KEY EVENTS TO WATCH FOR:
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 refundingannouncement
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/ex?changes/?c=indexes
The Dow closed sharply higher on Tuesday posting its biggest rally in three months as the trading frenzy that fueled a surge in heavily shorted shares continued to ease. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 30,818.08 would signal that a short-term low has been posted. If the Dow extends the decline off January's high, December's low crossing at 29,599.29 is the next downside target. First resistance is the 20-day moving average crossing at 30,818.08. Second resistance is January's high crossing at 31,272.22. First support is last-Friday's low crossing at 29,856.30. Second support is November's low crossing at 29,599.29.
The March NASDAQ 100 closed higher on Tuesday confirming yesterday's key reversal up confirming an end to the decline off January's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 March renews the rally off September's low into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 12,735.22 are needed to confirm that a short-term top has been posted. First resistance is January's high crossing at 13,559.75. Second resistance is unknown. First support is the 50-day moving average crossing at 12,735.22. Second support is the December 12th low crossing at 12,217.00.
The March S&P 500 closed higher due to short covering on Tuesday as it consolidates some of last-week's decline. The high-range close sets the stage for a steady to higher opening when Wednesday'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. Multiple closes below the 50-day moving average crossing at 3710.91 would open the door for additional weakness near-term. If March renews the rally off November's low into uncharted territory, upside targets will be hard to project. First resistance is the 10-day moving average crossing at 3800.12. Second resistance is January's high crossing at 3859.23. First support is the 50-day moving average crossing at 3710.91. Second support is the December 21st low crossing at 3637.20.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
March T-bonds closed down 13/32's at 168-19.
March T-bonds closed lower on Tuesday as it extends the decline off last-week's high. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off November's high, the 50% retracement level of the 2018-2020 rally crossing at 164-04 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 last-Thursday's high crossing at 170-29. Second resistance is the 50-day moving average crossing at 171-21. First support is January's low crossing at 167-11. Second support is the 50% retracement level of the 2018-2020 rally crossing at 164-04.
March T-notes closed down 60 pts. at 137.000.
March T-notes closed lower on Tuesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. If March extends the decline off last-Wednesday's high, January's low crossing at 136.010 is the next downside target. Closes above the 50-day moving average crossing at 137.173 would renew the rally off January's low while opening the door for additional gains near-term. 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 on the continuation chart crossing at 134.298.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
March crude oil closed higher on Tuesday confirming yesterday's key reversal up as it renewed the rally off November's low.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $57.64 is the next upside target. Closes below the January 22nd low crossing at $51.44 would confirm that a short-term top has been posted. First resistance is today's high crossing at $55.26. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $57.64. First support is the January 22nd low crossing at $51.44. Second support is the 50-day moving average crossing at $48.97.
March heating oil closed higher on Tuesday confirming yesterday's key reversal up as it extended the rally off November's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the February-2020 high crossing at $174.70 is the next upside target. Closes below the January 22nd low crossing at $155.71 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the 2018-2020-decline crossing at $168.80. Second resistance is the February-2020 high crossing at $174.70. First support is the January 22nd low crossing at $155.71. Second support is the 50-day moving average crossing at $149.48.
March unleaded gas closed higher on Tuesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. If March extends the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $170.66 is the next upside target. Closes below the 20-day moving average crossing at $154.19 would signal that a short-term top has been posted. First resistance is today's high crossing at $164.11. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $170.66. First support is the 20-day moving average crossing at 154.19. Second support is the 50-day moving average crossing at $140.90.
March Henry natural gas closed slightly lower on Tuesday due to profit taking. The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 13th high crossing at 3.062 is the next upside target. Closes below last-Friday's low crossing at 2.554 would signal that a short-term top has been posted. First resistance is the November 13th high crossing at 3.062. Second resistance is October's high crossing at 3.320. First support is last-Friday's low crossing at 2.554. Second support is the January 22nd low crossing at 2.425.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed higher on Tuesday as it renewed the rally off January's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 high crossing at 91.96 is the next upside target. First resistance is the today's high crossing at 91.29. Second resistance is the November 30th high crossing at 91.96. First support is January's low crossing at 89.16. Second support is monthly support crossing at 88.15.
The March Euro closed lower on Tuesday marking a downside breakout of the December-January head-and-shoulders top. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, December's low crossing at 119.63 is the next downside target. Closes above the 20-day moving average crossing at 121.74 would confirm 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 125.39. First support is today's low crossing at 120.21. Second support is December's low crossing at 119.63.
The March British Pound closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.3522 would confirm that a short-term top has been posted while opening the door for a possible test of the December 21st low crossing at 1.3200. If March extends the rally off May's low, the February-2019 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 closed lower on Tuesday as it extended Monday's downside breakout of January's trading range. The low-range close sets the stage for a steady to lower opening when Wednesday'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 March extends this week's decline, the November 30th low crossing at 1.1036 is the next downside target. Closes above the 20-day moving average crossing at 1.1280 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.1280. Second resistance is January's high crossing at 1.1441. First support is the November 30th low crossing at 1.1036. Second support is November's low crossing at 1.0913.
The March Canadian Dollar closed higher on Tuesday as it extends the trading range of the past three-days. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 below the 20-day moving average crossing at 78.58 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 78.58. Second resistance is January's high crossing at 79.44. First support is the December 21st low crossing at 77.21. Second support is the November 13th low crossing at 75.96.
