KEY EVENTS TO WATCH FOR:
Tuesday, February 9, 2021
6:00 AM ET. January NFIB Index of Small Business Optimism
Small Business Idx (previous 95.9)
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 -1.6%)
Ret Sales Mo-to-Date, Y/Y% (previous +3.2%)
Latest Wk, Y/Y% (previous +4.4%)
10:00 AM ET. December Job Openings & Labor Turnover Survey
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -4.3M)
Gasoline Stocks, Net Chg (Bbls) (previous -0.2M)
Distillate Stocks, Net Chg (Bbls) (previous -1.6M)
5:00 PM ET. SEC Closed Meeting
Wednesday, February 10, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 981.1)
Composite Idx, W/W% (previous +8.1%)
Purchase Idx-SA (previous 334.6)
Purchase Idx-SA, W/W% (previous +0.1%)
Refinance Idx (previous 4746.2)
Refinance Idx, W/W% (previous +11.4%)
8:30 AM ET. January CPI
CPI, M/M% (expected +0.3%; previous +0.4%)
Core CPI, M/M% (expected +0.1%; previous +0.1%)
Energy Idx, M/M% (previous +4.0%)
Food Idx, M/M% (previous +0.4%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.1%)
CPI, Y/Y% (expected +1.5%; previous +1.4%)
Core Annual, Y/Y% (expected +1.5%; previous +1.6%)
8:30 AM ET. January Real Earnings
10:00 AM ET. January Online Help Wanted Index
10:00 AM ET. December Monthly Wholesale Trade
Inventories, M/M% (expected +0.1%; previous +0%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 475.659M)
Crude Oil Stocks, Net Chg (Bbl) (previous -0.994M)
Gasoline Stocks (Bbl) (previous 252.153M)
Gasoline Stocks, Net Chg (Bbl) (previous +4.467M)
Distillate Stocks (Bbl) (previous 162.838M)
Distillate Stocks, Net Chg (Bbl) (previous -0.009M)
Refinery Usage (previous 82.3%)
Total Prod Supplied (Bbl/day) (previous 18.528M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -1.153M)
2:00 PM ET. January Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt
Thursday, February 11, 2021
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 755K; previous 779K)
Jobless Claims, Net Chg (previous -33K)
Continuing Claims (previous 4592000)
Continuing Claims, Net Chg (previous -193K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 7520.3K)
Soybeans (Metric Tons) (previous 1457.4K)
Wheat (Metric Tons) (previous 736.7K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2689B)
Working Gas In Storage, Net Chg (Cbf) (previous -192B)
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
4:30 PM ET. Federal Discount Window Borrowings
Friday, February 12, 2021
10:00 AM ET. February University of Michigan Survey of Consumers – preliminary
Mid-Mo Sentiment (expected 80.9; previous 79.2)
Mid-Mo Expectations (previous 73.8)
Mid-Mo Current Idx (previous 87.7)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher for the six-day in a row on Monday as it extends the rally off last-Friday's low.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 overbought but remain 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 into uncharted territory. Closes below the 50-day moving average crossing at 30,468.07 would signal that a short-term top has been posted.First resistance is today's high crossing at 31,191.20. Second resistance is unknown. First support is January'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 Monday as it extends the rally off last-Monday's low and posted a new contract high. 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 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 12,858.17. Second support is the January 6th low crossing at 12,491.25.
The March S&P 500 closed higher on Monday as it extends this month's rally into uncharted territory. 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 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 3739.27 would signal that a short-term top has been posted. First resistance is today's high crossing at 3903.00. Second resistance is unknown. First support is the 50-day moving average crossing at 3739.21. Second support is the December 21st low crossing at 3596.00.
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March T-bonds closed up 6/32's at 166-29.
March T-bonds closed higher on Monday as it consolidated some of the decline off the January 28th high. 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 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 20-day moving average crossing at 168-22 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 168-22. Second resistance is last-Thursday's high crossing at 170-29. Third resistance is the 50-day moving average crossing at 171-00. First support is today's low crossing at 166-03. Second support is the 50% retracement level of the 2018-2020 rally crossing at 164-04.
