price Idx, M/M% (expected +0.1%; previous +0%)



                       PCE Core Price Idx, Y/Y% (expected +1.5%; previous +1.4%)



8:30 AM ET. November Advance Report on Durable Goods



                       Durable Goods-SA, M/M% (expected +0.6%; previous +1.3%)



                       Dur Goods, Ex-Defense, M/M% (previous +0.2%)



                       Dur Goods, Ex-Transport, M/M% (previous +1.3%)



                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.7%)

                       

                       Shipments: Cap Gds, Non-Def, Ex-Air, M/M% (previous +2.3%)

                       

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



                       Jobless Claims (expected 900K; previous 885K)



                       Jobless Claims, Net Chg (previous +23K)



                       Continuing Claims (previous 5508000)



                       Continuing Claims, Net Chg (previous -273K)



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



                       Corn (Metric Tons) (previous 1934.5K)



                       Soybeans (Metric Tons) (previous 1016.3K)



                       Wheat (Metric Tons) (previous 561.4K)



9:00 AM ET. October U.S. Monthly House Price Index



10:00 AM ET. December University of Michigan Survey of Consumers – final



                       End-Mo Sentiment Idx (expected 80.7; previous 76.9)



                       End-Mo Expectations Idx (previous 70.5)



                       12-Month Inflation Forecast (previous 2.8%)



                       5-Year Inflation Forecast (previous 2.5%)



                       End-Mo Current Idx (previous 87.0)



10:00 AM ET. 3rd Quarter GDP by State



10:00 AM ET. November New Residential Sales



                       New Home Sales (expected 990K; previous 999K)



                       New Home Sales, M/M% (expected -0.9%; previous -0.3%)



                       New Home Sales Months Supply (previous 3.3)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 500.096M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -3.135M)



                       Gasoline Stocks (Bbl) (previous 238.879M)



                       Gasoline Stocks, Net Chg (Bbl) (previous +1.02M)



                       Distillate Stocks (Bbl) (previous 151.259M)



                       Distillate Stocks, Net Chg (Bbl) (previous +0.167M)



                       Refinery Usage (previous 79.1%)



                       Total Prod Supplied (Bbl/day) (previous 19.335M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.801M)

                       

12:00 PM ET. EIA Weekly Natural Gas Storage Report



                       Working Gas In Storage (Cbf) (previous 3726B)



                       Working Gas In Storage, Net Chg (Cbf) (previous -122B)

                       

Thursday, December 24, 2020  



9:45 PM ET. Bloomberg Consumer Comfort Index



  N/A              U.S. federal offices closed on Christmas Eve as financial

                    markets close early



Friday, December 25, 2020 



  N/A              Marianas: Christmas Day



  N/A              U.S.: Christmas Day. Financial markets closed



Monday, December 28, 2020 



10:30 AM ET. December Texas Manufacturing Outlook Survey



                       Business Activity (previous 12.0)



                       Mfg Production Idx (previous 7.2)



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Money Stock Measures



4:30 PM ET. Federal Discount Window Borrowings


The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes"



The STOCK INDEXES:The March NASDAQ 100 was higher overnight as it consolidates some of Monday's loss. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the NASDAQ 100 extends the rally off November's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 12,485.75 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 12,789.75. Second resistance is unknown. First support is the 20-day moving average crossing at 12,485.75. Second is the 50-day moving average crossing at 12,027.19.  



The March S&P 500 was steady to slightly higher overnight.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 possible near-term. If March extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3659.41 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 3720.00. Second resistance is unknown. First support is the 20-day moving average crossing at 3659.41. Second support is the 50-day moving average crossing at 3539.16. 



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



INTEREST RATES: March T-bonds were steady to slightly higher overnight. The low-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 173-31 would signal that a low has been open while opening the door for a possible test of November's high crossing at 177-06. If March renews the decline off the November 20th high, November's low crossing at 170-22 is the next downside target. First resistance is the 50-day moving average crossing at 173-31. Second resistance is the November 20th high crossing at 175-21. First support is the December 4th low crossing at 171-04. Second support is November's low crossing at 170-22.



