INO Evening Market Comments
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Started by tallpine - Feb. 22, 2021, 4:28 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, February 23, 2021  



7:45 AM ET. Weekly Chain Store Sales Index



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M% (previous -0.9%)



                       Ret Sales Mo-to-Date, Y/Y% (previous +2.4%)



                       Latest Wk, Y/Y% (previous +4.0%)



9:00 AM ET. 4th Quarter U.S. Quarterly House Price Index



9:00 AM ET. December U.S. Monthly House Price Index



9:00 AM ET. December S&P CoreLogic Case-Shiller Indices



                       10-City Idx, M/M% (previous +1.2%)



                       10-City Idx, Y/Y% (previous +8.8%)



                       20-City Idx, M/M% (previous +1.1%)



                       20-City Idx, Y/Y% (previous +9.1%)



                       National Idx, M/M% (previous +1.1%)



                       National Idx, Y/Y% (previous +9.5%)



10:00 AM ET. February Richmond Fed Business Activity Survey



                       Mfg Idx (previous 14)



                       Shipments Idx (previous 10



10:00 AM ET. February Consumer Confidence Index



                       Cons Conf Idx (previous 89.3)



                       Expectation Idx (previous 92.5)



                       Present Situation Idx (previous 84.4)



1:00 PM ET. January Money Stock Measures



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous -5.8M)



                       Gasoline Stocks, Net Chg (Bbls) (previous +3.9M)



                       Distillate Stocks, Net Chg (Bbls) (previous -3.0M)



5:00 PM ET. SEC Closed Meeting



Wednesday, February 24, 2021 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 892.6)



                       Composite Idx, W/W% (previous -5.1%)



                       Purchase Idx-SA (previous 299.5)



                       Purchase Idx-SA, W/W% (previous -6.1%)



                       Refinance Idx (previous 4337.0)



                       Refinance Idx, W/W% (previous -4.7%)



10:00 AM ET. January New Residential Sales



                       New Home Sales (previous 842K)



                       New Home Sales, M/M% (previous +1.6%)



                       New Home Sales Months Supply (previous 4.3)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 461.757M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -7.257M)



                       Gasoline Stocks (Bbl) (previous 257.084M)



                       Gasoline Stocks, Net Chg (Bbl) (previous +0.672M)



                       Distillate Stocks (Bbl) (previous 157.684M)



                       Distillate Stocks, Net Chg (Bbl) (previous -3.422M)



                       Refinery Usage (previous 83.1%)



                       Total Prod Supplied (Bbl/day) (previous 20.668M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.485M)



Thursday, February 25, 2021 



8:30 AM ET. 4th Quarter 2nd estimate GDP



                       Annual Rate, Q/Q% (previous +4.0%)



                       Chain-Weighted Price Idx, Q/Q% (previous +2.0%)



                       Corporate Profits, Q/Q% (previous +36.1%)



                       PCE Price Idx, Q/Q% (previous +1.5%)



                       Purchase Price Idx, Q/Q% (previous +1.7%)



                       Real Final Sales, Q/Q% (previous +3.0%)



                       Core PCE Price Idx, Q/Q% (previous +1.4%)



                       Consumer Spending, Q/Q% (previous +2.5%)



8:30 AM ET. January Advance Report on Durable Goods



                       Durable Goods-SA, M/M% (previous +0.2%)



                       Dur Goods, Ex-Defense, M/M% (previous +0.5%)



                       Dur Goods, Ex-Transport, M/M% (previous +0.7%)



                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.6%)

                       

                       Shipments: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.5%)

                       

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



                       Jobless Claims (previous 861K)



                       Jobless Claims, Net Chg (previous +13K)



                       Continuing Claims (previous 4494000)



                       Continuing Claims, Net Chg (previous -64K)



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



                       Corn (Metric Tons)



                       Soybeans (Metric Tons)



                       Wheat (Metric Tons)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. January Pending Home Sales Index



                       Pending Home Sales (previous 125.5)



                       Pending Home Sales Idx, M/M%  (previous -0.3%)



                       Pending Home Sales Idx , Y/Y% (previous +21.4%)



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



                       Working Gas In Storage (Cbf) (previous 281B)



                       Working Gas In Storage, Net Chg (Cbf) (previous -237B)

                       

11:00 AM ET. February Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing



                       Mfg Activity Idx (previous 22)



                       6-Mo Exp Prod Idx (previous 46)



