INO Morning Market Commentary
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Started by tallpine - March 8, 2021, 7:49 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

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%)

 



 

 

Tuesday, March 9, 2021   

 



 

 

5:00 AM ET. 2nd Quarter Manpower U.S. Employment Outlook Survey

 



 

 

6:00 AM ET. February NFIB Index of Small Business Optimism

 



 

 

                       Small Business Idx (previous 95.0)

 



 

 

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 -0.3%)

 



 

 

                       Ret Sales Mo-to-Date, Y/Y% (previous +3.1%)

 



 

 

                       Latest Wk, Y/Y% (previous +4.6%)

 



 

 

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

 



 

 

                       Corn, End Stocks (Bushels)

 



 

 

                       Soybeans, End Stocks (Bushels)

 



 

 

                       Wheat, End Stocks (Bushels)

 



 

 

                       Cotton, End Stocks (Bales)

 



 

 

4:30 PM ET. API Weekly Statistical Bulletin

 



 

 

                       Crude Stocks, Net Chg (Bbls) (previous +7.4M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbls) (previous -9.9M)

 



 

 

                       Distillate Stocks, Net Chg (Bbls) (previous -9.1M)

 



 

 

Wednesday, March 10, 2021  

 



 

 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

 



 

 

                       Composite Idx (previous 794.5)

 



 

 

                       Composite Idx, W/W% (previous +0.5%)

 



 

 

                       Purchase Idx-SA (previous 269.7)

 



 

 

                       Purchase Idx-SA, W/W% (previous +1.8%)

 



 

 

                       Refinance Idx (previous 3850.4)

 



 

 

                       Refinance Idx, W/W% (previous +0.1%)

 



 

 

8:30 AM ET. February Real Earnings

 



 

 

8:30 AM ET. February CPI

 



 

 

                       CPI, M/M% (previous +0.3%)

 



 

 

                       Core CPI, M/M% (previous +0%)

 



 

 

                       Energy Idx, M/M% (previous +3.5%)

 



 

 

                       Food Idx, M/M% (previous +0.1%)

 



 

 

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.8%)

 



 

 

                       CPI, Y/Y% (previous +1.4%)

 



 

 

                       Core Annual, Y/Y% (previous +1.4%)

 



 

 

10:00 AM ET. February Online Help Wanted Index

 



 

 

10:30 AM ET. EIA Weekly Petroleum Status Report

 



 

 

                       Crude Oil Stocks (Bbl) (previous 484.605M)

 



 

 

                       Crude Oil Stocks, Net Chg (Bbl) (previous +21.563M)

 



 

 

                       Gasoline Stocks (Bbl) (previous 243.472M)

 



 

 

                       Gasoline Stocks, Net Chg (Bbl) (previous -13.624M)

 



 

 

                       Distillate Stocks (Bbl) (previous 142.996M)

 



 

 

                       Distillate Stocks, Net Chg (Bbl) (previous -9.719M)

 



 

 

                       Refinery Usage (previous 56.0%)

 



 

 

                       Total Prod Supplied (Bbl/day) (previous 18.759M)

 



 

 

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.071M)

 

                        

 

2:00 PM ET. February Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt.

 



 

 

Thursday, March 11, 2021  

 



 

 

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

 



 

 

                       Jobless Claims (previous 745K)

 



 

 

                       Jobless Claims, Net Chg (previous +9K)

 



 

 

                       Continuing Claims (previous 4295000)

 



 

 

                       Continuing Claims, Net Chg (previous -124K)

 



 

 

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

 



 

 

                       Corn (Metric Tons) (previous 154.5K)

 



 

 

                       Soybeans (Metric Tons) (previous 533.4K)

 



 

 

                       Wheat (Metric Tons) (previous 242.7K)

 



 

 

9:45 AM ET. Bloomberg Consumer Comfort Index

 



 

 

10:00 AM ET. January Job Openings & Labor Turnover Survey

 



 

 

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

 



 

 

                       Working Gas In Storage (Cbf) (previous 1845B)

 



 

 

                       Working Gas In Storage, Net Chg (Cbf) (previous -98B)

 

                        

 

4:30 PM ET. Federal Discount Window Borrowings

 



 

 

4:30 PM ET. Foreign Central Bank Holdings

 



 

 

  N/A               SEC Investor Advisory Committee Quarterly Meeting

 



 

 

Friday, March 12, 2021  

 



 

 

8:30 AM ET. February PPI

 