March T-notes closed down 25 pts. at 136.195.
March T-notes closed lower on Monday. 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 Tuesday's night session begins trading. If March extends the decline off the January 27th high, January's low crossing at 136.010 is the next downside target. Closes above the 50-day moving average crossing at 137.136 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 137.136. 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 for the six day in a row on Monday as it extends the rally off November's low.The mid-range close sets the stage for a steady to higher opening when Tuesday'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 87% retracement level of the 2018-2020-decline crossing at $62.15 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 $57.98. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $62.15. First support is the January 22nd low crossing at $51.38. Second support is the 50-day moving average crossing at $50.08.
April heating oil closed higher on Monday as it extended the rally off November's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 62% retracement level of the 2018-2020-decline crossing at $183.37 is the next upside target. Closes below the 20-day moving average crossing at $162.27 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the 2018-2020-decline crossing at $183.37. Second resistance is the the 75% retracement level of the 2018-2020-decline crossing at $200.04. First support is the 20-day moving average crossing at $162.28. Second support is the January 22nd low crossing at $155.62. Third support is the 50-day moving average crossing at $152.57.
April unleaded gas closed higher on Monday as it extends the rally off November's low. 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 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 $188.15 is the next upside target. Closes below the 20-day moving average crossing at $167.71 would signal that a short-term top has been posted. First resistance is today's high crossing at $178.62. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $188.15. First support is the 20-day moving average crossing at 167.71. Second support is the 50-day moving average crossing at $155.70.
April Henry natural gas closed higher 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 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 last-Monday's gap crossing at 2.716 would signal that a short-term top has been posted.First resistance is last-Friday's high crossing at 2.980. Second resistance is October's high crossing at 3.052. First support is the January 29th 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 closed lower on Monday following last-Friday's key reversal down. 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 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 90.62 would signal that a short-term top has been posted. 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 Monday'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 90.62. Second support is the January 21st low crossing 90.03. Third support is January's low crossing at 89.16.
The March Euro closed higher on Monday following last-Friday's key reversal up as it consolidates some of the decline off January's high. The mid-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 a short-term low might be in or is near. Closes above the 50-day moving average crossing at 121.62 are needed to confirm that a short-term low has been posted. If March extends the aforementioned decline, the November 23rd low crossing at 118.33 is the next downside target. First resistance is the January 22nd high crossing at 122.03. Second resistance is January's high crossing at 123.68. First support is last-Friday's low crossing at 119.60. Second support is the November 23rd low crossing at 118.33.
The March British Pound closed higher on Monday as it extended the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 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 1.3549 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 January'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 1.3549. Second support is the December 21st low crossing at 1.3200.
The March Swiss Franc closed higher on Monday as it consolidated some the decline off January's high. 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 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 1.1231 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.1231. 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 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 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 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 78.48 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 Monday 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 Tuesday’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 0.0959 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.0955. Second resistance is the 20-day moving average crossing at 0.0959. First support is last-Friday's low crossing at 0.0946. Second support is October's low crossing at 0.0945.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
April gold closed sharply higher on Monday due to short covering as it consolidates some of last-Thursday's sharp decline.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 a low might be in or is near. Closes above the January 29th high crossing at $1878.90 would confirm that a short-term low has been posted. If April extends the decline off January's high, November's low crossing at $1771.30 is the next downside target. First resistance is the January 29th 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 Monday as it consolidated some of last-week's decline. 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. If March renews the rally off January's low, monthly resistance on the continuation chart crossing at 30.727 is the next upside target. If March extends the decline off Monday's high, the 50-day moving average crossing at 25.570 is the next downside target. First resistance is last-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 25.570. Second support is January's low crossing at 24.040.
March copper closed higher on Monday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. 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 the January 28th 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 up $0.15 1/4-cents at $5.63 3/4.