March T-notes were steady to slightly higher overnight. The low-range overnight trade sets the stage for a steady to slightly higher opening with the day session begins trading. Stochastics and the RSI are turning neutral signaling that sideways to lower prices are possible near-term. Closes above the December 11th high crossing at 138.070 would open the door for additional gains near-term. Closes below last-Wednesday's low crossing at 137.195 would signal that a short-term top has been posted. First resistance is the December 11th high crossing at 138.070. Second resistance is November's high crossing at 138.300. First support is the December 4th low crossing at 137.075. Second support is November's low crossing at 136.265. 



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



February crude oil was lower overnight as it consolidates some the rally off November's low. The high-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top is in or near. Closes below the 20-day moving average crossing at $46.56 would confirm that a short-term top has been posted. If February extends the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at $52.41 is the next upside target. First resistance is last-Friday's high crossing at $49.43. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $52.41. First support is the 20-day moving average crossing at $46.56. Second support is the 50-day moving average crossing at $42.96.    



February heating oil was steady to slightly lower overnight as it consolidates some of the rally off November's low. The high-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $142.68 would signal that a short-term top has been posted. If February extends the rally off November's low, the 38% retracement level of the 2018-2020-decline crossing at $152.86 is the next upside target. First resistance is last-Friday's high crossing at $151.88. Second resistance is the 38% retracement level of the 2018-2020-decline crossing at $152.86. First support is the 20-day moving average crossing at $142.68. Second support is the December 2nd low crossing at $134.29.



February unleaded gas was lower in late-overnight trading as it consolidates some of  the rally off November's low. 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 overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at $152.11 is the next upside target. Closes below the 20-day moving average crossing at $129.99 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at $139.69. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $152.11. First support is the 20-day moving average crossing at $129.99. Second support is the 50-day moving average crossing at $120.21. 



February Henry natural gas was higher in late-overnight trading. 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. Closes above the 20-day moving average crossing at 2.679 would confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 2.643 would temper the near-term friendly outlook. If February resumes the decline off October's high, weekly support crossing at 2.179 is the next downside target.First resistance resistance is the 20-day moving average crossing at 2.679. Second resistance is the 38% retracement level of the October-December-decline crossing at 2.797. First support is December's low crossing at 2.393. Second support is weekly support crossing at 2.179.



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



CURRENCIES:The March Dollar was slightly higher overnight as it consolidates some of the decline off September's high. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term.Closes above the 20-day moving averagecrossing at $90.79 are needed to confirm that a short-term low has been posted. If March extends the decline off November's high, monthly support crossing at $88.15 is the next downside target.First resistance is the 20-day moving averagecrossing at $90.79. Second resistance is the 50-day moving average crossing at $92.09. First support is last-Thursday's low crossing at $89.64. Second support is monthly support crossing at $88.15.



The March Euro was steady to slightly lower 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 March extends the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at $125.38 is the next upside target. Closes below the 20-day moving average crossing at $121.41 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $123.04. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $125.38. First support is the 20-day moving average crossing at $121.41. Second support is the 50-day moving average crossing at $119.53.

 

The March British Pound was lower overnight as it extends the decline off last-Thursday's high. The mid-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.3225 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March extends the rally off September's low, the February-2019 high crossing at 1.3728 is the next upside target. First resistance is last-Thursday's high crossing at 1.3643. Second resistance is the February-2019 high crossing at 1.3728. First support is the 50-day moving average crossing at 1.3225. Second support is November's low crossing at 1.2876.



The March Swiss Franc was steady to slightly higher overnight as it consolidated some of Monday's loss. 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 November's low, the September-2018 high crossing at 1.1408 is the next upside target. Closes below the 20-day moving average crossing at 1.1241 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at 1.1371. Second resistance is the September-2018 high crossing at 1.1408. First support is the 20-day moving average crossing at 1.1241. Second support is the 50-day moving average crossing at 1.1107. 



