INO Evening Market Comments
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Started by tallpine - Feb. 5, 2021, 4:16 p.m.

KEY EVENTS TO WATCH FOR:



Monday, February 8, 2021  



10:00 AM ET. January Employment Trends Index



                       ETI (previous 99.01)



                       ETI, Y/Y%


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



The Dow closed higher for the fifth day in a row on Friday as it extends the rally off last-Friday's low.The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above January's high crossing at 31,272.22 are needed to renew the rally off October's low. Closes below the 50-day moving average crossing at 30,443.42 would signal that a short-term top has been posted.First resistance is January's high crossing at 31,272.22. Second resistance is unknown. 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 Friday as it extends the rally off Monday's low and posted a new contract high. The high-range close sets the stage for a steady to higher opening when Monday'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 March extends 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 12,831.57 are needed to confirm that a short-term top has been posted. 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 12,831.57. Second support is the December 12th low crossing at 12,217.00.   



The March S&P 500 closed higher on Friday as it extends this week's rally into uncharted territory. The high-range close sets the stage for a steady to higher opening when Monday'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 March extends the rally into uncharted territory, upside targets will be hard to project. Multiple closes below the 50-day moving average crossing at 3733.88 would signal that a short-term top has been posted. First resistance is today's high crossing at 3894.56. Second  resistance is unknown. First support is the 50-day moving average crossing at 3733.88. Second support is the December 21st low crossing at 3637.20.  



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March T-bonds closed down 24/32's at 166-23.

  

March T-bonds closed lower on Friday as it extends the decline off last-week's high. The mid-range close sets the stage for a steady to lower opening when Monday'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 November's high, the 50% retracement level of the 2018-2020 rally crossing at 164-04 is the next downside target. Closes above the 10-day moving average crossing at 168-29 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 168-29. Second resistance is last-Thursday's high crossing at 170-29. Third resistance is the 50-day moving average crossing at 171-06. First support is today's low crossing at 166-13. Second support is the 50% retracement level of the 2018-2020 rally crossing at 164-04. 



March T-notes closed down 45 pts. at 136.210.



March T-notes closed lower on Friday as it extended the decline off last-Wednesday's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. The mid-range close sets the stage for a steady to lower opening when Monday'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 137.148 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 137.148. 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 ""



April crude oil closed higher on Friday as it extends the rally off November's low.The mid-range close sets the stage for a steady to higher opening when Monday's night session begins. 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 rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $57.48 is the next upside target. Closes below the January 22nd low crossing at $51.38 would confirm that a short-term top has been posted. First resistance is today's high crossing at $57.11. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $57.48. First support is the January 22nd low crossing at $51.38. Second support is the 50-day moving average crossing at $49.80.  



April heating oil closed higher on Friday as it extended the rally off November's low. The low-range close sets the stage for a steady to slightly higher opening when Monday's night trading session begins. 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 rally off November's low, the February-2020 high crossing at $174.00 is the next upside target. Closes below the 20-day moving average crossing at $161.47 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of  the 2018-2020-decline crossing at $168.05. Second resistance is the March-2020 high crossing at $163.69. First support is the 20-day moving average crossing at $161.47. Second support is the January 22nd low crossing at $155.62. Third support is the 50-day moving average crossing at $151.78. 



April unleaded gas closed slightly higher on Friday as it extends the rally off November's low. The low-range close sets the stage for a steady to slightly higher opening when Monday's night session begins  trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If April extends the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $188.13 is the next upside target. Closes below the 20-day moving average crossing at $167.05 would signal that a short-term top has been posted. First resistance is today's high crossing at $177.24. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $188.13. First support is the 20-day moving average crossing at 167.05. Second support is the 50-day moving average crossing at $154.83.    



April Henry natural gas closed lower due to profit taking on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off January's low, October's high crossing at 3.320 is the next upside target. Closes below  Monday's gap crossing at 2.716 would signal that a short-term top has been posted. First resistance is today's high crossing at 2.980. Second resistance is October's high crossing at 3.052. First support is last-Friday's low crossing at 2.583. Second support is the January 22nd low crossing at 2.475.  



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



The March Dollar posted a key reversal down and closed sharply lower on Friday as it consolidated some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Monday'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 March extends the rally off January's low, the November 30th high crossing at 91.96 is the next upside target. Closes below the 20-day moving average crossing at 90.58 would signal that a short-term top has been posted. First resistance is the today's high crossing at 91.61. Second resistance is the November 30th high crossing at 91.96. First support is the 20-day moving average crossing at 90.58. Second support is the January 21st low crossing 90.03. Third support is January's low crossing at 89.16. 



The March Euro posted a key reversal up and closed higher on Friday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Monday'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 aforementioned decline, the November 23rd low crossing at 118.33 is the next downside target. Closes above the 50-day moving average crossing at 121.62 would confirm that a short-term low has been posted. First resistance is the January 22nd high crossing at 122.03. Second resistance is January's high crossing at 123.68. First support is today's low crossing at 119.60. Second support is the November 23rd low crossing at 118.33. 



The March British Pound closed higher on Friday following yesterday's key reversal up. The high-range close sets the stage for a steady to higher opening when Monday'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 May's low, the February-2019 crossing at 1.3728 is the next upside target. Closes below the 50-day moving average crossing at 1.3545 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. 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 averagecrossing at 1.3545. Second support is the December 21st low crossing at 1.3200.

