INO Evening Market Comments
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Started by tallpine - Feb. 17, 2021, 4:44 p.m.

KEY EVENTS TO WATCH FOR:



Thursday, February 18, 2021 



8:30 AM ET. February Philadelphia Fed Business Outlook Survey



                       Business Activity (expected 19.2; previous 26.5)



                       Prices Paid (previous 45.4)



                       Employment (previous 22.5)



                       New Orders (previous 30.0)



                       Prices Received (previous 36.6)



                       Delivery Times (previous 30.0)



                       Inventories (previous 12.6)



                       Shipments (previous 22.7)



8:30 AM ET. January New Residential Construction - Housing Starts and Building Permits



                       Total Starts (expected 1.66M; previous 1.669M)



                       Housing Starts, M/M% (expected -0.5%; previous +5.8%)



                       Building Permits (expected 1.67M; previous 1.709M)



                       Building Permits, M/M% (expected -2.3%; previous +4.5%)



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



                       Jobless Claims (expected 770K; previous 793K)



                       Jobless Claims, Net Chg (previous -19K)



                       Continuing Claims (previous 4545000)



                       Continuing Claims, Net Chg (previous -145K)



8:30 AM ET. January Import & Export Price Indexes



                       Import Prices (expected +1.0%; previous +0.9%)



                       Non-Petroleum Prices (previous +0.4%)



                       Petroleum Prices (previous +9.1%)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:30 AM ET. EIA Weekly Natural Gas Storage Report



                       Working Gas In Storage (Cbf) (previous 2518B)



                       Working Gas In Storage, Net Chg (Cbf) (previous -171B)

                       

11:00 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 469.014M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -6.645M)



                       Gasoline Stocks (Bbl) (previous 256.412M)



                       Gasoline Stocks, Net Chg (Bbl) (previous +4.259M)



                       Distillate Stocks (Bbl) (previous 161.106M)



                       Distillate Stocks, Net Chg (Bbl) (previous -1.732M)



                       Refinery Usage (previous 83.0%)



                       Total Prod Supplied (Bbl/day) (previous 20.183M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.655M)

                       

2:00 PM ET.  SEC Closed Meeting



4:30 PM ET.  Money Stock Measures



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Federal Discount Window Borrowings



Friday, February 19, 2021 



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



                       Corn (Metric Tons) (previous 460.9K)



                       Soybeans (Metric Tons) (previous 983.2K)



                       Wheat (Metric Tons) (previous 635.4K)



9:45 AM ET. February US Flash Manufacturing PMI



                       PMI, Mfg (expected 59.0; previous 59.1)



9:45 AM ET. February US Flash Services PMI



                       PMI, Services (expected 58.0; previous 57.5)



10:00 AM ET. January Existing Home Sales



                       Existing Sales (expected 6.66M; previous 6.76M)



                       Existing Sales, M/M% (expected -1.5%; previous +0.7%)



                       Unsold Homes Month's Supply (expected 1.9)



                       Median Price (USD) (expected 309800)



                       Median Home Price, Y/Y% (previous +12.9%)



10:00 AM ET. 4th Quarter Advance Quarterly Services



10:00 AM ET. 4th Quarter Quarterly Retail E-Commerce Sales



Monday, February 22, 2021  



8:30 AM ET. January CFNAI Chicago Fed National Activity Index



                       NAI (previous 0.52)



                       NAI, 3-mo Moving Avg (previous 0.61)



10:00 AM ET. January Leading Indicators



                       Leading Index, M/M% (previous +0.3%)



                       Leading Index (previous 109.5)



                       Coincident Index, M/M% (previous +0.3%)



                       Lagging Index, M/M%  (previous +0.1%)



10:30 AM ET. February Texas Manufacturing Outlook Survey



                       Business Activity (previous 7.0)



                       Mfg Production Idx (previous 4.6)


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



The Dow closed higher on Wednesday as it extends this year's rally into uncharted territory.The high-range close sets the stage for a steady to higher opening when Thursday'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. This month's rally into uncharted territory makes upside targets hard to project. Closes below the 20-day moving average crossing at 31,009.64 would signal that a short-term top has been posted.First resistance is today's high crossing at 31,611.65. Second resistance is unknown. First support is the 20-day moving average crossing at 31,009.64. Second support is the 50-day moving average crossing at 30,664.92. 

