KEY EVENTS TO WATCH FOR:
Wednesday, March 3, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 790.6)
Composite Idx, W/W% (previous -11.4%)
Purchase Idx-SA (previous 264.9)
Purchase Idx-SA, W/W% (previous -11.6%)
Refinance Idx (previous 3848.1)
Refinance Idx, W/W% (previous -11.3%)
8:15 AM ET. February ADP National Employment Report
Private Sector Jobs, Net Chg (expected +210000; previous +174000)
9:45 AM ET. February US Services PMI
PMI, Services (expected 58.9; previous 58.3)
10:00 AM ET. February ISM Report On Business Services PMI
Non-Mfg Composite Idx (expected 58.7; previous 58.7)
Non-Mfg Business Idx (previous 59.9)
Prices Idx (previous 64.2)
Employment Idx (previous 55.2)
New Orders Idx (previous 61.8)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 463.042M)
Crude Oil Stocks, Net Chg (Bbl) (previous +1.285M)
Gasoline Stocks (Bbl) (previous 257.096M)
Gasoline Stocks, Net Chg (Bbl) (previous +0.012M)
Distillate Stocks (Bbl) (previous 152.715M)
Distillate Stocks, Net Chg (Bbl) (previous -4.969M)
Refinery Usage (previous 68.6%)
Total Prod Supplied (Bbl/day) (previous 18.688M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -1.98M)
11:00 AM ET. February Global Services PMI
PMI, Services (previous 51.6)
2:00 PM ET. U.S. Federal Reserve Beige Book
Thursday, March 4, 2021
7:30 AM ET. February Challenger Job-Cut Report
Job Cuts, M/M% (previous -6.74%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 755K; previous 730K)
Jobless Claims, Net Chg (previous -111K)
Continuing Claims (previous 4419000)
Continuing Claims, Net Chg (previous -101K)
8:30 AM ET. 4th Quarter Revised Productivity & Costs
Non-Farm Productivity (expected -4.7%; previous +4.6%)
Unit Labor Costs (expected +6.7%; previous -6.6%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 599.2K)
Soybeans (Metric Tons) (previous 238.7K)
Wheat (Metric Tons) (previous 182.5K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. January Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (expected +2.0%; previous +1.1%)
Orders, Ex-Defense, M/M% (previous +1.3%)
Orders, Ex-Transport, M/M% (previous +1.4%)
Durable Goods, M/M% (previous +0.2%)
Durable Goods, M/M% (previous +0.5%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1943B)
Working Gas In Storage, Net Chg (Cbf) (previous -338B)
12:00 PM ET. February Monthly U.S. Retail Chain Store Sales Index
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, March 5, 2021
8:30 AM ET. January U.S. International Trade in Goods & Services
Trade Balance (USD) (expected -67.5B; previous -66.61B)
Exports (USD) (previous 189.96B)
Exports, M/M%
Imports (USD) (previous 256.57B)
Imports, M/M%
8:30 AM ET. February U.S. Employment Report
Non-Farm Payrolls (expected +218K; previous +49K)
Unemployment Rate (expected 6.3%; previous 6.3%)
Avg Hourly Earnings (USD) (previous 29.96)
Avg Hourly Earnings-Net Chg (USD) (previous +0.06)
Avg Hourly Earnings, M/M% (expected +0.2%; previous +0.20%)
Avg Hourly Earnings, Y/Y% (expected +5.3%; previous +5.38%)
Overall Workweek (previous 35)
Overall Workweek Net Chg (previous +0.3)
Government Payrolls (previous +43K)
Private Payroll (previous +6K)
Participation Rate (previous 61.4%)
Non-Farm Payrolls Bench Net Chg (previous -250K)
3:00 PM ET. January Consumer Credit
Consumer Credit Net Chg (USD) (expected +12.0B; previous +9.7B)
Monday, March 8, 2021
10:00 AM ET. February Employment Trends Index
ETI (previous 99.27)
ETI, Y/Y%
10:00 AM ET. January Monthly Wholesale Trade
Inventories, M/M% (previous +0.3%)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow posted an inside day with a lower close on Tuesday as it consolidates some of Monday's rally. The low-range close sets the stage for a steady to lower opening when Wednesday'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 the Dow resumes the rally off February's low into uncharted territory, upside targets hard to project. Closes below the 50-day moving average crossing at 30,916.95 would signal that a short-term top has been posted.First resistance is last-Wednesday's high crossing at 32,009.64. Second resistance is unknown. First support is the 50-day moving average crossing at 30,916.95. Second support is January's low crossing at 29,856.30.