                       Mfg Composite Idx (previous 17)



                       6-Mo Exp Composite Idx (previous 24)



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Money Stock Measures



Friday, February 26, 2021



8:30 AM ET. January Personal Income & Outlays



                       Personal Income, M/M% (previous +0.6%)



                       Consumer Spending, M/M% (previous -0.2%)



                       PCE Price Idx, M/M% (previous +0.4%)



                       PCE Price Idx, Y/Y%  (previous +1.3%)

 

                       PCE Core Price Idx, M/M% (previous +0.3%)



                       PCE Core Price Idx, Y/Y% (previous +1.5%)



8:30 AM ET. January Advance Economic Indicators Report



9:45 AM ET. February Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI



                       PMI-Adj (previous 63.8)



10:00 AM ET. February University of Michigan Survey of Consumers – final


                       End-Mo Sentiment Idx (previous 79.0)



                       End-Mo Expectations Idx (previous 74.0)



                       12-Month Inflation Forecast (previous 3.0%)



                       5-Year Inflation Forecast (previous 2.7%)



                       End-Mo Current Idx (previous 86.7)



3:00 PM ET. January Agricultural Prices



                       Farm Prices, M/M% (previous +0.8%)


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



The Dow closed higher on Monday after starting the week under pressure.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 sideways to higher prices are possible near-term. If the Dow extends this month's rally into uncharted territory making  upside targets hard to project. Closes below the 20-day moving average crossing at 31,072.55 would signal that a short-term top has been posted.First resistance is last-Friday's high crossing at 31,647.53. Second resistance is unknown. First support is the 20-day moving average crossing at 31,072.55. Second support is the 50-day moving average crossing at 30,748.03. 

 

The March NASDAQ 100 closed sharply lower on Monday and below the 20-day moving average as rising bond yields pressured tech stocks. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at 13,498.67 signals that a short-term top has been posted. If March renews the rally off September's low into uncharted territory, upside targets will be hard to project. First resistance is last-Tuesday's high crossing at 13,900.50. Second resistance is unknown. First support is the 50-day moving average crossing at 13,081.48. Second support is February's low crossing at 12,727.25.   



The March S&P 500 closed lower on Friday as it extends the decline off last-Tuesday's high. 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 sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3859.84 would signal that a short-term top has been posted. If March extends the rally into uncharted territory, upside targets will be hard to project. First resistance is last-Tuesday's high crossing at 3959.25. Second resistance is unknown. First support is the 20-day moving average crossing at 3859.84. Second support is the 50-day moving average crossing at 3785.97.  



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



March T-bonds closed down 18/32's at 162-15.

  

March T-bonds closed lower on Monday as it extends the decline off the January 28th high. 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 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 166-27 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 165-06. Second resistance is the 20-day moving average crossing at 166-27. First support is today's low crossing at 162-02. Second support is the 62% retracement level of the 2018-2020 rally crossing at 157-20. 



March T-notes closed down 30-pts. at 135.115.



March T-notes closed lower on Monday as it extends the decline off last-August's high. The mid-range close sets the stage for a steady to lower 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 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 136.206 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 136.062. Second resistance is the 20-day moving average crossing at 136.206. First support is today's low crossing at 135.010. 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 settled at its highest in over a year as expectation for a slow rebound in output following winter storms that shuttered U.S. producers and refineries offline.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are overbought and remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off November's low, the October-2018 high crossing at $67.23 is the next upside target. Closes below the 20-day moving average crossing at $56.66 would signal that a short-term top has been posted. First resistance is the 87% retracement level of the 2018-2020-decline crossing at $62.15. Second resistance is the October-2018 high crossing at $67.23. First support is the 10-day moving average crossing at $59.46. Second support is the 20-day moving average crossing at $56.66.  



April heating oil posted a new high close for the year on Monday as it extend 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 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 $171.11 would confirm that a short-term top has been posted. First resistance is today's high crossing at $185.45. 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 $178.51. Second support is the 20-day moving average  crossing at $171.11.  



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 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 $176.87 would signal that a short-term top has been posted. First resistance is today's high crossing at $193.35. 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 184.12. Second support is the 20-day moving average crossing at $176.87.    