The March Japanese Yen closed lower on Tuesday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Wednesday’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 March extends the decline off January's high, November's low crossing at 0.0948 is the next downside target. Multiple closes above the 50-day moving average crossing at 0.0964 would confirm that a short-term low has been posted. First resistance is the January 21st high crossing at 0.0968. Second resistance is January's high crossing at 0.0975. First support is today's low crossing at 0.0951. Second support is November's low crossing at 0.0948.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
April gold closed lower on Tuesday as it extends January's trading range.The low-range close sets the stage for a steady to lower opening when Wednesday'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 last-Friday's high crossing at $1878.90 would signal that a short-term low has been posted. If April resumes the decline off January's high, November's low crossing at $1771.30 is the next downside target. First resistance is January's high crossing at $1966.80. Second resistance is November's high crossing at $1978.20. First support is January's low crossing at $1804.70. Second support is November's low crossing at $1771.30.
March silver closed sharply lower on Tuesday following a move by the CME Group to raise margin deposit requirements for trades, in the wake of strong gains in the precious and industrial metal. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might have been posted with Monday's high. Closes below Monday's gap crossing at 27.770 confirms that a short-term top has been posted. If March extends this week's rally, monthly resistance on the continuation chart crossing at 30.727 is the next upside target. First resistance is Monday's high crossing at 30.350. Second resistance is monthly resistance on the continuation chart crossing at 30.727. First support is the 50-day moving average crossing at 25.380. Second support is January's low crossing at 24.040.
March copper closed lower on Tuesday while extending the December-February trading range. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day low crossing at 354.32 would confirm that a short-term top has been posted. If March resumes the rally off March's low, monthly resistance crossing at 379.25 is the next upside target. First resistance is the January 8th high crossing at 373.40. Second resistance is monthly resistance crossing at 379.25. First support is the 50-day moving average crossing at 354.32. Second support is December's low crossing at 343.90.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
March Corn closed down $0.06 1/4-cents at $5.43.
March corn posted an inside day with a lower close on Tuesday as it consolidates some of the rally off August's low to a new contract high. The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 the 20-day moving average crossing at $5.19 3/4 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 crossing at $5.72 1/4 is the next upside target. First support is the 20-day moving average crossing at $5.19 3/4. Second support is last-Monday's low crossing at $4.92 1/2.
March wheat closed down $0.06 1/4-cents at $6.44 3/4.
March wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. If March renews the decline off January's high, the 50-day moving average crossing at $6.24 3/4 is the next downside target. If March resumes the rally off December's low, long-term resistance on the monthly continuation chart crossing at $7.34 1/4 is the next upside target. First resistance is January's high crossing at $6.93. Second resistance is monthly resistance 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 crossing at $6.07.
March Kansas City Wheat closed down $0.06 1/4-cents at $6.19.
March Kansas City wheat closed lower on Tuesday following Monday's key reversal down. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning 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 resumes this winter's rally, 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 on the monthly continuation chart 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 $5.89 1/4.
March Minneapolis wheat closed down $0.02-cents at $6.21.
March Minneapolis wheat closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. Closes below last-Monday's low crossing at $6.05 would confirm that a short-term top has been posted. If March renews the rally off December's low, monthly resistance crossing at $6.58 is the next upside target. First resistance is January's high crossing at crossing at $6.53 1/2. Second resistance is monthly resistance crossing at $6.58. First support is last-Monday's low crossing at $6.05. Second support is the 50-day moving average crossing at $5.89 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans closed down $0.10 1/2-cents at $13.54 3/4.
March soybeans closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral signaling that sideways trading is possible near-term. If March resumes the rally off January's low, January's high crossing at $14.36 1/2 is the next upside target. If March renews the decline off January's high, the 50-day moving average crossing at $12.73 1/2 is the next downside target. First resistance is January's high crossing at $14.36 1/2. Second resistance is the 75% retracement level of the 2012-2019-decline on the monthly chart crossing at $15.39 1/4. First support is the 25% retracement level of the April-January rally crossing at $12.83 1/2. Second support is the 50-day moving average crossing at $12.73 1/2.
March soybean meal closed down $2.50 to $428.00.
March soybean meal closed lower on Tuesday as it extends the trading range of the past two-weeks. The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. If March renews the decline off January's, the 50-day moving average crossing at $415.10 is the next downside target. Closes above the 20-day moving average crossing at $440.70 would signal that a short-term low has been posted. First resistance is January's high crossing at $471.40. Second resistance is monthly resistance crossing at $478.40. First support is the 50-day moving average crossing at $415.10. Second support is the 38% retracement level of the August-January rally crossing at $401.40.
March soybean oil closed down 65 pts. at 44.32.
March soybean oil closed lower on Monday as it extends the trading range of the past four-days. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are becoming 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 2008-2020-decline the monthly continuation chart crossing at 47.97 is the next upside target. Closes below the 50-day moving average crossing at 40.73 would confirm 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 2008-2020-decline the monthly continuation chart crossing at 47.97. First support is the 20-day moving average crossing at 43.36. Second support is the 50-day moving average crossing at 40.73.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed up $2.58 at $78.07.
April hogs closed sharply higher on Tuesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 April extends the aforementioned rally, the July-2019 high on the weekly continuation chart crossing at $81.98 is the next upside target. Closes below the 20-day moving average crossing at 74.44 would signal that a short-term top has been posted. First resistance is today's high crossing at 78.23. 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 $74.44. Second support is the 50-day moving average crossing at $71.85.
April cattle closed up $0.83 at $122.53
April cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible. Closes below the 20-day moving average crossing at $120.19 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 $121.88. Second support is the 20-day moving average crossing at $120.19.
March Feeder cattle closed up $1.18 at $142.25.
March Feeder cattle closed higher on Tuesday as it consolidated some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 Monday'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 lower on Tuesday as it extends the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at 12.21 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 Tuesday as it extended the trading range of the December-February trading range. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are 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 Tuesday. The mid-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned 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 15.25 is the next downside target.
March cotton closed higher on Tuesday as it extends the trading range of the past three-days. The high-range close sets the stage for a steady to higher opening on Wednesday. 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.