INO Morning Market Commentary
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Started by tallpine - Feb. 23, 2021, 7:43 a.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 STOCK INDEXES: The March NASDAQ 100 was sharply lower overnight and has dropped below key support marked by the 50-day moving average crossing at 13,091.41. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 13,091.41 opens the door for a possible test of February's low crossing at 12,727.25. Closes below the 10-day moving average crossing at 13,578.42 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 13,578.42. Second resistance is last-Tuesday's high crossing at 13,900.50. First support is the 50-day moving average crossing at 13,091.41. Second support is February's low crossing at 12,727.25.  



The March S&P 500 was lower overnight as it extends the decline off last-Tuesday's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning.Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3855.25 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes this winter's 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 3855.25. Second support is the 50-day moving average crossing at 3789.32. 



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



INTEREST RATES: March T-bonds were lower overnight as they extend this year's decline. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 August's high, a test of the 62% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 157-20 is the next downside target. Closes above the 20-day moving average crossing at 166-15 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 164-22. Second resistance is the 20-day moving average crossing at 166-15. First support is the overnight low crossing at 161-31. Second support is the 62% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 157-20.



March T-notes were steady to slightly higher overnight as they consolidate some of the decline off January's high. The low-range overnight trade sets the stage for a steady to slightly higher opening with the day 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 136.174 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 136.018. Second resistance is the 20-day moving average crossing at 136.174. First support is Monday's low crossing at 135.010. Second support is the 25% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 134.305. 



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



April crude oil was higher overnight and tested the 87% retracement level of the 2018-2020 decline crossing at $62.15. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 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 $57.15 would confirm 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 $59.93. Second support is the 20-day moving average crossing at $57.15.    



April heating oil was steady to slightly higher overnight as it extends the rally off November's low. The low-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signals 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 $172.45 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $188.55. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $200.04. First support is the 10-day moving average crossing at $179.74. Second support is the 20-day moving average crossing at $172.45. 



April unleaded gas was steady to slightly higher overnight as it extends the rally off November's low. The low-range overnight trade sets the stage for a steady to slightly higher opening when the day 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 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 $178.27 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $196.00. 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 $185.65. Second support is the 20-day moving average crossing at $178.27. 



April Henry natural gas was lower overnight following last-Thursday's key reversal down as it consolidates some of the rally off December's low. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 2.843 would signal that a short-term top has been posted. If April renews the rally off December's low, the October-2020 high on the weekly continuation chart crossing at 3.396 is the next upside target. First resistance resistance is last-Thursday's high crossing at 3.060. Second resistance is the October-2020 high on the weekly continuation chart crossing at 3.396. First support is the 20-day moving average crossing at 2.843. Second support is the February 10th low crossing at 2.747.  



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



CURRENCIES:The March Dollar was higher in overnight trading as it consolidates some of the decline off last-Wednesday's high. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 February's high, January's low crossing at $89.16 is the next downside target. Closes above the 20-day moving average crossing at $90.65 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at $91.05. Second resistance is February's high crossing at $91.61. First support is the overnight low crossing at $89.92. Second support is January's low crossing at $89.16.



The March Euro was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $121.69 are needed to renew the rally off February's low. Closes below the 20-day moving average crossing at $121.02 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $121.69. Second resistance is the January 22 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 was higher overnight as it extends the rally off February's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings 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, the 75% retracement level of the 2017-2020-decline crossing at 1.4156 is the next upside target. Closes below the 20-day moving average crossing at 1.3813 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the overnight high crossing at 1.4099. Second resistance is the 75% retracement level of the 2017-2020-decline crossing at 1.4156. First support is the 10-day moving average crossing at 1.3925. Second support is the 20-day moving average crossing at 1.3813.  



The March Swiss Franc was lower overnight as it extended the decline off last-Tuesday's high. The  low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last-Tuesday's high, February's low crossing at 1.1064 is the next downside target. Closes above the 50-day moving average crossing at 1.1259 are needed to confirm that a short-term low has been posted while opening the door for additional gains near-term. First resistance is February's high crossing at 1.1280. Second resistance is the January 22nd high crossing at 1.1331. Third resistance is January's high crossing at 1.1441. First support is Monday's  low crossing at 1.1088. Second support is February's low crossing at 1.1064.



The March Canadian Dollar was lower overnight as it consolidates recent gains. The low-range trade sets the stage for a steady to slightly lower opening when the day 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 February's low, the 87% retracement level of the 2018-2020-decline crossing at $80.50 is the next upside target. Closes below the 50-day moving average crossing at $78.52 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $79.49. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $80.50. First support is the 50-day moving average crossing at $78.52. Second support is January's low crossing at $77.63.  