The March NASDAQ 100 closed lower on Tuesday as it consolidated some of the rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Wednesday'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 20-day moving average crossing at 13,454.36 would signal that a short-term low has been posted. If March renews the decline off February's high, January's low crossing at 12,491.25 is the next downside target. First resistance is the 20-day moving average crossing at 13,454.36. Second resistance is February's high crossing at 13,900.50. First support is last-Friday's low crossing at 12,662.25. Second support is January's low crossing at 12,491.25.
The March S&P 500 posted an inside day with a lower close on Tuesday as it consolidates some of Monday's rally. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally into uncharted territory, upside targets will be hard to project. Multiple closes below the 50-day moving average crossing at 3810.03 would confirm that a short-term top has been posted. First resistance is February's high crossing at 3959.25. Second resistance is unknown. First support is the 50-day moving average crossing at 3810.03. Second support is February's low crossing at 3656.50.
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June T-bonds closed up 16/32's at 159-22.
June T-bonds closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 the 20-day moving average crossing at 162-30 would signal that a short-term low has been posted. If June extends the decline off November's high, the January-2020 low on the monthly continuation chart crossing at 155-05 is the next downside target. First resistance is the 10-day moving average crossing at 160-16. Second resistance is the 20-day moving average crossing at 162-30. First support is the 62% retracement level of the 2018-2020 rally on the monthly continuation chart crossing at 157-20. Second support is the January-2020 low on the monthly continuation chart crossing at 155-05.
June T-notes closed up 135-pts. At 133.195.
June T-notes closed higher on Tuesday as it consolidated some of the decline off last-September's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 20-day moving average crossing at 134.235 are needed to confirm that a short-term low has been posted. If June resumes the decline off the January 27th high, the 38% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 131.278 is the next downside target. First resistance is the 10-day moving average crossing at 133.271. Second resistance is the 20-day moving average crossing at 134.235. First support is last-Thursday's low crossing at 131.310. Second support is the the 38% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 131.278.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
April crude oil closed lower for the third day in a row on Tuesday as it consolidated some of the rally off November's low.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $59.41 would signal that a short-term top has been posted. If April renews the rally off November's low, the October-2018 high crossing at $67.23 is the next upside target. First resistance is last-Thursday's high crossing at $63.81. Second resistance is the October-2018 high crossing at $67.23. First support is the 20-day moving average crossing at $59.41. Second support is the February 12th low crossing at $57.31.
April heating oil closed lower due to profit taking on Tuesday as it consolidated some of the rally off November's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $178.64 would confirm that a short-term top has been posted. If April renews the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $200.04 is the next upside target. First resistance is last-Thursday's high crossing at $191.30. Second resistance is the the 75% retracement level of the 2018-2020-decline crossing at $200.04. First support is the 20-day moving average crossing at $178.64. Second support is the February 12th low crossing at $171.81.
April unleaded gas closed lower on Tuesday as it consolidates some of the rally off November'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 and are turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $185.45 would signal that a short-term top has been posted. 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. First resistance is last-Thursday's high crossing at $198.76. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $204.11. First support is the 20-day moving average crossing at 185.46. Second support is the February 12th low crossing at $175.76.
April Henry natural gas closed higher on Tuesday as it consolidates some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 10-day moving average crossing at 2.875 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at 2.719 would confirm a trend change while opening the door for additional weakness near-term. First resistance is the 10-day moving average crossing at 2.875. Second resistance is February's high crossing at 3.060. First support is the 50-day moving average crossing at 2.719. Second support is the 62% retracement level of the December-February rally crossing at 2.596.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar posted a downside reversal on Tuesday ending a three-day rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last-Thursday's low, February's high crossing at 91.61 is the next upside target. Closes below the 50-day moving average crossing 90.40 would signal that a short-term low has been posted. First resistance is the today's high crossing at 91.41. Second resistance is February's high crossing at 91.60. First support is last-Thursday's low crossing 89.67. Second support is January's low crossing at 89.16.
