KEY EVENTS TO WATCH FOR:
Tuesday, February 2, 2021
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 -2.0%)
Ret Sales Mo-to-Date, Y/Y% (previous +2.7%)
Latest Wk, Y/Y% (previous +3.9%)
9:45 AM ET. January ISM-NY Report on Business
Business Index (previous 61.3)
10:00 AM ET. February IBD/TIPP Economic Optimism Index
Economic Optimism Idx (previous 50.1)
6-Mo Economic Outlook (previous 47.2)
10:00 AM ET. 4th Quarter U.S. Housing Vacancies
4:00 PM ET. January Domestic Auto Industry Sales
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -5.3M)
Gasoline Stocks, Net Chg (Bbls) (previous +3.1M)
Distillate Stocks, Net Chg (Bbls) (previous +1.4M)
Wednesday, February 3, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 907.6)
Composite Idx, W/W% (previous -4.1%)
Purchase Idx-SA (previous 334.2)
Purchase Idx-SA, W/W% (previous -4.0%)
Refinance Idx (previous 4261.5)
Refinance Idx, W/W% (previous -5.0%)
8:15 AM ET. January ADP National Employment Report
Private Sector Jobs, Net Chg (previous -123000)
8:30 AM ET. U.S. Department of the Treasury's quarterly refunding announcement
9:00 AM ET. U.S. Federal Reserve Banks' Small Business Credit Survey:
Report on Employer Firms
9:45 AM ET. January US Services PMI
PMI, Services (previous 54.8)
10:00 AM ET. January ISM Report On Business Services PMI
Non-Mfg Composite Idx (previous 57.2)
Non-Mfg Business Idx (previous 59.4)
Prices Idx (previous 64.8)
Employment Idx (previous 48.2)
New Orders Idx (previous 58.5)
10:00 AM ET. December Metropolitan Area Employment & Unemployment
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 476.653M)
Crude Oil Stocks, Net Chg (Bbl) (previous -9.91M)
Gasoline Stocks (Bbl) (previous 247.686M)
Gasoline Stocks, Net Chg (Bbl) (previous +2.469M)
Distillate Stocks (Bbl) (previous 162.847M)
Distillate Stocks, Net Chg (Bbl) (previous -0.815M)
Refinery Usage (previous 81.7%)
Total Prod Supplied (Bbl/day) (previous 19.681M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.039M)
11:00 AM ET. January Global Services PMI
PMI, Services (previous 51.8)
Thursday, February 4, 2021
7:30 AM ET. January Challenger Job-Cut Report
Job Cuts, M/M% (previous +19%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1850.3K)
Soybeans (Metric Tons) (previous 2030.4K)
Wheat (Metric Tons) (previous 596.5K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 847K)
Jobless Claims, Net Chg (previous -67K)
Continuing Claims (previous 4771000)
Continuing Claims, Net Chg (previous -203K)
8:30 AM ET. 4th Quarter Preliminary Productivity & Costs
Non-Farm Productivity, Q/Q% (previous +4.9%)
Unit Labor Costs (previous -8.9%)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. December Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (previous +1.0%)
Orders, Ex-Defense, M/M% (previous +1.0%)
Orders, Ex-Transport, M/M% (previous +0.8%)
Durable Goods, M/M% (previous +0.9%)
Durable Goods, M/M% (previous +1.0%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2881B)
Working Gas In Storage, Net Chg (Cbf) (previous -128B)
12:00 PM ET. January Monthly U.S. Retail Chain Store Sales Index
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Money Stock Measures
Friday, February 5, 2021
8:30 AM ET. January U.S. Employment Report
Non-Farm Payrolls (previous -140K)
Unemployment Rate (previous 6.7%)
Avg Hourly Earnings (USD) (previous 29.81)
Avg Hourly Earnings-Net Chg (USD) (previous +0.23)
Avg Hourly Earnings, M/M% (previous +0.78%)
Avg Hourly Earnings, Y/Y% (previous +5.08%)
Overall Workweek (previous 34.7)
Overall Workweek Net Chg (previous -0.1)
Government Payrolls (previous -45K)
Private Payroll (previous -95K)
Participation Rate (previous 61.5%)
Non-Farm Payrolls Bench Net Chg
8:30 AM ET. December U.S. International Trade in Goods & Services
Trade Balance (USD) (previous -68.14B)
Exports (USD) (previous 184.2B)
Exports, M/M% (previous +1.2%)
Imports (USD) (previous 252.3B)
Imports, M/M% (previous +2.9%)
3:00 PM ET. December Consumer Credit
Consumer Credit Net Chg (USD) (previous +15.3B)
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes"
The STOCK INDEXES: The March NASDAQ 100 was higher overnight following Monday's huge rally, which posted a key reversal up. The high-range trade sets the stage for a steady to 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 10-day moving average crossing at 13,271.40 would temper the near-term bearish outlook. Closes below the 50-day moving average crossing at 12,732.16 would open the door for a larger-degree decline into early-February. First resistance is January's high crossing at 13,599.75. Second resistance is unknown. First support is the 50-day moving average crossing at 12,732.16. Second support is January's low crossing at 12,491.25.
