KEY EVENTS TO WATCH FOR:
Wednesday, March 17, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 783.8)
Composite Idx, W/W% (previous -1.3%)
Purchase Idx-SA (previous 289)
Purchase Idx-SA, W/W% (previous +7.2%)
Refinance Idx (previous 3658.8)
Refinance Idx, W/W% (previous -5.0%)
8:30 AM ET. February New Residential Construction - Housing Starts and Building Permits
Total Starts (expected 1.54M; previous 1.580M)
Housing Starts, M/M% (expected -2.5%; previous -6.0%)
Building Permits (expected 1.75M; previous 1.881M)
Building Permits, M/M% (expected -7.0%; previous +10.4%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 498.403M)
Crude Oil Stocks, Net Chg (Bbl) (previous +13.798M)
Gasoline Stocks (Bbl) (previous 231.603M)
Gasoline Stocks, Net Chg (Bbl) (previous -11.869M)
Distillate Stocks (Bbl) (previous 137.492M)
Distillate Stocks, Net Chg (Bbl) (previous -5.504M)
Refinery Usage (previous 69.0%)
Total Prod Supplied (Bbl/day) (previous 18.672M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.087M)
2:00 PM ET. U.S. interest rate decision
Federal Funds Rate
Federal Funds Rate Change (Pts)
Fed Funds Rate-Range High (previous 0.25)
Fed Funds Rate-Range Low (previous 0.00)
FOMC Vote For Action (previous 11)
FOMC Vote Against Action (previous 0)
Discount Rate (previous 0.25)
Discount Rate Change (Pts) (previous +0)
Discount Rate-Range High
Discount Rate-Range Low
2:00 PM ET. Federal Reserve economic projections
Median Fed Funds Rate - 2020 (previous 0.1%)
Median Fed Funds Rate - 2021 (previous 0.1%)
Median Fed Funds Rate - 2022 (previous 0.1%)
Median Fed Funds Rate - 2023 (previous 0.1%)
Thursday, March 18, 2021
8:30 AM ET. March-January-rally Philadelphia Fed Business Outlook Survey
Business Activity (expected 22.0; previous 23.1)
Prices Paid (previous 54.4)
Employment (previous 25.3)
New Orders (previous 23.4)
Prices Received (previous 16.7)
Delivery Times (previous 15.1)
Inventories (previous 20.0)
Shipments (previous 21.5)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 700K; previous 712K)
Jobless Claims, Net Chg (previous -42K)
Continuing Claims (previous 4144000)
Continuing Claims, Net Chg (previous -193K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 682.8K)
Soybeans (Metric Tons) (previous 563.8K)
Wheat (Metric Tons) (previous 360.5K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. February Leading Indicators
Leading Index, M/M% (expected +0.3%; previous +0.5%)
Leading Index (previous 110.3)
Coincident Index, M/M% (previous +0.2%)
Lagging Index, M/M% (previous -0.6%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1793B)
Working Gas In Storage, Net Chg (Cbf) (previous -52B)
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 19, 2021
10:00 AM ET. January Metropolitan Area Employment & Unemployment
Monday, March 22, 2021
8:30 AM ET. February CFNAI Chicago Fed National Activity Index
NAI (previous 0.66)
NAI, 3-mo Moving Avg (previous 0.47)
10:00 AM ET. February Existing Home Sales
Existing Sales (expected 6.69M)
Existing Sales, M/M% (previous +0.6%)
Unsold Homes Month's Supply (previous 1.9)
Median Price (USD) (previous 303900)
Median Home Price, Y/Y% (previous +14.1%)
10:00 AM ET. 4th Quarter Quarterly Financial Report - Retail Trade
10:00 AM ET. 4th Quarter Quarterly Financial Report – Industry
Tuesday, March 23, 2021
7:45 AM ET. Weekly Chain Store Sales Index
8:30 AM ET. 4th Quarter International Transactions
Current Account (USD) (expected -178.5B)
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%
10:00 AM ET. March Richmond Fed Business Activity Survey
Mfg Idx (previous 14)
Shipments Idx (previous 12)
10:00 AM ET. February New Residential Sales
New Home Sales (previous 923K)
New Home Sales, M/M% (previous +4.3%)
New Home Sales Months Supply (previous 4.0)
1:00 PM ET. February Money Stock Measures
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls)
Gasoline Stocks, Net Chg (Bbls)
Distillate Stocks, Net Chg (Bbls)
Wednesday, March 24, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx
Composite Idx, W/W%
Purchase Idx-SA
Purchase Idx-SA, W/W%
Refinance Idx
Refinance Idx, W/W%
8:30 AM ET. 4th Quarter State Quarterly Personal Income
8:30 AM ET. February Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous +3.4%)
Dur Goods, Ex-Defense, M/M% (previous +2.3%)
Dur Goods, Ex-Transport, M/M% (previous +1.4%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.5%)
Shipments: Cap Goods, Non-Def, Ex-Air, M/M% (previous +2.1%)
9:45 AM ET. March US Flash Manufacturing PMI
PMI, Mfg (previous 58.5)
9:45 AM ET. March US Flash Services PMI
PMI, Services (previous 58.9)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl)
Crude Oil Stocks, Net Chg (Bbl)
Gasoline Stocks (Bbl)
Gasoline Stocks, Net Chg (Bbl)
Distillate Stocks (Bbl)
Distillate Stocks, Net Chg (Bbl)
Refinery Usage
Total Prod Supplied (Bbl/day)
Total Prod Supplied, Net Chg (Bbl/day)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed lower on Tuesday as weaker-than-expected U.S. February retail sales data and a two-day meeting of the Federal Reserve got under way. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off January's low into uncharted territory, upside targets hard to project. Closes below the 20-day moving average crossing at 31,776.75 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 32,973.40. Second resistance is unknown. First support is the 20-day moving average crossing at 31,776.75. Second support is the 50-day moving average crossing at 31,271.78.