 

 

                       PPI, M/M% (previous +1.3%)

 



 

 

                       Ex-Food & Energy PPI, M/M% (previous +1.2%)

 



 

 

                       Personal Consumption (previous +1.3%)

 



 

 

10:00 AM ET. 4th Quarter Quarterly Services

 



 

 

10:00 AM ET. March University of Michigan Survey of Consumers – preliminary

 



 

 

                       Mid-Mo Sentiment (previous 76.2)

 



 

 

                       Mid-Mo Expectations (previous 69.8)

 



 

 

                       Mid-Mo Current Idx (previous 86.2)

 



 

 

Monday, March 15, 2021  

 



 

 

8:30 AM ET. March Empire State Manufacturing Survey

 



 

 

                       Mfg Idx (previous 12.1)

 



 

 

                       Employment Idx (previous 12.1)

 



 

 

                       New Orders Idx (previous 10.8)

 



 

 

                       Prices Received (previous 23.4)

 



 

 

10:00 AM ET. January State Employment and Unemployment

 



 

 

4:00 PM ET. January Treasury International Capital Data

 



 

 

Tuesday, March 16, 2021  

 



 

 

7:45 AM ET. Weekly Chain Store Sales Index

 



 

 

8:30 AM ET. February Advance Monthly Sales for Retail & Food Services

 



 

 

                       Overall Sales-SA, M/M% (previous +5.3%)

 



 

 

                       Sales, Ex-Auto, M/M% (previous +5.9%)

 



 

 

                       Sales, Ex-Auto & Gas, M/M% (previous +6.1%)

 



 

 

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

 



 

 

                       Import Prices (previous +1.4%)

 



 

 

                       Non-Petroleum Prices (previous +0.9%)

 



 

 

                       Petroleum Prices (previous +8.3%)

 



 

 

8:55 AM ET. Johnson Redbook Retail Sales Index

 



 

 

                       Ret Sales Mo-to-Date, M/M%

 



 

 

                       Ret Sales Mo-to-Date, Y/Y%

 



 

 

                       Latest Wk, Y/Y%

 



 

 

9:15 AM ET. February Industrial Production & Capacity Utilization

 



 

 

                       Industrial Production, M/M% (previous +0.9%)

 



 

 

                       Capacity Utilization % (previous 75.6%)

 



 

 

                       Capacity Utilization, Net Chg (Pts) (previous +0.7)

 



 

 

10:00 AM ET. March NAHB Housing Market Index

 



 

 

                       Housing Mkt Idx (previous 84)

 



 

 

10:00 AM ET. January Manufacturing & Trade: Inventories & Sales

 



 

 

                       Total Inventories (previous +0.6%)

 



 

 

4:30 PM ET. API Weekly Statistical Bulletin

 



 

 

                       Crude Stocks, Net Chg (Bbls)

 



 

 

                       Gasoline Stocks, Net Chg (Bbls)

 



 

 

                       Distillate Stocks, Net Chg (Bbls)

 



 

 

  N/A               U.S. Federal Open Market Committee meeting

 


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



The STOCK INDEXES: The June NASDAQ 100 was sharply lower overnight and poised to  extend the decline off February's high.The low-range trade sets the stage for a 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 June extends the decline off February's high, the 25% retracement level of the March-February-rally crossing at 12,146.81 is the next downside target. Closes above the 20-day moving average crossing at 13,253.39 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 12,874.63. Second resistance is the 50-day moving average crossing at 13,128.24. First support is last-Friday's low crossing at 12,200.00. Second support is the 25% retracement level of the March-February-rally crossing at 12,146.81.



The June S&P 500 was lower in overnight trading. 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the decline off February's high, February's low crossing at 3648.00 is the next downside target. Closes above the 20-day moving average crossing at 3867.10 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3867.10. Second resistance is February's high crossing at 3947.75. First support is last-Thursday's low crossing at 3710.50. Second support is February's low crossing at 3648.00. 



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



INTEREST RATES: June T-bonds were lower overnight. The mid-range overnight trade sets the stage for a 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 June extends  the decline off September's high, monthly support crossing at 155-05 is the next downside target. Closes above the 20-day moving average crossing at 161-07 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 158-20. Second resistance is the 20-day moving average crossing at 161-07. First support is last-Friday's low crossing at 155-27. Second support is long-term support on the monthly continuation chart crossing at 155-05.