The March Euro posted an upside reversal on Tuesday as it consolidated some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 aforementioned decline, February's low crossing at 119.60 is the next downside target. Closes above the 50-day moving average crossing at 121.63 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 121.63. Second resistance is last-Thursday's high crossing at 122.47. First support is today's low crossing at 119.94. Second support is February's low crossing at 119.60.
The March British Pound closed higher on Tuesday as it consolidates some of the decline off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 20-day moving average crossing at 1.3886 would signal that a short-term top has been posted while opening the door for additional weakness. If March resumes the rally off May's low, the 87% retracement level of the 2016-2020-decline crossing at 1.4577 is the next upside target. First resistance is last-Wednesday's high crossing at 1.4245. Second resistance is the 87% retracement level of the 2016-2020-decline crossing at 1.4577. First support is the 20-day moving average crossing at 1.3886. Second support is the 50-day moving average crossing at 1.3719.
The March Swiss Franc closed higher on Tuesday due to short covering.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 50% retracement level of the March-January-rally crossing at 1.0855 is the next downside target. Closes above the 20-day moving average crossing at 1.1119 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.1063. Second resistance is the 20-day moving average crossing at 1.1119. First support is today's low crossing at 1.0880. Second support isthe 50% retracement level of the March-January-rally crossing at 1.0855.
The March Canadian Dollar closed higher on Tuesday as it consolidated some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 78.60 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes the rally off January's low, the 87% retracement level of the 2018-2020-decline crossing at 80.51 is the next upside target. First resistance is last-Thursday's high crossing at 80.21. 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 78.60. Second support is January's low crossing at77.63.
The March Japanese Yen closed higher due to short covering on Tuesday 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 Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 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 0.0948 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.0948. Second resistance is the February 10th high crossing at 0.0958. First support is today's low crossing at 0.0935. 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 on Tuesday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off January's high, the 62% retracement level of the 2019-2020-rally crossing at $1634.70 is the next downside target. Closes above the 20-day moving average crossing at $1796.70 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1796.70. Second resistance is the 50-day moving average crossing at $1844.30. First support is the 50% retracement level of the 2019-2020-rally crossing at $1725.30. Second support is the 62% retracement level of the 2019-2020-rally crossing at $1634.70.
May silver closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at 26.584 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If May resumes the rally off January's low, February's high crossing at 30.350 is the next upside 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 50-day moving average crossing at 26.584. Second support is January's low crossing at 24.095.
May copper posted key reversal up on Tuesday as it consolidates some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 20-day moving average crossing at 389.78 would signal that a short-term top has been posted. If March renews the rally off March's low, the August-2011 high on the monthly continuation chart crossing at 454.00 is the next upside target. First resistance is last-Thursday's high crossing at 437.55. Second resistance is the the August-2011 high on the monthly continuation chart crossing at 454.00. First support is the 10-day moving average crossing at 411.28. Second support is the 20-day moving average crossing at 389.78.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
May Corn closed up $0.06 3/4-cents at $5.45.
May corn posted an upside reversal as it closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off last-Tuesday's high, the 25% retracement level of the August-January-rally crossing at $5.14 is the next downside target. Closes above February's high crossing at $5.72 are needed to renew the rally off August's low. First resistance is February's high crossing at $5.72. 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 January 25th low crossing at $4.94 1/2.
May wheat closed up $0.16-cents at $6.66 1/4.
May wheat posted a key reversal up as it closed higher on Tuesday ending a three-day decline off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are poised to turned neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off last-June's low, January's high crossing at $6.93 is the next upside target. Closes below the 50-day moving average crossing at $6.49 would confirm that a short-term top has 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 $6.49. Second support is February's low crossing at $6.28 1/2.
May Kansas City Wheat closed down $0.12-cents at $6.35 1/4.
May Kansas City wheat closed higher on Tuesday as it consolidates some of the decline off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $6.22 would confirm that a short-term top has been posted while opening the door for additional weakness 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. First resistance is last-Wednesday's high crossing at $6.64. 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 $6.22. Second support is February's low crossing at $6.08 1/4.
May Minneapolis wheat closed up $0.11 3/4-cents at $6.45 1/4.