 

The March NASDAQ 100 closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday'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 20-day moving average crossing at 13,470.84 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 13,900.50. Second resistance is unknown. First support is the 20-day moving average crossing at 13,470.84. Second support is the 50-day moving average crossing at 13,024.28.   



The March S&P 500 closed slightly lower on Wednesday. The high-range close sets the stage for a steady to slightly lower 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 March extends the rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3850.41 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 3959.25. Second resistance is unknown. First support is the 20-day moving average crossing at 3850.41. Second support is the 50-day moving average crossing at 3773.03.  



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



March T-bonds closed up 21/32's at 164-24.

  

March T-bonds closed higher due to short covering on Wednesday but not before posting a new low for the year. The mid-range close sets the stage for a steady to higher opening when Thursday'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 62% retracement level of the 2018-2020 rally crossing at 157-20 is the next downside target. Closes above the 20-day moving average crossing at 167-23 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 167-23. Second resistance is the 50-day moving average crossing at 169-31. First support is today's low crossing at 163-17. Second support is the 62% retracement level of the 2018-2020 rally crossing at 157-20. 



March T-notes closed up 20-pts. at 135.275.



March T-notes closed higher on Wednesday as it consolidates some of the decline off last-August's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 the January 27th high, the 25% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 134.305 is the next downside target. Closes above the 20-day moving average crossing at 136.274 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 136.274. Second resistance is the 50-day moving average crossing at 137.084. First support is today's low crossing at 135.150. Second support is the 25% retracement level of the 2018-2020-rally on the continuation chart crossing at 134.305. 



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



April crude oil closed higher on Wednesday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 20-day moving average crossing at $55.52 would signal that a short-term top has been posted. First resistance is today's high crossing at $61.31. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $62.15. First support is the 10-day moving average crossing at $58.17. Second support is the 20-day moving average crossing at $55.52.  



April heating oil closed higher on Wednesday and tested the 62% retracement level of  the 2018-2020-decline crossing at $183.37. The high-range close sets the stage for a steady to higher opening when Thursday'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 75% retracement level of  the 2018-2020-decline crossing at $200.04 is the next upside target. Closes below the 20-day moving average crossing at $167.60 would confirm that a short-term top has been posted. First resistance is the 62% retracement 1evel 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 10-day moving average crossing at $174.52. Second support is the 20-day moving average  crossing at $167.60.  



April unleaded gas closed higher on Wednesday and above the 75% retracement level of the 2018-2020-decline crossing at $188.15 as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 87% retracement level of the 2018-2020-decline crossing at $204.11 is the next upside target. Closes below the 20-day moving average crossing at $173.08 would signal that a short-term top has been posted. First resistance is today's high crossing at $190.50. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $204.11. First support is the 10-day moving average crossing at 179.49. Second support is the 20-day moving average crossing at $173.08.    



April Henry natural gas closed higher on Wednesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 rally off January's low, November's high crossing at 3.052 is the next upside target. Closes below the 20-day moving average crossing at 2.765 would signal that a short-term top has been posted. First resistance is today's high crossing at 3.043. Second resistance is November's high crossing at 3.052. First support is the 20-day moving average crossing at 2.765. Second support is the 50-day moving average crossing at 2.664.  



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



The March Dollar closed higher on Wednesday and above the 10-day moving average crossing at 90.70  signaling that a short-term low has been posted. 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 that sideways to higher prices are possible near-term. If March renews the rally off January's low, the November 30th high crossing at 91.96 is the next upside target. If March resumes the decline off February's high, January's low crossing 89.16 is the next downside target. First resistance is February's high crossing at 91.61. Second resistance is the November 30th high crossing at 91.96. First support is the January 21st low crossing 90.03. Second support is January's low crossing at 89.16.  



The March Euro closed lower on Wednesday and below the 10-day moving average crossing at 120.82 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday'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 renews the decline off January's high, the November 23rd low crossing at 118.33 is the next downside target. Closes above the 50-day moving average crossing at 121.70 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 121.70. Second resistance is the January 22nd high crossing at 122.03. First support is today's low crossing at 120.29. Second support is February's low crossing at 119.60.  