The March Canadian Dollar was steady to slightly lower overnight. The mid-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $77.91 are needed to confirm that a short-term top has been posted. If March resumes the rally off October's low, the October-2018 high crossing at $79.05 is the next upside target. First resistance is last-Tuesday's high crossing at $78.85. Second resistance is the October-2018 high crossing at $79.05. First support is the 50-day moving average crossing at $76.84. Second support is the November 13th low crossing at $75.96.  



The March Japanese Yen was steady to lower overnight as it consolidates some of the rally off March's low. The high-range overnight trade sets the stage for a steady to slightly lower 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 0.0964 would signal that a short-term top has been posted. If March extends the rally off November's low, the 87% retracement level of March's decline crossing at 0.0981 is the next upside target. First resistance is last-Thursday's high crossing at 0.0974. Second resistance is the 87% retracement level of the February-March rally crossing at 0.0981. First support is the 20-day moving average crossing at 0.0964. Second support is the 50-day moving average crossing at 0.0960. 

 

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



PRECIOUS METALS: February gold was lower overnight as it consolidates some of the rally off November's low. 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 overbought and are turning neutral to bearish  signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at $1820.00 would confirm that a short-term top has been posted. Closes above the November 16th high crossing at $1904.30 would open the door for a possible test of November's high. First resistance is the November 16th high crossing at $1904.30. Second resistance is November's high crossing at $1973.30. First support is last-Monday's low crossing at $1820.00. Second support is November's low crossing at $1767.20.



March silver was was lower overnight as it consolidates some of the rally off October's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $24.484 would signal that a short-term top has been posted. If March extends the rally off November's low, the September 15th high crossing at $28.015 is the next upside target. First resistance is the September 15th high crossing at $28.015. Second resistance is September's high crossing at $29.380. First support is the 20-day moving average crossing at $24.484. Second support is November's low crossing at $21.960. 



March copper was lower overnight as it extends Monday's decline. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.5085 would confirm that a short-term top has been posted. If March extends the rally off October's low, the February-2013 high on the monthly continuation chart crossing at 3.7925 is the next upside target. First resistance is last-Friday's  high crossing at 3.6455. Second resistance is the February-2013 high on the monthly chart crossing at 3.7925. First support is the 20-day moving average crossing at 3.5085. Second support is the 50-day moving average crossing at 3.2870.  



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



March corn was steady to fractionally lower overnight as it consolidates some of Monday's rally. The mid-range close sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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. Closes below the 50-day moving average crossing at $4.20 would signal that a short-term top has been posted. First resistance is the June-2016 high crossing at $4.43 1/2. Second resistance is the June-2019 high on the weekly continuation chart crossing at $4.64 1/4. First support is the 50-day moving average crossing at $4.20. Second support is December's low crossing at $4.14 1/2.     



March wheat was lower overnight. The low-range close sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off December's low, November's high crossing at $6.28 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.95 1/4 would signal that a short-term top has been posted. First resistance is the November 25th high crossing at $6.22 3/4. Second resistance is November's high crossing at $6.28 3/4. First support is the 20-day moving average crossing at $5.95 1/4. Second support is the December 7th low crossing at $5.65 1/2. 

 

March Kansas City wheat was sharply lower overnight as it appears to be forming a small bear-flag. The low-range close sets the stage for a lower 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 $5.58 would confirm that a short-term top has been posted. If March resumes this month's rally, the 87% retracement level of the 2018-2020-decline crossing at $6.12 is the next upside target. First resistance is the 75% retracement level of the 2018-2020-decline crossing at $5.87 1/4. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $6.12. First support is the 20-day moving average crossing at $5.58. Second support is the December 7th low crossing at $5.30 3/4.



March Minneapolis wheat was lower overnight. The low-range close 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. If March resumes the rally off December's low, November's high crossing at $5.86 is the next upside target. Closes below the 20-day moving average crossing at crossing at $5.59 1/2 would signal that a short-term top has been posted. First resistance is the reaction high crossing at $5.74. Second resistance is November's high crossing at $5.86. First support is the 20-day moving average crossing at crossing at $5.59 1/2. Second support is the December 9th low crossing at $5.42 1/2.      