The March S&P 500 was higher overnight due to short covering as it consolidates some of the decline off January'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 10-day moving average crossing at 3800.12 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at 3710.91 would open the door for a possible test of December's low crossing at 3636.00. First resistance is January's high crossing at 3859.75. Second resistance is unknown. First support is the 50-day moving average crossing at 3710.91. Second support is December's low crossing at 3636.00.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: March T-bonds were 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 bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last-Thursday's high, January's low crossing at 167-11 is the next downside target. If March renews the rally off January's low, the 50-day moving average crossing at 171-21 is the next upside target. First resistance is the 50-day moving average crossing at 171-21. Second resistance is January's high crossing at 173-11. First support is January's low crossing at 167-11. Second support is the 50% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 164-04.
March T-notes were lower overnight as they extend the decline off last-Wednesday's high. The low-range overnight trade sets the stage for a steady to lower opening with 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 137.006 would signal that a short-term top has been posted while opening the door for additional weakness near-term. Closes above the 50-day moving average crossing at 137.173 would open the door for a possible test of January's high crossing at 138.055. First resistance is the 50-day moving average crossing at 137.173. Second resistance is January's high crossing at 138.055. First support is January's low crossing at 136.010. Second support is monthly support crossing at 134.298.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
May crude oil was higher overnight and is breaking out to the topside of January's trading range to renew 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 have also turned neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $57.46 is the next upside target. Closes below the January 22nd low crossing at $51.24 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $54.50. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $57.46. First support is the January 22nd low crossing at $51.24. Second support is the 50-day moving average crossing at $48.95.
May heating oil was higher overnight as it has renewed 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 have turned neutral to bullish signals that sideways to higher prices are possible near-term. If May extends the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $168.44 is the next upside target. Closes below the January 22nd low crossing at $155.65 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $167.01. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $168.44. First support is the January 22nd low crossing at $155.65. Second support is the 50-day moving average crossing at $149.56.
May unleaded gas 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $188.87 is the next upside target. Closes below the 20-day moving average crossing at $164.98 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the 2018-2020-decline crossing at $171.21. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $188.87. First support is the 20-day moving average crossing at $164.98. Second support is the 50-day moving average crossing at $153.21.
May Henry natural gas was sharply higher overnight as it extends the rally off December'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 neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off December's low, November's high crossing at 3.011 is the next upside target. Closes below Monday's gap crossing at 2.740 would confirm that a short-term top has been posted. First resistance resistance is the overnight high crossing at 2.937. Second resistance is November's high crossing at 3.011. First support is last-Friday's low crossing at 2.615. Second support is the January 22nd low crossing at 2.527.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The March Dollar was higher in overnight trading following Monday's upside breakout of January's trading range. 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 March extends the rally off January's low, the November 30th reaction high crossing at $91.96 is the next upside target. Multiple closes below the 20-day moving average crossing at $90.37 would signal that a short-term top has been posted. First resistance is the November 30th high crossing at $91.96. Second resistance is the November 23rd high crossing at $92.73. First support is the 20-day moving average crossing at $90.37. Second support is the January 6th low crossing at $89.16.
The March Euro was lower overnight as it has renewed the decline off January'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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the January 19th low crossing at $120.68 would open the door for additional weakness near-term and a possible test of the November 23rd low crossing at $118.33. Closes above the 20-day moving average crossing at $121.75 would signal that a short-term low has been posted. First resistance is January's high crossing at $123.68. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $125.38. First support is the overnight low crossing at $120.36. Second support is the November 23rd low crossing at $118.33.