The March British Pound closed lower due to profit taking on Wednesday as it consolidated some of the rally off February's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off May's low, the 75% retracement level of the 2016-2020-decline crossing at 1.4156 is the next upside target. Closes below the 20-day moving average crossing at 1.3741 would signal that a short-term top has been posted while opening the door for additional weakness. First resistance is Tuesday's high crossing at 1.3953. Second resistance is the 75% retracement level of the 2016-2020-decline crossing at 1.4156. First support is the 20-day moving average crossing at 1.3741. Second support is the 50-day moving average crossing at 1.3604. 

 

The March Swiss Franc closed sharply lower on Wednesday and below the 10-day moving average crossing at 1.1175 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday'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 the decline off Tuesday's high, February's low crossing at 1.1064 is the next downside target. Closes above the 50-day moving average crossing at 1.1269 are needed to confirm that a short-term low has been posted.First resistance is the 50-day moving average crossing at 1.1269. Second resistance is the January 22nd high crossing at 1.1331. First support is February's low crossing at 1.1064. Second support is the November 30th low crossing at 1.1036. 



The March Canadian Dollar closed lower on Wednesday. The high-range close sets the stage for a steady to slightly lower opening when Thursday'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 the 50-day moving average crossing at 78.51 would signal that a short-term top has been posted. If March extends the rally off January's low, January's high crossing at 79.44 is the next upside target. First resistance is Tuesday's high crossing at 79.31. Second resistance is January's high crossing at 79.44. First support is January's low crossing at 77.63. Second support is the December 28st low crossing at 77.63. 



The March Japanese Yen closed lower on Wednesday as it extended the decline off January's high. The high-range close sets the stage for a steady to higher opening when Thursday’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 62% retracement level of the 2020-2021-rally crossing at 0.0934 is the next downside target. Multiple closes above the 20-day moving average crossing at 0.0956 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.0956. Second resistance is the 50-day moving average crossing at 0.0962. First support is the 50% retracement level of the 2020-2021-rally crossing at 0.0942. Second support is the 62% retracement level of the 2020-2021-rally crossing at 0.0934.  



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



April gold closed lower on Wednesday as it extended the decline off January's high.The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that additional weakness is 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 the 50-day moving average crossing at $1860.80 are needed to confirm that a short-term low has been posted. First resistance is the January 29th high crossing at $1878.90. Second resistance is January's high crossing at $1966.80. First support is February's low crossing at $1784.60. Second support is the 50% retracement level of the 2019-2020-rally crossing at $1725.30.  



March silver closed slightly higher on Wednesday as it extended the trading range of the past six-days. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March renews the rally off January's low, February's high crossing at 30.350 is the next upside target. If March renews the decline off February's high, the 50-day moving average crossing at 26.023 is the next downside target. First resistance is February's high crossing at 30.350. Second resistance is monthly resistance on the continuation chart crossing at 30.727. First support is the 20-day moving average crossing at 26.678. Second support is the 50-day moving average crossing at 26.023. 



March copper posted an inside day with a lower close on Wednesday as it consolidates some of the rally off February's low. The high-range close sets the stage for a steady to slightly lower opening when Thursday'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 March's low, monthly resistance crossing at 398.95 is the next upside target. Closes below the 50-day moving average crossing at 360.76 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 384.50. Second resistance is monthly resistance crossing at 398.95. First support is the 10-day moving average crossing at 371.22. Second support is the 20-day moving average  crossing at 365.24.  



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



March Corn closed up $0.00 3/4-cents at $5.53. 



March corn closed fractionally higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews last-week's decline, the 25% retracement level of the August-January-rally crossing at $5.13 1/2 is the next downside target. This week's closes above the 10-day moving average crossing at $5.48 have tempered the near-term bearish outlook. Closes above the 50% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $5.72 1/4 are needed to renew the rally off August's low. First resistance is the 50% retracement level of the 2012-2019-decline crossing at $5.72 1/4 is the next upside target. Second resistance is the 62% retracement level of the 2012-2019-decline crossing at $6.36. First support is the 25% retracement level of the August-January-rally crossing at $5.13 1/2. Second support is the January 25th low crossing at $4.92 1/2.      



March wheat closed down $0.13 1/2-cents at $6.44.  