March corn closed higher on Monday as it extends the rally off last-August's low The high-range close sets the stage for a steady to higher opening when Tuesday's night sessions begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Tuesday's updated supply-demand report holds the keys to near-term direction in the grain markets. 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 $5.32 would confirm that a short-term top has been posted. First resistance is today's high crossing at $5.65 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 $5.32. Second support is the January 25th low crossing at $4.92 1/2.
March wheat closed up $0.14 1/2-cents at $6.55 3/4.
March wheat 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 diverging and are turning neutral to bullish signaling that sideways to higher prices are possible 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. Closes below the 50-day moving average crossing at $6.27 3/4 would open the door for a larger-degree decline near-term. 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 3/4. Second support is the December 28th crossing at $6.07.
March Kansas City Wheat closed up $0.14 1/4-cents at $6.39 1/2.
March Kansas City wheat 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. 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. If March resumes the decline off January's high, the 50-day moving average crossing at $5.94 1/2 is the next downside 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-Wednesday's low crossing at $6.04 1/2. Second support is the 50-day moving average crossing at $5.94 1/2.
March Minneapolis wheat closed up $0.09 1/4-cents at $6.35 1/4.
March Minneapolis wheat 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. If March renews the rally off December's low, monthly resistance crossing at $6.58 is the next upside target. Closes below last-Wednesday's low crossing at $6.09 1/2 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 $5.94 3/4. 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 the January 25th low crossing at $6.05. Second support is the 50-day moving average crossing at $5.94 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans closed up $0.21-cents at $13.87 3/4.
March soybeans closed higher on Monday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are 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 $12.88 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 $12.88 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 $6.10 to $436.60.
March soybean meal closed higher on Monday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices possible near-term. Closes above the 20-day moving average crossing at $440.20 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 $418.40 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 $418.40. Second support is the 38% retracement level of the August-January rally crossing at $401.40.
March soybean oil closed up 97 pts. at 45.63.
March soybean oil closed sharply higher on Monday and above the trading range of the past seven-days. 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 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 41.28 would confirm that a short-term top has been posted. First resistance is today's high crossing at 45.77. 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 43.60. Second support is the 50-day moving average crossing at 41.28.
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April hogs closed up $0.35 at $80.65.
April hogs closed higher on Monday as it extends the rally off November's low. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 75.73 would signal that a short-term top has been posted. First resistance is today's high crossing at 81.07. 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 $77.93. Second support is the 20-day moving average crossing at $75.73.
April cattle closed down $0.15 at $123.58
April cattle closed lower on Monday after spiking to to a new high for the year in early-trading. 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. If April extends the rally off October's low, the December-2019 high on the monthly continuation chart crossing at $127.90 is the next upside target. Closes below the 20-day moving average crossing at $121.04 would signal that a short-term top has been posted. First resistance is today's high crossing at $124.78. Second resistance is the December-2019 high crossing at $127.90. First support is the 20-day moving average crossing at $121.04. Second support is the 50-day moving average crossing at $118.99.
April Feeder cattle closed down $0.73 at $141.48.
April Feeder cattle closed lower on Monday. The low-range close sets the stage for a steady to lower 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 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 resumes 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 last-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 lower on Monday 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 Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off November's low, September's high crossing at 13.57 is the next upside target. Closes below last-Thursday's low crossing at 12.02 would confirm that a short-term top has been posted.
March cocoa closed lower on Monday as it extended the trading range of the December-February trading range. The mid-range close sets the stage for a steady to lower 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 lower on Monday. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off December's low, weekly resistance crossing at 17.23 is the next upside target. If March renews the decline off January's high, the 50-day moving average crossing at 15.33 is the next downside target.
March cotton closed sharply higher on Monday as it remains poised to extend this year's rally. The high-range close sets 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. If March extends the rally off April's low, monthly resistance crossing at 87.18 is the next upside target. Closes below the reaction low crossing at 79.75 would signal that a short-term low has been posted.