April Henry natural gas closed lower on Monday as February's cold spell is beginning to abate across much of the central and northeastern part of the United States. The high-range close sets the stage for a steady to modestly lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 2.830 would signal that a short-term top has been posted. If April extends the rally off January's low, the October-2020 high on the weekly continuation chart crossing at 3.396 is the next upside target. First resistance is last-Thursday's high crossing at 3.060. Second resistance is the weekly continuation chart crossing at 3.396. First support is the 20-day moving average crossing at 2.830. Second support is the 50-day moving average crossing at 2.695.  



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



The March Dollar closed lower on Monday as it renewed the decline off February's high. 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 bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off February's high, January's low crossing 89.16 is the next downside target. If March renews the rally off January's low, February's high crossing at 91.6 is the next upside 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 today's low crossing 89.98. Second support is January's low crossing at 89.16.  



The March Euro closed higher on Monday as it extended 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 121.68 are needed to confirm that a short-term low has been posted. If March renews the decline off January's high, the November 23rd low crossing at 118.33 is the next downside target. First resistance is the 50-day moving average crossing at 121.68. Second resistance is the January 22nd high crossing at 122.03. First support is last-Wednesday's low crossing at 120.29. Second support is February's low crossing at 119.60.  



The March British Pound closed higher on Monday as it extends the rally off September'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 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 1.3791 would signal that a short-term top has been posted while opening the door for additional weakness. First resistance is today's high crossing at 1.4089. Second resistance is the 75% retracement level of the 2016-2020-decline crossing at 1.4156. First support is the 10-day moving average crossing at 1.3890. Second support is the 20-day moving average crossing at 1.3791. 

 

The March Swiss Franc closed slightly 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 near-term. Closes above the 50-day moving average crossing at 1.1262 are needed to confirm that a short-term low has been posted. If March extends the decline off Tuesday's high, February's low crossing at 1.1064 is the next downside target. First resistance is the 20-day moving average crossing at 1.1194. Second resistance is the 50-day moving average crossing at 1.1262. 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 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 becoming 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 87% retracement level of the 2018-2020-decline crossing at 80.51 is the next upside target. Closes below the 50-day moving average crossing at 78.50 would signal that a short-term top has been posted. First resistance is today's high crossing at 79.49. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at 80.51. First support is the 50-day moving average crossing at 78.50. Second support is January's low crossing at 77.63. 



The March Japanese Yen closed higher due to short covering on Monday as it consolidated 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 0.0953 would signal that a short-term low has been posted. If March renews the decline off January's high, the 62% retracement level of the 2020-2021-rally crossing at 0.0934 is the next downside target. First resistance is the 20-day moving average crossing at 0.0953. Second resistance is the February 10th high crossing at 0.0958. 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 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 are turning neutral to bearish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $1824.30 are needed to confirm that a short-term low has been posted. If April extends the decline off January's high, the 50% retracement level of the 2019-2020-rally crossing at $1725.30. is the next downside target. First resistance is the 20-day moving average crossing at $1824.30. Second resistance is the 50-day moving average crossing at $1954.80. First support is last-Friday's low crossing at $1759.00. Second support is the 50% retracement level of the 2019-2020-rally crossing at $1725.30.  



May silver closed higher on Monday as it extended the rally off last-Friday's. 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 May renews the rally off January's low, February's high crossing at 30.350 is the next upside target. Closes below the 50-day moving average crossing at 26.244 would confirm that a short-term top has been posted. 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 50-day moving average crossing at 26.244. Second support is the January 27th low crossing at 24.715. 



May copper closed higher on Monday as it extends the rally off February'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 March extends the rally off March's low, the 87% retracement level of the 2011-2016-low crossing at 429.67 is the next upside target. Closes below the 20-day moving average crossing at 371.48 would signal that a short-term top has been posted. First resistance is today's high crossing at 422.00. Second resistance is the 87% retracement level of the 2011-2016-low crossing at 429.67. First support is the 10-day moving average crossing at 385.17. Second support is the 20-day moving average crossing at 371.47.  



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



May Corn closed up $0.08 3/4-cents at $5.50 1/2. 



May corn closed higher on Monday. 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 neutral signaling that sideways trading is possible near-term. If May renews last-week's decline, the 25% retracement level of the August-January-rally crossing at $5.14 is the next downside target. 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 $5.14. Second support is the 20-day moving average crossing at $4.71 1/4.      



May wheat closed up $0.14 1/4-cents at $6.69 3/4.  