March wheat closed lower on Wednesday as it erased a large-portion of Tuesday's rally. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at $6.50 1/2 would confirm an upside breakout of the January-February ascending triangle and would open the door for a test of January's high crossing at $6.93. Closes below the 50-day moving average crossing at $6.34 1/4 would open the door for additional weakness 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 $6.34 1/4. Second support is the December 28th crossing at $6.07.        



March Kansas City Wheat closed down $0.13-cents at $6.24 1/2.

 

March Kansas City wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 $6.03 1/4 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 the February 3rd low crossing at $6.04 1/2. Second support is the 50-day moving average crossing at $6.03 1/4.      



March Minneapolis wheat closed down $0.08 1/4-cents at $6.23. 



March Minneapolis wheat closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday'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 February'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 $6.02 1/2. 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 $6.02 1/2.      

     

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



March soybeans closed down $0.02-cents at $13.83 3/4.



March soybeans closed lower on Wednesday while extending the trading range of the past four-weeks. The mid-range close sets the stage for a steady to lower opening when Thursday'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 renews 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 $13.13 1/4 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 $13.13 1/4. Second support is the 25% retracement level of the April-January rally crossing at $12.83 1/2.



March soybean meal closed up $3.30 to $431.70. 



March soybean meal closed higher on Wednesday as it extends the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices possible near-term. Closes above last-Tuesday's high crossing at $443.70 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $423.10 would renew the decline off January's high while opening the door for additional weakness near-term. 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 $423.10. Second support is the 38% retracement level of the August-January rally crossing at $401.40.      



March soybean oil closed down 50 pts. at 46.77. 



March soybean oil closed lower on Wednesday as it consolidated some of the rally off last-April's low. The low-range close sets the stage for a steady to lower opening when Thursday'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. If March fills Tuesday's gap or gaps down and leaves Tuesday's gap unfilled, it would mark an island top that could lead to a sharp technical sell off due to profit taking. Closes below the 20-day moving average crossing at 44.78 would confirm that a short-term top has been posted. First resistance is today's high crossing at 46.64. 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 44.78. Second support is the 50-day moving average crossing at 42.35.     

 

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



April hogs closed down $1.28 at $84.90. 



April hogs closed lower due to profit taking on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 87% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $92.25 is the next upside target. Closes below the 20-day moving average crossing at $79.09 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $85.25. Second resistance is the 87% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $92.25. First support is the 10-day moving average crossing at $82.22. Second support is the 20-day moving average crossing at $79.09. 



April cattle closed up $1.65 at $124.15 



April cattle closed lower due to profit taking on Wednesday as it consolidates some of the rally off October's low. The  low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are 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 $122.89 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $126.70. Second resistance is the December-2019 high crossing at $127.90. First support is the 20-day moving average crossing at $122.89. Second support is the 50-day moving average crossing at $119.87. 



April Feeder cattle closed down $1.85 at $142.75. 


April Feeder cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's 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 February's low, January's high crossing at $147.00 is the next upside target. Closes below the 50-day moving average crossing at $141.70 would signal that a short-term top has been posted. 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 February'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 



May coffee closed higher on Wednesday as it extended the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, February's high crossing at 12.93 is the next upside target. If May renews the decline off January's high, January's low crossing at 12.09 is the next downside target.        



May cocoa closed lower on Wednesday marking a downside breakout of the December-February trading range. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Today's breakout and close below the December 22nd low crossing at 24.09 mark a downside breakout of the aforementioned trading range and the resumption of the decline off November's high. If May extends today's decline, the November 12th low crossing at 23.27 is the next downside target. Closes above the 50-day moving average crossing at 24.83 would signal that a short-term low has been posted.        



May sugar closed higher on Wednesday and posted a new contract high. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-April's low, weekly resistance crossing at 17.23 is the next upside target. Closes below the 20-day moving average crossing at 15.43 would signal that a short-term top has been posted.    



March cotton closed higher on Wednesday as it extends this month's rally. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off April's low, the July-2018 high on the weekly continuation chart crossing at 89.98 is the next upside target. Closes below the 20-day moving average crossing at 83.30 would signal that a short-term top has been posted.     

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By metmike - Feb. 17, 2021, 11:30 p.m.
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Thanks tallpine!