The March British Pound was steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to 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 50-day moving average crossing at 1.3522 would confirm 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-Wednesday's high crossing at 1.3762. Second resistance is the February-2019 high crossing at 1.3728. First support is the 50-day moving average crossing at 1.3522. Second support is the December 21st low crossing at 1.3200.
The March Swiss Franc was lower overnight as it extends Monday's downside breakout of January's trading range. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the head-and-shoulders top project a potential decline to 1.1013. If March renews the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at 1.1540 is the next upside target. First resistance is January's high crossing at 1.1441. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at 1.1540. First support is the November 30th low crossing at 1.1036. Second support is the downside target of the head-and-shoulders top crossing at 1.1013.
The March Canadian Dollar was higher overnight. The high-range trade 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 January's high, the December 21st low crossing at $77.21 is the next downside target. Closes above the 20-day moving average crossing at $78.58 would confirm that a short-term low has been posted. First resistance is January's high crossing at $79.35. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $80.50. First support is last-Thursday's low crossing at $77.63. Second support is the December 21st low crossing at $77.21.
The March Japanese Yen was lower overnight as it extends the decline off January'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, November's low crossing at 0.0948 is the next downside target. Closes above the 50-day moving average crossing at 0.0964 are needed to confirm that a short-term low has been posted. First resistance is January's high crossing at 0.0975. Second resistance is the 87% retracement level of the February-March rally crossing at 0.0981. First support is the overnight low crossing at 0.0952. Second support is the November's low crossing at 0.0948.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: April gold was lower overnight as it extends January's trading range. 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. Closes above last-Friday's high crossing at $1878.90 would confirm that a short-term low has been posted. If April renews the decline off January's high, November's low crossing at $1771.30 is the next downside target. First resistance is last-Friday's high crossing at $1878.90. Second resistance is January's high crossing at $1966.80. First support is January's low crossing at $1804.70. Second support is November's low crossing at $1771.30.
March silver filled Monday's gap and was sharply lower overnight due to rising margin requirements following Monday's spike high. The low-range overnight trade sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the July 7th high crossing at $30.365 would open the door into uncharted territory. Closes below the 50-day moving average crossing at $25.400 would confirm that a top has been posted. First resistance is the July 7th high crossing at $30.365. Second resistance is monthly resistance on the continuation chart crossing at $30.727. First support is the 20-day moving average crossing at $26.182. Second support is the January 27th low crossing at $24.715.
March copper was lower overnight while extending the December-February trading range. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below December's low crossing at 3.4390 would confirm a downside breakout of the aforementioned trading range has been posted. If March renews 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 the January 8th high crossing at 3.7340. Second resistance is the February-2013 high on the monthly chart crossing at 3.7925. First support is the 50-day moving average crossing at 3.5432. Second support is December's low crossing at 3.4390.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was lower overnight as it consolidates some of this winter's rally. The low-range close sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are overbought, diverging 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 50% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $5.72 1/4 is the next upside target. Closes below last-Monday's low crossing at $4.92 1/2 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at $5.55 3/4. Second resistance is the 50% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $5.72 1/4. First support is last-Monday's low crossing at $4.92 1/2. Second support is the 50-day moving average crossing at $4.70.
March wheat was lower overnight. The low-range close sets the stage for a steady to fractionally higher opening when the day session begins trading. Stochastics and the RSI have turned neutral signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $6.24 3/4 would confirm that a short-term top has been posted. If March renews the rally off Monday's low, January's high crossing at $6.93 is the next upside target. First resistance is January's high crossing at $6.93. Second resistance is the 62% retracement level of the 2012-2016-decline on the monthly continuation chart crossing at $7.34 1/4. First support is the 50-day moving average crossing at $6.24 3/4. Second support is the December 28th low crossing at $6.07.
March Kansas City 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at $6.05 1/2 would confirm that a short-term top has been posted. If March renews the rally off Monday's low, the December-2014 high on the monthly continuation chart crossing at $7.05 3/4 is the next upside target. First resistance is January's high crossing at $6.60. Second resistance is the December-2014 high crossing at $7.05 3/4. First support is last-Monday's low crossing at $6.05 1/2. Second support is the 50-day moving average crossing at $5.88 1/2.