     

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



March soybeans were steady to slightly lower overnight as it consolidates some of the rally off December's low. The mid-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off August's low, the 50% retracement level of the 2012-2019-decline crossing at $12.89 1/2 is the next upside target. Closes below the 20-day moving average crossing at $11.83 1/2 would signal that a short-term top has been posted while opening the door for a possible test of the 50-day moving average crossing at $11.30. First resistance is the overnight high crossing at $12.56 1/4. Second resistance is the 50% retracement level of the 2012-2019-decline crossing at $12.89 1/2. First support is the 20-day moving average crossing at $11.83 1/2. Second support is the December 2nd low crossing at $11.43.



March soybean meal was steady to lower overnight as it consolidates some of this month's rally. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off August's low, monthly resistance crossing at $432.50 is the next upside target. Closes below the 50-day moving average crossing at $378.90 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $413.90. Second resistance is monthly resistance crossing at $432.50. First support is the 20-day moving average crossing at $390.60. Second support is the 50-day moving average crossing at $378.90.       



March soybean oil was higher overnight as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, monthly resistance crossing at 41.25 is the next upside target. Closes below the 20-day moving average crossing at 38.18 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 39.95. Second resistance is monthly resistance crossing at 41.25. First support is the 20-day moving average crossing at 38.18. Second support is the December 2nd low crossing at 36.42.      

 

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



February hogs closed up $0.20 at $66.00. 



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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $66.90 would confirm that a short-term low has been posted. If February resumes this month's decline, November's low crossing at $62.75 is the next downside target. First resistance is the 20-day moving average crossing at $66.40. Second resistance is the 50-day moving average crossing at $66.90. First support is November's low crossing at $62.75. Second support is September's crossing at $61.55.     



February cattle closed down $0.60 at $114.25 



February cattle closed lower on Monday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower 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 February extends this week's rally, November's high crossing at $115.45 is the next upside target. Closes below the 50-day moving average crossing at $111.88 would signal that a short-term top has been posted. If First resistance is today's high crossing at $115.20. Second resistance is November's high crossing at $115.45. First support is the December 8th low crossing at $110.55. Second support is the November 20th low crossing at $109.00.  



March Feeder cattle closed up $0.70 at $143.00. 


March Feeder cattle closed higher on Monday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Tuesday's 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, August's high crossing at $145.30 is the next upside target. Closes below the 20-day moving average crossing at $140.03 would signal that a short-term top has been posted. First resistance is today's high crossing at $143.38. Second resistance is August's high crossing at $145.30. First support is the 20-day moving average crossing at $140.03. Second support is the December 7th low crossing at $137.25.         



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



March coffee closed higher on Monday as it consolidates some of the rally off November's low. The mid-range close sets the stage for a steady to higher opening on Tuesday. 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 12.11 are needed to confirm that a short-term top has been posted. If March extends the rally off November's low, the 87% retracement level of the September-November decline crossing at 13.17 is the next upside target.     



March cocoa posted a key reversal up as it closed higher on Monday as it consolidates some of the decline off November's high. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but are poised to turn neutral to bullish with additional strength that would signal that a low might be in or is near. Closes above the 20-day moving average crossing at 26.31 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at 24.99 would open the door for a larger-degree decline.                        



March sugar closed higher on Monday. The high-range close set 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 reaction high crossing at 15.07 would confirm that a short-term low has been posted. If March extends the decline off November's high, the October 30th low crossing at 13.94 is the next downside target. 



March cotton closed sharply lower on Monday as it consolidates some of this year's rally. The low-range close sets the stage for a steady to lower 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 the rally off April's low, the July-2018 high crossing at 79.56 is the next upside target. Closes below the 20-day moving average crossing at 73.59 would confirm that a short-term top has been posted.  

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By metmike - Dec. 22, 2020, 12:29 p.m.
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Thanks much tallpine