The June NASDAQ 100 closed higher on Tuesday and above the 50-day moving average crossing at 13,146.10. The mid-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 bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 13,146.10 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 12,780.15 would would temper the near-term friendly outlook. First resistance is the February 25th high crossing at 13,337.50. Second resistance is February's high crossing at 13,888.00. First support is the 10-day moving average crossing at 12,777.33. Second support is March's low crossing at 12,200.00. Third support is the 25% retracement level of the 2020-2021-rally crossing at 12,146.81.
The June S&P 500 closed slightly lower on Tuesday as it consolidates some of the rally off March'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 3834.32 would signal that a short-term top has been posted. First resistance is today's high crossing at 3970.75. Second resistance is unknown. First support is the 50-day moving average crossing at 3834.32. Second support is March's low crossing at 3710.50.
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June T-bonds closed down 2/32's at 156-02.
June T-bonds closed lower on Tuesday. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 20-day moving average crossing at 158-25 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 158-25. Second resistance is the 50-day moving average crossing at 163-24. First support is last-Friday's low crossing at 155-12. Second support is the January-2020 low on the monthly continuation chart crossing at 155-05.
June T-notes closed up 15-pts. At 132.000.
June T-notes closed slightly higher on Tuesday. The low-range close sets the stage for a steady to slightly 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 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 133.020 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 133.020. Second resistance is the February 24th high crossing at 134.200. First support is Monday's low crossing at 131.230. 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 closed lower on Tuesday as it extends the trading range of the past seven-days. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If April resumes 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 the 20-day moving average crossing at $62.98 would signal that a short-term top has been posted. First resistance is last-Monday's high crossing at $67.98. Second resistance is theOctober-2018 high on the monthly continuation chart crossing at $76.90.First support is the 20-day moving average crossing at $62.97. Second support is the 50-day moving average crossing at $57.55.
April heating oil closed lower on Tuesday as it extends the trading range of the past eight-days. 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 diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $188.28 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-Monday's high crossing at $198.68. 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 $188.28. Second support is the March 2nd low crossing at $178.82.
April unleaded gas closed lower on Tuesday following yesterday's key reversal down as it closed lower on Tuesday. The high-range close sets the stage for a steady to slightly lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $200.06 would signal that a short-term top has been posted. If April extends the rally off November's low, the October-2018 high crossing at $221.41 is the next upside target. First resistance is Monday's high crossing at $217.00. Second resistance is the October-2018 high crossing at $221.41. First support is the 20-day moving average crossing at $200.06. Second support is March's low crossing at $190.63.
April Henry natural gas posted an inside day with a higher close on Tuesday as it consolidated some of Monday's decline. 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 April extends the decline off February's high, the 87% retracement level of the December-February-rally crossing at 2.406 is the next upside target. Closes above the 20-day moving average crossing at 2.767 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.659. Second resistance is the 50-day moving average crossing at 2.738. First support is Monday's low crossing at 2.478. Second support is the 87% retracement level of the December-February rally crossing at 2.406.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The June Dollar closed slightly higher on Tuesday. The mid-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 June resumes the rally off February's low, the 50% retracement level of the September-January-decline crossing at 93.43 is the next downside target. Closes below the 20-day moving average crossing 91.12 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the September-January-decline crossing at 92.41. Second resistance is the 50% retracement level of the September-January-decline crossing at 93.43. First support is the 20-day moving average crossing 91.12. Second support is the 50-day moving average crossing 90.73.