March Minneapolis wheat was lower overnight as it continues to form a large symmetrical triangle. The low-range close 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 last-Monday's low crossing at crossing at $6.05 would confirm that a short-term top has been posted. If March renews the rally off December's low, the November-2017 high on the monthly continuation chart crossing at $6.58 is the next upside target. First resistance is January's high crossing at $6.53 1/2. Second resistance is the November-2017 high on the monthly continuation chart crossing at $6.58. First support is last-Monday's low crossing at crossing at $6.05. Second support is January's low crossing at $5.93 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans were 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 neutral signaling that sideways trading is possible near-term. Closes above last-Wednesday's high crossing at $13.94 3/4 would confirm that a short-term low has been posted while opening the door for a test of January's high crossing at $14.36 1/2. If March renews the decline off January's high, the 25% retracement level of the April-January rally crossing at $12.83 1/2 is the next downside target. First resistance is last-Wednesday's high crossing at $13.94 3/4. Second resistance is January's high crossing at $14.36 1/2. First support is last-Monday's low crossing at $12.98. Second support is the 25% retracement level of the March-January rally crossing at $12.83 1/2.
March soybean meal was lower overnight as it extends the trading range of the past two-weeks. The low-range close 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. If March renews this month's decline the 50-day moving average crossing at $415.00 is the next downside target. Closes above the 20-day moving average crossing at $440.60 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $440.60. Second resistance is January's high crossing at $471.40. First support is the 50-day moving average crossing at $415.00. Second support is the 38% retracement level of the August-January rally crossing at $401.40.
March soybean oil 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 overbought, diverging 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 50% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at 47.97 is the next upside target. Closes below the 20-day moving average crossing at 43.38 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 45.58. Second resistance is the 50% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at 47.97. First support is January's low crossing at 41.01. Second support is the 50-day moving average crossing at 40.74.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed down $1.15 at $75.50.
April hogs 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 overbought and 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 74.22 would signal that a short-term top has been posted. If April extends the aforementioned rally, the July-2019 high on the weekly continuation chart crossing at $81.98 is the next upside target. First resistance is last-Tuesday's high crossing at 77.60. Second resistance is the July-2019 high on the weekly continuation chart crossing at $81.98. First support is the 20-day moving average crossing at $74.22. Second support is the 50-day moving average crossing at $71.66.
April cattle closed down $0.15 at $121.70
April cattle closed lower on Monday following last-Friday's key reversal down signaling that a short-term top might be in or is near. The low-range close sets the stage for a steady to lower opening on Tuesday.Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible. Closes below the 20-day moving average crossing at $119.86 would signal that a short-term top has been posted. If April extends the rally off October's low, the January-2020 high crossing at $124.50 is the next upside target. First resistance is last-Friday's high crossing at $123.90. Second resistance is the January-2020 high crossing at $124.50. First support is the 10-day moving average crossing at $121.53. Second support is the 20-day moving average crossing at $119.86.
March Feeder cattle closed up $0.20 at $137.93.
March Feeder cattle closed slightly 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 bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, January's low crossing at $132.68 is the next downside target. If March renews this month's rally, the August-2020 high crossing at $145.30 is the next upside target. First resistance is last-Monday's high crossing at $144.85. Second resistance is the August-2020 high crossing at $145.30. First support is today's low crossing at $136.80. Second support is January's low crossing at $132.68.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed higher on Monday as it extends the trading range of the past two-weeks. The high-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. Multiple closes below the 50-day moving average crossing at 12.29 would confirm that a short-term top has been posted. If March renews the rally off November's low, September's high crossing at 13.57 is the next upside target.
March cocoa closed higher on Monday. The mid-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. Closes above the January 4th high crossing at 26.61 would signal that a short-term low has been posted. If March renews the decline off November's high, the November 16th gap crossing at 23.95.
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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off December's low, weekly resistance crossing at 17.23 is the next upside target. If March extends the decline off January's high, the 50-day moving average crossing at 15.23 is the next downside target.
March cotton closed lower on Monday as it extends the decline off January's high. 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 March extends the decline off January's high, January's low crossing at 78.65 is the next downside target. If March renews the rally off April's low, monthly resistance crossing at 84.47 is the next upside target.
thanks tallpine!