 

The March Swiss Franc closed higher on Friday as it consolidated some the decline off January's high. The high-range close sets the stage for a steady to higher opening when Monday'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, the November 30th low crossing at 1.1036 is the next downside target. Closes above the 20-day moving average crossing at 1.1241 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.1241. 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 Friday as it extends the trading range of the past six-days. The high-range close sets the stage for a steady to higher opening when Friday'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 78.48 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 78.48. 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 higher due to short covering on Friday 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 Monday’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, October's low crossing at 0.0945 is the next downside target. Multiple closes above the 20-day moving average crossing at 0.0960 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.0956. Second resistance is the 20-day moving average crossing at 0.0960. First support is today's low crossing at 0.0946. Second support is October's low crossing at 0.0945.  



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April gold posted an inside day with a higher close on Friday as it consolidated some of Thursday's sharp decline.The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off January's high, November's low crossing at $1771.30 is the next downside target. Closes above last-Friday's high crossing at $1878.90 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at $1878.90. Second resistance is January's high crossing at $1966.80. First support is November's low crossing at $1771.30. Second support is the 50% retracement level of the 2019-2020-rally crossing at $1724.50.



March silver closed higher on Friday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening when Monday'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 Monday's high, the 50-day moving average crossing at 25.544 is the next downside target. If March renews the rally off January's low, 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 25.544. Second support is January's low crossing at 24.040. 



March copper closed sharply higher on Friday and above the 20-day moving average crossing at 360.27 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off March's low, monthly resistance crossing at 379.25  is the next upside target. Closes below December's low crossing at 343.90 would confirm a downside breakout of the December-February- trading range has been posted. First resistance is the January 8th high crossing at 373.40. Second resistance is monthly resistance crossing at 379.25. First support is last-Thursday's low crossing at 349.10. Second support is December's low crossing at 343.90.  



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



March Corn closed down $0.01 1/2-cents at $5.48 1/2. 



March corn closed lower on Friday due to light profit taking ahead of the weekend. The mid-range close sets the stage for a steady opening when Monday'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. Look for further consolidation ahead of next week's updated supply-demand report. 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 $5.28 1/4 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at $5.58. 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 $5.28 1/4. Second support is last-Monday's low crossing at $4.92 1/2.     



March wheat closed up $0.03 1/2-cents at $6.41.  



March wheat closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $6.27 would open the door for a larger-degree decline near-term. 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 $6.27. Second support is the December 28th crossing at $6.07.       



March Kansas City Wheat closed up $0.06 1/2-cents at $6.25 1/4.

 

March Kansas City wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 50-day moving average crossing at $5.93 1/4 is the next downside target. 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 Wednesday's low crossing at $6.04 1/2. Second support is the 50-day moving average crossing at $5.93 1/4.      



March Minneapolis wheat closed up $0.04 1/4-cents at $6.26. 



March Minneapolis wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 while opening the door for a possible test of the 50-day moving average crossing at $5.93 1/4. 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 $5.93 1/4.      

     

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



March soybeans closed up $0.05 3/4-cents at $13.66 3/4.



March soybeans closed lower on Friday 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 Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are 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 $12.84 3/4 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 50-day moving average crossing at $12.84 3/4. Second support is the 25% retracement level of the April-January rally crossing at $12.83 1/2.



March soybean meal closed down $2.40 to $430.70. 



March soybean meal closed lower on Friday 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 Monday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at $440.30 would signal that a short-term low has been posted. If March renews the decline off January's, the 50-day moving average crossing at $417.60 is the next downside target. 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 $417.60. Second support is the 38% retracement level of the August-January rally crossing at $401.40.       



March soybean oil closed down 28 pts. at 44.66. 



March soybean oil closed lower on Friday as it extends the trading range of the past seven-days. The mid-range close sets the stage for a steady to lower opening when Monday'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 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 41.13 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 43.50. Second support is the 50-day moving average crossing at 41.13.      

 

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



April hogs closed up $1.10 at $80.40. 



April hogs closed higher on Friday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Monday'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 75.38 would signal that a short-term top has been posted. First resistance is today's high crossing at 80.63. Second resistance is the July-2019 high on the weekly continuation chart crossing at $81.98. First support is the 10-day moving average crossing at $77.59. Second support is the 20-day moving average crossing at $75.38. 



April cattle closed up $0.03 at $123.78 



April cattle closed slightly higher on Friday as it spiked the upper boundary of a two-week old trading range. The mid-range close sets the stage for a steady to slightly higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible. If April extends the rally off October's low, the January-2020 high crossing at $124.50 is the next upside target. Closes below the 20-day moving average crossing at $120.78 would signal that a short-term top has been posted. First resistance is today's high crossing at $124.25. Second resistance is the January-2020 high crossing at $124.50. First support is the 20-day moving average crossing at $120.78. Second support is the 50-day moving average crossing at $118.81. 



April Feeder cattle closed down $0.48 at $142.20. 


April Feeder cattle closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April renews the rally off January's low, the August-2020 high on the weekly continuation chart crossing at $148.40 is the next upside target. If April extends the decline off January's high, January's low crossing at $135.03 is the next downside target. First resistance is January's high crossing at $147.00. Second resistance is the August-2020 high on the weekly continuation chart crossing at $148.40. First support is Monday's low crossing at $140.05. Second support is January's low crossing at $135.03.         



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



March coffee closed slightly lower on Friday 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 Monday. 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 November's low, September's high crossing at 13.57 is the next upside target. Closes below Thursday's low crossing at 12.02 would confirm that a short-term top has been posted.      



March cocoa closed higher on Friday as it extended the trading range of the December-February trading range. The high-range close sets the stage for a steady to higher opening on Monday.  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 Friday. The high-range close set the stage for a steady to higher opening on Monday. 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 15.31 is the next downside target.   



March cotton closed sharply lower due to profit taking on Friday as it consolidated some of Thursday's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off April's low, monthly resistance crossing at 87.18 is the next upside target. Closes below last-Friday's low crossing at 79.75 would signal that a short-term low has been posted.     

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