The June Euro closed lower on Tuesday. 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 turned neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews 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 120.51 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 120.51. Second resistance is the 50-day moving average crossing at 121.25. First support is last-Tuesday's low crossing at 118.61. Second support is the 38% retracement level of the 2020-2021-rally crossing at 117.85.
The June British Pound closed slightly higher on Monday. 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 50-day moving average crossing at 1.3800 would open the door for additional weakness near-term. Closes above last-Friday's high crossing at 1.4009 would confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at 1.4009. Second resistance is February's high crossing at 1.4245. First support is the 50-day moving average crossing at 1.3800. Second support is the 38% retracement level of the September-February-rally crossing at 1.3672.
The June Swiss Franc 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 1.0947 would signal that a short-term low has been posted. If June renews the decline off January's high, the 75% retracement level of the March-January-rally crossing at 1.0586 is the next downside target. First resistance is last-Friday's high crossing at 1.0855. Second resistance is the 20-day moving average crossing at 1.0947. First support is last-Tuesday's low crossing at 1.0695. Second support is the 75% retracement level of the March-January-rally crossing at 1.0586.
The June Canadian Dollar 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off January's low, the 87% retracement level of the 2018-2020-decline crossing at 80.52 is the next upside target. Closes below the 20-day moving average crossing at 79.35 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at 80.42. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at 80.52. First support is the 20-day moving average crossing at 79.35. Second support is the 50-day moving average crossing at 78.89.
The June Japanese Yen closed higher on Tuesday but remain below the 87% retracement level of the 2020-2021-rally crossing at 0.0920. The mid-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 June extends the decline off January's high, last-March's low crossing at 0.0911 is the next downside target. Multiple closes above the 20-day moving average crossing at 0.0934 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.0923. Second resistance is the 20-day moving average crossing at 0.0934. First support is Monday's low crossing at 0.0915. Second support is last-March's low crossing at 0.0911.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
April gold closed slightly lower on Tuesday.The low-range close sets the stage for a steady to slightly 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. Closes above the 20-day moving average crossing at $1741.50 are needed to confirm that a short-term low has been posted. If April resumes the decline off January's high, the 62% retracement level of the 2019-2020-rally crossing at $1634.70 is the next downside target. First resistance is the 20-day moving average crossing at $1741.50. Second resistance is the 50-day moving average crossing at $1809.20. 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 closed lower on Tuesday. 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. Closes above the 20-day moving average crossing at 26.614 would signal that a short-term low has been posted. If May resumes the decline off February's high, the 75% retracement level of the November-February-rally crossing at 24.059 is the next downside target. First resistance is the 20-day moving average crossing at 26.614. 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 closed lower on Tuesday. 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 bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off February's high, the 50-day moving average crossing at 382.33 is the next downside target. If March extends the rally off March's low, February's high crossing at 437.55 is the next upside target. First resistance is the reaction high crossing at 422.75. Second resistance is February's high crossing at 437.55. First support is March's low crossing at 384.90. Second support is the 50-day moving average crossing at 382.34.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
May Corn closed up a $0.04 3/4-cents at $5.54 1/4.
May corn closed higher on Tuesday as it extended the rebound off the 50-day moving average crossing at $5.34 3/4. The high-range close sets the stage for a steady to higher opening when Wednesday's night sessions begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the February 23rd high crossing at $5.59 1/4 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $5.34 3/4 would signal that a short-term top has been posted while opening the door for a possible test of the 25% retracement level of the August-January-rally crossing at $5.14. 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 50-day moving average crossing at $5.34 3/4. Second support is the 25% retracement level of the August-January-rally crossing at $5.14.
May wheat closed up $0.02-cents at $6.47.
May 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term.If May extends the decline off February's high, February's low crossing at $6.28 1/2 is the next downside target. Closes above the 20-day moving average crossing at $6.56 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.56 3/4. Second resistance is February's high crossing at $6.88 1/2. First support is today's low crossing at $6.31 3/4. Second support is February's low crossing at $6.28 1/2.
May Kansas City Wheat closed up $0.01 1/2-cents at $6.08 1/4.
May Kansas City wheat closed higher on Tuesday as it consolidated some of the decline off February's high but remains below the 25% retracement level of the August-March-rally crossing at $6.08 1/2. 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 May extends the decline off February's high, the 38% retracement level of the August-March-rally crossing at $5.79 is the next downside target. Closes above the 20-day moving average crossing at $6.28 3/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $6.16. Second resistance is the 20-day moving average crossing at $6.28 3/4. First support is today's low crossing at $5.91 1/4. Second support is the 38% retracement level of the August-March-rally crossing at $5.79.