June T-notes were lower overnight as they extend this year's decline. The mid-range overnight trade sets the stage for a steady to lower 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 June resumes the decline off the January 27th high, the February-2020 low on the weekly continuation chart crossing at 130.070 is the next downside target. Closes above the 20-day moving average crossing at 134.021 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 133.005. Second resistance is the 20-day moving average crossing at 134.021. First support is last-Friday's low crossing at 131.236. Second support is the February-2020 low on the weekly continuation chart crossing at 130.070. 



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



April crude oil was slightly higher in late-overnight trading 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 October-2018 high on the monthly continuation chart crossing at $76.90 is the next upside target. Closes below last-Wednesday's low crossing at $59.24 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $67.98. Second resistance is the October-2018 high on the monthly continuation chart crossing at $76.90. First support is last-Wednesday's low crossing at $59.24. Second support is the February 12th low crossing at $57.31.    



April heating oil was slightly lower in late-overnight trading due to light profit taking. 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 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 $182.98 would confirm 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 $198.68. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $200.04. First support is the 20-day moving average crossing at $182.98. Second support is the February 12th low crossing at $171.81.



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 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 April extends the rally off November's low, the October 8th 2018 high crossing at $221.41 is the next upside target. Closes below the 20-day moving average crossing at $191.10 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the 2018-2020-decline crossing at $204.11. Second resistance is the October 8th 2018 high crossing at $221.41. First support is the 20-day moving average crossing at $191.10. Second support is the February 12th low crossing at $175.76.



April Henry natural gas was steady to slightly lower overnight. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off February's high, the 62% retracement level of the December-February-rally crossing at 2.596 is the next downside target. Closes above the 20-day moving average crossing at 2.848 would signal that a short-term low has been posted. First resistance resistance is the 20-day moving average crossing at 2.848. Second resistance is February's high crossing at 3.060. First support is the 50% retracement level of the December-February-rally crossing at 2.685. Second support is the 62% retracement level of the December-February rally crossing at 2.596.  



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



CURRENCIES:The June Dollar was higher in overnight trading as it extends the rally off February's low. The high-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 June extends the rally off February's low, the 38% retracement level of the September-January-decline crossing at $92.42 is the next upside target. Closes below the 50-day moving average crossing at $90.49 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the 2020-2021-decline crossing at $92.42. Second resistance is the 50% retracement level of the 2020-2021-decline crossing at $93.43. First support is the 50-day moving average crossing at $90.49. Second support is February's low crossing at $89.68.



The June Euro was lower overnight as it extends the decline off January'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 are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off February's high, the 38% retracement level of the 2020-2021-rally crossing at $117.85 is the next downside target. Closes above the 20-day moving average crossing at $121.07 are needed to signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $121.07. Second resistance is the 50-day moving average crossing at $121.66. First support is the overnight low crossing at $118.85. Second support is the 38% retracement level of the November-January-rally crossing at $117.85.

 

The March British Pound was steady to slightly lower overnight as it extends the decline off February's high. The mid-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are becoming 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, the 50-day moving average crossing at 1.3756 is the next downside target. Closes above the 10-day moving average crossing at 1.3967 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.3967. Second resistance is February's high crossing at 1.4245. First support is the 50-day moving average crossing at 1.3756. Second support is February's low crossing at 1.3568.  



The March Swiss Franc was lower in overnight trading. 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 January's high, the 75% retracement level of the 2020-2021-rally crossing at 1.0586 is the next downside target. Closes above the 10-day moving average crossing at 1.0937 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0937. Second resistance is the 20-day moving average crossing at 1.1078. First support is  the 62% retracement level of the 2020-2021-rally crossing at 1.0716. Second support is the 75% retracement level of the 2020-2021-rally crossing at 1.0586.

 

The March Canadian Dollar was lower overnight. The low-range trade sets the stage for a steady to lower opening when the day 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 $78.67 would confirm that a short-term top has been posted. If March resumes the rally off February's low, the 87% retracement level of the 2018-2020-decline crossing at $80.50 is the next upside target. First resistance is February's high crossing at $80.19. 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 $78.67. Second support is January's low crossing at  $77.63.  



The March Japanese Yen was lower overnight as it extends the decline off January'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 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 87% retracement level of the 2020-2021-rally crossing at 0.0918 is the next downside target. Closes above the 20-day moving average crossing at 0.0943 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.0935. Second resistance is the 20-day moving average crossing at 0.0943. First support is the overnight low crossing at 0.0920. Second support is the 87% retracement level of the 2020-2021-rally crossing at 0.0918.