The March Japanese Yen was lower overnight as it consolidates some of the rally off last-Wednesday's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.0953 would signal that a short-term low has been posted. If March resumes the decline off January's high, last-August's low crossing at 0.0938 is the next downside target. First resistance is the 20-day moving average crossing at 0.0953. Second resistance is the 50-day moving average crossing at 0.0961. First support is the 50% retracement level of the 2020-2021-rally crossing at 0.0942. Second support is last-August's low crossing at 0.0938. 

 

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



PRECIOUS METALS: April gold was higher due to short covering overnight as it consolidates some of the decline off January's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $1821.90 would confirm that a short-term low has been posted. If April renews 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 10-day moving average crossing at $1807.20. Second resistance is 20-day moving average crossing at $1821.90. 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 was steady to slightly lower overnight as it consolidates some of the rally off last-Friday's low. The low-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading later this morning. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-Friday's low, February's high crossing at $30.040 is the next upside target. Closes below the 50-day moving average crossing at $26.323 would confirm that a top has been posted. First resistance is the overnight high crossing at $28.470. Second resistance is February's high crossing at $30.040. First support is the 50-day moving average crossing at $26.323. Second support is the January 27th low crossing at $24.775.  



May copper was steady to slightly lower overnight it consolidates some of the impressive rally off February's low. The low-range overnight trade sets the stage for a steady to slightly lower opening when the day 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 87% retracement level of the 2011-2016-decline on the monthly continuation chart crossing at 4.2967 is the next upside target. Closes below the 20-day moving average crossing at 3.7402 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 4.2335. Second resistance is the 87% retracement level of the 2011-2016-decline on the monthly continuation chart crossing at 4.2967. First support is the 10-day moving average crossing at 3.8994. Second support is the 20-day moving average crossing at 3.7402.   



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



May corn was higher overnight as it extends the rebound off February's low. The mid-range close sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI are poised to turn neutral to bullish with additional strength that would signal that sideways to higher prices are possible near-term. If May resumes the rally off April's low, the 62% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $6.36 is the next upside target. If May resumes the decline off February's high, the 25% retracement level of the August-February-rally crossing at $5.14 is the next downside target. First resistance is February's high crossing at $5.72. Second resistance is the 62% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $6.36. First support is the February 11th low crossing at $5.23 1/4. Second support is the the 25% retracement level of the August-February-rally crossing at $5.14.      



May wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day 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 May extends the rally off the February 10th low, January's high crossing at $6.93 is the next upside target. Closes below the 50-day moving average crossing at $6.42 1/4 would open the door for additional weakness near-term. First resistance is last-Friday's high crossing at $6.72. Second resistance is January's high crossing at $6.93. First support is the 50-day moving average crossing at $6.42 1/4. Second support is the January 25th low crossing at $6.26. 

 

May Kansas City wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day 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 February's low, January's high crossing at $6.63 is the next upside target. Closes below the 20-day moving average crossing at $6.34 would temper the near-term friendly outlook. 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 $6.14 3/4. Second support is February's low crossing at $6.08 1/4. 



May Minneapolis wheat was lower overnight as it consolidates some of Monday's rally. The low-range close sets the stage for a steady to lower opening when the day 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 May extends the rally off February's low, January's high crossing at $6.62 is the next upside target. Closes below the 20-day moving average crossing at $6.37 would temper the near-term friendly outlook. First resistance is Monday's high crossing at $6.50 1/2. Second resistance is January's high crossing at $6.62. First support is the 50-day moving average crossing at $6.18 1/4. Second support is the January 25th low crossing at crossing at $6.15.       

     

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



May soybeans were higher overnight and appear poised to breakout to the topside of the trading range of the past five-weeks.The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes 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 $13.30 is the next downside target. First resistance is the overnight high crossing at $14.15. Second resistance is January's high crossing at $14.33. First support is the 50-day moving average crossing at $13.30. Second support is the January 25th low crossing at $12.97.



March soybean meal was higher overnight trading as it extends the trading range of the past five-weeks. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are poised to turn neutral to bullish with additional gains that would signal sideways to higher prices are possible near-term. Closes above the February 9th high crossing at $442.10 would mark an upside breakout of the aforementioned trading range. Closes below the January 25th low crossing at $413.40 would confirm a downside breakout of the aforementioned trading range while opening the door for a possible test of the 38% retracement level of August-January rally crossing at $396.90. First resistance is the February 9th high crossing at $442.10. Second resistance is January's high crossing at $463.60. First support is the 50-day moving average crossing at $424.10. Second support is the 38% retracement level of the August-January rally crossing at $396.90.       


May soybean oil was higher overnight as it extends the rally off last-April's low. The high-range close sets the stage for a steady to higher opening when the day 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 62% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at 53.45 is the next upside target. Closes below the 20-day moving average crossing at 45.07 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 47.95. Second resistance is the 62% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at 53.45. First support is the 20-day moving average crossing at 45.07. Second support is the 50-day moving average crossing at 42.54.      


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. 23, 2021, 1:18 p.m.
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Thanks tallpine!