May Minneapolis wheat closed down $0.01 1/4-cents at $6.37 3/4.
May Minneapolis wheat closed lower on Tuesday. The high-range close sets the stage for a steady to slightly lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible. Closes above last-Monday's high crossing at $6.52 1/4 would signal that a short-term low has been posted. If May extends the decline off February's high, the 38% retracement level of the December-January-rally crossing at $6.19 3/4 is the next downside target. First resistance is February's high crossing at $6.58 3/4. Second resistance is January's high crossing at crossing at $6.62. First support is today's low crossing at $6.30 1/4. Second support is the 38% retracement level of the December-January-rally crossing at $6.19 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
May soybeans closed up $0.03 3/4-cents at $14.21 3/4.
May soybeans 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off January's low, last-April's, psychological resistance crossing at $15.00 is the next upside target. Closes below the 50-day moving average crossing at $13.85 1/4 would signal that a short-term top has been posted. First resistance is last-Monday's high crossing at $14.60. Second resistance is psychological resistance crossing at $15.00. First support is the 50-day moving average crossing at $13.85 1/4. Second support is the February 11th low crossing at $13.36 3/4.
May soybean meal closed down $1.30 to $406.10.
May soybean meal closed lower on Tuesday. 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 a low might be in or is near. Closes above the 20-day moving average crossing at $417.60 would signal that a short-term low has been posted. If May extends the decline off January's high, the 50% retracement level of the August-January rally crossing at $376.30 is the next downside target. First resistance is the 10-day moving average crossing at $411.20. Second resistance is the 20-day moving average crossing at $417.60. First support is the 38% retracement level of the August-January rally crossing at $396.90. Second support is the 50% retracement level of the August-January rally crossing at $376.30.
May soybean oil closed unchanged at 55.09.
May soybean oil closed unchanged 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 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 September-2012 high on the monthly continuation chart crossing at 58.14 is the next upside target. Closes below the 20-day moving average crossing at 50.77 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 55.75. Second resistance is the September-2012 high on the monthly continuation chart crossing at 58.14. First support is the 10-day moving average crossing at 53.20. Second support is the 20-day moving average crossing at 50.77.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed up $2.35 at $92.90.
April hogs gapped up and closed sharply higher on Tuesday as it extended the rally off November's low. 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 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 April-2019 high on the weekly continuation chart crossing at $99.83 is the next upside target. Closes below the 20-day moving average crossing at $87.92 would signal that a short-term top has been posted. First resistance is today's high crossing at $93.13. Second resistance is the April-2019 high on the weekly continuation chart crossing at $99.83. First support is the 20-day moving average crossing at $87.92. Second support is the March 2nd low crossing at $85.13.
April cattle closed down $0.93 at $118.20.
April cattle closed lower on Tuesday as it renewed the decline off February's high. The low-range close sets the stage for a steady to slightly 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 50-day moving average crossing at $120.84 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $120.84. Second resistance is February's high crossing at $126.70. First support is today's low crossing at $118.12. Second support is the 50% retracement level of the October-February-rally crossing at $117.72.
April Feeder cattle closed down $0.60 at $143.33.
April Feeder cattle closed lower on Tuesday as it consolidated some of the rally off March's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off March's low, February's high crossing at $145.80 is the next upside target. Closes below the 10-day moving average crossing at 141.48 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 144.60. Second resistance is February's high crossing at $145.80. First support is the 10-day moving average crossing at 141.48. Second support is March's low crossing at $137.22.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee closed higher on Tuesday as it extends the rally off last-Tuesday's low. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 last-Tuesday's low, February's high crossing at 140.45 is the next upside target. Closes below the 50-day moving average crossing at 12.88 would open the door for a possible test of February's low crossing at 12.21.
May cocoa closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, the 50-day moving average crossing at 25.00 is the next downside target. Closes above the 10-day moving average crossing at 25.71 would temper the near-term bearish outlook.
May sugar closed higher on Tuesday. The mid-range close set the stage for a steady to higher opening on Wednesday. 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 16.43 would temper the near-term bearish outlook. If May extends the decline off February's high, the 50-day moving average crossing at 15.74 is the next downside target.
May cotton posted an inside day with a lower close on Tuesday. The mid-range close sets the stage for a steady to slightly higher opening on Wednesday. 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 89.07 would signal that a short-term low has been posted. Closes below last-Wednesday's low crossing at 82.87 would open the door for a possible test of February's low crossing at 81.06.