 

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



PRECIOUS METALS: April gold was lower overnight as it extends the decline off January's high. The low-range overnight trade sets the stage for a 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 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 $1773.00 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1736.30. Second resistance is 20-day moving average crossing at $1773.00. First support is the 62% retracement level of the 2019-2020-rally crossing at $1634.70. Second support is the 75% retracement level of the 2019-2020-rally crossing at $1533.30.



May silver was lower overnight and remains poised to extend the decline off February'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 are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, the 75% retracement level of the November-February-rally crossing at $24.059 is the next downside target. Closes above the 20-day moving average crossing at $26.979 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $26.979. Second resistance is the February 23rd high crossing at $28.470. First support is the 62% retracement level of the November-February-rally crossing at $25.111. Second support is the 75% retracement level of the November-February-rally crossing at $24.059.  



May copper was lower in overnight trading. The mid-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 bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low  crossing at 3.8490 would confirm that a short-term top has been posted. If May renews the rally off October's low, the August-2011 high on the monthly continuation chart crossing at 4.5400 is the next upside target. First resistance is February's high crossing at 4.3755. Second resistance is the August-2011 high on the monthly continuation chart crossing at 4.5400. First support is last-Thursday's low crossing at 3.8490. Second support is the 50-day moving average crossing at 3.7596.   



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



May corn was higher overnight as it extends last-Friday's strong rally. The low-range close sets the stage for a steady to modestly higher opening when the day sessions 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 February's low, February's high crossing at $5.72 is the next upside target. If May extends the decline off February's high, the February 11th low crossing at $5.23 1/4 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 higher overnight as it consolidates above the 50-day moving average crossing at $6.52 1/4. The mid-range close sets the stage for a steady to higher opening when the day 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 $6.52 1/4 would open the door for a possible test of February's low crossing at $6.28 1/2. If May resumes the rally off February's low, January's high crossing at $6.93 is the next upside target. First resistance is February's high crossing at $6.88 1/2. Second resistance is January's high crossing at $6.93. First support is the 50-day moving average crossing at $6.52 1/4. Second support is February's low crossing at $6.28 1/2. 

 

May Kansas City wheat was higher overnight. The mid-range close 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. Closes below last-Friday's low crossing at $6.17 would open the door for a possible test of February's low crossing at $6.08 1/4. Closes above the 10-day moving average crossing at $6.35 3/4 would signal that a short-term low has been posted. First resistance is February'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 last-Friday's low crossing at $6.17. Second support is February's low crossing at $6.08 1/4. 



May Minneapolis wheat was slightly higher overnight. The low-range close sets the stage for a steady to slightly 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 February's low, January's high crossing at $6.62 is the next upside target. Closes below the 50-day moving average crossing at $6.31 1/4 would open the door for a larger-degree decline into early-March. First resistance is February's high crossing at $6.58 3/4. Second resistance is January's high crossing at $6.62. First support is the 50-day moving average crossing at $6.31 1/4. Second support is the January 25th low crossing at $6.15.       

     

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



May soybeans gapped up and higher overnight as it extends the rally to a new contract high.The low-range close sets the stage for a steady to modestly higher 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. If May extends the rally above February's high crossing at $14.45 3/4, the 75% retracement level of the 2012-2019-decline crossing at $15.39 1/2 on the monthly continuation chart is the next upside target. Closes below the 20-day moving average crossing at $13.96 1/2 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 $14.60. Second resistance is the 75% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $15.39 1/2. First support is the 20-day moving average crossing at $13.96 1/2. Second support is the 50-day moving average crossing at $13.68 1/2.  



May soybean meal was higher overnight trading as it extends the trading range of the past seven-weeks. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $429.10 would signal that a short-term low has been posted. Closes below the January 25th low crossing at $413.40 would signal 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 50-day moving average crossing at $429.10. Second resistance is the February 9th high crossing at $442.10. First support is February'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 was higher overnight as it extends this winter's rally to a new contract high. The mid-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 48.05 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 53.23. 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 10-day moving average crossing at 50.18. Second support is the 20-day moving average crossing at 48.05.      


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By metmike - March 8, 2021, 11:39 a.m.
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Thanks tallpine!


Thanks tallpine!

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                US Growing season forecast            

                            14 responses |                            

                Started by metmike - March 7, 2021, 9:07 p.m.          


  https://www.marketforum.com/forum/topic/66372/