May 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Friday's high crossing at $6.72 are needed to confirm an upside breakout of the four-week old trading range and open the door for a possible test of January's high crossing at $6.93. Closes below the 50-day moving average crossing at $6.40 3/4 would signal that a short-term top has likely been posted while opening 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 $6.40 3/4. Second support is the December 25th crossing at $6.26.        



May Kansas City Wheat closed up $0.12 3/4-cents at $6.51.

 

May 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 are neutral to bullish signaling that sideways to higher prices are possible near-term. If May 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 $6.13 is the next downside target. First resistance is January's high crossing at $6.63. Second resistance is the December-2014 high on the monthly continuation chart crossing at $7.05 3/4. First support is the 50-day moving average crossing at $6.13. Second support is the January 8th low crossing at $5.92.       



May Minneapolis wheat closed up $0.09 3/4-cents at $6.49 3/4. 



May 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 neutral to bullish signaling that sideways to higher prices are possible. If March extends today's rally, January's high crossing at $6.62 is the next upside target. Closes below February's low crossing at $6.19 3/4 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 $6.16 3/4. First resistance is January's high crossing at crossing at $6.62. Second resistance is monthly resistance crossing at $6.77. First support is the 50-day moving average crossing at $6.16 3/4. Second support is the January 8th low crossing at $6.05.    

     

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



May soybeans closed up $0.07 1/2-cents at $13.87 1/2.



May soybeans closed higher on Monday while extending the trading range of the past five-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 signaling that sideways trading is possible near-term. If May renews the rally off January's low, January's high crossing at $14.33 is the next upside target. If May renews the decline off January's high, the 50-day moving average crossing at $13.25 1/4 is the next downside target. First resistance is January's high crossing at $14.33. 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 $13.25 1/4. Second support is January's low crossing at $12.97.



May soybean meal closed down $0.70 to $422.90. 



May soybean meal closed lower on Monday as it extends the trading range of the past five-weeks. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the February 11th low crossing at $418.30 would renew the decline off January's high while opening the door for additional weakness near-term. Closes above the February 9th high crossing at $442.10 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 February 11th low crossing at $418.30. Second support is the 38% retracement level of the August-January rally crossing at $396.90.       



May soybean oil closed up 33 pts. at 47.22. 



May soybean oil closed higher on Monday as it 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 May 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 20-day moving average crossing at 44.79 would confirm that a short-term top has been posted. First resistance is today's high crossing at 47.42. 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 44.79. Second support is the 50-day moving average crossing at 42.34.      

 

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



April hogs closed up $0.63 at $85.13. 



April hogs closed higher on Monday. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $80.66 would signal that a short-term top has been posted. If April renews the rally off November's low, the 87% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $92.25 is the next upside target. First resistance is February's high crossing at $87.25. 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 $83.79. Second support  is the 20-day moving average crossing at $80.66. 



April cattle closed up $0.63 at $123.05 



April cattle closed lower on Monday as it extended last-Tuesday's decline. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. If April extends the decline off last-Tuesday's high, the 50-day moving average crossing at $120.33 is the next downside target. If April renews the rally off October's low, the December-2019 high on the monthly continuation chart crossing at $127.90 is the next upside target. First resistance is last-Tuesday's high crossing at $126.70. Second resistance is the December-2019 high crossing at $127.90. First support is February's low crossing at $121.25. Second support is the 50-day moving average crossing at $120.33. 



April Feeder cattle closed up $0.60 at $143.28. 


April Feeder cattle 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 session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April resumes 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 $141.86 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 sharply higher on Monday as it resumed the rally off November's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, last-September's high crossing at 13.65 is the next upside target. Closes below the 50-day moving average crossing at 12.65 would signal that a short-term top has been posted.        



May cocoa closed higher on Monday as it extended the rally off last-Wednesday's low. 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. Today's close above the 50-day moving average crossing at 24.75 confirm that a short-term low has been posted. If May renews last-Wednesday's decline, the November 12th low crossing at 23.27 is the next downside target.         



May sugar closed higher on Monday and posted a new contract high as it extends the rally off last-April's low. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain 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 18.42 is the next upside target. Closes below the 20-day moving average crossing at 15.68 would signal that a short-term top has been posted.    



May cotton closed higher on Monday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off April's low, the June-2018 high on the weekly continuation chart crossing at 96.50 is the next upside target. Closes below the 20-day moving average crossing at 85.77 would signal that a short-term top has been posted.     

Comments
By metmike - Feb. 22, 2021, 11:34 p.m.
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Thanks tallpine!