May Minneapolis wheat closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. If May extends the decline off last-Wednesday's high, the 50-day moving average crossing at $6.25 3/4 is the next downside target. If May renews the rally off January's low, January's high crossing at $6.62 is the next upside target. First resistance is last-Wednesday's high crossing at $6.58 3/4. Second resistance is January's high crossing at crossing at $6.62. First support is the 50-day moving average crossing at $6.25 3/4. Second support is the 50-day moving average crossing at $6.25 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
May soybeans closed up $0.21 1/4-cents at $14.12 1/2.
May soybeans closed sharply higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 extends the rally off January's low, psychological resistance crossing at $14.50 is the next upside target. Closes below the 20-day moving average crossing at $13.84 1/2 would signal that a short-term top has been posted. First resistance is January's high crossing at $14.33. Second resistance is psychological resistance crossing at $14.50. First support is the 20-day moving average crossing at $13.84 1/2. Second support is the 50-day moving average crossing at $13.53 1/4.
May soybean meal closed up $3.40 to $421.70.
May soybean meal closed higher on Tuesday as it extends the trading range of the past six-weeks. The high-range close sets the stage for a steady to higher opening when Wednesday'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 January's low crossing at $413.40 would confirm a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. Closes above the February 9th high crossing at $442.10 would signal an upside breakout of the aforementioned trading range. First resistance is the February 9th high crossing at $442.10. Second resistance is January's high crossing at $471.40. First support is January's low crossing at $413.40. Second support is the 38% retracement level of the August-January rally crossing at $396.90.
May soybean oil closed up 43 pts. at 49.66.
May soybean oil closed higher on Tuesday as it extends the trading range of the past four-days. The high-range close sets the stage for a steady to higher opening when Wednesday'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 46.59 would confirm that a short-term top has been posted. If May renews the rally off October's low, the 62% retracement level of the 2008-2020-decline the monthly continuation chart crossing at 53.45 is the next upside target. First resistance is last-Thursday's high crossing at 50.95. Second resistance is the 62% retracement level of the 2008-2020-decline the monthly continuation chart crossing at 53.45. First support is the 10-day moving average crossing at 48.34. Second support is the 20-day moving average crossing at 46.59.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed down $2.38 at $85.35.
April hogs closed lower on Tuesday as it extended the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $84.03 would confirm 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 last-Thursday's high crossing at $90.68. 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 20-day moving average crossing at $84.03. Second support is the February 18th low crossing at $83.62.
April cattle closed up $0.45 at $119.43
April cattle closed higher on Tuesday as it consolidated some of the decline off February's high. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If April extends the decline off February's high, the 50% retracement level of the October-February-rally crossing at $117.72 is the next downside target. Closes above the 20-day moving average crossing at $122.72 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $122.72. Second resistance is February's high crossing at $126.70. First support is today's low crossing at $118.58. Second support is the 50% retracement level of the October-February-rally crossing at $117.72.
April Feeder cattle closed down $0.65 at $140.47.
April Feeder cattle closed lower on Tuesday as it extended Monday's downside breakout below the lower boundary of a symmetrical triangle that has formed since late-January. The high-range close sets the stage for a steady to slightly lower opening when Wednesday's session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off January's high, January's low crossing at $135.03 is the next downside target. Closes above the 20-day moving average crossing at 142.84 would signal that a short-term low has been posted. First resistance is February's high crossing at $145.80. Second resistance is January's high crossing at $147.00. First support today's low crossing at $138.87. Second support is February's low crossing at $140.05.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee closed lower on Tuesday as it consolidates some of the rally off November's low. The mid-range close sets the stage for a steady to lower opening on Wednesday. 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 12.97 would signal that a short-term top has been posted. If May renews the rally off February's low, the 87% retracement level of the 2019-2020-decline crossing at 14.42 is the next upside target.
May cocoa closed slightly lower on Tuesday as it consolidates some of the rally off February's low. The high-range close sets the stage for a steady to higher opening on Wednesday. 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, the 75% retracement level of the November-February-decline crossing at 26.63 is the next upside target. Closes below the 20-day moving average crossing at 24.88 would confirm that a short-term top has been posted.
May sugar closed higher on Tuesday as it consolidated some of the decline off February's high. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 16.16 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If May renews the rally off last-April's low, weekly resistance crossing at 18.42 is the next upside target.
May cotton posted an inside day with a lower close on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 88.52 would signal that a short-term top has been posted. If May renews the rally off April's low, the June-2018 high on the weekly continuation chart crossing at 96.50 is the next upside target.
Thank you tallpine!